MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED |
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Registered
Office : |
Bhadra-Raj Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.06.1983 |
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Com. Reg. No.: |
04-006329 |
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Capital
Investment / Paid-up Capital : |
Rs. 161.394 Millions |
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CIN No.: [Company Identification
No.] |
L24230GJ1983PLC006329 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD00851E |
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PAN No.: [Permanent Account No.] |
AAACD4161D AAACD4164D |
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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 and marketing of · Contract Research and Contract Manufacturing (CRAMS) ·
Bulk Drugs, Intermediates, Quats, Specialty
Chemicals and traded goods. |
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|
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No. of Employees
: |
933 (Approximately) |
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 31000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually 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 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 |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
04.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
04.09.2013 |
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.
LOCATIONS
|
Registered Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad-380009,
Gujarat, India |
|
Tel. No.: |
91-79-26445807 / 26443053 / 26560089/ 26420198 |
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Fax No.: |
91-79-26420198 |
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E-Mail : |
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Website : |
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Corporate Office : |
301-306, Samudra Annexe, Off C. G. Road, Navrangpura, Ahmedabad - 380
009, Gujarat, India |
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Factory 1 : |
Plot No. 1216/20, Phase IV, GIDC Estate, Naroda, Ahmedabad – 382 330,
Gujarat, India |
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Tel. No.: |
91-79-2811633 / 2814234 |
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Factory 2 : |
Survey No. 47, Paiki Sub Lot No. 1, Village Lodariya, Taluka Sanand, District
Ahmedabad, Gujarat, India |
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Branch Office 1 : |
401, Sangeet Plaza, Marol Marashi Road, Andheri (East), Mumbai - 400
059, Maharashtra |
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Tel. No.: |
91-22-2859 2120/ 29204537 |
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Fax No.: |
91-22-2859 2226/ 66964055 |
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E-Mail : |
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Branch Office: |
Also Located at
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Overseas Office : |
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Sales Offices: |
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DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Janmejay R. Vyas |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
29.04.1951 |
|
Qualification : |
B. Sc. (Tech.), B. Sc. (Chemistry) |
|
Experience : |
40 Years |
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|
Name : |
Mrs. Deohooti J. Vyas |
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Designation : |
Whole-time Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
61 Years |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1997 |
|
Qualification : |
A Bachelor Degree in Science, B. Sc. (Chemistry) |
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|
|
|
Name : |
Mr. Arpit J Vyas |
|
Designation : |
Whole Time Director |
|
Date of Birth / Age : |
27 Years |
|
Qualification : |
Chemical Engineer from University of Aston |
|
Experience : |
7 years |
|
Date of Appointment: |
01/06/2009 |
|
Other Directorship : |
· Schutz Dishman Biotech Limited · Azafran Innovacion Limited · Dishman Care Limited · Leon Hospitality Private Limited · Carbogen Amcis (India) Limited |
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|
|
|
Name : |
Mr. Yagneshkumar B. Desai |
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Designation : |
Director |
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Date of Birth / Age : |
72 Years |
|
Date of Appointment : |
26.11.2003 |
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Qualification : |
· A bachelor’s degree in Economics · A fellow of the Indian Institute of Bankers |
|
Other Directorship : |
· Deutsche Trustee Services (India) Private Limited · Kabra Extrusiontechnik Limited |
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|
|
|
Name : |
Mr. Sanjay S. Majmudar |
|
Designation : |
Director |
|
Date of Birth / Age : |
49 Years |
|
Date of Appointment : |
14.02.2004 |
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Qualification : |
CA, LLB, Company Secretary |
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|
|
|
Name : |
Mr. Ashok C. Gandhi |
|
Designation : |
Director |
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Date of Birth / Age : |
73 Years |
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Date of Appointment: |
30th July, 2004 |
|
Qualification : |
B. Com, LLB |
|
Other Directorship : |
· Amol Dicalite Limited · Aarvee Denim and Exports Limited · Ahmedabad Steel Crafts Limited · Gujarat Ambuja Exports Limited · Bloom Dekor Limited · Confederation of Indian Clubs |
KEY EXECUTIVES
|
Name : |
Mr. Tushar D. Shah |
|
Designation : |
Company Secretary |
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Audit Committee: |
· Mr. Yagneshkumar B. Desai, Chairman · Mr. Sanjay S. Majmudar ·
Mr. Ashok C. Gandhi |
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Nomination and Remuneration
Committee: |
· Mr. Sanjay S. Majmudar, Chairman · Mr. Yagneshkumar B. Desai ·
Mr. Ashok C. Gandhi |
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|
|
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Stakeholder
Relationship Committee: |
· Mr. Sanjay S. Majmudar, Chairman · Mr. Janmejay R. Vyas ·
Mr. Ashok C. Gandhi |
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|
|
|
Corporation Social Responsibility Committee : |
·
Mr. Janmejay R. Vyas, Chairman ·
Mr. Arpit J. Vyas ·
Mr. Sanjay S. Majmudar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
48948449 |
60.66 |
|
|
600000 |
0.74 |
|
|
49548449 |
61.40 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
49548449 |
61.40 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
436197 |
0.54 |
|
|
2713354 |
3.36 |
|
|
8750665 |
10.84 |
|
|
11900216 |
14.75 |
|
|
|
|
|
|
5807204 |
7.20 |
|
|
|
|
|
|
10109732 |
12.53 |
|
|
1668194 |
2.07 |
|
|
1663341 |
2.06 |
|
|
688884 |
0.85 |
|
|
937107 |
1.16 |
|
|
37350 |
0.05 |
|
|
19248471 |
23.85 |
|
Total
Public shareholding (B) |
31148687 |
38.60 |
|
Total
(A)+(B) |
80697136 |
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) |
80697136 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of ·
Contract Research and Contract Manufacturing
(CRAMS) ·
Bulk Drugs, Intermediates, Quats, Specialty
Chemicals and traded goods. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
933 (Approximately) |
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Bankers : |
· State Bank of India · Bank of Baroda · Corporation Bank · Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
‘Herigate’, 3rd Floor, Near Gujarat Vidhyapith, Off. Ashram
Road, Ahmedabad-380014, Gujarat, India |
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|
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|
Subsidiaries : |
·
Dishman USA Inc. ·
Dishman Europe Limited ·
Dishman International Trading (Shanghai) Company
Limited ·
Dishman FZE# ·
Dishman Switzerland Limited ·
Dishman Pharmaceuticals & Chemicals (Shanghai)
Co. Limited ·
Dishman Pharma Solutia AG ·
Dishman Australasia Pty Limited ·
Carbogen Amcis (India) Limited ·
Dishman Care Limited ·
Dishman Middle East FZE ·
Dishman Japan Limited |
|
|
|
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Fellow Subsidiaries : |
·
Carbogen Amcis AG ·
Cohecie Fine Chemicals B.V. formerly known as
Dishman Holland B.V ·
Dishman Netherlands B.V. ·
Innovative Ozone Service Inc. ·
Carbogen Amcis Limited (UK) |
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|
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|
Joint Venture : |
·
Dishman Arabia Limited ·
CAD Middle East Pharmaceuticals Industries@ ·
Schutz Dishman Bio-tech Limited |
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|
Associates : |
·
Bhadra-Raj Holdings Private Limited |
|
|
|
|
Company in which KMP / Relatives of KMP can exercise significant
influence : |
·
B.R. Laboratories Limited ·
Azafran Innovacion Limited ·
Leon Hospility Private Limited ·
Dishman Infrastructure Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
80697136 |
Equity Shares |
Rs.2/- each |
Rs.161.394
Millions |
|
|
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
Opening Balance |
80697136 |
161.394 |
|
Fresh issue |
- |
- |
|
Closing Balance |
80697136 |
161.394 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shri Janmejay R Vyas |
25279855 |
31.33% |
|
Shri Arpit J. Vyas |
12563975 |
15.57% |
|
Smt. Deohooti J Vyas |
10964500 |
13.59% |
The Company has issued only one class of shares referred to as equity shares having a par value of Rs.2. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company’s residual assets.
The amount of per share dividend recognised as distributions
to equity shareholders during the year ended March 31, 2014 is Rs.1.20
(previous year: Rs.1.20), subject to approval by shareholders in the ensuing
annual general meeting.
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 |
161.394 |
161.394 |
161.394 |
|
(b) Reserves & Surplus |
7809.359 |
7092.752 |
6574.919 |
|
(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) |
7970.753 |
7254.146 |
6736.313 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
2397.405 |
2745.271 |
3016.836 |
|
(b) Deferred tax liabilities (Net) |
505.842 |
438.149 |
314.805 |
|
(c) Other long
term liabilities |
237.238 |
468.466 |
493.018 |
|
(d) long-term
provisions |
48.269 |
47.425 |
44.335 |
|
Total Non-current
Liabilities (3) |
3188.754 |
3699.311 |
3868.994 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1767.181 |
1845.095 |
1280.075 |
|
(b)
Trade payables |
922.626 |
952.653 |
849.261 |
|
(c)
Other current liabilities |
1401.132 |
1065.795 |
1548.677 |
|
(d) Short-term
provisions |
205.373 |
173.479 |
133.465 |
|
Total Current
Liabilities (4) |
4296.312 |
4037.022 |
3811.478 |
|
|
|
|
|
|
TOTAL |
15455.819 |
14990.479 |
14416.785 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6926.651 |
6788.120 |
4647.345 |
|
(ii)
Intangible Assets |
19.469 |
37.347 |
55.887 |
|
(iii)
Capital work-in-progress |
98.581 |
487.901 |
2573.403 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1870.569 |
1870.569 |
1870.569 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2397.232 |
1532.451 |
1911.606 |
|
(e) Other
Non-current assets |
12.150 |
12.150 |
12.150 |
|
Total Non-Current
Assets |
11324.652 |
10728.538 |
11070.960 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1338.586 |
1277.612 |
1191.265 |
|
(c)
Trade receivables |
694.220 |
627.900 |
964.594 |
|
(d) Cash
and cash equivalents |
112.565 |
108.904 |
64.517 |
|
(e)
Short-term loans and advances |
1985.796 |
2247.525 |
1125.449 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4131.167 |
4261.941 |
3345.825 |
|
|
|
|
|
|
TOTAL |
15455.819 |
14990.479 |
14416.785 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4732.812 |
4846.361 |
4634.006 |
|
|
|
Other Income |
559.756 |
135.915 |
117.717 |
|
|
|
TOTAL (A) |
5292.568 |
4982.276 |
4751.723 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1789.721 |
1734.985 |
1717.763 |
|
|
|
Purchases of stock-in-trade |
51.609 |
23.830 |
129.831 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(84.867) |
33.121 |
104.834 |
|
|
|
Employee benefits expense |
583.783 |
582.140 |
452.238 |
|
|
|
Other expenses |
630.459 |
796.785 |
779.787 |
|
|
|
TOTAL (B) |
2970.705 |
3170.861 |
3184.453 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2321.863 |
1811.415 |
1567.270 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
692.152 |
510.996 |
575.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1629.711 |
1300.419 |
991.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
441.347 |
353.419 |
316.641 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1188.364 |
947.000 |
675.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
320.497 |
315.249 |
226.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
867.867 |
631.751 |
448.357 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
580.758 |
204.053 |
243.245 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
62.500 |
125.000 |
|
|
|
Transfer to General Reserve |
150.000 |
80.000 |
250.000 |
|
|
|
Proposed Dividend |
96.837 |
96.837 |
96.837 |
|
|
|
Tax on Proposed Dividend |
16.457 |
15.709 |
15.709 |
|
|
BALANCE CARRIED
TO THE B/S |
1185.332 |
580.758 |
204.056 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3965.664 |
4209.551 |
3973.793 |
|
|
TOTAL EARNINGS |
3965.664 |
4209.551 |
3973.793 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
861.741 |
561.815 |
728.187 |
|
|
|
Capital Goods |
3.795 |
18.270 |
78.172 |
|
|
|
Components and Spare Parts |
3.089 |
18.944 |
0.000 |
|
|
TOTAL IMPORTS |
868.625 |
599.029 |
806.359 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.75 |
7.83 |
5.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
16.40 |
12.68 |
9.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.11 |
19.54 |
14.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.81 |
7.50 |
6.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.13 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.52 |
0.63 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
1.06 |
0.88 |
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 |
161.394 |
161.394 |
161.394 |
|
Reserves & Surplus |
6574.919 |
7092.752 |
7809.359 |
|
Net worth |
6736.313 |
7254.146 |
7970.753 |
|
|
|
|
|
|
long-term borrowings |
3016.836 |
2745.271 |
2397.405 |
|
Short term borrowings |
1280.075 |
1845.095 |
1767.181 |
|
Total borrowings |
4296.911 |
4590.366 |
4164.586 |
|
Debt/Equity ratio |
0.638 |
0.633 |
0.522 |
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 |
4634.006 |
4846.361 |
4732.812 |
|
|
|
4.583 |
(2.343) |
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 |
4634.006 |
4846.361 |
4732.812 |
|
Profit |
448.357 |
631.751 |
867.867 |
|
|
9.68% |
13.04% |
18.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
From Other Parties |
96.746 |
96.745 |
|
|
|
|
|
SHORT TERM
BORROWINGS: |
|
|
|
Loans Repayable On Demand |
155.952 |
12.778 |
|
Short Term Loans From Banks |
1.040 |
430.786 |
|
Short Term Loans Form Directors |
7.333 |
15.500 |
|
Short Term Loans From Others |
230.000 |
78.500 |
|
Total |
491.071 |
634.309 |
PERFORMANCE AND
OPERATION REVIEW
In FY2013-14, the Company achieved a turnover of Rs. 4732.812 millions as compared to Rs. 4846.361 millions in FY2012-13. Exports constitute Rs. 4084.533 millions or 86.30% of sales for 2013-2014. Profit before tax improved by 25.49% at Rs. 1188.364 millions in FY2013- 14 as against Rs. 947.000 millions in FY2012-13. Profit after tax for the year jumped at Rs. 867.867 millions in FY2013-14 as compared to Rs. 631.751 millions in FY2012-13.
Earning per share for the FY2013-14 increased at Rs. 10.75 per share as against Rs. 7.83 per share in FY 2012-13. The consolidated turnover, which includes results of all its Wholly Owned Subsidiaries, proportionate share in the Joint Ventures (Schutz Dishman Biotech Limited, Dishman Arabia Limited, and Dishman Japan Limited) and Associate (Bhadra- Raj Holdings Pvt. Limited) reported 8.89 % growth in sales to Rs. 138532.01 millions in FY 2013-14 compared to Rs. 12722.217 Millions in FY2012-13.
Consolidated Profit before tax & other adjustment of the Company for FY2013-14 stood at Rs. 1564.023 millions as compared to Rs. 1452.842 millions in FY2012-13, increased by 7.65 % on account of improved performance of subsidiary companies. Consolidated Profit after tax for the FY2013-14 was Rs. 1092.722 millions as against Rs. 1002.939 millions in FY2012-13 with increase of 8.95 %.
The consolidated Earning per share increased at Rs. 13.45 per share for FY2013-14 as compared to Rs. 12.43 per share in FY2012-13.
A detailed analysis of the performance of the Company and financial results is given in the Management Discussion and Analysis Report, which forms part of this Report.
OPERATIONS
During the year FY2013-14, most of the key business verticals of the Company and also all major subsidiaries of the Company have performed reasonably well.
CRAMS
For the “CRAMS” segment of Dishman India, as you are aware, since the last three years, the Company has modified its focus and is now concentrating on a larger number of midsize contracts, instead of concentrating only on a few large MNCs. The Company’s strategy has now started yielding fruits whereby apart from the big pharma companies the Company has started getting many contracts from small and big and mid-sized pharma companies which has resulted into diversified portfolios in this segment in India and has also helped the Company in having a greater degree of predictability of the revenues. The Company’s a 100% wholly owned subsidiary – Carbogen Amcis AG Switzerland, which is also operating in the CRAMS segment through its plant located in Switzerland and UK has done very well during the year . They are happy to note that Carbogen Amcis has expanded its markets significantly and also improved the product basket and between Dishman India and Carbogen Amcis, the Company now has the capability of offering complete solutions in the organic chemistry space in the CRAMS segment. The Company is confident of achieving a steady and sustainable growth in this segment in the coming years.
HI-PO UNIT
The state-of-the-art Hi-Potency (Hi-Po unit) – Unit 9 at Bavla has performed reasonably well during the year. The Company has started receiving regular as well as repited orders from major global pharma MNCs who are very excited about the type of the facility and infrastructure created in this unit. Again noteworthy is the fact that the Company has successfully completed a few technology transfer project from Carbogen Amcis to this unit which implies a significant scaling up of the production of such high value-added and extremely sensitive pharma APIs mainly in the oncology category. As you are aware, this is one of its kind facility not only in India, but in the entire Asian sub-continent which is capable of handling extremely high potency molecules with a specific focus on the therapeutic segments of oncology, steroids, among others, three or four major Global Pharma majors have already completed safety studies, and regular business has started, with this unit contributing a turnover of around US$ 3 million during the year. For the current year, the Company has already an order book/visibility of around US$ 12 million for this unit and at its optimum capacity the target is to achieve a top line of around US$ 25-30 million over next 2 to 3 years for which a good visibility exists. Again, this is a high-margin segment which will also help in improving the bottom line of the Company.
VITAMIN D3
During the year, the Vitamin D3 unit has also performed satisfactorily. As you may be aware, this is a forward integration facility and adds value to the Vitamin D3 business that was acquired by the Company from the erstwhile Solvay a few years ago, in the name of its subsidiary company Dishman Netherland Limited, which is having its plant in Netherlands producing cholesterol, the key raw material for Vitamin D3. A part of the cholesterol is now being converted into Vitamin D3 resin in the Bavla, India facility of the Company and the said resin is sent back to the Netherlands for its formulation into various end-uses such as value-added cattle feed and cosmetics. Currently, this plant is operating at around 60% capacity utilization and the target is to ramp up its utilization in next couple of years so as to reach the optimum capacity.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
896.679 |
|
b) Other operating income |
3.165 |
|
Total
income from Operations(net) |
899.844 |
|
2.Expenditure |
|
|
a)
Consumption of Raw Materials |
429.276 |
|
b) Purchase
of traded goods |
6.627 |
|
c) Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
(152.589) |
|
d) Employee
benefits expense |
135.197 |
|
e)
Depreciation and amortisation expense |
150.157 |
|
f) Other
Expenditure |
183.284 |
|
Total
expenses |
751.952 |
|
|
|
|
3.
Profit from operations before other income and financial costs |
147.892 |
|
4. Other income |
38.951 |
|
5.
Profit from ordinary activities before finance costs |
186.843 |
|
6. Finance costs |
147.086 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
39.757 |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
39.757 |
|
10.Tax expenses |
23.984 |
|
11.Net Profit / (Loss) from ordinary activities after
tax (9-10) |
15.773 |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
15.773 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- each per share) |
161.394 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before extraordinary
items) Rs.2/- each) (not annualised): |
|
|
(a) Basic and diluted |
0.20 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
0.20 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
31148687 |
|
- Percentage of shareholding |
38.60% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
19389421 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
39.13% |
|
Percentage of shares (as a % of total share capital of the
company) |
24.03% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
30159028 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
60.87% |
|
Percentage of shares (as a % of total share capital of the
company) |
37.37% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
Segment Revenue |
|
|
(a) CRAMS |
542.207 |
|
(b) Others |
354.472 |
|
Total |
896.679 |
|
Less: Inter-segment Revenue |
-- |
|
Net Sales /Income from Operation |
896.679 |
|
Segment Results {(Profit)(+)/(Loss)(-) before tax and interest from
each segment} |
|
|
(a) CRAMS* |
153.515 |
|
(b) Others* |
33.328 |
|
Total |
186.843 |
|
Less: i) Interest |
147.086 |
|
ii) Other un-allocable expenditure net off unallocable income |
-- |
|
Total Profit/(Loss) Before Tax |
39.757 |
|
Capital Employed (Segment Assets-Segment liabilities) |
|
|
(a) CRAMS |
6149.109 |
|
(b) Others |
5284.444 |
|
(c) Unallocable others |
2068.094 |
|
Total |
13501.647 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10496900 |
27/03/2014 |
40,000,000.00 |
BANK OF INDIA |
AHMEDABAD MID
CORPORATE BR 1ST FLR, BOI BLDG,, NR |
C05260203 |
|
2 |
10458519 |
14/10/2013 |
30,000,000.00 |
CORPORATION BANK |
RANGOLI COMPLEX, OPP. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B88898465 |
|
3 |
10457989 |
05/10/2013 |
50,000,000.00 |
BANK OF INDIA |
AHMEDABAD MID CORPORATE BRANCH 1ST FLOOR, BOI BUILDING, C. G. ROAD, NAVRANGPURA,, AHMEDABAD - 380009, GUJARAT, INDIA |
B88688056 |
|
4 |
10435703 |
05/07/2013 |
323,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, BOB TOWERS,, 1ST FLOOR, OPP. LAW GARDEN, ELLISBRIDGE,, AHMEDABAD - 380006, GUJARAT, INDIA |
B79133781 |
|
5 |
10434598 |
22/08/2013 * |
1,114,700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, OFF. ASHRAM ROAD, AHMEDABAD - 380014, GUJARAT, INDIA |
B87136669 |
|
6 |
10337737 |
24/02/2012 |
500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
|
B33042599 |
|
7 |
10306297 |
03/09/2011 |
656,700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, OFF. ASHRAM ROAD,, AHMEDABAD - 380014, GUJARAT, INDIA |
B20554614 |
|
8 |
10238901 |
27/08/2010 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA, INDIA |
A93510279 |
|
9 |
10217457 |
07/05/2010 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA, INDIA |
A85001410 |
|
10 |
10217103 |
16/09/2010 * |
300,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALISIX ROADS,, AHMEDABAD - 380006, GUJARAT, INDIA |
A94384336 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment’s
·
Laboratory Equipment’s
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. 60.79 |
|
|
1 |
Rs. 99.30 |
|
Euro |
1 |
Rs. 78.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.