MIRA INFORM REPORT
|
Report No. : |
318942.2 |
|
Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BICARE LIMITED |
|
|
|
|
Formerly Known
As : |
BI LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 1028, At Village Shiroli, Taluka Khed, Rajgurunagar, Pune –
410505, Maharashtra |
|
Tel No.: |
91-20-24456111 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.07.1987 |
|
|
|
|
Com. Reg. No.: |
11-043953 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.235.452 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28939PN1987PLC043953 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEB02448F |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing of specialty
pharmaceutical packaging barrier films, also provides pharmaceutical research
services, clinical services and packaging systems and material. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects modest financial risk profile marked by a sharp decline
in the turnover and heavy loss incurred by the company during F.Y.2014. However, Business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a 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 – 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 |
India Rating |
|
Rating |
Long Term Issuer rating IND : D (Suspended) |
|
Rating Explanation |
Lowest credit quality very low prospects of recovery |
|
Date |
November 2014 |
Reason for suspended: Company not furnished the information required.
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
|
Bank |
Branch |
Quarter |
Borrower Name |
OutStanding Amount ( Rs. In Million) |
|
|
||||
|
BARCLAYS BANK PLC |
CEEJAY HOUSE |
30-06-14 |
Bilcare Limited |
29.015 |
|
BARCLAYS BANK PLC |
CEEJAY HOUSE |
30-09-14 |
Bilcare Limited |
29.015 |
|
BARCLAYS BANK PLC |
CEEJAY HOUSE |
31-12-14 |
Bilcare Limited |
29.015 |
|
BARCLAYS BANK PLC |
CEEJAY HOUSE |
31-12-13 |
Bilcare Limited |
28.000 |
|
BARCLAYS BANK PLC |
CEEJAY HOUSE |
31-03-14 |
Bilcare Limited |
29.015 |
|
CORPORATION BANK |
PUNE-IFB |
31-03-14 |
Bilcare Limited |
500.000 |
|
CORPORATION BANK |
PUNE-IFB |
30-06-14 |
Bilcare Limited |
500.000 |
|
CORPORATION BANK |
PUNE-IFB |
30-09-14 |
Bilcare Limited |
500.000 |
|
CORPORATION BANK |
PUNE-IFB |
30-09-14 |
Bilcare Limited |
500.000 |
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 (91-20-30257700)
LOCATIONS
|
Registered Office/ Factory 1 : |
Gat No. 1028, At Village Shiroli, Taluka Khed, Rajgurunagar, Pune –
410505, Maharashtra, India |
|
Tel. No.: |
91-20-24456111/ 24456333 91-2135-304200 |
|
Fax No.: |
91-20-24456333 91-2135-224068 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
601, |
|
Tel. No.: |
91-20-30257700 |
|
Fax No.: |
91-20-30257701 |
|
E-Mail : |
|
|
|
|
|
Head Office: |
6th Floor, ICC Tower, B Wing, Pune – 411 016, Maharashtra, India |
|
Tel. No. |
91-20-30257700 |
|
Fax No.: |
91-20-30257700 |
|
|
|
|
Factory 2 : |
25, MWDC, Chakan, Pune-410501, Maharashtra, India |
|
|
|
|
Overseas Office : |
Located at
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mohan H. Bhandari |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Dr. Praful R. Naik |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Rajendra B. Tapadia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pawan G. Chandak |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Avinash S. Joshi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anil Tikekar |
|
Designation : |
Company Secretary and CFO |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7141611 |
33.32 |
|
|
7141611 |
33.32 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7141611 |
33.32 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
31060 |
0.14 |
|
|
10000 |
0.05 |
|
|
2500 |
0.01 |
|
|
43560 |
0.20 |
|
|
|
|
|
|
1429256 |
6.67 |
|
|
|
|
|
|
5460212 |
25.47 |
|
|
4990596 |
23.28 |
|
|
2370188 |
11.06 |
|
|
177428 |
0.83 |
|
|
1761620 |
8.22 |
|
|
17055 |
0.08 |
|
|
338435 |
1.58 |
|
|
75000 |
0.35 |
|
|
650 |
0.00 |
|
|
14250252 |
66.48 |
|
Total Public shareholding (B) |
14293812 |
66.68 |
|
Total (A)+(B) |
21435423 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2109808 |
0.00 |
|
|
2109808 |
0.00 |
|
Total (A)+(B)+(C) |
23545231 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of specialty
pharmaceutical packaging barrier films, also provides pharmaceutical research
services, clinical services and packaging systems and material. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
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Facilities : |
Note :
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Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
R.L.Rathi and Company Chartered Accountants |
|
Address : |
Pune, |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
· Bilcare Singapore Private Limited · Bilcare Mauritius Limited |
|
|
|
|
Ultimate holding
Company : |
· Bilcare Limited |
|
|
|
|
Subsidiaries : |
·
Bilcare GmbH ·
Bilcare Inc ·
Bilcare Farmacseutica Embalagem E Pesquisas
Limited ·
Bilcare Switzerland SA ·
Bilcare Technologies Singapore Private
Limited ·
Bilcare Technologies Italia Srl. ·
Bilcare Research AG ·
Bilcare Germany Management GmbH ·
Bilcare Germany GmbH & Co KG ·
Films Germany Holding GmbH ·
Bilcare Agency GmbH ·
Bilcare Research Srl. ·
Bilcare Fucine Srl. (For Part of the F.Y) ·
Bilcare Research Inc ·
Bilcare Research GmbH ·
Caprihans India Limited |
|
|
|
|
Joint Venture : |
|
|
|
|
|
Wholly owned
subsidiary : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/-each |
Rs.400.000 Million |
|
|
|
|
|
|
5000000 |
Preference Shares |
Rs.10/-each |
Rs.50.000 Million |
|
|
Total |
|
Rs.450.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23545231 |
Equity Shares |
Rs.10/-each |
Rs.235.452
Million |
Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs. NIL (31 March 2013: Rs. NIL).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
Shareholders holding more than 5% shares in the Company
|
Particulars |
31.03.2014 |
|
|
No. of Shares |
% of holding |
|
|
Mohan H. Bhandari |
6253489 |
26.56% |
|
Deutsche Bank Trust Company Americas (Custodian of shares against GDR’s issued) |
2109808 |
8.96% |
|
Monument Pte. Limited |
1761620 |
7.48% |
|
Rakesh R. Jhunjhunwala |
1735425 |
7.37% |
|
Nutan M. Bhandari |
1425122 |
6.05% |
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 |
235.452 |
235.452 |
235.452 |
|
(b) Reserves &
Surplus |
8312.348 |
9444.609 |
9312.941 |
|
(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) |
8547.800 |
9680.061 |
9548.393 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
10087.502 |
11554.585 |
6248.443 |
|
(b) Deferred tax
liabilities (Net) |
1025.502 |
1174.851 |
1125.381 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.202 |
12.725 |
9.639 |
|
Total Non-current
Liabilities (3) |
11119.206 |
12742.161 |
7383.463 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2191.809 |
2254.731 |
241.265 |
|
(b) Trade payables |
312.418 |
707.311 |
234.907 |
|
(c) Other current
liabilities |
4009.091 |
1502.504 |
1171.841 |
|
(d) Short-term provisions |
182.309 |
(17.370) |
268.970 |
|
Total Current Liabilities
(4) |
6695.627 |
4447.176 |
1916.983 |
|
|
|
|
|
|
TOTAL |
26362.633 |
26869.398 |
18848.839 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12282.163 |
6009.200 |
5376.602 |
|
(ii) Intangible Assets |
265.578 |
357.516 |
370.171 |
|
(iii) Capital
work-in-progress |
1816.069 |
7851.342 |
335.129 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6831.314 |
6943.669 |
6793.520 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.403 |
52.432 |
22.066 |
|
(e) Other Non-current
assets |
496.099 |
545.097 |
496.804 |
|
Total Non-Current Assets |
21738.626 |
21759.256 |
13394.292 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1139.897 |
1387.253 |
1291.282 |
|
(c) Trade receivables |
1047.711 |
1014.212 |
3460.804 |
|
(d) Cash and cash
equivalents |
255.274 |
324.041 |
269.860 |
|
(e) Short-term loans and
advances |
2181.125 |
2384.636 |
432.601 |
|
(f) Other current assets |
0.000 |
0.000 |
|
|
Total Current Assets |
4624.007 |
5110.142 |
5454.547 |
|
|
|
|
|
|
TOTAL |
26362.633 |
26869.398 |
18848.839 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
4013.520 |
7274.304 |
7525.969 |
|
|
Other Income |
(68.788) |
(7.855) |
62.599 |
|
|
TOTAL |
3944.732 |
7266.449 |
7588.568 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2640.910 |
4777.817 |
4611.168 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
81.357 |
(32.270) |
51.716 |
|
|
Employees benefits
expense |
192.916 |
263.700 |
250.074 |
|
|
Other expenses |
454.591 |
434.871 |
386.864 |
|
|
TOTAL |
3369.774 |
5444.118 |
5299.822 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
574.958 |
1822.331 |
2288.746 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1470.382 |
1024.944 |
796.938 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(895.424) |
797.387 |
1491.808 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
678.062 |
419.953 |
359.924 |
|
|
|
|
|
|
|
Less/ Add |
Prior Period Expenses |
2.463 |
30.936 |
0.000 |
|
|
|
|
|
|
|
Less/ Add |
Exceptional Items |
(374.875) |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less/ Add |
Extraordinary Items |
0.000 |
231.246 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(1201.074) |
115.252 |
1131.884 |
|
|
|
|
|
|
|
Less |
TAX |
13.497 |
49.470 |
384.358 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(1214.571) |
65.782 |
747.526 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
876.010 |
584.933 |
746.695 |
|
|
Lease Rent |
0.000 |
262.500 |
0.000 |
|
|
Dividend (from Joint
venture) |
0.000 |
27.560 |
48.775 |
|
|
TOTAL EARNINGS |
876.010 |
874.993 |
795.470 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Material |
1187.048 |
1839.814 |
1492.409 |
|
|
TOTAL IMPORTS |
1187.048 |
1839.814 |
1492.409 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(51.58) |
2.79 |
31.75 |
QUARTERLY RESULTS
|
PARTICULARS |
1st Quarter 30.06.2014 |
2nd Quarter 30.09.2014 |
3rd Quarter 31.12.2014 |
|
Net Sales |
889.600 |
780.000 |
781.600 |
|
Total Expenditure |
751.400 |
818.900 |
701.900 |
|
PBIDT (Excl OI) |
138.200 |
(38.900) |
79.700 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
138.200 |
(38.900) |
79.700 |
|
Interest |
353.700 |
348.700 |
327.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(215.500) |
(387.600) |
(247.500) |
|
Depreciation |
193.500 |
193.500 |
193.500 |
|
Profit Before Tax |
(409.000) |
(581.100) |
(441.000) |
|
Tax |
(86.900) |
(37.600) |
(44.500) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(322.100) |
(543.500) |
(396.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(322.100) |
(543.500) |
(396.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(30.79) |
0.91 |
9.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.32
|
25.05 |
30.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.78) |
0.95 |
9.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14) |
0.01 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.44 |
1.43 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
1.15 |
2.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
235.452 |
235.452 |
235.452 |
|
Reserves & Surplus |
9312.941 |
9444.609 |
8312.348 |
|
Net worth |
9548.393 |
9680.061 |
8547.800 |
|
|
|
|
|
|
long-term borrowings |
6248.443 |
11554.585 |
10087.502 |
|
Short term borrowings |
241.265 |
2254.731 |
2191.809 |
|
Total borrowings |
6489.708 |
13809.316 |
12279.311 |
|
Debt/Equity ratio |
0.680 |
1.427 |
1.437 |
.doc%2027-Apr-2015_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7525.969 |
7274.304 |
4013.520 |
|
|
|
(3.344) |
(44.826) |
.doc%2027-Apr-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7525.969 |
7274.304 |
4013.520 |
|
Profit |
747.526 |
65.782 |
(1214.571) |
|
|
9.93% |
0.90% |
(30.26%) |
.doc%2027-Apr-2015_files/image026.gif)
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
No |
|
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 |
LITIGATION DETAILS:
|
HIGH COURT OF
BOMBAY |
|||||||||||||||||||||||||||||||
|
CASE DETAILS BENCH: BOMBAY |
|||||||||||||||||||||||||||||||
|
Presentation
Date:- 23/01/2015 |
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
|
Petitioner: DHANLAXMI
BANK LIMITED Respondent: BILCARE LIMITED CIN L28939PN1987PLC043953 Petn. Adv :LEGAL ASSOCIATES (I7138) Resp.
Adv.: O(O) District: OUTSIDE
MAHARASHTRA |
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
|
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10490111 |
29/03/2014 |
440,000,000.00 |
IDBI BANK
LIMITED |
201, PRIDE
HOUSE, 2ND FLOOR,UNIVERED,SHIVAJINAGAR, PUNE, MAHARASHTRA
- 411016, INDIA |
C03738713 |
|
2 |
10483108 |
23/01/2014 |
623,200,000.00 |
LAKSHMI VILAS
BANK LIMITED |
CTS NO. 998 A J
CRYSTAL SHUKRAWAR PETH,, SWARGATE |
B98685068 |
|
3 |
10381902 |
24/09/2012 |
70,000,000.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
B60228418 |
|
4 |
10340125 |
07/02/2012 |
3,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, |
B34099549 |
|
5 |
10340325 |
07/02/2012 |
10,798,900,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B34190553 |
|
6 |
10329545 |
19/12/2011 |
500,000,000.00 |
JAMMU AND
KASHMIR BANK LIMITED |
A-17 RING ROAD,
LAJPAT NAGAR- IV, NEW DELHI, DELHI - 110024, INDIA |
B29817624 |
|
7 |
10484124 |
30/10/2013 * |
2,570,000,000.00 |
STATE BANK OF
INDIA |
2ND FLOOR,TARA
CHAMBERS,NEAR MARIAAI POLICE CHOWKY |
C10454221 |
|
8 |
10237031 |
10/08/2010 |
600,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLAB |
A93411619 |
|
9 |
10132244 |
31/01/2013 * |
2,750,000,000.00 |
AXIS BANK
LIMITED |
2ND FLOOR, E
AXIS HOUSE, BOMBAY DYING MILL, WORLI |
B71495782 |
|
10 |
10132241 |
04/12/2008 |
7,250,000,000.00 |
AXIS BANK
LIMITED |
CENTRAL OFFICE,
CAPITAL MARKETS DEPARTMENT, 11TH |
A51972222 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales tax loans |
108.820 |
116.576 |
|
Term Loan from Banks |
500.000 |
981.819 |
|
Others |
89.346 |
80.496 |
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed deposits from Public |
1656.827 |
1637.054 |
|
Loans and advances from related parties |
50.000 |
50.000 |
|
Total |
2404.993 |
2865.945 |
Note:
- Deferred sales tax loan is interest free and is repayable in yearly installments till 2023.
- The other unsecured loan carries interest @ 3 % p.a. and repayable in 10 annual equal installments starting from 2014.
- Fixed deposits from public carries interest @ 11% to 12% p.a.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global Pharmaceutical
Packaging Market Landscape
As per IMS, the global pharma market reported a strong growth of 6.4% to $883.6bn from $830.5bn due to good growth across geographies, higher healthcare allocations by the Governments, introduction of new products and change in the disease profile.
The US pharma market which forms ~39% of the global markets grew at 7.3% to $342.7bn from $319.4bn with the higher use of generics and increase in healthcare spending by the Obama Government.
Though both EU and Japanese markets reported a lower growth of 3.3% and 3.7% respectively, the APAC market grew by 9.7% to $131.5bn from $119.9bn. The pharma growth in China was 13.5% to $70.5bn from $62.1bn. The Brazilian market grew at 17.4% to $21.6bn from $18.4bn.
The Indian pharma market also reported strong growth of 9.9% to $11.9bn from $10.8bn despite the sharp reduction in prices of 348 drugs by NPPA in Sept’13.
The global pharmaceutical packaging market will continue to grow at a CAGR of 8% in the next five years, as projected by pharmaceutical packaging market report. Further, the market is expected to be fuelled by off -patenting of drugs and expanding the generics market. The global pharmaceutical industry is presently undergoing swift expansion, a lot of technology innovations and rapid advancements in manufacturing processes and integrations. These factors are foretelling growth of the pharmaceutical packaging industry globally. Due to increasing generic and contract manufacturing activities in Asian countries, specially India and China, the emerging geographies are expected to register maximum growth, and garner 25% of the market by 2018.
Development of new packaging solutions which provide product protection, quality, patient comfort and compliance, and security needs are expected to increase consumer consumption. This in turn is expected to drive the market for novel pharmaceutical packaging. In addition, increasing global drug counterfeit market and the subsequent development of anti-counterfeiting drug packaging technologies and products is expected to boost the demand for pharmaceutical packaging over the next few years. Team Bilcare is excited to be a part of this new emerging global market. A recent study by the Freedonia Group supports the fact that pharma packaging systems will need to incorporate advanced functionalities to evolve in line with industry trends like the increasing use of biotechnology based drugs, the importance of patient compliance and the need to crack down on the growing menace of counterfeit drugs.
Blister packaging has become a major platform to fight counterfeit drugs as it provides manufacturers the space to add extended labelling information. Blister packs can also be readily fitted with track and trace technologies, and thus the market for pharma blister packaging will expand as more companies use this technology to provide
additional safety information and limit potential counterfeiting.
Thus pharma packaging providers will have to provide value added services to their clients. They will have to evolve into specialists, providing solutions to meet specific needs. Beyond that, pharma looks to packagers to improve bottom lines and brand distinction. Bilcare focus and forte in Blister packaging coupled with ncID enabled third generation nonclonable packaging along with existing 5 C offerings to the pharma sector worldwide for brand distinction and compliance oriented packaging will have clear advantage in the Industry.
HIGHLIGHTS OF
FINANCIALS
Standalone
India Standalone Revenue for the fourth quarter ended, March 31, 2014
(Q4 FY14) stood at Rs.1039.200 Million as compared to Rs.952.400 Million of
third quarter ended December 31, 2013 (Q3 FY14), showing an improvement by 9.11
%.
Standalone operating income (EBIDTA) for the quarter ended Q4 FY14 grew
by 43.20 % at Rs.216.800 Million as compared to Rs.151.400 Million of the
previous quarter, Q3FY14. Net loss at Rs.265.000 Million reduced from 296.600
Million of the previous quarter, thus showing some improvement.
Standalone revenue for the year ended 2014 stood at Rs.3940.000 Million
as compared to Rs.7270.000 Million of previous year ended, 2013, showing a
decline of 46% due to lower sales arising out of working capital crunch leading
to lower EBIDTA levels at Rs.570.000 Million.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2014
(Rs.
in million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Nine months Ended |
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Income from
Operations |
|
|
|
|
Net Sales / Income from Operations |
775.500 |
779.300 |
2422.900 |
|
Other Operating Income |
6.100 |
0.700 |
28.300 |
|
Total Income from Operations
(net) |
781.600 |
780.000 |
2451.200 |
|
Expenditure |
|
|
|
|
a) Cost of materials consumed |
537.000 |
610.600 |
1777.600 |
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
2.500 |
(7.300) |
(55.000) |
|
d) Employee benefits expense |
63.600 |
64.000 |
180.600 |
|
e) Depreciation and amortisation expense |
193.500 |
193.500 |
580.600 |
|
f) Other expenses |
98.800 |
151.600 |
368.900 |
|
Total Expenses |
895.400 |
1012.400 |
2852.700 |
|
Profit from Operations
before Other Income and Finance Costs |
(113.800) |
(232.400) |
(401.500) |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Profit before
finance costs |
(113.800) |
(232.400) |
(401.500) |
|
Finance Costs |
327.200 |
348.700 |
1029.700 |
|
Profit before
exceptional items |
(441.000) |
(581.100) |
(1431.200) |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
(441.000) |
(581.100) |
(1431.200) |
|
Tax Expenses |
(44.500) |
(37.600) |
169.000) |
|
Net Profit after
Tax |
(396.500) |
(543.500) |
(1262.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss)
for the period |
(396.500) |
(543.500) |
(1262.200) |
|
Minority Interest |
-- |
-- |
-- |
|
Net Profit / (Loss)
after taxes and minority interest |
235.500 |
235.500 |
235.500 |
|
Paid up Equity Share Capital [Face Value - Rs.10 per share] |
|
|
|
|
Reserves excluding Revaluation Reserves |
|
|
|
|
Basic and diluted EPS for the period and for the previous year |
|
|
|
|
-Basic EPS (Rs.) [Not annualised] |
(16.84) |
(23.08) |
(56.60) |
|
-Diluted EPS (Rs.) [Not annualised] |
(16.84) |
(23.08) |
(53.60) |
|
|
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of Shares |
16403620 |
16403620 |
16403620 |
|
- Percentage of Shareholding |
69.67 |
69.67 |
69.67 |
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
178000 |
178000 |
178000 |
|
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group) |
2.49 |
2.49 |
2.49 |
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
0.76 |
0.76 |
0.76 |
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
6963611 |
6963611 |
6963611 |
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
97.51 |
97.51 |
97.51 |
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
29.57 |
29.57 |
29.57 |
|
PARTICULARS |
For the quarter ended 31.12.2014 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
NIL |
|
Disposed during the quarter |
NIL |
|
Remaining unresolved at the end of the quarter |
NIL |
NOTE:
The Company's main business segment is packaging research solutions.
The useful life of those fixed assets which are at variance with useful lives given
in Schedule II of Companies Act, 2013 are as per Technical estimates.
Figures for previous periods have been regrouped and rearranged, wherever
necessary, to conform with the relevant current period's classification.
The above unaudited results have been reviewed by the Audit Committee, approved
by the Board of Directors of the Company at its meeting held on February 14,
2015 and have been subjected to a 'Limited Review' by the Statutory Auditors.
CONTINGENT
LIABILITIES
(Rs. In Million)
|
Particular |
31.03.2014 |
31.03.2013 |
|
Claims against the Company, not acknowledged as debts: Corporate guarantees given |
10515.184 |
6195.455 |
|
Interest on Bank Loans (NPA Accounts) has been charged at 10% p.a. being average base rate of lending. |
423.797 |
0.000 |
FIXED ASSETS
Tangible Assets
- Land
- Building
- Plant and
Machinery
- Vehicles
- Electric
Fitting
- Furniture and
Fixture
- Office
Equipment
- Tools and
Equipments
Intangible Assets
- Patent and
Trademarks
- Other
Intangible Assets
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.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
--- |
|
--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 |
YES |
|
--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.