|
Country |
India |
||
|
Company Name |
GUFIC
BIOSCIENCES LIMITED |
Principal Name 1 |
Mr. Jayesh P. Choksi |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Khantilal N. Sanghavi |
|
Registration # |
11-033519 |
||
|
Street Address |
2nd
Floor, Building A, Moti Baug, 118/119, S.V. Road, Andheri [West], Mumbai –
400058, Maharashtra, India |
||
|
Established Date |
23.07.1984 |
SIC Code |
- |
|
Telephone# |
91-22-28341521/ 28341522/ 28369008/ 28328103 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28369008/ 28218103 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
Bulk Drugs, Pharmaceutical and Herbal Products |
|
|
# of employees |
Not Available |
Product Name 2 |
Ayurvedic Medicine |
|
Paid up capital |
Rs. 77,350,000 /- |
Product Name 3 |
Bulk Medicine, Sanitary Napkins |
|
Shareholders |
Promoter and Promoters Group – 69.98% Public Shareholding 30.02% |
Banking |
State Bank of
India |
|
Public Limited Corp. |
Yes |
Business Period |
30 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public Enterprise |
Yes |
Rating |
Ba (49) |
|
|
|||
|
Relation |
Country |
Company Name |
CEO |
|
Related Parties |
--- |
Gufic Chem Private Limited |
--- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
397,649,000 |
Current Liabilities |
288,606,000 |
|
Inventories |
199,959,000 |
Long-term Liabilities |
321,527,000 |
|
Fixed Assets |
268,298,000 |
Other Liabilities |
61,692,000 |
|
Deferred Assets |
0 |
Total Liabilities |
671,825,000 |
|
Invest& other
Assets |
29,858,000 |
Retained Earnings |
146,589,000 |
|
|
0 |
Net Worth |
223,939,000 |
|
Total Assets |
895,764,000 |
Total Liab. &
Equity |
895,764,000 |
|
Total Assets (Previous Year) |
741,278,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
1,005,301,000 |
Net Profit |
839,328,000 |
|
Sales(Previous yr) |
835,651,000 |
Net Profit (Previous Year) |
15,271,000 |
MIRA INFORM REPORT
|
Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUFIC BIOSCIENCES LIMITED (w.e.f.20.07.2000) |
|
|
|
|
Formerly Known
As : |
CENTRAL FINANCE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor,
Building A, Moti Baug, 118/119, S.V. Road, Andheri [West], Mumbai – 400058,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.01.1901 |
|
|
|
|
Com. Reg. No.: |
11-033519 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 77.350 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65990MH1984PLC033519 [New] L65990MH1901PLC033519 [Old] |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG06173G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products. |
|
|
|
|
No. of Employees
: |
Not divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 895000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company considered for normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 BY
|
Name : |
Mr. Jayesh P. Choksi |
|
Designation : |
Managing Director |
|
Contact No.: |
91-22-67261000 |
|
Date : |
23.04.2014 |
LOCATIONS
|
Registered Office : |
2nd
Floor, Building A, Moti Baug, 118/119, S.V. Road, Andheri [West], Mumbai –
400058, Maharashtra |
|
Tel. No.: |
91-22-28341521/ 28341522/ 28369008/ 28328103 |
|
Fax No.: |
91-22-28369008/ 28218103 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative/ Corporate Office : |
Old Sanskar Jyot School Building, 2nd and 3rd Floor (Above Bank of Maharashtra), S.V.
Road Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Tel. No.: |
91-22-67261000 |
|
Fax No.: |
91-22-67261068 |
|
|
|
|
Factory : |
National Highway No.8, Near Grid, Kabilpore, Navsari – 396424,
Gujarat, India |
|
Tel. No.: |
91-2637-239946/ 329424 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Jayesh P. Choksi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Khantilal N. Sanghavi |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Dr. Sharat S. Gandhi |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Ashok M. Tarale |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Pranav J. Choksi |
|
Designation : |
Executive Whole time Director |
|
|
|
|
Name : |
Dr. M.G. Dhapalapur |
|
Designation : |
Executive Whole time Director |
|
|
|
|
Name : |
Mr. Pankaj J. Gandhi |
|
Designation : |
Additional Director w.e.f 01.08.2013 |
|
|
|
|
Name : |
Mr. Jagdish D. Shah |
|
Designation : |
Additional Director w.e.f 01.08.2013 |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Khulbe |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
28273358 |
36.55 |
|
|
25854287 |
33.43 |
|
|
54127645 |
69.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
54127645 |
69.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1199517 |
1.55 |
|
|
1199517 |
1.55 |
|
|
|
|
|
|
9240417 |
11.95 |
|
|
|
|
|
|
10637186 |
13.75 |
|
|
1633274 |
2.11 |
|
|
511961 |
0.66 |
|
|
63315 |
0.08 |
|
|
304909 |
0.39 |
|
|
124046 |
0.16 |
|
|
19691 |
0.03 |
|
|
22022838 |
28.47 |
|
Total Public shareholding (B) |
23222355 |
30.02 |
|
Total (A)+(B) |
77350000 |
100.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
77350000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
ICICI Bank ·
Corporation Bank ·
Bank of Baroda |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Mayur Chokshi and Company Chartered Accountants |
|
Address : |
Ground Floor, Tibrewala
House, 33, Swastik Society, N.S. Road No 3, JVPD Scheme, Mumbai – 400056,
Maharashtra, India |
|
|
|
|
Related Parties : |
v Gufic Chem
Private Limited v Gufic Private
Limited v Jal Private
Limited v Gufic Stridden
Private Limited v Gufic Healthcare
Limited v Zircon Finance
and Leasing Private Limited v Gufic Life
Sciences Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re.1/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77350000 |
Equity Shares |
Re.1/- each |
Rs. 77.350 Millions |
|
|
|
|
|
Each holder of equity shares is entitled to one
vote per share with a right to receive per share dividend declared by the
Company. In the event of liquidation, the equity shareholders are entitled to
receive remaining assets of the Company (after distribution of all preferential
amounts) in the proportion of equity shares held by the shareholders.
During the year, the Company has recorded
Dividend @ 5% (previous year: 5% ) on a share of Rs.1each.
Details of shareholders holding more than 5%
shares of the Company
Equity shares of Rs.1 each fully paid up held
by
|
Name of Shareholders |
31.03.2013 |
|
|
|
No of Shares |
% |
|
Zircon Finance and Leasing Private Limited |
20523330 |
26.53 |
|
Jayesh Pannalal Choksi |
18010259 |
23.28 |
|
Sambhav Properties Private Limited |
7741550 |
10.01 |
|
Pranav Jayesh Choksi |
6875844 |
8.89 |
|
Gufic Private Limited |
5330957 |
6.89 |
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 |
77.350 |
77.350 |
77.350 |
|
(b) Reserves & Surplus |
146.589 |
117.792 |
107.016 |
|
(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) |
223.939 |
195.142 |
184.366 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
184.159 |
43.180 |
53.302 |
|
(b) Deferred tax liabilities
(Net) |
29.469 |
24.150 |
25.188 |
|
(c) Other long term
liabilities |
9.550 |
10.150 |
10.900 |
|
(d) long-term provisions |
11.868 |
9.973 |
7.694 |
|
Total
Non-current Liabilities (3) |
235.046 |
87.453 |
97.084 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
137.368 |
153.197 |
131.144 |
|
(b) Trade payables |
207.177 |
222.156 |
146.442 |
|
(c) Other current liabilities |
71.879 |
64.228 |
34.845 |
|
(d) Short-term provisions |
20.355 |
19.102 |
12.098 |
|
Total
Current Liabilities (4) |
436.779 |
458.683 |
324.529 |
|
|
|
|
|
|
TOTAL |
895.764 |
741.278 |
605.979 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
267.767 |
172.696 |
164.910 |
|
(ii) Intangible Assets |
0.531 |
4.409 |
8.300 |
|
(iii) Capital work-in-progress |
29.766 |
10.654 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.092 |
0.092 |
0.092 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
72.652 |
54.886 |
47.658 |
|
(e) Other Non-current assets |
1.046 |
0.518 |
0.593 |
|
Total
Non-Current Assets |
371.854 |
243.255 |
221.553 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
199.959 |
169.094 |
127.667 |
|
(c) Trade receivables |
219.300 |
225.715 |
176.407 |
|
(d) Cash and cash equivalents |
12.783 |
9.627 |
9.475 |
|
(e) Short-term loans and
advances |
72.209 |
86.086 |
65.607 |
|
(f) Other current assets |
19.659 |
7.501 |
5.270 |
|
Total
Current Assets |
523.910 |
498.023 |
384.426 |
|
|
|
|
|
|
TOTAL |
895.764 |
741.278 |
605.979 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1001.441 |
835.651 |
714.653 |
|
|
Other Income |
3.860 |
3.677 |
1.624 |
|
|
TOTAL
(A) |
1005.301 |
839.328 |
716.277 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
328.768 |
258.885 |
223.426 |
|
|
Purchases of Stock-in-Trade |
192.199 |
195.339 |
175.141 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(10.775) |
(4.622) |
(29.163) |
|
|
Employees benefits expense |
54.485 |
46.028 |
42.129 |
|
|
Other expenses |
327.898 |
268.878 |
243.916 |
|
|
TOTAL
(B) |
892.575 |
764.508 |
655.449 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
112.726 |
74.820 |
60.828 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.300 |
26.307 |
19.058 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
74.426 |
48.513 |
41.770 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
21.795 |
18.812 |
18.066 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
52.631 |
29.701 |
23.704 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
19.339 |
14.430 |
9.064 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
33.292 |
15.271 |
14.640 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
103.071 |
92.295 |
82.165 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
3.868 |
3.868 |
3.868 |
|
|
Tax on Dividend |
0.627 |
0.627 |
0.642 |
|
|
Balance
Carried to the B/S (J+K+L-M) |
131.868 |
103.071 |
96.805 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Sales calculated on FOB basis |
116.946 |
87.138 |
114.167 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials / Merchant Goods |
62.558 |
29.309 |
32.913 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.43 |
0.20 |
0.19 |
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.Million) |
Jun 2013 |
Sep 2013 |
Dec 2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter
|
|
\Audited / UnAudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
253.900 |
290.300 |
313.600 |
|
Total Expenditure |
225.300 |
261.400 |
282.600 |
|
PBIDT (Excl OI) |
28.700 |
29.000 |
30.900 |
|
Other Income |
00.100 |
00.600 |
00.800 |
|
Operating Profit |
28.800 |
29.600 |
31.700 |
|
Interest |
10.200 |
08.700 |
10.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
18.600 |
20.800 |
21.700 |
|
Depreciation |
06.300 |
05.800 |
06.100 |
|
Profit Before Tax |
12.300 |
15.100 |
15.600 |
|
Tax |
04.300 |
03.600 |
04.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
08.000 |
11.500 |
10.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
08.000 |
11.500 |
10.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.31 |
1.82 |
2.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.26 |
3.55 |
3.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.08 |
4.07 |
3.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.15 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.44 |
1.01 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.09 |
1.18 |
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 |
77.350 |
77.350 |
77.350 |
|
Reserves & Surplus |
107.016 |
117.792 |
146.589 |
|
Net
worth |
184.366 |
195.142 |
223.939 |
|
|
|
|
|
|
long-term borrowings |
53.302 |
43.180 |
184.159 |
|
Short term borrowings |
131.144 |
153.197 |
137.368 |
|
Total
borrowings |
184.446 |
196.377 |
321.527 |
|
Debt/Equity
ratio |
1.000 |
1.006 |
1.436 |
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 |
714.653 |
835.651 |
1001.441 |
|
|
|
16.931 |
19.840 |
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 |
714.653 |
835.651 |
1001.441 |
|
Profit |
14.640 |
15.271 |
33.292 |
|
|
2.05% |
1.83% |
3.32% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
--- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
No |
UNSECURED LOAN
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG-TERM BORROWINGS |
|
|
|
From Directors |
33.500 |
20.000 |
|
From Related Parties |
13.416 |
6.690 |
|
Total |
46.916 |
26.690 |
Note:
Unsecured Loans:
Unsecured loans are interest free and are repayable after march 2014.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10433270 |
14/06/2013 |
15,000,000.00 |
The Saraswat
Cooperative Bank Ltd |
SME Vile Parle
Branch, Bholanath Co-op Hsg Soc, S |
B78060076 |
|
2 |
10398265 |
05/01/2013 |
4,500,000.00 |
The Saraswat Cooperative
Bank Ltd |
SME Vile Parle
Branch, Bholanath Co-op Hsg Soc, S |
B66272576 |
|
3 |
10397211 |
20/12/2013 * |
60,000,000.00 |
The Saraswat
Cooperative Bank Ltd |
SME Vile Parle Branch,
Bholanath Co-op Hsg Soc, S |
B93424042 |
|
4 |
10398262 |
31/12/2012 |
54,500,000.00 |
The Saraswat
Cooperative Bank Ltd |
SME Vile Parle
Branch, Bholanath Co-op Hsg Soc, S |
B66272089 |
|
5 |
10397209 |
19/12/2013 * |
145,000,000.00 |
The Saraswat
Cooperative Bank Ltd |
SME Vile Parle
Branch, Bholanath Co-op Hsg Soc, S |
B93372407 |
|
6 |
10397210 |
21/12/2012 |
85,000,000.00 |
The Saraswat
Cooperative Bank Ltd |
SME Vile Parle
Branch, Bholanath Co-op Hsg Soc, S |
B65966905 |
|
7 |
10363676 |
21/06/2012 |
25,800,000.00 |
INTEC CAPITAL
LIMITED |
701,MANJUSHA, 57
NEHRU PLACE, NEW DELHI, Delhi - |
B42886622 |
|
8 |
90216128 |
02/02/1985 |
2,000,000.00 |
THE MEMON
CO-OP.; BANK LTD. |
MOHAMEDALI ROAD,
BOMBAY, Maharashtra - 400003, IND |
- |
* Date of charge modification
FINANCIAL
HIGHLIGHTS:
During the year the sales increased to Rs.1005.301 Million in comparison
to previous year's Rs 839.328 Million increased of 19.77%. PBIDT increased by
50.66% and PBT increased by 77.80% PAT increased by 118.01%.
MANAGEMENT DISCUSSION & ANALYSIS REPORT:
INDIAN PHARMA
INDUSTRY – AN OVERVIEW
The demand for pharmaceutical products in India is significant and is
driven by low drug penetration, rising middle-class & disposable income,
increased government & private spending on healthcare infrastructure,
increasing medical insurance penetration etc.
The Pharmaceutical industry in India meets around 70% of the country's
demand for bulk drugs, drug intermediates, pharmaceutical formulations,
chemicals, tablets, capsules, orals and injectibles. There are approximately
250 large units and about 8000 Small Scale Units, which form the core of the
pharmaceutical industry in India (including 5 Central Public Sector Units).
CURRENT SCENARIO:
India's pharmaceutical market grew at 11.9
per cent during FY 2012-13. Globally, India ranks third in terms of manufacturing
Pharma products by volume. According to McKinsey, the Pharmaceutical Market is
ranked14th in the world. By 2015 it is expected to reach top 10 in the world
beating Brazil, Mexico, South Korea and Turkey. More importantly, the
incremental market growth of US$ 14billion over the next decade is likely to be
the third largest among all markets. The US and China are expected to add US$
200bn and US$ 23bn respectively. McKinsey & Company's report, “India Pharma
2020: Propelling access and acceptance, realizing true potential,” predicted
that the Indian pharmaceuticals market will grow to US$55 billion in 2020; and
if aggressive growth strategies are implemented, it has further potential to
reach US$70 billion by 2020. While, Market Research firm Cygnus' report
forecasts that the Indian bulk drug industry will expand at an annual growth
rate of 21 percent to reach $16.91 billion by 2014.
The report also noted that India ranks third in terms of volume among
the top 15 drug manufacturing countries. Further, McKinsey reports Healthcare
grew from 4 per cent of average household income in 1995 to 7 per cent in 2005
and is expected to grow to 13 per cent by 2025. Generics: India tops the world
in exporting generic medicines worth US$ 11 billion. The Indian generic drug
market is to grow at a CAGR of around 20 per cent in 2013-2014.Over the next
few years, it is expected that the patent laws will provide impetus to the
launch of patent-protected products. Such products have the potential to
capture up to a 10% share of the market by 2015, implying the market size of US
$2bn.
OUTLOOK ON
OPPORTUNITIES
The annual global spend is expected to more than double to US$ 70
billion by 2016 from US$ 30 billion in 2012. About 60% will come from increased
usage of existing generics and the rest from newly available generics. The
generics industry is expected to continue on its growth path aided by multiple
factors including
(a) Opportunity of over US$ 100 billion drugs going off patent by 2016;
(b) Increasing burden of healthcare in developed markets, especially the
USA, the UK and Germany, that are most
impacted during the current challenging economic times;
(c) Opportunity for generics penetration in some of the key markets such
as Japan and parts of Europe;
(d) Increasing access to healthcare in developing economies; and
(e) Increasing competition and consolidation in the industry
COMPANY
PERFORMANCE
·
Total revenues of the Company increased by 22.43%
·
Sales of Formulation Division increased by 23.97%
·
Sales of Bulk Drug Division increased by 2.63%
·
Sales of Consumer Division increased by 40.42%
·
Injection capacity increased to 1.4 million vials
per month
·
Napkin capacity increased to 20 million per month
·
New API block started for antifungals like
Caspofungin
· Other low volume & high value API commercialized in 2013-2014
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
A Estimated amount of contract remaining to be executed On capital account and not provided for |
21.951 |
29.222 |
|
B Letter of Credit |
21.951 |
23.913 |
|
C Bank Guarantee |
13.155 |
1.700 |
|
D Claims against company not acknowledge as
Debts, Being disputed |
11.049 |
10.886 |
|
E Labor Cases |
0.250 |
0.070 |
Details of other commitments
arising out of major Contracts entered into by the Company
The Company has entered into an agreement revising earlier arrangement for availing marketing services with Gufic Private Limited, a company in which directors are interested. In terms of the said agreement, consideration committed is 13.5 % of the turnover of the company and in future it shall be additional 10% onincreased sales over and above the sales for financial year ended 2011-12. The company is also required to pay an additional interest free deposit equivalent to three months of expected monetary expenses.
FIXED ASSETS:
TANGIBLE ASSETS
v Plant and
Machinery
v Air Conditioners
v Office Equipments
v Computers
v Electrical
Installation
v Vehicles
v Furniture and
Fixture
v Capital Exp on Factory
INTANGIBLE ASSETS
v Computer Software
v Brand
v Technical Know How
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.101.68 |
|
Euro |
1 |
Rs.83.45 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
PLK |
|
|
|
|
Report Prepared
by : |
PRTT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.