MIRA
INFORM REPORT
|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
PLETHICO PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
04.12.1991 |
|
|
|
|
Com. Reg. No.: |
10-006801 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 340.670
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232MP1991PLC006801 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLP00257F / BPLP00659B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer Marketing and Distribution of Pharmaceutical and Allied Healthcare Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 21890000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears losses recorded by the company from its operational
activities during the year 2012. However, trade relations are fair. Business is active. Payment terms
are slow. 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 – 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based and term loans: D |
|
Rating Explanation |
Default or are expected to be in default
soon. |
|
Date |
September 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based: D |
|
Rating Explanation |
Default or expected to be in default on
maturity. |
|
Date |
September 2012 |
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
A. B. Road, Manglia, Indore – 453771, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2422881-85 |
|
Fax No.: |
91-731-2420938 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
37, Industrial Estate, Pologround, Indore-452015, Madhya
Pradesh, India |
|
Tel. No.: |
91-731-2422881/ 84 |
|
Fax No.: |
91-731-2420938/ 2421309 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Shabnam House, Ground Floor, Plot No. A/15-16, Central Cross Road B,
Behind MIDC Police Chowki, Andheri (East), Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-42359301/ 42359302 |
|
Fax No.: |
91-22-42359300/ 42359330 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Village Dharawa, Post Kalaria, Indore - 452003, Madhya Pradesh, India |
|
|
|
|
Factory 3 : |
Shed No. 347/348, A-II Types, Sector IV, Kandla Special Economic Zone,
Gandhidham, Kanchachh-370230, Gujarat, India |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Shashikant Patel |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Chirag Patel |
|
Designation : |
Whole-time Director and Chief Executive Officer |
|
|
|
|
Name : |
Mrs. Gauravi Parikh |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. G N Qazi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pramod K Shrivastava |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hitesh Thakar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amrish Kumar Chourasia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
26211045 |
76.94 |
|
|
26211045 |
76.94 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
26211045 |
76.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2994100 |
8.79 |
|
|
1847475 |
5.42 |
|
|
4841575 |
14.21 |
|
|
|
|
|
|
1520618 |
4.46 |
|
|
|
|
|
|
700054 |
2.05 |
|
|
393648 |
1.16 |
|
|
399727 |
1.17 |
|
|
19756 |
0.06 |
|
|
379471 |
1.11 |
|
|
500 |
0.00 |
|
|
3014047 |
8.85 |
|
Total Public shareholding (B) |
7855622 |
23.06 |
|
Total (A)+(B) |
34066667 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
34066667 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer Marketing and Distribution of Pharmaceutical and Allied Healthcare Products. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity In Millions |
Production
In Qty (Nos.) |
|
Tablets / Lozenges |
Qty |
1255.000 |
653311055 |
|
Capsules |
Qty |
255.000 |
45383778 |
|
Dry Susp. / Syrup |
Qty |
131.400 |
6759228 |
|
Ampoule / Vials |
Qty |
68.000 |
20285556 |
|
Ointment / Tube / Drops |
Qty |
1.025 |
433159 |
|
Powder / Granules |
Kg |
4.775 |
45696 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda IDBI
Bank Limited Exim
Bank State
Bank of India Punjab
national Bank Allahabad
Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.P. Gandhi and Company Chartered Accountants |
|
Address : |
10, Radh Chambers, Level 3, Telli Park Lane, Andheri (East), Mumbai –
400069, Maharashtra, India |
|
Tel. No.: |
91-22-26839105 |
|
E-Mail : |
|
|
|
|
|
Significant influence of Director/ Relatives : |
·
Plazma Laboratories Private Limited, India ·
Plethico Laboratories Private Limited, India ·
Plethico Products ·
Wiscon Pharmaceuticals Private Limited, India · Rezcom Realty Private Limited, India |
|
|
|
|
Wholly Owned Subsidiaries : |
· Plethico Global Holdings BV, Netherlands Plethico
International Limited, UAE |
|
|
|
|
Wholly Owned Subsidiaries (Step-down) : |
· Plethico US Holdings KFT, Hungary Natrol
INC, USA Natrol
Global FZ-LLC, UAE |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34081767 |
Equity Shares |
Rs. 10/- each |
Rs. 340.820
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34066667 |
Equity Shares |
Rs. 10/- each |
Rs. 340.670
Millions |
|
|
|
|
|
Subscribed and paid up share capital including 29109060
Equity Shares (Previous year 29109060) Equity Shares of Rs. 10 each allotted as
fully paid bonus shares by way of capitalisation of General Reserve and Share
Premium.
The details of Shareholders
holding more than 5% shares
|
Name Of
Shareholder |
31.12.2012 |
|
|
|
No. of Shares |
% Held |
|
Shashikant Patel |
27388825 |
80.40% |
The reconciliation
of the number of shares outstanding at end of year
|
Subscribed & Paid-up Equity Capital Rs. 10 each |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
Share outstanding as at the beginning of the year |
34066667 |
34066667 |
|
Add: Share issued during the year |
-- |
-- |
|
Share outstanding as at the end of the year |
34066667 |
34066667 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
340.670 |
340.670 |
|
(b) Reserves & Surplus |
|
5132.920 |
6110.290 |
|
(c) Money received against share warrants |
|
0.000 |
200.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5473.590 |
6650.960 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1302.090 |
1517.390 |
|
(b) Deferred tax liabilities (Net) |
|
168.000 |
159.590 |
|
(c) Other long
term liabilities |
|
125.750 |
152.460 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
1595.840 |
1829.440 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2189.390 |
1441.580 |
|
(b)
Trade payables |
|
228.820 |
186.120 |
|
(c)
Other current liabilities |
|
6942.950 |
5953.360 |
|
(d) Short-term
provisions |
|
611.360 |
291.360 |
|
Total Current
Liabilities (4) |
|
9972.520 |
7872.420 |
|
|
|
|
|
|
TOTAL |
|
17041.950 |
16352.820 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1282.120 |
1328.730 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
8065.590 |
8065.590 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
9347.710 |
9394.320 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
225.370 |
223.280 |
|
(c)
Trade receivables |
|
6729.520 |
5960.580 |
|
(d) Cash
and cash equivalents |
|
260.440 |
275.320 |
|
(e)
Short-term loans and advances |
|
478.910 |
494.310 |
|
(f)
Other current assets |
|
0.000 |
5.010 |
|
Total
Current Assets |
|
7694.240 |
6958.500 |
|
|
|
|
|
|
TOTAL |
|
17041.950 |
16352.820 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
340.670 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6651.700 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
6992.370 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1557.500 |
|
|
2] Unsecured Loans |
|
|
4253.080 |
|
|
TOTAL BORROWING |
|
|
5810.580 |
|
|
DEFERRED TAX LIABILITIES |
|
|
155.140 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12958.090 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1362.500 |
|
|
Capital work-in-progress |
|
|
30.750 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7755.710 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
159.570 |
|
|
Sundry Debtors |
|
|
3528.890 |
|
|
Cash & Bank Balances |
|
|
124.320 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
520.930 |
|
Total
Current Assets |
|
|
4333.710 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
150.380 |
|
|
Other Current Liabilities |
|
|
96.100 |
|
|
Provisions |
|
|
292.850 |
|
Total
Current Liabilities |
|
|
539.330 |
|
|
Net Current Assets |
|
|
3794.380 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
14.750 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12958.090 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
4750.600 |
4120.090 |
4499.080 |
|
|
|
Other Income |
357.590 |
812.700 |
(166.800) |
|
|
|
TOTAL (A) |
5108.190 |
4932.790 |
4332.280 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2515.550 |
2158.250 |
|
|
|
|
Purchases of traded goods |
1531.150 |
482.870 |
|
|
|
|
(Increase)/ decrease in inventories of finished goods, traded goods
and work in progress |
(9.310) |
(56.750) |
|
|
|
|
Employee cost |
289.150 |
353.950 |
|
|
|
|
Other Expenses |
503.100 |
784.640 |
|
|
|
|
Exceptional items |
(374.950) |
0.000 |
|
|
|
|
Extraordinary items |
141.750 |
630.000 |
|
|
|
|
TOTAL (B) |
4596.440 |
4352.960 |
3326.250 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
511.750 |
579.830 |
1006.030 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
499.260 |
771.880 |
293.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.490 |
(192.050) |
712.980 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
83.010 |
82.380 |
74.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(70.520) |
(274.430) |
638.420 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.400 |
101.960 |
196.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(78.920) |
(376.390) |
442.170 |
|
|
|
|
|
|
|
|
|
|
EXTRA ORDINARY
INCOME / (EXPENSES) |
0.000 |
0.000 |
136.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX AND EXTRA ORDINARY INCOME / (EXPENSES) |
(78.920) |
(376.390) |
579.050 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3175.340 |
2744.550 |
2623.450 |
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
2306.150 |
960.220 |
168.780 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
(2.32) |
(11.05) |
12.98 |
|
|
|
Diluted
|
(2.32) |
(9.28) |
11.02 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2013 |
30.06.2013 |
30.09.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1657.500 |
1837.900 |
1370.400 |
|
Total Expenditure |
1527.300 |
1263.800 |
949.200 |
|
PBIDT (Excl OI) |
130.200 |
574.100 |
421.300 |
|
Other Income |
1.200 |
0.400 |
2.100 |
|
Operating Profit |
131.300 |
574.400 |
423.400 |
|
Interest |
121.100 |
138.900 |
136.800 |
|
Exceptional Items |
(24.900) |
24.900 |
0.000 |
|
PBDT |
(14.700) |
460.400 |
286.500 |
|
Depreciation |
17.000 |
24.800 |
20.700 |
|
Profit Before Tax |
(31.700) |
435.700 |
265.800 |
|
Tax |
0.000 |
25.300 |
8.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(31.700) |
410.400 |
257.400 |
|
Extraordinary Items |
53.300 |
(382.900) |
(241.100) |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
21.600 |
27.500 |
16.300 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(1.54)
|
(7.63)
|
10.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.48)
|
(6.66)
|
14.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.79)
|
(3.31)
|
11.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.04)
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64
|
0.44 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77
|
0.88 |
8.04 |
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 |
No |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10342667 |
29/06/2011 |
1,000,000,000.00 |
ALLAHABAD BANK |
ANDHERI WEST BRANCH,
188 RAJESH CENTRE, 1ST FLOOR, S.V. ROAD, ANDHERI-WEST, MUMBAI - 400058,
MAHARASHTRA, INDIA |
B25402884 |
|
2 |
10284975 |
27/04/2011 * |
100,000,000.00 |
IDBI BANK
LIMITED |
UPPER GROUND FLOOR,
CAPTAIN C.S.NAYUDU ARCADE, 10/2, OLD PALASIA, INDORE - 452001, MADHYA
PRADESH, INDIA |
B13741285 |
|
3 |
10279768 |
08/03/2011 |
300,000,000.00 |
ALLAHABAD BANK |
ANDHERI WEST
BRANCH, 188 RAJESH CENTRE, 1ST FLOOR, S.V. ROAD, ANDHERI-WEST, MUMBAI - 400058,
MAHARASHTRA, INDIA |
B10357663 |
|
4 |
10244511 |
25/09/2010 |
300,000,000.00 |
PUNJAB NATIONAL
BANK |
SITLAMATA BAZAR,
INDORE - 452001, MADHYA PRADESH, INDIA |
A96608971 |
|
5 |
10207876 |
12/08/2010 * |
150,000,000.00 |
IDBI BANK
LIMITED |
SPECIALISED
CORPORATE BRANCH, UPPER GROUND FLOOR, CAPTAIN C.S.NAYUDU ARCADE, 10/2 OLD
PALASIA, INDORE - 452001, MADHYA PRADESH, INDIA |
A95486908 |
|
6 |
10207879 |
12/08/2010 * |
490,000,000.00 |
IDBI BANK
LIMITED |
SPECIALISED CORPORATE
BRANCH, UPPER GROUND FLOOR, CAPTAIN C.S.NAYUDU ARCADE, 10/2 OLD PALASIA,
INDORE - 452001, MADHYA PRADESH, INDIA |
A95486783 |
|
7 |
10176114 |
18/12/2009 * |
250,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE, CUFF PARADE, MUMBAI - 400005, MAHARASHTRA,
INDIA |
A75441576 |
|
8 |
10143156 |
04/01/2009 |
2,200,000,000.00 |
BANK OF INDIA |
INDORE MAIN
BRANCH, 1, SANTHA BAZAAR, INDORE - 452001, MADHYA PRADESH, INDIA |
A56853518 |
|
9 |
10128332 |
29/10/2008 |
525,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, NEAR GPO, A.B. ROAD,, INDORE - 452001, MADHYA PRADESH, INDIA |
A49494792 |
|
10 |
10113423 |
18/07/2008 |
475,000,000.00 |
BANK OF BARODA |
SIYAGANJ BRANCH,
15/16, JAWAHARMARG, INDORE - 452001, MADHYA PRADESH, INDIA |
A42136960 |
|
11 |
10088191 |
27/03/2008 * |
600,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFF PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
A34873869 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Public Deposit |
1083.540 |
781.180 |
|
Interest accrued but not due on borrowings |
48.030 |
0.000 |
|
|
|
|
|
Total |
1131.570 |
781.180 |
OVERVIEW
The Global economy in 2012 improved slightly but was short of
expectations. Several key countries' economy experienced recession due to high
unemployment, banking fragility, fiscal tightening and sluggish growth. The
year 2012 proved to be challenging year amidst global economic uncertainties
and disturbances in many parts of the world. Despite these constraints and
challenging environment, the company performed reasonably well.
During the year, the sales on consolidated basis has grown up slightly
by4.78% to Rs. 16315.410 Millions whilst Net profit
has declined to Rs. 1153.380 Millions. However, on
standalone basis sales has grown up to Rs. 4750.600
Millions against Rs. 4120.090 Millions in the
previous year registering a growth of 15.29% but there was dip in the
profitability. This happened because of strategic shifting of business during
the year to subsidiaries abroad reflecting growth in consolidated performance.
The Global meltdown, turbulent economy, high foreign currency
volatility, increasing debt cost are the major factors amidst others that severally
affected Company's overall performance during 2012.
However, their aim through the year was to provide world-class
healthcare services to all the customers throughout the world while increasing
both their customer base and ability to provide blockbuster products at
affordable prices to this growing customer base. Along the way, they received
accolades for their work from within the country an internationally. They are
proud to say that company's Kandla SEZ Unit has been awarded highest export award
consecutively for the fifth year.
Today, company has transformed business globally to leverage Plethico's
financial and technical skills, open new vistas for the enterprise and the
energetic talent and to create new values worldwide. And during this process,
Plethico has nurtured relationship across the entire range of customers,
business partners, techno-economic consultants, stakeholders, which helps the
company to understand pertinent issues, develop business, enhance shareholders
values and manage risks better. It is the relationship and trust that make the
Plethico more robust, resilient and sustainable.
COMPANY PROFILE:
Plethico Pharmaceuticals Limited is a leading global healthcare /
pharmaceutical company with strong emphasis on the herbal and nutraceuticals
segments. The company which was established in 1991 is focused on
manufacturing, marketing and distribution of pharmaceutical and allied
healthcare products in the nutraceuticals and herbal segments in both domestic
and global markets. Plethico operates in the segments of sports nutrition,
confectionary and OTC in India. It is also a leading player in the Commonwealth
of Independent States (CIS), Africa, South East Asia, Latin America and in the
GCC for its Travisil range of products. In 2008, Plethico acquired Natrol, a
leading manufacturer and marketer of branded nutritional products in the United
States.
The consolidated revenue of Plethico in year 2012 was USD 314 Mn., an
annual increase of 1.6%. The nutraceutical segment's share of revenue was 49%
while the herbal segment's contribution was 35%. The balance 16% was accounted
by allopathic segment which included trading sales.
As per the market research firm Euro Monitor, Plethico is one amongst
the top 20players in the USD 5 Bn. sports nutrition product market. The group
today has a portfolio of over 200 branded products sold in more than 60
countries.
INDUSTRY OVERVIEW:
NUTRACEUTICAL
MARKET
Nutraceuticals can be broadly categorised as products, which supplement
the diet to provide nutrition or health benefits including the prevention and
treatment of diseases in addition to the basic nutritional value found in
foodstuffs.
Nutraceuticals are particularly of interest to the present generation
because they have the potential to maintain health and normal body functions.
Nutraceuticals are also widely used as adjuvant supplements for management of
chronic and lifestyle related diseases. Primarily used in functional foods and
dietary supplements, nutraceutical ingredients are natural, bioactive or
chemical compounds that have health promoting properties.
Since the early 1990s, there has been a considerable shift in consumers'
(especially consumers from developed countries) perspective towards
nutraceuticals and functional foods. Currently, consumers are much more
conscious and aware about health and many share the perception that the onset
of many chronic diseases can be prevented with the proper intake of nutritious
diet. Dietary supplements serve the purpose of maintaining the functioning of
body systems and also serve as an aid for performance enhancement and disease
prevention.
In addition to the above-mentioned changes, consumers' preference has
now undergone a paradigm shift from synthetic ingredients toward natural and
organic foods, beverages and supplements. Present day's consumers are more
informed, and this could be attributed to current day media, which keeps
consumers abreast of the latest scientific developments in health and wellness.
Consumers are now moving towards food products that are obtained from natural
non GMO (genetically modified organisms) extracts.
Although the term nutraceuticals is in vogue, there is no universally
accepted definition of the term. Broadly put, nutraceuticals can be defined as
foods or food derived substances in extracted form, which claim to provide
medicinal and health benefits. In fact, the term is so broad that functional
foods/beverages, dietary supplements and any other type of food that provides
health benefits fit into the nutraceutical category. However, the term becomes
too broad and needs to be differentiated. Thus, for the purpose of this report,
the term nutraceutical is restricted to functional foods and beverages and
dietary supplements.
The global nutraceutical market has seen maximum growth in the last
decade. While, nutraceuticals as an industry emerged in the early 1990s,
2002-2010 has been the key growth period for the industry. From 1999 to 2002,
the nutraceutical industry grew at an Annual Average Growth Rate (AAGR) of 7.3
%, while from 2002 to 2010, the AAGR doubled to14.7 %. The industry is expected
to maintain comparable growth till 2015 driven by growth from India, China and
Brazil.
STATE OF THE
MARKET
Globally, US and Japan are the most developed markets for
nutraceuticals, due to the consumer acceptability achieved in these regions.
India, China and Brazil are developing nations which show huge potential for
the nutraceuticals market. Germany and Israel have emerged as the key
innovation hubs of the nutraceutical industry.
NORTH AMERICA
Currently, US enjoys the highest share in the world's nutraceutical
market. The sectoris fast approaching maturity in the dietary supplements
segment, while functional food and beverages are quickly catching up. US
Consumers are extremely health conscious and they demand specific ingredients
in the nutraceutical products they consume, resulting in a need for
customization of nutraceuticals for each target group. Currently, companies in
the US are looking to diversify their products and are leaning more and more
towards natural nutraceutical ingredients in their product offering, mainly due
to the increasing consumer demand for all-natural, non-modified functional
ingredients.
INDIA
In 2011, the Indian Nutraceutical industry was estimated at USD 2 Bn.,
roughly 1.5 % of the global nutraceutical industry. Although currently a
nascent market, efforts are being undertaken trying to incorporate traditional
herbal ingredients (usually ayurvedic) into the nutraceutical portfolio. The
existence of alternative medicine in India and the Indian consumer belief in
them could provide a platform for the nutraceutical industry to capitalize on.
The Indian consumer awareness about conventional nutraceutical ingredients such
as omega-3 fatty acids or lutein is severely limited, so nutraceutical
manufacturers need to take up the cause and spread awareness about their
products to the Indian masses. In India, functional foods are expected to see
increased consumption over the next five years resulting in functional foods
and beverages garnering greater product share in the market as compared to
dietary supplements. The total Indian nutraceuticals market in 2015is expected
to be roughly USD 5 Bn.
HERBAL AND AYURVEDIC
MARKET
Herbal medicine involves the use of any or all of the different parts of
plants (roots, leaves, stems and seeds) to treat illnesses and maintain health.
The herbal medicines are extracted from leaves, petals and roots of plants and
are often a complex mixture of different phytochemicals.
Right from the ancient times, India has a rich heritage of usage of
Ayurveda andherbal medicines. Herbal industry at times get clubbed with the
nutraceutical industry in the sense that primary and secondary produce viz.
medicinal plants and extracts respectively are shipped to European and other
places either for final formulation preparation or for extraction or
intermediate preparation. Herbal medicine is being practiced in many countries
all over the world for many centuries but has only recently started getting
legal acceptance by the global regulatory authorities as complimentaryand
alternative system of medicine; however, they demand the validation of the
claims of clinical efficacy of these products.
PLETHICO - CORE
BUSINESS
OVERVIEW OF
BRANDS/PRODUCTS
Plethico group has two major lines of business- Nutraceuticals and
Herbal finished formulations. The Company also engages in Allopathic finished formulation
as well as contract manufacturing/ toll manufacturing.
Plethico has its own brands in the herbal wellness space like Travisil,
Mountain Herbz, Actifresh and Travopassit selling mostly in the emerging
markets like CIS, SEA and Africa. Similarly, it has a large portfolio of
Nutraceutical wellness brands like MRI, Prolab, Coach's formula in the sports
nutrition.
Natrol and its subsidiaries (collectively referred to as
"Natrol") manufacture and market branded, high-quality dietary
supplements, herbal teas, and sports nutrition products under seven primary
brands: Natrol, MRI, Laci Le Beau, NuHair, ShenMin, Promensil, and Prolab. The
majority of Natrol's dietary supplements are sold under the Natrol brand. The
Natrol brand focuses on supplements that are in high demand as well as
specialty niche and proprietary formulations. These supplements include
vitamins, minerals, herbal products and specialty combination formulas that
contribute to an individual's physical and mental well-being.
Natrol's second largest brand umbrella is MRI. MRI develops markets and
distributes sports nutrition products including NO2, Black Powder, CE2,
Pro-Nos, HSP Active, WAR and Anabolic Switch. The Prolab sports nutrition line
of products is targeted at body builders and health conscious individuals
seeking a high degree of physical fitness. Prolab's products include
supplements designed to help these individuals gain and lose weight as well as
improve muscle mass and muscle definition.
SALES
Plethico group sells largely into International markets like US, Europe
including CIS, Africa, Asia Pacific, Middle East and LatAm. It also has
presence in India.
US
Plethico Group has its presence in the US through Natrol Inc; which
sells its products in the US under the brand name Natrol through multiple
channels of distribution that reach customers through mass-market drug,
warehouse/club stores, grocery store chains, health food stores, fitness
centers, internet retailers and independent catalog companies and reaches out
to more than 40 countries through international distributors including through
Plethico distribution capabilities. Natrol products have more than 54,000
points of distribution.
Plethico's super speciality sports SBU MRI, sells its products mainly
through health nutrition outlets such as GNC (General Nutrition Corporation),
Vitamin Shoppe, NBTY, Lifetime Fitness, 24 Hour Fitness, internet outlets that
focus on sports nutrition and distributors.
Prolab products are sold primarily through sports nutrition retail stores,
fitness centers, websites, health-food stores and internationally, through
designated distributors. The NuHair brand of hair product is sold exclusively
through the mass market channel of distribution in the US while the ShenMin
brand of hair products is sold exclusively within the health food channel of
trade.
ASIA PACIFIC,
LATIN AMERICA AND MIDDLE EAST
This region comprises of: Latin American countries like Chile, Mexico,
Trinidad and Tobago, Barbados, Colombia, Bahamas, Bermuda, Brazil and several
other countries. Asia Pacific Countries like Taiwan, Korea, Philippines,
Myanmar, Cambodia, Vietnam, Australia, Singapore, Indonesia and other Countries
and Middle East countries like Kuwait, UAE, Iran, Lebanon, Bahrain, Turkey,
Israel and other Countries The principal products are herbal and
nutraceuticals, specifically the Natrol, Prolab, Travisil and Coach's Formula
ranges.
CIS
The Commonwealth of Independent States (the "CIS") SBU focuses
on marketing and distribution of herbal/Nutraceuticals/ allopathic formulations
in Russia, Kazakhstan, Ukraine, Moldova, Kyrgyzstan, Azerbaijan, Belarussia and
several other countries includingthe Eastern European countries. Its principal
products are Travisil, Prolab, Natrol, Mountain Herbz and Effertabs range of
products along with various other herbal and allopathic formulations, all of
which require significant sales and marketing efforts. The CIS market is
characterised by typical long credit cycles, with most purchases made on the
basis of credit rather than cash payments. During the period 2004-06, the
company acquired majority stakes in six marketing and distribution companies
operating under the name of Rezlov as separate legal entities in Russia, Kazakhstan,
Ukraine, Moldova, Kyrgyzstan and Azerbaijan (the "Rezlov group of
companies"). The Company's investment in the Rezlov group of companies
enabled it to extend its geographic presence as well as provided it with a
strong distribution platform. Other benefits included better recovery, thorough
product registration and filings in the CIS. The Company consolidated its
position in the distribution chain in the CIS market through its acquisition of
a stake in Tricon, a leading retail pharmacy chain.
Due to the extremely cold winters affecting the CIS during the period
October to March, there is a strong seasonal factor in the CIS SBU shipments
and sales. This period is the peak period for colds, coughs and related
ailments leading to a high demand for the company's products in related
category. However, the extreme weather conditions in the CIS necessitate
shipments to be made in advance i.e. during February to August.
AFRICA
The countries where Plethico is present is: Ivory Coast, Gabon, Kenya,
Uganda, Congo, Nigeria, Ghana, Togo, Benin, South Africa and many other
countries. The major products include Travisil, Therasil, Natrol, Prolab and
Coach's Formula. The Company is one of the leading Indian Companies in terms of
reach in French West Africa.
INDIA
The Company's current activities in India are broadly divided into:
-Consumer Product Division
-Sales to Tricon retail pharmacy chain
-Contract manufacturing / Toll Manufacturing
a) the Company has been selling one of its globally recognised
brand" Travisil" in India in both syrup and lozenge form as well as
other products such as "Doctor Relief" foot powder and a mouth ulcer
gel. It also engages into selling sports nutrition products under Coach's
formula, MRI and Prolab.
b) Herbal formulations including extracts in own brand as well as
private labels are sold.
c) Plethico Pharma was formerly engaged in some contract manufacturing
activity, but no longer pursues any material activity in this segment.
BRAND BUILDING
For over a decade, Plethico group has followed a focused strategy of
building brands. The company uses various advertising vehicles such as media,
modes of travel, in-store promotion, doctor detailing, conferences, medical
symposiums and exhibitions in the respective countries of operation.
In the US, its core strategy has been to build brands within the
channels of distribution that are appropriate for each brand and to develop
increased brand awareness and strong brand recognition among consumers seeking products
with a reputation for quality. A suitable illustration is the "MRI"
range, which is positioned as a premium brand within the sports nutrition
segment worldwide and its brand identity is underpinned by a reputation for
innovative science.
TRADEMARK AND
PATENTS
The company regards its trademarks, patents and other proprietary rights
as valuable assets and believes that protecting the key trademarks is crucial
to its business strategy of building strong brand name recognition. Plethico's
policy is to pursue registrations for all of the trademarks associated with all
key products.
Natrol has US patent for its Kavatrol product and two US patents
relating to two amino acid products, SAF and SAF for Kids. MRI holds a number
of patents most of which are related to products that contain Alpha Lipoic
Acid.
MANUFACTURING
UNITS
The manufacturing facilities of Plethico in India are located in the
state of Madhya Pradesh and Gujarat.
The Kalaria plant located in Indore is WHO-GMP certified and is also
approved by other10 regulatory bodies from Africa, CIS, SEA, FWA etc. The plant
has received "Approval" note from UKMHRA and TGA Australian
authorities for Oral Solid dosage forms area - Tablets and Capsules. The area
is also equipped with manufacturing of Effervescent Tablets. The Kalaria plant
has 3 Manufacturing blocks:
1. Herbal Block- Tablets, Capsules, Liquid orals with special premises
for Lozenges/Medicated Lozenges products. This is being geared up to comply
with the 21 CFR 111,Dietary supplement Good Manufacturing Practices (GMP) and
THMP registration guidelines(Traditional Herbal Medicine Product) / EU-GMP in
coming years.
2. Allopathic Block- Tablets, Capsules, Liquid orals, Injectables.
Allopathic block is expected to comply with the UKMHRA (Injectable Unit),
USFDA, TGA, ANVISA, PIC(s) andSA-MCC.
3. Nutraceuticals-Powder, Granules, Tablets and Capsules
Manglia plant at Indore is WHO-GMP certified having manufacturing
facilities for chewables, coated tablets, hard gelatin capsules, dry syrup and
dry powder suspension, with isolated block for manufacturing Antibiotics
products (Beta-lactam, Cephalosporins).It also has a separate block for
Rifampicin based Anti-TB formulations. The company plans to make suitable
upgradation of this plant and get the same approved through
WHO-GenevaPre-Qualification program for Anti malarials and Anti-Tubercular
products. There are plans to get the approval for the isolated block at Manglia
from SA-MCC and also some other CIS/SEA regulatory Authorities.
In 2001, the Company commissioned its Kandla plant in the Special
Economic Zone in Kutch, Gujarat. The plant was established to cater to the
Company's export markets, particularly the CIS, Africa and Latin America. This
unit is currently equipped to manufacture food supplements and herbal products
in tablet, capsule and lozenge dosage forms. The design and construction of the
Kandla unit conforms to GMP guidelines for herbal products and supplements.
The Kandla plant has been awarded the "Top Exporter Award"
consecutively for the fifth year for the chemicals, drugs, pharmaceuticals and
allied sectors and for the combined category of manufactured products and
services, respectively, by the Office of the Development Commissioner, Kandla
Special Economic Zone, Ministry of Commerce and Industry.
UAE Plant: In 2008, the Company through its wholly-owned subsidiary,
Plethico International Limited, commenced work to establish a manufacturing
facility for high end, herbal lozenges and other solid dosage preparations
(including NDDS) in UAE, to cater to the demand of high end markets such as US,
Europe (Including OTC segment, the company faces competition from products from
CIS and Eastern Europe), French West African and GCC markets, coordinate the
sale/distribution of the Company's and Natrol's high-end products and to take
advantage of the proximity to the market and tax-free zone/ free-trade zone
status in the Middle East.
NATROL -
CHATSWORTH PLANT
Natrol manufactures most of its tablets and capsules at its 94,000 square
foot manufacturing facility and headquarters located in Chatsworth, California.
In June 2009, this facility was certified new cGMP compliant by the NPA
(Natural Products Association). At this facility, tablets and capsules are
manufactured, which account for the vast majority of Natrol's supplement sales.
Natrol's liquid products, powders, soft gels and herbal teas are outsourced to
third party manufacturers.
NATROL AND US
MARKETS
The dietary supplement industry is highly competitive. Competition is
based primarily on price, quality and assortment of products, customer service,
marketing support and the availability of new products. However, price is a key
variable. Natrol competes by positioning itself as a supplier of quality
products, often with unique compositions.
Natrol's principal competition in the health food store distribution
channel comes from a limited number of large nationally known manufacturers and
many smaller manufacturers of dietary supplement sales viz. health and natural
food store chains, drugstore chains, mass merchandisers and supermarket chains.
In the mass-market distribution channel, Natrol's principal competition comes
from broad line manufacturers as well as major private label manufacturers. In
addition, several large pharmaceutical companies compete with the nutritional
supplement companies. Competition from such companies is strong because these
companies have greater financial and other resources available to them and
possess manufacturing, distribution and marketing capabilities far greater than
Natrol.
FINANCIAL
PERFORMANCE
Plethico's consolidated revenues for 2012 stood at
Rs. 16680.700 Million an increase of1.6% over 2011 figure of Rs. 16413.800 Million EBITDA margins for the year 2012
at 12% against 18% for Year 2011, a decrease of 600 bps. Consolidated net
profit for the year2012 stood at Rs. 1014.880
Million against Rs. 1029.110 Million in Year 2011.
This translated to a basic EPS for the year 2012 Rs. 29.790
decrease by 1% over the Previous Year 2011 of Rs. 30.210.
The details of the financial performance of the Company appear in the
Balance Sheet, Statement of Profit and Loss and other financial statements
appearing separately. Please refer the Directors' Report for highlights.
In spite of the challenging market conditions, the Company was able to
maintain its client base and market share of various products across different
geographies. The Company continued its efforts towards geographic
diversification both by exploring new markets and cross selling of products
across geographies which to a great extent yielded the desired results. They
believe that these efforts would continue and the focus of the Company would be
to constantly devise ways and means of rewarding the shareholders.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31.03.2013
(RS.
IN MILLIONS)
|
Sr. No. |
Particular |
3
Months Ended |
|
|
|
31.03.2013 (Unaudited) |
|
1 |
Income from
Operations |
|
|
|
a. Net Sales/ Income from Operations |
1542.100 |
|
|
b. Other Operating Income |
115.398 |
|
|
Total Income
from operations |
1657.498 |
|
|
|
|
|
2. |
Expenses |
|
|
|
a) Cost of Material Consumed |
468.508 |
|
|
b) Purchase of Finished goods |
864.419 |
|
|
c) (Increase ) / Decrease in Stock in trade and work in progress |
37.182 |
|
|
d) Employee Cost |
80.034 |
|
|
e) Depreciation/ Amortization |
16.999 |
|
|
f) Other Expenditure |
77.198 |
|
|
Total Expenses |
1544.341 |
|
3 |
Profit / (Loss) from
operation before other income, finance costs and exceptional items (1-2) |
113.157 |
|
4 |
Other income |
1.152 |
|
5 |
Profit (+)/ Loss
(-) from Ordinary Activities before finance costs and exceptional items (3+4) |
114.309 |
|
6 |
Finance Costs |
121.047 |
|
7 |
Profit / Loss
from Ordinary Activities after finance costs but before exceptional items
(5+6) |
(6.738) |
|
8 |
Exceptional items |
(24.942) |
|
9 |
Profit / Loss
from Ordinary Activities before tax (7+8) |
(31.680) |
|
10 |
Tax expense |
-- |
|
11 |
Net Profit /
Loss from Ordinary Activities after lax (9+10) |
(31.680) |
|
12 |
Extra- Ordinary Items (net of tax expense) |
53.250 |
|
13 |
Net Profit /Loss
for the period (11 + 12) |
21.570 |
|
14 |
Share of profit / ( Loss) of associates |
|
|
15 |
Minority interest |
|
|
16 |
Net Profit /
Loss after taxes, minority interest and share of profit / (Loss) of
associates (13+14+15) |
21.570 |
|
17 |
Paid-up equity share capital (Nominal Value - Rs. 10/-each) |
340.667 |
|
18 |
Reserves excluding Revaluation reserves as per balance sheet of
previous accounting year |
-- |
|
18.1 |
Earnings per
share ( before Extra-Ordinary items ) (not to be annualized) (Rs.) |
|
|
|
Basic Diluted |
(0.93) (0.93) |
|
18.2 |
Earnings per share
( After-Ordinary items) (not to be annualized)
(Rs.) Basic Diluted |
0.63 0.63 |
|
|
|
|
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public
Shareholding |
|
|
|
-Number of Shares |
7595622 |
|
|
- Percentage of Shareholding |
22.30% |
|
|
|
|
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
22992350 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
86.86% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
67.49% |
|
|
|
|
|
|
b) Non
Encumbered |
|
|
|
- Number of Shares |
3478695 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
13.14% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
10.21% |
|
|
Particulars |
3
Months Ended 31.03.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
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. The above Unaudited Financial Results for the quarter ended on 31.03.2013 were approved at the meeting of the Board of Directors held on 14.05.2013, after being approved and recommended by the Audit Committee.
2.
The Statutory Auditors have carried out a limited
audit review of the results for the quarter ended on 31.03.2013.
3. The Company is engaged in a single segment via. Pharmaceuticals which is governed by the same set of risks and returns, therefore the Accounting Standard (AS-17) on "Segment Reporting" issued by ICA1, is not applicable.
4. The EPS has been computed in accordance with the accounting standards (AS-20) issued by the ICAI.
5. Figures of the previous quarter/year wherever necessary have been regrouped and reclassified to confirm to those of the current quarter.
6. The cost of Packing materials has been included in Material cost, whereas Directors' remuneration has been included in the employees cost.
7. The consolidated financial results comprise results of its wholly owned subsidiary Plethico International Limited and Plethico Global Holdings B.V., Netherlands having different step-down subsidiaries particularly Plethico US Holding KFT Hungary, Natrol Inc., USA. and Natrol Global UAE., The financial results of subsidiary companies have been regrouped and / or rearranged wherever necessary due to Indian GAPP audit conducted.
8.
Extra-ordinary items is related to unrealized
exchange gain of Rs. 53.250 millions arising on account of restatement of
outstanding Foreign Currency Convertible Bonds (FCCB) at the rate prevailing at
the end of
quarter. The said FCCBs issued by the Company had fallen due on October 23,
2012 and the Company is in the process of seeking approval for restructuring of
said FCCBs from all concerned. The Company has approached RBI for extension of
Elongation of maturity of FCCBs.
9.
The Company has not provided for contingent
liabilities, including contingent tax liabilities in its books.
10.
The company provides for Income tax liabilities, if
any, at the end of the financial year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
Contingent
liabilities not provided for |
|
|
|
i) Pending Bank Guarantee |
0.160 |
17.920 |
|
ii) Corporate Guarantee against third party loan |
2150.000 |
2150.000 |
|
iii) Pending
Letter of Credit |
111.700 |
69.980 |
|
iv) Estimated amount of contract remaining unexecuted on capital account |
0.000 |
3.760 |
|
v) Interest on FCCB not provided for the overdue period |
81.810 |
0.000 |
|
|
|
|
|
Total |
2343.670 |
2241.660 |
FIXED ASSETS:
· Land
Land
Development
Office
Premises
Factory
Building
Plant
and Machinery
Furniture
and Fixture
Computers
Vehicles
Agricultural
Equipment
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. 61.53 |
|
|
1 |
Rs. 100.73 |
|
Euro |
1 |
Rs. 83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.