MIRA INFORM REPORT
|
Report No. : |
302822 |
|
Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
IOL CHEMICALS AND PHARMACEUTICALS LIMITED |
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Registered
Office : |
Trident Complex, Raikot Road, Barnala – 148101, Punjab |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.09.1986 |
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Com. Reg. No.: |
16-007030 |
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Capital
Investment / Paid-up Capital : |
Rs. 488.251 Millions |
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CIN No.: [Company Identification
No.] |
L24116PB1986PLC007030 |
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IEC No.: |
3094001343 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDI00254C |
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PAN No.: [Permanent Account No.] |
AABCI1842A/ JLDI00254C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is engaged in the manufacturing and selling of Organic
Chemicals and Bulk Drugs. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. Management has reported low profit margin, high overall gearing and
working capital intensive nature of its operations during FY14. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. In view of experienced promoters, the company can be considered for
business dealings with 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB – [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate risk of default |
|
Date |
14.08.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 [Short Term Bank Facilities] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
14.08.2013 |
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 1 : |
Trident Complex, Raikot Road, Barnala – 148101, Punjab, India |
|
Tel. No.: |
91-1679-244701-07 / 285285 |
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Fax No.: |
91-1679-244708 / 285292 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head / Corporate Office : |
85 Industrial Area A, Ludhiana – 141003, Punjab, India |
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Tel. No.: |
91-161-2225531-35 |
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Fax No.: |
91-161-2608184 / 2608784 / 2226929 |
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E-Mail : |
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Factory 2 : |
Village Fatehgarh Chhana, Mansa Road, Barnala – 148101, Punjab, India |
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Tel. No.: |
91-1679-285285-86 |
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Fax No.: |
91-1679-285292 |
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E-Mail : |
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Branch Office : |
102, 1st Floor, Royal Grace, Road No. 2, Lokmanya Tilak Colony,
B/H Swaminarayan Mandir, Dadar (East), Mumbai – 400014, Maharashtra, India |
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Tel. No.: |
91-22-24166656 / 24146654 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Varinder Gupta |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Vijay Kumar Garg |
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Designation : |
Joint Managing Director |
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Name : |
Dr. M A Zahir |
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Designation : |
Director |
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Name : |
Mr. Chandra Mohan |
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Designation : |
Director |
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Name : |
Mr. Yogesh Goel |
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Designation : |
Director |
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Name : |
Mr. |
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Designation : |
Director |
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Name : |
Dr. Sandhya Mehta |
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Designation : |
Director (w.e.f. 22 August 2014) |
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Name : |
Mr. Vijay Singla |
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Designation : |
Director (Works) |
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Audit and Risk
Management Committee : |
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Stakeholders’
Relationship Committee : |
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Nomination
and Remuneration Committee : |
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KEY EXECUTIVES
|
Name : |
Mr. Krishan Singla |
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Designation : |
Vice President and Company Secretary |
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Name : |
Mr. Rakesh Mahajan |
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Designation : |
Chief Financial Officer |
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Name : |
Ms. Shana |
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Designation : |
Accounts Department |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
1159265 |
2.95 |
|
|
21240001 |
54.03 |
|
|
22399266 |
56.98 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
22399266 |
56.98 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
10400 |
0.03 |
|
|
297965 |
0.76 |
|
|
308365 |
0.78 |
|
|
|
|
|
|
6191723 |
15.75 |
|
|
|
|
|
|
2343350 |
5.96 |
|
|
4237224 |
10.78 |
|
|
3831663 |
9.75 |
|
|
24999 |
0.06 |
|
|
3806664 |
9.68 |
|
|
16603960 |
42.24 |
|
Total Public shareholding (B) |
16912325 |
43.02 |
|
Total (A)+(B) |
39311591 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
39311591 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in the manufacturing and selling of Organic
Chemicals and Bulk Drugs. |
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Products : |
Not Available |
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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 : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Cost Auditors : |
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Name : |
Ramanath Iyer and Company Chartered Accountants |
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Address : |
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Statutory Auditors : |
S C Vasudeva and Company Chartered Accountants |
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Address : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over
which Key Management Personnel (KMP) and relative of such
personnel is able to exercise significant influence or control: |
* Enterprise having significant influence over the Company. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.10/-each |
Rs.320.000 Millions |
|
22000000 |
Non-cumulative preference shares |
Rs.10/-each |
Rs.220.000 Millions |
|
|
Total |
|
Rs.540.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28815164 |
Equity Shares |
Rs.10/-each |
Rs.288.151 Millions |
|
5000000 |
7% Non-cumulative preference shares |
Rs.10/-each |
Rs.50.000
Millions |
|
15010000 |
1% Non-cumulative preference shares |
Rs.10/-each |
Rs.150.100
Millions |
|
|
Total |
|
Rs.488.251 Millions |
Reconciliation of the number of shares and the amount outstanding at the
beginning and at the end of the reporting period
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
Equity Shares |
No. of Shares
Held |
Rupees |
|
At the beginning of the reporting period |
26151164 |
261511640 |
|
Add: Issued during the year |
2664000 |
26640000 |
|
Outstanding at the end of the reporting period |
28815164 |
288151640 |
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
Preference Shares |
No. of Shares
Held |
Rupees |
|
At the beginning of the reporting period |
5000000 |
50000000 |
|
Add: Issued during the year |
15010000 |
150100000 |
|
Outstanding at the end of the reporting period |
20010000 |
200100000 |
Terms/rights attached to equity shares
The Company presently has one class of equity
shares having a par value of Rs.10/- each. Each holder of equity shares is
entitled to one vote per share. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive any of the remaining
assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
The Company has not declared dividend during
the period ended 31 March 2014.
Increase in equity share capital
The Company has issued 26,64,000 equity shares
of face value of Rs.10/- each at a premium of Rs.68/- per share aggregating to
` 20,77,92,000 on 5 November 2013 to Promoter Group entities on conversion of
unsecured loan, brought in by them.
Consequent upon the issue of the above 2664000
equity shares, the total paid-up capital of the Company stands increased to
28815164 fully paid equity shares of Rs.10/- each.
Terms/rights attached to preference shares
7% Non-Cumulative Preference Shares 5000000 of Rs.10/- each
The Company has extended the redemption of
5000000 7% non-cumulative redeemable preference shares of Rs.10/- each from 20
March 2014 to 30 June 2015 with an option to convert these preference shares
into equity shares at the price calculated under SEBI formula. The earlier date
of redemption is 30 June 2015 (Previous year 20 March 2014)
The preference shares shall carry a right to a
non-cumulative preference dividend of 7% per annum, in case the dividend not
declared for any year, it will cease to accrue and lapse and will not be
cumulated and carry forward. The preference shareholder shall have preferential
right of repayment of amount of capital.
1% Non-Cumulative Preference Shares 15010000 of Rs.10/- each
The Company has allotted 15010000, 1%
non-cumulative redeemable preference shares of Rs.10/- each to the
promoter/promoter group companies. These preference shares shall be redeemable
at par on expiry of 10 years from the date of allotment i.e. 5 November 2013.
The preference shares shall carry a right to a
non-cumulative preference dividend of 1% per annum, in case the dividend not
declared for any year, it will cease to accrue and lapse and will not be
cumulated and carry forward. The preference shareholders shall have
preferential right of repayment of amount of capital.
Details of shares held by holding company or the ultimate holding
company or their subsidiaries and associates
There is no holding company of the Company and
therefore no subsidiary/ associate of holding /ultimate holding Company.
Aggregate number and class of shares alloted as fully paid up pursuant
to contract(s) without payment being received in cash, bonus shares and shares
bought back for the period of 5 years immediately preceding the balance date:
|
|
Aggregate number
of shares As at 31 March 2014 |
|
Equity Shares alloted as fully paid up
pursuant to contract (s) |
--- |
|
without payment being received in cash |
--- |
|
Equity Shares alloted as fully paid up by
way of bonus shares |
--- |
|
Equity Shares bought back by the Company |
--- |
Detail of shares held by each shareholder holding more than 5% shares
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
Class of share / Name of the shareholder |
No. of Shares
Held |
% Share Holding |
|
Equity Shares |
|
|
|
Mayadevi Polycot Limited |
10006323 |
34.73 |
|
IndiaSTAR (Mauritius) Limited |
3806664 |
13.21 |
|
NM Merchantiles Limited |
3384500 |
11.75 |
|
G Consultants and Fabricators Limited |
1500000 |
5.21 |
|
|
|
|
|
Preference
Shares |
|
|
|
7%
non-cumulative preference shares |
|
|
|
Trident Limited |
5000000 |
100.00 |
|
1%
non-cumulative preference shares |
|
|
|
NM Merchantiles Limited |
4735000 |
31.55 |
|
IOL Life sciences Limited |
4265000 |
28.41 |
|
NCG Enterprises Limited |
6010000 |
40.04 |
Foreign Currency Convertible Bonds
The Company has issued zero coupon unsecured
foreign currency convertible bonds (FCCB) aggregating to US $ 7 Million.
The Company has option to convert all outstanding bonds into equity
shares at the prevailing conversion price i.e. Rs.78 per share at any time on
or after 28 November 2014 but on or before 28 May 2015.
The bond holders have also option to convert
into equity shares of the Company at price of Rs.78 per share (subject to
adjustment, if any) with a fixed exchange rate of Rs.47.57 per US $ at any time
on or after 28 May 2010 but on or before 28 May 2015 subject to satisfaction of
certain conditions.
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 |
488.251 |
311.512 |
307.167 |
|
(b) Reserves &
Surplus |
1604.248 |
1418.434 |
1424.515 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
4.345 |
|
Total Shareholders’ Funds
(1) + (2) |
2092.499 |
1729.946 |
1736.027 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2160.105 |
2868.414 |
2698.849 |
|
(b) Deferred tax
liabilities (Net) |
121.388 |
103.643 |
92.883 |
|
(c) Other long term
liabilities |
340.095 |
284.016 |
88.316 |
|
(d) long-term provisions |
3.024 |
1.260 |
1.178 |
|
Total Non-current
Liabilities (3) |
2624.612 |
3257.333 |
2881.226 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
969.568 |
971.580 |
764.777 |
|
(b) Trade payables |
1133.745 |
953.764 |
794.066 |
|
(c) Other current
liabilities |
585.703 |
354.570 |
692.895 |
|
(d) Short-term provisions |
4.897 |
2.149 |
0.526 |
|
Total Current Liabilities
(4) |
2693.913 |
2282.063 |
2252.264 |
|
|
|
|
|
|
TOTAL |
7411.024 |
7269.342 |
6869.517 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4103.510 |
4303.047 |
4619.001 |
|
(ii) Intangible Assets |
2.529 |
1.099 |
0.754 |
|
(iii) Capital
work-in-progress |
330.582 |
315.071 |
123.756 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
131.058 |
119.273 |
110.109 |
|
(e) Other Non-current
assets |
36.103 |
20.626 |
23.373 |
|
Total Non-Current Assets |
4603.782 |
4759.116 |
4876.993 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1922.261 |
1634.742 |
1317.660 |
|
(c) Trade receivables |
492.561 |
358.247 |
215.927 |
|
(d) Cash and cash
equivalents |
114.475 |
123.935 |
86.954 |
|
(e) Short-term loans and
advances |
277.945 |
393.302 |
371.983 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2807.242 |
2510.226 |
1992.524 |
|
|
|
|
|
|
TOTAL |
7411.024 |
7269.342 |
6869.517 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5635.012 |
4815.110 |
4706.825 |
|
|
Other Income |
13.066 |
25.289 |
23.341 |
|
|
TOTAL |
5648.078 |
4840.399 |
4730.166 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3979.152 |
3316.834 |
3251.644 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
23.486 |
0.371 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(279.902) |
(340.539) |
(252.494) |
|
|
Employees benefits
expense |
270.769 |
220.769 |
201.371 |
|
|
Other expenses |
707.494 |
704.127 |
819.965 |
|
|
TOTAL |
4677.513 |
3924.677 |
4020.857 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
970.565 |
915.722 |
709.309 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
603.439 |
572.399 |
431.973 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
367.126 |
343.323 |
277.336 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
316.303 |
313.740 |
239.360 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
50.823 |
29.583 |
37.976 |
|
|
|
|
|
|
|
Less |
TAX |
17.829 |
13.698 |
(9.556) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
32.994 |
15.885 |
47.532 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1262.827 |
905.360 |
988.095 |
|
|
TOTAL EARNINGS |
1262.827 |
905.360 |
988.095 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
60.434 |
89.234 |
304.426 |
|
|
Capital Goods |
0.000 |
0.000 |
18.762 |
|
|
TOTAL IMPORTS |
60.434 |
89.234 |
323.188 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.15 |
0.61 |
1.85 |
QUARTERLY RESULTS
|
Particulars (Rs.
In Millions) |
Jun 2014 |
Sep 2014 |
|
Audited /
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
1211.800 |
1216.100 |
|
Total Expenditure |
963.200 |
1147.400 |
|
PBIDT (Excl OI) |
248.700 |
68.800 |
|
Other Income |
00.100 |
00.100 |
|
Operating Profit |
248.700 |
68.800 |
|
Interest |
151.500 |
151.500 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
97.200 |
(82.700) |
|
Depreciation |
78.200 |
60.500 |
|
Profit Before Tax |
19.100 |
(143.100) |
|
Tax |
06.600 |
(45.600) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
12.500 |
(97.500) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
12.500 |
(97.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.58
|
0.32 |
1.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.22
|
19.01 |
15.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.72 |
0.43 |
0.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50 |
2.22 |
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.10 |
0.88 |
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 |
307.167 |
311.512 |
488.251 |
|
Reserves & Surplus |
1424.515 |
1418.434 |
1604.248 |
|
Net worth |
1731.682 |
1729.946 |
2092.499 |
|
|
|
|
|
|
long-term borrowings |
2698.849 |
2868.414 |
2160.105 |
|
Short term borrowings |
764.777 |
971.580 |
969.568 |
|
Total borrowings |
3463.626 |
3839.994 |
3129.673 |
|
Debt/Equity ratio |
2.000 |
2.220 |
1.496 |
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 |
4706.825 |
4815.110 |
5635.012 |
|
|
|
2.301 |
17.028 |
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 |
4706.825 |
4815.110 |
5635.012 |
|
Profit |
47.532 |
15.885 |
32.994 |
|
|
1.01% |
0.33% |
0.59% |
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:
|
High Court Of Punjab And Haryana
(Chandigarh) |
|||
|
Case Details For Case CP-193-2013 |
|||
|
Diary Number |
1102962 |
District |
NEW-DELHI |
|
Category |
21-COMPANY PETITIONS |
Main Case Detail |
-- |
|
Party Detail |
NNE PHARMAPLAN INDIA LTD V/S IOL CHEMICALS & PHARMACEUTICALS LTD |
||
|
Advocate Name |
VIKAS SINGH |
List Type |
LIQUIDATION |
|
Status |
PENDING |
Next date |
10-FEB-2015 |
|
|
|||
|
Case Listing
Details |
|||
|
Cause List Date |
List Type:Sr. No. |
Bench |
|
|
10-OCT-2014 |
LIQUIDATION:18 |
HON'BLE MR. JUSTICE RAJESH BINDAL |
|
|
08-JUL-2014 |
LIQUIDATION:11 |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
|
|
01-APR-2014 |
LIQUIDATION:17 |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
|
|
27-MAR-2014 |
LIQUIDATION:6 |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
|
|
11-DEC-2013 |
NA:112 |
HON'BLE MR. JUSTICE SURYA KANT |
|
|
Judgment Details For Case: CP-193-2013
|
|||
|
Order Date |
Order Type |
Bench |
|
|
10-OCT-14 |
Interim Order |
HON'BLE MR. JUSTICE RAJESH BINDAL |
|
|
11-DEC-13 |
Interim Order |
HON'BLE MR. JUSTICE SURYA KANT |
|
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10509239 |
29/10/2014 * |
1,851,000,000.00 |
Punjab National Bank |
Large Corporate Branch,
1st Floor,Bhagwati Tower, |
C32305484 |
|
2 |
10314198 |
13/03/2013 * |
400,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,, MUMBAI, Maharashtra
- 40 |
B70894365 |
|
3 |
10250399 |
02/02/2013 * |
150,000,000.00 |
Allahabad Bank |
I.I.F.B Cheema Chowk, Ludhiana, Punjab - 141003, INDIA |
B68495779 |
|
4 |
10248563 |
23/06/2011 * |
180,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,, MUMBAI,
Maharashtra - 40 |
B16710824 |
|
5 |
10244239 |
11/01/2013 * |
70,000,000.00 |
Oriental Bank of Commerce |
Overseas Branch,Jandu Tower,, G.T. Road ,Miller Ganj,, Ludhiana, Punjab - 141003, INDIA |
B67305797 |
|
6 |
10241454 |
29/12/2012 * |
500,000,000.00 |
Punjab National Bank |
Large Corporate
Branch, 1st Floor,Bhagwati Tower, |
B66650565 |
|
7 |
10175807 |
21/09/2013 * |
200,000,000.00 |
Oriental Bank of Commerce |
Overseas Branch,
Jandu Tower,, G. T. Road, Miller |
B85776664 |
|
8 |
10168109 |
18/02/2013 * |
190,400,000.00 |
State Bank of India |
College Road,,
Barnala, Barnala, Punjab - 148001, |
B69053304 |
|
9 |
10158800 |
29/12/2012 * |
300,000,000.00 |
Punjab National Bank |
Large Corporate
Branch, 1st Floor,Bhagwati Tower, |
B66648585 |
|
10 |
10147116 |
29/12/2012 * |
59,600,000.00 |
Punjab National Bank |
Large Corporate
Branch, 1st Floor,Bhagwati Tower, |
B66652025 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and
advances |
|
|
|
Foreign Currency Convertible Bonds |
420.698 |
380.725 |
|
From Related Parties |
100.276 |
353.066 |
|
From Others |
0.000 |
105.055 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan repayable on
demand |
|
|
|
From Banks |
25.000 |
0.000 |
|
Total |
545.974 |
838.846 |
PERFORMANCE REVIEW
The Company, during financial year 2013-14, has clocked a growth of 16.70% in gross revenue, which has grown to Rs.6260.400 Millions from the gross revenue of Rs.5364.300 Millions in the previous year. The profit before depreciation interest and tax (PBDIT) to net revenue has decreased from 18.92% to 17.18%. The Company has earned profit before tax (PBT) of Rs.50.800 Millions during the year under review against Rs.29.600 Millions during the previous year. Higher PBT is mainly due to increase in sale of the Company and improved in operation efficiency during the year.
AWARDS
The Company has been awarded with “1st prize in National Energy Conservation Award” in Drugs and Pharmaceuticals sector and with “2nd prize in National Energy Conservation Award” in Chemicals sector by the Ministry of Power, Government of India. The Company has been awarded the prize consecutively for eight years by the Government of India.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Indian Industrial Sector and Chemical Industry
The chemical industry, which includes basic chemicals and its products, petrochemicals, fertilizers, paints & varnishes, gases, soaps, perfumes and toiletries and pharmaceuticals is one of the most diversifi ed of all industrial sectors covering thousands of commercial products. It plays an important role in the overall development of the Indian economy. Rapid growth is expected in India as well, with predicted annual growth above 9 per cent per year in the period 2012 to 2014, and above 8 percent per year in the period 2015 to 2021.
With current initiatives of industry & government, the Indian chemical industry could grow at 11% p.a. to reach size of $224 billion by 2017. However, the industry could aspire to grow much more and its growth potential is limited only by its aspirations. In an optimistic scenario, high end–use demand based on increasing per capita consumption, improved export competitiveness and resultant growth impact for each sub-sector of the chemical industry could lead to an overall growth rate greater than 15% p.a. and a size of $ 290 billion by 2017.
Pharmaceutical
Industry
India is among the most significant emerging markets for the global pharma industry, given that it will feature among the world’s top 10 sales markets by 2020. Currently, it is regarded as one of the fastest-growing pharma industries globally, primarily driven by a large population, evolving patient demographics, increasing health care expenditure, growing urbanization, rising life expectancy, and active private-sector participation.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014
Rs. In Millions
|
Particulars |
Quarter ended |
Half Year ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
1212.405 |
1208.625 |
2421.030 |
|
(b) Other Operating Income |
3.687 |
3.207 |
6.894 |
|
Total income from operations (net) |
1216.092 |
1211.832 |
2427.924 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
942.341 |
814.638 |
1756.979 |
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
(29.086) |
(70.625) |
(99.711) |
|
(d) Employee benefits expense |
64.041 |
64.937 |
128.978 |
|
(e) Depreciation and Anmortisation Expenses |
60.477 |
78.152 |
138.629 |
|
(f) Other Expenses |
170.047 |
154.224 |
342.271 |
|
Total expenses |
1207.820 |
1041.326 |
2249.146 |
|
Profit/ (Loss) from operations before
other Income, finance costs and exceptional Items |
8.272 |
170.506 |
178.778 |
|
Other Income |
0.045 |
0.045 |
0.090 |
|
Profit/ (Loss) from operations before
other income, finance costs and exceptional items |
8.317 |
170.551 |
178.868 |
|
Finance Costs |
151.457 |
151.467 |
302.924 |
|
Profit/ (Loss) from ordinary activities
after finance cost but before exceptional items |
(143.140) |
19.084 |
(124.056) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities
before tax |
(143.140) |
19.084 |
(124.056) |
|
Tax expenses |
(45.614) |
6.572 |
(39.042) |
|
Net Profit / (Loss) from ordinary
activities after tax |
(97.526) |
12.512 |
(85.014) |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
(97.526) |
12.512 |
(85.014) |
|
Paid up equity share capital (Face Value of Rs10/- each) |
393.116 |
381.616 |
393.116 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
|
|
|
|
Earnings per share (before extraordinary items) of Rs.10/- each (not annualised): |
|
|
|
|
(a) Basic |
(2.88) |
0.42 |
(2.46) |
|
(b) Diluted |
(2.88) |
0.42 |
(2.46) |
|
(c) Cash |
(2.71) |
3.13 |
0.42 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of shares |
16912325 |
15762325 |
16912325 |
|
- Percentage of shareholding |
43.02 |
41.30 |
43.02 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
--- |
--- |
--- |
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
--- |
--- |
--- |
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
--- |
--- |
--- |
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
22399266 |
22399266 |
22399266 |
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
56.98 |
58.70 |
56.98 |
|
INVESTOR COMPLAINTS |
3 Months
ended 30 September 2014 |
|
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 |
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
393.116 |
|
(b) Reserves & Surplus |
1682.653 |
|
(c) Money received
against share warrants |
77.000 |
|
Total Shareholders’ Funds (1) + (2) |
2152.769 |
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term
borrowings |
1918.960 |
|
(b) Deferred tax liabilities (Net) |
77.444 |
|
(c) Other long term
liabilities |
343.459 |
|
(d) long-term
provisions |
3.606 |
|
Total Non-current
Liabilities (3) |
2343.469 |
|
(4) Current Liabilities |
|
|
(a) Short
term borrowings |
1273.349 |
|
(b) Trade
payables |
905.342 |
|
(c) Other
current liabilities |
774.715 |
|
(d) Short-term
provisions |
0.678 |
|
Total Current
Liabilities (4) |
2954.084 |
|
|
|
|
TOTAL |
7450.322 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed
Assets |
4336.558 |
|
(b) Non-current
Investments |
0.000 |
|
(c) Long-term Loan and Advances |
126.930 |
|
(d) Other
Non-current assets |
68.662 |
|
Total Non-Current
Assets |
4532.150 |
|
(2) Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
1990.646 |
|
(c) Trade
receivables |
588.709 |
|
(d) Cash
and cash equivalents |
85.020 |
|
(e)
Short-term loans and advances |
253.797 |
|
(f) Other
current assets |
0.000 |
|
Total
Current Assets |
2918.172 |
|
|
|
|
TOTAL |
7450.322 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSES 41 OF THE LISTING AGREEMENT
(Rs. In Millions)
|
Particulars |
Quarter
Ended |
Half
Year Ended |
|
|
30.09.2014 |
30.06.2013 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
SEGMENT REVENUE |
|
|
|
|
Chemicals |
847.154 |
790.172 |
1637.326 |
|
Drugs |
575.498 |
605.137 |
1180.635 |
|
Unallocated |
1.849 |
5.263 |
7.112 |
|
TOTAL |
1424.501 |
1400.572 |
2825.073 |
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
208.409 |
188.740 |
397.149 |
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
1216.092 |
1211.832 |
2427.924 |
|
|
|
|
|
|
SEGMENT RESULTS |
|
|
|
|
PROFIT/LOSS BEFORE TAX
AND INTEREST FROM EACH SEGMENT |
|
|
|
|
Chemicals |
(95.461) |
(11.325) |
(106.786) |
|
Drugs |
100.828 |
178.003 |
278.831 |
|
TOTAL |
5.367 |
166.678 |
172.045 |
|
|
|
|
|
|
Less :Interest |
151.457 |
151.467 |
302.924 |
|
Less : Other Unallocable Expenses and Extra Ordinary Items Net of Unallocable Income |
(2.950) |
(3.873) |
(6.823) |
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
(143.140) |
19.084 |
(124.056) |
|
|
|
|
|
|
CAPITAL EMPLOYED |
|
|
|
|
Chemicals |
808.623 |
1038.113 |
808.623 |
|
Drugs |
1265.180 |
1125.192 |
1265.180 |
|
Unallocated
(Including capital work in progress) |
156.410 |
109.817 |
156.410 |
|
TOTAL |
2230.213 |
2273.122 |
2230.213 |
Note:
- The above results have been reviewed by the Audit & Risk Management
Committee and were considered and approved by the Board of the Directors
at their meeting held on November 28, 2014.
2. Consequent to the enactment of the Companies
Act, 2013 (the Act) and its applicability for accounting periods commencing from
April 01, 2014, the Company has recalculated the remaining useful life of fixed
assets in accordance with provisions of Schedule II to the Act. In case of
Fixed assets which have already completed their useful life in terms of
Schedule II of the Act, the carrying value (net of residual value) of such
assets as at April 01, 2014 amounting to Rs. 10.208 Millions (net of deferred
tax) has been adjusted to Retained Earnings and in case of other fixed assets
the carrying value (net of residual value) is being depreciated as per straight
line method over the recalculated remaining useful life. The depreciation and
amortization expense charged for the quarter ended September 30, 2014 would
have been lower by Rs. 22.301 Millions, had the company continued with the
previously prescribed depreciation rates as per Schedule-XIV of Companies Act,
1956.
3. The Company has allotted on 4 July 2014,
11,50,000 equity shares of Rs 10/- each at a premium of Rs. 18 per share and
1,10,0000 warrants with an option to apply for one share of Rs. 10/- each at a
premium of Rs. 18 per share for each warrant with in a period of 18 months from
date of allotment to the non promoters. The company has also allotted 24,50,000
equity shares of Rs. 10/- each in November 2014 on exercise of option attached
with warrants.
4. The Company has allotted on 28 November 2014,
58,93,911 equity shares of Rs 10/- each on conversion of US $ 7 million Zero
Coupon Foreign Currency Convertible Bonds issued in May 2010. The paid up
equity capital increased from 41761591 equity shares of Rs. 10/- each to
47655502 equity shares of Rs. 10/- each.
5. Previous period's figures have been regrouped
/ reclassified wherever necessary.
6. Limited review of the above unaudited
financial results of the Company in term of Clause 41 of the Listing Agreement
has been carried out by the Statutory Auditors of the Company.
FIXED ASSETS
- Land
and Buildings
- Plant
and Machinery
- Furniture
and Fixtures
- Vehicles
- Buildings
- Office
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.62.16 |
|
|
1 |
Rs.94.28 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.