MIRA
INFORM REPORT
|
Report No. : |
306342 |
|
Report Date : |
07.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
JUBILANT DRAXIMAGE LIMITED (w.e.f. 19.10.2010) |
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Formerly Known
As : |
DRAXIMAGE INDIA LIMITED |
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Registered
Office : |
1A, Sector-16A, Institutional Area, Noida – 201301, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.09.2009 |
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Com. Reg. No.: |
20-038194 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.781 Million |
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CIN No.: [Company Identification
No.] |
U74900UP2009FLC038194 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCD2306C |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Subject is engaged in marketing of innovative diagnostic
imaging radiopharmaceutical solution and therapeutic radiopharmaceutical
products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net
worth of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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|
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 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.
LOCATIONS
|
Registered Office : |
1A, Sector-16A, Institutional Area, Noida – 201301, Uttar Pradesh,
India |
|
Tel. No.: |
91-120-2516601/11 |
|
Fax No.: |
91-120-4361769 |
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E-Mail : |
secretarial_draximageindia@jubl.com |
|
Website : |
DIRECTORS
As on: 01.09.2014
|
Name : |
Mr. Amit Arora |
|
Designation : |
Director |
|
Address : |
41, Prayag Apartments, Vasundhra Enclave, New Delhi – 110096, India |
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Date of Birth/Age : |
25.04.1971 |
|
Date of Appointment : |
24.08.2012 |
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DIN No.: |
05189254 |
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Name : |
Mr. Muraleedharan Ajithkumar |
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Designation : |
Whole-time director |
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Address : |
Flat No. 302, 2nd Floor, Gagan Maitre, #10, 4th
Cross, Doddamma Layout, Manorayan Apaly, Bangalore – 560032, Karnataka, India
|
|
Date of Appointment : |
01.06.2012 |
|
DIN No.: |
05309579 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 01.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Draximage Limited, India |
|
78080 |
|
Draximage Limited Jointly with Rajagopal Sankaraiah |
|
1 |
|
Draximage Limited Jointly with Lalit Jain |
|
1 |
|
Draximage Limited Jointly with Ashwani Malhotra |
|
1 |
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Draximage Limited Jointly with Arun Kumar Sharma |
|
1 |
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Draximage Limited Jointly with Ambuj Jains |
|
1 |
|
Draximage Limited Jointly with Praveen Gupta |
|
1 |
|
Total |
|
78086 |
Equity Share Break up (Percentage of Total Equity)
As on: 01.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in marketing of innovative diagnostic imaging
radiopharmaceutical solution and therapeutic radiopharmaceutical products. |
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Products : |
Therapeutic Radiopharmaceutical Products |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Auditors : |
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Name : |
BSR and Company, LLP Chartered Accountants |
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Address : |
Building No. 10, 8th Floor, Tower-B, DLF Cyber City, Phase-II, Gurgaon -122002, Haryana, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Fellow
Subsidiaries: |
Jubilant Draximage Inc, Canada |
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Intermediate
Holding Company: |
Jubilant Pharma Private Limited, Singapore |
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Ultimate Holding
company: |
Jubilant Life Sciences Limited, India CIN: L24116UP1978PLC004624 |
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Holding company: |
Draximage Limited, Cyprus |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.10/- each |
Rs. 2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78,086 |
Equity Shares |
Rs.10/- each |
Rs. 0.781
Millions |
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|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
0.781 |
0.781 |
0.780 |
|
(b) Reserves & Surplus |
(26.892) |
(14.556) |
(3.346) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
(26.111) |
(13.775) |
(2.566) |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
0.557 |
0.000 |
0.913 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.724 |
0.297 |
0.621 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1.281 |
0.297 |
1.534 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
45.766 |
30.778 |
15.830 |
|
(c) Other
current liabilities |
2.593 |
1.795 |
4.590 |
|
(d) Short-term
provisions |
0.060 |
0.046 |
0.279 |
|
Total Current
Liabilities (4) |
48.419 |
32.619 |
20.699 |
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TOTAL |
23.589 |
19.141 |
19.667 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
1.048 |
0.281 |
1.065 |
|
(ii)
Intangible Assets |
0.005 |
0.008 |
0.011 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
2.514 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.951 |
1.004 |
0.955 |
|
(e) Other
Non-current assets |
0.476 |
1.261 |
0.471 |
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Total Non-Current
Assets |
2.480 |
2.554 |
5.016 |
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(2) Current assets |
|
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1.148 |
2.545 |
0.428 |
|
(c) Trade
receivables |
10.431 |
8.028 |
9.765 |
|
(d) Cash
and cash equivalents |
6.411 |
3.775 |
3.274 |
|
(e)
Short-term loans and advances |
2.982 |
2.167 |
0.980 |
|
(f)
Other current assets |
0.137 |
0.072 |
0.204 |
|
Total
Current Assets |
21.109 |
16.587 |
14.651 |
|
|
|
|
|
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TOTAL |
23.589 |
19.141 |
19.667 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
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Revenue from Operations |
91.379 |
91.525 |
72.074 |
|
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Other Income |
0.173 |
0.101 |
0.018 |
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|
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TOTAL (A) |
91.552 |
91.626 |
72.092 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
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Purchases of Stock-in-Trade |
69.625 |
76.996 |
58.279 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.397 |
(2.118) |
0.180 |
|
|
|
Employees benefits expense |
12.085 |
10.092 |
7.293 |
|
|
|
Other expenses |
18.290 |
16.833 |
12.798 |
|
|
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TOTAL
(B) |
101.397 |
101.803 |
78.550 |
|
|
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Purchases of Stock-in-Trade |
69.625 |
76.996 |
58.279 |
|
|
|
|
|
|
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|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(9.845) |
(10.177) |
(6.458) |
|
|
|
|
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|
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|
Less |
FINANCIAL EXPENSES (D) |
0.062 |
0.007 |
0.000 |
|
|
|
|
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|
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|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(9.907) |
(10.184) |
(6.458) |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.429 |
1.025 |
0.080 |
|
|
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|
|
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|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(12.336) |
(11.209) |
(6.538) |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
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|
|
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|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(12.336) |
(11.209) |
(6.538) |
|
|
|
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
TOTAL EARNINGS |
2.790 |
4.299 |
0.021 |
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Stock in trade |
59.178 |
69.324 |
53.640 |
|
|
TOTAL IMPORTS |
59.178 |
69.324 |
53.640 |
|
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|
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|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.16) |
(0.14) |
(85.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(13.50) |
(12.25) |
(9.07) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(10.77) |
(11.12) |
(8.96) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(52.30) |
(58.56) |
(38.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.81 |
2.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.02) |
0.00 |
(0.36) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44 |
0.51 |
0.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.780 |
0.781 |
0.781 |
|
Reserves & Surplus |
(3.346) |
(14.556) |
(26.892) |
|
Net worth |
(2.566) |
(13.775) |
(26.111) |
|
|
|
|
|
|
long-term borrowings |
0.913 |
0.000 |
0.557 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.913 |
0.000 |
0.557 |
|
Debt/Equity ratio |
(0.356) |
0.000 |
(0.021) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
72.074 |
91.525 |
91.379 |
|
|
|
26.988 |
(0.160) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
72.074 |
91.525 |
91.379 |
|
Profit/(Loss) |
(6.538) |
(11.209) |
(12.336) |
|
|
(9.07%) |
(12.25%) |
(13.50%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS:
The company is engaged in marketing of innovative diagnostic imaging radiopharmaceutical solution and therapeutic radiopharmaceutical products. It has launched the Lyophilized kits MDP, MAA and Sestamibi and would soon be launching DTPA and DMSA. It is also involved in distribution of wide range of radioisotopes which include Tc-99m Generator (used in the diagnosis of Bone Cancer, Renal Imaging, Cerebral Perfusion Imaging, and Myocardial Perfusion Imaging), Thallium-201 and Iodine-131 capsules and solution (for the diagnosis and treatment of Thyroid and its related disease), Lutetium-177, Gallium-68 generator and Rhenium-188 generator via various partnerships across the world. The target customers are Nuclear Medicine physicians, Cardiologists and Oncologists of various hospitals and imaging labs.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer software
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.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.