MIRA
INFORM REPORT
|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALEMBIC LIMITED
(w.e.f. 31.05.1999) |
|
|
|
|
Formerly Known
As : |
Alembic Chemical Works Company
LIMITED |
|
|
|
|
Registered
Office : |
Alembic Road, Vadodara – 390 003, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.07.1907 |
|
|
|
|
Com. Reg. No.: |
04-000033 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.534.073
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26100GJ1907PLC000033 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA00819A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA7950P |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject
operates primarily in the manufacture of Bulk Drugs and Real Estate. |
|
|
|
|
No. of Employees
: |
4058 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy.
Profitability of the company is 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly
because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based Facilities: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Facilities: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
March, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Samir Patel |
|
Designation : |
Senior Finance Manager |
|
Contact No.: |
91-265-2280550 |
|
Date : |
09.07.2014 |
LOCATIONS
|
Registered/ Corporate Office/ Factory 1 : |
Alembic Road, Vadodara – 390 003, Gujarat, India |
|
Tel. No.: |
91-265-2284074/
75/ 2280550/ 2280880/ 3053333 |
|
Fax No.: |
91-265-2280331/
2228293/ 2281229/ 2282506/ 2282934/ 2281508/ 2282506/ 2284728 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Panelav, Taluka Halol, District
Panchmahal – 389 350, Gujarat, India |
|
|
|
|
Factory 3 : |
Plot No.21, 22 , EPIP -
Phase I, Jhamajri, Baddi, Tehsil – Nalagarh, District Solan, Himachal
Pradesh, India |
|
|
|
|
Factory 4 : |
Village Karakhadi, Taluka
Padra, District Vadodara, Gujarat, India |
|
|
|
|
Wind Mills : |
Village Ukharla/
Trambak, Taluka-Ghogha, District Bhavnagar, Gujarat, India |
|
|
|
|
Construction Project : |
Located at: ·
Chhani, Vadodara |
|
|
|
|
Alembic Research Centre : |
Division of Alembic
Limited, Alembic Campus, Vadodara – 390 003,
Gujarat, India |
|
Tel No.: |
91-265-3007989/ 3007874 |
|
|
|
|
Branch Office : |
2nd Floor, Prime Corporate Park, Behind ITC
Grand Maratha Sheraton, |
|
Tel. No.: |
91-22-30611698/ 30611682 |
|
Fax No.: |
91-22-30611682 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Chirayu R. Amin |
|
Designation : |
Chairman |
|
Address : |
F-10/192, Race Course Circle, Vadodara –
390 007, Gujarat, India |
|
Qualification : |
B. Sc., MBA |
|
Date of Appointment : |
01.05.1983 |
|
|
|
|
Name : |
Mrs. Malika C. Amin |
|
Designation : |
Director |
|
Address : |
F-10/192, Race Course Circle, Vadodara –
390 007, Gujarat, India |
|
Qualification : |
M.A. |
|
Date of Appointment : |
02.07.1988 |
|
|
|
|
Name : |
Mr. Udit Amin |
|
Designation : |
Director and President – Operations |
|
Date of Birth/ Age : |
34 Years |
|
Qualification
: |
B.A.
Economics |
|
Experience
: |
10 Years |
|
Date of Appointment : |
24.04.2013
|
|
|
|
|
Name : |
Mr. Milin Mehta |
|
Designation : |
Director |
|
Date of Appointment: |
30.03.2010 |
|
|
|
|
Name : |
Mr. Ramanlal M. Kapadia |
|
Designation : |
Director |
|
Address : |
49/50, Marti Mandir Society, Iskon Temple
Road, Vadodara – 390 007, Gujarat, India |
|
Qualification : |
M. Com. LLB., DTP, FICWA, FCS, AIMA.DM |
|
|
|
|
Name : |
Mr. C. P. Buch |
|
Designation : |
Director (w.e.f. 14.08.2012) |
|
|
|
|
Name : |
Mr. Ashok Tulankar |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
R. C. Saxena |
|
Designation : |
Director
(w.e.f. 10.09.2013) |
KEY EXECUTIVES
|
Name : |
Mr. Samir Patel |
|
Designation : |
Senior Finance Manager |
|
|
|
|
Name : |
Mr. Chirag K. Shukla |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholders |
No.
of Shares |
Percentage of
holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
26804860 |
10.04 |
|
|
144043144 |
53.94 |
|
|
170848004 |
63.98 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
170848004 |
63.98 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1043838 |
0.39 |
|
|
22470286 |
8.41 |
|
|
7200 |
0.00 |
|
|
1500 |
0.00 |
|
|
5700 |
0.00 |
|
|
23521324 |
8.81 |
|
|
|
|
|
|
9414214 |
3.53 |
|
|
|
|
|
|
44384896 |
16.62 |
|
|
16263665 |
6.09 |
|
|
2599725 |
0.97 |
|
|
1455079 |
0.54 |
|
|
1125586 |
0.42 |
|
|
19060 |
0.01 |
|
|
72662500 |
27.21 |
|
Total
Public shareholding (B) |
96183824 |
36.02 |
|
Total
(A)+(B) |
267031828 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
267031828 |
0.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Overseas
Corporate Bodies 
BUSINESS DETAILS
|
Line of Business : |
Subject
operates primarily in the manufacture of Bulk Drugs and Real Estate. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
No. of Employees : |
4058 (Approximately) |
|||||||||||||||
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|
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|
Bankers : |
· Bank of Baroda · Axis Bank Limited · HDFC Bank Limited ·
Yes Bank Limited |
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. S. Aiyar and Company Chartered Accountants |
|
Address : |
Laxmi Estate No. F-07/08, Shakti Mills Lane, Off Dr. E.
Moses Road, Mahalaxmi, Mumbai – 400 011, Maharashtra, India |
|
|
|
|
Associate Companies
: |
· Alembic Pharmaceuticals Limited · Paushak Limited · Sierra Healthcare Limited · Alembic Export Limited · Nirayu Private Limited · Quick Flight Limited · Whitefield Chemtech Private Limited · Quick Flight Limited · Shreno Limited · Sierra Investments Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Rs.2/- each |
Rs.600.000 millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
267041193 |
Equity Shares |
Rs.2/- each |
Rs.534.082
millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
267031828 |
Equity Shares |
Rs.2/- each |
Rs.534.064
millions |
|
9365 |
Forfeited Equity Shares |
Rs.2/- each |
Rs.0.009
million |
|
|
Total |
|
Rs.534.073 millions |
Reconciliation of the number of shares outstanding at the beginning and
at the end of the reporting period
|
Particulars |
31.03.2014 |
|
|
Numbers |
Amount (Rs. in
Millions) |
|
|
At the beginning of the period |
133515914 |
267.032 |
|
Issued during the period |
133515914 |
267.032 |
|
Outstanding at
the end of the period |
267031828 |
534.064 |
The rights, preferences and
restrictions including restrictions on the distribution of dividends and the
repayment of capital;
The company is having only
one class of shares i.e. Equity carrying a nominal value of Rs.2/- per share
Every holder of the equity share
of the Company is entitled to one vote per share held
In the event of liquidation
of the Company, the equity shareholders will be entitled to receive remaining
assets of the Company after the distribution / repayment of all creditors. The
distribution to the equity shareholders will be in proportion of the number of
shares held by each shareholder
The Company declares and
pays dividend on the equity shares in Indian Rupees. Dividend proposed by the
Board of Directors is subject to approval of the shareholders at the ensuing
Annual General Meeting
During the year ended 31st
March, 2014 an amount of Rs.0.15 of dividend per equity share on enhanced
capital was proposed for the equity shareholders.
Shares in the
company held by each shareholder holding more than 5 percent shares specifying
the number of shares held:
|
Name of Shareholders |
31.03.2014 |
|
|
Numbers |
% held |
|
|
Shreno Limited |
36737560 |
13.76% |
|
Whitefield Chemtech Private Limited |
36570460 |
13.70% |
|
Sierra Investments Limited |
33584140 |
12.58% |
|
Nirayu Private Limited |
33798274 |
12.66% |
Aggregate
number of equity shares bought back during last 5 years: 3676147 equity shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
534.073 |
267.040 |
267.040 |
|
(b) Reserves & Surplus |
1772.692 |
1791.315 |
1704.645 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2306.765 |
2058.355 |
1971.685 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
7.007 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
331.378 |
301.818 |
302.852 |
|
(d) Long-term
provisions |
9.428 |
9.272 |
9.825 |
|
Total Non-current
Liabilities (3) |
347.813 |
311.090 |
312.677 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
215.662 |
250.902 |
1033.277 |
|
(b)
Trade payables |
391.959 |
479.528 |
256.802 |
|
(c)
Other current liabilities |
203.498 |
209.307 |
278.054 |
|
(d) Short-term
provisions |
95.859 |
130.647 |
62.487 |
|
Total Current Liabilities
(4) |
906.978 |
1070.384 |
1630.620 |
|
|
|
|
|
|
TOTAL |
3561.556 |
3439.829 |
3914.982 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
1776.586 |
1853.794 |
1949.504 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
23.333 |
30.116 |
4.257 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
214.145 |
234.285 |
234.285 |
|
(c) Deferred tax assets (net) |
0.000 |
27.338 |
19.797 |
|
(d) Long-term Loan and Advances |
4.276 |
4.136 |
7.099 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2018.340 |
2149.669 |
2214.942 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1043.495 |
973.386 |
942.482 |
|
(c) Trade
receivables |
276.265 |
182.922 |
160.411 |
|
(d) Cash
and cash equivalents |
9.606 |
12.688 |
31.428 |
|
(e)
Short-term loans and advances |
213.850 |
121.164 |
565.719 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1543.216 |
1290.160 |
1700.040 |
|
|
|
|
|
|
TOTAL |
3561.556 |
3439.829 |
3914.982 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1536.079 |
1792.155 |
1207.812 |
|
|
|
Other Income |
158.340 |
103.188 |
64.468 |
|
|
|
TOTAL (A) |
1694.419 |
1895.343 |
1272.280 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
297.644 |
408.817 |
777.404 |
|
|
|
Changes in inventories of Finished Goods and Work-in-process |
(99.566) |
145.023 |
(244.495) |
|
|
|
Cost of Construction |
403.258 |
459.218 |
0.000 |
|
|
|
Employee Benefit Expenses |
272.495 |
244.732 |
255.088 |
|
|
|
Other expenses |
383.585 |
377.583 |
434.336 |
|
|
|
Exceptional Items - Voluntary Retirement Scheme |
0.000 |
0.000 |
24.763 |
|
|
|
TOTAL (B) |
1257.416 |
1635.373 |
1247.096 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
437.003 |
259.970 |
25.184 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
23.326 |
51.435 |
52.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
413.677 |
208.535 |
(26.855) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
79.028 |
98.442 |
109.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
334.649 |
110.093 |
(136.175) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.379 |
(4.841) |
(14.199) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
295.270 |
114.934 |
(121.976) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export
(FOB basis) |
117.850 |
79.293 |
85.789 |
|
|
TOTAL EARNINGS |
117.850 |
79.293 |
85.789 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
45.978 |
13.611 |
59.466 |
|
|
|
Packing
Material ,Components and Spare parts |
5.952 |
2.888 |
6.270 |
|
|
TOTAL IMPORTS |
51.930 |
16.499 |
65.736 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.11 |
0.43 |
(0.91) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
17.43 |
6.06
|
(9.59) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.79 |
6.14
|
(11.27) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.07 |
3.50
|
(3.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.05
|
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.09 |
0.12
|
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.21
|
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
267.040 |
267.040 |
534.073 |
|
Reserves & Surplus |
1704.645 |
1791.315 |
1772.692 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1971.685 |
2058.355 |
2306.765 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1033.277 |
250.902 |
215.662 |
|
Total borrowings |
1033.277 |
250.902 |
215.662 |
|
Debt/Equity ratio |
0.524 |
0.122 |
0.093 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
1207.812 |
1792.155 |
1536.079 |
|
|
|
48.380 |
(14.289) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
1207.812 |
1792.155 |
1536.079 |
|
Profit |
(121.976) |
114.934 |
295.270 |
|
|
(10.10%) |
6.41% |
19.22% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
HIGH COURT OF GUJARAT
|
|
CIVIL
APPLICATION (STAMP NUMBER) (FOR DIRECTION)No. 4822 of 2014 |
|||
|
|
|||
|
In FIRST APPEAL/
3657/ 2013( PENDING ) |
|||
|
Status : PENDING |
|
CCIN No :
001006201404822 |
|
|
|
|||||
|
|
||||
|
|
||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
GAIL -INDIA- LIMITED |
TRIVEDI AND GUPTA for: Petitioner(s) |
1
- 2|
S.NO. |
Name of the Respondent |
Advocate On Record |
|
1 |
SHERNO LIMITED |
NANAVATI ASSOCIATES for :Respondent(s) |
|
|
|||
|
Presented On |
: 02/05/2014 |
Registered On |
: - |
|
Bench Category |
: - |
District |
: VADODARA |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 0 times |
|
Stage Name |
: - |
||
Office Objection
|
|
|
Filing Stage |
·
WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED
COPIES OF HAND WRITTEN ANNEXURES FILED ? ·
WHETHER COPIES ARE TRUE COPIES SO SIGNED BY
ADVOCATE ? |
|
Classification |
|
|
Act |
|
Office Details
|
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
02/05/2014 |
VP FILED IN MAIN MATTER |
TRIVEDI AND GUPTA ADVOCATE |
0 |
TRIVEDI AND
GUPTA(949) for P:1 - 2 |
|
2 |
02/05/2014 |
MEMO OF APPEAL/PETITION/SUIT |
TRIVEDI AND GUPTA ADVOCATE |
20 |
TRIVEDI AND
GUPTA(949), for P:1 - 2 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10004303 |
30/06/2011 * |
500,000,000.00 |
BANK OF BARODA AND OTHER
BANKS |
FIRST FLOOR, BANK OF BARODA
BUILDING, R.C. DUTT ROAD, VADODARA, GUJARAT - 390007, INDIA |
B16858458 |
* Date of charge modification
OPERATIONS:
The Company’s Gross
Revenues including export incentives were Rs.1609.200 millions for the year
ended 31st March, 2014 as compared to Rs.1900.100 millions for the
previous year.
The profit before Interest,
Depreciation, Nonrecurring Income and expenses and Taxes was Rs.437.000
millions for the year as compared to Rs.260.000 millions for the previous year.
During the year, the
interest and financial cost was Rs.23.300 millions as compared to Rs.51.400
millions in previous year. The Company has registered a net profit of
Rs.295.300 millions as compared to a net profit of 114.900 millions for the
previous year ended 31st March, 2013.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
Industry Perspective
vis-ŕ-vis Company
The Company operates
primarily in the manufacture of Bulk Drugs and Real Estate.
FINANCE:
The gross revenue of the Company
was Rs.1609.200 millions for the year as compared to Rs.1900.100 millions for
the previous year ended on 31st March, 2013. The Company registered
a net profit of Rs.295.300 millions as compared to net profit of Rs.114.900
millions for the previous year ended on 31st March, 2013.
OUTLOOK:
The Company has focused its
attention to another fermentation product i.e. Lovastatin. The Company expects
good market for both domestic and for export. Apart from this, the Company is actively
pursuing cost reduction programs on its other API products in order to improve
its Competitiveness and Profitability.
The company’s maiden real
estate project – “Samsara” is on the verge of completion well within time. The
general outlook for the industry remains a subdued, though the scenario has
improved from last year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
i. Wage revision and reinstatement of employees and other
demands |
Unascertained |
Unascertained |
|
ii. Letter of credit, Guarantees and counter guarantees |
39.359 |
75.296 |
|
iii. Liabilities Disputed in appeals |
|
|
|
- Excise duty |
41.335 |
41.250 |
|
- Sales Tax |
22.645 |
24.221 |
|
- Income tax |
72.936 |
74.069 |
|
- Green Cess |
1.124 |
-- |
|
iv. Claims against the company not acknowledged as debt |
355.576 |
-- |
|
v. Non fulfilment of export obligation against advance licence |
-- |
9.103 |
FIXED ASSETS:
· Freehold Land
·
Buildings
·
Employees
Quarters
·
Plant
and Equipments
·
Furniture
and Fixtures
·
Vehicles
·
Office
Equipments
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.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.