MIRA INFORM REPORT

 

 

Report No. :

336855

Report Date :

14.08.2015

 

IDENTIFICATION DETAILS

 

Name :

BAFNA PHARMACEUTICALS LIMITED

 

 

Registered Office :

Bafna Towers, 299, Thambu Chetty Street, Madras – 600001, Tamilnadu

Tel. No.:

91-44-42677555 / 25267517 / 25270992

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

28.03.1995

 

 

Com. Reg. No.:

030698

 

 

Capital Investment / Paid-up Capital :

Rs.186.563 Million

 

 

CIN No.:

[Company Identification No.]

L24294TN1995PLC030698

 

 

IEC No.:

0493012796

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEB05006B

 

 

PAN No.:

[Permanent Account No.]

AAACB3109Q

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

The Company is engaged in the manufacture and exporter of drugs and medicines.

 

 

No. of Employees :

Above 100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (41)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was set up in 1981 as a proprietary concern by Mr. Bafna Mahaveer Chand and it was reconstituted as a public limited company in 1995.

 

Subject is manufacturer and exporter of drugs and medicines and it is an established company having satisfactory track.

 

For the financial year ended 2015, sales turnover of the company has declined but it has maintained profitability margins at 6.01%.

 

Moreover, rating also takes into account of Bafna’s established position and the healthy demand prospects for the Indian pharmaceutical industry supported by sound financial base and above average debt protection metrics of the company.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of aforesaid, 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

CRISIL

Rating

Long term Rating : BB-

Rating Explanation

Inadequate credit quality and high credit risk.

Date

12.11.2014

 

Rating Agency Name

CRISIL

Rating

Short term Rating : BB-

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

12.11.2014

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Ms. Revati

Designation :

Admin Department

Contact No.:

91-33-22298877

Date :

13.08.2015

 

 

LOCATIONS

 

Registered Office / Corporate Office ::

Bafna Towers, 299, Thambu Chetty Street, Madras – 600001, Tamilnadu, India

Tel. No.:

91-44-42677555 / 25267517 / 25270992

Fax No.:

91-44-42677599 / 25231264

E-Mail :

info@bafnapharma.com

cs@bafnapharma.com

Website :

http://bafnapharma.com

 

 

Factory 1 :

No.13, S.V. Koil Street, Madhavaram, Chennai – 600060, Tamilnadu, India

Tel. No.:

91-33-22298877

 

 

Factory 2 :

147, Madhavaram Red Hills High Road Grantlyon, Red Hills, Chennai – 600052, Tamilnadu, India

 

 

/DIRECTORS

 

AS ON 31.03.2014

 

Name :

Bafna Mahaveer Chand

Designation :

Chairman & Managing Director

 

 

Name :

Paras Bafna

Designation :

Whole time Director

 

 

Name :

V. Rajamani

Designation :

Non-Executive Independent Director

 

 

Name :

R. Dwarakanathan

Designation :

Non-Executive Independent Director

 

 

Name :

B. Kamlesh Kumar

Designation :

Non-Executive Independent Director

 

 

Name :

A. Sahasranaman

Designation :

Non-Executive Independent Director (Resigned w.e.f. 20.05.2013)

 

 

Name :

Sunil Bafna

Designation :

Non-Executive Independent Director

 

 

KEY EXECUTIVES

 

Audit Committee

Name :

V. Rajamani

Designation :

Non-Executive Independent Director

 

 

Name :

R. Dwarakanathan

Designation :

Non-Executive Independent Director

 

 

Name :

B. Kamlesh Kumar

Designation :

Non-Executive Independent Director

 

 

Name :

Bafna Mahaveer Chand

Designation :

Chairman & Managing Director

 

 

Stakeholders Relationship Committee (Investor Grievance and Share Transfer Committee)

 

 

 

Name :

Sunil Bafna

Designation :

Non-Executive Independent Director

 

 

Name :

Bafna Mahaveer Chand

Designation :

Chairman & Managing Director

 

 

Name :

Paras Bafna

Designation :

Whole time Director

 

 

Name :

Ms. Revati

Designation :

Admin Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

 

 

(A) Shareholding of Promoter and Promoter Group

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

3531038

18.93

 

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

3232885

17.33

 

http://www.bseindia.com/include/images/clear.gifOthers

3232885

17.33

 

http://www.bseindia.com/include/images/clear.gifSub Total

6763923

36.26

 

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

 

Total shareholding of Promoter and Promoter Group (A)

6763923

36.26

 

 

 

 

 

(B) Public Shareholding

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1803840

9.67

 

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

3522536

18.88

 

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

4867992

26.09

 

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1698044

9.10

 

http://www.bseindia.com/include/images/clear.gifClearing Members

38960

0.21

 

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

568060

3.04

 

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1091024

5.85

 

http://www.bseindia.com/include/images/clear.gifSub Total

11892412

63.74

 

Total Public shareholding (B)

11892412

63.74

 

 

 

 

 

Total (A)+(B)

18656335

100.00

 

 

 

 

 

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

 

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

 

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

 

 

 

 

 

Total (A)+(B)+(C)

18656335

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in the manufacture and exporter of drugs and medicines.

 

 

Products :

Drugs and medicines

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Finished Goods

Countries :

Sri Lanka

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Above 100 (Approximately)

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • State Bank of India
  • Export-Import Bank of India
  • IDBI Bank
  • DBS Bank
  • DCB Bank
  • BOC Bank

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

 

 

 

Long-term Borrowings

 

 

State Bank of India ( Term Loan)

NA

0.000

State Bank of India (FCNRB Loans)

NA

0.000

State Bank of India (Corporate Loans)

NA

39.010

State Bank of India (Car Loan)

NA

0.190

Export- Import Bank Of India

NA

132.000

Sundaram Paribas BNP Paribas Home Finance Limited

NA

33.361

Short-term borrowings

 

 

I State Bank of India

 

 

a) Cash Credit Account

NA

245.314

b) Bill Discounting Account

NA

10.281

c) Export Packing Credit

NA

1.026

d) Collection (Export Bills)

NA

27.482

e) Standby line of Credit (SLC)

NA

41.417

f) Loans installments Repayable within one year

NA

53.438

g) Packing Credit Foreign Bills

NA

0.000

II Industrial Development Bank of India

 

 

a) Bill Discounting

NA

0.000

b) Cash credit Account

NA

143.333

c) WCDL

NA

0.000

III DBS BANK

 

 

a) Cash Credit Account

NA

68.133

b) WCDL

NA

0.000

c) Packing Credit Foreign Bills

NA

3.324

d) Bill Discounting

NA

29.546

IV Bank of Ceylozn

 

 

Cash Credit Account

NA

50.493

IV Axis Bank

 

 

Current account

NA

0.000

V Development Credit Bank

 

 

Cash Credit Account

NA

115.089

 

 

 

Total

NA

993.437

 

NOTE :

 

LONG-TERM BORROWINGS

 

SECURITIES OFFERED

 

STATE BANK OF INDIA

 

First Charge on the entire current assets on pari passu basis with Export Import Bank of India.

 

First Charge on the entire fixed assets on Pari Passu basis with Export Import Bank of India except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

Second pari passu Charge on the entire fixed assets with Development Credit Bank, Development.

 

Bank of Singapore and Bank of Ceylon except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

Personal guarantee of Promoter Directors

 

Mr. Bafna Mahaveer Chand - Chairman and Managing Director  Mr. Paras Bafna - Whole Time Director.

 

 

EXPORT- IMPORT BANK OF INDIA

 

Charge on Brand RARICAP First Charge on the entire fixed assets on Pari Passu basis with Export Import Bank of India except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand 

Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

 

SUNDARAM BNP PARIBAS HOME FINANCE LTD

 

Personal property of the CMD – Mr. Bafna Mahaveer Chand Directors

 

SHORT TERM BORROWING

 

SECURITIES OFFERED

 

STATE BANK OF INDIA

 

First Charge on the entire current assets on pari passu basis with all the MBA Banks

 

First Charge on the entire fixed assets on Pari Passu basis with Export Import Bank of India except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

Second pari passu Charge on the entire fixed assets with IDBI, Development Credit Bank, Development Bank of Singapore and Bank of Ceylon, except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

 

INDUSTRIAL DEVELOPMENT BANK OF INDIA

 

First Pari Passu Charge on the entire current assets along with other MBA Banks

 

Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

 

DEVELOPMENT BANK OF SINGAPORE

 

First Pari Passu Charge on the entire current assets along with other MBA Banks

 

Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

DEVELOPMENT CREDIT BANK

 

First Pari Passu Charge on the entire current assets along with other MBA Banks

 

Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India

 

BANK OF CEYLON

 

First Pari Passu Charge on the entire current assets along with other MBA Banks

 

Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

 

Auditors :

 

Name :

Abhay Jain and Company

Chartered Accountants

Address :

Chennai, Tamilnadu, India

 

 

Internal Auditors :

 

Name :

R. Sathyanarayanan and Company

Chartered Accountants

Address :

Chennai, Tamilnadu, India

 

 

Cost Auditors :

 

Name :

Thanigaimani and Associates

Cost Auditor

Address :

Chennai, Tamilnadu, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Related parties (Directors' Interest) :

a) Bafna Lifestyles Remedies Limited

b) Bafna Lifeline Private Limited

c) Bhansilal and Company (HUF)

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs.186.563 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40,000,000

Equity Shares

Rs.10/- each

Rs.400.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

18,656,335

Equity Shares

Rs.10/- each

Rs.186.563 Million

 

9,00,000 Shares out of the issued, subscribed and paid up share capital were allotted as a Preferential allotment on 13-01-2012 at a premium of Rs. 40/- per share.

 

The Company allotted 25,00,000 share warrants @ Rs. 50/- Per Share on 13.01.2012, the same was cancelled for Non- receipt of balance money.

 

15,00,000 shares out the issued, subscribed and paid up share capital were allotted as a preferential allotment on 17.03.2011 at a premium of Rs. 37.30 per share.

 

The company has allotted 23,18,000 share warrants @ Rs. 47.30 per share warrant on 17.03.2011, out of the 23,18,000 warrants allotted on 17.03.2011, 1,25,000 was allotted on 14.08.2012 and 1,50,000 Shares was allotted on 15.09.2012 pursuant to conversion of warrants, balance warrants were cancelled for Non-receipt of Balance Money.

 

54,29,014 Shares out of the issued, subscribed and paid up share capital were allotted as a bonus shares by capitalization of General Reserves.

 

1,00,000 shares out of the issued, subscribed and paid-up share capital were issued as a fully paid up shares pursuant to an agreement without payment being received in cash.

 

The details of Shareholding more than 5% Name of Shareholders [AS ON 31.03.2014]

 

Name of Shareholders

 

No. of Shares

Percentage of Holding

Bafna Mahaveer Chand

2,128,550

11.40

Sasikala Bafna

1,278,569

6.85

Chetna Bafna

1,132,805

6.07

 

The reconciliation of the number of shares outstanding is set out below  [AS ON 31.03.2014]

 

Name of Shareholders

Amount

Equity Shares at the beginning of the year

186.563

Add: Shares issued on preferential allotment

(Previous year 275000 Shares @ Rs. 10/- each fully paid up)

--

Equity Shares at the end of the year

186.563

                                   


 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

186.563

186.563

186.563

(b) Reserves & Surplus

529.728

501.206

456.594

(c) Money received against share warrants

0.000

0.000

31.250

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

716.291

687.769

674.407

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

103.931

204.562

225.539

(b) Deferred tax liabilities (Net)

36.810

59.682

54.992

(c) Other long term liabilities

0.300

9.300

8.800

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

141.041

273.544

289.331

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

533.058

788.876

684.841

(b) Trade payables

346.547

394.777

720.885

(c) Other current liabilities

115.646

80.936

59.954

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

995.251

1264.589

1465.680

 

 

 

 

TOTAL

1852.583

2225.902

2429.418

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

486.295

470.451

482.416

(ii) Intangible Assets

0.000

158.882

181.562

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

183.300

14.300

14.300

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

8.623

92.366

77.916

Total Non-Current Assets

678.218

735.999

756.194

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

153.298

267.157

210.494

(c) Trade receivables

833.639

930.992

854.708

(d) Cash and cash equivalents

24.493

24.740

207.208

(e) Short-term loans and advances

162.935

267.014

400.814

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1174.365

1489.903

1673.224

 

 

 

 

TOTAL

1852.583

2225.902

2429.418

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

1425.202

1775.422

1671.359

 

Other Income

11.351

14.023

30.305

 

TOTAL

1436.553

1789.445

1701.664

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

338.264

637.496

426.997

 

Purchases of Stock-in-Trade

478.589

696.151

849.224

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

123.584

(34.433)

(13.818)

 

Employees benefits expense

103.429

138.462

105.966

 

Exceptional Items

26.881

0.000

0.000

 

Other expenses

127.877

125.615

93.270

 

TOTAL

1198.624

1563.291

1461.639

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

237.929

226.154

240.025

 

 

 

 

 

Less

FINANCIAL EXPENSES

124.763

120.667

112.327

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

113.166

105.487

127.698

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

52.376

83.236

75.904

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

60.790

22.251

51.794

 

 

 

 

 

Less

TAX

(0.283)

8.890

13.002

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

61.073

13.361

38.792

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 NA

831.400

987.108

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.27

0.72

2.08

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

Cash generated from Operation

NA

11.893

362.575

Net Cash From Operating Activities

NA

7.693

353.975

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

4.29

0.75

2.32

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

16.69

12.74

14.36

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.64

1.01

2.14

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.03

0.08

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.89

1.44

1.35

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.18

1.18

1.14

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.28.35/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

186.563

186.563

186.563

Reserves & Surplus

456.594

501.206

529.728

Share Application money pending allotment

0.000

0.000

0.000

Net worth

643.157

687.769

716.291

 

 

 

 

long-term borrowings

225.539

204.562

103.931

Short term borrowings

684.841

788.876

533.058

Total borrowings

910.380

993.438

636.989

Debt/Equity ratio

1.415

1.444

0.889

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1671.359

1775.422

1425.202

 

 

6.226

(19.726)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1671.359

1775.422

1425.202

Profit

38.792

13.361

61.073

 

2.32%

0.75%

4.29%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

---

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

---

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

 

Madras High Court

Case Status Information System

 

Case Status :

Pending

Status Of :

COMPANY APPLICATIONS  494  Of  2015

Litigants :

WANBURY LIMITED  Vs.  BAFNA PHARMACEUTICALS

Pet's Adv :

M/S.T.D.SELVAN BABU

Res's Adv :

Last Date of Hearing :

---

Next / Final Date of Hearing :

---

Case Updated On :

Tuesday, April 28, 2015

Category :

---

 

Connected Application(s)

 

No Connected Application

 

Connected Matter(s)

 

No Connected Cases

 

 

 

 

CONTINGENT LIABILITIES NOT PROVIDED FOR

 

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

In respect of Letter of Credit and Bank Guarantee

NA

95.414

Bonds have been executed in favour of Customs Authorities for the purchase of materials and capital goods without payment of duty

NA

87.000

 

CORPORATE INFORMATION

 

Subject is a public limited Company domiciled in India and incorporated under the provisions of the Companies Act 1956. Its Shares are listed in Bombay Stock Exchange and National Stock Exchange in India. The Company is engaged in the manufacture of drugs and medicines and selling a reputed brand namely RARICAP. The Company has also got an excellent Research and Development Facility for life saving drugs. The Company caters to both domestic and international markets.

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10386706

26/10/2012

50,000,000.00

BANK OF CEYLON

NO.20/21,CASA MAJOR ROAD, NEW NO.2, OLD NO.11, ZE 
RAT GARDEN, 2ND LANE,EGMORE, CHENNAI, TAMIL NADU - 
600008, INDIA

B62144597

2

10367221

13/02/2013 *

20,000,000.00

DBS BANK LTD

806, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, IN 
DIA

B69982965

3

10354576

28/03/2012

150,000,000.00

DEVELOPMENT CREDIT BANK LIMITED

NUNGAMBAKKAM BRANCH, NO.61 NUNGAMBAKKAM BRANCH, C 
HENNAI, TAMIL NADU - 600034, INDIA

B39277264

4

10320664

14/01/2012 *

120,000,000.00

DBS BANK LIMITED

806, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, IN 
DIA

B34117101

5

10277620

01/06/2012 *

150,000,000.00

IDBI BANK LIMITED

NO.7, CHEVALIER SHIVAJI GANESAN SALAI, SOUTH BOAG 
ROAD, T. NAGAR, CHENNAI, TAMIL NADU - 600017, IND 
IA

B43066919

6

80008637

22/02/2013 *

484,200,000.00

STATE BANK OF INDIA

LEATHER & INTERNATIONAL BRANCH, "MVJ TOWERS", NO. 
177/1, P.H.ROAD, KILPAUK,, CHENNAI, TAMIL NADU - 6 
00010, INDIA

B73337347

 

* Date of charge modification

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND THREE MONTHS ENDED

 

30.06.2015

 

                         (Rs. in million) 

 

 

Particulars

 

 

Quarter ended

 

 

 

 

 

30.06.2015

(Unaudited)

1

Income from Operations

 

 

 

 

a) Net Sales/Income from Operations (net of excise duty)

 

 

231.198

 

b) Other Operating Income

 

 

0.000

 

Total Income from Operations (Net)

 

 

231.198

2

Expenses

 

 

 

 

a)

Cost of Materials consumed

 

 

41.543

 

b)

Purchase of stock in-trade

 

 

143.113

 

c)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

 

 

3.319

 

d)

Employee benefit expenses

 

 

15.935

 

e)

Depreciation and amortization expense

 

 

10.244

 

f)

Other expenses

 

 

7.161

 

Total Expenses

 

 

221.316

3

 

Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)

 

 

9.882

4

Other Income

 

 

2.722

5

 

Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)

 

 

12.604

6

Finance Costs

 

 

23.787

7

 

Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)

 

 

(11.183)

8

Exceptional Items

 

 

--

9

Profit /(Loss) from ordinary activities before tax

 

 

(11.183)

10

Tax Expense

 

 

0.744

11

Net Profit /(Loss) from ordinary activities after tax (9-10)

 

 

(11.183)

12

Extraordinary items (net of tax expense)

 

 

--

13

Net Profit /(Loss) for the period (11-12)

 

 

(11.183)

14

Paid up equity share capital (Eq. shares of  Rs.10/- each)

 

 

186.563

15

Reserve excluding revaluation reserves

 

 

 

16

 

Earnings per share (before/after extraordinary items) of  Rs.10/- each

 

 

 

 

 

Basic

 

 

(0.64)

 

 

Diluted

 

 

(0.64)

A

 

PARTICULARS OF SHAREHOLDING

 

 

 

1

 

Public Shareholding

 

 

 

 

 

- No. of Shares

 

 

11892412

 

 

- Percentage of Shareholding

 

 

63.74

2

 

Promoters and promoter group shareholding

 

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

 

- Number of shares

 

 

1397736

 

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

 

 

20.66

 

 

- Percentage of shares (as a % of the total share capital of the Company)

 

 

7.49

 

 

b) Non- encumbered

 

 

 

 

 

- Number of shares

 

 

5366187

 

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

 

 

79.34

 

 

- Percentage of shares (as a % of the total share capital of the Company)

 

 

28.76

 

 

 

Particulars

Quarter ended 30.06.2015

B

 

Investor 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 above audited quarterly and yearly financial results were reviewed and recommended by the Audit Committee and subsequently approved by the Board Directors at their Meeting held on 12.08.2015.

 

The Company operates only in one segment, i.e. Pharmaceutical formulations, as such reporting is done on a single segment basis.

 

The Limited Review as required under Clause 41 of the Listing Agreement has been completed by the statutory Auditors for the Quarter ended 30.06.2015.

 

The Company is followed Depreciation as provided in the Part C of Schedule II of the Companies Act 2013.

 

The figures of the Last Quarter are the balancing figures in respect of the Financial year and the published year to date figures upto the Fourth quarter of the Financial year.

 

FIXED ASSETS

 

  • Land
  • Good Will
  • Factory Building
  • Light Ceiling
  • Aluminium Partion
  • Plant & Machinery
  • Lab Equipment
  • Factory Equipment
  • Generator
  • Pollution Control Devices
  • Power
  • Factor Controller
  • Bottle Washing & Filling
  • Electrical Equipment
  • Installation Electrical
  • Fixtures and Fittings
  • Air Floating
  • Circulating System
  • Boiler
  • Camera
  • U.P.S
  • Cell Phone
  • Office equipment
  • Dies and Punches
  • Computer 
  • Furniture and Fittings
  • Vehicle
  • Accessories
  • Bio- Equipment
  • Water Systems
  • ETP Plant
  • Shrink Pak Machine 
  • HAVC Systems            

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.64.92

UK Pound

1

Rs.101.44

Euro

1

Rs.72.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SNTS

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

--

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

 41

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.