MIRA
INFORM REPORT
|
Report Date : |
03.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAPLIN POINT LABORATORIES LIMITED |
|
|
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Registered
Office : |
“Narbavi”, No.03, |
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Country : |
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Financials (as
on) : |
30.06.2013 |
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Date of
Incorporation : |
16.04.1990 |
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Com. Reg. No.: |
18-019053 |
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Capital
Investment / Paid-up Capital : |
Rs. 151.100
Millions |
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|
|
CIN No.: [Company Identification
No.] |
L24231TN1990PLC019053 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC00929F |
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PAN No.: [Permanent Account No.] |
AABCC2667F |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufactures and Seller of pharmaceutical formulations. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Profitability of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million worth
of mobile-phone-based transactions by July 2013 compared to Rs.260 million in
September, 2012, according to Deloitte report. The number of transactions has
shot up from 94000 to 701000.
India aims to earn Rs.400000
million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
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 DECLINED
MANAGEMENT NON – COOPERATIVE (91-44-45929100)
LOCATIONS
|
Registered Office/Corporate office : |
“Narbavi”, No.03, Lakshmanan Street, T. Nagar, Chennai – 600 017,
Tamil Nadu, India |
|
Tel. No.: |
91-44-28156653/ 28156905 |
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Fax No.: |
91-44-28154952 |
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E-Mail : |
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Website : |
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FACTORY |
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Unit 1: |
R.S. No.85/3, |
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Tel. No.: |
91-413-2674402 / 2674137 |
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Fax No.: |
91-413-2674002 |
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E-Mail : |
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Unit 2 : |
19, |
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Tel. No.: |
91-44-27940274 / 65311262 |
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Fax No.: |
91-44-27940274 |
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E-Mail : |
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Unit 3: |
Khasra No. 435, Village Suraj Majra, N.H.No. 21, Baddi, Teh Nalagarh, Dist Solan, Himachal Pradesh – 173205, India |
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E-Mail : |
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Unit 4: |
Guruvarajakandigai, Sirupuzhalpettai (Post), Gummidipoondi Taluka, Thiruvallur District, Tamil Nadu – 601 201, India |
DIRECTORS
As on 30.06.2013
|
Name : |
Mr. C C Paarthipan |
|
Designation : |
Chairman |
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|
Name : |
Mr. M Jaypal |
|
Designation : |
Managing Director |
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Name : |
Mr. D. P. Mishra |
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Designation : |
Whole Time Director |
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Name : |
Mr. P T Baby Thomas |
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Designation : |
Director |
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Name : |
Mr. V Thirumalai |
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Designation : |
Director |
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|
Name : |
Mr. Venkat Radhakrishnan |
|
Designation : |
Director |
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Name : |
Mr. R.Vijay Venkatraman |
|
Designation : |
Director (Appointed w.e.f 4.10.2012) |
KEY EXECUTIVES
|
Name : |
Mr. S.Mohanraj |
|
Designation : |
Company
Secretary and Vice president Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
814812 |
5.39 |
|
|
7824541 |
51.78 |
|
|
7824541 |
51.78 |
|
|
8639353 |
57.18 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
8639353 |
57.18 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
12200 |
0.08 |
|
|
700 |
0.00 |
|
|
12900 |
0.09 |
|
|
|
|
|
|
483025 |
3.20 |
|
|
|
|
|
|
2898968 |
19.19 |
|
|
2940971 |
19.46 |
|
|
134783 |
0.89 |
|
|
88324 |
0.58 |
|
|
959 |
0.01 |
|
|
45500 |
0.30 |
|
|
6457747 |
42.74 |
|
Total Public
shareholding (B) |
6470647 |
42.82 |
|
Total (A)+(B) |
15110000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15110000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Seller of pharmaceutical formulations. |
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
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Bankers : |
The Catholic Syrian Bank Limited, Mount Road Branch, Tarapore Towers,
Chennai 600002, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory
Auditors: |
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Name : |
M Raghunath and Company Chartered Accountants |
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Address : |
New No. 22 (Old No.
83/2), Millers Road, Kilpauk, Chennai - 600 010, Tamilnadu, India |
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|
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|
Cost Auditors: |
G. Thangaraj Chartered Accountant |
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|
12B, Block 3,
F2, Behind Venkatesha Nilayam, Jayalakshmipuram Main Road, Nungambakkam, Chennai
600 034, Tamilnadu, India |
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Related Entity: |
Argus Salud Pharma LLP |
CAPITAL STRUCTURE
As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs. 170.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15110000 |
Equity Shares |
Rs.10/- each |
Rs. 151.100
Millions |
|
|
|
|
|
Note:
Reconciliation of number
of equity shares outstanding at the beginning and at the end of the year
|
|
30.06.2013 |
|
|
Number of shares outstanding at the beginning of the year |
-- |
15110000 |
|
Add: Number of shares allotted as fully paid up during the year |
-- |
-- |
|
Less : Number of shares bought back during the year |
-- |
-- |
|
Number of shares outstanding at the end of the year |
-- |
15110000 |
Rights, preference
and restrictions attached to shares
Equity Shares
The Company has only
one class of equity shares having a par value of 10/‐ per share. Each
shareholder is eligible for one Vote per Share.
The Dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting except in the case of
interim Dividend In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the company, after distribution of
all preferential amounts, in proportion to their shareholding
Details of shares in the company held by each shareholder holding more
than 5% shares of the company
|
Name of Shareholder |
30.06.2013 |
|
|
|
No. of Shares held |
% of Holding |
|
P. Vijayalakshmi |
2200000 |
14.57% |
|
P. Ashok Gorkey |
1810000 |
11.99% |
|
P. Vivek Siddarth |
1800000 |
11.92% |
|
P.K. Chellappan |
153206 |
8.96% |
|
C.C. Paarthipan |
814812 |
5.40% |
|
S. Masilamani |
802000 |
5.31% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
151.100 |
151.100 |
151.100 |
|
(b) Reserves & Surplus |
287.873 |
189.003 |
142.274 |
|
(c) Money received against share warrants |
0.000 |
0.00 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
438.973 |
340.103 |
293.374 |
|
|
|
|
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
34.514 |
15.519 |
0.849 |
|
(b) Deferred tax liabilities (Net) |
47.946 |
24.715 |
15.339 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.783 |
2.662 |
1.999 |
|
Total Non-current Liabilities (3) |
86.243 |
42.896 |
18.187 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.530 |
52.034 |
94.554 |
|
(b) Trade payables |
223.715 |
203.480 |
168.608 |
|
(c) Other current
liabilities |
471.419 |
361.060 |
107.042 |
|
(d) Short-term provisions |
59.259 |
40.613 |
31.239 |
|
Total Current Liabilities (4) |
754.923 |
657.187 |
401.443 |
|
|
|
|
|
|
TOTAL |
1280.139 |
1040.186 |
713.004 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
308.132 |
258.451 |
232.065 |
|
(ii) Intangible Assets |
1.926 |
0.473 |
0.580 |
|
(iii) Capital
work-in-progress |
513.075 |
127.909 |
1.714 |
|
(iv) Intangible assets under development |
0.901 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12.881 |
12.378 |
11.977 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.551 |
108.251 |
37.453 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
943.466 |
507.462 |
283.789 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
89.192 |
56.168 |
51.607 |
|
(c) Trade receivables |
5.982 |
72.832 |
76.364 |
|
(d) Cash and cash
equivalents |
134.528 |
276.126 |
215.718 |
|
(e) Short-term loans and
advances |
101.025 |
115.804 |
81.101 |
|
(f) Other current assets |
5.946 |
11.794 |
4.425 |
|
Total Current Assets |
336.673 |
532.724 |
429.215 |
|
|
|
|
|
|
TOTAL |
1280.139 |
1040.186 |
713.004 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1226.722 |
1076.206 |
830.246 |
|
|
|
Other Income |
17.330 |
23.895 |
25.506 |
|
|
|
TOTAL (A) |
1244.052 |
1100.101 |
855.752 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
308.441 |
311.307 |
232.982 |
|
|
|
Purchase of traded goods |
527.334 |
476.290 |
408.131 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(10.697) |
3.858 |
(4.838) |
|
|
|
Employee benefit expenses |
79.654 |
61.414 |
40.930 |
|
|
|
Other expenses |
106.602 |
8.769 |
62.243 |
|
|
|
TOTAL (B) |
1011.334 |
861.638 |
739.448 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
232.718 |
128.686 |
116.304 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.006 |
8.769 |
10.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
229.712 |
119.917 |
106.282 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.532 |
11.550 |
22.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
215.180 |
108.367 |
83.510 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
72.115 |
26.516 |
18.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
143.065 |
81.851 |
65.361 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
121.689 |
83.460 |
50.977 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
8.500 |
6.536 |
|
|
|
Final Dividend proposed |
37.775 |
30.220 |
22.665 |
|
|
|
Dividend Tax – Current Year |
6.420 |
4.902 |
3.677 |
|
|
|
Transfer from other Reserves |
(0.192) |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
205.751 |
121.689 |
83.460 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1084.668 |
897.382 |
695.299 |
|
|
TOTAL EARNINGS |
1084.668 |
897.382 |
695.299 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
428.255 |
380.552 |
344.556 |
|
|
|
Capital Goods |
50.524 |
39.056 |
8.290 |
|
|
TOTAL IMPORTS |
478.779 |
419.608 |
352.846 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.47 |
5.42 |
4.33 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
PAT / Total Income |
(%) |
11.50
|
7.44 |
7.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.54
|
10. 07 |
10.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.57
|
12.04 |
11.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.32 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.08
|
0.20 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45
|
0.81 |
1.07 |
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 |
OPERATIONS AND OUTLOOK
During the
Financial year under report, the company posted an excellent financial
performance.
The Statistical highlights are:
At standalone
level, their profit after tax amounted to Rs 143.065 Millions (11.49% of revenue)
as against Rs 81.851 Millions (PY - 7.44% of revenue), thus representing an
increase of 54% over the previous year. On consolidated basis, their profit
after tax amounted to Rs 139.840 Millions (10.82% of revenue) as against Rs
80.065 Millions (PY - 7.29% of revenue). The net worth of the company has
increased to Rs 438.973 Millions from Rs. 340.103 Millions. The EPS has
improved to Rs 0.947 Million (Rs 0.542 Million PY) for standalone and Rs 0.928
Million (Rs 0.530 Million PY) for the group.
OUTLOOK
With India
becoming a hub for manufacturing and research operations, the company is poised
for growth. In 2012, the Company commenced a project for setting up of a state
of the art injectable plant which will cater to highly regulated markets like
USA , EU, Brazil, South Africa etc. The facility is designed with a high level
of sophistication and automated process control and will be in compliance with
norms stated by USFDA , UK MHRA, ANVISA BRAZIL, EU GMP and other regulatory
bodies. Upon commencement of commercial production in this facility, the
Company would also be in a position to offer Contract manufacturing services in
the areas of general category injectable dosage forms in Vials, Ampoules,
Lyophilized Vials, Pre-filled syringes and Ophthalmic preparations. The Company
expects to commence trail production by December 2013 and pilot production
batches by January 2014.
With facilities
available to cater to all segments of domestic and export markets, the Company
has recently entered into an agreement to cater to the Brazilian Pharmaceutical
Market for these products. The Company can provide them supplies at competitive
prices which is expected to significantly contribute to the future business.
The Company as
part of the current expansion plans at the manufacturing unit at Puducherry, is
in the process of setting up dedicated lines in the areas of Suppositories,
Soft gelatin capsule and Penems which will commence production during the
Fourth quarter of this year.
The Company’s
manufacturing unit at Baddi in the state of Himachal Pradesh is situated in the
notified area under notification number S.O. 1269(E) dated 4th November, 2003
and continue to enjoy Central Excise and Income Tax benefits.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
The Indian
pharmaceutical industry currently tops the chart amongst India's science-based
industries with wide ranging capabilities in the complex field of drug
manufacture and technology. A highly organized sector, the Indian
pharmaceutical industry is estimated to be worth $ 4.5 billion, growing at
about 8 to 9 percent annually. It ranks very high amongst all the third world
countries, in terms of technology, quality and the vast range of medicines that
are manufactured. It ranges from simple headache pills to sophisticated
antibiotics and complex cardiac compounds, almost every type of medicine is now
made in the Indian pharmaceutical industry.
The Indian
pharmaceutical sector is highly fragmented with more than 20,000 registered
units. It has expanded drastically in the last two decades. The export market
for generic products in the past has shown an increasing trend and is expected
to grow substantially.
COMPANY OVERVIEW
Caplin Point aims to
create new niches in our existing markets to ensure the current foothold
remains strong and innovative. Caplin Point envisages implementing their unique
business model in various countries to ensure every human being has access to
quality medicines at affordable prices.
Caplin Point’s
main areas of focus are in the export of high quality generic medicines to
regions such as Latin America, West Africa, South East Asia among others. As on
date, Caplin Point holds over 1300 product registrations in these markets.
Caplin Point is
focused on expanding deeper into South America, increase its presence in brand
marketing in West Africa and also exploring the possibility of starting up
operations in CIS and Eastern European markets. Upon completion of the new state
of art injectable plant by end 2013, Caplin Point will be starting up
operations in the years to come, in fully regulated markets of USA, Europe,
Mexico and Brazil.As part of the current expansion plans at Unit-1, we are
adding the following dedicated lines which will commence operations by Fourth
quarter of 2013- 2014.
- Suppositories
- Soft gelatin
capsules
- Penems
ANALYSIS OF FINANCIAL PERFORMANCE
During
the financial year 2012-13, the Company has achieved a total turnover of Rs
1244.052 Millions on Standalone basis as against Rs.
1100.101 Millions achieved during the previous
year 2011-12, thus registering a growth of 13.08% Similarly in the financial
year 2012-13, the Company has achieved a total turnover of Rs 1291.286 Millions
on Consolidated basis as against Rs. 1097.234 Millions
achieved during the previous year 2011-12, thus
registering a growth of 17.69% During the financial year 2012-13, the Company has earned a
net profit after tax of Rs. 143.065 Millions on
Standalone basis as against Rs. 81.851 Millions achieved
during the previous year 2011-12. Similarly, in
the financial year 2012-13, the Company has
earned a net profit after tax of Rs. 140.214 Millions on Consolidated basis as against Rs. 80.299 Millions
achieved during the previous year 2011-12.
On
Standalone basis, there is a reduction in the Financial cost from Rs. 8.769 Millions in the previous year to Rs. 3.006 Millions in the current financial year due to effective funds
management by utilising internal accruals and by reducing external borrowings.
The
Company has incurred Rs. 79.654 Millions on Employee
benefits in the current year as against Rs. 61.414 Millions on standalone basis because the company had engaged the
services of highly skilled technical persons having knowledge matching with
international standards keeping in view of the future business plans in the
regulated markets.
There
is also an increase in the inventories as at the date of Balance Sheet for the
current year 2012-13 by Rs. 10.697 Millions as against a
decrease of Rs. 3.858 Millions for the
previous year. This is due to the effective cost control over the inventory
management by placing the orders on certain raw materials anticipating a price
increase based on market information and also the orders on hand from export
markets.
With
this increase in turnover, the net profit after tax of the Company during
2012-13 has increased substantially by Rs. 61.214 Millions as against the increase in the net profit of Rs. 16.490 Millions
achieved in the previous year, 2011-12.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10344453 |
31/01/2012 |
75,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
826 GROUND
FLOOR, TARAPORE TOWERS, MOUNT ROAD BRANCH, CHENNAI, TAMIL NADU - 600002,
INDIA |
B35868769 |
|
2 |
10344483 |
31/01/2012 |
125,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
826 GROUND FLOOR,
TARAPORE TOWERS, MOUNT ROAD BRANCH, CHENNAI, TAMIL NADU - 600002, INDIA |
B35875194 |
|
3 |
10073263 |
31/01/2012 * |
30,000,000.00 |
THE CATHOLIC SYRIAN BANK LTD |
826, TARAPORE
TOWERS, MOUNT ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B35875434 |
|
4 |
10052661 |
31/01/2012 * |
215,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
826 GROUND
FLOOR, TARAPORE TOWERS, MOUNT ROAD BRANCH, CHENNAI, TAMIL NADU - 600002,
INDIA |
B35874759 |
|
5 |
80027571 |
05/09/2000 |
8,500,000.00 |
CATHOLIC SYRIAN LIMITED |
MOUNT ROAD,
CHENNAI, CHENNAI, TAMIL NADU - 600002, INDIA |
- |
|
6 |
90281799 |
21/01/1994 |
1,000,000.00 |
INDIAN OVERSEAS BANK |
WEST MAMBALAM
BRANCH, MADRAS, TAMIL NADU - 600033, INDIA |
- |
* Date of charge modification
UNAUDITED
STANDALONE FINANCIAL RESULT FOR THE QUARTER ENDED 30TH SEPTEMBER
2013
|
|
Particulars |
30.09.2013 |
|
|
|
|
|
|
|
|
|
1 |
Income |
|
|
|
|
|
Net Sales/ income from operations (Net of Excise Duty) |
382.661 |
|
|
|
|
Foreign Exchange Fluctuation Gain |
-- |
|
|
|
|
Share of profits in LLP |
14.923 |
|
|
|
|
Total |
397.584 |
|
|
|
|
|
|
|
|
|
2 |
Expenditure |
|
|
|
|
|
Cost of materials consumed |
81.127 |
|
|
|
|
Purchase of Stock-in-Trade |
178.989 |
|
|
|
|
Change in inventories of Finished Goods, work in progress and stock in trade |
(11.259) |
|
|
|
|
Employees benefit expenses |
26.630 |
|
|
|
|
Depreciation |
4.291 |
|
|
|
|
Amortisation of Intangible Assets |
0.230 |
|
|
|
|
Foreign Exchange Fluctuation Loss |
46.088 |
|
|
|
|
Other Expenditure |
25.498 |
|
|
|
|
Total |
351.595 |
|
|
|
3 |
Profit(+)/Loss(-)
from Operations before other income and finance cost and exceptional items
(1-2) |
45.989 |
|
|
|
4 |
Other Income |
4.808 |
|
|
|
5 |
Profit(+)/Loss(-)
from ordinary activities before finance cost and exceptional items (3+4) |
50.797 |
|
|
|
6 |
Finance cost |
(0.354) |
|
|
|
7 |
Profit(+)/Loss(-) from
Ordinary Activities after finance cost but before exceptional cost (5-6) |
50.443 |
|
|
|
8 |
Exceptional items |
-- |
|
|
|
9 |
Profit(+)/Loss(-)
from Ordinary Activities before Tax (7-8) |
50.443 |
|
|
|
10 |
Provision for Taxation |
(11.000) |
|
|
|
|
Provision for Taxation - earlier years |
-- |
|
|
|
|
Deferred Tax Provision |
(1.500) |
|
|
|
|
Mat Credit Entitlement |
-- |
|
|
|
11 |
Net Profit (+)/
Loss (-) From Ordinary Activities after tax (9-10) |
37.943 |
|
|
|
12 |
Extraordinary Item (net of tax expenses |
-- |
|
|
|
13 |
Net Profit (+)/
Loss (-) For the period (11-12) |
37.943 |
|
|
|
14 |
Paid up equity share capital (face value of the share Rs. 10/- each |
151.100 |
|
|
|
15 |
Reserves excluding revaluation reserves as per previous balance sheet |
-- |
|
|
|
16 |
Earnings
per share (not annualised) in Rs. |
|
|
|
|
|
-
Basic |
2.51 |
|
|
|
|
-
Diluted |
2.51 |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
6470647 |
|
|
|
|
-
Percentage of Shareholding |
42.82% |
|
|
|
|
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
-- |
|
|
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
-- |
|
|
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
|
|
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
- Number
of Shares |
8639353 |
|
|
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
|
|
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
57.18% |
|
|
|
Particulars |
30.09.2013 |
|||
|
Pending at the beginning of the quarter |
2 |
|||
|
Received during the quarter |
7 |
|||
|
Disposed of during the quarter |
9 |
|||
|
Remaining unresolved at the end of the
quarter |
NIL |
|||
Note:
1) The Company operates in one segment only.
2) The statuary have carried out a limited review for the quarter ended 30.09.2013.
3) The figures for the quarter ended June 30,2013 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures (Unaudited) upto the third quarter of the current financial year.
4) Prior /period figures are regrouped / rearranged wherever necessary.
CONTINGENT
LIABILITIES:
Outstanding Bank Guarantee given to the Customs department and others
Rs. 2.105 Millions (Previous Year - Rs. 2.155 Millions)
Outstanding Letters of Credit: Nil (Previous Year – Rs. 18.991 Millions)
(Rs. in millions)
|
Name of the statute |
Nature of dues |
30.06.2013 |
Forum where dispute is pending |
|
Income Tax Act, 1961 |
Income tax |
2213.900 |
Income Tax Appellate Tribunal/ CIT
Appeals |
|
Central Excise Act, 1944 |
Excise Duty |
272.600 |
CEGAT Tribunal/ Department of Revenue, New
Delhi |
|
Foreign Trade (Development and Regulation ) Act 1992 |
Customs Duty |
280.500 |
Joint Director General of Foreign Trade |
FIXED ASSETS
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
A/c Plant
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Electrical Fittings
·
Motor Vehicles
·
Tools and Spares
·
Lab Equipments
·
Motor Cycle
Intangible Assets
·
Goodwill
·
Computer Softwares
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.61.90 |
|
|
1 |
Rs.102.74 |
|
Euro |
1 |
Rs.85.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.