MIRA INFORM REPORT
|
Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
IND SWIFT LIMITED |
|
|
|
|
Registered
Office : |
781 Industrial Area, Phase II, Chandigarh – 160002, |
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.06.1986 |
|
|
|
|
Com. Reg. No.: |
16-006897 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.234.357 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230CH1986PLC006897 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLI10314D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI6100L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Active Pharmaceutical Ingredients. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
company is continuously incurring losses from its operations. The rating also take into consideration the delay in paying its debts
due to tight liquidity position. However, trade relations are reported as fair. Business is active.
Payment terms are slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions. NOTE: the available financials year is considered for a month’s i.e.
from (July 2013 to March 2013) |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
|
Rating |
Term Loans ‘D’ |
|
Rating Explanation |
The company is in default or expected to be
in default soon. |
|
Date |
February 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-Cooperative (91-0172-2638781)
LOCATIONS
|
Registered Office / Corporate Office : |
781 Industrial Area, Phase II, Chandigarh – 160002, India |
|
Tel. No.: |
91-172-2638781/ 2638782/ 2638786 |
|
Fax No.: |
91-172-2652242 |
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E-Mail : |
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|
Website : |
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Marketing Office : |
102-103, The Chambers, |
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Tel No.: |
91-22-42288300/ 42288399 |
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Fax No.: |
91-22-26184120 |
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|
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|
Factory 1 : |
123, Industrial Area 1, Panchkula 134 109, Haryana, |
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Factory 2 : |
Plot. No. 23, Sector 2, (Unit I), Parwanoo, |
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Factory 3 : |
Plot No. 17 B, Sector 2, (Unit II) Parwanoo, |
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Factory 4 : |
Village Malku Majra, (Unit III and IV) Baddi, |
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Factory 5 : |
Global Business
Unit Off NH-21, Village Jawaharpur, Tehsil Dera Bassi, |
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Factory 6: |
Industrial Growth Centre, Sambha, |
DIRECTORS
AS ON 30.06.2012
|
Name : |
Mr. Sanjeev Rai Mehta |
|
Designation : |
Whole Time Director |
|
Address : |
R/O House No. 333, Sector 6, Panchkula, |
|
Date of Birth/Age : |
01.08.1956 |
|
Date of Appointment : |
24.12.2012 |
|
DIN No.: |
00005668 |
|
Other Directorship: |
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|
|
|
|
Name : |
Mr. Navrattan Munjal |
|
Designation : |
Director |
|
Address : |
R/O House No. 382, Sector 6, Panchkula, |
|
Date of Birth/Age : |
09.02.1952 |
|
Date of Appointment : |
11.12.2006 |
|
DIN No.: |
00015096 |
|
Other Directorship: |
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|
|
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|
Name : |
Mr. Gopal Munjal |
|
Designation : |
Managing Director |
|
Address : |
R/O House No. 1085, Sector 7, Panchkula, |
|
Date of Birth/Age : |
01.08.1958 |
|
Date of Appointment : |
24.12.2012 |
|
DIN No.: |
00005196 |
|
Other Directorship: |
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|
|
|
|
Name : |
Mr. Vikrant Rai Mehta |
|
Designation : |
Whole Time Director |
|
Address : |
R/O House No. 1044, Sector 4, Panchkula, |
|
Date of Birth/Age : |
22.10.1958 |
|
Date of Appointment : |
24.12.2012 |
|
DIN No.: |
00010756 |
|
Other Directorship: |
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|
|
|
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Director |
|
Address : |
R/O House No. 1133, Sector 21-B, |
|
Date of Birth/Age : |
17.08.1982 |
|
Date of Appointment : |
30.04.2010 |
|
DIN No.: |
00014533 |
|
Other Directorship: |
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|
|
|
|
Name : |
Mr. Rishav Mehta |
|
Designation : |
Director |
|
Address : |
R/O House No. 322, Sector 6, Panchkula, |
|
Date of Birth/Age : |
06.01.1991 |
|
Date of Appointment : |
23.03.2010 |
|
DIN No.: |
03028663 |
|
Other Directorship: |
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|
|
|
|
Name : |
Mr. Kotakkatteri Maruvote Sreedharan Nambiar |
|
Designation : |
Director |
|
Address : |
R/O.House N0.5956, Modern Housing Complex, Manimajra – 160101, |
|
Date of Birth/Age : |
03.01.1943 |
|
Date of Appointment : |
28.06.2002 |
|
DIN No.: |
00010670 |
|
Other Directorship: |
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|
|
|
|
Name : |
Dr. Ramneek Singh Bedi |
|
Designation : |
Director |
|
Address : |
R/O House No. 181, Sector 21-B, |
|
Date of Birth/Age : |
23.10.1958 |
|
Date of Appointment : |
28.06.2002 |
|
DIN No.: |
00010701 |
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Other Directorship: |
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|
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|
Name : |
Dr. Harmander Pal Singh Chawla |
|
Designation : |
Director |
|
Address : |
R/O House No. 1022, Sector 44-B, |
|
Date of Birth/Age : |
14.04.1940 |
|
Date of Appointment : |
11.12.2006 |
|
DIN No.: |
00015627 |
|
Other Directorship: |
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|
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|
Name : |
Dr. Surya Kant Mathur |
|
Designation : |
Director |
|
Address : |
R/O House No. 1512, Sector 44-B, |
|
Date of Birth/Age : |
14.09.1957 |
|
Date of Appointment : |
31.07.2003 |
|
DIN No.: |
00011939 |
|
Other Directorship: |
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|
|
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|
Name : |
Mr. Prakash Sharma |
|
Designation : |
Additional Director |
|
Address : |
700, M.P. Block, |
|
Date of Birth/Age : |
21.11.1955 |
|
Date of Appointment : |
24.12.2012 |
|
DIN No.: |
00475413 |
|
Other Directorship: |
|
KEY EXECUTIVES
|
Name : |
Mr. Amit Tarafder |
|
Designation : |
Vice President (Finance) |
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|
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|
Name : |
Mr. Raman Kumar Sood |
|
Designation : |
Company Secretary |
|
Address : |
R/O House No. 149/1, Sector 46-A, |
|
Date of Birth/Age : |
27.09.1964 |
|
Date of Appointment : |
01.12.2006 |
|
PAN No.: |
AFTPS7028G |
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|
|
|
Name : |
P. K. Goklaney and Company |
|
Designation : |
Advocates |
|
Address : |
38, Sector 16-A, |
MAJOR SHAREHOLDERS
AS ON 31.03.2013
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
8888400 |
19.25 |
|
|
13215721 |
28.62 |
|
|
22104121 |
47.87 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22104121 |
47.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4500 |
0.01 |
|
|
1558 |
0.00 |
|
|
996900 |
2.16 |
|
|
704209 |
1.52 |
|
|
1707167 |
3.70 |
|
|
|
|
|
|
7472316 |
16.18 |
|
|
|
|
|
|
12944396 |
28.03 |
|
|
1592667 |
3.45 |
|
|
357703 |
0.77 |
|
|
357703 |
0.77 |
|
|
22367082 |
48.44 |
|
Total Public shareholding (B) |
24074249 |
52.13 |
|
Total (A)+(B) |
46178370 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
46178370 |
0.00 |
LIST OF ALLOTTESS:
AS ON 03.01.2014
|
Name of Allottess |
No.
of Shares |
|
S. R. Mehta Industrialist |
1428571 |
|
V. R. Mehta Industrialist |
1428571 |
|
Gopal Munjal Industrialist |
1311429 |
|
|
|
|
Total |
4168571 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Active Pharmaceutical Ingredients. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual Production |
|
|
|
|
|
Injections, Eye/ Ear Drops |
Liters |
195024.87 |
|
Tablets |
Nos./ Lacs |
18086.36 |
|
Capsules |
Nos./ Lacs |
4792.08 |
|
Liquids/ dry Syrup |
Liters |
3006910.61 |
|
Onitments |
Kgs |
448423.43 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
Punjab National Bank, Sector 28, ·
State Bank of ·
Canara Bank, SCO 311-314, Sector 35-B, ·
State Bank of ·
IDBI Bank , |
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J. K. Jain and Associates Chartered Accountants |
|
Address : |
S.C.O. 1132-33, Sector 22-B, |
|
|
|
|
Associates : |
·
Essix Biosciences Limited ·
Ind Swift Laboratories Limited ·
Mansa Print and Publishers Limited ·
Fortune India Construction Limited ·
Dashmesh Medicare Private Limited ·
3m Advertising And Publishers Limited ·
Swift Fundamental Research and Education Society |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital : Rs.400.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.242.694 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Share |
Rs. 2/- each |
Rs. 150.000
Millions |
|
2500000 |
Cumulative Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 250.000 Millions
|
|
|
|
|
|
|
|
Total |
|
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46178370 |
Equity Share |
Rs. 2/- each |
Rs. 92.357
Millions |
|
1420000 |
Cumulative Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 142.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 234.357 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 (9 Months) |
30.06.2012 (15 Months) |
31.03.2011 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders’ Funds |
|
|
|
|
(a) Share Capital |
234.357 |
234.357 |
226.357 |
|
(b) Reserves & Surplus |
1865.740 |
2946.434 |
3001.729 |
|
I Money
received against share warrants |
0.000 |
30.000 |
70.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
72.950 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2173.047 |
3210.791 |
3298.086 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5906.244 |
2725.940 |
1672.803 |
|
(b) Deferred tax liabilities (Net) |
116.417 |
212.960 |
241.314 |
|
I Other long term
liabilities |
62.544 |
67.825 |
68.930 |
|
(d) long-term
provisions |
9.637 |
6.118 |
4.603 |
|
Total Non-current
Liabilities (3) |
6094.842 |
3012.843 |
1987.650 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3521.936 |
4461.325 |
3417.418 |
|
(b) Trade
payables |
1409.595 |
3344.260 |
2079.749 |
|
I Other
current liabilities |
874.106 |
1652.396 |
1482.782 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
106.214 |
|
Total Current
Liabilities (4) |
5805.637 |
9457.981 |
7086.163 |
|
|
|
|
|
|
TOTAL |
14073.526 |
15681.615 |
12371.899 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3871.817 |
3717.178 |
1888.870 |
|
(ii)
Intangible Assets |
334.797 |
245.055 |
160.620 |
|
(iii)
Capital work-in-progress |
348.882 |
462.613 |
1219.029 |
|
(iv)
Intangible assets under development |
19.612 |
30.635 |
16.986 |
|
(b) Non-current Investments |
451.887 |
455.748 |
455.748 |
|
I Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
167.064 |
355.038 |
418.339 |
|
I Other Non-current
assets |
451.151 |
553.523 |
154.914 |
|
Total Non-Current
Assets |
5645.210 |
5819.790 |
4314.506 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3294.591 |
3655.335 |
4717.450 |
|
I Trade
receivables |
3639.834 |
4502.748 |
2316.240 |
|
(d) Cash
and cash equivalents |
177.908 |
455.986 |
367.807 |
|
I
Short-term loans and advances |
926.952 |
848.310 |
292.381 |
|
(f) Other current
assets |
389.031 |
399.446 |
363.515 |
|
Total
Current Assets |
8428.316 |
9861.825 |
8057.393 |
|
|
|
|
|
|
TOTAL |
14073.526 |
15681.615 |
12371.899 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (9 Months) |
30.06.2012 (15 Months) |
31.03.2011 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3931.223 |
15904.656 |
8764.715 |
|
|
|
Other Income |
63.437 |
293.228 |
205.733 |
|
|
|
TOTAL (A) |
3994.660 |
16197.884 |
8970.448 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2876.265 |
12125.734 |
7847.929 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
2.224 |
1447.640 |
(1109.257) |
|
|
|
Employee Benefits Expenses |
408.151 |
394.808 |
264.690 |
|
|
|
Other Expenses |
868.512 |
1026.045 |
647.450 |
|
|
|
TOTAL (B) |
4155.152 |
14994.227 |
7650.812 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
(160.492) |
1203.657 |
1319.636 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
864.110 |
1209.670 |
716.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
I |
(1024.602) |
(6.013) |
603.226 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
184.821 |
232.493 |
155.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(1209.423) |
(238.506) |
448.087 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(96.543) |
(28.354) |
13.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(1112.880) |
(210.152) |
434.516 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1304.457 |
1514.609 |
1248.325 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
150.000 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
0.000 |
15.612 |
|
|
|
Proposed Dividend on Preference Shares |
0.000 |
0.000 |
0.023 |
|
|
|
Tax on Distributed Tax |
0.000 |
0.000 |
2.597 |
|
|
BALANCE CARRIED
TO THE B/S |
191.577 |
1304.457 |
1514.609 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1522.922 |
1986.686 |
698.411 |
|
|
|
Technology Transfer Fees |
39.137 |
70.550 |
122.263 |
|
|
|
Other Earnings |
0.809 |
5.876 |
1.366 |
|
|
TOTAL EARNINGS |
1562.868 |
2063.112 |
822.040 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
225.354 |
1050.399 |
393.026 |
|
|
|
Packing Material / Consumables |
5.186 |
4.705 |
12.298 |
|
|
|
Equipment |
56.129 |
64.366 |
1.181 |
|
|
|
Software |
69.260 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
355.929 |
1119.470 |
406.505 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(24.10) |
(4.84) |
11.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (9 Months) |
30.06.2012 (15 Months) |
31.03.2011 (12 Months) |
|
PAT / Total Income |
(%) |
(27.86) |
(1.30) |
4.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(30.76) |
(1.50) |
5.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.13) |
(1.62) |
4.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.56) |
(0.07) |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.34 |
2.24 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.04 |
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 (12
Months) |
31.03.2012 (15
Months) |
31.03.2013 (9
Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
226.357 |
234.357 |
234.357 |
|
Reserves & Surplus |
3001.729 |
2946.434 |
1865.740 |
|
Money received against share
warrants |
70.000 |
30.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
72.950 |
|
Net
worth |
3298.086 |
3210.791 |
2173.047 |
|
|
|
|
|
|
long-term borrowings |
1672.803 |
2725.940 |
5906.244 |
|
Short term borrowings |
3417.418 |
4461.325 |
3521.936 |
|
Total
borrowings |
5090.221 |
7187.265 |
9428.180 |
|
Debt/Equity
ratio |
1.543 |
2.238 |
4.339 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 (12
Months) |
31.03.2012 (15
Months) |
31.03.2013 (9
Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
8764.715 |
15904.656 |
3931.223 |
|
|
|
81.462 |
(75.283) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 (12
Months) |
31.03.2012 (15
Months) |
31.03.2013 (9
Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
8764.715 |
15904.656 |
3931.223 |
|
Profit |
434.516 |
(210.152) |
(1112.880) |
|
|
4.96% |
(1.32%) |
(28.31%) |
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 |
---------- |
|
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 |
PERFORMANCE REVIEW:
As informed
in the previous report, subject had extended its previous financial year to 15
months i.e. from 1st April 2011 to 30th June 2012 in
order to reflect the consolidated financial statements of merged entities in
view of proposed merger of Essix Biosciences Limited and Dashmesh Medicare
Private limited with the company. However, the Board of Directors have decided
to conclude the current financial year on 31st March 2013 .Hence the
present financial statements are for the period of nine months i.e. from 1st
July 2012 to 31st March 2013.
The
year was toughest in the history of subject. The proposal for restructuring of
debts under Corporate Debt Restructuring [CDR] mechanism was approved by the
CDR Empowered Group on December 27, 2012. The Master Restructuring Agreement
(MRA) has also been signed with the lenders participating in the CDR package on
March 28, 2013.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Public Deposits |
342.990 |
403.059 |
|
Long term
Maturities of Finance Lease |
0.668 |
2.591 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Term Loans from
Banks |
19.223 |
146.516 |
|
Public Deposits |
232.549 |
593.324 |
|
Loans and
Advances from Related Parties |
80.272 |
0.000 |
|
Other Loans and
Advances, Others |
20.794 |
167.339 |
|
|
|
|
|
Total |
696.496 |
1312.829 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10421176 |
28/03/2013 |
10,028,700,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28, CHANDIGARH, CHANDIGARH – 160028, INDIA |
B73602112 |
|
2 |
10403081 |
06/07/2013
* |
9,768,600,000.00 |
STATE
BANK OF INDIA |
SCB,
SECTOR 17-B, CHANDIGARH, CHANDIGARH – 160017, INDIA |
B79477675 |
|
3 |
10410964 |
19/01/2013 |
1,507,700,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH SCO 103-107, SECTOR 8-C, CHANDIGARH, CHANDIGARH – 160009, INDIA |
B70488440 |
|
4 |
10361298 |
01/06/2012 |
300,000,000.00 |
STATE
BANK OF HYDERABAD |
SCO
62-63, SECTOR 34A, CHANDIGARH, CHANDIGARH – 160022, INDIA |
B41901638 |
|
5 |
10354686 |
10/05/2012 |
150,000,000.00 |
TATA
CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,
DR. V. B. GANDHI MARG, FORT, MUMBAI, |
B39315205 |
|
6 |
10348283 |
14/03/2012 |
500,000,000.00 |
BANK
OF INDIA |
NIHON
SELMEL SAKAISUJI HONMACHI BLDG 8-12,, HONMA |
B37178340 |
|
7 |
10337188 |
10/02/2012 |
200,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA – 400005, INDIA |
B32804270 |
|
8 |
10326217 |
22/12/2011 |
350,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, SCO 103-107, SECTOR 8-C, CHAND |
B28999894 |
|
9 |
10320222 |
24/11/2011 |
300,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTER
ONE BUILDING,FLOOR-21, WORLD TRADE CENTER COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA – 400005, INDIA |
B26348292 |
|
10 |
10318051 |
17/11/2011 |
3,000,000.00 |
DIRECTOR
OF INDUSTIRES |
DY.DIRECTOR
OF INDUSTRIES, S.W.C.A BADDI ,DISTT |
B25453986 |
|
11 |
10305651 |
18/04/2013
* |
4,345,300,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28-C, CHANDIGARH, CHANDIGARH – 160028, INDIA |
B73601536 |
|
12 |
10305944 |
30/08/2011 |
100,000,000.00 |
THE CATHOLIC
SYRIAN BANK LIMITED |
SCO
114-115, SECTOR 34-A, CHANDIGARH, CHANDIGARH |
B20389441 |
|
13 |
10305948 |
30/08/2011 |
150,000,000.00 |
THE
CATHOLIC SYRIAN BANK LIMITED |
SCO
114-115, SECTOR 34-A, CHANDIGARH, CHANDIGARH |
B20390506 |
|
14 |
10299577 |
30/07/2011 |
20,000,000.00 |
FIRST
BLUE HOME FINANCE LIMITED |
12C
– 12D, 2ND FLOOR, VASANT SQUARE MALL, PLOT – A, SECTOR B, POCKET –
V, VASANT KUNJ, NEW DELHI, DELHI – 110070, INDIA |
B17841420 |
|
15 |
10277256 |
10/03/2011 |
350,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, S.C.O. 103-107, GROUND FLOOR, |
B09647025 |
|
16 |
10242515 |
24/09/2010 |
200,000,000.00 |
CANARA
BANK |
SECTOR
35 B, CHANDIGARH, CHANDIGARH – 160035, INDIA |
A95722963 |
|
17 |
10238305 |
29/07/2010 |
200,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, SECTOR 8, CHANDIGARH, CHANDIGARH – 160009, INDIA |
A94563434 |
|
18 |
10192912 |
14/12/2009 |
100,000,000.00 |
STATE
BANK OF HYDERABAD |
SCO
62-63, SECTOR 34-A, CHANDIGARH, CHANDIGARH - |
A76251263 |
|
19 |
10189410 |
11/11/2009 |
150,000,000.00 |
STATE
BANK OF MYSORE |
PITAMPURA
BRANCH, PLOT NO. 32,ROAD NO-44, DDA COM |
A74800723 |
|
20 |
10183662 |
29/11/2010
* |
500,000,000.00 |
IFCI
LIMITED |
IFCI
TOWER61 NEHRU PLACE, NEW DELHI, DELHI – 110019, INDIA |
A99622664 |
|
21 |
10186608 |
29/10/2009 |
300,000,000.00 |
CENTRAL
BANK OF INDIA |
SECTOR
17-B, CHANDIGARH, CHANDIGARH – 160017, INDIA |
A73880163 |
|
22 |
10161384 |
10/02/2012
* |
406,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA – 400005, INDIA |
B31965536 |
|
23 |
10161388 |
10/06/2009 |
50,000,000.00 |
IDBI
BANK LIMITED |
SCO-55-57,SECTOR-8-C,
SECTOR 8, MADHYA MARG, CHANDIGARH, CHANDIGARH – 160018, INDIA |
A63755441 |
|
24 |
10158466 |
24/04/2009 |
3,000,000.00 |
DIRECTOR
OF INDUSTRIES |
THROUGH
DY. DIRECTOR OF INDUSTRIES, BADDI, DISTT. SOLAN, BADDI, HIMACHAL PRADESH –
173205, INDIA |
A62148531 |
|
25 |
10096049 |
08/12/2007 |
1,840,000,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28-C, CHANDIGARH, CHANDIGARH – 160028, INDIA |
A35619477 |
|
26 |
10062095 |
28/03/2013
* |
9,768,600,000.00 |
CANARA
BANK |
SECTOR
35-B, CHANDIGARH, CHANDIGARH – 160035, INDIA |
B75727917 |
|
27 |
80042397 |
13/10/2009
* |
303,500,000.00 |
CANARA
BANK |
SECTOR
35-B, CHANDIGARH, CHANDIGARH – 160036, INDIA |
A73929440 |
|
28 |
90170177 |
22/09/2006
* |
1,009,500,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28-C, CHANDIGARH, CHANDIGARH – 160028, INDIA |
- |
|
29 |
80042402 |
18/07/2005 |
830,000,000.00 |
CONSORTIUM
PNB UTI SBI STATE BANK OF INDORE |
SECTOR
28-C, CHANDIGARH, CHANDIGARH – 160017, INDIA |
- |
|
30 |
90167459 |
13/06/2011
* |
300,000,000.00 |
BANK
OF INDIA |
JAMMU
MID CORPORATE BRANCH, SEWA COMPLEX, OPP. FIRE STATION ,NATIONAL HIGHWAY,
GANGYAL, JAMMU, JAMMU AND KASHMIR – 180001, INDIA |
B15525439 |
|
31 |
90172248 |
18/11/2004 |
400,000.00 |
CENTURIAN
BANK LIMITED |
SECTOR
9, CHANDIGARH, CHANDIGARH, INDIA |
- |
|
32 |
90171443 |
25/10/2004 |
200,000,000.00 |
STATE
BANK OF INDORE |
SCO
118-120, SECTOR 34, CHANDIGARH, CHANDIGARH, INDIA |
- |
|
33 |
90172155 |
02/04/2003 |
30,000,000.00 |
HDFC
BANK LIMITED |
LGF
-1 FIRST MALL, THE MALL, LUDHIANA, CHANDIGARH – 141001, INDIA |
- |
|
34 |
90172137 |
25/02/2012
* |
8,932,500,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28, CHANDIGARH, CHANDIGARH – 160028, INDIA |
B34328591 |
|
35 |
80027186 |
26/12/2012
* |
1,907,000,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28-C, CHANDIGARH, CHANDIGARH – 160028, INDIA |
B67443499 |
|
36 |
90168476 |
30/04/2004
* |
41,000,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28, CHANDIGARH, CHANDIGARH, INDIA |
- |
|
37 |
90168416 |
30/04/2004
* |
214,500,000.00 |
PUNJAB
NATIONAL BANK |
SECTOR
28, CHANDIGARH, CHANDIGARH, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Leasehold Land
·
Building
·
Plant and Equipment
·
Furniture and Fixture
·
Vehicle
·
Office Equipment
·
Patent and trade Mark
·
Software
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE’2013
(Rs. In Millions)
|
Particulars |
Unaudited Quarter (30.06.2013) |
|
|
|
|
Income from operations |
1391.671 |
|
Total income from operations |
1391.671 |
|
Expenditure |
|
|
Cost of materials consumed |
1047.589 |
|
Change in inventories f.g./w.i.p |
49.157 |
|
Employees benefit expenses |
110.213 |
|
Depreciation/amortization |
63.343 |
|
Other expenditure |
284.357 |
|
Total expenditure |
1554.659 |
|
Profit from operations |
(162.988) |
|
Other income |
19.673 |
|
Profit before finance cost |
(143.315) |
|
Finance cost |
276.596 |
|
Profit before tax |
(419.911) |
|
Provision for tax |
NIL |
|
Mat credit entitlement |
NIL |
|
Provision for deferred tax |
NIL |
|
Net profit |
(419.911) |
|
Paid up equity share capital Rs.2/- |
92.357 |
|
Reserve excluding revaluation reserves |
__ |
|
Earnings per share Rs.2/- each |
|
|
Basic |
(0.909) |
|
Diluted |
(0.909) |
|
A) particulars of shareholding |
|
|
Public shareholding |
|
|
No. Of shares |
24074249 |
|
% Of shareholding |
52.13 |
|
Promoters and promoters group shareholding |
|
|
A) pledged/ encumbered |
|
|
- No. Of shares |
22104121 |
|
-% Of shares (as a % of the total
shareholding of |
|
|
Promoter & promoter
group |
100 |
|
- % Of shares( as a % of the total share capital
of |
|
|
The company |
47.87 |
|
B) non- encumbered |
|
|
- No. Of shares |
NIL |
|
-% Of shares (as a % of the total
shareholding of |
NIL |
|
Promoter & promoter
group |
|
|
% Of shares(as a % of the total share capital of co. |
NIL |
|
Particulars |
Quarter
ended |
|
B) investor complaints |
30.06.2013 |
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
NIL |
NOTES:
1. Entire
promoters shareholding has been pledged with the Banks as required under
Corporate Debt Restructuring (CDR) package and Master
Restructuring Agreement (MRA) signed with Banks.
2. As the
revenue from the dairy segment is less than 10% of total Income, Hence separate
segment reporting has not been given.
3. Previous
year figures have been re-grouped/ Re- arranged where ever necessary.
4. The
above results have been taken into record by the Audit Committee and Board of
Directors of the company in their respective meetings held on
9th August 2013.
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 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.62.12 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
18 |
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.