MIRA
INFORM REPORT
|
Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEDICAMEN BIOTECH LIMITED |
|
|
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|
Registered
Office : |
10, Community Center No – 2, Phase – II, Ashok Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.12.1993 |
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Com. Reg. No.: |
55-056594 |
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Capital
Investment / Paid-up Capital : |
Rs.84.900 Millions |
|
|
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CIN No.: [Company Identification
No.] |
L74899DL1993PLC056594 |
|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM08516E |
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|
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PAN No.: [Permanent Account No.] |
AAACM1217A |
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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 : |
Manufacturer and supplier of Comprehensive range of products Tablets, Capsules, Liquid Syrup and Dry Syrup (Beta Lactum and Non Beta Lactum) Ointment and ORS. |
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No. of Employees
: |
Information denied by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 620000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company possesses moderate financial profile marked by adequate
net worth base along with its sizeable working capital requirements for which
the management has to heavily rely on bank borrowing to fund the same during
financial year 2014. Management has reported a turnaround in its profitability and revenue
growth which has reported a net profile as against the previous year loss
during the year under consideration. The rating also takes into consideration, the modest scale of
operations and business risk profile to customer concentration. However, trade relations are seems to be fair. Business is active.
Payment terms are reported as slow but correct. In view of extensive experience of the promoters the subject can be
considered for business dealings with 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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
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 wih 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 |
CRISIL |
|
Rating |
Long term rating: BB |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial
obligation. |
|
Date |
30.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating:A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
30.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management non corporative (11-27463506)
LOCATIONS
|
Registered Office : |
10, Community Center No – 2, Phase – II, Ashok Vihar, Delhi – 110052,
India |
|
Tel. No.: |
91-11-27463506/47589500 |
|
Fax No.: |
91-11-27138171 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
SP – 1192 A and B, Phase – IV, Industrial Area, Bhiwandi – 301019,
District – Alwar, Rajasthan, India |
|
Tel. No.: |
91-1493-221291/221292 |
|
Fax No.: |
91-1493-221948 |
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|
|
|
Factory 2 : |
Plot No. 86/87, Sector – 6S, Industrial Area, Bhel, Ranipur, Haridwar,
Uttaranchal, India |
|
Tel. No.: |
91-1334-239488/239489 |
|
Fax No.: |
91-1334-239490 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. B. K. Gupta |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Sanjay Bansal |
|
Designation: |
Director |
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|
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|
Name : |
Mr. Ashutosh Gupta |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Rajinder Kr. Gupta |
|
Designation : |
Director |
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|
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|
Name : |
Dr. M. L. Parnami |
|
Designation : |
Director |
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|
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|
Name : |
Mr. J. N. Ojha |
|
Designation : |
Director |
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|
Name : |
Ms. Harshita |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Sharmila Chhikara |
|
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 |
|
|
|
|
|
|
|
|
3770088 |
42.30 |
|
|
3770088 |
42.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3770088 |
42.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
386380 |
4.33 |
|
|
|
|
|
|
1878688 |
21.08 |
|
|
1341149 |
15.05 |
|
|
1537301 |
17.25 |
|
|
213934 |
2.40 |
|
|
6067 |
0.07 |
|
|
1317300 |
14.78 |
|
|
5143518 |
57.70 |
|
Total Public shareholding (B) |
5143518 |
57.70 |
|
Total (A)+(B) |
8913606 |
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) |
8913606 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplier of Comprehensive range of products Tablets, Capsules,
Liquid Syrup and Dry Syrup (Beta Lactum and Non Beta Lactum) Ointment and
ORS. |
PRODUCTION STATUS (As on 31.03.2011)
|
Installed
Capacity |
Capacity (Per Shift / Per Annum) (In Lacs) |
||
|
Classes of Goods |
Unit |
Bhiwadi |
Hardwar
|
|
Tablets |
Nos. |
12800.00 |
8200.00 |
|
Capsules |
Nos. |
1800.00 |
600.00 |
|
Liquid Oral |
Ltr. |
6.90 |
15.000 |
|
Dry Powder |
Kg. |
4.37 |
NIL |
|
ORS |
Kg. |
4.10 |
NIL |
|
Ointment |
Kg. |
-- |
0.60 |
Note: In case of Liquid Oral, Dry Powder and ORS the product can be
different weight hence the capacity is mentioned in Kg/Lts.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
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Bankers : |
·
Union Bank of India, Industrial Finance Branch,
Connaught Circus, New Delhi, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
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Auditors : |
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|
Name : |
Ashok Sharma and Associates Chartered Accountants |
|
Address : |
311, Deep Shikha, 8, Rajindra Place, New Delhi-110 008, India |
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Tel. No.: |
91-11-25769764 |
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Associate Concern: |
·
Medicamen Organics Limited ·
Red Line Healthcare |
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|
|
|
Companies in which Director is Director: |
·
Mission Pharma Logistics (India) Private Limited ·
Mission Pharma A/S |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8490000 |
Equity Shares |
Rs.10/- each |
Rs.84.900
Millions |
|
|
|
|
|
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8913600 |
Equity Shares |
Rs.10/- each |
Rs.89.136
Millions |
|
|
|
|
|
Reconciliation of Shares
|
Particulars |
Nos |
Rs. In Millions |
|
Opening Shares Capital |
8240000 |
82.400 |
|
Add: Shares Issued during the year on
conversion of warrants |
250000 |
2.500 |
|
Add: Right/Bonus Shares issued |
-- |
-- |
|
Total |
8490000 |
84.900 |
|
Less: Buy back of Shares |
-- |
-- |
|
Less: Reduction in capital |
-- |
-- |
|
Closing shares Capital |
8490000 |
84.900 |
|
|
|
|
|
List of shares holder having 5% or more shares (In Nos) Name of Shareholders |
In Nos |
In % |
|
Bal Kishan Gupta |
2286294 |
26.93% |
|
Pharmadanica A/S |
1167300 |
13.75% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
84.900 |
82.400 |
78.876 |
|
(b) Reserves & Surplus |
72.274 |
114.771 |
118.851 |
|
(c) Money
received against share warrants |
0.000 |
3.843 |
6.397 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
157.174 |
201.014 |
204.124 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.630 |
1.858 |
8.724 |
|
(b) Deferred tax liabilities (Net) |
9.468 |
8.947 |
7.323 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.762 |
6.104 |
8.684 |
|
Total Non-current Liabilities (3) |
17.860 |
16.909 |
24.731 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
166.254 |
127.368 |
75.713 |
|
(b) Trade payables |
280.157 |
317.482 |
359.158 |
|
(c) Other current
liabilities |
23.899 |
21.244 |
21.909 |
|
(d) Short-term provisions |
6.998 |
5.054 |
14.548 |
|
Total Current Liabilities (4) |
477.308 |
471.148 |
471.328 |
|
|
|
|
|
|
TOTAL |
652.342 |
689.071 |
700.183 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
228.390 |
230.349 |
228.232 |
|
(ii) Intangible Assets |
1.177 |
1.535 |
1.337 |
|
(iii) Capital
work-in-progress |
0.532 |
1.259 |
2.363 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.150 |
2.913 |
2.218 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
233.249 |
236.056 |
234.150 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.200 |
0.200 |
0.000 |
|
(b) Inventories |
151.244 |
126.245 |
124.510 |
|
(c) Trade receivables |
183.612 |
235.674 |
219.121 |
|
(d) Cash and cash
equivalents |
20.921 |
29.063 |
48.081 |
|
(e) Short-term loans and
advances |
41.290 |
43.336 |
44.658 |
|
(f) Other current assets |
21.826 |
18.497 |
29.663 |
|
Total Current Assets |
419.093 |
453.015 |
466.033 |
|
|
|
|
|
|
TOTAL |
652.342 |
689.071 |
700.183 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
639.979 |
1005.269 |
1229.729 |
|
|
|
Other Income |
7.320 |
7.377 |
14.698 |
|
|
|
TOTAL (A) |
647.299 |
1012.646 |
1244.427 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
442.727 |
740.928 |
920.772 |
|
|
|
Purchases of Stock-in-Trade |
18.418 |
17.003 |
7.621 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(7.395) |
(24.483) |
(7.752) |
|
|
|
Employees benefits expense |
72.773 |
84.480 |
73.438 |
|
|
|
Other expenses |
127.710 |
166.979 |
175.845 |
|
|
|
TOTAL (B) |
654.233 |
984.907 |
1169.924 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(6.934) |
27.739 |
74.503 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.053 |
19.149 |
17.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(32.987) |
8.590 |
56.781 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.769 |
15.021 |
13.707 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(48.756) |
(6.431) |
43.074 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.520 |
1.813 |
15.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(49.276) |
(8.244) |
27.769 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
101.817 |
110.061 |
82.392 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
52.541 |
101.817 |
110.161 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
224.242 |
595.519 |
85.592 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.88 |
1.04 |
3.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.61) |
(0.81) |
2.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.62) |
(0.64) |
3.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.48) |
(0.93) |
6.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.31) |
(0.03) |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.07 |
0.64 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.96 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
78.876 |
82.400 |
84.900 |
|
Reserves & Surplus |
118.851 |
114.771 |
72.274 |
|
Money received against share warrants |
6.397 |
3.843 |
0.000 |
|
Net
worth |
204.124 |
201.014 |
157.174 |
|
|
|
|
|
|
long-term borrowings |
8.724 |
1.858 |
1.630 |
|
Short term borrowings |
75.713 |
127.368 |
166.254 |
|
Total
borrowings |
84.437 |
129.226 |
167.884 |
|
Debt/Equity
ratio |
0.414 |
0.643 |
1.068 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1229.729 |
1005.269 |
639.979 |
|
|
|
(18.253) |
(36.338) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1229.729 |
1005.269 |
639.979 |
|
Profit |
27.769 |
(8.244) |
(49.276) |
|
|
2.26% |
(0.82%) |
(7.70%) |
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 |
No |
|
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 |
INDUSTRYSTRUCTURE & DEVELOPMENT
The Indian
pharmaceutical sector is expected to grow five-fold to reach Rs 5 lakh crore
(US$91.45 billion) by 2020, as per Department of Pharmaceuticals (DoP). The
industry, particularly, has been the front runner in a wide range of
specialties involving complex drugs' manufacture, development, and technology.
With the advantage of being a highly organized sector, the number of pharm
aceutical companies are increasing their operations in India.
The
pharmaceutical industry in India is an extremely fragmented market with severe
price competition and government price control. The industry meets around 70
per cent of the country's demand for bulk drugs, drug intermediates,
pharmaceutical formulations, chemicals, tablets, capsules, orals, and
injectable.
The
domestic pharmaceutical market is expected to register a strong double-digit
growth of 13-14 per cent in 2013 on back of increasing sales of generic
medicines, continued growth in chronic therapies and a greater penetration in
rural markets. The Ministry of Commerce has targeted Indian pharma sector
exports at US$ 25 billion by 2014 at an annual growth rate of 25 per cent.
Generics
will continue to dominate the market while patent-protected products are likely
to constitute 10 per cent of the pie till 2015.
DISCUSSION ON FINANCIAL PERFORMANCE W.R.T. OPERATIONAL
PERFORMANCE
Due
to fall in the quantum of export orders during the year there has been a
shortfall of Rs. 3.7 Millions in the turnover. Due to decease in the turnover
& steep rise in the establishment and other manufacturing cost the company
has suffered a loss of Rs. 49.2 Millions. The major establishment of Tax Free
Zone, the pharma units in other parts of the country are striving hard to enter
the export market thereby creating an intense competitive atmosphere for the
company which was earlier getting better price. This situation may adversely
affect the business quantum of the company in the medium term and long term
prospective. The company has therefore formed a core group comprising all
members from our foreign partners and the company itself to meet quarterly to
take note of the latest threats and to suggest remedial measures so that the
business prospects of the company are least disturbed.
SEGMENTWISE
/ PRODUCTWISE PERFORMANCE
The
company got number of new projects of the Government. As usual Anti-bacterial
products like Cotrimoxazole, Nystatin and Anti Biotics like Amoxicillin
remained the strong products of the company and around 1/3rd of
the sale was attributed to this segment.
OUTLOOK
With
the addition of 2 new blocks the company can produce goods worth Rs.5.00
Millions per year. The company is planning to automatize its machinery so that
the manufacturing cost is reduced to a great extent and the profitability is
improved. The company is striving hard to discover new markets abroad and
concentrating on the domestic business with high margins.
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED ON 31ST MARCH, 2014
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year to date period ended |
|
|
|
|
31.03.2014 (Audited) |
31.12.2013 (Unaudited) |
31.03.2014 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
223.917 |
120.180 |
732.486 |
|
|
Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Net Sales/Income
from Operations |
223.917 |
120.180 |
732.486 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
154.964 |
71.421 |
444.406 |
|
|
Purchases of Stock-in-Trade |
10.245 |
8.620 |
34.996 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(4.399) |
(0.488) |
14.889 |
|
|
Employee Benefits Expenses |
13.815 |
19.535 |
72.773 |
|
|
Depreciation and Amortization Expenses |
3.990 |
4.043 |
16.094 |
|
|
Other Expenses |
46.412 |
25.450 |
141.661 |
|
|
f) Total |
225.026 |
118.958 |
707.800 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(1.110) |
1.222 |
24.686 |
|
|
|
|
|
|
|
4. |
Other Income |
3.900 |
0.780 |
6.062 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
2.791 |
2.003 |
30.748 |
|
|
|
|
|
|
|
6. |
Interest |
7.751 |
7.205 |
28.961 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(4.961) |
(5.203) |
1.787 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(4.961) |
(5.203) |
1.787 |
|
|
|
|
|
|
|
10. |
Tax Expense : |
|
|
|
|
|
Tax Related Earlier Year |
(0.945) |
(0.991) |
0.341 |
|
|
Current year |
0.000 |
0.000 |
0.000 |
|
|
Deferred Tax Liability |
0.422 |
0.063 |
0.505 |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
(4.438) |
(4.274) |
0.942 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
- |
- |
- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(4.438) |
(4.274) |
0.942 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
89.136 |
84.900 |
89.136 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
- |
- |
73.640 |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
(0.52) |
(0.50) |
0.11 |
|
|
b) Basic and diluted EPS after extraordinary items |
(0.52) |
(0.50) |
0.11 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
5143518 |
5174591 |
5143518 |
|
|
- Percentage of Shareholding |
57.70% |
60.95% |
57.70% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
1861200 |
1861200 |
1861200 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
49.37% |
56.14% |
49.37% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of
the Company) |
20.88% |
21.92% |
49.37% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
1908888 |
1454209 |
1908888 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
50.63% |
43.86% |
50.63% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
21.42% |
17.13% |
21.42% |
|
Particulars
|
3
Months ended on March 31, 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
31.03.2014
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
89.136 |
|
Reserve &
surplus |
73.640 |
|
Sub-total - Shareholders' funds |
165.381 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
1.552 |
|
Deferred tax liability
(net) |
9.973 |
|
Long term
provisions |
12.818 |
|
Sub-total - Non-current liabilities |
24.342 |
|
Current
liabilities |
|
|
Short term
borrowings |
151.260 |
|
Trade payables |
283.489 |
|
Other current
liabilities |
20.054 |
|
Short term
provisions |
1.263 |
|
Sub-total - Current liabilities |
456.066 |
|
Total - Equity & Liabilities |
645.789 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
|
|
Tangible assets |
|
|
Intangible
assets |
216.873 |
|
Capital work in
progress |
0.762 |
|
Non-current
investment |
5.549 |
|
Long term loans
& advances |
3.128 |
|
Other
non-current assets |
0.000 |
|
Sub-total - Non-current Assets |
226.312 |
|
Current assets |
|
|
Current
Investment |
0.200 |
|
Inventories |
128.371 |
|
Trade
receivables |
204.051 |
|
Cash & bank
balances |
27.110 |
|
Short term loans
& advances |
40.611 |
|
Other current
assets |
19.135 |
|
Sub-total - Current Assets |
419.478 |
|
Total – Assets |
645.789 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80000791 |
22/04/2014 * |
350,000,000.00 |
UNION BANK OF INDIA |
M-11, 1st Floor, Middle Circle, Connaught
Circus, |
C03937281 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
·
Land
·
Cycle
·
Building and Civil Cons
·
Plant and Machinery
·
A.C Plant
·
Quality Control
·
Furniture and Fixture
·
Office Equipment
·
Computers
·
Vehicle
·
E.T Plant
·
Boiler
·
Die and Moulds
·
Generator Set
·
Lift
·
Safe
·
Refrigerator
·
Water System
·
Weight Machine
·
Electric Instillation
Intangible Assets
·
Software Licenses
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.60.22 |
|
|
1 |
Rs.102.79 |
|
Euro |
1 |
Rs.81.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JGT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.