MIRA INFORM REPORT
|
Report Date : |
12.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNIL HEALTHCARE LIMITED |
|
|
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|
Registered
Office : |
|
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Country : |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.02.1973 |
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|
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|
Com. Reg. No.: |
55-189662 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.102.548
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24302DL1973PLC189662 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRS04356C |
|
|
|
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PAN No.: [Permanent Account No.] |
AACCS9198Q |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Hard Gelatin Capsule Shells and also engaged in
Trading of Food Items. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 661000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered for business dealings at usual trade
terms and 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loans = BBB - |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk |
|
Date |
July, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Letter of credit = A3 |
|
Rating Explanation |
Have moderate degree of safety and carry very high credit risk |
|
Date |
July, 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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. M. S. Mishra |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-11-49435500 |
|
Date : |
10.11.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Vijay
Tower, 38E/252-A, Shahpurjat, Panchsheel Commercial Complex, New Delhi –
110 049, India |
|
Tel. No.: |
91-11-49435500/ 55/ 66/ 77/ 88/ 99 |
|
Fax No.: |
91-11-43850087 |
|
E-Mail : |
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|
Website : |
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|
Factory : |
17/18, Old Industrial Area, Alwar – 301 001, |
|
Tel. No.: |
91-144-2373829/ 33 |
|
Fax No.: |
91-144-2373826 |
|
|
|
|
Branch Office : |
Located at: · Kolkata · Ahmedabad ·
· Chennai ·
Secunderabad |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Anil Khaitan |
|
Designation : |
Chairman Cum Managing Director |
|
|
|
|
Name : |
Mr. Sanjay Kumar Kaushik |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.01.1969 |
|
Qualification : |
B Com |
|
|
|
|
Name : |
Mr. S.N. Balasubramanian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Joginder Singh IPS (Retired) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajat Kumar Niyogi IPS (Retired) |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. B. P. Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R C Khurana |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Virendra Kumar Garg |
|
Designation : |
Manager-Legal cum Company Secretary |
|
|
|
|
Name : |
Mr. Pawan Rathi |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. M. S. Mishra |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
% Of Total
Shareholding |
|
|
|
As a % of (A+B+C) |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6213094 |
60.59 |
|
|
1327211 |
12.94 |
|
|
7540305 |
73.53 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
7540305 |
73.53 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
10476 |
0.10 |
|
|
10476 |
0.10 |
|
|
|
|
|
|
1504481 |
14.67 |
|
|
|
|
|
|
970857 |
9.47 |
|
|
225418 |
2.20 |
|
|
3213 |
0.03 |
|
|
3213 |
0.03 |
|
|
2703969 |
26.37 |
|
Total Public
shareholding (B) |
2714445 |
26.47 |
|
Total (A)+(B) |
10254750 |
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) |
10254750 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hard Gelatin Capsule Shells and also engaged in
Trading of Food Items. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
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Bankers : |
UCO Bank, Pansari Bazar, Alwar – 301001, Rajasthan, India |
||||||||||||||||||||||||||||||
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Facilities : |
SHORT TERM
BORROWINGS: Cash Credit is Secured by first charge by way of hypothecation on the entire stock of inventories, receivables, bills, and other chargeable current assets of the company (both present and future) and extension of first mortgage / hypothecation charge on the entire fixed assets of the company. The same is also personally guaranteed by Chairman cum Managing director and a relative. |
||||||||||||||||||||||||||||||
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
New Delhi, India |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10800000 |
Equity Shares |
Rs.10/- each |
Rs.108.000 Millions |
|
20000 |
Redeemable Cumulative Preference Shares |
Rs 100/- each |
Rs. 2.000 Millions |
|
|
Total |
|
Rs. 110.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10254750 |
Equity Shares |
Rs.10/- each |
Rs.102.548
Millions |
|
|
|
|
|
RECONCILIATION OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF
YEAR ARE GIVEN BELOW:
|
Particulars |
2013-14 |
|
|
|
Numbers |
Rs in Millions |
|
Equity Shares outstanding at the beginning
of the year |
10,254,750 |
102.548 |
|
Equity Shares outstanding at the end of the year |
10,254,750 |
102.548 |
TERMS/RIGHT ATTACHED TO EQUITY SHARES
Each holder of equity share is entitled to one
vote per share. In the event of liquidation of the Company the holder of equity
share will be entitled to receive remaining assets of the Company after
preferential distribution. The distribution will be in proportion to the number
of equity shares held by the shareholders. There is no restriction on
distribution of dividends. However same is subject to the approval of the
shareholders in the Annual General Meeting.
DETAIL OF SHAREHOLDER HOLDING MORE THAN 5 PERCENT SHARES OF THE COMPANY
AS ON REPORTING DATE ARE GIVEN BELOW:
|
Particulars |
As at 31/03/2014 |
|
|
|
No. of Shares |
% of Holding |
|
Mr. Anil Kumar Khaitan |
5485444 |
53.49% |
|
M/S Magnum Computer Private Limited |
1327211 |
12.94% |
|
M/S Kundan Financial Services Private
Limited |
531810 |
5.19% |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
102.548 |
102.548 |
102.548 |
|
(b) Reserves & Surplus |
128.705 |
96.043 |
81.747 |
|
(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) |
231.253 |
198.591 |
184.295 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
38.039 |
43.286 |
24.408 |
|
(b) Deferred tax liabilities (Net) |
21.687 |
24.543 |
22.213 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.935 |
5.519 |
4.821 |
|
Total Non-current
Liabilities (3) |
65.661 |
73.348 |
51.442 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
145.129 |
161.502 |
121.744 |
|
(b) Trade
payables |
62.830 |
57.165 |
57.145 |
|
(c) Other
current liabilities |
32.273 |
37.624 |
37.076 |
|
(d) Short-term
provisions |
19.425 |
5.202 |
12.658 |
|
Total Current
Liabilities (4) |
259.657 |
261.493 |
228.623 |
|
|
|
|
|
|
TOTAL |
556.571 |
533.432 |
464.360 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
267.982 |
274.509 |
225.325 |
|
(ii)
Intangible Assets |
2.182 |
0.202 |
0.227 |
|
(iii)
Capital work-in-progress |
2.597 |
11.785 |
2.962 |
|
(iv) Intangible assets under development |
0.000 |
0.728 |
0.593 |
|
(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 |
6.173 |
4.811 |
26.071 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
278.934 |
292.035 |
255.178 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.006 |
0.006 |
0.006 |
|
(b)
Inventories |
77.479 |
76.655 |
56.871 |
|
(c) Trade
receivables |
168.974 |
140.785 |
123.122 |
|
(d) Cash
and cash equivalents |
15.537 |
11.992 |
13.051 |
|
(e)
Short-term loans and advances |
7.755 |
7.461 |
13.440 |
|
(f) Other
current assets |
7.886 |
4.498 |
2.692 |
|
Total
Current Assets |
277.637 |
241.397 |
209.182 |
|
|
|
|
|
|
TOTAL |
556.571 |
533.432 |
464.360 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
616.597 |
461.334 |
434.271 |
|
|
|
Other Income |
5.249 |
8.619 |
8.559 |
|
|
|
TOTAL |
621.846 |
469.953 |
442.830 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
192.004 |
153.937 |
135.664 |
|
|
|
Purchases of Stock-in-Trade |
27.344 |
0.582 |
1.337 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(5.200) |
(13.229) |
7.414 |
|
|
|
Employees benefits expense |
71.287 |
62.180 |
54.201 |
|
|
|
Power and Fuel |
51.770 |
57.157 |
47.747 |
|
|
|
Other expenses |
167.741 |
128.635 |
112.016 |
|
|
|
TOTAL |
504.946 |
389.262 |
358.379 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
116.900 |
80.691 |
84.451 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
24.767 |
26.126 |
19.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
92.133 |
54.565 |
64.919 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
40.936 |
38.209 |
32.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX AND EXCEPTIONAL ITEMS |
51.197 |
16.356 |
32.809 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
0.000 |
5.500 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
51.197 |
21.856 |
32.809 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.396 |
7.421 |
11.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
32.801 |
14.435 |
21.687 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
294.140 |
222.782 |
152.420 |
|
|
TOTAL EARNINGS |
294.140 |
222.782 |
152.420 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
91.220 |
97.457 |
52.518 |
|
|
|
Stores & Spares |
1.135 |
4.477 |
1.048 |
|
|
|
Capital Goods |
2.409 |
43.438 |
1.761 |
|
|
|
Traded Goods |
20.678 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
115.442 |
145.372 |
55.327 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.20 |
1.41 |
2.24 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
|
Jun 2014 |
Sep 2014 |
|
Audited / UnAudited |
|
|
UnAudited |
UnAudited |
|
Net Sales |
|
|
154.000 |
197.000 |
|
Total Expenditure |
|
|
125.000 |
165.700 |
|
PBIDT (Excl OI) |
|
|
29.000 |
31.400 |
|
Other Income |
|
|
0.800 |
1.400 |
|
Operating Profit |
|
|
29.800 |
32.800 |
|
Interest |
|
|
5.500 |
6.000 |
|
Exceptional Items |
|
|
0.000 |
0.000 |
|
PBDT |
|
|
24.300 |
26.800 |
|
Depreciation |
|
|
12.500 |
12.700 |
|
Profit Before Tax |
|
|
11.800 |
14.100 |
|
Tax |
|
|
5.000 |
3.500 |
|
Provisions and contingencies |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
6.800 |
10.600 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
6.800 |
10.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.32 |
3.13 |
4.99 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
43.80 |
27.09 |
38.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.24 |
4.20 |
7.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.11 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.79 |
1.03 |
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
0.92 |
0.91 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
102.548 |
102.548 |
102.548 |
|
Reserves & Surplus |
81.747 |
96.043 |
128.705 |
|
Net worth |
184.295 |
198.591 |
231.253 |
|
|
|
|
|
|
long-term borrowings |
24.408 |
43.286 |
38.039 |
|
Short term borrowings |
121.744 |
161.502 |
145.129 |
|
Total borrowings |
146.152 |
204.788 |
183.168 |
|
Debt/Equity ratio |
0.793 |
1.031 |
0.792 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
434.271 |
461.334 |
616.597 |
|
|
|
6.232 |
33.655 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
434.271 |
461.334 |
616.597 |
|
Profit |
21.687 |
14.435 |
32.801 |
|
|
4.99% |
3.13% |
5.32% |
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 |
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 |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Loans from chairman cum managing Director |
0.000 |
1.263 |
|
Loans from bodies corporate |
8.006 |
1.352 |
|
SHORT TERM
BORROWINGS: |
|
|
|
Buyers credit from a bank in foreign currency |
34.954 |
44.160 |
|
Total |
42.960 |
46.775 |
Operations:
During 2013-14 the production of Hard Gelatin Capsule Shells was 6444 Million against 6114 Million in the previous year. The Gross revenue from operation is Rs. 645.900 Millions against Rs.488.200 Millions in the previous year. Profit before tax during the year was Rs.51.197 Millions against Rs. 21.856 Millions in the previous year. During the year the Export increased by 239 %, Profit increased by 127.23%, Cash generation increased by 81.89 & and PBDIT increased by 44.87 % in compare of last year.
Management of the Company is committed to further improve the performance in the coming year and to achieve better sales and more profitability by more production and optimizing product mix and exploring new avenues to achieve overall growth of the Company.
MANAGEMENT
DISCUSSIONS & ANALYSIS REPORT:
OVERVIEW:
Sunil Healthcare limited, having plant at Alwar; Rajasthan for manufacture of Hard Gelatin Capsule Shells. The company was commenced its manufacturing operation in 1976 with installed capacity of 200 million Hard Gelatin Capsule Shell. With gradual expansion, now the installed capacity is 7700 million capsules p.a.
INDUSTRY OUTLOOK:
The product of the Company Hard Gelatin Capsule Shell is used by Pharmaceutical and Food supplement Companies as a container for administering medicines and food supplements. Therefore, the growth of the industry is dependent on the growth of pharmaceutical and food supplement companies domestically and globally.
"The Indian
pharmaceutical industry is a success story providing employment for millions
and ensuring that essential drugs at affordable prices are available to the
vast population of this sub-continent."
India is among the top five emerging pharma markets and has grown at an estimated compound annual growth rate (CAGR) of 13 per cent during the period FY 2009-2013. The Indian pharmaceutical market is poised to grow to US$ 55 billion by 2020 from the 2009 levels of US$ 12.6 billion, according to the report titled 'India Pharma 2020' by McKinsey & Co.
A new cluster of countries is contributing to the growth of the pharma industry, resulting in a robust jump in exports of drugs. The country's pharma industry accounts for about 1.4 per cent of the global pharma industry in value terms and 10 per cent in volume terms. Both domestic and export-led demand contributed towards the robust performance of the sector.
An increase in insurance coverage, an ageing population, rising income, greater awareness of personal health and hygiene, easy access to high-quality healthcare facilities and favorable government initiatives are some of the important factors expected to drive the pharma industry in India. The Government of India has unveiled 'Pharma Vision 2020' aimed at making India a global leader in end-to-end drug manufacturing.
On improved utilisation of manufacturing facilities, the domestic pharmaceutical market is likely to see high revenue growth and profit margins. Pharmaceutical sales in India are expected to grow by1 4. 4 per cent to US$ 27 billion in 2016 from US$ 22.6 billion in 2012, according to a report by Deloitte called '2014 Global Life Sciences Outlook'.
India's pharmaceutical exports stood at US$ 14.84 billion in FY 2013-14. The United States (US) is the country's biggest market for pharma exports accounting for about 25 per cent, followed by the United Kingdom (UK). "India has been able to make its name as a quality supplier of affordable medicines across the globe. We are expecting around 12 per cent growth this fiscal (2014-15)," said Mr. P V Appaji, Executive Director, Pharmaceutical Export Promotion Council of India (Pharmexcil).
Pharma exports from India will be more than the size of the domestic sales by FY 2015, according to a report by India Ratings & Research. The country provides generic medicines to almost 200 countries. It is responsible for about 40 per cent of the generic and over-the-counter drugs consumed in the US. Indian generics market is expected to grow to US$ 26.1 billion by 2016 from US$ 11.3 billion in 2011.
India Ratings and Research has revised its outlook on the pharmaceuticals sector for FY 2014-15 to positive from stable on the back of increased exports. With the support of Pharmexcil and the government in the form of Brand India Pharma project iPHEX, the sector would continue to grow and meet the healthcare requirements of the developing world. The country will also see the largest number of mergers and acquisitions (M&A) in the pharmaceutical and healthcare sector, according to consulting firm Grant Thornton.
With 70 per cent of India's population residing in rural areas, pharma companies have immense opportunities to tap this market. Demand for generic medicines in rural markets has seen a sharp growth.
COMPANY OUTLOOK:
With the increase of installed capacity and exports of the product of the company, the management is optimistic about the future outlook of the company in short, medium and long-term.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10507738 |
28/06/2014 |
11,280,000.00 |
INTEC CAPITAL LIMITED |
701,MANJUSHA, 57
NEHRU PLACE, NEW DELHI, DELHI - |
C10321115 |
|
2 |
10338526 |
17/02/2012 |
42,000,000.00 |
UCO BANK |
PANSARI BAZAR, ALWAR, RAJASTHAN - 301001, INDIA |
B33414582 |
|
3 |
80021614 |
21/07/2014 * |
303,000,000.00 |
UCO BANK |
PANSARI BAZAR, ALWAR, RAJASTHAN - 301001, INDIA |
C16057051 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30th June, 2012 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
a) Net Sales/Income from Operations (Net of excise duty) |
152.535 |
|
|
b) Other Operating Income |
1.483 |
|
|
Total Income from operations (net) |
154.018 |
|
2 |
Expenses |
|
|
|
a) Cost of raw materials consumed |
55.826 |
|
|
b) Purchase of stock-in-trade |
11.065 |
|
|
c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(8.408) |
|
|
d) Employee benefits expense |
18.804 |
|
|
e) Power & Fuel |
12.390 |
|
|
f) Depreciation and amortisation expense |
12.533 |
|
|
g) Other Expenses |
35.307 |
|
|
Total Expenses |
137.517 |
|
3 |
Profit/(Loss) from Operations before other income finance cost and
Exceptional Items |
16.501 |
|
4 |
Other Income |
0.804 |
|
5 |
Profit/(Loss) from ordinary activities before finance cost and
exceptional Items |
17.305 |
|
6 |
Finance costs |
5.540 |
|
7 |
Profit/(Loss) from ordinary activities after finance costs but before
Exceptional Items |
11.765 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit/(Loss) from ordinary activities before Tax |
11.765 |
|
10 |
Tax expenses (Net) |
(4.961) |
|
11 |
Net Profit/(Loss) from Ordinary activities after Tax |
6.804 |
|
12 |
Extraordinary Items (net of tax expenses) |
-- |
|
13 |
Net Profit/(Loss) for the period |
6.804 |
|
14 |
Paid-up equity share capital (face value : Rs.10/-) |
102.548 |
|
15 |
Reserves excluding revaluation reserves |
-- |
|
16 |
Earnings Per Share before and after extraordinary items (not
annualised) |
|
|
|
Basic |
0.66 |
|
|
Diluted |
0.66 |
|
|
|
|
|
|
Particulars of
Shareholding |
|
|
17 |
Public Shareholding |
|
|
|
No. of shares |
2810145 |
|
|
% of shareholding |
27.40 |
|
|
Promoters and
Promoter Group Shareholding |
|
|
a |
Pledged/Encumbered |
|
|
|
No. of shares |
-- |
|
|
% of shares (as a % of the total
shareholding of Promoter and Promoter Group) |
-- |
|
|
% of shares (as a % of the total share
capital of the Company) |
-- |
|
b |
Non-encumbered |
|
|
|
No. of shares |
7444605 |
|
|
% of shares (as a % of the total
shareholding of Promoter and Promoter Group) |
100.00 |
|
|
% of shares (as a % of the total share
capital of the Company) |
72.60 |
|
|
Investor
Complaints |
|
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the Quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
- Previous period figures have been regrouped, wherever found necessary.
- Consequent to the enactment of the Companies Act, 2013 (the Act) and its applicability for accounting period commencing from 1st April 2014, the Company has re-worked depreciation with reference to the economic useful life of its fixed assets as prescribed by Schedule II of the Act or re-assessed by the Company and consequently, the depreciation for the quarter ended June 30, 2014 is higher by Rs. 34.73 Lacs.
- The above financial results have been reviewed by Audit Committee and approved by the Board of Directors in their meeting held on August 13, 2014.
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Buildings
·
Plant and Equipment
·
Electric Installations
·
Furniture and Fixtures and Improvement on Rented
·
Office Equipment
·
Vehicles
·
Tools and Dies
·
Others Assets
Intangible Assets
·
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 judgment 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.61.55 |
|
|
1 |
Rs.97.53 |
|
Euro |
1 |
Rs.76.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not cause
fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial
difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.