MIRA INFORM REPORT
|
Report No. : |
302421 |
|
Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
Adoor Village, Sadasivapet Mandal, Medak – 502291, Telangana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.02.1993 |
|
|
|
|
Com. Reg. No.: |
015426 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 92.730 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230TG1993PLC015426 |
|
|
|
|
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
: |
Manufacturing and Exporting of Active Pharmaceutical Ingredients and
its Intermediates. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 118700 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating takes into consideration company’s moderate financial risk
profile marked by low profitability margins and huge accumulated losses incurred
by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution.
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = B+ |
|
Rating Explanation |
Risk prone credit quality and very high
credit risk. |
|
Date |
September 30, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
September 30, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office/ Factory : |
Adoor Village, Sadasivapet Mandal, Medak – 502291, Telangana, India |
|
Tel. No.: |
91-8455-250113/ 250114/ 250115 |
|
Fax No.: |
91-8455-250114 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No. 127-128, Kavuri Hills, Madhapur, Hyderabad – 500033, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23115956/ 40040783/ 23115951 |
|
Fax No.: |
91-40-23115954 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. S.K. Srihari Raju |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S.K. Hari Krishna |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. A. Parvatisem |
|
Designation : |
Technical Director |
|
|
|
|
Name : |
Mr. G. Raghunandhan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. V. Swaminathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Rama Krishnam Raju |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K. Easwer Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Raju S Kakarlapudi |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1172600 |
12.65 |
|
|
1312800 |
14.16 |
|
|
2485400 |
26.80 |
|
|
|
|
|
|
628600 |
6.78 |
|
|
628600 |
6.78 |
|
Total
shareholding of Promoter and Promoter Group (A) |
3114000 |
33.58 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1600 |
0.02 |
|
|
11150 |
0.12 |
|
|
12750 |
0.14 |
|
|
|
|
|
|
385539 |
4.16 |
|
|
|
|
|
|
3129011 |
33.74 |
|
|
1356800 |
14.63 |
|
|
1274900 |
13.75 |
|
|
300 |
0.00 |
|
|
33900 |
0.37 |
|
|
1240700 |
13.38 |
|
|
6146250 |
66.28 |
|
Total Public
shareholding (B) |
6159000 |
66.42 |
|
Total (A)+(B) |
9273000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
9273000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of Active Pharmaceutical Ingredients and
its Intermediates. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Reliance Capital Limited "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
P.S.N Ravi Shanker and Associates Chartered Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Related Party : |
Virat and Company |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9273000 |
Equity Shares |
Rs. 10/- each |
Rs. 92.730 Millions |
|
|
|
|
|
Note: 1
No. of shares held
by individuals/entities each holding more than 5% of total stake
|
Name of
Shareholders |
No. of Shares |
% of Holding |
|
1. Veerat Finance and Investment Co. Limited |
13,12,800 |
14.16% |
|
2. Dr. S.K. Srihari Raju |
7,22,000 |
7.79% |
Note: 2
There is no restriction on transferability of shares (presently the shares
are delisted on the share market)
Note: 3
Reconciliation of number of shares outstanding at the beginning and end
of the year
|
PARTICULARS |
No.
of Shares |
|
Shares issued and subscribed as on 01.04.2013 |
92.730 |
|
Add: Issued during the year |
-- |
|
Less: Redemption/ Buyback |
-- |
|
Total Amount as per Balance Sheet |
92.730 |
Note:
a)
There are no shares issued in last five years as
fully paid up pursuant to contracts without payment being received in cash.
b)
There are no shares issued in last five years as
fully paid up by way of bonus shares.
c)
There are no shares bought back in last five years.
d)
There are no calls unpaid.
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
92.730 |
92.730 |
92.730 |
|
(b) Reserves & Surplus |
(51.181) |
(59.856) |
(67.161) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
7.270 |
7.270 |
|
Total
Shareholders’ Funds (1) + (2) |
41.549 |
40.144 |
32.839 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
101.056 |
46.811 |
51.290 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.078 |
0.078 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
101.056 |
46.889 |
51.368 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
133.450 |
112.002 |
109.644 |
|
(b)
Trade payables |
337.023 |
252.382 |
223.912 |
|
(c)
Other current liabilities |
33.907 |
103.932 |
94.185 |
|
(d)
Short-term provisions |
7.568 |
8.155 |
8.347 |
|
Total
Current Liabilities (4) |
511.948 |
476.471 |
436.088 |
|
|
|
|
|
|
TOTAL |
654.553 |
563.504 |
520.295 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
237.940 |
220.671 |
204.136 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3.211 |
8.229 |
2.499 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.845 |
0.845 |
0.845 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
3.144 |
6.775 |
2.671 |
|
(e)
Other Non-current assets |
0.064 |
0.733 |
1.932 |
|
Total
Non-Current Assets |
245.204 |
237.253 |
212.083 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
83.665 |
84.912 |
99.733 |
|
(c)
Trade receivables |
278.840 |
198.483 |
185.875 |
|
(d)
Cash and cash equivalents |
10.868 |
10.436 |
10.985 |
|
(e)
Short-term loans and advances |
30.700 |
28.940 |
9.687 |
|
(f)
Other current assets |
5.276 |
3.480 |
1.932 |
|
Total
Current Assets |
409.349 |
326.251 |
308.212 |
|
|
|
|
|
|
TOTAL |
654.553 |
563.504 |
520.295 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
960.440 |
796.441 |
610.517 |
|
|
|
Other Income |
7.066 |
1.939 |
1.058 |
|
|
|
TOTAL (A) |
967.506 |
798.380 |
611.575 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
665.663 |
564.849 |
421.428 |
|
|
|
Changes in inventories of finished goods |
0.884 |
(3.602) |
8.009 |
|
|
|
Changes in inventories of work-in-progress |
1.221 |
1.405 |
(21.810) |
|
|
|
Employees benefits expense |
57.247 |
46.504 |
37.034 |
|
|
|
Other expenses |
182.546 |
133.076 |
109.783 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
(0.005) |
|
|
|
TOTAL (B) |
907.561 |
742.232 |
554.439 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
59.945 |
56.148 |
57.136 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.209 |
25.475 |
25.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.736 |
30.673 |
32.068 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.761 |
21.268 |
18.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.975 |
9.405 |
13.597 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.300 |
2.100 |
3.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.675 |
7.305 |
10.597 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.94 |
0.79 |
1.14 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
232.100 |
244.200 |
|
Total Expenditure |
216.800 |
228.500 |
|
PBIDT (Excl OI) |
15.300 |
15.700 |
|
Other Income |
0.600 |
1.100 |
|
Operating Profit |
15.900 |
16.800 |
|
Interest |
6.200 |
6.800 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
9.800 |
10.000 |
|
Depreciation |
6.000 |
6.000 |
|
Profit Before Tax |
3.800 |
4.000 |
|
Tax |
0.800 |
0.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
3.000 |
3.100 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
3.000 |
3.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.90 |
0.92 |
1.74 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.24 |
7.05 |
9.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.69 |
1.70 |
2.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.23 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.64 |
3.96 |
4.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80 |
0.68 |
0.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
92.730 |
92.730 |
92.730 |
|
Reserves & Surplus |
(67.161) |
(59.856) |
(51.181) |
|
Share Application money pending allotment |
7.270 |
7.270 |
0.000 |
|
Net
worth |
32.839 |
40.144 |
41.549 |
|
|
|
|
|
|
Long-term borrowings |
51.290 |
46.811 |
101.056 |
|
Short term borrowings |
109.644 |
112.002 |
133.450 |
|
Total
borrowings |
160.934 |
158.813 |
234.506 |
|
Debt/Equity ratio |
4.901 |
3.956 |
5.644 |
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 |
610.517 |
796.441 |
960.440 |
|
|
|
30.454 |
20.591 |
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 |
610.517 |
796.441 |
960.440 |
|
Profit |
10.597 |
7.305 |
8.675 |
|
|
1.74% |
0.92% |
0.90% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
|
CEA 47 / 2011 |
CEASR 2892 /
2008 |
CASE IS:PENDING |
|
|
|
|
|
PETITIONER |
|
RESPONDENT |
|
THE COMMISSIONER
OF CUSTOMS & CENTRAL EXCISE, HYD. |
VS |
M/S. EVEREST
ORGANICS LTD., MEDAK DIST., |
|
PET.ADV. : RAJASHEKAR
REDDY(SR SC FOR CBE&C) |
|
RESP.ADV. : SHAIK
JEELANI BASHA |
|
SUBJECT: CENTRAL
EXCISE APPEAL |
|
DISTRICT: VISAKHAPATNAM |
|
|
|
|
|
FILING
DATE: 24-09-2008 |
POSTING
STAGE : FOR ORDERS OF COURT |
|
|
REG.
DATE : 21-02-2011 |
LISTING
DATE : |
STATUS : --------- |
|
|
|
|
|
HON'BLE
JUDGE(S): |
|
DEPUTY REGISTRAR
LIST |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10511884 |
27/06/2014 |
4,706,422.00 |
RELIANCE CAPITAL
LIMITED |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
C14340558 |
|
2 |
10453646 |
30/09/2013 |
18,300,000.00 |
RELIANCE CAPITAL
LIMITED |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B86884582 |
|
3 |
10381424 |
20/02/2013 * |
239,600,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN BHAVAN,
227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B72302847 |
|
4 |
10264029 |
29/01/2011 |
4,735,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B04445037 |
|
5 |
10264035 |
29/01/2011 |
50,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B04452710 |
|
6 |
10165115 |
30/05/2009 |
30,600,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN BHAVAN,
227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A65151482 |
|
7 |
10154628 |
24/04/2013 * |
239,600,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B74330606 |
|
8 |
10136085 |
26/12/2008 |
20,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A53764064 |
|
9 |
90138378 |
07/11/2002 |
10,000,000.00 |
STATE BANK OF
TRAVANCORE |
KUSHAL CHAMBERS,
KOTI, HYDERABAD, ANDHRA PRADESH, |
- |
|
10 |
90262203 |
05/10/2002 |
15,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RAJBHAVAN ROAD; SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH -
500082, INDIA |
- |
|
11 |
90262057 |
11/06/2001 |
24,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RAJBHAVAN ROAD; SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH -
500082, INDIA |
- |
|
12 |
90263297 |
06/01/2009 * |
74,000,000.00 |
PHOENIX ARC
PRIVATE LIMITED |
240 NAVSARI BUILDING,
1ST FLOOR D.N.ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
A58704123 |
|
13 |
80053388 |
30/06/2004 * |
40,000,000.00 |
ASSET
RECONSTRUCTION COMPANY (INDIA) LIMITED |
SHREEPATI
ARCADE, AUGUST KRANTI MARG,, NANA CHOWK, MUMBAI, MAHARASHTRA - 400036, INDIA |
A62115597 |
|
14 |
90138170 |
06/01/2009 * |
10,000,000.00 |
PHOENIX ARC
PRIVATE LIMITED |
240 NAVSARI
BUILDING, 1ST FLOOR D.N.ROAD, MUMBAI, |
A61713095 |
|
15 |
90258420 |
06/01/2009 * |
97,000,000.00 |
PHOENIX ARC PRIVATE
LIMITED |
240 NAVSARI
BUILDING, 1ST FLOOR D.N.ROAD, MUMBAI, |
A58703844 |
|
16 |
90140106 |
18/06/1998 |
58,500,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, RAJ BHAVAN RAOD; SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082,
INDIA |
- |
|
17 |
80053389 |
06/01/2009 * |
20,000,000.00 |
PHOENIX ARC
PRIVATE LIMITED |
240 NAVSARI
BUILDING, 1ST FLOOR D.N.ROAD, MUMBAI, |
A62030101 |
|
18 |
90137948 |
15/09/2000 * |
91,200,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RAJBHAVAN ROAD; SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
19 |
90137684 |
01/08/1996 * |
20,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RAJ BHAVAN RAOD; SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH -
500082, INDIA |
- |
|
20 |
80053390 |
30/06/2004 * |
52,500,000.00 |
ASSET
RECONSTRUCTION COMPANY (INDIA) LIMITED |
SHREEPATI ARCADE,
AUGUST KRANTI MARG, NANA CHOWK, MUMBAI, MAHARASHTRA - 400036, INDIA |
A62042072 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Unsecured Loans from Directors and near Relatives |
24.721 |
0.000 |
|
Inter Corporate Deposits from Veerat Finance and Investment Limited (two of their directors are relatives of the M.D of the Company) |
34.697 |
0.000 |
|
Security Deposit from Employees |
1.908 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable
on Demand - from Other Parties |
27.094 |
8.128 |
|
|
|
|
|
Total |
88.420 |
8.128 |
REVIEW OF
OPERATIONS FOR THE FINANCIAL YEAR 2013-14
The operations have
improved substantially during the year 2013–2014 by 21 %. The turnover has
increased from Rs.798.000 Millions to Rs. 965.700 Millions. The improvement in
business is mainly due to expanded capacities which will further improve in the
next financial year. Effective use of manpower and machinery also contributed
to the increase to a significant extent.
However,
1. Increase in
Employee Cost by about 23%,
2. Increase in
Admin Cost by about 43% and
3. The increase in
power and fuel cost (including incremental effects therein) in relation to the
turnover by about 55%, have contributed to lower percentage of profit vis-a-vis
2012-13. However, the net profit as quantum has increased from Rs.7.300
Millions to Rs.8.400 Millions.
The power and Fuel
have significantly and unusually have shot up during the year because of the
power deficit situation in the state.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GENERAL PHARMA
INDUSTRIAL SCENARIO
The Pharma
industry in India is growing at a rate of 15% year on year basis. The global
events in the western world have given impetus to further growing to the Pharma
Industry in India, both on the domestic front and export front, in the next 5
years, the Global Pharma giants will look more and more towards India for their
requirements of API and its advanced intermediates.
OUTLOOK FOR
FINANICAL YEAR 2014-15
The Company has
been making constant steady, but slow progress in terms of turnover, margins
and addition of new products.
EOL proposes to embark
upon capital restructuring exercise towards augmenting in the balance sheet,
and enhancing the shareholder value.
In this financial
year 2014-15, the management is confident of achieving a higher turnover of
about Rs.1100.000 to 1200.000 Millions with higher margins. The capital
expenditure is envisaged to the extent of Rs. 60.000 to 100.000 Millions in
terms of expanding the volume of existing products and adding newer products to
augment the bottom line and prepare the company to be audited by EDQM. The
capital expenditure would involve solvent recovery system, expanding the volume
of Omeprazole production of 20 MT per month and also expanding the capacity of
Pantoprazole and Esomeprazole. The proposed capital expenditure also involves
general plant upgradation. The management also proposes to augment the
utilities and services as well as further capital investment of effluent
treatment along with augmentation of quality control equipment.
In a nutshell the
management is confident of showing a minimum growth of 25 - 30% year on year
basis from the FY 2014-15.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30.09.2014
(RS.
IN MILLIONS)
|
PARTICULARS |
Three
Months ended 30.09.2014 |
Three
Months ended 30.06.2014 |
|
|
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
Net Sales/ Income from Operations |
244.229 |
232.104 |
|
Other Operating Income |
0.000 |
0.000 |
|
Total Income from
operations (net) |
244.229 |
232.104 |
|
|
|
|
|
Expenses |
|
|
|
(a) Cost of Material consumed |
162.281 |
163.836 |
|
(b) Purchase of stock in trade |
-- |
-- |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(1.834) |
(8.713) |
|
(d) Employee benefit expenses |
16.232 |
15.363 |
|
(e) Depreciation and amortization expenses |
6.031 |
6.006 |
|
(f) Power and Fuel |
22.326 |
21.758 |
|
(g) Freight and Forwarding expenses |
1.208 |
0.658 |
|
(h) Other Expenses |
28.290 |
23.893 |
|
Total Expenses |
234.533 |
222.800 |
|
|
|
|
|
Profit from Operations
before Other Income and Finance costs |
9.696 |
9.303 |
|
Other Income |
1.096 |
0.630 |
|
Profit/ Loss from
Ordinary Activities before Finance costs |
10.792 |
9.933 |
|
Finance costs |
6.820 |
6.145 |
|
Profit/ Loss from Ordinary Activities
before tax |
3.972 |
3.788 |
|
Tax Expenses |
0.850 |
0.750 |
|
Net Profit for the period |
3.122 |
3.038 |
|
Minority
Interest |
-- |
-- |
|
Net Profit after Taxes and minority
interest |
3.122 |
3.038 |
|
Paid- up Equity
Share Capital (Face value of the share – Rs. 10) |
92.730 |
92.730 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
|
Earnings per
share (of Rs. 10/- each) (not annualized) |
|
|
|
Basic |
0.34 |
0.33 |
|
Diluted |
0.34 |
0.33 |
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
1. Public
shareholding |
|
|
|
Number of
Shares |
6159000 |
6159000 |
|
Percentage of Shareholding |
66.42 |
66.42 |
|
|
|
|
|
2. Promoters
and promoter group shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
|
|
|
|
|
Non - encumbered |
|
|
|
- Number of
Shares |
9273000 |
9273000 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
33.58 |
33.58 |
|
- Percentage
of Shares (as a % of the
total share capital of the company) |
100.00 |
100.00 |
|
SR. NO. |
PARTICULARS |
Three
Months ended 30.09.2014 |
|
B |
Investor
complaints (Nos.) |
(Unaudited) |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above results were reviewed by the Audit
Committee of Directors and taken on record by the Board of Directors at their meeting
held on 15.11.2014.
2)
The Accounting Standard 17 relating to Segment wise
reporting is not applicable to the company.
3)
There were no complaints from investors outstanding
at the beginning of the quarter ended 30.09.2014 and the company has not received
any complaints during the quarter ended 30.09.2014.
4)
Previous period / year figures have been regrouped
wherever necessary.
CONTINGENT
LIABILITIES [AS ON 31.03.2014]:
1)
Letters of Credit established by the Kotak Mahindra
Bank on behalf of the Company Rs.34.140 Millions (Previous year – Rs.36.713
Millions).
2)
Bank Guarantees issued by the Kotak Mahindra Bank
on behalf of the company Rs.1.000 Million. (Previous year- Rs.1.000 Million)
FIXED ASSETS:
· Land and Land Development
· Factory Buildings
· Plant and Machinery and Utilities
· Office Equipment
· Computers
· Furniture and Fittings
· Vehicles
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. 62.40 |
|
|
1 |
Rs. 94.17 |
|
Euro |
1 |
Rs. 73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.