MIRA
INFORM REPORT
|
Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HIMEDIA LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
23, Vadhani Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai -
400 086, |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.09.1982 |
|
|
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|
Com. Reg. No.: |
11-028194 |
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|
Capital
Investment / Paid-up Capital : |
Rs.18.225 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85195MH1982PTC028194 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Dehydrated Culture Media, Vegetable Peptones and
Microbiological Diagnostic. |
|
|
|
|
No. of Employees
: |
650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. The company can be considered normal for normal 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) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A- |
|
Rating Explanation |
Adequate degree if safety. It carry low
credit risk. |
|
Date |
13.03.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A2+ |
|
Rating Explanation |
Strong degree of safety. It carry low credit
risk. |
|
Date |
13.03.2014 |
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 DECLINED BY
|
Name : |
Mr. Basant |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-25000970 |
|
Date : |
01.09.2014 |
LOCATIONS
|
Registered/ Head Office : |
23, Vadhani Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai -
400 086, |
|
Tel. No.: |
91-22-25001607/ 61169797 |
|
Fax No.: |
91-22-25005764 / 25002468 / 25002286 |
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E-Mail : |
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|
Website : |
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|
Area : |
1000 sq. ft. |
|
Location : |
Owned |
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Corporate Office : |
A 516, Swastik Disha Business Park, via Vadhani Industrial Estate, L.B.S.
Marg, Mumbai-400086, Maharashtra, India |
|
Tel. No.: |
91-22-61471919 / 25003747 / 25000970 / 25000278 |
|
Fax No.: |
91-22-40951920 / 25005764 / 25002468 |
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|
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Factory 1 : |
Plot No. W-239(B), MIDC Industrial Area, Phase II, Dombivali (East),
Thane, |
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Factory 2 : |
Plot No. B-6 in
Dindori Industrial Area, Village Palkhed, Taluka Dindori, District Nasik,
Maharashtra, India |
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|
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Warehouse: |
Located at Bhiwandi |
DIRECTORS
As on 28.09.2013
|
Name : |
Dr. Gangandhar Warke |
|
Designation : |
Managing Director |
|
Address : |
1 33 Prim Rose, Tata Glendale, Pokharan Road No. 2, Thane – 400610,
Maharashtra, India |
|
Date of Birth/Age : |
16.09.1941 |
|
Qualification: |
M.Sc., |
|
Date of Appointment : |
08.09.1992 |
|
PAN No.: |
AAAPW0772D |
|
DIN No.: |
00131921 |
|
|
|
|
Name : |
Mr. Vishnu Warke |
|
Designation : |
Whole Time Director |
|
Address : |
C-2/ 1002, 10th Floor, Lok Everest, J. D. Road, Mulund,
Mumbai – 400 080, |
|
Date of Birth/Age : |
03.07.1945 |
|
Qualification: |
B.Sc., |
|
Date of Appointment : |
08.09.1992 |
|
PAN No.: |
AAAPW2012N |
|
DIN No.: |
00143047 |
|
|
|
|
Name : |
Mr. Vishal Gangadhar Warke |
|
Designation : |
Whole Time Director |
|
Address : |
131, 13th Floor, Prime Rose Gladys A Lverex Road-Village
Majiwade, Thane – 400 607, |
|
Date of Birth/Age : |
29.04.1973 |
|
Date of Appointment : |
01.08.2004 |
|
PAN No.: |
AAIPW9404G |
|
DIN No.: |
00143167 |
|
|
|
|
Name : |
Mr. Anil Tryambak Warke |
|
Designation : |
Whole Time Director |
|
Address : |
|
|
Date of Birth/Age : |
30.07.1960 |
|
Date of Appointment : |
01.05.1998 |
|
PAN No.: |
AAAPW2003R |
|
DIN No.: |
00143275 |
|
|
|
|
Name : |
Mr. Rahul Gangadhar Warke |
|
Designation : |
Whole Time Director |
|
Address : |
134, 13th Floor, Prime Rose Gladys Al Wares Marg, |
|
Date of Birth/Age : |
19.09.1974 |
|
Qualification: |
M.Sc., |
|
Date of Appointment : |
01.04.2006 |
|
PAN No.: |
AAIPW9403B |
|
DIN No.: |
00143397 |
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|
|
|
Name : |
Mrs. Priti Vishal Warke |
|
Designation : |
Whole Time Director |
|
Address : |
1 33 Prim Rose, Tata Glendale, Pokharan Road No. 2, Thane – 400610,
Maharashtra, India |
|
Date of Birth/Age : |
11.12.1976 |
|
Date of Appointment : |
01.08.2005 |
|
PAN No.: |
AAQPW2037H |
|
DIN No.: |
00809839 |
|
|
|
|
Name : |
Mr. Rajas Vishnu Warke |
|
Designation : |
Director |
|
Address : |
C-2/ 1002, 10th Floor, Lok Everest, J. D. Road, Mulund,
Mumbai – 400 080, |
|
Date of Birth/Age : |
06.02.1978 |
|
Date of Appointment : |
16.06.2008 |
|
PAN No.: |
AAIPW9405H |
|
DIN No.: |
02247355 |
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|
|
|
Name : |
Mr. Pravin Tryambak Warke |
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Designation : |
Whole Time Director |
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Address : |
|
|
Date of Birth/Age : |
15.07.1965 |
|
Date of Appointment : |
01.08.2005 |
|
PAN No.: |
AAAPW2137Q |
|
DIN No.: |
01672973 |
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|
|
|
Name : |
Mr. Dinkar G Charudhari |
|
Designation : |
Director |
|
Address : |
4, Sai Nagar Apartments, Next to Uttam Society, Chembur, Mumbai –
400071, |
|
Date of Birth/Age : |
01.04.1939 |
|
Date of Appointment : |
03.01.2002 |
|
|
|
|
Name : |
Mr. Laxman S Bhole |
|
Designation : |
Director |
|
Address : |
K-22, Ganaji Raj Cooperative Housing Society, Mitha Nagar Road, Mulund
East, Mumbai – 400081, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1942 |
|
Date of Appointment : |
03.01.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Basant |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders |
No. of Shares |
|
Gangadhar M. Warke |
60201 |
|
Vishnu M. Warke |
60201 |
|
Tryambak M. Warke |
675 |
|
Jyoti A. Warke Anil T. Warke |
1350 |
|
Pravin. T. Warke T. M. Warke |
180 |
|
Pravin T. Warke Sangeeta. P. Warke |
19710 |
|
Ramesh T. Warke T. M Warke |
90 |
|
R. Ramesh T. Warke S. R. Warke |
19710 |
|
Anil T. Warke T. M. Warke |
3960 |
|
Anil T. Warke J. A. Warke |
14580 |
|
Rajas V. Warke |
270 |
|
Saroj G. Warke |
135 |
|
Swati V. Warke |
135 |
|
Vishal G. Warke |
135 |
|
Rahul G. Warke |
135 |
|
Gangadhar M. Warke (HUF) |
135 |
|
Vishnu M. Warke (HUF) |
135 |
|
Promino Health Product Private Limited, |
135 |
|
P. T. Warke (HUF), |
90 |
|
Sulochana Mahajan |
90 |
|
R. T. Warke (HUF), |
90 |
|
A. T. Warke (HUF), |
90 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dehydrated Culture Media, Vegetable Peptones and
Microbiological Diagnostic. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON: 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
|
|
|
|
Biological Dehydrated Culture Media, Media bases |
MT |
3950
(Approximately) |
GENERAL INFORMATION
|
No. of Employees : |
650 (Approximately) |
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Bankers : |
State Bank of India, N.G.N. Vaidya Marg, Bank Street, Fort,, Mumbai - 400001, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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|
Auditors : |
|
|
Name : |
A.B. Jog and Company Chartered Accountants |
|
Address : |
604-B, Manisha Apartments, |
|
Tel. No.: |
91-22-28209245 |
|
Fax No.: |
91-22-24313042 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFPJ0523Q |
|
|
|
|
Parties where
control exists (subsidiaries) : |
· Himedia Laboratories, LLC, U.S.A |
|
|
|
|
Enterprises Having
Common Key Management Personnel and Their Relatives: |
· Warkem Biotech Private Limited, India [U24200MH2005PTC150416] · Pure Nutriplant Chemicals Private Limited · Promino Health Products Private Limited · Agencia LaDiagnos · X-pert Computer Consultants · Biopharmaceutical Enterprises · H.P.Works · Biotech Consultants · Promino Products · Warke Family trust |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
182250 |
Equity Shares |
Rs.100/- each |
Rs. 18.225
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
18.225 |
18.225 |
18.225 |
|
(b) Reserves & Surplus |
700.108 |
560.059 |
494.432 |
|
(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) |
718.333 |
578.284 |
512.657 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
273.712 |
258.632 |
156.342 |
|
(b) Deferred tax liabilities
(Net) |
13.288 |
12.678 |
13.741 |
|
(c) Other long term
liabilities |
148.478 |
137.470 |
123.445 |
|
(d) long-term provisions |
4.564 |
2.140 |
1.489 |
|
Total
Non-current Liabilities (3) |
440.042 |
410.920 |
295.017 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
356.809 |
329.287 |
384.245 |
|
(b) Trade payables |
189.904 |
159.003 |
144.234 |
|
(c) Other current liabilities |
66.274 |
72.776 |
70.840 |
|
(d) Short-term provisions |
75.035 |
43.627 |
64.303 |
|
Total
Current Liabilities (4) |
688.022 |
604.693 |
663.622 |
|
|
|
|
|
|
TOTAL |
1846.397 |
1593.897 |
1471.296 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
454.859 |
437.045 |
386.569 |
|
(ii) Intangible Assets |
2.974 |
1.357 |
0.845 |
|
(iii) Capital work-in-progress |
0.609 |
28.862 |
44.461 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.452 |
0.013 |
0.003 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43.768 |
25.871 |
26.765 |
|
(e) Other Non-current assets |
0.574 |
1.963 |
0.065 |
|
Total
Non-Current Assets |
503.236 |
495.111 |
458.708 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
640.424 |
520.973 |
469.513 |
|
(c) Trade receivables |
463.584 |
330.261 |
290.433 |
|
(d) Cash and cash equivalents |
162.059 |
174.643 |
177.337 |
|
(e) Short-term loans and
advances |
70.297 |
57.690 |
64.151 |
|
(f) Other current assets |
6.797 |
15.219 |
11.154 |
|
Total
Current Assets |
1343.161 |
1098.786 |
1012.588 |
|
|
|
|
|
|
TOTAL |
1846.397 |
1593.897 |
1471.296 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
2129.258 |
1642.454 |
1456.996 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
274.257 |
160.557 |
228.797 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
91.845 |
52.567 |
73.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
182.412 |
107.990 |
155.272 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18.542 |
27.083 |
16.596 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
131.604 |
74.168 |
108.335 |
|
|
|
Dividend (Interim and Final) |
42.363 |
42.363 |
36.450 |
|
|
BALANCE CARRIED
TO THE B/S |
26.987 |
18.542 |
27.083 |
|
|
|
|
|
|
|
|
|
|
FOB VALUE OF EXPORT |
667.438 |
483.254 |
395.527 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF IMPORT |
406.730 |
236.576 |
253.465 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1001.00 |
593.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
12.88
|
9.78 |
15.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.86
|
10.26 |
16.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.28 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.88
|
1.02 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.82 |
1.53 |
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 |
18.225 |
18.225 |
18.225 |
|
Reserves & Surplus |
494.432 |
560.059 |
700.108 |
|
Net
worth |
512.657 |
578.284 |
718.333 |
|
|
|
|
|
|
long-term borrowings |
156.342 |
258.632 |
273.712 |
|
Short term borrowings |
384.245 |
329.287 |
356.809 |
|
Total
borrowings |
540.587 |
587.919 |
630.521 |
|
Debt/Equity
ratio |
1.054 |
1.017 |
0.878 |
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 |
1456.996 |
1642.454 |
2129.258 |
|
|
|
12.729 |
29.639 |
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 |
1456.996 |
1642.454 |
2129.258 |
|
Profit |
155.272 |
107.990 |
182.412 |
|
|
10.66% |
6.57% |
8.57% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS:
The company registered an increase in domestic turnover by 27% and in export turnover by 35% over that of the previous year. This is the result of the marketing efforts of the directors.
As expected and mentioned in their report last year, they had targeted a turnover of Rs.1950.000 Millions. The management was successful in surpassing the target to reach 2130.000 Millions inspite of recessionary conditions throughout the world. The sales promotion efforts are continuously going on and enabling the company to exploit the full potential of markets in India and abroad. This is evident from the increased turnover for the year in spite of competitive conditions in the country and in the global economy. A better utilization of resources has enabled the Company to increase the profit after tax for the year. The healthcare scenario of the country has been changing for the better due to increased awareness from the government and among the general public. An encouraging quantum of enquiries is being received. The turnover for the first five months of the current year, which is normally a lean period, has amounted to Rs.788.900 Millions. The directors are optimistically confident of not only achieving a target of Rs.2700.000 Millions set for the current year, but exceeding the same.
During the year under review, the company has taken strides in the introduction of new products. These products are the results of the Research and Development efforts of the company in the field of vegetable based peptone, Plant tissue culture cells, and monoclonal and polyclonal antibodies, Animal cell culture media and Molecular Biological kits. These products are finding acceptability in domestic and foreign markets, both existing and new. Kits to test rapid growth of bacteria are being well accepted. Various in-vitro diagnostic reagents continue to find a ready global market. The Company introduced during the year complete detection of Sickle cell kit in Hematology range, harmonized media for Pharmaceutical industries and developed economical version of water testing kit. The company introduced first time in the world the rapid and simple diagnostic kits for pharmaceutical, clinical, food, water and milk testing and isplanning to take the patent for the same.
The company has already successfully started marketing Hiveg products in USA. Also regular medias are also created besides veg products. The Company is also targeting Hiveg products in fermentation industries where animal based products will be replaced with Hiveg products. A-comprehensive range of stem cells, primary cells and their media were launched during this year.
Stem cell, which is a new field, was launched in the last year and it is significantly contributing to increase in turnover.
Due to these circumstances the directors are hopeful of achieving the projected turnover in this financial year also.
Central Logistic Warehouse: - To facilitate more prompt service to customers, the directors have established duty paid warehouse at Bhiwandi for Domestic markets.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax loan |
119.912 |
119.927 |
|
Loans and advances from directors |
118.647 |
104.446 |
|
Loans and advances from others |
34.759 |
33.159 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
0.200 |
0.985 |
|
|
|
|
|
Total |
273.518 |
258.517 |
INDEX OF CHARGES
|
S. No. |
Charge id |
Date of charge
creation/modification |
Charge amount
secured |
Charge holder |
Address |
Service request
number (srn) |
|
1 |
90243478 |
04/02/2004 * |
141,800,000.00 |
STATE BANK OF INDIA |
L B S ROAD,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
2 |
90186763 |
11/05/2013 * |
570,000,000.00 |
STATE BANK OF INDIA |
MUMBAI
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, HORNIMAN CIRCLE, BANK STREET, FORT,
MUMBAI, MAHARASHT |
B75569236 |
|
3 |
90184117 |
21/07/1999 |
53,000,000.00 |
STATE BANK OF INDIA |
SSI BUSINESS
BRANCH; GHATKOPAR (WEST) BRANCH, L.B .S MARG; GHATKOPAR, MUMBAI,MAHARASHTRA -
400086, INDIA |
- |
|
4 |
90186618 |
11/11/1998 |
66,000,000.00 |
STATE BANK OF INDIA |
ASHOK MILLS
COMPOUND; L.B.S ROAD, GHATKOPAR WEST, MUMBAI, MAHARASHTRA - 400086, INDIA |
- |
|
5 |
90242142 |
10/01/2014 * |
570,000,000.00 |
STATE BANK OF INDIA |
N.G.N. VAIDYA MARG,,
BANK STREET, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B98305758 |
|
6 |
90184076 |
30/07/2004 * |
53,000,000.00 |
STATE BANK OF INDIA |
ASHOK MILLS
COMPOUND; L.B.S ROAD, GHATKOPAR WEST, MUMBAI, MAHARASHTRA - 400086, INDIA |
- |
|
7 |
90186467 |
17/07/2000 * |
53,000,000.00 |
STATE BANK OF INDIA |
ASHOK MILLS
COMPOUND, L.B.S ROAD; GHATKOPAR WEST, MUMBAI, MAHARASHTRA - 400086, INDIA |
- |
|
8 |
90186415 |
17/01/1997 |
53,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED SMALL
INDUSTRY ESTATE BRANCH, MUMBAI, |
- |
|
9 |
90184038 |
11/03/1996 |
30,500,000.00 |
UNION BANK OF INDIA |
DHANLAXMI
INDUSTRIAL ESTATE, MAJIWADA, THANE, MAH ARASHTRA - 400601, INDIA |
- |
|
10 |
90186177 |
04/03/1995 |
3,500,000.00 |
UNION BANK OF INDIA |
DHANLAXMI INDL.
SERVICES AMRUTNAGAR, 1ST FLOOR; MAJIWADA, THANE, MAHARASHTRA - 400601, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
|
Counter Guarantees issued in favour of Scheduled Banks in respect of Guarantees and Letters of credit opened and outstanding at the end of the year: |
|
|
Bank Guarantee (Domestic -Net ) |
1.676 |
|
Bank Guarantee (International) |
0.969 |
|
Letters of Credit in favour of foreign suppliers |
6.370 |
|
( Margin held by bank against above (a+b+c) in form of Term Deposit Receipts pledged ) |
5.945 |
|
Credit facilities granted to an associate concern |
38.953 |
|
a) Sales Tax ( VAT since 01.04.2005) Assessments are completed up to financial year ended 31.03.09 in respect of units in backward area and up to 31-03-2007 in respect of other operation and there are no demands outstanding. For assessment under MVAT act 2005, VAT audit report is treated as assessment and there are no VAT dues. However a demand of Rs. 0.787 Million against penalty for late filling of VAT audit report for the year ended 31.03.2007 has been raised against company, against which appeal has been preferred and decision is awaited. Final Liability for unassessed years remains unascertained. Set off of tax on purchase up to financial year ended 31-03-2005 had been accounted on the basis of returns filed and is adjusted on assessment as per order of assessment. b) For Current Year under review there is a contingent liability of Rs.19.022 Millions (P.Y.Rs.14.066 Millions) on account of differential sales and value added tax due to non-receipts of prescribed declaration forms in anticipation of which lower rate of tax has been charged in the invoices. The management is however making all efforts for obtaining such forms from customers. iii) Interest accrued on term loans from a financial institution falling due within next 12 month from the date of balance sheet is Rs. 0.104 Millions. iv) The Income tax assessments have been completed upto the accounting year ended 31.03.2010 i.e A.Y. 2010-11. The demand raised by the Income tax authorities for A.Y 2009-10 has been disputed by the company and the company has filed appeal against the said order with I.T.A.T Mumbai. The demand raised by the Income tax authorities for A.Y 2010-11 has been disputed by the company and the company has filed appeal against the said order with CIT (Appeals)- 21,Mumbai. The interest on income tax refunds or assessment dues is accounted in the year of receipt for refund and finality of appellate remedies and its effect given to in case of demand. The final liability in respect of unassessed years from F.Y. ended 31-3-2010 onwards remains indeterminate. The same has been disclosed under Contingent Liabilities with amount indeterminate. |
|
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Computer software
· 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.60.65 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.79.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
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.