MIRA
INFORM REPORT
|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Formerly Known
As : |
MEDREICH STERILAB
LIMITED |
|
|
|
|
Registered
Office : |
Medreich House
No.12/8, Saraswathi Ammal Street, Maruthi Seva Nagar, Bangalore – 560 033,
Karnataka |
|
|
|
|
Country : |
|
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|
Financials (as on) : |
31.03.2013 |
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|
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Date of Incorporation : |
16.08.1973 |
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|
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Com. Reg. No.: |
08-002383 |
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|
Capital Investment / Paid-up Capital : |
Rs.1407.183 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24232KA1973PLC002383 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS01934C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCM1458Q |
|
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|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of
Pharmaceutical Formulations. |
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|
|
|
No. of Employees
: |
462
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15340000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having fine track record. Financial position
of the company seems to be sound. Overall fundamentals of the company seems
to be sound and healthy. Directors are reported to be experienced and
respectable businessmen. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to Rs
1 mn or more in their savings bank accounts in the current financial year. It
plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ [Fund Based Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
January 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2+ [Non Fund Based Facilities] |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
January 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-80-25493334)
LOCATIONS
|
Registered Office/ Corporate Office: |
Medreich House
No.12/8, Saraswathi Ammal Street, Maruthi Seva Nagar, Bangalore – 560 033,
Karnataka, India |
|
Tel. No.: |
91-80-25493334 (10
Lines) |
|
Fax No.: |
91-80-25474741 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Factory 1 : |
Survey No.4/3, Avalahalli,
Off Kanakpura Road, Anjanapura Post, Bangalore, Karnataka, India |
|
Tel. No.: |
91-80-28436375/
89 |
|
|
|
|
Factory 2 : |
12th
Mile, Old Madras Road, Virgo Nagar, Bangalore – 560 049, Karnataka, India |
|
Tel no.: |
91-80-28472402/
403 |
|
Area : |
3500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
49 B, C & D,
Bommasandra Industrial Area, Bangalore, Karnataka, India |
|
|
|
|
Factory 4 : |
Plot No.36,
Bommasandra Industrial Area, Bangalore, Karnataka, India |
|
|
|
|
Factory 5 : |
No.54/2,
Boodhihal Village, Kasba Hobli, Nelamangala Taluk, Bangalore – 562 120,
Karnataka, India |
|
Tel No.: |
91-80-27730358 /
27730359 |
DIRECTORS
AS ON 30.08.2013
|
Name : |
Mr. Chandanmal
Pukhraj Bothra |
|
Designation : |
Managing Director |
|
Address : |
No. 14, 7th
Cross SS, Jai Bharat Nagar, Bangalore – 560 033, Karnataka, India |
|
Date of Birth/Age : |
20.07.1956 |
|
Date of Appointment : |
01.06.1990 |
|
DIN No. : |
00023108 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24232KA1973PLC002383 |
MEDREICH
LIMITED |
Managing
director |
01/06/1990 |
01/06/1990 |
- |
Active |
NO |
|
2 |
U45203KA2004PTC033457 |
OZONE
PROPERTIES PRIVATE LIMITED |
Director |
26/02/2004 |
26/02/2004 |
- |
Active |
NO |
|
3 |
U74210KA2004PTC035015 |
OZONE
PROPEX PRIVATE LIMITED |
Director |
16/11/2004 |
16/11/2004 |
- |
Active |
NO |
|
4 |
U70101TN2005PTC056894 |
OZONE
PROJECTS PRIVATE LIMITED |
Director |
13/07/2005 |
13/07/2005 |
- |
Active |
NO |
|
5 |
U67120KA2005PTC036869 |
NOKHA
HOLDINGS PRIVATE LIMITED |
Director |
01/08/2005 |
01/08/2005 |
- |
Active |
NO |
|
6 |
U65993KA2005PTC037256 |
NOKHA
INVESTMENTS PRIVATE LIMITED |
Director |
16/09/2005 |
16/09/2005 |
- |
Active |
NO |
|
7 |
U24230KA2004PTC050438 |
MEDREICH
CEPHTECH PRIVATE LIMITED |
Nominee
director |
20/07/2006 |
20/07/2006 |
- |
Amalgamated |
NO |
|
8 |
U24232KA2007PLC042361 |
ADCOCK
INGRAM LIMITED |
Managing
director |
20/02/2009 |
03/04/2007 |
01/04/2010 |
Active |
NO |
|
9 |
U24230KA2008PLC046164 |
GENOVO
DEVELOPMENT SERVICES LIMITED |
Nominee
director |
26/06/2008 |
23/04/2008 |
- |
Active |
NO |
|
10 |
U24230KA2008PLC062782 |
MEDREICH
LIFE CARE LIMITED |
Nominee
director |
13/06/2008 |
06/06/2008 |
- |
Active |
NO |
|
Name : |
Mr. Keith De Souza
Frances |
|
Designation : |
Director |
|
Address : |
90, |
|
Date of Birth/Age : |
01.07.1955 |
|
Date of Appointment : |
14.09.1996 |
|
DIN No. : |
00022680 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24232KA1973PLC002383 |
MEDREICH
LIMITED |
Director |
14/09/1996 |
14/09/1996 |
- |
Active |
NO |
|
2 |
U24232KA2007PLC042361 |
ADCOCK
INGRAM LIMITED |
Nominee
director |
01/11/2007 |
01/11/2007 |
- |
Active |
NO |
|
Name : |
Mr. Rajeev Mehta |
|
Designation : |
Director |
|
Address : |
80, |
|
Date of Birth/Age : |
19.08.1951 |
|
Date of Appointment : |
19.05.2004 |
|
DIN No. : |
00023079 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24232KA1973PLC002383 |
MEDREICH
LIMITED |
Director |
19/05/2004 |
19/05/2004 |
- |
Active |
NO |
|
2 |
U24230KA2008PLC046164 |
GENOVO
DEVELOPMENT SERVICES LIMITED |
Nominee
director |
26/06/2008 |
26/06/2008 |
- |
Active |
NO |
|
3 |
U24230KA2008PLC062782 |
MEDREICH
LIFE CARE LIMITED |
Nominee
director |
29/03/2011 |
29/03/2011 |
- |
Active |
NO |
|
Name : |
Mr. Shrikant Madhukar Bhide |
|
Designation : |
Nominee director |
|
Address : |
31 03 Shireesh 187, Veer Savarkar Road Mahim (West), Mumbai – 400016,
Maharashtra, India |
|
Date of Birth/Age : |
27.08.1951 |
|
Date of Appointment : |
19.12.2011 |
|
DIN No. : |
00259180 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U72900MH2006PTC163428 |
SAUWAHAN
INFOTECH PRIVATE LIMITED |
Director |
14/09/2006 |
14/09/2006 |
- |
Active |
|
|
2 |
U74140MH2006PTC163935 |
ARYSE
BUSINESS SOLUTIONS PRIVATE LIMITED |
Managing
director |
01/10/2006 |
01/10/2006 |
- |
Active |
NO |
|
3 |
U64100MH1988PLC047228 |
FIRST
FLIGHT COURIERS LIMITED |
Additional
director |
15/02/2008 |
15/02/2008 |
- |
Active |
NO |
|
4 |
U24232KA1973PLC002383 |
MEDREICH
LIMITED |
Nominee
director |
19/12/2011 |
19/12/2011 |
- |
Active |
NO |
|
Name : |
Mr. Seow Teng Peng |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
05.05.1945 |
|
Date of Appointment : |
14.10.2005 |
|
DIN No. : |
01122683 |
|
|
|
|
Name : |
Mr. Andrew Morris |
|
Designation : |
Director |
|
Address : |
Holy Tree House, Bovingdon, Greeen, |
|
Date of Birth/Age : |
20.07.1962 |
|
Date of Appointment : |
26.03.2009 |
|
DIN No. : |
02705055 |
KEY EXECUTIVES
|
Name : |
Mr. Venkatesh Yendapalli |
|
Designation : |
Company Secretary |
|
Address : |
101, Lakshmi Enclave, Behind Sambhram Institute of Technology, Vidyaranyapura Post, Bangalore
– 560097, Karnataka, India |
|
Date of Birth/Age : |
06.12.1966 |
|
Date of Appointment : |
01.02.2009 |
|
Pan No. : |
ABAPY3222B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2013
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Leela Kanwar |
10 |
-- |
|
Vandana Bothra |
10 |
-- |
|
Arun Kumar Chordia |
10 |
-- |
|
Hemantha Kumar Bothra |
10 |
-- |
|
Kushboo Bothra |
10 |
-- |
|
Med Holdings (UK) Limited, United Kingdom |
21055093 |
-- |
|
Nokha Holdings Private Limited, India |
7787450 |
-- |
|
V. Science Investments Pte Limited, Singapore |
10000 |
14196160 |
|
Total
|
28852593 |
14196160 |
AS ON 30.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
73.00 |
|
Bodies
corporate |
|
27.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Pharmaceutical Formulations. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity * |
Actual
Production ** |
|
Capsules |
Lakhs/Annum |
30770 |
10,436 |
|
Tablets |
Lakhs/Annum |
22500 |
11,194 |
|
Bottles |
Lakhs/Annum |
130180 |
-- |
|
Liquids |
Kilolitres |
-- |
1,250 |
|
Vials |
Thousands |
-- |
12215 |
|
Granules |
Kilograms |
-- |
13884 |
NOTES:
* Excludes
manufacturing capacity at sub-contractor locations.
** Includes quantities
produced in factories of third parties under loan licenses.
GENERAL INFORMATION
|
No. of Employees : |
462
(Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State
Bank of Mysore (Lead Bank), Corporate Accounts Branch, M.G. Road, Bangalore –
560 001, Karnataka, India ·
Export
Import Bank of India, Center one building, 21st Floor, World Trade
Center, Complex, Cuff Parade, Mumbai - 400 005, Maharashtra, India ·
Yes
Bank Limited, Nehru Centre, 9th Floor, Dr. A. B. Road, Worli,
Mumbai – 400 018, Maharashtra, India ·
Canara
Bank ·
Corporation
Bank ·
ING Vysya Bank Limited,
22, Ground
Floor, ING Vysya House, M.G. Road, Bangalore – 560 001, Karnataka, India ·
Standard Chartered Bank, 112, Serenity,
Koramangala Industrial Area, 5th Block, Koramangala, Bangalore –
560 095, Karnataka, India ·
The Hongkong and Shanghai Banking Corporation
Limited, No. 7, M.G. Road, Bangalore – 560 001, Karnataka, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and
Associates Chartered
Accountants |
|
Address : |
U.B. City,
Canberra Block, 12th and 13th Floor, No.24, Vittal
Mallya Road, Bangalore – 560 001, Karnataka, India |
|
Tel. No.: |
91-80-40275000 |
|
Fax No.: |
91-80-22106000 |
|
PAN No: |
AABFS3421N |
|
|
|
|
Holding Company : |
Med Holdings
(UK) Limited, United Kingdom |
|
|
|
|
Subsidiaries : |
·
Medreich Plc, United Kingdom ·
Medreich Life Care Limited, India (CIN No.: U24230KA2008PLC062782) |
|
|
|
|
Fellow Subsidiaries : |
·
Medreich Australia Pty Limited, Austria ·
Medreich Far East Limited, Cyprus ·
Laboratories Torlan SA, Spain |
|
|
|
|
Joint Venture : |
·
Genovo Development Services Limited, India (CIN
No.: U24230KA2008PLC046164) ·
Adcock Ingram Limited, India (CIN No.: U24232KA2007PLC042361) |
CAPITAL STRUCTURE
AS ON 30.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
48634259 |
Equity Shares |
Rs.10/- each |
Rs.486.343 Millions |
|
14196160 |
Preferences Shares |
Rs.78.80/- each |
Rs.1118.657 Millions |
|
|
Total
|
|
Rs.1605.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28852593 |
Equity Shares |
Rs.10/- each
|
Rs.288.526
Millions |
|
14196160 |
Preferences Shares |
Rs.78.80/- each |
Rs.1118.657
Millions |
|
|
Total |
|
Rs.1407.183 Millions |
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 |
1407.183 |
1407.183 |
1407.183 |
|
(b) Reserves & Surplus |
2427.863 |
2069.004 |
1878.016 |
|
(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) |
3835.046 |
3476.187 |
3285.199 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
119.895 |
121.223 |
104.434 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
7.833 |
13.433 |
13.931 |
|
Total Non-current
Liabilities (3) |
127.728 |
134.656 |
118.365 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1052.735 |
899.038 |
743.036 |
|
(b)
Trade payables |
718.636 |
432.154 |
555.455
|
|
(c)
Other current liabilities |
209.645 |
219.551 |
99.071
|
|
(d) Short-term
provisions |
116.471 |
142.998 |
45.617
|
|
Total Current
Liabilities (4) |
2097.487 |
1693.741 |
1443.179 |
|
|
|
|
|
|
TOTAL |
6060.261 |
5304.584 |
4846.743 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
928.486 |
924.637 |
849.298 |
|
(ii)
Intangible Assets |
16.263 |
21.105 |
21.377 |
|
(iii) Capital
work-in-progress |
34.268 |
5.684 |
13.939 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1827.331 |
1827.331 |
1827.331 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
373.232 |
303.993 |
136.126 |
|
(e) Other
Non-current assets |
36.606 |
15.878 |
17.269 |
|
Total Non-Current
Assets |
3216.186 |
3098.628 |
2865.340 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
210.000 |
0.000 |
0.000 |
|
(b)
Inventories |
721.856 |
563.404 |
725.422
|
|
(c)
Trade receivables |
1585.836 |
1363.503 |
825.665
|
|
(d) Cash
and cash equivalents |
22.258 |
3.817 |
6.926
|
|
(e) Short-term
loans and advances |
278.343 |
230.821 |
377.171 |
|
(f)
Other current assets |
25.782 |
44.411 |
46.219 |
|
Total
Current Assets |
2844.075 |
2205.956 |
1981.403 |
|
|
|
|
|
|
TOTAL |
6060.261 |
5304.584 |
4846.743 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
4982.052 |
3825.549 |
3021.819 |
|
|
|
Other Income |
222.072 |
135.277 |
252.349 |
|
|
|
TOTAL (A) |
5204.124 |
3960.826 |
3274.168 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
3027.410 |
2392.596 |
2106.188 |
|
|
|
Purchases
of stock-in-trade |
219.439 |
176.977 |
65.153 |
|
|
|
Changes in inventories of finished goods, work in progress and stock
in trade |
56.694 |
(51.489) |
(53.395) |
|
|
|
Employee
benefit expense |
425.967 |
354.617 |
313.727 |
|
|
|
Other
expenses |
653.205 |
609.895 |
513.290 |
|
|
|
TOTAL (B) |
4382.715 |
3482.596 |
2944.963 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
821.409 |
478.230 |
329.205 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
87.426 |
91.895 |
59.614 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
733.983 |
386.335 |
269.591 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.931 |
61.323 |
53.616 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
667.052 |
325.012 |
215.975 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
211.172 |
95.882 |
31.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
455.880 |
229.130 |
184.407 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1112.697 |
921.709 |
775.444 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
57.705 |
21.639 |
21.639 |
|
|
|
Dividend on Preference
shares |
28.392 |
11.179 |
11.179 |
|
|
|
Tax on Dividend |
10.924 |
5.324 |
5.324 |
|
|
|
Transferred to General
Reserve |
45.588 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1425.968 |
1112.697 |
921.709 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
14.65 |
7.49 |
5.94 |
|
|
|
- Diluted |
11.35 |
5.71 |
4.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.76
|
5.78 |
5.63
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.39
|
8.50 |
7.15
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.89
|
9.36 |
7.19
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.09 |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27
|
0.26 |
0.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.30 |
1.37
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1407.183 |
1407.183 |
1407.183 |
|
Reserves & Surplus |
1878.016 |
2069.004 |
2427.863 |
|
Net worth |
3285.199 |
3476.187 |
3835.046 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
743.036 |
899.038 |
1052.735 |
|
Total borrowings |
743.036 |
899.038 |
1052.735 |
|
Debt/Equity ratio |
0.226 |
0.259 |
0.275 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
3021.819 |
3825.549 |
4982.052 |
|
|
|
26.598 |
30.231 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Revenue from operations |
3021.819 |
3825.549 |
4982.052 |
|
Profit |
184.407 |
229.130 |
455.880 |
|
|
6.10% |
5.99% |
9.15% |
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 |
Yes |
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
10454357 |
11/10/2013 |
1,008,000,000.00 |
STANDARD
CHARTERED BANK |
112, SERENITY,
KORAMANGALA INDUSTRIAL AREA, 5TH BLOCK, KORAMANGALA,, BANGALORE - 560095,
KARNATAKA, INDIA |
B87245957 |
|
2 |
10447319 |
13/08/2013 |
720,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
NO.7, M.G. ROAD,
BANGALORE - 560001, KARNATAKA, INDIA |
B84177864 |
|
3 |
10443792 |
13/08/2013 |
300,000,000.00 |
THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED |
NO. 7, M G ROAD,
BANGALORE - 560001, KARNATAKA, INDIA |
B82481235 |
|
4 |
10359125 |
06/05/2013 * |
2,265,000,000.00 |
ING VYSYA BANK
LIMITED |
22, M G
ROAD,BANGALORE, BANGALORE - 560001, KARNATAKA, INDIA |
B76086933 |
|
5 |
10130502 |
14/11/2008 |
240,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND
FLOOR, BIRLA TOWERS, 25, BARAKHAMBA |
A51204980 |
|
6 |
90262741 |
23/02/2007 * |
150,000,000.00 |
STATE BANK OF
MYSORE |
6-3-865, MY HOME
JUPALLY, AMEERPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA |
- |
|
7 |
80007215 |
10/01/2007 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
- |
|
8 |
80018741 |
22/11/2012 * |
2,000,000,000.00 |
STATE BANK OF
MYSORE (LEAD BANK) |
CORPORATE
ACCOUNTS BRANCH, M.G ROAD,, BANGALORE - 560001, |
B62445184 |
|
* Date of charge modification |
||||||
REVIEW OF THE COMPANY PERFORMANCE:
During the year
the Company has achieved net sales of Rs.4982.051 Millions, registering a
growth of 30.23 % compared to previous year. Profit before interest,
depreciation and taxes were Rs.821.409 Millions compared to Rs.478.230 Millions
in the previous year. After providing for interest of Rs.87.425 Millions
(Rs.91.895 Millions in the previous year) and depreciation of Rs.66.931
Millions (Rs.61.323 Millions in the previous year) the profit before tax was
Rs.667.052 Millions as against the previous year’s profit of Rs.325.012
Millions.
FIXED ASSETS:
·
Land
·
Factory
Buildings
·
Office
Buildings
·
Plant
and Machinery
·
Electrical
Equipments and Installations
·
Furniture
and Fittings
·
Vehicles
·
Office
Equipments
·
Computers
·
Software
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 t 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.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.