MIRA INFORM REPORT
|
Report No. : |
317717 |
|
Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SMS
PHARMACEUTIACALS LIMITED (w.e.f. 12.04.2004) |
|
|
|
|
Formally Known
as: |
SMS
PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 19-III, Road No.71, Opposite Bharatiya Vidya, Bhavan Public
School, Jubilee Hills, Hyderabad – 500034, Telangana |
|
Tel No.: |
91-40-66288888 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
14.12.1987 |
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|
|
|
Com. Reg. No.: |
01-008066 |
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Capital
Investment / Paid-up Capital : |
Rs. 84.652 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239AP1987PLC008066 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS01258F |
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|
|
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PAN No.: [Permanent Account No.] |
AADCS2221D |
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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
: |
Subject is engaged in the Manufacturing of Pharmaceutical Bulk Drugs
and intermediates. |
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|
|
No. of Employees
: |
Information Declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6300000 |
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|
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|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and sound profitability margins of the company Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ |
|
Rating Explanation |
Moderate degree of Safety and moderate credit risk. |
|
Date |
08.08.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ |
|
Rating Explanation |
Moderate degree of Safety and higher credit risk. |
|
Date |
08.08.2014 |
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
Management non co-operative. (Tel No.: 91-40-66288888)
LOCATIONS
|
Registered Offic/ Corporate Office : |
Plot No.19-III, Room No.71, Opposite Bharatiya Vidya Bhavan Public
School, Jubilee Hills, Hyderabad-500034, Telangana, India |
|
Tel. No.: |
91-40-66288888 |
|
Fax No.: |
91-40-23551402/01 |
|
E-Mail : |
accounts@smspharma.com cs@smspharma.com info@smspharma.com |
|
Website : |
http://www.smspharma.com |
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Sy. No. 180/2, Kazipally (V), Jinnaram Mandal, Medak (District) –
502319, Telangana, India |
|
Tel. No.: |
91-8458-277067 |
|
Fax No.: |
91-8458-277069 |
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E-mail : |
admin_unit1@smspharma.com |
|
|
|
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Factory 2 : |
Plot No. 24 and 24B, S.V. Cooperative Industrial Estate, Bachupally,
I.D.A., R.R. Dist. A.P. - 502 325, Telangana, India |
|
Tel. No.: |
91-40-65986691 |
|
E-Mail : |
admin_unit2@smspharma.com |
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|
|
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Factory 3 : |
Plot No. 66/B-D, Phase-1, IDA Jeedimetla, Hydrabad-500 055, Telangana,
India |
|
Tel. No.: |
91-40-23095151 |
|
Fax No.: |
91-40-23735639 |
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E-Mail : |
warehouse_unit4@smspharma.com |
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Factory 4 : |
Sy. No. 160, 161, 163 to 167, Kandivalasa (Village), Poosapatirega
(Mandal), Vijayanagaram – 535204, Telangana, India |
|
Tel. No.: |
91-8922-258051/53/54 |
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Fax No.: |
91-8922-258052 |
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E-Mail : |
kandivalasa@smspharma.com |
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Factory 5 : |
Sy. No. 296/7/4, I.D.A., Via Miyapur, Hyderabad, Telangana, India |
|
Tel. No.: |
91-40-64547975 |
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E-Mail : |
unit5@smspharma.com |
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Factory 7 : |
Kandivalasa (V),
Poosapatirega (M), Vijayanagaram District - 535204, Telangana, Inida |
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Tel. No.: |
91-8922-258051/53/54 |
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Fax No.: |
91-8922-258052 |
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E-Mail : |
admin_unit7@smspharma.com |
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Corporate Research and Development : |
Sy.No. 186, 189, 190, Gagillapur (V), Quthbullapur (M), Ranga Reddy
District – 500043, Hyderabad, Telangana, India |
|
Tel. No.: |
91-8418-257337/8 |
|
Fax No.: |
91-8418-257469 |
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E-mail : |
rnd@smspharma.com |
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|
|
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In House Research and Development : |
C-23, Industrial Estate, Santhnagar, Hyderabad – 500018, Telangana,
India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Potluri Ramesh Babu |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Plot No.265 Q, Road No.12, Jubilee Hills, Hyderabad-500033, Telangana,
India |
|
Date of Birth/Age : |
01.10.1958 |
|
Date of Appointment : |
30.08.1990 |
|
DIN No.: |
00166381 |
|
|
|
|
Name : |
Mr. TVVSN Murthy |
|
Designation : |
Vice- Chairman and Joint Managing Director |
|
Address : |
Plot No.10-C, “C” Type, Road No.8, Film Nagar, Hyderabad-500033,
Telangana, India |
|
Date of Birth/Age : |
10.02.1960 |
|
Date of Appointment : |
30.08.1990 |
|
DIN No : |
00465198 |
|
|
|
|
Name : |
Mr. Achanta Pitcheswara Rao |
|
Designation : |
Director |
|
Address : |
A-4, |
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Date of Birth/Age : |
16.08.1941 |
|
Date of Appointment : |
21.11.1994 |
|
DIN No : |
00027847 |
|
|
|
|
Name : |
Dr. Mihir K. Chaudhuri |
|
Designation : |
Director |
|
Address : |
Vice-Chancelor’s Buglow, Tezpur Univesity Campus, Tezpur,
Nappam-784028, |
|
Date of Birth/Age : |
21.07.1947 |
|
Date of Appointment : |
18.11.2004 |
|
DIN No : |
00489843 |
|
|
|
|
Name : |
Dr. B. M. Choudary |
|
Designation : |
Director |
|
Address : |
312, New Mla and MP Colony Road No.10C, Jubilee Hills,
Hyderabad-500033, Telangana, India |
|
Date of Birth/Age : |
10.08.1946 |
|
Date of Appointment : |
29.05.2005 |
|
DIN No : |
00463723 |
|
|
|
|
Name : |
Mr. K. Subramanyeswara Rao |
|
Designation : |
Director |
|
Address : |
7-1-636/26, Model Colony, SR Nagar, Hyderabad-500038, Telangana, India |
|
Date of Birth/Age : |
10.08.1942 |
|
Date of Appointment : |
29.05.2005 |
|
DIN No : |
00038416 |
|
|
|
|
Name : |
Dr. Ayman Sahli |
|
Designation : |
Nominee Director of Gulf Pharmaceuticals, UAE |
|
Address : |
Villa D-65, |
|
Date of Birth/Age : |
04.05.1963 |
|
Date of Appointment : |
30.04.2009 |
|
DIN No : |
02680724 |
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|
|
|
Name : |
Mr. Utpal Gokhale |
|
Designation : |
Nominee Director of Exim Bank |
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|
Name : |
Mr. P. Sharath Kumar |
|
Designation : |
Director (w.e.f. 12.08.014) |
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|
Name : |
Dr. Mrs. T. Neelaveni |
|
Designation : |
Director (w.e.f. 12.08.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Pendyala Prabhakar Rao |
|
Designation : |
Company Secretary |
|
Address : |
12-2-418/3/16, Visas Nagar Colony, Mehdipatnam, Hyderabad - 500028,
Telanagana, India |
|
Date of Birth/Age : |
15.07.1938 |
|
Date of Appointment : |
01.10.2009 |
|
PAN No : |
ADFPP2007G |
|
|
|
|
Name : |
Mr. N. Rajendra Prasad |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of
Shareholders |
No. of Shares |
Percentage of Holding |
|
As a %
of (A+B) |
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
4824443 |
56.99 |
|
|
586000 |
6.92 |
|
|
5410443 |
63.91 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5410443 |
63.91 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
760 |
0.01 |
|
|
35000 |
0.41 |
|
|
35760 |
0.42 |
|
|
|
|
|
|
379282 |
4.48 |
|
|
|
|
|
|
1021971 |
12.07 |
|
|
700689 |
8.28 |
|
|
917058 |
10.83 |
|
|
176862 |
2.09 |
|
|
716894 |
8.47 |
|
|
172 |
0.00 |
|
|
23130 |
0.27 |
|
|
3019000 |
35.66 |
|
Total Public shareholding (B) |
3054760 |
36.09 |
|
Total (A)+(B) |
8465203 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
||
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0.00 |
0.00 |
|
Total (A)+(B)+(C) |
8465203 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing of Pharmaceutical Bulk Drugs
and intermediates. |
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|
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Products : |
Pharmaceutical Drugs |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
NOTE: LONG TERM
BORROWING: Current maturities of the above loans have been classified under other current liabilities a) Term Loans availed from State Bank of India, Export-Import Bank of India, are secured by first charge on pari-passu basis of all movable and immovable fixed assets both present and future and second charge on pari-passu basis of all current assets both present and future and guaranteed by two directors of the company in their personal capacities. b) Term Loans along with working capital facilities sanctioned by State Bank of India are having the following additional security apart from the details of security mentioned supra. i) Equitable mortgage of commercial flat along with undivided share of land of 25 sq. yds. Belonging to M/s.Potluri Laboratories Private Limited (formally Known as Hima Farms Pvt Ltd). (Related party) in Plot no.416 Nilgiri Block, Aditya Enclave, Ameerpet, Hyderabad. ii) Equitable mortgage of Agricultural land admeasuring 3.65 acres belonging to Sri T.V.V.S.N. Murthy, a director of the company, situated in Yalamanchili Village of West Godavari district, Andhra Pradesh ii) Corporate Guarantee by M/s.Potluri Laboratories Private Limited (formally Known as Hima Farms Private Limited). To the extent of collateral security extended by them. iv) Personal Guarantee by relative of a Director. Terms of Repayment : a) Term Loan I availed from State Bank of India for an amount of Rs. 300.000 Million is repayable in 15 Quarterly Instalments commenced from February, 2012. The loan carries the interest rate of 13.10% p.a b) Term Loan II availed from State Bank of India for an amount of Rs. 425.000 Million is repayable in 20 Quarterly Instalments commenced from December, 2013. The loan carries the interest rate of 13.20% p.a c) During the year company has taken a term loan from Export Import Bank of India amounting to Rs. 3,00.000 Million Loan for the funding the Expansion Project of Kazipally unit. The loan is repayable in 20 Quarterly Instalments commencing from October, 2015. The loan carries the interest rate of 12.90% p.a SHORT TERM
BORROWING a) Working capital facilities sanctioned by State Bank of India and Export-Import Bank of India are secured by first charge on pari-passu basis of all current assets both present and future. These facilities are further secured by way of second charge on pari-passu basis of all movable and immovable fixed assets of the company both present and future and also guaranteed by two directors of the company in their personal capacities. b) Working Capital Facilities along with term loans extended by State Bank of India are having the following additional security apart from the details of security mentioned supra. i) Equitable mortgage of commercial flat along with undivided share of land of 25 sq. yds. Belonging to M/s.Potluri Laboratories Private Limited (formally Known as Hima Farms Private Limited). In Plot No.416 Nilgiri Block, Aditya Enclave, Ameerpet, Hyderabad. ii) Equitable mortgage of Agricultural land admeasuring 3.65 Acres belonging to Sri T.V.V.S.N. Murthy, a director of the company, situated in Yalamanchili Villege of West Godavari District. iii) Corporate Guarantee by M/s.Potluri Laboratories
Private Limited formally Known as Hima Farms Private Limited)., (related
party) to the extent of collateral security extended by them. iv) Personal
Guarantee of relative of a Director. |
|
|
|
|
Auditors : |
|
|
Name : |
Rambabu and Company Chartered Accountant |
|
Address : |
31, Pancom Chambers, Rajbhavani Road, Hyderabad-500082, Telangana,
India |
|
Tel No : |
91-40-23311587 |
|
Fax No : |
91-40-23397182 |
|
Email : |
rambabuandco1982@yahoo.com |
|
|
|
|
Name : |
P. Murali and Company Chartered Accountant |
|
Address : |
6-3-655/2/3, Somajiguda, Hyderabad-500 082, Telangana, India |
|
Tel No : |
91-40-23326666 |
|
Fax No : |
91-40-23392474 |
|
Email : |
pmurali.co@gmail.com |
|
|
|
|
Name : |
Mr. K.S.N. Sarma Cost Accountant |
|
Address : |
216, Rangadhamamu, HMT Satavahana Nagar, Kukatpally, Hyderabad-500
072, Telangana, India |
|
|
|
|
Associates : |
(Formerly Known as Potluri Real Estate
Private Limited.)
(Formerly Known as Hima Farms Private
Limited.)
(Formerly Known as Potluri Hore Purchase
and Finance Private Limited.)
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120,000,00 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,152,03 |
Equity Shares |
Rs.10/- each |
Rs. 100.152
Million |
|
15,500,00 |
Less: Buy back |
Rs. 10/-
each |
Rs. 15.500
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 84.652 Million |
Details of shareholders holding more than 5% share in the company:
|
Name Shareholder |
No.Of Shares |
% held |
|
Hima Bindu
Potluri |
1,237,336 |
14.62 |
|
Ramesh Babu Potluri |
1,135,696 |
13.42 |
|
Gulf
Pharmaceutical Induatries |
721,409 |
8.52 |
|
T.V.V.S.N. Murthy |
822,700 |
9.72 |
|
Potluri Infra Projects (P) Limited |
586,000 |
6.92 |
|
T. Annapurna |
439,034 |
5.19 |
Reconciliation of
the No. of Shares Outstanding is set out below:
|
Particular |
No Of Shares |
|
Equity Share at the
beginning of the year |
10,015,203 |
|
Share issued
during the year |
1,550,000 |
|
Share bought
back during the year |
1550,000 |
|
Equity share at
the end of the year |
8,465,203 |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
84.652 |
100.152 |
100.152 |
|
(b) Reserves & Surplus |
2133.378 |
2340.489 |
2110.675 |
|
(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) |
2218.030 |
2440.641 |
2210.827 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
693.699 |
536.354 |
818.424 |
|
(b) Deferred tax liabilities (Net) |
192.892 |
92.892 |
169.501 |
|
(c) Other long term
liabilities |
54.012 |
54.012 |
0.000 |
|
(d) long-term
provisions |
22.155 |
18.303 |
13.359 |
|
Total Non-current
Liabilities (3) |
962.758 |
701.561 |
1001.284 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
804.881 |
775.416 |
977.141 |
|
(b) Trade
payables |
589.664 |
453.296 |
354.874 |
|
(c) Other
current liabilities |
368.653 |
317.586 |
369.775 |
|
(d) Short-term
provisions |
148.709 |
24.718 |
4.137 |
|
Total Current
Liabilities (4) |
1911.907 |
1571.016 |
1705.927 |
|
|
|
|
|
|
TOTAL |
5092.695 |
4713.218 |
4918.038 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2463.846 |
1464.148 |
2241.621 |
|
(ii)
Intangible Assets |
2.208 |
4.696 |
6.916 |
|
(iii)
Capital work-in-progress |
393.231 |
956.635 |
489.492 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
58.726 |
5.165 |
5.165 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
19.262 |
15.867 |
30.371 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
57.398 |
|
Total Non-Current
Assets |
2937.273 |
2446.511 |
2830.963 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
250.000 |
0.000 |
|
(b)
Inventories |
904.738 |
1050.307 |
1380.812 |
|
(c) Trade
receivables |
555.900 |
350.452 |
384.192 |
|
(d) Cash
and cash equivalents |
120.502 |
364.638 |
90.847 |
|
(e)
Short-term loans and advances |
216.328 |
30.239 |
89.319 |
|
(f) Other
current assets |
357.954 |
221.071 |
141.905 |
|
Total
Current Assets |
2155.422 |
2266.707 |
2087.075 |
|
|
|
|
|
|
TOTAL |
5092.695 |
4713.218 |
4918.038 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5195.621 |
2451.939 |
2140.974 |
|
|
|
Other Income |
15.241 |
16.190 |
4.295 |
|
|
|
TOTAL |
5210.862 |
2468.129 |
2145.269 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3466.571 |
1735.366 |
1307.135 |
|
|
|
Purchases of Stock-in-Trade |
0.442 |
2.323 |
3.570 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
208.702 |
256.270 |
(112.911) |
|
|
|
Employees benefits expense |
256.393 |
178.685 |
141.921 |
|
|
|
Extraordinary Item |
0.000 |
(1021.136) |
0.000 |
|
|
|
Other expenses |
676.598 |
640.131 |
423.748 |
|
|
|
TOTAL |
4608.706 |
1791.639 |
1763.463 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
586.915 |
676.490 |
381.806 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
138.188 |
242.634 |
241.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
448.727 |
433.856 |
140.572 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
128.546 |
137.216 |
126.397 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
320.181 |
296.640 |
14.175 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
116.336 |
43.391 |
2.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
203.845 |
253.249 |
11.375 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
465.188 |
265.373 |
253.998 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer
to capital Redemption Reserve |
15.500 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
30.000 |
30.000 |
|
|
|
|
Dividend |
16.930 |
20.030 |
0.000 |
|
|
|
Tax on Dividend |
2.877 |
3.404 |
0.000 |
|
|
|
Provision for Dividend |
(3.606) |
0.000 |
0.000 |
|
|
|
Total (M) |
49.807 |
53.434 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
607.332 |
465.188 |
265.372 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1633.313 |
1180.707 |
1013.158 |
|
|
TOTAL EARNINGS |
1633.313 |
1180.707 |
1013.158 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
494.571 |
468.700 |
440.713 |
|
|
|
Capital Goods |
6.840 |
18.475 |
1.202 |
|
|
TOTAL IMPORTS |
501.411 |
487.175 |
441.915 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.06 |
25.29 |
1.14 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.Cr) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Audited / UnAudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
1381.500 |
1350.100 |
1480.700 |
|
Total Expenditure |
1201.800 |
1193.600 |
1230.700 |
|
PBIDT (Excl OI) |
179.700 |
156.500 |
249.900 |
|
Other Income |
02.700 |
06.600 |
95.600 |
|
Operating Profit |
182.400 |
163.100 |
345.600 |
|
Interest |
40.400 |
40.800 |
46.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
141.900 |
122.300 |
299.000 |
|
Depreciation |
40.300 |
40.900 |
44.100 |
|
Profit Before Tax |
101.600 |
81.500 |
254.900 |
|
Tax |
19.800 |
30.000 |
139.200 |
|
Provisions and contingencies |
0.000 |
0..000 |
0.000 |
|
Profit After Tax |
81.800 |
51.500 |
115.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
3.92 |
10.33 |
0.53 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
11.30 |
27.59 |
17.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.90 |
7.91 |
0.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.12 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.68 |
0.54 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.44 |
1.22 |
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 |
100.152 |
100.152 |
84.652 |
|
Reserves & Surplus |
2110.675 |
2340.489 |
2133.378 |
|
Net
worth |
2210.827 |
2440.641 |
2218.030 |
|
|
|
|
|
|
long-term borrowings |
818.424 |
536.354 |
693.699 |
|
Short term borrowings |
977.141 |
775.416 |
804.881 |
|
Total
borrowings |
1795.565 |
1311.770 |
1498.580 |
|
Debt/Equity
ratio |
0.812 |
0.537 |
0.676 |
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 |
2140.974 |
2451.939 |
5195.621 |
|
|
|
14.524 |
111.898 |
NET PROFIT
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2140.974 |
2451.939 |
5195.621 |
|
Profit |
11.375 |
253.249 |
203.845 |
|
|
0.53% |
10.33% |
3.92% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Ys |
|
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 |
CORPORATE
INFORMATION
Operational Performance:
During the year 2013-14 the company has produced 1,791 M.T. of APIs and their intermediates as against 1,439 M.T. during the corresponding year. The net sales of the company has reached to 4819.776 Million as against 2399.338 Million during the previous year. Apart from this, Other Operating Income has reached to 360.604 Million as against 52.601 Million during the previous year. With this, the company has earned net profit of 203.845 Million as against 253.249 Million during the previous year. The main reason for increase in tax expenditure is increase in differed tax liability.
MANAGEMENT DISCUSSION AND ANALYSIS
Economic Overview:
Despite a number of reform announcements by the UPA II government at the fag end of its tenure, India’s growth story remained muted throughout the financial year 2013-14. While all economic indicators showed a dismal performance, the major challenge before the new government is to kick-start the growth rate cycle, which is sluggish under 5 percent. India started the fiscal year 2014-15 on a buoyant note but it was merely a show of market which was driven by foreign investors (FIIs) triggered by the Narendra Modi euphoria. But the main concern is the sustainability of the current market rally, which will finally be guided by the fundamentals of our economy that is yet to get back on track. Short term excitement will not be able to fuel the steam in the long run. Nonetheless, with Budget 2014-15, India faces major challenges. Some of them are implementation of structural reforms like GST, DTC, further relaxation in FDI norms, government’s stand on retrospective tax and passing of insurance bill.
Industry Outlook:
India is among the top five emerging pharma markets and has grown at an estimated compound annual growth rate (CAGR) of 13 percent during the period FY 2009–2013. The Indian pharmaceutical market is poised to grow to US$ 55 billion by 2020 from the 2009 levels of US$ 12.6 billion, according to the report titled ‘India Pharma 2020’ by McKinsey & Co. A new cluster of countries is contributing to the growth of the pharma industry, resulting in a robust jump in exports of drugs. The country’s pharma industry accounts for about 1.4 percent of the global pharma industry in value terms and 10 percent in volume terms. Both domestic and export demand contributed towards the robust performance of the sector. An increase in insurance coverage, an ageing population, rising income, greater awareness of personal health and hygiene, easy access to high-quality healthcare facilities and favorable government initiatives are some of the important factors expected to drive the pharma industry in India. The Government of India has unveiled ‘Pharma Vision 2020’ aimed at making India a global leader in end-to-end drug manufacturing.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Sales Tax Deferment loan |
35.822 |
41.854 |
|
DSIR Assistance |
12.000 |
12.000 |
|
|
|
|
|
Total |
47.822 |
53.854 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10535013 |
11/11/2014 |
180,000,000.00 |
IDBI Bank Limited |
SPECIALISED CORPORATE BRANCH, 5-9-89/1,
CHAPEL RO |
C36025765 |
|
2 |
10535014 |
11/11/2014 |
750,000,000.00 |
IDBI Bank Limited |
SPECIALISED CORPORATE BRANCH, 5-9-89/1,
CHAPEL RO |
C36026110 |
|
3 |
10453472 |
09/01/2014 * |
300,000,000.00 |
Export-Import Bank of India |
Floor 21, Center One Building, World Trade
Center |
B95522264 |
|
4 |
10280554 |
11/03/2011 |
150,000,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, METROPOLITAN BUILDING,
BANDRA-KURLA, C |
B10537918 |
|
5 |
10179162 |
15/04/2014 * |
250,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTER ONE BUILDING, FLOOR 21, WORLD TRADE
CENTER |
C05733407 |
|
6 |
10146028 |
12/11/2010 * |
400,000,000.00 |
Axis Bank Limited |
5-2-183/184, 8751(old), Credit Management
Centre,, |
B00111138 |
|
7 |
10023489 |
28/08/2009 * |
300,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
Floor 21, Center One Building, World Trade
Center |
A71029763 |
|
8 |
80002753 |
24/03/2008 * |
150,000,000.00 |
EXPORT -IMPORT BANK OF INDIA |
FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE
CENTER |
A38819645 |
|
9 |
90260758 |
24/09/2013 * |
1,940,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 6-3-1109/1,
RAJBHAVAN |
B85554178 |
|
10 |
90135045 |
30/10/1986 |
120,000.00 |
MID - WEST LEASING LTD. |
PAJUGOTTA, HYDERABAD, Andhra Pradesh,
INDIA |
|
* Date of charge modification
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH June, 2014
(Rs. In Million)
|
Sr. No |
Particulars |
Quarter Ended |
|
|
|
30.06.2014 |
|
|
|
Unaudited |
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1272.437 |
|
|
b. Other Operating Income |
10.943 |
|
|
Total Income from
Operations (Net) |
1381.479 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
933.198 |
|
|
b. Purchase of Stock-in trade |
1.690 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
35.388 |
|
|
d. Employees Benefit Expenses |
74.487 |
|
|
e. Job Work Charges |
|
|
|
f. Depreciation and Amortisation Expenses |
40.297 |
|
|
g. Other expenses |
157.023 |
|
|
Total Expenses |
1242.083 |
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
139.397 |
|
4 |
Other Income |
2.652 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
142.048 |
|
6 |
Finance Costs |
40.418 |
|
7 |
Exchange Difference Loss / (Gain) (Net) |
0.000 |
|
8 |
Profit from
ordinary activities after finance costs & exceptional items |
101.631 |
|
9 |
Exceptional items |
|
|
10 |
Profit from
ordinary activities before tax |
101.631 |
|
11 |
Tax Expense |
19.800 |
|
|
- Income Tax |
0.000 |
|
|
- Deferred Tax |
0.000 |
|
12 |
Net Profit from
ordinary activity after tax |
81.831 |
|
13 |
Extraordinary Items |
0.000 |
|
14 |
Net Profit After
Tax |
81.831 |
|
15 |
Paid-up equity share capital (face value of Rs.10 per share) |
84.652 |
|
16 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
0.000 |
|
17 |
Earning Per Share (of Rs.10 each) (not annualized) |
9.64 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
3054.760 |
|
|
- Percentage of shareholding |
3.609 |
|
|
Particulars |
3 Months ended 30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
1. The above result are reviewed by the Audited Committee on 12th
August, 2014 and Taken on record by the Board of Directors at its meeting held
on 12th August, 2014 and “ Limited Review “ of the same has been
carried out by the Statutory Auditors of
the Company.
2. The useful life of fixed assets has been revised in accordance with
schedule II of the Companies Act, 2013. On account of change in the useful
life, depreciation expenses for the quarter is lower by Rs. 0.408 Million
3. All Accounting Policies Followed are consistent, subject to note no.4
4. The Company’s business activity falls within a single primary business
segment. Hence segment reporting is not applicable.
5. Figures of previous periods have been regrouped/ rearranged wherever
necessary.
CONTINGENT LIABILITIES NOT PROVIDED FOR
(Rs.
In Million)
|
|
Particulars |
2013-2014 |
2012-2013 |
|
a) |
Guarantees given by banks |
35.50 |
93.17 |
|
b) |
Foreign Letter of credits opened in favour of suppliers for which goods are yet to be received |
501.18 |
1,171.21 |
|
c) |
Disputed Income Tax demands against Which company is in
Appeals. |
40.20 |
109.79 |
|
d) |
Interest dues in respect of disputed demands of Income Tax
and Central Excise. |
185.87 |
178.81 |
|
e) |
Interest on disputed demand of Central Excise (refer Note
30 B (d)) |
16.40 |
21.74 |
|
f) |
Capital Commitments |
704.84 |
428.79 |
|
|
|
|
|
|
|
TOTAL |
1,483.99 |
2,003.51 |
b) The Company has made a claim against M/s NATCO Pharma Limited for an amount of Rs. 156.291 Million for recovery of materials and receivables and fi led a case in the court of Addl. Chief Judge, (Fast Track Court) Hyderabad. The Honorable court has considered the claim and decreed for the said amount of Rs. 1,56.291 Million the Company has fi led Executive Petition (EP) for recovery of decreed amount. M/s NATCO Pharma Limited, preferred an appeal before the Hon’ble High Court of AP against the said decree and EP fi led by the company. The Hon’ble High Court Stayed the EP proceedings and directed M/s NATCO Pharma Ltd, to deposit an amount of Rs. 1,15.841 Million. Out of this, an amount of Rs. 54.012 Million was paid to the Company towards part of decreed amount apart from costs. Since the appeal is pending before the High Court of Andhra Pradesh the claim amount received of Rs. 54.012 Million was accounted as other long term liability.
c) Capital work-in-progress includes expansion project at Unit-7 situated at Kandivalasa village in Vijayanagaram Dist. and incurred an amount of Rs. 1,74.646 Million towards Land, Plant & Machinery and Buildings. Out of the above amount of Rs. 174.646 Million an amount of Rs. 55.679 Million was paid for acquiring land to the extent of Ac. 42 in Jawaharlal Nehru Pharma City Parawada in Viskhapatanm Dist. Subsequently, during the year 2007-08 M/s RamkeyPharma City (India) Limited, the developer, has sent a communication to cancel the allotment to the extent of Ac. 23 and proposed to sell the said land to others. Aggrieved by this, the company fi led a Writ Petition with Hon’ble High Court of A P in the year 2010 and obtained orders restraining the alienation of the said land till the pending of further orders. The case is pending before the High Court of Andhra Pradesh.
d) The company has entered in to an agreement with M/s. Divya Enterprises Limited for purchase of 918 sqm industrial plot and buildings and structures situated at D-63,Phase – I, Jeedimetla, for a consideration of Rs. 6.000 Million. Pending registration of the same, the company has paid the entire amount to the vendor for the said property and has taken the possession of property. The company has constructed/modified buildings and structures to suit the requirement for carrying out its manufacturing activity in the said premises. The said assets were capitalized and the company is claiming depreciation. The said property was not yet registered in the name of the company as on the Balance Sheet date. 26th Annual Report 2013-14 63 Central excise department has issued a demand for an amount of Rs. 1.640 Million towards interest for the period from 01-04-1995 to 18-03-2011 jointly in the name of Divya Enterprises Limited and SMS Pharmaceuticals Limited for which M/s Divya Enterprises Limited has obtained stay from Honorable AP High court. Presently the company is not carrying out any manufacturing activity at this location.
FIXED ASSETS
- Land
- Building – Factory, Non Factory
- Plant and Machinery
- Electrical Installation
- Pollution Control Equipment
- Data Processing Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Other Assets
- Improvements on Leased Premises
- Intangible Assets
- Land Scalping
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.62.34 |
|
|
1 |
Rs.93.09 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
6--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.