MIRA
INFORM REPORT
|
Report No. : |
338006 |
|
Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ANKUR DRUGS AND PHARMA LIMITED |
|
|
|
|
Registered
Office : |
C-306, |
|
Tel. No.: |
91-22-40682300 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.02.1995 |
|
|
|
|
Com. Reg. No.: |
11-085410 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 193.416 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1995PLC085410 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is in the business of Contract manufacturing of pharma products. |
|
|
|
|
No. of Employees
: |
1245 (Approximately) (Including Contract work force As on 31.03.2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Under Liquidation |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
|
|
|
|
Comments : |
As per Registrar of companies the status of the company is shown as
“Under Liquidation”. Our executive has a word with Mr. Girraj
contacted
person who claimed that the company is active and management also decided to
takes business operation regularly. Further, he also claimed that management has requested Registrar of
Companies for removal liquidation status from ROC Moreover, it is also to be noted that the company is listed with RBI
defaulter and defaulted hefty amount with several banks. Mr. Girraj further denied
to provide us any information about the company. The company can be considered on a fully safe and secured trade terms
and condition. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 |
Director
Name |
Outstanding
Amount (Rs. In Million) |
|
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LTD |
MG
ROAD, MUMBAI |
30-09-11 |
Dileep Shinde,
Girraj Vijayvargiya, Purnandu Jain, Ramesh Batham |
31.493 |
|
|
CANBANK
FACTORS LTD |
MUMBAI |
30-06-11 |
Girraj Vijayvargiya,
Clinfton Zimmermann, Purnandu
Jain, Dileep Shinde |
95.232 |
|
|
CANBANK
FACTORS LTD |
MUMBAI |
30-09-11 |
Girraj Vijayvargiya,
Dileep Shinde, Purnandu Jain, Clinfton
Zimmermann |
95.232 |
|
|
AXIS
BANK LTD |
ANDHERI |
30-09-13 |
Clifton
Zimmermann, Purnandu Jain, Girraj
Vijayvargiya, Dileep Shinde, S C Rane |
289.635 |
|
|
AXIS
BANK LTD |
ANDHERI |
31-12-13 |
Girraj Vijayvargiya,
Dileep Shinde, S C Rane, Clifton Zimmermann, Purnandu
Jain |
289.635 |
|
|
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LTD |
MG
ROAD, MUMBAI |
31-03-13 |
Girraj Vijayvargiya,
Dileep Shinde, Ramesh Batham, Purnandu Jain |
31.493 |
|
|
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LTD |
MG
ROAD, MUMBAI |
30-06-13 |
Ramesh Batham,
Dileep Shinde, Purnandu Jain, Girraj Vijayvargiya |
31.493 |
|
|
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LTD |
MG
ROAD, MUMBAI |
30-09-13 |
Purnandu Jain, Girraj
Vijayvargiya, Dileep Shinde, Ramesh Batham |
31.493 |
|
|
AXIS
BANK LTD |
ANDHERI |
31-12-13 |
S C
Rane, Girraj Vijayvargiya, Dileep Shinde, Purnandu Jain, Clifton
Zimmermann |
236.739 |
|
|
BARCLAYS
BANK PLC |
CEEJAY
HOUSE |
31-12-13 |
PURNANDU
SHEKHARMAL JAIN, DILEEP HIMMATRAO SHINDE, GIRRAJ MOOLCHAND VIJAYVARGIYA,
SANJAY CHANDRASEN RANE, Ramesh Batham |
300.190 |
|
|
SIDBI |
NARIMAN
POINT |
31-03-14 |
DILEEP
HIMMATRAO SHINDE, Ramesh Batham,
GIRRAJ MOOLCHAND VIJAYVARGIYA, SANJAY CHANDRASEN RANE, PURNANDU SHEKHARMAL
JAIN |
198.700 |
|
|
SIDBI |
NARIMAN
POINT |
30-06-14 |
GIRRAJ
MOOLCHAND VIJAYVARGIYA, SANJAY CHANDRASEN RANE, DILEEP HIMMATRAO SHINDE,
PURNANDU SHEKHARMAL JAIN, Ramesh Batham |
1,98.700 |
|
|
CANBANK
FACTORS LIMITED |
MUMBAI |
31-03-14 |
DILEEP
SHINDE, CLINFTON ZIMMERMANN, GIRRAJ VIJAYVARGIYA, PURNANDU JAIN |
89.095 |
|
|
CANBANK
FACTORS LIMITED |
MUMBAI |
30-06-14 |
DILEEP
SHINDE, PURNANDU JAIN, GIRRAJ VIJAYVARGIYA, CLINFTON ZIMMERMANN |
89.095 |
|
|
BARCLAYS
BANK PLC |
CEEJAY
HOUSE |
31-03-14 |
DILEEP SHINDE, CLINFTON ZIMMERMANN, GIRRAJ VIJAYVARGIYA,
PURNANDU JAIN |
|
|
|
AXIS
BANK LTD |
ANDHERI |
31-03-14 |
S C
Rane, Girraj Vijayvargiya, Dileep Shinde, Clifton Zimmermann, Purnandu
Jain, Ramesh Batham |
289.635 |
|
|
AXIS
BANK LTD |
ANDHERI |
30-06-14 |
Girraj Vijayvargiya,
Dileep Shinde, Clifton
Zimmermann, Ramesh Batham,
Purnandu Jain, S C Rane |
289.635 |
|
|
CORPORATION
BANK |
MUMBAI-
MAROL SME |
31-03-14 |
PURNANDU
S JAIN, RAMESH BATHAM, DILEEP SHINDE, GIRIRAJ VIJAYVARGIYA |
703.544 |
|
|
AXIS
BANK LTD |
ANDHERI |
30-09-14 |
Girraj Vijayvargiya,
Dileep Shinde, Clifton
Zimmermann, Ramesh Batham,
Purnandu Jain, S C Rane |
289.635 |
|
|
CANBANK
FACTORS LIMITED |
MUMBAI |
30-09-14 |
DILEEP
SHINDE, PURNANDU JAIN, GIRRAJ VIJAYVARGIYA, CLINFTON ZIMMERMANN |
89.095 |
|
|
SIDBI |
NARIMAN
POINT |
30-09-14 |
GIRRAJ
MOOLCHAND VIJAYVARGIYA, SANJAY CHANDRASEN RANE, DILEEP HIMMATRAO SHINDE,
PURNANDU SHEKHARMAL JAIN, Ramesh Batham |
198.700 |
|
|
BARCLAYS
BANK PLC |
CEEJAY
HOUSE |
30-06-14 |
SANJAY
CHANDRASEN RANE, PURNANDU SHEKHARMAL JAIN, DILEEP HIMMATRAO SHINDE, Ramesh Batham, GIRRAJ MOOLCHAND
VIJAYVARGIYA |
249.797 |
|
|
BARCLAYS
BANK PLC |
CEEJAY
HOUSE |
30-09-14 |
SANJAY
CHANDRASEN RANE, PURNANDU SHEKHARMAL JAIN, DILEEP HIMMATRAO SHINDE, Ramesh Batham, GIRRAJ MOOLCHAND
VIJAYVARGIYA. |
249.797 |
|
|
BARCLAYS
BANK PLC |
CEEJAY
HOUSE |
31-12-14 |
SANJAY
CHANDRASEN RANE, PURNANDU SHEKHARMAL JAIN, DILEEP HIMMATRAO SHINDE, Ramesh Batham, GIRRAJ MOOLCHAND
VIJAYVARGIYA |
249.797 |
|
|
CORPORATION
BANK |
MUMBAI-
MAROL SME |
30-06-14 |
PURNANDU
S JAIN, RAMESH BATHAM, DILEEP SHINDE, GIRIRAJ VIJAYVARGIYA |
703.544 |
|
|
CORPORATION
BANK |
MUMBAI-
MAROL SME |
30-09-14 |
PURNANDU
S JAIN, RAMESH BATHAM, DILEEP SHINDE, GIRIRAJ VIJAYVARGIYA |
703.544 |
|
|
AXIS
BANK LTD |
ANDHERI |
31-12-14 |
Girraj Vijayvargiya,
Dileep Shinde, Clifton
Zimmermann, Ramesh Batham,
Purnandu Jain, S C Rane |
289.635 |
|
|
BARCLAYS
BANK PLC |
CEEJAY
HOUSE |
31-03-15 |
PURNANDU
SHEKHARMAL JAIN, DILEEP HIMMATRAO SHINDE (IND), GIRRAJ MOOLCHAND
VIJAYVARGIYA, RAMESH BATHAM (IND) |
342.206 |
|
|
BARCLAYS
BANK PLC |
CEEJAY
HOUSE |
30-06-15 |
PURNANDU
SHEKHARMAL JAIN, DILEEP HIMMATRAO SHINDE (IND), GIRRAJ MOOLCHAND
VIJAYVARGIYA, RAMESH BATHAM (IND) |
342.206 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
31-03-02 |
BANG
B PARAMESHWAR, BHANDARI RAJ LAXMAN, JAIN PURANDU |
71.500 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
30-06-02 |
BANG
B PARAMESHWAR, BHANDARI RAJ LAXMAN, JAIN PURANDU |
71.500 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
30-09-02 |
BANG
B PARAMESHWAR, BHANDARI RAJ LAXMAN, JAIN PURANDU |
71.500 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
31-12-02 |
BANG
B PARAMESHWAR, BHANDARI RAJ LAXMAN, JAIN PURANDU |
71.500 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
31-03-03 |
JAIN
PURANDU, BANG B PARAMESHWAR, BHANDARI RAJ LAXMAN |
55.500 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
30-06-03 |
BHANDARI
RAJ LAXMAN, JAIN PURANDU, BANG B PARAMESHWAR |
55.500 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
30-09-03 |
BANG
B PARAMESHWAR, BHANDARI RAJ LAXMAN, JAIN PURANDU |
55.500 |
|
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD. |
MUMBAI
BO |
31-12-03 |
JAIN
PURANDU, BANG B PARAMESHWAR, BHANDARI RAJ LAXMAN |
55.500 |
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 DENIED BY
|
Name : |
Mr. Girraj Vijayvargiya |
|
Designation : |
Whole time Executive Director |
|
Contact No.: |
91-9805009930 |
|
Date : |
24.08.2015 |
LOCATIONS
|
Registered Office : |
C-306, Crystal Plaza, Andheri Link Road, Andheri [West], Mumbai - 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-40682300 |
|
Mobile No.: |
91-9805009930 (Mr. Girraj) |
|
Fax No.: |
91-22-40682323 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
MANUFACTURING UNITS : |
|
|
Daman Unit |
Plot No. 3 & 4, Survey No. 168, Dabhel Industrial Co-operative Society Limited, Village Dabhel - 396210 Nani Daman, Daman, India |
|
|
|
|
Himachal Unit I : |
Village Manakpur, P. O. Lodhimajra, Tehsil - Nalagarh - 174101 District : Solan, Himachal Pradesh, India |
|
|
|
|
Himachal Unit II : |
Village Makhnu Majra, P.O. Bhud, Tehsil - Baddi - 173205 District : Solan, Himachal Pradesh, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Purnandu Jain |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Girraj Vijayvargiya |
|
Designation : |
Whole time Executive Director |
|
|
|
|
Name : |
Mr. Dileep Shinde |
|
Designation : |
Non Executive Director - Independent |
|
|
|
|
Name : |
Mr. Ramesh Batham |
|
Designation : |
Non Executive Director - Independent |
|
|
|
|
Name : |
Mr. Anilkumar Khadke (w.e.f August 14, 2012) |
|
Designation : |
Nominee Director - Independent |
KEY EXECUTIVES
|
Name : |
Mr. S. C. Rane |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of Contract manufacturing of pharma products. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
|
Purchasing : |
|
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1245 (Approximately) (Including Contract work force As on 31.03.2012) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Allahabad Bank · Axis Bank Limited · Bank of Bahrain & Kuwait B.S.C. · Central Bank of India · Citi Bank N.A. · Corporation Bank · Development Credit Bank Limited · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Indian Overseas Bank · IndusInd Bank Limited · Oriental Bank of Commerce · Punjab National Bank · Punjab and Sind Bank · State Bank of India · State Bank of Patiala · Syndicate Bank · The HSBC Bank Limited · The Kalyan Janata Sahakari Bank Limited · The Saraswat Co-op. Bank Limited · The Shamrao Vithal Co-op Bank Limited · The South Indian Bank Limited · Union Bank of India · UCO Bank |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
M. G. Vashi and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises/Key
Managerial Personnel having significant influence/controlling power : |
· Aakanksha Securities Private Limited · Aril Pharma Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 280.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,341,590 |
Equity Shares |
Rs.10/- each |
Rs. 193.416
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
193.416 |
193.416 |
|
(b) Reserves & Surplus |
|
(383.616) |
2691.323 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
2573.349 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2383.149 |
2884.739 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
5982.765 |
4589.601 |
|
(b) Deferred tax liabilities (Net) |
|
731.117 |
569.116 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
195.422 |
|
Total Non-current Liabilities (3) |
|
6713.882 |
5354.139 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1138.447 |
5214.170 |
|
(b) Trade payables |
|
1365.593 |
1318.564 |
|
(c) Other current
liabilities |
|
3363.500 |
2838.127 |
|
(d) Short-term provisions |
|
321.966 |
185.032 |
|
Total Current Liabilities (4) |
|
6189.506 |
9555.893 |
|
|
|
|
|
|
TOTAL |
|
15286.537 |
17794.771 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
11586.907 |
12198.561 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
2664.840 |
2849.674 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.006 |
1.006 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
9.781 |
9.084 |
|
(e) Other Non-current assets |
|
393.506 |
441.277 |
|
Total Non-Current Assets |
|
14656.040 |
15499.602 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
176.851 |
1653.573 |
|
(c) Trade receivables |
|
317.588 |
381.650 |
|
(d) Cash and cash
equivalents |
|
21.557 |
30.704 |
|
(e) Short-term loans and
advances |
|
63.853 |
176.029 |
|
(f) Other current assets |
|
50.648 |
53.213 |
|
Total Current Assets |
|
630.497 |
2295.169 |
|
|
|
|
|
|
TOTAL |
|
15286.537 |
17794.771 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
193.416 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3379.403 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3572.819 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6673.468 |
|
|
2] Unsecured Loans |
|
|
2830.636 |
|
|
TOTAL BORROWING |
|
|
13076.923 |
|
|
DEFERRED TAX LIABILITIES |
|
|
362.798 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13439.721 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7044.087 |
|
|
Capital work-in-progress |
|
|
7858.821 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3.558 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2608.503
|
|
|
Sundry Debtors |
|
|
548.518
|
|
|
Cash & Bank Balances |
|
|
94.314
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
174.230
|
|
Total
Current Assets |
|
|
3425.565
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000
|
|
|
Other Current Liabilities |
|
|
4834.639
|
|
|
Provisions |
|
|
459.329
|
|
Total
Current Liabilities |
|
|
5293.968
|
|
|
Net Current Assets |
|
|
(1868.403)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
401.658 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13439.721 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1514.899 |
8248.495 |
10674.076 |
|
|
|
Other Income |
1.860 |
9.305 |
19.898 |
|
|
|
TOTAL (A) |
1516.759 |
8257.800 |
10693.974 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1129.260 |
5767.992 |
7995.060 |
|
|
|
Purchases of Stock-in-Trade |
2.339 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
0.289 |
396.196 |
(37.226) |
|
|
|
Employees benefits expense |
188.048 |
204.424 |
0.000 |
|
|
|
Other expenses |
474.010 |
540.904 |
594.319 |
|
|
|
Exceptional Items |
1363.671 |
0.000 |
(12.143) |
|
|
|
TOTAL (B) |
3157.617 |
6909.516 |
8540.010 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
(1640.858) |
1348.284 |
2153.964 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
583.557 |
1207.969 |
687.564 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(2224.4150 |
140.315 |
1466.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
660.308 |
607.970 |
266.398 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(2884.7230 |
(467.6550 |
1200.002 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
190.216 |
220.425 |
338.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(3074.939) |
(688.080) |
861.776 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
638.115 |
1326.195 |
1015.738 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
500.000 |
|
|
|
Dividend |
0.000 |
0.000 |
43.519 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
7.800 |
|
|
BALANCE CARRIED
TO THE B/S |
(2436.824) |
638.115 |
1326.195 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Stores & Spares |
7.458 |
31.549 |
78.785 |
|
|
|
Capital Goods |
0.000 |
0.326 |
320.092 |
|
|
TOTAL IMPORTS |
7.458 |
31.875 |
398.877 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(158.98) |
(35.58 |
44.56 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current Maturities of Long term debt |
1445.517 |
1767.898 |
0.000 |
|
Cash generated/[utilised] from Operating Activities |
31.986 |
(405.357) |
9437.754 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(202.98) |
(8.34) |
8.07 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(108.31) |
16.35 |
20.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(22.860 |
(3.13) |
11.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.21) |
(0.16) |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.59 |
4.01 |
2.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.10 |
0.24 |
0.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
193.416 |
193.416 |
193.416 |
|
Reserves & Surplus |
3379.403 |
2691.323 |
(383.616) |
|
Share Application money pending allotment |
0.000 |
0.000 |
2573.349 |
|
Net
worth |
3572.819 |
2884.739 |
2383.149 |
|
|
|
|
|
|
long-term borrowings |
6673.468 |
4589.601 |
5982.765 |
|
Short term borrowings |
2830.636 |
5214.170 |
1138.447 |
|
Current maturities of
long-term debts |
0.000 |
1767.898 |
1445.517 |
|
Total
borrowings |
9504.104 |
11571.669 |
8566.729 |
|
Debt/Equity
ratio |
2.660 |
4.011 |
3.595 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
10674.076 |
8248.495 |
1514.899 |
|
|
|
(22.724) |
(81.634) |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
10674.076 |
8248.495 |
1514.899 |
|
Profit |
861.776 |
(688.080) |
(3074.939) |
|
|
8.07% |
(8.34%) |
(202.98%) |
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) |
No |
|
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 |
No |
|
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 |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs. in Million) |
31.03.2011 (Rs. in Million) |
|
Long-term
Borrowings |
|
|
|
Public Fixed Deposit |
235.166 |
208.963 |
|
Foreign Currency Convertible Bonds |
0.000 |
897.900 |
|
Loans from related
Parties |
|
|
|
i] Directors |
6.640 |
251.082 |
|
ii] Others |
19.523 |
675.321 |
|
Other Loans |
107.460 |
43.417 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From related parties |
51.903 |
0.000 |
|
Other loans and
Advances |
|
|
|
i] Intercorporate Deposits |
213.999 |
184.000 |
|
ii] Purchase Bill Discounting from Financial Institution |
0.000 |
198.712 |
|
|
|
|
|
Total |
634.691 |
2459.395 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10358540 |
23/05/2012 |
50,000,000.00 |
IFCI Factors Limited |
9th Floor, IFCI Tower,, 61, Nehru Place,, New Del |
B40782617 |
|
2 |
10298741 |
13/07/2011 |
88,500,000.00 |
The Shamrao Vithal
Co-operative Bank Limited |
Goregaon Branch, 12, Udyog
Nagar, Time Star Bldg,, |
B17437203 |
|
3 |
10298748 |
09/06/2011 |
80,000,000.00 |
INDUSIND BANK LTD. |
DR. GOPAL DAS BHAWAN 28,, BARAKHAMBA ROAD,, NEW D |
B17441304 |
|
4 |
10271961 |
10/02/2011 |
35,000,000.00 |
The Shamrao Vithal
Co-operative Bank Ltd. |
Goregaon Branch, 12, Udyog
Nagar, Time Star Bldg., |
B06608558 |
|
5 |
10273344 |
17/01/2011 |
150,000,000.00 |
IFCI Factors Limited |
9th Floor, IFCI Tower,, 61, Nehru Place,, New Del |
B07650435 |
|
6 |
10257319 |
30/11/2010 |
150,000,000.00 |
IFCI VENTURE CAPITAL FUNDS LIMITED |
IFCI TOWER,, 61, NEHRU PLACE,, NEW DELHI, Delhi - |
A99962557 |
|
7 |
10258605 |
26/11/2010 |
93,000,000.00 |
INDIAN OVERSEAS BANK |
NEW MARINE LINES BRANCH, MERCHANT CHAMBER, GROUND |
B01523703 |
|
8 |
10243957 |
19/10/2010 * |
250,000,000.00 |
UCO BANK |
BADDI, TEHESIL NALAGARH, DISTT: SOLAN, NALAGARH, |
A96695564 |
|
9 |
10257706 |
14/10/2010 |
500,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, SECTOR 17, CHANDIGARH, Ch |
B00332007 |
|
10 |
10252638 |
07/10/2010 |
150,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI, |
A95918462 |
* Date of charge modification
OVERVIEW OF
OPERATIONS:
The year was the toughest in the history of the company. The last four years of the last decade saw the business expanding with huge opportunities on the horizon. The Company incurred huge Capex for capacity expansion mainly by short term borrowings and leveraged its strengths with focus on the future. The Company was on an inflexion point by the end of 2010 and had sincerely taken up the challenge of high growth. With a view to complete the expansion project at Baddi within the regulatory timeline; the Company funded the last two stages of project with short term funds at high rate of interest. It also had to restrategise the ongoing and future activities in tune with money, efforts and manpower to avail the various tax benefits available, but the circumstances proved to be otherwise and as a result situations was difficult in 2011 and detoriated in 2012.
As a consequence of downsizing the business, the total income of the Company for the reporting year was ` 1516.759 Million which is not comparable with that of last year. The Net loss for the year was Rs. 3074.939 Million.
The lull of the last two years and may be one more year has made us more Resilient.
So what down them are, but not out. We believe that being focused towards growth, nothing is difficult. We are determined and geared to succeed again.
A good range of products for contract manufacturing has been developed and validation of MNC pharma companies has been pursued.
The proposal for restructuring of debts under Corporate Debt Restructuring [CDR] mechanism was approved by the CDR Empowered Group at their meeting held on June 30, 2011 and August 30, 2011. The critical conditions as put forth in the letter of approval of CDR have been complied with by the Management and a sum of Rs. 150.000 Million has been brought in by the promoters. Majority of the bankers have restructured their loans.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
:
Macro Economic Industry and Development :
Not much has changed from last year in terms of opportunities in the contract manufacturing space in pharma industry. In fact the scope has widened. Increase in Input cost and high finance charges are major areas of risk and concern. The future outlook still remains favourable on comparable factors.
OVERVIEW :
The pharma industry in India is the third largest in terms of volume and fourteenth in terms of value globally. The industry is growing at a CAGR of average 6%+globally and at CAGR 11%+in the developing countries like India, China, South Korea, Indonesia and Malaysia.
THREATS, RISKS AND
CONCERNS :
The business and operations of the company are susceptible to specific risks which are inherent to pharma business. Apart from these, there is always an exposure to general commercial risks which are common to any business. In addition to these risks, there are risk of government price control and regulation [through DPCO]; foreign exchange fluctuations; increase in input cost; increase in interest rates; Patent regime, etc.
The Company was in preparation to attain the growth in the future years, however factors beyond the management's control overpowered the situation in 2011 and 2012. The capex was funded out of short term borrowings at high rate of interest in anticipation of better leverage and expected profitability. The Company made a reference to the CDR cell in January 2011 for restructuring of the debts and for sanction of adequate working capital. The restructuring was approved by CDR EG in its meeting held on June 30, 2011 and August 30, 2011 and communicated to the Company in September 2011. Though the existing debt of the Company was restructured, unfortunately some of the participating banks of the consortium did not agree to take further exposure not withstanding additional working capital facilities appraised by lead bank, SBI. Some of the members of the consortium of bankers who initially agreed to provide relief for our short term/working capital funding also did not release their share of additional working capital due to which liquidity problems were aggravated. However, the Company was given a go ahead signal for raising the residual portion of the assessed working capital outside the banking system.
The Company made efforts to raise external funds but on account of global economic down turn particularly economic crises in the Euro Zone, defaults in serving FCCB's of several Indian Companies, increase in interest rates, paralysis in govt. policy making etc, it could not raise the necessary funds despite receiving in principle approval from a foreign fund. As a consequence the Company suffered production delays at the new plant/s, liquidity crunch and working capital problems. There was a plethora of problems to be faced all at once. We are Resilient to overcome the problems and have taken considered decisions. They visualize the joy of bright future with hope and anticipation of great things to come and we are working towards it.
OUTLOOK:
The company has initiated various steps to improve its operational performance and remove the bottlenecks relating to production. The Company is also exploring various options to raise the resources to raise the working capital requirement so very essential for overcoming from the ongoing financial woes of the company. The company is sanguine to raise the resources and based of the current business plan, the company is confident that it would be able to meet its financial commitment.
Accordingly, the financial statements has been prepared on a going concern basis. We are Resilient to overcome the current crises with an improved performance in the next year.
UN-
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st DECEMBER 2012
(Rs. In Million)
|
PARTICULARS
|
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
|
|
|
(a) Income from operations |
|
|
|
|
-
Net Sales |
315.707 |
302.045 |
901.086 |
|
-
Job Charges |
44.942 |
52.542 |
145.913 |
|
(b) Other Operating Income |
0.540 |
0.507 |
1.987 |
|
Total Income |
361.189 |
355.094 |
1048.986 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Cost of Material Consumed |
265.990 |
262.893 |
745.118 |
|
b) Purchase of Stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods, work-in
progress and Stock-in-Trade |
-10.961 |
-18.945 |
-16.417 |
|
d) Employees benefits expense |
50.162 |
51.215 |
159.189 |
|
e) Depreciation and Amortisation Expenses |
164.985 |
164.965 |
496.026 |
|
f) Other Expenses |
71.201 |
68.170 |
213.434 |
|
Total Expenses |
541.377 |
528.298 |
1597.3500 |
|
Profit from
Operations before Other Income, Interest and Exceptional Items |
(180.188) |
(173.204) |
(548.364) |
|
Other Income |
0.105 |
0.145 |
0.419 |
|
Profit from
ordinary activities before finance cost & exceptional items |
(180.083) |
(173.059) |
(547.945) |
|
Finance Costs |
|
|
|
|
Interest and other Financial Charges |
141.232 |
136.479 |
523.447 |
|
Provision for Exchange difference of FCCBs |
56.889 |
(71.762) |
130.271 |
|
Provision for premium on redemption of FCCBs |
30.211 |
(3.095) |
76.357 |
|
Profit from
ordinary activities after finance costs & exceptional items |
(408.415) |
(234.681) |
(1278.020) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit from
ordinary activities before tax |
(408.415) |
(234.681) |
(1278.020) |
|
Tax Expense |
0.000 |
0.000 |
|
|
Net Profit from
ordinary activity after tax |
(408.415) |
(234.681) |
(1278.020) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit After
Tax |
(408.415) |
(234.681) |
(1278.020) |
|
Paid-up equity share capital (face value of Rs.10 per share) |
1934.160 |
1934.160 |
1934.160 |
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
(21.12) |
(12.13) |
(66.08) |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- No. of shares |
18201009 |
17040009 |
18201009 |
|
- Percentage of shareholding |
94.10 |
88.10 |
94.10 |
|
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
141000 |
882000 |
141000 |
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
12.36 |
47.63 |
12.36 |
|
- Percentage of shareholding (as a % of the total share capital of the company) |
0.73 |
4.56 |
0.73 |
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
999581 |
969581 |
999581 |
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
87.64 |
52.37 |
87.64 |
|
- Percentage of shareholding (as a % of the total share capital of the company) |
5.17 |
5.01 |
5.17 |
|
|
Particulars |
Quarter ended 31.12.2012 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed off during the quarter |
1 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
1. The above results were approved by the Board of Directors of the company in their meeting held on February 14, 2013.
2 As the company operates in a single business segment viz:
"Pharmaceuticals Formulations", in the context of Accounting Standard
17 disclosure of segment information is not applicable.
3. The above financial results are subject to "Limited Review" by the
statutory auditors to be appointed by the Company. Since the Statutory Auditors
of the Company has resigned in the month of January, 2013 and the company is in
the process of completing the formalities for appointing the new Statutory
Auditors of the company and the same will be reviewed by them after their
appointment. The company has also not provided interest approximately to the
extent of Rs.120.000 Million on most of the Unsecured Loans.
4. Board of Directors Explanation for not providing interest on unsecured
loans: The Company has filed a scheme of Compromise & Arrangement for
Creditors before The Hon'ble High Court of Bombay
wherein, the company has asked for waiver of unpaid interest and future
interest upto approval of the Scheme by the Hon'ble High Court on unsecured loans (other than Public
Fixed Deposits). Therefore, no interest has been provided on the same.
5. The company has started providing for fluctuation in foreign currency
exposure for the interim period. However, upto Last
Year the company was providing for exchange rate fluctuation on foreign
currency exposure on annual basis and any fluctuation between the interim
period was not considered.
6. The Provision for deferred tax if any, shall be made at the end of the year.
FIXED ASSETS
· Freehold Land & Site development
· Borewell
· Factory Building
· Office Premises
· Plant and Machinery
· Furniture and Fixture
· Office and General Equipments
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.66.71 |
|
|
1 |
Rs.105.10 |
|
Euro |
1 |
Rs.77.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
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.