MIRA
INFORM REPORT
|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAL PHARMA LIMITED |
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Registered
Office : |
21 and 22, Bommasandra, Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.05.1987 |
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Com. Reg. No.: |
08-008368 |
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Capital
Investment / Paid-up Capital : |
Rs.105.736 millions |
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CIN No.: [Company Identification No.] |
L85110KA1987PLC008368 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and
Marketing of Pharmaceutical Formulations and Active Pharmaceutical Ingredients. |
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No. of Employees
: |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1700000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. The
company has recorded modest scale of operation. However, the financial
position seems to be improving. Trade relations are reported to be fair. Business is active. Payments
are slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long Term = BB |
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Rating Explanation |
Moderate risk of default |
|
Date |
January 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term = A4 |
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Rating Explanation |
Minimal degree of safety and carry very high credit risk. |
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Date |
January 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-operative (Tel No. 91-80-41379500)
LOCATIONS
|
Registered Office/ Factory 1 (Formulations) : |
# 21 and 22, Bommasandra, Industrial Area, Hosur Road, Bangalore – 560
099, Karnataka, India |
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Tel. No.: |
91-80-22354057/ 22354058 |
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Fax No.: |
91-80-22354057/ 22354058 |
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E-Mail : |
Anti-Diabetic Division: glyduzpmt@balpharma.com International Marketing: intlmktg@balpharma.com Cardiac Division: servetuspmt@balpharma.com Main Division: pmtvibryant@balpharma.com Ayurvedic Division: bvpmt@balpharma.com International Marketing: intlmktg@balpharma.com |
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Website : |
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Corporate Office : |
5th Floor, Lakshmi Narayan Complex, 10/1, Palace Road, Bangalore – 560
052. Karnataka, India |
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Tel. No.: |
91-80-41379500 |
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Fax No.: |
91-80-22354057 |
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Factory 2 (R & D Centre and Bulk Drugs) : |
# 61/B, Bommasandra Industrial Area, Hosur Road, Bangalore – 560 099,
Karnataka, India |
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Factory 3 (Parenterals) : |
# 732/735, Off. National Highway, No.4, Village Kenjal, District Bhor
– 412 217, Maharashtra, India |
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Factory 4 (Formulations plant at Uttarakhand) : |
Plot # 1, 2, 3 and 69, Sector 4, IIE-Pantnagar, Rudrapur – 263 153,
Udham Singh Nagar, Uttarakhand, India |
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Factory 5 (Intermediaries) : |
Alp-Thabdewadi, Taluka - Kavathe Mahankal, District - Sangli, Sangli –
416 405, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Shailesh Siroya |
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Designation : |
Managing Director |
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Name : |
Dr. S. Prasanna |
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Designation : |
Whole Time Director |
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Name : |
Mr. Shrenik Siroya |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
10.09.1964 |
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Qualification : |
B.E (U.K) |
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Experience/ Expertise : |
Mr. Shernik Siroya has got
vast experience in managing various enterprises including companies. |
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Date of Appointment : |
30.09.1997 |
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Other Directorships : |
·
Siroya Exports (Private)
Limited-Director ·
Siroya Developers (Private)
Limited-Director ·
Mokalsor Stone Private Limited -Director ·
Siroya FM Constructions Private
Limited-Director. ·
Siroya Nabar Hosing Private Limited
-Director ·
Mannath Developers (Private)
Limited-Director ·
Siroya FM infra development Private
Limited ·
Mannath Properties (Private)
Limited -Director. |
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Name : |
Dr. G.S.R. Subba Rao |
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Designation : |
Independent Director |
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Date of Birth/Age : |
2I.08.I937 |
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Qualification : |
BSC (Honors), Msc, Dsc,
Phd, FA. Sc, F.N.A |
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Experience/ Expertise : |
Formerly professor and Dean
in Indian Institute of Science (IISC), Bangalore. He is also a consultant to
many Indian and Foreign Pharmaceutical Companies on synthesis
of drugs, intermediates, natural products and
Steroid hormones. |
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Date of Appointment : |
08.07.2000 |
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Name : |
Mr. Pramod Kumar S. |
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Designation : |
Independent Director |
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Name : |
Mr. Ajit Kumar |
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Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. V. Murali |
|
Designation : |
G.M. Finance and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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3465515 |
32.78 |
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|
1310836 |
12.40 |
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|
4776351 |
45.17 |
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|
655187 |
6.20 |
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|
655187 |
6.20 |
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Total shareholding of Promoter and Promoter Group (A) |
5431538 |
51.37 |
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(B) Public Shareholding |
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|
200 |
0.00 |
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|
1800 |
0.02 |
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2000 |
0.02 |
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|
479150 |
4.53 |
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|
2786108 |
26.35 |
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|
1874828 |
17.73 |
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|
5140086 |
48.61 |
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Total Public shareholding (B) |
5142086 |
48.63 |
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Total (A)+(B) |
10573624 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
10573624 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Pharmaceutical Formulations and Active Pharmaceutical
Ingredients. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Products |
Unit |
Installed
capacity (as certified by the Management) |
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Tablets |
Million Nos. |
3770 |
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Capsules |
Million Nos. |
100 |
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Liquids |
Kilo Litres |
750 |
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Ointment |
Metric Tonne |
75 |
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IV-Fluids |
Million Nos. |
7 |
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Eye/Ear Drops |
Million Nos. |
19 |
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Bulk Drugs |
Metric Tonne |
38 |
Licensed Capacity-- Not Applicable
Notes: Installed capacities are as certified by Management and have not
been verified by the auditors as this is a technical matter.
|
Particulars |
Unit |
Actual
Production |
|
Tablets |
000 Nos. |
582968 |
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Capsules |
000 Nos. |
8694 |
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Liquids |
Kilo Ltrs. |
9212 |
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Ointments |
Kgs. |
5393 |
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EED |
Million |
0.307 |
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Bulk Drugs |
Kgs. |
45912 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information from
the company management] |
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Bankers : |
·
Canara Bank ·
Punjab National Bank ·
EXIM Bank ·
Kotak Mahindra
Bank Limited |
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Facilities : |
Term Loan from State
bank of India Of Rs.23.000 Million was obtin during the financial year
2009-10 and repaid in 10 monthly installments of Rs 2.300 Million each. The
term loan was secured by hypothecation of assests of Unit II, Unit II, and
Unit IV Funded by them. Term loan was further secured by collateral
securities and personal guarantee of directors and carried interest @16.5% Term loans
obtained from EXIM Bank of Rs.215.500 Million towards establishment of formulation
Plant at Uttaranchal is repayable in quarterly installments. The term loan
secured by pari pasu charge on the entire immovable and Hypothecation of whole of moveable
fixed assets, both present and future of the company including: 1)
Moveable plant and machinery, Equipment,
Appliances, furniture, vehicles, machinery spares and stores, tools and
accessories, whether or not installed. 2)
Related movables in the course of transit or
delivery whether now belonging or which may hereafter belong to the Company
or which may be held by any person at any place within or outside lndia to
the order or disposition of the company and all document or title including
bills of lading, shipping documents, policies of hsurance and other
instruments and documents relating to such movables together with benefits of
all rights thereto. Term loan is
further secured by collateral securities and personal guarantees of directors
and carries interest at Exim Bank Base Rate + BPS. The current rate of
interest is 12.6%. There are 4 quarterly installments of T 14.300
Million each outstanding as on 3 1 March 2013. Term loan of
Rs.9.000 Million obtained from Kotak Mahindra Prime Limited is secured by
hypothecation of vehicles and is repayable in 28 equal monthly installments
of Rs 0.379 Million each and carries interest @ 14.73%. There are 21
monthly installments outstanding as on 3 1 March 2013. The vehicle
loans are secured by hypothecation of vehicles taken on loan. Short term
borrowing from banks is secured under a consortium arrangement with pari pasu
charge is secured by hypothecation of stock and book debts and second charge
on all movable fixed assets. Cash credit is repayable on demand and carries
interest tare @14.75% per annum to 15.50% per annum |
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Banking
Relations : |
--- |
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Financial Institution : |
Tata Capital Limited |
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Statutory Auditors : |
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Name : |
TD Jain and Dl Sakria Chartered Accountants |
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Address: |
Bangalore, Karnataka, India |
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Internal Auditors : |
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|
Name : |
Manjunath S. and Company Chartered Accountants |
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Address: |
Bangalore, Karnataka, India |
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Cost Auditor : |
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|
Name : |
Mr. M.R. Krishnamurthy Cost Auditor |
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Address: |
Bangalore, Karnataka, India |
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Enterprise owned by
some of the promoter shareholders |
Micro Labs Limited |
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|
|
Enterprise owned by the Managing director of the Company |
Desa Marketing
International |
|
|
|
|
Enterprise owned by relatives of Managing director of the
company |
·
Siroya
Developers (Private) Limited ·
Siroya
Constructions |
|
|
|
|
Enterprise over which the Managing director of the company
exercises joint control with other partners |
Siroya Wellness |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- Each |
Rs.150.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10573624 |
Equity Shares |
Rs.10/- Each |
Rs.105.736
Million |
Reconciliation of the
equity shares outstanding at the beginning of the reporting period
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At the beginning of the period |
10573624 |
105.736 |
|
Issued during the period - ESOP |
- |
- |
|
Outstanding at the end of the period |
10573624 |
105.736 |
Terms/Rights attached to Equity shares
The company has only one class of equity shares
having par value of Rs.10 per share. Each holder of equity shares is entitled
to one vote per share. The company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
Aggregate
number of bonus shares issued, shares issued for consideration other than cash
and shares bought back during the period of five years immediately preceding
the reporting period: Nil (31 March 2012: Nil)
In addition, the company has issued total
127400 shares (31 March
2012: 127400) during the period of five years immediately preceding the reporting
date on exercise of options granted under the employee stock option plan (ESOP)
wherein part consideration was received in form of employee services.
Details of shareholders holding more than 5%
shares in the company
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
% holding in the
class |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
Micro Labs Limited |
1310836 |
12.40 |
|
Shailesh Siroya |
670759 |
6.34 |
As per of the company, including its register of shareholders/members and
other declaration received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
105.736 |
105.736 |
104.832 |
|
(b) Reserves & Surplus |
328.379 |
294.822 |
260.241 |
|
(c) Money
received against share warrants |
12.068 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
446.183 |
400.558 |
365.073 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16.710 |
60.909 |
117.896 |
|
(b) Deferred tax liabilities (Net) |
82.371 |
74.177 |
67.642 |
|
(c) Other long term liabilities |
18.100 |
6.371 |
6.797 |
|
(d) long-term provisions |
8.350 |
6.437 |
9.999 |
|
Total Non-current Liabilities (3) |
125.531 |
147.894 |
202.334 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
443.597 |
445.294 |
412.511 |
|
(b) Trade payables |
320.565 |
269.217 |
262.141 |
|
(c) Other current
liabilities |
149.693 |
139.566 |
107.392 |
|
(d) Short-term provisions |
12.807 |
9.108 |
4.730 |
|
Total Current Liabilities (4) |
926.662 |
863.185 |
786.774 |
|
|
|
|
|
|
TOTAL |
1498.376 |
1411.637 |
1354.181 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
467.410 |
472.541 |
479.791 |
|
(ii) Intangible Assets |
50.871 |
56.444 |
59.468 |
|
(iii) Capital
work-in-progress |
8.750 |
4.114 |
1.278 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.150 |
0.150 |
0.550 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
38.346 |
31.826 |
21.794 |
|
(e) Other Non-current assets |
0.710 |
1.722 |
0.532 |
|
Total Non-Current Assets |
566.237 |
566.797 |
563.413 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
336.870 |
336.595 |
322.144 |
|
(c) Trade receivables |
434.961 |
381.858 |
370.159 |
|
(d) Cash and cash
equivalents |
47.284 |
30.267 |
19.671 |
|
(e) Short-term loans
and advances |
110.501 |
93.134 |
77.689 |
|
(f) Other current
assets |
2.523 |
2.986 |
1.105 |
|
Total Current Assets |
932.139 |
844.840 |
790.768 |
|
|
|
|
|
|
TOTAL |
1498.376 |
1411.637 |
1354.181 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
1479.145 |
1396.866 |
1144.399 |
|
|
|
Other Income |
6.593 |
10.781 |
5.422 |
|
|
|
TOTAL (A) |
1485.738 |
1407.647 |
1149.821 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
720.962 |
718.463 |
604.433 |
|
|
|
Purchase of traded goods |
44.016 |
37.524 |
31.574 |
|
|
|
(Increase)/decrease in inventories of
finished goods and work-in-progress |
24.471 |
12.028 |
(20.725) |
|
|
|
Employees Benefits Expenses |
235.747 |
211.541 |
181.443 |
|
|
|
Other Expenses |
281.761 |
269.275 |
239.920 |
|
|
|
TOTAL (B) |
1306.957 |
1248.831 |
1036.645 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
178.781 |
158.816 |
113.176 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.768 |
73.851 |
67.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.013 |
84.965 |
45.263 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.122 |
41.308 |
34.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
50.891 |
43.657 |
11.027 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.056 |
6.087 |
6.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
42.835 |
37.570 |
4.723 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
118.000 |
85.679 |
80.956 |
|
|
|
|
|
|
|
|
|
|
Transferred form Merged Entry |
0.000 |
(5.226) |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
7.900 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
1.300 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
151.635 |
117.970 |
85.679 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
822.880 |
714.161 |
633.222 |
|
|
TOTAL EARNINGS |
822.880 |
714.161 |
633.222 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
301.342 |
281.871 |
235.269 |
|
|
|
Capital Goods (Including Stores and Spares) |
3.191 |
0.270 |
2.812 |
|
|
TOTAL IMPORTS |
304.533 |
282.141 |
238.081 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/- Each) |
4.05 |
3.57 |
0.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.88
|
2.67 |
0.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.44
|
3.13 |
0.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.42
|
3.10 |
0.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.10 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03
|
1.26 |
1.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
0.98 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
104.832 |
105.736 |
105.736 |
|
Reserves & Surplus |
260.241 |
294.822 |
328.379 |
|
Net
worth |
365.073 |
400.558 |
434.115 |
|
|
|
|
|
|
long-term borrowings |
117.896 |
60.909 |
16.710 |
|
Short term borrowings |
412.511 |
445.294 |
443.597 |
|
Total
borrowings |
530.407 |
506.203 |
460.307 |
|
Debt/Equity
ratio |
1.453 |
1.264 |
1.060 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1144.399 |
1396.866 |
1479.145 |
|
|
|
22.061 |
5.890 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
……. |
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1144.399 |
1396.866 |
1479.145 |
|
Profit |
4.723 |
37.570 |
42.835 |
|
|
0.41% |
2.69% |
2.90% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
-- |
|
14] |
Estimation for
coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
-- |
|
22] |
Litigations
that the firm / promoter involved in |
Yes |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
-- |
|
26] |
Buyer visit
details |
-- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
HIGH COURT OF KARNATAKA - PRINCIPAL BENCH AT
BANGALORE ITA 238/2013
|
Petitioner/Appnt.
|
THE COMMISSIONER OF INCOME TAX |
Respondent/Defnt.
Name |
M/S BAL PHARMA LIMITED |
|
Petnr./Appnt.
Advocate |
K V ARAVIND |
Respnt./Defnt
Advocate |
|
|
Date Filed |
27/05/2013 |
District |
Bangalore City |
|
|
|||
|
Stage |
HEARING |
Last Posted for |
ADMISSION |
|
Last Action
Taken |
ADMIT/RULE |
Last Date of
Action |
16/07/2013 |
|
|
|||
|
Latest Order: |
TO EXAMINE SUBSTANTIAL QUESTIONS OF LAWLIST A/W
ITA 239/2013 |
||
|
Before Hon'ble
Judge/s |
D.V.SHYLENDRA KUMAR B.S.INDRAKALA |
||
Lower
Court Details [Appeal from below case.]
|
Case No |
Court name |
Disposal Date |
|
ITA 1263/2011 |
INCOME TAX APPELLATE TRIBUNAL |
04/01/2013 |
Details of the Daily Order
|
Sl.No. |
Honble Judge |
Date of Order |
|
1 |
HONBLE DVSKJ
& BSIJ |
16/07/2013 |
UNSECURED LOANS
|
Particular |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loans |
|
|
|
- From Banks |
|
|
|
Kotak Mahindra Bank |
1.805 |
2.127 |
|
- From Financial institutions |
|
|
|
Tata Capital Limited |
1.857 |
0.711 |
|
Magma Fincorp Limited |
3.086 |
0.000 |
|
SHORT-TERM BORROWINGS |
|
|
|
From
Banks |
|
|
|
- Buyers credit |
76.410 |
102.387 |
|
Interest free loan and advances from
directors repayable on demand |
2.124 |
3.381 |
|
Total
|
85.282 |
108.606 |
CORPORATE INFORMATION
The company is a Public Limited Company domiciled in India and incorporated under provisions of the Companies Act, 1956. Its shares are listed on two recognized stock exchanges in India. The company is engaged in the manufacturing and selling of pharmaceutical products. The company caters to both domestic and international markets.
BUSIBESS OPERATION
Turnover and Net profit
During the financial year 2012-13,
your Company has achieved a gross turnover of Rs. 1502.500 Million as against
Rs. 1422.500 Million achieved during the previous financial year, thus
registering a moderate growth of 5.62%.
The net profit after tax of the
Company during the financial year 2012-13 stands at Rs. 42.800 Million as
against the net profit of Rs. 37.500 Million achieved in the previous financial
year, 2011-12. The profit of the financial year 2011-12 include a onetime gain
of Rs. 8.800 Million on sale of fixed assets (building). If the same is
excluded for comparison purpose, the net profit growth during the current financial
year stands at 49% over the previous year.
Formulations
The turnover from export
formulations during the year stands at Rs. 484.700 Million as against Rs.
394.200 Million achieved during the previous financial year thus registering a
good growth of 22.96%. The growth in export was due to penetration in new
virgin markets like Lain America, African and South East Asian Countries with
both the plants at Bangalore and Uttaranchal contributing with higher volume of
production to meet the demand.
In the domestic market, Branded
formulations of the company, consisting of mainly Diabetic and Cardiac drugs
have contributed to a revenue of Rs. 246.300 Million during the year as against Rs. 240.900
Million achieved during the previous
year, Considering the overall sluggishness in the domestic market, the
performance may be considered satisfactory.
Bulk Drugs
Bulk drug business continues to be
the major contributor of revenue, with a revenue of Rs. 548.600 Million during
the year as compared to Rs. 530.100 Million achieved during the previous
financial year, thereby registering the moderate growth of 3.48%. Exports of
bulk drug during the year stands at Rs. 375.70 Million as against Rs. 364.400
Million during the previous financial year.
Overall export performance
The overall exports of the Company
during the year increased to Rs. 860.400 Million from Rs. 758.500 Million
achieved during the previous financial year, thus registering a growth of
13.43%
The company continues to be a
consistent net foreign exchange earner to the country`s economy.
Other
Revenue from sales to Government.
Institutional business registered a turnover of Rs. 51.100 Million during the
year as against Rs. Million crores achieved during the financial year 2011-12.
This negative growth in turnover is mainly due to company`s focus shift towards
export markets. The Ayurvedic products Division has contributed to a turnover
of Rs. 19.200 Million, during the year as against Rs. 17.300 Million registered
during the previous year. The company is planning to give more focus to this
division to improve its share in the overall revenue contribution in the years
to come.
CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2012):
·
Letter of credit
Rs. 102.554 Million (31 March 2012 Rs.137.440 millions)
·
Estimated value of
contracts remaining to be executed on capital account and not provided for Rs.
3.586 Million (31 March 2012 Rs.4.491
millions )
·
Claim Against
company not acknowledgement as debt companies:
|
Nature |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Excise and Customs |
4.094 |
0.869 |
|
Service Tax |
10.836 |
NIL |
|
Sales Tax |
0.750 |
0.750 |
|
Total
|
15.680 |
1.618 |
Pre Deposit under protest of Rs. 0.517 Million (Pervious Year of Rs.
0.517 Million)
·
The Company is also
involved in other lawsuits, claims, investigations and proceedings including
patent and commercial matters, which arise in the ordinary course of business,
however, there are no such matters pending that the company expects to be
material in relation to its business.
INDEX OF CHARGE:
|
S.No.
|
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10416826
|
18/07/2013
* |
60,000,000.00
|
Export-Import
Bank of India |
Centre
One Building, Floor 21, World Trade Center |
B80384944
|
|
2 |
10370582
|
21/07/2012
|
6,570,000.00
|
Canara
Bank |
OVERSEAS
BRANCH ,M.G. Road, Bangalore, Karnataka - |
B45684024
|
|
3 |
10269289
|
31/01/2011
|
30,000,000.00
|
Canara
Bank |
Overseas
Branch, Ramanashree Arcade, NO.18, M G Road, Bangalore, Karnataka - 560001,
INDIA |
B07366156
|
|
4 |
10002968
|
26/03/2010
* |
216,500,000.00
|
EXPORT
IMPORT BANK OF INDIA |
FLOOR
NO.21, CENTRE ONE BUILDING, WORLD TRADE CEN |
A84530880
|
|
5 |
80022084
|
13/11/2013
* |
511,000,000.00
|
CANARA
BANK (LEADER) |
OVERSEAS
BRANCH, RAMANASHREE ARCADE, NO.18, M G R |
B90908856
|
FIXED ASSETS:
Tangible Assets:
· Land
· Building
· Plant and Machinery
· Utilities
· Furniture and Fixtures
· Office Equipments
· Vehicles
Intangible Assets:
· Software
· R & D Expenses
· Market Development Expenditure
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
467.555 |
367.616 |
835.171 |
|
|
Other Operating
Income |
10.910 |
9.405 |
20.315 |
|
|
Total Income From Operations (Net) |
478.465 |
377.021 |
855.486 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Increase
/ Decrease in Stock in Trade WIP |
6.103 |
(5.888) |
0.215 |
|
|
Cost
of materials consumed |
247.825 |
177.868 |
193.417 |
|
|
Purchase
of stock in trade |
15.201 |
7.457 |
22.658 |
|
|
Employee
benefits expenses |
69.805 |
65.530 |
135.335 |
|
|
Depreciation
and amortization expenses |
10.936 |
15.226 |
26.162 |
|
|
Other
expenses |
94.525 |
87.796 |
182.321 |
|
|
Total Expenses |
444.395 |
347.989 |
792.384 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
34.070 |
29.032 |
63.102 |
|
|
|
|
|
|
|
4. |
Other
Non-Operating Income |
1.491 |
0.790 |
2.281 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
35.561 |
29.822 |
65.383 |
|
|
|
|
|
|
|
6. |
Interest |
17.455 |
18.199 |
35.654 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
18.106 |
11.623 |
29.729 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
18.106 |
11.623 |
29.729 |
|
|
|
|
|
|
|
10. |
Tax Expense |
4.011 |
2.478 |
1.890 |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
14.096 |
9.145 |
23.241 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
14.096 |
9.145 |
23.241 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
105.736 |
105.736 |
105.736 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.10/- Each)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
1.33 |
0.86 |
2.20 |
|
|
b)
Basic and diluted EPS after extraordinary items |
1.33 |
0.86 |
2.20 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
5142086 |
5142086 |
5142086 |
|
|
-
Percentage of Shareholding |
48.63 |
48.63 |
48.63 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number
of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
|
|
|
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
5431538 |
5431538 |
5431538 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
51.37 |
51.37 |
51.37 |
STATEMENTS ASSETS AND LIABILITIES
Rs. In Millions
|
PARTICULARS |
30.09.2013 UNAUDITED |
|
EQUITY AND LIABILITIES |
|
|
Shareholders'
funds |
|
|
Share Capital |
105.736 |
|
Reserves & Surplus |
351.620 |
|
Money received against share warrants |
12.068 |
|
Sub total-
Shareholders' funds |
469.424 |
|
Non-current
liabilities |
|
|
Long-term borrowings |
43.476 |
|
Deferred tax liabilities (Net) |
87.217 |
|
Other long term liabilities |
18.887 |
|
Long-term provisions |
8.704 |
|
Sub total-Non-Current Liabilities |
158.284 |
|
Current liabilities |
|
|
Short term borrowings |
426.530 |
|
Trade payables |
372.776 |
|
Other current
liabilities |
194.959 |
|
Short-term provisions |
4.524 |
|
Sub total-Current Liabilities |
998.789 |
|
TOTAL EQUITY AND LIABILITIES |
1626.497 |
|
|
|
|
ASSETS |
|
|
Non-current assets |
|
|
Fixed assets |
542.235 |
|
Capital
work-in-progress |
0.000 |
|
Goodwill
on consolidation |
0.000 |
|
Non-current Investments |
0.150 |
|
Deferred tax assets (net) |
0.000 |
|
Long-term Loan and Advances |
42.627 |
|
Other Non-current assets |
1.073 |
|
Sub total-Non-Current Assets |
586.085 |
|
Current assets |
|
|
Inventories |
340.483 |
|
Trade receivables |
533.184 |
|
Cash and cash
equivalents |
30.282 |
|
Short-term loans and
advances |
134.061 |
|
Other current assets |
2.402 |
|
Sub
total-Current Assets |
1040.412 |
|
TOTAL-
ASSETS |
1626.497 |
1.
The above Un-Audited financial results, as reviewed
by the Audit Committee were approved by the Board of Directors at their meeting
held on 12.11.2013.
2.
The Statutory Auditors of the Company have
conducted a limited review on the Un-Audited financial results of the company
for the half year ended 30.09.2013.
3.
As Company deals with a single product i.e.
pharmaceuticals, segment wise figures are not furnished.
4.
Previous year figures were regrouped/ rearranged
wherever required.
AS PER WEBSITE
PRESS RELEASE
EXPORT IMPORT BANK OF INDIA APPOINTS B. N. PRANESH AS ITS NOMINEE DIRECTOR ON BAL PHARMA BOARD
Jan 09, 2014
Bal Pharma has informed that Export Import Bank of India, Mumbai has appointed Mr. B. N. Pranesh, AGM and Regional Head of Exim Bank, Bangalore officer at its nominee Director on the Board of Bal Pharma Limited.
Bal Pharma Limited has informed BSE that Export Import Bank of India, Mumbai have appointed Mr. B. N. Pranesh, AGM and Regional Head of Exim Bank, Bangalore officer at its nominee Director on the Board of Bal Pharma Limited. Mr. B. N. Pranesh will be replacing Mr. Ajit Kumar, who is the existing nominee Director of Exim Bank on the Board of the
CMT
REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist
to suggest that subject is or was the subject of any formal or informal
allegations, prosecutions or other official proceeding for making any
prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No available information exist that suggest
that subject or any of its principals have been formally charged or convicted
by a competent governmental authority for any financial crime or under any
formal investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any
director or indirect owners, controlling shareholders, director, officer or
employee of the company is a government official or a family member or close
business associate of a Government official.
9] Compensation Package :
Our market survey revealed that the amount
of compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as
part of its Due Diligence do provide comments on Corporate Governance to
identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our Governance
Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not
known to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be
included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
This score serves as a reference to
assess SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.