MIRA
INFORM REPORT
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Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
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Name : |
IND SWIFT LABORATORIES LIMITED |
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Registered
Office : |
SCO 850, Shivalik Enclave, NAC, Manimajra, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
04.01.1995 |
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Com. Reg. No.: |
16-015553 |
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Capital
Investment / Paid-up Capital : |
Rs. 409.632 Millions |
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CIN No.: [Company Identification
No.] |
L24232CH1995PLC015553 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLI10111D / PTLI10125D |
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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
: |
Manufacturer and Seller of Active Pharmaceutical Ingredients (API) and
Advanced Intermediates. |
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No. of Employees
: |
Information Declined By The Management |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating reflects ISLL’s recent delays in debt servicing marked by weak
operational performance which has resulted into decline in sales turnover and
reported loss with continued high debt levels. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and
secured 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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
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
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Rating Agency Name |
ICRA |
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Rating |
Term Loan Faculties - (D) |
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Rating Explanation |
Instruments with this rating are in default and expected to be in
default on maturity |
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Date |
July, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
Management Non Co – Operative
Tel No.: 91-172-2730503.
LOCATIONS
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Registered/ Corporate Office : |
SCO 850, Shivalik Enclave, NAC, Manimajra, |
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Tel. No. |
91-172-2660918/ 2604934/ 2730503/ 2730920/ 5061850-53/ 5076458/ 2738827/ 2738828/ 5072079/ 5072079/ 3292003 |
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Fax No. |
91-172-2660920/ 2730504/ 2736294 |
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E-Mail : |
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Website |
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Factory 1 : |
Village Bhagwanpura, |
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Tel. No.: |
91-1762-231072/231048/233130 |
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Fax No.: |
91-1762-31073 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
SIDCO, Industrial Growth Centre, |
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Research and
Development Facility : |
Plot No. E-5, Industrial Area, Phase II, Mohali, |
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International Marketing : |
711-712, |
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Tel. No.: |
91-11-26226140-43 |
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Fax No.: |
91-11-264146140 |
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E-Mail : |
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Branch office : |
The Submit Business Bay, 102-03, Level-1, Service Road, Western Express Highway, Villey Parle (East), Mumbai - 400 052, Maharashtra, India |
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Tel. No.: |
91-22-42288300 |
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Fax No.: |
91-22-26184120 |
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E-Mail : |
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US Operations : |
IND-SWIFT Laboratories Inc., 3500, |
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Tel. No.: |
+1-9084211234 |
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Fax No.: |
+1-9083251613 |
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E-Mail : |
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EU Marketing Operations : |
IND-SWIFT Laboratories Limited, 25 Moorgate, |
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Tel. No.: |
+44-77-94385752 |
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E-Mail : |
DIRECTORS
As on: 31.03.2014
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Name : |
Mr. S.R. Mehta |
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Designation : |
Non – Executive Chairman |
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Name : |
Mr. N.R. Munjal |
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Designation : |
Vice-Chairman cum Managing Director |
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Date of Birth/Age : |
09.02.1952 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
04.01.1995 |
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Name : |
Mr. Himanshu Jain |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Rishav Mehta |
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Designation : |
Executive Director |
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Name : |
Dr. V.R. Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
30.11.1956 |
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Qualification : |
M. Sc. ( |
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Date of Appointment : |
31.07.2003 |
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Name : |
Dr. G. Munjal |
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Designation : |
Director |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Director |
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Name : |
Dr. Vinay Kumar Arora |
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Designation : |
Director |
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Name : |
Mr. T.S. Bhattacharya |
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Designation : |
Director |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Director |
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Name : |
Mr. Pradeep Kumar |
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Designation : |
Director |
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Name : |
S. V. Singh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Pardeep Verma |
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Designation : |
GM – Corporate Affairs and Company Secretary |
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SENIOR MANAGEMENT
TEAM : |
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Name : |
Dr. Lalit K. Wadhwa |
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Designation : |
Director and Chief Operating Officer |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Director Marketing and Special Projects |
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Name : |
Sahil Munjal |
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Designation : |
President (Operations) |
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Name : |
Mr. Vikas Narendra |
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Designation : |
President-US Operations |
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Name : |
Mr. G.K. Sharma |
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Designation : |
Manufacturing Head |
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Name : |
Mr. Subodh Gupta |
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Designation : |
Member Executive Board |
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Name : |
Dr. R. Arul |
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Designation : |
Vice – President (R and D and CRAMS) |
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Name : |
Mr. Atul Choubey |
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Designation : |
Vice President (HR) |
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Name : |
Suresh Chandra Arora |
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Designation : |
Head (Maintenance and Utility) |
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Name : |
Mr. Sandeep Singh |
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Designation : |
Vice President (Procurement) |
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Name : |
Saranjai Tyagi |
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Designation : |
Vice President (QA) |
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Name : |
Mr. Rakesh Bahuguna |
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Designation : |
Vice President (QC) |
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Name : |
Anurag Chaturvedi |
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Designation : |
Vice president (Marketing) |
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Name : |
Varun Chhabra |
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Designation : |
Vice president (Marketing) |
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COMMITTEES OF
THE BOARD : |
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AUDIT COMMITTEE : |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Chairman |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Member |
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Name : |
Pradeep Kumar |
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Designation : |
Member |
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Name : |
Mr. S.R. Mehta |
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Designation : |
Member |
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Name : |
S. V. Singh |
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Designation : |
Member |
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REMUNERATION
COMMITTEE : |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Chairman |
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Name : |
Dr. J. K. Kakkar |
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Designation : |
Member |
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Name : |
Mr. Pradeep Kumar |
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Designation : |
Member |
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Name : |
S. V. Singh |
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Designation : |
Member |
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Name : |
S.R. Mehta |
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Designation : |
Member |
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SHARE TRANSFER
AND SHAREHOLDER / INVESTOR GRIEVANCE COMMITTEE : |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Chairman |
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Name : |
Mr. N.R. Munjal |
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Designation : |
Member |
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Name : |
Mr. S.R. Mehta |
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Designation : |
Member |
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Name : |
Pradeep Kumar |
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Designation : |
Member |
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COMPENSATION
COMMITTEE : |
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Name : |
Dr. J.K. Kakkar |
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Designation : |
Chairman |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Member |
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Name : |
S. V. Singh |
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Designation : |
Member |
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SUB-COMMITTEE OF
BOARD : |
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Name : |
Mr. N.R. Munjal |
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Designation : |
Chairman |
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Name : |
Mr. Dr. J.K. Kakkar |
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Designation : |
Member |
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Name : |
Mr. K.M.S. Nambiar |
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Designation : |
Member |
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Name : |
Mr. Himanshu Jain |
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Designation : |
Member |
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Name : |
Pradeep Kumar |
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Designation : |
Member |
SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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2216240 |
5.41 |
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19340611 |
47.21 |
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21556851 |
52.62 |
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Total shareholding
of Promoter and Promoter Group (A) |
21556851 |
52.62 |
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(B) Public
Shareholding |
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|
200 |
0.00 |
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|
1646824 |
4.02 |
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|
1647024 |
4.02 |
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|
8138530 |
19.87 |
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|
6620635 |
16.16 |
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|
2801151 |
6.84 |
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|
175504 |
0.43 |
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|
175504 |
0.43 |
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|
17735820 |
43.30 |
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Total Public
shareholding (B) |
19382844 |
47.32 |
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Total (A)+(B) |
40939695 |
99.94 |
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(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
23500 |
0.06 |
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|
23500 |
0.06 |
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Total (A)+(B)+(C) |
40963195 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Active Pharmaceutical Ingredients (API) and
Advanced Intermediates. |
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Products : |
·
Menthol ·
Menthol Powder ·
Mentho Oil Rectified ·
Dementholised Oil ·
Menthones ·
Menthyl Acetate ·
Mint Terpenes ·
Menthe Piperita Oil |
GENERAL INFORMATION
|
No. of Employees : |
Information Declined By The Management |
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Bankers : |
Tel No.: 91-22-2700915
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Facilities : |
NOTES: a) The Company received Rs. 150.000 Millions against 14% Non-convertible Debenturs on 28.05.2009 which are redeemable in 13 quarterly installments with effect from Febuary 2010. Balance outstanding as on 31.03.2014 is Rs. 5.600 Millions (Previous Year Rs. 19.800 Millions) (b) Maturity profile of term Loans:
A) 14% Non Convertible Debentures amounting to Rs 5.600 Millions (P.Y. Rs.19.800) from Tata Capital Limited are secured by first pari passu charge on the immovable properties of the Company situated at village Behra and village Bhagwanpura and Plot No E-5, Industrial Focal Point, Phase II , Mohali in the State of Punjab together with all buildings and structures, Plant and Machinery thereon; alongwith the personal guarantees of Mr. S.R. Mehta and Mr. N.R. Munjal. B) Bank borrowings for working capital Rs. 3527.900 Millions (P.Y.. Rs. 3361.300 Millions) from S.B.I., Bank of India, S.B.O.P., I.D.B.I., S.I.D.B.I. are secured by :- (1) a first pari passu charge over the entire current assets of the company in favour of " Security trustee 2 " for the benefit of the respective lenders and (2) a second pari passu charge over the entire fixed assets ( both present and future ) of the company by way of an equitable mortgage, in favour of " Security trustee 1 " for the benefit of the respective lenders and (3) unconditional and irrevocable on demand personal guarantee from each promoter in the form acceptable to the lenders and the security Trustee 1 in the favour of the " Security Trustee 1" for benefit of the respective lenders and (4) unconditional and irrevocable on demand corporate guarantee from each of the affiliate companies in the form acceptable to the lenders and the "Security Trustee 1" in the favour of the "Security Trustee 1" for the benefit of the respective lenders and (5) pledge of 100% Promoters Group Shareholding in the company (50.58% of the fully diluted equity share capital of the company as on the effective date), including additional share to be acquired by the promoters on infusion of equity in the company in accordance with the terms of the MRA and the CDR Package in the favour of the "Security Trustee 1" and Security Trustee 2" for the benefit of all respective lenders. C) (i) Term Loan Rs. 5648.600 Millions ( P.Y. Rs.4885.100 Millions) from State Bank of India including State Bank of Indore ( as now merged with SBI ) , Central Bank of India , State Bank of Patiala, Bank of India including (ECB), Canara Bank, Bank of India, Catholic Syrian Bank, Export Import Bank of India, IDBI Bank, ICICI Bank Limited, State Bank of Hyderabad, , State Bank of Travancore, Allahabad Bank are secured by :- . (1) a first pari passu charge over the entire fixed assets ( both present and future ) of the company by way of an equitable mortgage, in favour of " Security trustee 1 " for the benefit of the respective lenders and (2) a second pari passu charge over the entire current assets on the company in favour of " Security trustee 2 " for the benefit of the respective lenders and (3) unconditional and irrevocable on demand personal guarantee from each promoter in the form acceptable to the lenders and the security Trustee 1 in the favour of the " Security Trustee 1" for benefit of the respective lenders and (4) unconditional and irrevocable corporate guarantee on demand from each of the affiliate companies in the form acceptable to the lenders and the "Security Trustee 1" in the favour of the "Security Trustee 1" for the benefit of the respective lenders and (5) pledge of 100% Promoters Group Shareholding in the company (50.58% of the fully diluted equity share capital of the company as on the effective date), including additional shares to be acquired by the promoters on infusion of equity in the company in accordance with the terms of the MRA and the CDR Package in the favour of the "Security Trustee 1" and Security Trustee 2" for the benefit of all respective lenders. (ii) ECB of Rs. 2180.800 Millions ( P.Y. Rs.1973.600 Millions) from Bank of Baroda and DEG ; Rupee term loan from IFCI Rs. 159.400 Millions ( P.Y. Rs. 164.200 Millions ), LandT Rs. 193.700 Millions ( P.Y. Rs.193.700 Millions ), MandM Rs. 245.000 (P.Y. 245.000 ) are secured by first pari passu equitable charge on the moveable and immovable properties admeasuring 68 bighas and 13 biswas situated at village Behra and village Bhagwanpura Plot No E-5, Industrial Focal Point, Phase II , Mohali in the state of Punjab together with all buildings and structures, Plant and Machinery thereon and personal guarantees of promoter directors. (iii) Vehicle loan of Rs 10.700 Millions (P.Y. Rs.21.000) from HDFC, ICICI and NBFC are secured against hypothecation of the vehicles under the hire purchase agreement. (iv) Other term loan and advances Rs. 61.100 Millions ( P.Y. Rs.62.900 Millions ) includes ICICI Home Loan and Indiabulls Housing Finance Ltd. In the name of Mr. N. R. Munjal, and is secured against the office premises in Mumbai and another Term loan from Technology Development Board is secured by way of charges on movable and immoveable fixed assets and personal guarantee of Shri N.R. Munjal. FIXED DEPOSITS RESTRUCTURING: Under
the provisions of the Companies Act, 1956, the Company has got its Fixed
Deposit Scheme restructured vide its order No. C.P 27/01/2013 dated
30.09.2013 through Hon'ble Company Law Board. The Company has been granted extension
of time in repayment of these deposits. Few of the FD holders have however
approached the courts for the repayment of their Fixed Deposits. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain and Associates Chartered Accountants, |
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Address : |
SCO 819-20, Sector 22-A, |
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Solicitors : |
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Name : |
P.K. Goklaney
and Company Advocate and Solicitors |
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Address : |
#38, Sector 16A, |
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Associates : |
·
Ind Swift Limited ·
Essix Biosciences Limited ·
Halcyon Life Sciences Private Limited ·
Fortune ( ·
Mansa Print and Publishers Limited ·
Swift Fundamental Research and Education Society ·
3M Advertisers and Publishers Limited ·
·
Hackim Farayand Chemi Company ( |
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Subsidiaries : |
·
Ind Swift Laboratories Inc. ·
Meteoric Life Sciences Pte Limited, ·
Ind-Swift Middle |
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Others entities in
which relatives of KMP have control or significant influence |
·
Integral Buildcon Private Limited ·
Vibrant Agro Industries Limited ·
B. M. Cosmed Private Limited ·
KMB Hospitality Services Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
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|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40963195 |
Equity Shares |
Rs.10/- each |
Rs.409.632
Millions |
|
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Share held by each
shareholders holding more than 5 % shares
|
Name |
No. of shares |
|
Ind Swift Limited |
9499720 (23.191%) |
|
Essix Bioscience Limited |
5491801 (13.985%) |
During the year,
Company has made following preferential allotments.
|
Date of Allotment |
Type |
Equity Share Issued |
|
03.02.2014 |
Preferential
Allotment |
1692725 |
The proceeds of preferential allotments was fully utilised towards the expenditure/projects/investments/product development undertaken by the company.
The Company has ESOP Scheme called “ESOP 2006”. During the year, Company has granted no Stock Option to its employees. Deffered employee compensation cost is being ammortised over a period of three years, being the vesting period and on proportionate basis.
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 |
409.632 |
392.705 |
379.455 |
|
(b) Reserves & Surplus |
6725.842 |
8032.285 |
7830.861 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share Application
money pending allotment |
93.100 |
93.100 |
27.122 |
|
Total Shareholders’ Funds (1) + (2) |
7228.574 |
8518.090 |
8237.438 |
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9410.879 |
8181.644 |
7110.429 |
|
(b) Deferred tax liabilities (Net) |
189.633 |
394.181 |
403.767 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
234.443 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
9600.512 |
8575.825 |
7748.639 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3909.734 |
4219.698 |
3018.308 |
|
(b) Trade payables |
2063.405 |
1932.871 |
2384.766 |
|
(c) Other current
liabilities |
463.436 |
268.855 |
488.769 |
|
(d) Short-term provisions |
34.096 |
126.596 |
174.621 |
|
Total Current Liabilities (4) |
6470.671 |
6548.020 |
6066.464 |
|
|
|
|
|
|
TOTAL |
23299.757 |
23641.935 |
22052.541 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
|
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11591.387 |
11301.948 |
9020.333 |
|
(ii) Intangible Assets |
2426.715 |
2176.487 |
1366.921 |
|
(iii) Capital
work-in-progress (Tangible) |
1213.829 |
993.213 |
1620.892 |
|
(iv) Capital
work-in-progress (Intangible) |
234.792 |
619.789 |
1321.394 |
|
(v) Assets held for disposal |
22.336 |
22.336 |
22.336 |
|
Total |
15489.059 |
15113.774 |
13351.876 |
|
Accumulated Depreciation |
2315.107 |
1806.822 |
1322.945 |
|
Net Block |
13173.952 |
13306.952 |
12028.931 |
|
(b) Non-current Investments |
272.052 |
271.715 |
272.303 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.733 |
17.599 |
16.476 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
13463.737 |
13596.266 |
12317.710 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1.000 |
21.000 |
|
(b) Inventories |
3770.287 |
4514.417 |
4938.092 |
|
(c) Trade receivables |
4272.684 |
3938.654 |
2818.028 |
|
(d) Cash and cash
equivalents |
189.218 |
177.506 |
462.296 |
|
(e) Short-term loans and
advances |
1603.831 |
1414.092 |
1495.415 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
9836.020 |
10045.669 |
9734.831 |
|
|
|
|
|
|
TOTAL |
23299.757 |
23641.935 |
22052.541 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9406.614 |
10827.008 |
13207.813 |
|
|
|
Other Income |
134.576 |
178.486 |
322.184 |
|
|
|
TOTAL (A) |
9541.190 |
11005.494 |
13529.997 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4400.218 |
5564.564 |
7204.944 |
|
|
|
Purchases of Stock-in-Trade |
2368.561 |
3012.159 |
4003.457 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
608.949 |
92.206 |
(812.072) |
|
|
|
Employees benefits expense |
425.954 |
387.487 |
271.547 |
|
|
|
Other expenses |
1018.575 |
1067.164 |
785.001 |
|
|
|
Exceptional items |
327.134 |
41.392 |
2.087 |
|
|
|
Extra ordinary Items |
0.000 |
100.000 |
0.000 |
|
|
|
TOTAL (B) |
9149.391 |
10264.972 |
11454.964 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
391.799 |
740.522 |
2074.033 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1166.205 |
1396.147 |
845.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(774.406) |
(655.625) |
1228.563 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
657.656 |
543.305 |
398.609 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1432.062) |
(1198.930) |
829.954 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(204.626) |
(9.219) |
(34.447) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(1227.436) |
(1189.711) |
864.401 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2105.620 |
3295.331 |
2430.930 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
878.184 |
2105.620 |
3295.331 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5840.536 |
5866.355 |
5799.980 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3272.529 |
3622.938 |
4460.030 |
|
|
TOTAL IMPORTS |
3272.529 |
3622.938 |
4460.030 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(29.28) |
(30.35) |
24.10 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
|
|
30.06.2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
1886.100 |
|
Total Expenditure |
|
|
|
1594.300 |
|
PBIDT (Excl OI) |
|
|
|
291.800 |
|
Other Income |
|
|
|
0.000 |
|
Operating Profit |
|
|
|
291.800 |
|
Interest |
|
|
|
281.700 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
10.100 |
|
Depreciation |
|
|
|
181.300 |
|
Profit Before Tax |
|
|
|
171.100 |
|
Tax |
|
|
|
0.000 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
(171.100) |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
(171.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(12.86) |
(10.81) |
6.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.22) |
(11.07) |
6.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.22) |
(5.13) |
4.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
(0.14) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.84 |
1.46 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.53 |
1.60 |
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 |
379.455 |
392.705 |
409.632 |
|
Reserves & Surplus |
7830.861 |
8032.285 |
6725.842 |
|
Share Application money
pending allotment |
27.122 |
93.100 |
93.100 |
|
Net worth |
8237.438 |
8518.090 |
7228.574 |
|
|
|
|
|
|
long-term borrowings |
7110.429 |
8181.644 |
9410.879 |
|
Short term borrowings |
3018.308 |
4219.698 |
3909.734 |
|
Total borrowings |
10128.737 |
12401.342 |
13320.613 |
|
Debt/Equity ratio |
1.234 |
1.472 |
1.867 |
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 |
13207.813 |
10827.008 |
9406.614 |
|
|
|
(18.026) |
(13.119) |
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 |
13207.813 |
10827.008 |
9406.614 |
|
Profit |
864.401 |
(1189.711) |
(1227.436) |
|
|
6.54% |
(10.99%) |
(13.05%) |
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 |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
CASE
DETAILS:
|
Case Details For Case ITA-144-2011 |
||||
|
Diary Number |
631937 |
District |
UT-CHANDIGARH |
|
|
Category |
96-STATUTORY
APPEALS INCOME TAX |
Main Case Detail |
ITA-662-2009 |
|
|
Party Detail |
COMMI. OF IT-II,
CHD V/S M/S IND SWIFT LABORATORIES LTD |
|||
|
Advocate Name |
URVASHI DHUGGA |
List Type |
ORDINARY |
|
|
Status |
PENDING |
Next date |
|
|
|
Miscellaneous Applications |
||||
|
IN ITA-144-2011 |
||||
|
|
||||
|
Case Listing Details |
||||
|
Cause List Date |
List Type: Sr. No. |
Bench |
Order Link |
|
|
27-MAY-2011 |
ORDINARY:208 |
HON'BLE MR. JUSTICE
ADARSH KUMAR GOEL; HON'BLE MR. JUSTICE AJAY KUMAR MITTAL |
---- |
|
|
|
||||
|
Impung Order Detail |
||||
|
Order Date |
Authority |
District |
||
|
16-JUL-10 |
ITAT, |
|
||
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Fixed Deposits |
881.596 |
559.475 |
|
Term Loans and Advances From Others |
24.382 |
56.964 |
|
SHORT TERM
BORROWINGS: |
|
|
|
Fixed Deposits |
50.592 |
525.299 |
|
ICD |
12.500 |
50.704 |
|
Total |
969.070 |
1192.442 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10423265 |
17/04/2013 |
250,000,000.00 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
|
B74240045 |
|
2 |
10408579 |
04/03/2013 |
11,718,200,000.00 |
STATE BANK OF |
SCO - 103 - 106,
SECTOR - 17 B, |
B73867079 |
|
3 |
10356105 |
31/03/2012 |
55,000,000.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG
BUDHKAR MARG,, WORLI, MUMBAI, MAHA |
B39750930 |
|
4 |
10330322 |
04/01/2012 |
300,000,000.00 |
STATE BANK OF |
SCO 62-63, SECTOR -
34A, |
B30070148 |
|
5 |
10323609 |
24/11/2011 |
400,000,000.00 |
STATE BANK OF TRAVANCORE |
SCO - 206 - 207,,
SECTOR - 34 A,, |
B28006013 |
|
6 |
10317691 |
17/04/2013 * |
500,000,000.00 |
BANK OF |
STAR HOUSE, C-5, G BLOCK,,
BANDRA KURLA COMPLEX, |
B74976259 |
|
7 |
10313008 |
28/09/2011 |
30,000,000.00 |
INDIABULLS HOUSING FINANCE LIMITED |
F-60, |
B23498702 |
|
8 |
10296105 |
30/06/2011 |
250,000,000.00 |
CANARA BANK |
ADVANCES SECTION,
SCO 311 - 312, SECTOR - 35 B,, |
B16521387 |
|
9 |
10289168 |
17/04/2013 * |
500,000,000.00 |
STATE BANK OF |
COMMERCIAL BRANCH,
SCO - 103 - 107, |
B74570383 |
|
10 |
10296547 |
25/05/2011 |
105,000,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, |
B16620064 |
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
ADDRESS |
Service Request Number (SRN) |
|
11 |
10291634 |
17/04/2013 * |
200,000,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE,,
BALLARD ESTATE,, MUMBAI, MAHARASHTRA |
B73476459 |
|
12 |
10274092 |
13/10/2011 * |
300,000,000.00 |
EXPORT IMPORT BANK
OF |
|
B23170400 |
|
13 |
10260537 |
26/07/2011 * |
350,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
SCO 114 - 115,
SECTOR - 34 A, |
B17638289 |
|
14 |
10260290 |
26/07/2011 * |
910,200,000.00 |
BANK OF |
SECTOR - 22 B,, |
B18008466 |
|
15 |
10253364 |
22/11/2010 |
150,000,000.00 |
STATE BANK OF |
COMMERCIAL BRANCH,
SCO - 103 - 107, SECTOR - 8 C, |
B00471409 |
|
16 |
10248843 |
26/07/2011 * |
500,000,000.00 |
CENTRAL BANK OF |
SCO 68 - 69,,
SECTOR - 17 B,, |
B18000059 |
|
17 |
10245253 |
18/04/2011 * |
125,000,000.00 |
ICICI BANK LIMITED |
SCO - 129 - 130,
SECTOR - 9 C, |
B10479962 |
|
18 |
10227479 |
18/03/2011 * |
100,000,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE,,
BALLARD ESTATE,, MUMBAI, MAHARASHTRA |
B09121427 |
|
19 |
10233562 |
18/03/2011 * |
300,000,000.00 |
STATE BANK OF |
COMMERCIAL BRANCH,
SCO - 103 - 107, |
B08886756 |
|
20 |
10220861 |
18/03/2011 * |
300,000,000.00 |
ALLAHABAD BANK |
SECTOR - 8 C,,
MADHYA MARG,, |
B09120387 |
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
ADDRESS |
Service Request Number (SRN) |
|
21 |
10208665 |
08/09/2010 * |
225,000,000.00 |
BANK OF |
SCO 81 - 82, 2ND
FLOOR,, BANK SQUARE, SECTOR - 17 |
A94160686 |
|
22 |
10204598 |
24/02/2010 |
150,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
SCO 114 - 115,,
SECTOR - 34 A,, |
A80405442 |
|
23 |
10191428 |
08/09/2010 * |
150,000,000.00 |
EXPORT - IMPORT
BANK OF |
|
A94268729 |
|
24 |
10183686 |
08/09/2010 * |
120,000,000.00 |
STATE BANK OF |
SCO 62 - 63, SECTOR
- 34 A, |
A94869641 |
|
25 |
10180924 |
08/09/2010 * |
200,000,000.00 |
STATE BANK OF |
SCO 118 - 120,
SECTOR - 34 A, |
A95606042 |
|
26 |
10174749 |
18/09/2009 * |
950,000,000.00 |
DEG - DEUTSCHE
INVESTITIONS-UND ENTWICKLUNGSGESELL |
KAEMMERGASSE 22, |
A70796362 |
|
27 |
10173337 |
19/08/2009 |
150,000,000.00 |
IDBI TRUSTEESHIP SERVICES LTD. |
|
A68811652 |
|
8 |
10169010 |
08/09/2010 * |
500,000,000.00 |
IFCI LIMITED |
IFCI |
A93891638 |
|
29 |
10166386 |
08/09/2010 * |
200,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
SCO 114 - 115,
SECTOR - 34 A,, |
A93926111 |
|
30 |
10164586 |
08/09/2010 * |
200,000,000.00 |
STATE BANK OF TRAVANCORE |
SCO 206 - 207,
SECTOR - 34 A, |
A94767282 |
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
ADDRESS |
Service Request Number (SRN) |
|
31 |
10168967 |
27/12/2011 * |
450,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B28499275 |
|
32 |
10120656 |
04/04/2009 * |
200,000,000.00 |
STATE BANK OF |
SCO 103 - 106,
SECTOR - 17 B, |
A60002375 |
|
33 |
10117553 |
04/04/2009 * |
150,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
SCO 114 - 115,
SECTOR - 34 A, |
A60503489 |
|
34 |
10117552 |
12/01/2009 * |
100,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
SCO 127 - 128,
SECTOR - 17 C, |
A54200126 |
|
35 |
10112821 |
12/01/2009 * |
150,000,000.00 |
BANK OF |
SECTOR - 17 B, |
A54327234 |
|
36 |
10112822 |
19/06/2008 |
250,500,000.00 |
BANK OF |
SECTOR - 17 B, |
A41885203 |
|
37 |
10102854 |
02/04/2009 * |
150,000,000.00 |
EXPORT - IMPORT
BANK OF |
|
A61140547 |
|
38 |
10074738 |
23/06/2008 * |
100,000,000.00 |
TECHNOLOGY DEVELOPMENT BOARD |
WING A,GROUND
FLOOR,VISHWAKARMA BHAWAN, SHAHEEDJE |
A41036062 |
|
39 |
10074740 |
04/04/2009 * |
150,000,000.00 |
STATE BANK OF |
COMMERCIAL BRANCH,
SCO 103 - 107, SECTOR - 8 C, C |
A62709878 |
|
40 |
10058021 |
23/06/2008 * |
100,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
ST. MARY'S |
A41584020 |
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
ADDRESS |
Service Request Number (SRN) |
|
41 |
80033772 |
28/08/2007 * |
300,000,000.00 |
STATE BANK OF |
SPECIALISED
COMMERCIAL BRANCH, SCO 103-107, SECTO |
A23333255 |
|
42 |
90170043 |
16/11/2004 |
30,000,000.00 |
INDUSIND BANK LTD. |
SCF 23-24; PHASE 3;
B-2;, MOHALI, PUNJAB - 160059, |
- |
|
43 |
90170017 |
28/09/2004 |
12,000,000.00 |
TECHNOLOGY DEVLOPMENT BOARD |
TECHNOLOGY BHAVAN; |
- |
|
44 |
90169838 |
11/09/2003 |
30,000,000.00 |
INDUSTRIAL INVESTMENT BANK OF |
19; |
- |
|
45 |
80033769 |
27/09/2002 |
27,000,000.00 |
BANK OF |
SECTOR-17, |
- |
|
46 |
80033770 |
22/08/2002 |
15,000,000.00 |
STATE BANK OF |
COMMERCIAL BRANCH,
SECTOR 8-C, |
- |
|
47 |
80033773 |
06/08/2001 |
50,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF |
SCO
72-73,SECTOR-17, |
- |
|
48 |
90169438 |
27/12/2012 * |
3,997,100,000.00 |
STATE BANK OF |
SCO - 103 - 106,
SECTOR - 17 B, |
B68488956 |
|
49 |
90167315 |
13/10/2011 * |
5,433,800,000.00 |
STATE BANK OF |
SCO - 103 - 106,
SECTOR - 17 B, |
B23149040 |
|
50 |
80033106 |
01/06/2006 * |
790,000,000.00 |
CONSORTIUM SBI SBOP
BANK OF |
SECTOR 17-B, |
- |
|
51 |
80022848 |
10/03/2010 * |
900,000,000.00 |
STATE BANK OF |
COMMERCIAL BRANCH,
SCO 103 - 107, SECTOR - 8 C,, |
A83632687 |
|
52 |
80033765 |
24/01/2006 * |
255,000,000.00 |
STATE BANK OF |
COMMERCIAL BRANCH,
SCO 103-107,SECTOR 8-C, CHANDI |
- |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
THE PHARMACEUTICAL
SECTOR
The
Indian pharmaceutical industry ranks 3rd by drug volumes (10% global market)
and 14 by sales at ~US$25
Billion
(3% global market). The size of the Indian pharmaceutical industry was
estimated at US$12 billion in 2013 (estimated), compared to US$10.9 billion in
2012 (US$1=INR 60). The sector experienced a slowdown from 16.6% in 2012 to
9.8%; the sector grew at a CAGR of 15% between 2010 and 2012. Chronic therapies
(cardio, gastro, CNS and anti-diabetic) outperformed the market for 4 years,
growing at 14%, faster than acute therapies (anti-infectives, respiratory, pain
and gynecology) which grew at 9.6%.
OUTLOOK ON THREATS,
RISKS AND CONCERNS
The
pharmaceutical industry is highly competitive and the challenges are from both
the Indian manufacturers who
have
similar production facilities as well as those abroad. Human resources with
similar skills, talents and experiences in the industry are mobile between
competing companies. Price pressures are intense and are expected to remain so.
Going forward, there is a risk of inability to maintain current margins on its
products. Price sensitivities get tested in a crowded market where price tends
to sag while volume business gets done. Competing pharmaceutical companies have
several similar bio-equivalent products in the same market manufactured at
facilities that have been approved by the highest regulatory authorities. All
of them stay focused on the same markets resulting in price elasticity being
tested and margins eroding. The scientists and professionals of Ind-Swift have
been trained to create opportunities, replicate the successes and drive
business growth. The Company has unmatched strengths to cope with the
challenges of the market such as experienced staff with ability to anticipate
market needs, plan for product launches with supportive documentation, create
products that meet regulatory norms and execute plans within tight cost and
time budgets.
OUTLOOK
The
Company went into CDR in last financial year due to; huge investment in R&D
and delay in return from these investments; huge investment in capital
expansion through debts, cash flow from operations not being sufficient to meet
debt obligations; pressure on margins of existing products, the rising interest
and finance cost caused higher outflows to the company; are incident at one of
the key job work facility caused human casualities a part form loss of costly
raw material and forex losses. Despite a slow growth environment across global
markets, the company put in significant efforts to keep business on track.
Severe liquidity crisis due to reasons explained above and enhanced management
focus on getting the CDR approved and restructuring its business did not stop
the company from maintaining the current level of its operations and achieving
the targets as projected under the CDR. During the year the Company achieved a
turnover of Rs. 9541 millions. The Exports during the year stood at Rs. 6104
millions. Company is well placed globally to claim the opportunities thrown
open by the patents going off patent for major drugs, majority of which
Ind-Swift Labs is already present. Company's strong research and technical
skills has made it a preferred supplier of APIs and Intermediates. Company is
presently manufacturing more than 45 products and across 16 therapeutic
segments, few of them growing by more than the industry growth rates. Company
has fled more than 450 DMF's and it has fled DMF's even for the Drugs going off
patent by 2022-2023.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30th JUNE 2014
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
|
30.06.2014 |
|
|
Unaudited |
|
|
|
|
|
Income from Operations:
|
|
|
(a) Net Sales/Incomes from Operations |
1841.087 |
|
(b)
Other Operating Income |
45.041 |
|
Total Net Sales / Operating Income |
1886.128 |
|
Total Expenditure : |
|
|
a Cost of Materials Consumed |
901.778 |
|
b. Purchase of stock in Trade |
308.541 |
|
c.( Increase) /decrease in FG,WIP &
stock in trade |
38.167 |
|
d. Staff cost |
118.107 |
|
e. Depreciation |
181.252 |
|
f. Other
expenditure |
227.714 |
|
TOTAL |
1775.559 |
|
Profit(loss)
from Operations before Other Income, Interest & Exceptional Items |
110.569 |
|
Misc Income |
0.000 |
|
Profit(Loss) before Interest & Exceptional Items |
110.569 |
|
Interest |
281.702 |
|
Profit(Loss) after Interest but before Exceptional Items |
(171.133) |
|
Exceptional Items Forex Profit/(Loss) |
0.000 |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax |
(171.133) |
|
Provision
for taxation |
0.000 |
|
Income Tax adjustment of Previous Year |
0.019 |
|
Mat Credit Entitlement |
0.000 |
|
Provision for defferred Tax |
0.000 |
|
Net Profit / (Loss) From ordinary
activities after Tax |
(171.151) |
|
Paid up
Equity Share Capital(Face Value of Rs. 10/- per Share) |
409.632 |
|
Reserve excluding revaluation reserves |
- |
|
EPS Rs. |
|
|
Basic |
(4.18) |
|
Diluted |
(4.18) |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
Public Shareholding |
|
|
Numbers of shares |
19406344 |
|
% of Shareholding |
47.38 |
|
|
|
|
Promoters and Promoter group shareholding |
|
|
a) Pledged/Encumbered |
|
|
-Number of Shares |
19864126 |
|
-
Percentage of shares (as a % of total shareholding of promoter &
promoters group) |
92.15 |
|
-
Percentage of shares (as a % of total share capital of the Company) |
48.49 |
|
|
|
|
b) Non-encumbered |
|
|
-
Number of Shares |
1692725 |
|
-
Percentage of shares (as a % of total shareholding of promoter &
promoters group) |
7.85 |
|
-
Percentage of shares (as % of total share capital of the Company) |
4.13 |
|
INVERTOR
COMPLAINTS |
Quarter
ended 30.06.2014 |
|
Pending at
the beginning of the Quarter |
Nil |
|
Received
during the Quarter |
Nil |
|
Disposed off
during the quarter |
Nil |
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTES: -
1. During the quarter ended 30th June, 2014 the company has achieved EBIITDA of Rs. 303.600 Millions.
2. Consequent to the enactment of the companies act, 2013 and its applicability fir the accounting period commencing from 1st April, 2014, the company is under the process of recalculating the remaining useful life of fixed assets in accordance with the provision of schedule II of act. Accordingly, the impact of the charge of the accounts of depreciation for the quarter ended 30th June, 2014 could not be ascertained.
3. The company is exclusively in the pharmaceutical business segment.
4. The previous period figures have been re-group and re- arranged wherever necessary.
5. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective Meetings held on 12th august, 2014.
FIXED ASSETS:
· Land Free Hold
· Land Lease Hold
· Factory Buildings
· Office Buildings
· Flats
· R&D Buildings
· Building – Pilot Plant
· Plant and Machinery
· R&D Machinery
· Plant and Machinery – Pilot Plant
· Electric Installations – Pilot Plant
· Electric Installations
· Furniture and Fixtures
· Office Equipments
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgment or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
16 |
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.