MIRA
INFORM REPORT
|
Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANGALAM DRUGS AND ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
292, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.04.1972 |
|
|
|
|
Com. Reg. No.: |
11-116413 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.131.782 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1972PLC116413 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19790B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM7880P |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Bulk Drugs and Organic and Inorganic
Chemicals. |
|
|
|
|
No. of Employees
: |
550 (Approximately) |
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 1050000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects company’s below average operating efficiency
reflected in operating losses and moderate financial risk profile. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
CRISIL |
|
Rating |
Long Term Rating = B- |
|
Rating Explanation |
Risk prone credit quality and high credit risk |
|
Date |
03.02.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4 |
|
Rating Explanation |
Minimal degree of safety very high credit risk. |
|
Date |
03.02.2014 |
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.
LOCATIONS
|
Registered Office : |
292, |
|
Tel. No.: |
91-22-22087969/7489/7411 |
|
Fax No.: |
91-22-22087074 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Unit No.1 and 2, Plot No.187, GIDC Vapi, District – Bulsar – 396195,
Gujarat, India |
|
Tel. No.: |
91-260-2430598/2143 |
|
Fax No.: |
91-260-2431919 |
|
|
|
|
Factory 2 : |
Plot No.1203, GIDC Vapi, District – Bulsar – 396195, |
|
Tel. No.: |
91-260-2430598/2143 |
|
Fax No.: |
91-260-2431919 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Goverdhan Dhoot |
|
Designation : |
Chairman |
|
Address : |
214, Ozeana, 5th Floor, |
|
Date of Birth/Age : |
21.10.1953 |
|
Date of Appointment : |
16.04.1996 |
|
DIN No.: |
01240086 |
|
|
|
|
Name : |
Mr. Subhash C. Khattar |
|
Designation : |
Independent Director |
|
Address : |
C-7, Swati Apartment, Kalyan Complex, Off |
|
Date of Birth/Age : |
03.07.1939 |
|
Date of Appointment : |
04.06.2004 |
|
DIN No.: |
01122941 |
|
|
|
|
Name : |
Mr. Rajendraprasad Mimani |
|
Designation : |
Independent Director |
|
Address : |
35, Jamanlal Bajaj Street, Kolkata-70007, West Bengal, India |
|
Date of Birth/Age : |
02.04.1952 |
|
Date of Appointment : |
01.11.2004 |
|
DIN No.: |
00017399 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3100235 |
23.53 |
|
|
2475560 |
18.79 |
|
|
5575795 |
42.31 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5575795 |
42.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
2980881 |
22.62 |
|
|
|
|
|
|
3071736 |
23.31 |
|
|
1449272 |
11.00 |
|
|
100564 |
0.76 |
|
|
21794 |
0.17 |
|
|
78770 |
0.60 |
|
|
7602453 |
57.69 |
|
Total Public shareholding (B) |
7602453 |
57.69 |
|
Total (A)+(B) |
13178248 |
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) |
13178248 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs and Organic and Inorganic Chemicals. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Basic Drugs and Intermediates |
Tons |
NA. |
600 |
387.79 |
GENERAL INFORMATION
|
No. of Employees : |
550 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Milwani Associates Chartered Accountants |
|
Address : |
18, Bagaria house, 1st Floor, |
|
|
|
|
Associate
Companies and others |
· Raga Organics Private Limited ·
Mangalam Laboratories Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13178248 |
Equity shares |
Rs.10/- each |
Rs.131.782
Millions |
|
|
|
|
|
1. Pursuant to acquisition of business with undertaking of Mangalam Organics Private Limited Mangalam Rasayan Private Limited and Shree Mangalam Pharma Private Limited, 10,38000/ -Equity shares for value Rs.10/- each were alloted to shareholders of such companies without payment being received in cash
2. During Financial year 2002-2003, 11,13000/-Equity Shares of face value of Rs.10/- each fully paid up were alloted as bonus shares without payment being received in cash by capitalisation of General Reserve.
3. During the year-2003-04, 44,52,000/- Equity shares of Rs.10/- each fully paid up were Alloted, by way of Bonus shares by capitalisation of General Reserves.
4. During the year 2005-06, 65,00,248/- Equity shares of Rs.10/- each fully paid up were Alloted, by way of initial public offer, at a premium of Rs.12/- per share.
Terms / Right
attached to equity shares
The Company has one class of issued shares referred to as equity shares having a par value Rs. 10/-each holder of equity shares is entitled to one vote per share. The dividend proposed by the board of directors, If any, is subjected to the approval of shareholders in Annual General Meeting. In the event of liquidation of the Company the holder of the equity shares will be entitled to receive remaining assets of the Company after settlement of all preferential amount. The distribution will be in proportion to the number of equity shares held by the equity shareholders.
Reconciliation of the
number of Shares outstanding and the amount of Share Capital as at March 31,
2013.
|
Equity Shares
(issued Capital ) |
As At 31-03-2013 |
|
|
|
In Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
13,178,248 |
131.782 |
|
Shares issued during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
13,178,248 |
131.782 |
Shareholders holding more than 5% shares in
the Company is set out below:
|
Name of Shareholder
|
As At 31-03-2013 |
|
|
|
No of Shares held |
% of Holding |
|
Shree Kishoriju Trading and Investment Private Limited |
1144522 |
8.68 |
|
Shreee Rashbihari Trading and Investment Private Limited |
1139518 |
8.65 |
|
IPCA Laboratories Limited |
1633417 |
12.39 |
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 |
131.782 |
131.782 |
131.782 |
|
(b) Reserves & Surplus |
130.839 |
248.833 |
242.498 |
|
(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) |
262.621 |
380.615 |
374.280 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
442.353 |
219.564 |
191.931 |
|
(b) Deferred tax liabilities (Net) |
14.527 |
64.525 |
61.682 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
456.880 |
284.089 |
253.613 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
286.627 |
340.451 |
285.196 |
|
(b) Trade payables |
106.977 |
126.844 |
156.104 |
|
(c) Other current
liabilities |
34.670 |
87.454 |
63.324 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
428.274 |
554.749 |
504.624 |
|
|
|
|
|
|
TOTAL |
1147.775 |
1219.453 |
1132.517 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
551.336 |
568.360 |
542.615 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
1.518 |
2.044 |
|
(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 |
22.104 |
21.079 |
16.100 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
573.440 |
590.957 |
560.759 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.844 |
1.444 |
1.440 |
|
(b) Inventories |
310.596 |
489.846 |
332.706 |
|
(c) Trade receivables |
238.707 |
89.099 |
217.652 |
|
(d) Cash and cash
equivalents |
0.879 |
10.268 |
6.924 |
|
(e) Short-term loans and
advances |
22.309 |
37.839 |
13.036 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
574.335 |
628.496 |
571.758 |
|
|
|
|
|
|
TOTAL |
1147.775 |
1219.453 |
1132.517 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1252.587 |
1531.819 |
1273.849 |
|
|
|
Other Income |
15.727 |
9.540 |
5.947 |
|
|
|
TOTAL (A) |
1268.314 |
1541.359 |
1279.796 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
810.406 |
1243.509 |
976.687 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
200.528 |
(157.615) |
(57.527) |
|
|
|
Employees benefits expense |
86.719 |
83.482 |
74.913 |
|
|
|
Other expenses |
199.032 |
221.598 |
154.361 |
|
|
|
TOTAL (B) |
1296.685 |
1390.974 |
1148.434 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(28.371) |
150.385 |
131.362 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
100.224 |
101.643 |
68.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(128.595) |
48.742 |
62.769 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
39.397 |
37.364 |
32.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(167.992) |
11.378 |
30.039 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(49.998) |
5.042 |
9.155 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(117.994) |
6.336 |
20.884 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
62.926 |
56.590 |
35.706 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(55.068) |
62.926 |
56.590 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
640.225 |
103.744 |
112.061 |
|
|
|
Commission Earnings |
1.904 |
1.042 |
1.075 |
|
|
TOTAL EARNINGS |
642.129 |
104.786 |
113.136 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
524.205 |
419.460 |
113.714 |
|
|
TOTAL IMPORTS |
524.205 |
419.460 |
113.714 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(8.95) |
0.48 |
1.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(9.30) |
0.41 |
1.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.41) |
0.74 |
2.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.64) |
0.93 |
2.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.64) |
0.03 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.78 |
1.47 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.13 |
1.13 |
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 |
131.782 |
131.782 |
131.782 |
|
Reserves & Surplus |
242.498 |
248.833 |
130.839 |
|
Net
worth |
374.280 |
380.615 |
262.621 |
|
|
|
|
|
|
long-term borrowings |
191.931 |
219.564 |
442.353 |
|
Short term borrowings |
285.196 |
340.451 |
286.627 |
|
Total
borrowings |
477.127 |
560.015 |
728.980 |
|
Debt/Equity
ratio |
1.275 |
1.471 |
2.776 |
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 |
1273.849 |
1531.819 |
1252.587 |
|
|
|
20.251 |
(18.229) |
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 |
1273.849 |
1531.819 |
1252.587 |
|
Profit |
20.884 |
6.336 |
(117.994) |
|
|
1.64% |
0.41% |
(9.42%) |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
REVIEW OF
PERFORMANCE:
During the year, the Company earned a total income of Rs. 1268.314 Millions as compared to Rs. 1541.359 Millions made in the previous year, a decrease of 17.71%. The reason for decrease was mainly due to Company being a pharma industry had witnessed slowdown in Global Fund Financing and this lead to slowdown in orders to companies customers which resulted them in putting on hold orders they had placed with the company. On the other hand due to weak global scenario. Chinese companies started dumping their products at cheap prices to reduce their inventory levels and due to this their company was also forced to reduce its prices and this had an impact on the profitability of the company; vice versa during the year the company had also been affected due to severe forex fluctuation whereby Rupee had depreciated by more than 20% vis-a-vis US Dollar. All the above factors have put tremendous pressure on the profitability of the Company due to which the company made a loss of Rs. 117.994 Millions after tax as compared to profit after tax of Rs. 6.336 Millions made in the previous year. During the year the company has been sanctioned restructuring of debt by consortium of banks resulting in moratorium of repayments of term loan; the liability of repayment commences from June 2014. Hence there is no repayment of term loan for the financial year 2012-13 and 2013-14 respectively.
EXPORTS:
The Company has achieved exports sales of Rs. 640.225 Millions as against export sales of Rs. 103.744 Millions made in the previous year. Constant efforts are being made to boost exports.
FUTURE OUTLOOK:
In keeping with the innovative tradition of previous years, the company remains committed to continuously populate it’s development pipeline with a new molecule every quarter. During the year, the company has developed anti- AIDS API’s which have a bright future and a huge potential demand. The company is in the process of preparing the drug master file for getting approval of WHO for the same; similarly three more bulk drugs namely Lamivudine, Efavirenz and Nevirapine are under development at R&D. The CSIR recognition to the R&D had already placed their research activity on the national map. Their business partners have appreciated their efforts by sourcing their requirements of speciality molecules like impurity and metabolites from their R&D team. In devising most economical and ingenious routes toward manufacture of their volume products has been strength of their bench scientists, the regulatory department has been held in respect as a ‘serial DMF filer’. It is the robust regulatory strategy and continuous cost minimization which has helped the company to grow steadily inspite of the trying market conditions of last two years.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
From Others |
136.000 |
110.000 |
|
Deferred Sales tax loan |
3.972 |
3.998 |
|
Total |
139.972 |
113.998 |
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
A) Performance
Guarantees/ Bonds |
|
|
|
(i) Guarantee executed in favor of Assistant Collector of Customs |
1.985 |
1.985 |
|
(ii) Guarantee executed in favor of Export Parties. |
0.068 |
0.068 |
|
(iii) Guarantee executed in favor of Central Excise |
1.521 |
0.884 |
|
|
|
|
|
B) Others |
|
|
|
(iv) Guarantee given to GSPC Gas Company Limited |
6.729 |
6.602 |
|
(v) Guarantee given to GPCB |
0.800 |
0.800 |
|
(vi) Guarantee given to Sale Tax (Gujarat) |
0.000 |
0.271 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10448835 |
13/09/2013 |
95,000,000.00 |
PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED |
OFFICE NO. 4 & 5, 3RD FLOOR, DREAMS MALL,,
L.B.S. |
B84911478 |
|
2 |
10402834 |
19/01/2013 |
161,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B68021526 |
|
3 |
10364817 |
16/06/2012 |
9,000,000.00 |
PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED |
OFFICE NO. 4 & 5, 3RD FLOOR, DREAMS MALL,, L.B.S. |
B43340165 |
|
4 |
10323757 |
29/12/2011 * |
24,000,000.00 |
PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED |
OFFICE NO. 4 & 5, 3RD FLOOR, DREAMS MALL,,
L.B.S. |
B31051758 |
|
5 |
10298368 |
02/07/2011 |
112,500,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, METROPOLITAN BUILDING, BANDRA KURLA, COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
B17263831 |
|
6 |
10294777 |
21/05/2011 |
40,000,000.00 |
STATE BANK OF INDIA |
N.G.N. VAIDYA MARG, HORNIMAN CIRCLE, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B16034241 |
|
7 |
10246209 |
15/10/2010 |
21,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96695127 |
|
8 |
10195785 |
31/12/2009 |
56,000,000.00 |
STATE BANK OF INDIA |
N.G.N. VAIDYA MARG, HORNIMAN CIRCLE, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A76801794 |
|
9 |
10080878 |
20/12/2007 |
11,250,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
VENKATESH CHAMBERS, GHANSHYAM TALWATKAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A29242880 |
|
10 |
80046564 |
01/01/2010 * |
70,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A77437838 |
|
11 |
80007349 |
19/01/2013 * |
491,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B68022078 |
|
12 |
80007360 |
19/01/2013 * |
884,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B68021815 |
* Date of charge modification
FIXED ASSETS
- Land
- Other Building
- Plant and Machinery
- Motor Car
- Furniture and Fixture
- Office Equipment
- Computers
- Laboratory Equipment
- Air Conditioner
UN-AUDITED FINANCIAL
RESULTS (PROVISIONAL) FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
Rs. In Millions
|
Sr. No. |
Particulars |
Quarter ended |
Nine Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
|
1 |
Sales/Income from operation(Net of Excise duty) |
380.634 |
281.268 |
845.449 |
|
2 |
Other Operating Income |
0.331 |
0.861 |
2.085 |
|
3 |
Total Net Income from Operation |
380.965 |
282.129 |
847.534 |
|
4 |
Expenditure |
|
|
|
|
|
(a) Increase / decrease in stock in trade & work in progress |
39.121 |
(11.608) |
(10.986) |
|
|
(b) Consumption of raw materials |
202.758 |
178.818 |
560.231 |
|
|
(c) Employees Cost |
28.918 |
26.680 |
80.025 |
|
|
(d) Depreciation |
10.234 |
9.879 |
29.962 |
|
|
(e) Other expenditure |
72.287 |
63.038 |
181.501 |
|
|
(f) Total |
353.318 |
266.807 |
840.733 |
|
5 |
Profit(+)/Loss(-) from operations before Other income,Finance cost and
Exceptional Items(3-4) |
27.647 |
15.322 |
6.801 |
|
6 |
Other income |
0.379 |
0.000 |
0.577 |
|
7 |
Profit (+) / Loss (-) from ordinary activities before Finance Cost
& Exceptional Items(5+6) |
28.026 |
15.322 |
7.378 |
|
8 |
Finance Cost |
29.028 |
25.013 |
76.727 |
|
9 |
Profit(+)/Loss(-) from ordinary activities after Finance cost &
Exceptional Items(7-8) |
(1.002) |
(9.691) |
(69.349) |
|
10 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
11 |
Profit(+)/Loss(-) before Tax (9-10) |
(1.002) |
(9.691) |
(69.349) |
|
12 |
Tax Expenses(incl Deferred Tax) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13 |
Net Profit(+)/Loss(-) after Tax (11-12) |
(1.002) |
(9.691) |
(69.349) |
|
14 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
15 |
Net Profit(+)/Loss(-) for the period(13-14) |
(1.002) |
(9.691) |
(69.349) |
|
16 |
Paid up Equity Share Capital (face value Rs.10/-each) |
131.782 |
131.782 |
131.782 |
|
12 |
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year. |
0.000 |
0.000 |
0.000 |
|
13 |
Earning per share (EPS) |
|
|
|
|
|
(a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not to be annualized) |
(0.07) |
(0.74) |
(5.26) |
|
|
(b) Basic and diluted EPS after extraordinary items for the period,
for the year to date and for the previous year (not to be annualized) |
(0.07) |
(0.74) |
(5.26) |
|
14 |
Non Promoters Shareholding |
|
|
|
|
|
- Number of shares |
7602453 |
7548453 |
7602453 |
|
|
- Percentage of shareholding |
57.69 |
57.28 |
57.69 |
|
15 |
Promoters and Promoter group Shareholding |
|
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
|
Number of Shares |
5467708 |
5448708 |
5467708 |
|
|
Percentage of Shares (as a % of the total |
|
|
|
|
|
shareholding of promoter & promoter group |
98.06 |
96.78 |
98.06 |
|
|
Percentage of Shares (as a % of the total |
|
|
|
|
|
share capital of the company) |
41.49 |
41.35 |
41.49 |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of Shares |
108087 |
181087 |
108087 |
|
|
Percentage of Shares (as a % of the total |
|
|
|
|
|
shareholding of promoter & promoter group) |
1.94 |
3.22 |
1.94 |
|
|
Percentage of Shares (as a % of the total |
|
|
|
|
|
share capital of the company) |
0.82 |
1.37 |
0.82 |
Notes:
1. The above results have been reviewed by the Audit Committee and thereafter , were taken on record by the Board of Directors of the Company at their meeting held on 13th February 2014
2. During the Quarter and Nine Months ended 31st December 2013, 0 Investor complaint were received, all of which have been attended by the company. No complaints were pending at the beginning or at the end of the quarter.
3. As the Company's business activity falls within a single primary business segment viz. "Manufacturing of Bulk Drugs" the disclosure requirements of Accounting Standard (As 17) "Segment Reporting" is not applicable.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.85.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.