MIRA
INFORM REPORT
|
Report Date : |
19.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARVIND REMEDIES LIMITED |
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Registered
Office : |
190, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.06.1988 |
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Com. Reg. No.: |
18-015882 |
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Capital
Investment / Paid-up Capital : |
Rs. 681.308 Millions |
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CIN No.: [Company Identification
No.] |
L24231TN1988PLC015882 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Pharmaceutical Products. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 11000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered normal 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 willfully 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 = BB+ |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
August 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits = A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
August 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-44-43439595]
LOCATIONS
|
Registered/ Corporate Office : |
190, Poonamallee High Road, Chennai – 600084, Tamilnadu, India |
|
Tel. No.: |
91-44-43439595/ 43432929 |
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Fax No.: |
91-44-26423296 |
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E-Mail : |
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Website : |
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Factory 1 : |
38, 39 and 40, SIDCO Industrial Estate, Kakkalur, District Thiruvallur
- 602003, Tamilnadu, India |
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Tel. No.: |
91-44-27662144/ 27609095 |
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Fax No.: |
91-44-27662144 |
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E-Mail : |
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Factory 2 : |
Plot No. G28, 29 SIPCOT Industrial Estate, Irungatukottai,
Sriperumbudur, Kancheepuram - 602105, Tamilnadu, India |
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Tel. No.: |
91-44-67188888 |
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Factory 3 : |
G44, 45 and 46, SIDCO Industrial Estate, Kakalur, District Tiruvellore - 602003, Tamilnadu, India |
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USA Office : |
Arvind Remedies USA,LLC, 666 Plainsboro Rd, Suite 1281, Plainsboro, NJ - 08536 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. B Arvind Shah |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
Dr. Chandra Ravindran |
|
Designation : |
Whole.time Director |
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Name : |
Dr. C.M.K. Reddy |
|
Designation : |
Director |
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Date of Birth/Age : |
06.10.1941 |
|
Qualification : |
MBBS |
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Expertise in Specific Functional Area : |
Surgeon |
|
Date of Appointment : |
30.09.1995 |
|
|
|
|
Name : |
Mr. R Raja Mohan |
|
Designation : |
Director |
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Date of Birth/Age : |
25.09.1949 |
|
Qualification : |
BSc, CAIIB |
|
Expertise in Specific Functional Area : |
Auditing and Cost Analysis |
|
Date of Appointment : |
13.11.2010 |
|
|
|
|
Name : |
Mr. V R Mehta |
|
Designation : |
Director |
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Date of Birth/Age : |
12.01.1934 |
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Qualification : |
M.E (Honours) |
|
Expertise in Specific Functional Area : |
Business Development and Administration |
|
Date of Appointment : |
05.01.2011 |
|
|
|
|
Name : |
Mr. Ankur Agarwal |
|
Designation : |
Executive Director (Technical) |
|
Date of Birth/Age : |
37 Years |
|
Qualification : |
B. Pharm |
|
Expertise in Specific Functional Area : |
Operations,
Quality Management and Business Development |
|
Experience : |
16 Years |
|
Date of Appointment : |
18.04.2012 |
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|
|
|
Name : |
Mr. Sudhir Chandra |
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Designation : |
Director |
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Date of Birth/Age : |
20.09.1951 |
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Qualification : |
M. Sc (Fiscal Studies) and PG in Political Science |
|
Expertise in Specific Functional Area : |
Planning and Taxation |
|
Date of Appointment : |
18.12.2012 |
KEY EXECUTIVES
|
Name : |
Mr. S. Balakrishnan |
|
Designation : |
Finance Controller |
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|
|
|
Name : |
Mr. P R Krishnan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23664380 |
34.74 |
|
|
963432 |
1.41 |
|
|
24627812 |
36.15 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
24627812 |
36.15 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
106977 |
0.16 |
|
|
30000 |
0.04 |
|
|
136977 |
0.20 |
|
|
|
|
|
|
29846648 |
43.81 |
|
|
|
|
|
|
3222684 |
4.73 |
|
|
8753470 |
12.85 |
|
|
1538409 |
2.26 |
|
|
577841 |
0.85 |
|
|
596849 |
0.88 |
|
|
363719 |
0.53 |
|
|
43361211 |
63.65 |
|
Total Public
shareholding (B) |
43498188 |
63.85 |
|
Total (A)+(B) |
68126000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
68126000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pharmaceutical Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Punjab National Bank United Bank of India Allahabad Bank State Bank of India IDBI Bank Limited The Karur Vysya Bank Limited Corporation Bank Indian Overseas Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
· L and T Finance Limited L and T House, Ballard Estate, Mumbai - 400001, Maharashtra , India |
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Statutory Auditors : |
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|
Name : |
Doshi, Chatterjee, Bagri and Company Chartered Accountants |
|
Address : |
Flat 3A, Saket,
No.2, HO Chi Minh Sarani, Kolkata - 700071, West Bengal, India |
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Tel. No.: |
91-33-40050907/ 8/ 9 |
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Fax No.: |
91-33-40050910 |
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Internal Auditors : |
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Name : |
Mr. R T Vijayaraghavan Chartered Accountant |
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Address : |
No.64, Madley Second Street, T Nagar, Chennai – 600017, Tamilnadu,
India |
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|
|
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Cost Auditor : |
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|
Name : |
SBK Associates Cost Accountants |
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Address : |
Flat A, Vrindavan Apartment, No.1, Poes Road, 4th Street Teynampet,
Chennai – 600018, Tamilnadu, India |
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|
|
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Relative of Key
Managerial Personnel / Enterprise in which such relatives are having
significant interest : |
Pride Remedies Private Limited (referred to as Pride) |
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|
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Subsidiary Company
: |
· Coronet Labs Private Limited (referred to as Coronet) Arvind Wellness Limited Arvind Remedies Inc. Arvind Remedies USA LLC |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 700.000 Millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68,136,000 |
Equity Shares |
Rs. 10/- each |
Rs. 681.360 Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68,126,000 |
Equity Shares |
Rs. 10/- each |
Rs. 681.260 Millions |
|
|
Add: Forfeited Shares |
|
Rs. 0.048 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 681.308
Millions |
Reconciliation of the shares outstanding at the beginning and the end of
the reporting period
|
PARTICULARS |
31.03.2014 |
|
|
Equity shares |
No. of shares |
Amount in Millions |
|
At the beginning of the period |
48,230,000 |
482.300 |
|
Shares Issued during the year |
19,896,000 |
198.960 |
|
|
|
|
|
Outstanding at the end of the period |
68,126,000 |
681.260 |
Rights attached to
equity shares
The company has only
one class of equity shares having a par value of Rs 10/- per share. Each holder
of equity shares is entitled to one vote per share. The shareholders are
entitled for dividend declared by the company which is proposed by the Board of
directors and approved by the shareholders in the Annual General Meeting.
During the year
ended 31st March 2014, the amount of dividend proposed per share to equity
shareholders is Re 0.80 on share of Rs 10 each (31st March 2013: Re 1 on share
of Rs 10 each). In the event of liquidation of the company, the holders of
equity shares will be entitled to receive remaining assets of the company,
after the distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Conversion of
Equity Warrants in equity shares
During the year,
the company has allotted 7,310,500 equity shares and 12,585,500 equity shares
of Rs 10 each at a premium of Rs. 15 per share on 31st August 2013 and 30th
September 2013 respectively against conversion of warrants issued on 24th
January 2013.
Restrictions
attached to equity shares
During the year
2013-14, the company has issued 19,896,000 equity shares on conversion of
Equity Warrants on preferential basis to which restriction on transferability
is as under:
|
No. of equity
shares |
Date of
Allotment |
Period of restriction on transfer from date of
allotment |
|
7,310,500 |
31st August 2013 |
Three years |
|
6,316,700 |
30th September
2013 |
Three years |
|
6,268,800 |
30th September
2013 |
One year |
Details of shareholders holding more than 5 % shares in the company
|
Particulars |
31.03.2014 |
|
|
Equity shares of Re. 1 each fully paid-up |
No. of shares |
Percentage of holding |
|
Juniper Vinmay Private Limited |
8,748,000 |
12.84 |
|
Marine Dealcom Private Limited |
8,748,000 |
12.84 |
|
Aryaman Commerce Private Limited |
4,605,447 |
6.76 |
|
Narit Tradecom Private Limited |
5,456,156 |
8.01 |
|
Arvind Kumar B. Shah |
12,756,368 |
18.72 |
|
Arvind Kumar- (HUF) |
585,188 |
0.86 |
As per of the
company, the above shareholding represents both legal and beneficial ownership
of shares.
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 |
681.308 |
482.348 |
482.348 |
|
(b) Reserves & Surplus |
2113.413 |
1298.678 |
948.563 |
|
(c) Money received against share warrants |
0.000 |
161.625 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2794.721 |
1942.651 |
1430.911 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
2445.430 |
2786.333 |
1881.860 |
|
(b) Deferred tax liabilities (Net) |
406.353 |
313.337 |
219.498 |
|
(c) Other long
term liabilities |
15.446 |
73.382 |
13.121 |
|
(d) long-term
provisions |
4.565 |
3.068 |
2.300 |
|
Total Non-current
Liabilities (3) |
2871.794 |
3176.120 |
2116.779 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3293.502 |
2166.356 |
1542.975 |
|
(b)
Trade payables |
944.859 |
666.199 |
384.958 |
|
(c)
Other current liabilities |
791.398 |
376.047 |
482.500 |
|
(d) Short-term
provisions |
219.597 |
90.211 |
70.132 |
|
Total Current
Liabilities (4) |
5249.356 |
3298.813 |
2480.565 |
|
|
|
|
|
|
TOTAL |
10915.871 |
8417.584 |
6028.255 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3492.523 |
2508.067 |
2423.898 |
|
(ii)
Intangible Assets |
0.488 |
0.467 |
0.348 |
|
(iii)
Capital work-in-progress |
0.000 |
0.636 |
0.716 |
|
(iv)
Intangible assets under development |
665.849 |
368.896 |
485.326 |
|
(b) Non-current Investments |
60.305 |
25.500 |
25.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
40.279 |
1173.386 |
50.582 |
|
(e) Other
Non-current assets |
0.329 |
0.259 |
0.170 |
|
Total Non-Current
Assets |
4259.773 |
4077.211 |
2986.540 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1944.378 |
1211.250 |
877.238 |
|
(c)
Trade receivables |
3329.001 |
2415.286 |
1698.820 |
|
(d) Cash
and cash equivalents |
55.130 |
237.010 |
219.473 |
|
(e)
Short-term loans and advances |
1319.969 |
470.347 |
243.480 |
|
(f)
Other current assets |
7.620 |
6.480 |
2.704 |
|
Total
Current Assets |
6656.098 |
4340.373 |
3041.715 |
|
|
|
|
|
|
TOTAL |
10915.871 |
8417.584 |
6028.255 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
9111.076 |
6642.604 |
4366.280 |
|
|
|
Other Income |
4.652 |
5.934 |
3.877 |
|
|
|
TOTAL (A) |
9115.728 |
6648.538 |
4370.157 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6908.805 |
4949.770 |
3476.950 |
|
|
|
Purchases of Stock-in-Trade |
20.099 |
45.053 |
61.448 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(92.743) |
(23.926) |
(66.954) |
|
|
|
Employees benefits expense |
174.131 |
134.423 |
90.806 |
|
|
|
Other expenses |
331.409 |
199.957 |
126.183 |
|
|
|
TOTAL (B) |
7341.701 |
5305.277 |
3688.433 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1774.027 |
1343.261 |
681.724 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
771.035 |
591.882 |
277.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1002.992 |
751.379 |
404.485 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
139.049 |
125.871 |
32.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
863.943 |
625.508 |
372.125 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
274.958 |
219.339 |
178.026 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
588.985 |
406.169 |
194.099 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
66.705 |
131.280 |
85.653 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.376 |
7.970 |
5.131 |
|
|
|
Stores & Spares |
0.000 |
1.019 |
0.000 |
|
|
|
Capital Goods |
0.000 |
25.393 |
31.137 |
|
|
TOTAL IMPORTS |
1.376 |
34.382 |
36.268 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
10.02 |
8.42 |
0.40 |
|
|
|
Diluted
|
10.02 |
5.96 |
0.40 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
2586.100 |
|
Total Expenditure |
|
|
1951.700 |
|
PBIDT (Excl OI) |
|
|
634.400 |
|
Other Income |
|
|
1.500 |
|
Operating Profit |
|
|
635.900 |
|
Interest |
|
|
243.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
392.100 |
|
Depreciation |
|
|
65.200 |
|
Profit Before Tax |
|
|
326.900 |
|
Tax |
|
|
65.800 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
261.100 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
261.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.46 |
6.11 |
4.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.48 |
9.42 |
8.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.48 |
7.80 |
6.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.32 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.05 |
2.55 |
2.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.32 |
1.23 |
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 |
482.348 |
482.348 |
681.308 |
|
Reserves & Surplus |
948.563 |
1298.678 |
2113.413 |
|
Money received against share warrants |
0.000 |
161.625 |
0.000 |
|
Net
worth |
1430.911 |
1942.651 |
2794.721 |
|
|
|
|
|
|
Long-term borrowings |
1881.860 |
2786.333 |
2445.430 |
|
Short term borrowings |
1542.975 |
2166.356 |
3293.502 |
|
Total
borrowings |
3424.835 |
4952.689 |
5738.932 |
|
Debt/Equity ratio |
2.393 |
2.549 |
2.053 |
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 |
4366.280 |
6642.604 |
9111.076 |
|
|
|
52.134 |
37.161 |
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 |
4366.280 |
6642.604 |
9111.076 |
|
Profit |
194.099 |
406.169 |
588.985 |
|
|
4.45% |
6.11% |
6.46% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10509244 |
16/07/2014 |
81,600,000.00 |
L & T
FINANCE LIMITED |
L&T HOUSE,
BALLARD ESTATE, MUMBAI, MAHARASHTRA |
C11462181 |
|
2 |
10348049 |
07/01/2014 * |
7,052,366,621.00 |
ALLAHABAD BANK |
GEORGE TOWN BRANCH,
NEW NO.97, (OLD NO.47), ARMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA |
B96181946 |
|
3 |
10226827 |
28/06/2010 |
67,500,000.00 |
IDBI BANK
LIMITED |
115 ANNA SALAI,
CHENNAI, TAMILNADU - 600015, INDIA |
A88743067 |
|
4 |
10210475 |
07/01/2014 * |
3,740,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, 781-785 ANNA SALAI, RAYALA TOWERS, III FLOOR, CHENNAI, TAMILNADU -
600002, INDIA |
B95329686 |
|
5 |
10200304 |
07/01/2014 * |
3,312,366,621.00 |
PUNJAB NATIONAL
BANK |
RAYALA TOWERS,
III FLOOR, 781-785 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B95330270 |
|
6 |
10184048 |
04/11/2009 |
50,000,000.00 |
THE KARUR VYSYA
BANK LIMITED |
CENTRAL LOAN
PROCESSING CELL, NO.37 WHITES ROAD, |
A72900822 |
|
7 |
10176007 |
31/07/2009 |
190,000,000.00 |
PUNJAB NATIONAL
BANK |
RAYALA TOWERS,
III FLOOR, 781-785 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
A68172436 |
|
8 |
90288102 |
25/02/2009 * |
310,000,000.00 |
UNITED BANK OF
INDIA |
MADRAS BRANCH,
ARMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA |
A59150995 |
|
9 |
90303731 |
28/09/2010 * |
268,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
NSC BOSE ROAD, CHENNAI, TAMILNADU - 600001, INDIA |
A95956587 |
|
10 |
90308514 |
22/04/2003 * |
58,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, 232; NSC BOSE ROAD, CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
11 |
90305235 |
18/04/2007 * |
80,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH CHENNAI, 232, N.S.C. BOSE ROAD, |
A16432080 |
|
12 |
90306546 |
20/04/2004 * |
58,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
232; NSC BOSE ROAD, CHENNAI, TAMILNADU - 600001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Inter Corporate Loans |
25.602 |
0.000 |
|
Loan from Related Party - Director |
66.056 |
0.000 |
|
|
|
|
|
Total |
91.658 |
0.000 |
OPERATIONS AND
BUSINESS PERFORMANCE
During the year 2013-14, the net sales increased from Rs.6632.500
Millions to Rs. 9104.900 Millions, recording an increase of 37.28% over the
previous year, while profit before tax has increased from Rs 625.500 Millions
to Rs 863.900 Millions showing increase over 38.12% of last year.
FUTURE OUTLOOK
During the year, the Betalactum Cepharm and Ayurvedic projects have
commenced the operations. During the year, the petition has been filed with High
Court of Tamil Nadu for demerger of Irrungatukottai unit to Arvind Wellness
Limited a wholly owned subsidiary and the company has fixed appointed date as 8th
April 2013 and the approval is awaited.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL TREND
The Global Pharma scenario remains dynamic and challenging. The world
pharma market is estimated to have grown by 2.5% in 2013 to reach the size of
US $ 975 bn. While average revenue growth in developed markets was only .36% in
emerging markets of Asia Africa Australia and Latin America, the growth was
about 10.7%. The outlook for global pharma is marked by greater cost pressures
and higher bar for product innovation that reflects increased demand for value
from both regulators and consumers.
There has been changing healthcare landscape, expiring patents and
generic competition, pricing pressure, heightened regulatory scrutiny,
expansion into emerging markets, increasing alliance and acquisition, and
persistent economic slowdown. Due to this companies adopt new business modules
to counter slow sales growth and declining profitability, and deliver better
patient outcome at lower cost. United States remains the largest pharmaceutical
market, globally. and also the largest generics market.
FUTURE SCOPE
Increasing investment by MNCs reflect at their renewed interest in the
Indian market, with the implementation of the product patent regime and strong
growth prospects. Series of major acquisitions, steady growth in new product
introductions especially in the branded segment and expansion in field force
clearly indicates their renewed interest in the Indian market.
Indian generics to benefit from the ongoing wave of patent expiries.
Most of the leading players have significantly expanded their ANDA filings in
line with the patent expiration cycle. Hence US generics market has become
significant contributor to the revenues of most leading Indian companies.
Keeping the above in mind, ARL can play vital role by going for
registration of off patented products for exports and developing the
outsourcing market. Key strategy will be to focus on the new and latest
molecules approved by the authorities and share with top companies who can
market these products, focus on additional dosages in large and small volume
parenterals and injectables in powder and liquid forms. ARL is focusing chronic
diseases segments in ayurveda, diabetics, anti arthiritis and obesity segments.
This will help to identify the new formulations without side effect.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
[RS.
IN MILLIONS]
|
SR. NO. |
PARTICULARS |
FOR THE QUARTER
ENDED |
|
|
|
30.06.2014 |
|
|
|
(Unaudited) |
|
|
|
|
|
1 |
Income from Operations |
|
|
|
a) Net Sales (net of Excise Duty) |
2584.620 |
|
|
b) Other Operating Income |
1.514 |
|
|
Total Income from Operations (net) |
2586.134 |
|
|
|
|
|
2 |
Expenses |
|
|
|
a) Cost of Materials consumed |
2104.731 |
|
|
b) Purchase of Stock in Trade |
- |
|
|
c) Change in Inventories of Finished goods, Work in Progress and Stock in Trade |
(257.543) |
|
|
d) Employee Benefits Expenses |
47.809 |
|
|
e) Depreciation and Amortization Expenses |
65.173 |
|
|
g) Power & Fuel Expenses |
9.436 |
|
|
h) Other Expenses |
47.294 |
|
|
Total Expenses |
2016.900 |
|
|
|
|
|
3 |
Profit from Operations before other Income,
Finance Costs and Exceptional Items (1-2) |
569.234 |
|
|
|
|
|
4 |
Other Income |
1.451 |
|
|
|
|
|
5 |
Profit from ordinary activities before Finance
Costs and Exceptional Items (3+4) |
570.685 |
|
|
|
|
|
6 |
Finance
Costs |
243.756 |
|
|
|
|
|
7 |
Profit from ordinary activities after
Finance Costs but before Exceptional
Items (5-6) |
326.929 |
|
|
|
|
|
8 |
Exceptional Items |
- |
|
|
|
|
|
9 |
Profit from ordinary activities before Tax
(7-8) |
326.929 |
|
|
|
|
|
10 |
Tax Expenses |
|
|
|
Current Tax |
62.500 |
|
|
MAT Credit Entitlement |
- |
|
|
Deferred Tax Charge / (Credit) |
3.307 |
|
|
Income Tax for earlier year |
- |
|
|
Total |
65.807 |
|
|
|
|
|
11 |
Net Profit
from ordinary activities after Tax (9-10) |
261.122 |
|
|
|
|
|
12 |
Extra Ordinary Items (Net of Tax Expenses) |
-- |
|
|
|
|
|
13 |
Net Profit for the period (11-12) |
261.122 |
|
|
|
|
|
14 |
Paid
up Equity Share Capital (Face Value Rs.10/-) |
681.260 |
|
|
|
|
|
15 |
Reserves (Excluding Revaluation Reserve) as
per Balance Sheet of previous accounting year) |
|
|
|
|
|
|
16 |
Earnings per Share (Before and After Extra Ordinary
Items) (not annualised) (Rs.) |
|
|
|
a) Basic |
3.83 |
|
|
b) Diluted |
3.83 |
|
SR. NO. |
PARTICULARS |
FOR THE QUARTER ENDED |
|
|
|
30.06.2014 |
|
A |
Particulars of Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
a) Number of Shares |
43498188 |
|
|
b) Percentage of Shareholding |
63.85 |
|
|
|
|
|
2 |
Promoters and Promoters group shareholding |
|
|
|
a) Encumbered |
|
|
|
- Number of Shares |
9086000 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoters group) |
36.89 |
|
|
- Percentage of Shares (as % of total Share capital of the company) |
13.34 |
|
|
|
|
|
|
b) Non-Encumbered |
|
|
|
- Number of Shares |
15541812 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoters group) |
63.11 |
|
|
- Percentage of Shares (as % of total Share capital of the company) |
22.81 |
|
B |
INVESTORS COMPLAINTS [Nos.] |
3 months ended 30th June, 2014 |
|
|
Pending at the beginning of the quarter Received during the Quarter Disposed of during the quarter Remaining Unresolved at the end of the quarter |
0 0 0 0 |
CONTINGENT
LIABILITIES [AS ON 31.03.2014]:
a)
Outstanding Bank Guarantees Rs. 12.023 Millions
(Previous year Rs.23.821 Millions)
b)
Claim of interest by some shareholders of Coronet
Labs Private Limited towards delay in payment for acquisition of the balance
shares from them which is not acknowledged by the company (amount
unascertained)
FIXED ASSETS:
·
Freehold Land
Land
on Lease
Buildings
Plant
and Equipment
Furniture
and Fixtures
Office
Equipments
Vehicles
Leasehold
Improvements
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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. 61.06 |
|
|
1 |
Rs. 99.55 |
|
Euro |
1 |
Rs. 78.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.