MIRA INFORM REPORT
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Report No. : |
319931 |
|
Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
HIKAL LIMITED |
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Registered
Office : |
717/718, Maker
Chambers V, 7th Floor, Nariman Point, Mumbai – 400021, Maharashtra |
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Tel. No.: |
91-22-22301801 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.07.1988 |
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Com. Reg. No.: |
11–048028 |
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Capital
Investment / Paid-up Capital : |
Rs.164.401 Million |
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CIN No.: [Company Identification
No.] |
L24200MH1988PTC048028 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH07537F /
BRDH00497A |
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PAN No.: [Permanent Account No.] |
AAACH0383A |
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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
: |
The Company is engaged in the manufacturing of various
chemical intermediates, specialty chemicals, active pharma ingredients and
contract research activities. |
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No. of Employees
: |
1101 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an
established company having satisfactory track. The company
possesses a favorable financial profile marked by adequate networth base
along with modest working capital intensive operations. Management has
witnessed a decent revenue as well as higher profitability and cash accruals
leading to improvement in debt protection metrics during FY 2014. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
July 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
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
Management Non Co-Operative (Tel No.: 91-22-27574276)
LOCATIONS
|
Registered
Office / Corporate Office : |
717/718, Maker
Chambers V, 7th Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
|
Tel. No.: |
91-22-22301801 |
|
Fax No.: |
91-22-22833913 |
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E-Mail : |
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|
Website : |
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Head Office : |
6, Nawab
Building, 327, Dr. D. N. Road, Fort, Mumbai – 400 001, Maharashtra, India. |
|
Tel. No.: |
91-22-22301801 |
|
Fax No.: |
91-22-22833913 |
|
|
|
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Administrative
Office : |
Great Eastern
Chambers, 6th Flore, Sector 11, CBD – Belapur, Navi Mumbai – 400 614,
Maharashtra, India |
|
Tel. No.: |
91-22-27574276 /
27574336 / 27574991 / 30973100 |
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Fax No.: |
91-22-27574277 |
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Email : |
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Plant Location
: |
Tel No. : 91-2646-302 100
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Overseas
Office |
Located at
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Jai Hiremath |
|
Designation : |
Chairman and Managing Director |
|
|
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|
Name : |
Mr. Sameer J. Hiremath |
|
Designation : |
President and Joint Managing Director |
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|
Name : |
Mr. Baba N. Kalyani |
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Designation : |
Director |
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Name : |
Dr. Peter Pollak |
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Designation : |
Director |
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|
Name : |
Dr. Axel Kleemann |
|
Designation : |
Director |
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|
Name : |
Mr. Wolfgang Welter |
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Designation : |
Director |
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Name : |
Mr. Prakash V. Mehta |
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Designation : |
Director |
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Name : |
Mr. Shivkumar M. Kheny |
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Designation : |
Director |
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Name : |
Mrs. Sugandha J. Hiremath |
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Designation : |
Director |
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Name : |
Mr. Amit Kalyani |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sham. V. Wahalekar |
|
Designation : |
Company Secretary |
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Audit Committee : |
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SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7863400 |
9.57 |
|
|
48115110 |
58.53 |
|
|
550000 |
0.67 |
|
|
550000 |
0.67 |
|
|
56528510 |
68.77 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
56528510 |
68.77 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7931465 |
9.65 |
|
|
19500 |
0.02 |
|
|
100500 |
0.12 |
|
|
3877340 |
4.72 |
|
|
11928805 |
14.51 |
|
|
|
|
|
|
727677 |
0.89 |
|
|
|
|
|
|
5017378 |
6.10 |
|
|
725430 |
0.88 |
|
|
7272700 |
8.85 |
|
|
63315 |
0.08 |
|
|
121550 |
0.15 |
|
|
6800000 |
8.27 |
|
|
287835 |
0.35 |
|
|
13743185 |
16.72 |
|
Total Public shareholding (B) |
25671990 |
31.23 |
|
Total (A)+(B) |
82200500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
82200500 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Anish Dilip Swadi |
5,000 |
0.01 |
0.01 |
|
2 |
Jai Hiremath |
8,93,750 |
1.09 |
1.09 |
|
3 |
Pallavi Hiremath |
2,54,000 |
0.31 |
0.31 |
|
4 |
Pooja Hiremath |
5,000 |
0.01 |
0.01 |
|
5 |
Sameer J Hiremath |
2,60,650 |
0.32 |
0.32 |
|
6 |
Sugandha Hiremath |
64,45,000 |
7.84 |
7.84 |
|
7 |
BF Investment Limited |
21,82,250 |
2.65 |
2.65 |
|
8 |
Decent Electronics Private Limited |
33,000 |
0.04 |
0.04 |
|
9 |
Ekdant Investments Private Limited |
2,62,535 |
0.32 |
0.32 |
|
10 |
Kalyani Investment Company Limited |
2,57,78,250 |
31.36 |
31.36 |
|
11 |
Karad Engineering Consulting Private Limited |
42,500 |
0.05 |
0.05 |
|
12 |
Shri Badrinath Investment Private Limited |
1,32,76,575 |
16.15 |
16.15 |
|
13 |
Shri Rameshwara Investment Private Limited |
65,40,000 |
7.96 |
7.96 |
|
14 |
Pallavi Trust |
1,25,000 |
0.15 |
0.15 |
|
15 |
Sameer Trust |
1,25,000 |
0.15 |
0.15 |
|
16 |
Sumer Trust |
50,000 |
0.06 |
0.06 |
|
17 |
Rhea Trust |
50,000 |
0.06 |
0.06 |
|
18 |
Nihal Trust |
50,000 |
0.06 |
0.06 |
|
19 |
Anika Trust |
50,000 |
0.06 |
0.06 |
|
20 |
Pooja Trust |
50,000 |
0.06 |
0.06 |
|
21 |
Anish Trust |
50,000 |
0.06 |
0.06 |
|
|
Total |
5,65,28,510 |
68.77 |
68.77 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Reliance Capital Trustee Company Ltd A/c Reliance Growth Fund |
6575250 |
8.00 |
8.00 |
|
|
2 |
Government Pension Fund Limited |
1575000 |
1.92 |
1.92 |
|
|
3 |
International Finance Corporation |
6800000 |
8.27 |
8.27 |
|
|
4 |
Danske Invest Management Company S.A. A/C Danske Invest Sicav-Sif-Emerging and Frontier Markets Smid |
2149435 |
2.61 |
2.61 |
|
|
5 |
SBI Magnum Balanced Fund |
910730 |
1.11 |
1.11 |
|
|
|
Total |
18010415 |
21.91 |
21.91 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Reliance Capital Trustee Company Limited A/c Reliance Growth Fund |
6575250 |
8.00 |
8.00 |
|
|
2 |
International Finance Corporation |
6800000 |
8.27 |
8.27 |
|
|
|
Total |
13375250 |
16.27 |
16.27 |
|
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacturing of various chemical
intermediates, specialty chemicals, active pharma ingredients and contract
research activities. |
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Products : |
Chemical |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1101 (Approximately) |
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Bankers : |
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Facilities : |
Long Term Borrowings Nature of Security i) Terms loans from banks and financial institutions are secured by hypothecation of plant & machinery, first charge on the immovable properties and second charge on current assets situated at Taloja, Panoli and Bangalore ii) Deferred payment liability relates to certain vehicles and other equipments and is secured by way of first charge on the said assets.
Short Term Borrowings Nature of Security
and terms of repayment for secured/unsecured borrowings
|
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
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|
Legal Advisor : |
Malvi Ranchoddas
and Company |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary
Companies : |
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Enterprises over
which key management personnel and their relatives exercise significant
influence : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Share |
Rs.10/- Each |
Rs.250.000
Million |
|
5000000 |
Cumulative
Redeemable Preference shares |
Rs.100/- Each |
Rs.500.000
Million |
|
|
Total |
|
Rs.750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16440100 |
Equity Shares |
Rs.10/- Each |
Rs.164.401
Million |
Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period
|
Equity Shares |
Number
in Million |
Rs. In Million |
|
At the beginning of the year |
16.440 |
164.400 |
|
Outstanding at the end of the year |
16.440 |
164.400 |
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 March 31, 2014 the amount of per share dividend recognized as distributions to equity shareholders was Rs.4.50/- (2013: Rs.2.50/-). 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
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Kalyani Investment Company Limited |
5.160 |
31.36 |
|
Shri Badrinath Investment Private Limited |
2.650 |
16.15 |
|
Shri Rameshwara Investment Private Limited |
1.310 |
7.96 |
|
International Finance Corporation |
1.360 |
8.27 |
|
Sugandha J Hiremath |
1.290 |
7.84 |
|
Reliance Capital Trustee Company Limited |
1.12 |
6.82 |
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 |
164.400 |
164.400 |
164.400 |
|
(b) Reserves & Surplus |
4,894.650 |
4,348.080 |
4,433.780 |
|
(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) |
5,059.050 |
4,512.480 |
4,598.180 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,548.220 |
2,196.270 |
2,268.770 |
|
(b) Deferred tax liabilities (Net) |
324.900 |
86.250 |
86.710 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
109.200 |
96.620 |
64.190 |
|
Total Non-current
Liabilities (3) |
2,982.320 |
2,379.140 |
2,419.670 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,155.480 |
2,602.830 |
2,054.670 |
|
(b) Trade
payables |
1,310.850 |
1,128.410 |
1,139.260 |
|
(c) Other
current liabilities |
1,001.910 |
1,236.280 |
1,062.460 |
|
(d) Short-term
provisions |
197.900 |
60.440 |
129.680 |
|
Total Current
Liabilities (4) |
4,666.140 |
5,027.960 |
4,386.070 |
|
|
|
|
|
|
TOTAL |
12,707.510 |
11,919.580 |
11,403.920 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,441.410 |
6,607.570 |
5,783.960 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
611.670 |
485.430 |
747.560 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
31.270 |
31.270 |
181.670 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
677.190 |
704.160 |
1,236.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
7,761.540 |
7,828.430 |
7,949.190 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3,112.930 |
2,570.330 |
1,918.530 |
|
(c) Trade
receivables |
887.370 |
846.290 |
987.340 |
|
(d) Cash
and cash equivalents |
276.880 |
154.050 |
59.190 |
|
(e)
Short-term loans and advances |
657.390 |
514.410 |
486.540 |
|
(f) Other
current assets |
11.400 |
6.070 |
3.130 |
|
Total
Current Assets |
4,945.970 |
4,091.150 |
3,454.730 |
|
|
|
|
|
|
TOTAL |
12,707.510 |
11,919.580 |
11,403.920 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8,292.110 |
6,604.170 |
6,942.350 |
|
|
|
Other Income |
340.550 |
63.080 |
49.570 |
|
|
|
TOTAL (A) |
8,632.660 |
6,667.250 |
6,991.920 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3,878.100 |
2,725.980 |
2,945.770 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(119.840) |
(115.480) |
161.500 |
|
|
|
Employee benefits expense |
790.190 |
701.760 |
556.860 |
|
|
|
Other expenses |
1,691.610 |
1,447.980 |
1,444.040 |
|
|
|
Exceptional Items |
179.250 |
484.330 |
218.490 |
|
|
|
TOTAL (B) |
6,419.310 |
5,244.570 |
5,326.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,213.350 |
1,422.680 |
1,665.260 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
680.040 |
598.780 |
640.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,533.310 |
823.900 |
1,024.940 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
550.230 |
490.620 |
424.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
983.080 |
333.280 |
600.710 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
342.270 |
78.240 |
59.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
640.810 |
255.040 |
540.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2,123.120 |
1,946.170 |
1,620.010 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend on Equity Shares |
32.880 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
41.100 |
41.100 |
98.640 |
|
|
|
Tax on proposed dividend |
12.570 |
6.990 |
16.000 |
|
|
|
Transfer to General Reserve |
100.000 |
30.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2,577.380 |
2,123.120 |
1,946.170 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7056.900 |
5818.080 |
5572.230 |
|
|
TOTAL EARNINGS |
7056.900 |
5818.080 |
5572.230 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2302.350 |
1925.550 |
1698.750 |
|
|
|
Capital Goods |
13.710 |
14.310 |
35.590 |
|
|
|
Stores & Spares |
22.400 |
7.460 |
2.630 |
|
|
TOTAL IMPORTS |
2338.460 |
1947.320 |
1736.970 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
38.98 |
15.52 |
32.90 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1903.900 |
2428.800 |
2250.500 |
|
Total Expenditure |
1541.100 |
1892.900 |
1774.600 |
|
PBIDT (Excl OI) |
362..800 |
535.900 |
475.900 |
|
Other Income |
8.300 |
3.500 |
02.000 |
|
Operating Profit |
371.100 |
539.400 |
477.900 |
|
Interest |
141.800 |
179.600 |
188.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
229.300 |
359.800 |
289.500 |
|
Depreciation |
148.500 |
150.500 |
158.500 |
|
Profit Before Tax |
80.800 |
209.300 |
131.000 |
|
Tax |
23.800 |
56.800 |
37.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
57.000 |
152.500 |
93.700 |
|
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 |
57.000 |
152.500 |
93.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.73 |
3.86 |
7.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
26.69 |
21.54 |
23.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.15 |
2.92 |
5.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.07 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.93 |
1.06 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
0.81 |
0.79 |
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 |
164.400 |
164.400 |
164.400 |
|
Reserves & Surplus |
4433.780 |
4348.080 |
4894.650 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4598.180 |
4512.480 |
5059.050 |
|
|
|
|
|
|
long-term borrowings |
2268.770 |
2196.270 |
2548.220 |
|
Short term borrowings |
2054.670 |
2602.830 |
2155.480 |
|
Total
borrowings |
4323.440 |
4799.100 |
4703.700 |
|
Debt/Equity
ratio |
0.940 |
1.064 |
0.930 |
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 |
6,942.350 |
6,604.170 |
8,292.110 |
|
|
|
(4.871) |
25.559 |
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
|
6,942.350 |
6,604.170 |
8,292.110 |
|
Profit |
540.800 |
255.040 |
640.810 |
|
|
7.79% |
3.86% |
7.73% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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
|
Case Details |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date : |
11/06/2013 |
|||||
|
Lodging No:- |
ARPST/15731/2013 |
Failing Date:- |
11/06/2013 |
|||
|
Petitioner:- |
M/S HIKAL LIMITED, IN THE MATTER OF M/S WYTEWATER TECH PRIVATE
LIMITED |
Respondent:- |
HIKAL LIMITED |
|||
|
Petn.Adv:- |
LAW GLOBAL (0) |
|
|
|||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
SINGLE |
|||||
|
Status:- |
Pre-Admission |
|||||
|
Act. : |
Arbitration and Conciliation Act 1996 |
|||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from banks & others |
42.500 |
58.250 |
|
Deferred sales tax liability |
2.660 |
3.720 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter corporate deposits |
|
|
|
From related parties |
36.450 |
59.45 |
|
From others |
135.000 |
445.500 |
|
Total |
216.610 |
566.920 |
BACKGROUND
The Coampyn was incorporated as a public limited Company on July 8, 1988 having its registered office at 717/718, Maker Chamber V, Nariman Point, Mumbai 400 021. The Company is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharma ingredients and contract research activities.
The Company is operating in the crop protection and pharmaceuticals space.
COMPANY'S PERFORMANCE
A significant growth in revenues and profitability were seen in the FY 2013-14. Turnover of the company showed an upward trend of 26%. As compared to last year the Pharmaceutical business showed positive growth of 28% due to higher off take by the customers. The Crop Protection business continued its upward trend and grew by 23%. Despite a challenging global economic environment, EBITDA of the company increased by 8% to Rs.2062.000 Millionfrom Rs.1907.000 millions. The profit after tax has surged to Rs.641.000 Millionas against Rs.255.000 million last year, an increase of 151%. Finance costs for the year were higher by 13.5% at Rs.680.000 million compared to Rs.599.000 million in FY2013 on account of increase in interest cost. Finance cost for FY2014 also includes exchange loss on working capital borrowing of Rs.132.000 million as against Rs.76.000 million in FY2013.
Depreciation for FY2014 was higher at Rs.550million compared to Rs.491.000 million in FY2013 on account of increase in fixed assets of Pharmaceutical business. Increase in tax expenses from Rs.78 million in FY2013 to Rs.342.000 million in FY2014 was mainly on account of full absorption of carry forward losses and deferred tax.
Total debt as on March 31, 2014 was Rs.4704.000 million compared to Rs.4799.000 million as on March 31, 2013. Debt/Equity ratio was 0.93 as on March 31, 2014 compared to 1.03 as on March 31, 2013. During the year, gross fixed assets increased by Rs.388.000 million mainly on account of increase in capital assets in Pharmaceutical business and capitalization of exchange loss on long term capital borrowing. Despite the challenging economic environment, the company has performed well and based on the results, the Board recommended a dividend of 45%.
STRATEGY AND FUTURE
OUTLOOK
They have redefined their strategy to be a leading provider of contract development and commercial manufacturing services (CDMO) to the global pharmaceutical industry with a focus on drug products. They have the right ingredients to offer a breadth of services with a focus on drug products and APIs with a wide range of technologies. They are able to offer comprehensive end-to-end solutions to a broad spectrum of companies ranging from large pharmaceutical and biotech companies to specialty pharmaceutical companies, generics and emerging pharmaceutical companies. They are aligning ourselves with thier clients' longer-term strategies to offer real competitive advantages on competence, quality and cost. Their redefined strategy will yield results in the near future as we target new clients as well as new geographies. We are continuously feeding thier pipeline with new enquiries and projects to ensure that the revenue and profitability targets are met.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
|
|
Income
from operations |
|
|
|
|
Sales / income from operations |
2261.200 |
2441.500 |
6618.300 |
|
Less: Excise duty |
10.700 |
12.700 |
35.000 |
|
Net sales / income from operations |
2250.500 |
2428.800 |
6583.300 |
|
Total expenditure |
|
|
|
|
a) Cost of
materials and utilities consumed |
1492.400 |
1439.500 |
3968.700 |
|
b) Purchases of
stock- in- trade |
0.000 |
0.000 |
0.000 |
|
c) Change in
inventories of finished goods and work in progress |
-149.900 |
12.900 |
(9.500) |
|
d) Employee
benefits expense |
237.600 |
223.300 |
670.700 |
|
e) Depreciation and
amortisation expenses |
158.500 |
150.500 |
457.500 |
|
f) Other expenses |
194.500 |
217.200 |
578.600 |
|
Total expenditure |
1933.100 |
2043.400 |
5666.000 |
|
Profit from operations before
other income, interest and impact of forward contracts |
317.400 |
385.400 |
917.300 |
|
Other Income |
2.000 |
3.500 |
13.700 |
|
Profit Before Interest and
impact of forward contracts |
319.400 |
388.900 |
931.000 |
|
Finance cost |
188.400 |
179.600 |
509.800 |
|
Profit from ordinary
activities before tax and impact of forward contracts |
131.000 |
209.300 |
421.200 |
|
- Exchange loss |
0.000 |
0.000 |
0.000 |
|
Profit from ordinary
activities before tax |
131.000 |
209.300 |
421.200 |
|
Provision for taxation |
|
|
|
|
- Current taxes |
37.800 |
65.600 |
129.800 |
|
- Minimum Alternatives
Tax credit |
0.000 |
0.000 |
0.000 |
|
- Deferred tax |
(0.500) |
(8.800) |
(11.900) |
|
Net Profit after tax |
93.700 |
152.500 |
303.300 |
|
Paid-up equity share capital |
164.400 |
164.400 |
164.400 |
|
Reserves excluding revaluation
reserves |
|
|
|
|
Earnings per share ( face
value Rs. 10/-) |
|
|
|
|
-
Basic |
5.70 |
9.28 |
18.45 |
|
- Diluted |
5.70 |
9.28 |
18.45 |
|
- Cash |
15.34 |
18.43 |
46.28 |
|
Public shareholding |
|
|
|
|
- No
of shares |
51,34,398 |
51,34,398 |
51,34,398 |
|
-
Percentage of shareholding |
31.23% |
31.23% |
31.23% |
|
Promoters and promoter group
shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- No of shares |
- |
- |
- |
|
- Percentage of shares (as a %
of the total shareholding of promoters and promoter group |
- |
- |
- |
|
- Percentage of shares (as a %
of the total share capital of the company) |
- |
- |
- |
|
b) Non-encumbered |
|
|
|
|
- No of shares |
1,13,05,702 |
1,13,05,702 |
1,13,05,702 |
|
- Percentage of shares (as a %
of the total shareholding of promoters and promoter group |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a %
of the total share capital of the company) |
68.77% |
68.77% |
68.77% |
|
B.
Investor Complaints |
31.12.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
Notes:
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on January 29, 2015.
- The management has reassessed useful life of its fixed assets as per Schedule II of the Companies Act, 2013. Accordingly, depreciation charge for the quarter and half year ended December 31, 2014 is higher by Rs.9.900 Million and Rs.21.500 Million respectively and Rs.18.000 Million has been adjusted against opening reserves
- The profit for December 2014 quarter and half year is after full provision for mark to market losses on swap contracts/exchange difference on outstanding short-term working capital loans. The corresponding amount for previous quarter and half year ended December 31, 2013 did not have provision for such mark to market losses of Rs.99.800 Million. The same was matter of qualification by auditors in previous periods.
- The results for the quarter ended December 31, 2014 have been subjected to a "Limited Review" by the statutory auditors of the Company. The limited review report does not contain any qualifications. The limited review report will be filed with the Stock Exchanges and will also be available on company's website.
- The figures for the previous period/year have been regrouped/reclassified wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10518631 |
26/08/2014 |
400,000,000.00 |
THE RATNAKAR BANK LIMITED |
Shahupuri,Kolhapur, Kolhapur, Maharashtra - 416 001, India |
C19630920 |
|
2 |
10512641 |
31/07/2014 |
600,000,000.00 |
Standard Chartered Bank |
112, Serenity, 3rd
Floor, East Wing,, Oramangala |
C14868863 |
|
3 |
10460074 |
30/10/2013 |
200,000,000.00 |
ICICI Bank Limited |
ICICI Bank Towers, Bandra Kurla Complex,, Mumbai, Maharashtra - 400051, India |
B89482756 |
|
4 |
10458011 |
25/10/2013 |
250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India |
B88695663 |
|
5 |
10381047 |
25/09/2012 |
150,000,000.00 |
ADITYA BIRLA FINANCE LIMITED |
Indian Rayon
Compound,, Veraval, Gujarat - 362266, |
B59900712 |
|
6 |
10345467 |
21/03/2013 * |
300,000,000.00 |
ICICI Bank Limited |
ICICI Bank Towers, Bandra Kurla Complex Bandra East, MUMBAI, Maharashtra - 400051, India |
B72588262 |
|
7 |
10340869 |
21/03/2013 * |
300,000,000.00 |
Export Import Bank of India |
Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B72125412 |
|
8 |
10338703 |
27/02/2012 |
150,000,000.00 |
YES BANK LIMITED |
9th Floor, Nehru
Centre, Discovery Of India,, Dr. |
B33491242 |
|
9 |
10335745 |
14/05/2012 * |
100,000,000.00 |
ICICI Bank Limited |
ICICI Bank Towers, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
B40840910 |
|
10 |
10302778 |
30/07/2011 |
150,000,000.00 |
STATE BANK OF HYDERABAD |
11-C, Mittal Tower, 210, Nariman Point, Mumbai, Maharashtra - 400021, India |
B19024462 |
|
11 |
10251074 |
06/05/2011 * |
400,000,000.00 |
IDBI Bank Limited |
Mittal Court, 224, A Wing, 2nd Floor, Nariman Point, Mumbai, Maharashtra - 400021, India |
B13402771 |
|
12 |
10244019 |
06/05/2011 * |
506,000,000.00 |
STANDARD CHARTERED BANK |
90, M.G. Road, Fort, Mumbai, Maharashtra - 400001, India |
B13311709 |
|
13 |
10241620 |
06/05/2011 * |
650,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B13449095 |
|
14 |
10211546 |
13/10/2010 * |
400,000,000.00 |
IDBI Bank Limited |
224-A, Mittal Court, A Wing, Nariman Point, Mumbai, Maharashtra - 400021, India |
A97374912 |
|
15 |
10180962 |
25/09/2009 |
200,000,000.00 |
Standard Chartered Bank |
90, M G Road,, Fort,, Mumbai, Maharashtra - 400001, India |
A71040679 |
|
16 |
10168026 |
09/02/2010 * |
250,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A79286142 |
|
17 |
10171450 |
09/02/2010 * |
750,000,000.00 |
International Finance Corporation |
2121 Pennsylvania N.W., Washington D.C. 20433, Washington, - 20433, United States Of America |
A79646261 |
|
18 |
10092199 |
03/02/2010 * |
550,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, 21st Floor,, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
A79367470 |
|
19 |
10156028 |
17/12/2007 |
200,000,000.00 |
DBS BANK LIMITED |
3rd Floor, Fort House, 221, DR. D.N.ROAD, Mumbai, Maharashtra - 400001, India |
A52042850 |
|
20 |
10037491 |
23/09/2014 * |
2,250,000,000.00 |
Axis Bank Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Mumbai, Maharashtra - 400025, INDIA |
C33267188 |
|
21 |
90236413 |
18/03/2005 |
300,000,000.00 |
UTI Bank Limited |
131 Maker Tower, Mumbai, Maharashtra - 400005, India |
- |
|
22 |
90236401 |
01/03/2005 |
300,000,000.00 |
UTI Bank Limited |
131 Maker Tower, Mumbai, Maharashtra - 400005, India |
- |
|
23 |
90218590 |
24/11/2004 |
5,430,000.00 |
Cooperative Centralle Raiffeisen Boernileen Bank B.A. |
77 Robinson Road, Singapore, Singapore |
- |
|
24 |
80004309 |
12/05/2006 * |
145,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, 21st Floor,, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
- |
|
25 |
90218543 |
21/10/2003 |
1,700,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, 21st Floor,, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
- |
|
26 |
90218449 |
22/08/2003 * |
220,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, 21st Floor,, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
- |
|
27 |
90218366 |
29/08/2000 |
2,300,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, 21st Floor,, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
- |
|
28 |
90218359 |
24/03/2003 * |
300,000,000.00 |
UTI BANK LIMITED |
FORT BRNACH; SIR P.M. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
29 |
90218352 |
22/08/2003 * |
75,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, 21st Floor,, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
- |
|
30 |
90218269 |
15/07/2000 * |
110,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, 21st Floor, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
- |
|
31 |
90218259 |
03/06/1999 |
20,000,000.00 |
BANK OF BARODA |
Fort Unversity Brnach, Agar Building; M.G. Road, Mumbai, Maharashtra - 400023, India |
- |
|
32 |
90218123 |
23/07/1998 * |
150,000,000.00 |
ICICI LIMITED |
Shangrila Gardens; Iii Rd Floor, Bund Garden Road, Pune, Maharashtra - 411001, India |
- |
|
33 |
90217848 |
25/11/1994 |
16,500,000.00 |
BANK OF BARODA |
Fort Unversity
Brnach, Agar Building; M.G. Road, |
- |
|
34 |
90193366 |
09/04/1988 |
990,000.00 |
CANARA BANK |
D.E.G. Road, Bangalore, Karnataka, India |
- |
|
35 |
80066689 |
09/04/1988 |
340,000.00 |
Canara Bank |
D.V.G Road, Banglore, Banglore, Karnataka - 560034, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
HIKAL APPROVES SUB DIVISION OF EQUITY
SHARES
Hikal Limited has informed BSE that the Board of Directors of the Company at its meeting held on December 17, 2014, have transacted the following business:- Approved a proposal to sub-divide one Equity Share of the face value of Rs. 10/- each fully paid-up in the Equity Share Capital of the Company in to 5 (five) Equity Shares of the face value of Rs. 2/- each fully paid-up and carry out consequential amendments to the existing Clause V of the Memorandum of Association and Clause 3 of the Articles of Association of the Company.
HIKAL PHARMA RECEIVES
US FDA APPROVAL
Hikal Limited has informed BSE regarding "Hikal's Pharmaceutical Manufacturing Site in Gujarat, India received US FDA Approval". Hikal's Pharmaceutical received US FDA Approval for its pharmaceutical intermediates and active pharma ingredients manufacturing site located in Jigani, Bengaluru in Karnataka state.
HIKAL COMPLETES EDQM
AUDIT AT ITS BANGALORE FACILITY
Hikal Limited has informed BSE regarding "Hikal Completed successful EDQM
Audit of its Bangalore facility". Hikal has successfully completed an EDQM
inspection at its manufacturing facility at Bangalore, India, recently.
PRESS RELEASE
HIKAL SETS UP NEW
PILOT PLANT, API MANUFACTURING UNIT AND A KILO LAB
- July 26, 2006
Mumbai, July 26, 2006: Hikal Limited, has announced the commissioning of a new Pilot Plant at Taloja, a new API manufacturing unit at Bangalore and a cGMP kilo lab at Jigani. The facilities, set up at a cost of Rs. 50 crore, will help Hikal significantly enhance its capabilities to become the preferred outsourcing partner for the global life sciences companies.
A new pilot plant at Taloja has been set up to manufacture an agrochemical product for a global chemicals company. The pilot plant will start operations in August 2006 and a full-scale multi-purpose agrochemical plant is expected to be commissioned by 2008.
Hikal has set up a new API manufacturing unit in Bangalore that will manufacture a new veterinary drug for a global pharmaceutical company. The multi-product API plant is expected to start full-scale production by end-2007.
The company has set a new cGMP Kilo Lab at Jigani in Bangalore. The new facilities will enable Hikal to offer the complete range of outsourcing services to global life science companies through various stages of the product development cycle.
Jai Hiremath, Vice Chairman and Managing Director, Hikal said, “In the last few years, the need to outsource for the global life science majors has increased considerably, and outsourcing is moving from being just a tactical option to a more strategic one. Hikal will continue to expand and strengthen our capabilities to garner a larger pie of the multi-billion dollar opportunity.”
Mumbai headquartered Hikal Limited has a 2005-2006 turnover
of Rs 2417.000 Million with a 24 percent growth. Net profit for the year stood
at Rs.414.000 Million, a 21.4 percent growth from Rs 341.000 Million in
2004-2005. Revenues from the pharmaceutical division stood at Rs.834.000
Million, growing at 68 percent while the agrochemical division had revenues of
Rs.1470.000 Million, showing a 7 percent growth.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
UK Pound |
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
50 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.