MIRA INFORM REPORT
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Report No. : |
302618 |
|
Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PARENTERAL DRUGS (INDIA) LIMITED |
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Registered
Office : |
340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.12.1983 |
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Com. Reg. No.: |
11-126481 |
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Capital
Investment / Paid-up Capital : |
Rs. 403.542 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1983PLC126481 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is Involved in research, production and manufacturing of
pharmaceutical products like intravenous infusion, tablets, capsules, liquids
syrups, injections etc. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Satisfactory |
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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 moderate track. The company has incurred a loss from its operation during 2014. However, trade relations are fair. Business is active. Payments terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: B + |
|
Rating Explanation |
Have high risk of default. |
|
Date |
04.09.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities: A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
04.09.2013 |
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.
INFORMATION DENIED
Management Non Co-operative (91-731-6652202/6652002
LOCATIONS
|
Registered Office : |
340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-66943547/ 26304940/ 42762888 / 6652007 |
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Fax No.: |
91-22-26333763 |
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E-Mail : |
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Website : |
http://www.pdindia.com
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Location : |
Owned |
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Corporate Office and Investors Grievances Centre : |
Shree Ganesh Chambers, A.B. Road , Navlakha Crossing, Indore – 452 001
Madhya Pradesh, India |
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Tel. No.: |
91-731-4092000/ 6652000 / 6652001 |
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Fax No.: |
91-731-2401052 |
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Plants (Manufacturing Location) : |
·
Village Asrawad, Post Dudhia, Nemawar Road,
Indore – 453331, Madhya Pradesh, India Tel No.: 91-731-3917834 ·
Village Sura, Post Suranussi, Jalandhar – 144027,
Punjab, India ·
Village Bhud, Tehsil Nalagarh, District Solan –
173205, Himachal Pradesh, India ·
Honda Industrial Estate Plot No.1, Phase III,
Honda, Sattari – 403530, Goa, India |
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Overseas Factory 1 : |
Old Moka Road, Bell Village, P. O. Box 770, Republic of Mauritius |
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Overseas Factory 2 : |
ARNA Industrial Estate, Kapchagai, Republic of Kazakhstan |
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Overseas Factory 3 : |
Located at: ·
Nairobi |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Manoharlal Gupta |
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Designation : |
Chairman-Cum-Managing Director |
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Name : |
Mr. Vinod Kumar Gupta |
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Designation : |
Managing Director |
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Name : |
Mr. Govind Das Garg |
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Designation : |
Whole Time Director |
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Name : |
Mr. Anil Mittal |
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Designation : |
Whole Time Director and Chief Executive |
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Name : |
Mr. Satish Chandra Consul |
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Designation : |
Independent Director |
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Name : |
Mr. Dharam Pal Khanna |
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Designation : |
Independent Director |
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Name : |
Mr. Dilip Kumar Panchaity |
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Designation : |
Independent Director |
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Name : |
Mr. Dilip Kumar Sinha |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Aradhana Kulkarni |
|
Designation : |
Company Secretary and Compliance Officer |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
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|
21849243 |
73.28 |
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|
21849243 |
73.28 |
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|
Total shareholding of Promoter
and Promoter Group (A) |
21849243 |
73.28 |
|
(B) Public Shareholding |
||
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|
|
|
|
|
7998 |
0.03 |
|
|
1332 |
0.00 |
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|
9330 |
0.03 |
|
|
|
|
|
|
1850358 |
6.21 |
|
|
|
|
|
|
2534067 |
8.50 |
|
|
3342178 |
11.21 |
|
|
231124 |
0.78 |
|
|
143914 |
0.48 |
|
|
79945 |
0.27 |
|
|
2200 |
0.01 |
|
|
5065 |
0.02 |
|
|
7957727 |
26.69 |
|
Total Public shareholding (B) |
7967057 |
26.72 |
|
Total (A)+(B) |
29816300 |
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) |
29816300 |
100.00 |
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Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl. No. |
Name of
the Shareholder |
Details of
Shares held |
Encumbered
shares (*) |
|||
|
No. of
Shares held |
As a % of
grand total (A)+(B)+(C) |
No |
As a
percentage |
As a % of |
||
|
1 |
Rajratan Exports Pvt Ltd |
66,66,665 |
22.36 |
4593332 |
68.90 |
15.41 |
|
2 |
Parenteral Commercial Services
Pvt Ltd |
30,986 |
0.10 |
30986 |
100.00 |
0.10 |
|
3 |
PDPL Holdings Pvt Ltd |
32,17,120 |
10.79 |
3217120 |
100.00 |
10.79 |
|
4 |
PDPL Securities Pvt Ltd |
6,11,506 |
2.05 |
611506 |
100.00 |
2.05 |
|
5 |
Mahaganpati Investments Pvt Ltd |
16,00,000 |
5.37 |
850000 |
53.13 |
2.85 |
|
6 |
MVG Merchantile Pvt Ltd |
97,22,966 |
32.61 |
5773497 |
59.38 |
19.36 |
|
|
Total |
2,18,49,243 |
73.28 |
15076441 |
69.00 |
50.56 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of
the Shareholder |
No. of
Shares held |
Shares as
% of Total No. of Shares |
|
|
1 |
Madhukar Sheth |
450585 |
1.51 |
|
|
2 |
Kadayam Ramnathan Bharat |
519555 |
1.74 |
|
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3 |
Mavi Investment Fund Ltd |
300000 |
1.01 |
|
|
|
Total |
1270140 |
4.26 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Involved in research, production and manufacturing of pharmaceutical
products like intravenous infusion, tablets, capsules, liquids syrups,
injections etc. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note: LONG TERM
BORROWINGS
Term Loans are bearing interest @ 11% to 15.25% p.a.
Corporate Loans are bearing interest @ 14.20% to 14.75% p.a.
(In Repayment of FITL includes interest on TL/CL/WCTL up to 31-03-2014) SHORT TERM
BORROWINGS Terms of Working
Capital Loan are as under: Working Capital Loans of Rs. 682.277 Millions ( Rs. 50,2.568 Millions) bearing interest rate @ 16.45% to 17.00% p.a. are secured by first pari passu charge on entire current assets of the Company and second pari passu charge on entire fixed assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 1,38,76,441 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Private Limited (33,93,332), MVG Mercantile Private Limited (57,73,497), PDPL Holdings Private Limited (32,17,120), PDPL Securities Private Limited (6,11,506), Mahaganpati Investment Pvt. Ltd (8,50,000) and Parenteral Commercial Services Private Limited (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Private Limited, Parenteral Medicines Limited, Rajratan Exports Private Limited, MVG Mercantile Private Limited, PDPL Holdings Private Limited, PDPL Securities. Private Limited, Mahaganpati Investment Private Limited, and Parenteral Commercial Services Private Limited. Financial facilities are on consortium basis and State Bank of India, Commercial Branch, Indore and Punjab National Bank, Sector 16D, Chandigarh are the members. |
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Auditors : |
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Name : |
T.N. Unni and Company Chartered Accountants |
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Address : |
402, Alankar Point, Geeta Bhawan Square, Indore – 452 001, Madhya
Pradesh, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Subsidiary
Companies: |
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Enterprises over
which Key Managerial Personnel exercise significant influence |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36500000 |
Equity Shares |
Rs.10/- each |
Rs.365.000 millions |
|
3500000 |
Redeemable, Non
Cumulative, Non convertible Preference Shares |
Rs.10/- each |
Rs.35.000
million |
|
2962102 |
0% Optionally convertible, redeemable Preference Shares |
Rs.10/- each |
Rs.29.621 millions |
|
7037898 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.70.379 millions |
|
|
Total |
|
Rs. 500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29816300 |
Equity Shares |
Rs.10/- each |
Rs. 298.163 Millions |
|
3500000 |
Redeemable, Non Cumulative, Non convertible Preference Shares |
Rs.10/- each |
Rs. 35.000 Millions |
|
7037898 |
Redeemable Preference Shares |
Rs.10/- each |
Rs. 70.379 Millions |
|
|
Total |
|
Rs. 403.542
Millions |
|
Particulars |
Number of Shares |
|
a. Reconciliation of Shares outstanding at the beginning and at the end
of the year |
|
|
Equity Shares:- |
|
|
At the Beginning of the year |
25866831 |
|
Issued during the year (conversion of preference shares) |
3949469 |
|
Outstanding at the end of the year |
29816300 |
|
|
|
|
Preference
shares |
|
|
Redeemable, Non Cumulative,
Non Convertible preference shares:- |
|
|
At the Beginning of the year |
3500000 |
|
Issued during the year |
-- |
|
Outstanding at the end of the year |
3500000 |
|
|
|
|
0% Redeemable
preference shares:- |
|
|
At the Beginning of the year |
7037898 |
|
Issued during the year (conversion of preference shares) |
-- |
|
Outstanding at the end of the year |
7037898 |
|
|
|
|
0% Optionally
convertible, redeemable preference shares |
|
|
At the Beginning of the year |
2962102 |
|
Converted in Equity Shares during the year |
2962102 |
|
Outstanding at the end of the year |
-- |
b. Terms / Rights
Attached to Shares
Equity Shares
The Company has only one class of equity shares having a par value of Rs. 10/-each. Each holder of equity share is entitled to one vote per shares. The Company declares and pays dividends in Indian rupees. 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.
Preference Shares
1,05,37,898 (1,05,37,898) 0% Redeemable Preference Shares are carries a 0% dividend right & can be redeemed within a period of twenty years. 29,62,102 0% Optionally convertible redeemable preference shares are converted during the year in equity shares. 39,49,469 equity shares were issued to preference shareholders which includes 9,87,367 shares issued as bonus shares as per terms.
|
Particulars |
Number of Shares |
|
c. Name of
Shareholders hold more than 5% of Shares |
|
|
Equity Shares:- |
|
|
Rajratan Exports Private Limited |
6666665 22.36% |
|
PDPL Holding Private Limited |
3217120 10.79% |
|
Mahaganpati Investments Private Limited |
1600000 5.37% |
|
MVG Mercantile Private Limited |
9722966 32.61% |
|
|
|
|
Redeemable
preference shares:- |
|
|
PDPL Holding Private Limited |
3500000 33.21% |
|
Mahaganpati Investments Private Limited |
7037898 66.79% |
|
Mahaganpati Investments Private Limited (Partly paid) |
-- |
|
|
|
|
0% Optionally
convertible, redeemable preference shares:- |
|
|
MVG Mercantile Private Limited |
-- |
|
|
|
|
d. Detail of Shares allotted in last five years in
each class other than value received in cash |
|
|
Equity Shares |
|
|
- Shares issued pursuant to scheme of amalgamation sanctioned by High
court |
4330123 |
|
- Bonus Shares Issued by capitalisation of general reserve |
12066708 |
|
- Conversion preference shares which are issued pursuant to scheme of
amalgamation sanctioned by High court |
3949469 |
|
|
|
|
0% Optionally
convertible, redeemable preference shares |
|
|
Shares issued pursuant to scheme of amalgamation sanctioned by High
court |
-- |
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 |
403.542 |
377.409 |
323.289 |
|
(b) Reserves &
Surplus |
1194.689 |
1708.035 |
2281.855 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
282.267 |
|
Total Shareholders’ Funds
(1) + (2) |
1598.231 |
2085.444 |
2887.411 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3269.743 |
3055.390 |
1495.175 |
|
(b) Deferred tax
liabilities (Net) |
274.505 |
237.751 |
202.797 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3544.248 |
3293.141 |
1697.972 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
682.277 |
502.568 |
1209.665 |
|
(b) Trade payables |
293.600 |
392.725 |
614.255 |
|
(c) Other current
liabilities |
277.093 |
10.506 |
12.419 |
|
(d) Short-term provisions |
68.069 |
39.802 |
36.180 |
|
Total Current Liabilities
(4) |
1321.039 |
945.601 |
1872.519 |
|
|
|
|
|
|
TOTAL |
6463.518 |
6324.186 |
6457.902 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3203.915 |
3284.114 |
3382.517 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.428 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1396.407 |
1396.407 |
1396.407 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
99.993 |
239.739 |
261.279 |
|
(e) Other Non-current assets |
0.064 |
0.063 |
0.064 |
|
Total Non-Current Assets |
4700.379 |
4920.323 |
5040.695 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
447.563 |
362.668 |
536.388 |
|
(c) Trade receivables |
1146.841 |
776.297 |
681.527 |
|
(d) Cash and cash
equivalents |
56.981 |
53.093 |
73.209 |
|
(e) Short-term loans and
advances |
91.768 |
189.824 |
104.582 |
|
(f) Other current assets |
19.986 |
21.981 |
21.501 |
|
Total Current Assets |
1763.139 |
1403.863 |
1417.207 |
|
|
|
|
|
|
TOTAL |
6463.518 |
6324.186 |
6457.902 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1865.054 |
1872.155 |
2225.608 |
|
|
Other Income |
571.115 |
1.374 |
2.765 |
|
|
TOTAL (A) |
2436.169 |
1873.529 |
2228.373 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1058.292 |
992.816 |
905.385 |
|
|
Purchases of Stock-in-Trade |
9.212 |
9.004 |
164.307 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(12.067) |
172.037 |
73.962 |
|
|
Employees benefits
expense |
215.491 |
173.649 |
198.785 |
|
|
Other expenses |
996.116 |
747.394 |
797.606 |
|
|
TOTAL (B) |
2267.044 |
2094.900 |
2140.045 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
169.125 |
(221.371) |
88.328 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
542.419 |
422.244 |
391.901 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(373.294) |
(643.615) |
(303.573) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
176.964 |
173.384 |
128.443 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(550.258) |
(816.999) |
(432.016) |
|
|
|
|
|
|
|
Less |
TAX (H) |
36.754 |
34.954 |
46.143 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(587.012) |
(851.953) |
(478.159) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
(748.541) |
103.412 |
581.571 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J) |
(1335.553) |
(748.541) |
(103.412) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
194.776 |
125.338 |
90.200 |
|
|
TOTAL EARNINGS |
194.776 |
125.338 |
90.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
151.209 |
103.476 |
162.951 |
|
|
Components and Stores
parts |
0.107 |
0.000 |
0.000 |
|
|
Capital Goods |
0.000 |
4.566 |
0.000 |
|
|
TOTAL IMPORTS |
151.316 |
108.042 |
162.951 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(19.69) |
(32.94) |
(18.49) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
(31.47) |
(45.51) |
(21.48) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.07 |
(11.82) |
3.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.86) |
(16.58) |
(8.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34) |
(0.39) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.47 |
1.71 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.48 |
0.76 |
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 |
323.289 |
377.409 |
403.542 |
|
Reserves & Surplus |
2281.855 |
1708.035 |
1194.689 |
|
Share Application money
pending allotment |
282.267 |
0.000 |
0.000 |
|
Net worth |
2887.411 |
2085.444 |
1598.231 |
|
|
|
|
|
|
long-term borrowings |
1495.175 |
3055.390 |
3269.743 |
|
Short term borrowings |
1209.665 |
502.568 |
682.277 |
|
Total borrowings |
2704.840 |
3557.958 |
3952.020 |
|
Debt/Equity ratio |
0.937 |
1.706 |
2.473 |
%20LIMITED%20-%20302618_MIRA%2013-Jan-2015_files/image022.gif)
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 |
2225.608 |
1872.155 |
1865.054 |
|
|
|
(15.881) |
(0.379) |
%20LIMITED%20-%20302618_MIRA%2013-Jan-2015_files/image024.gif)
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 |
2225.608 |
1872.155 |
1865.054 |
|
Profit |
(478.159) |
(851.953) |
(587.012) |
|
|
(21.48%) |
(45.51%) |
(31.47%) |
%20LIMITED%20-%20302618_MIRA%2013-Jan-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Current maturities of long term debt |
236.219 |
1.057 |
|
Total |
236.219
|
1.057 |
|
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 |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
No |
|
14] |
Estimation
for coming financial year |
Yes |
|
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
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
||||||||
|
Lodging No:- |
SJL/449/2010 |
Failing Date:- |
04.12.2010 |
Reg. No.:- |
SJ/449/2010 |
Reg. Date:- |
04.12.2010 |
|
|
Lodging No:- |
SSL/2216/2010 |
Reg.No.:- |
SS/2280/2010 |
|||||
|
|
||||||||
|
Petitioner:- |
EMPIRE INDUSTRIES LIMITED |
Respondent:- |
PERENTERAL DRUGS (INDIA) LIMITED |
|||||
|
Petn.Adv:- |
TEJPAL AND COMPANY (0) |
|||||||
|
District:- |
MUMBAI |
|||||||
|
Bench:- |
SINGLE |
Category:- |
SUMMONSES FOR JUDGEMENT |
|||||
|
Status:- |
Transffred |
Stage:- |
TRANSFFERED TO THE CITY CIVIL COURT |
|||||
|
Last Date:- |
01.10.2012 |
|||||||
|
Act:- |
Code of Civil Procedure 1908 |
|||||||
PERFORMANCE REVIEW
The consolidated turnover for the year was Rs. 3344.600 Millions as compared to Rs. 3276.700 Millions in the previous year. The turnover on standalone basis stood Rs. 2436.100 Millions as against Rs. 1873.500 Millions in the previous year.
On consolidated basis, the Company recorded a loss before interest, depreciation and tax of Rs. 151.600 Millions during the year as against a loss of Rs 137.700 Millions in the previous year and recorded a loss before tax of Rs. 465.600 Millions during the year as against a loss of Rs. 926.200 Millions during the previous year.
On standalone basis, the Company recorded a profit before interest, depreciation and tax of Rs. 169.100 Millions during the year as against loss before interest, depreciation and tax of Rs. 221.300 Millions in the previous year and recorded a loss before tax of Rs. 550.200 Millions during the year as against a loss of Rs. 816.900 Millions during the previous year. The loss was on account of increase in input cost and extending extra heavy discounts to the customers to sustain in the adverse liquidity crisis conditions.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OUTLOOK
In a world that is striving to achieve lower drug costs at every level, production costs will continue to remain a key measure. The company has a good foundation of reliable sourcing and cost effective manufacturing systems and is exploring further ways of reducing costs and strengthening competitiveness. This trend, as in the past, is expected to continue with several new launches as well as improving the existing business.
The Company has an enviable product basket with a large portfolio of regulatory approvals. The focus will be to continue to step up the volumes of high value products, improve the reach in the market while taking care to reduce overall costs. The Company will capitalize on its inherent strengths, some of which are given below:
- Cost effective vertically integrated manufacturing systems;
- Current Good Manufacturing Practices;
- Best-in-class, best-in-cost, large manufacturing capacity;
- Highly skilled professionals with regulatory expertise and competent to deliver on development, product processes and regulatory standards;
- Access to new technologies.
REVIEW OF FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the financial year 2013-2014, the Company met its fund requirements through a combination of short term debt and long term debt. As on 31st March, 2014, the Company earned Rs.1865.053 Millions as revenue from operations, profit before depreciation interest and tax of Rs.169.124 Millions and recorded loss after tax of Rs. 587.012 Millions.
The Company is continuing its focus for enhancing production capacities, optimizing output, improving margins through innovative product development, better product mix and emphasis on branded products and control on cost. Significant measures have been taken for simplification of processes and structures which will result in improvement in productivity and efficiency across the organization
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Security Deposit from Suppliers and Customers |
152.519 |
59.149 |
|
Loans and Advances From Related Parties |
4.095 |
3.980 |
|
Total |
156.614 |
63.129 |
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10399402 |
21/12/2012 |
565,000,000.00 |
PUNJAB NATIONAL BANK |
B.O SECTOR 16-D, CHANDIGARH, PUNJAB - 160016, INDIA |
B66612870 |
|
2 |
10253033 |
23/10/2010 |
127,900,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
A.B. ROAD, NEAR G.P.O., INDOR |
A98819212 |
|
3 |
10223861 |
21/12/2012 * |
5,800,000.00 |
PUNJAB NATIONAL BANK |
BO SECTOR 16-D, CHANDIGARH, PUNJAB - 160016, INDIA |
B66611567 |
|
4 |
10223790 |
21/12/2012 * |
152,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
A.B. ROAD, NEAR G.P.O., INDOR |
B66237660 |
|
5 |
10071776 |
21/12/2012 * |
7,600,000.00 |
PUNJAB NATIONAL BANK |
BO SECTOR 16-D, CHANDIGARH, PUNJAB - 160016, INDIA |
B66611690 |
|
6 |
10010213 |
21/12/2012 * |
280,000,000.00 |
PUNJAB NATIONAL BANK |
B.O. SECTOR 16-D, CHANDIGARH, PUNJAB - 160016, INDIA |
B66610411 |
|
7 |
80023738 |
21/12/2012 * |
2,633,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
A.B. ROAD, NEAR G.P.O., INDOR |
B66237967 |
|
8 |
80007490 |
21/12/2012 * |
875,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, A.B.
ROAD, NEAR G.P.O., INDOR |
B66238171 |
* Date of charge modification
CONTINGENT
LIABILITIES:
i) Claim against the company not acknowledged as debt-
-Certain show-causes notices adjudicated by the Central excise department. The challenged demand under the notices is Rs. 27.440 Millions (Rs. 23.021 Millions) which is pending before H'ble CESTAT.
-Show cause notices issued by Excise Department amounting to Rs. 184.913 Millions (Nil) which are quashed by H'ble High Court of Indore. Department has preferred an appeal in the H'ble Supreme Court which is pending.
-One demand under Entry Tax Act for Rs. 16.554 Millions (16.554 Millions) for which the Company has filed writ petition in the High Court of Madhya Pradesh Bench at Indore and demand is stayed by the H'ble High Court.
-One demand for penalty under Entry Tax Act for Rs. 38.788 Millions (Nil) for which the Company has filed appeal before Commissioner (Appeal) Indore and demand is stayed by the Commissioner (Appeal).
-Three Income Tax demands of Rs. 10.049 Millions (Rs. 10.049 Millions) were raised by Assessing Officer, which are not admitted and rectification/appeals are pending before the relevant authorities.
-Three demand for sales tax of Rs. 0.864 Millions (Nil) were raised by Commercial Tax Officer, for which the Company has filed appeal before Deputy Commissioner (Appeal), Jalandhar.
-One demand under DPCO Act for Rs. 1.931 Millions (1.931 Millions) for which the Company has filed writ petition in the High Court of M.P. and demand is stayed by the H'ble High Court.
ii) Bank Guarantees: Rs. 21.766 Millions (Rs. 27.215 Millions)
iii) Other contingent liabilities
-Eight group companies have offered collateral securities (1) by mortgage of two companies immovable properties and (2) by pledge of shares in favour of the Company against credit facilities and corporate loan by six companies.
Amount involved was uncertain.
-Corporate Guarantee given to one subsidiary company to the tune of Rs. 127.9,00 Millions (Rs. 1035.400 Millions).
-Sacrifice of lenders under approved CDR scheme of Rs. 28.124 Millions (28.124 Millions).
STATEMENT OF
STANDALONE UNAUDITED FINNNCIAL RESULTS FOR THE QUARTER HALF YEAR ENDED 30TH
SEPTEMBER 2014
|
Sr. No. |
Particular |
Three Months Ended |
Half Year Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
474.631 |
528.793 |
1003.424 |
|
|
Other Operating
Income |
0.205 |
0.284 |
0.489 |
|
|
Total Income From Operations (Net) |
474.836 |
529.077 |
1003.913 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
268.502 |
281.589 |
550.091 |
|
|
Purchase
of stock in trade |
0.000 |
0.000 |
0.000 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(36.881) |
19.450 |
(17.431) |
|
|
Employee
benefits expenses |
44.448 |
46.357 |
90.805 |
|
|
Depreciation
and amortization expenses |
44.212 |
44.212 |
88.424 |
|
|
Other
expenses |
171.523 |
161.953 |
333.476 |
|
|
Total Expenses |
491.804 |
553.561 |
1045.365 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(16.968) |
(24.485) |
(41.453) |
|
|
|
|
|
|
|
4. |
Other
Income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
(16.968) |
(24.485) |
(41.453) |
|
|
|
|
|
|
|
6. |
Interest/Finance
Cost |
146.793 |
142.103 |
288.896 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(163.761) |
(166.588) |
(330.349) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(163.761) |
(166.588) |
(330.349) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
9.189 |
9.189 |
18.378 |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
(172.950) |
(175.777) |
(348.727) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(172.950) |
(175.777) |
(348.727) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
298.163 |
298.163 |
298.163 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(5.80) |
(5.90) |
(11.70) |
|
|
b)
Basic and diluted EPS after extraordinary items |
(5.80) |
(5.90) |
(11.70) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
7967057 |
7967057 |
7967057 |
|
|
-
Percentage of Shareholding |
26.72% |
26.72% |
26.72% |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
15076441 |
15076441 |
15076441 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
69.00% |
69.00% |
69.00% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
50.56% |
50.56% |
50.56% |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
6772802 |
6772802 |
6772802 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
31.00% |
31.00% |
31.00% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
22.72% |
22.72% |
22.72% |
|
B |
INVESTOR COMPLAINTS |
3 Months ended (30.09.2014) |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
0 |
|
|
Disposed of during the quarter |
0 |
|
|
Remaining unresolved at the end of the quarter |
0 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
403.542 |
|
|
b) Reserves & Surplus |
845.961 |
|
|
Sub Total- Shareholders
funds |
1249.503 |
|
2 |
Share application
money pending allotment |
0.000 |
|
3 |
Minority Interest |
0.000 |
|
4 |
Non-current
liabilities |
|
|
|
(a) Long term borrowings |
3359.555 |
|
|
(b) Other long term liabilities |
292.883 |
|
|
Sub Total- Non
Current Liabilities |
3652.438 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
814.529 |
|
|
(b) Trade Payables |
312.225 |
|
|
(c) Other current liabilities |
360.167 |
|
|
(d) Short term provisions |
58.589 |
|
|
Sub Total- Current
Liabilities |
1545.510 |
|
|
TOTAL-EQUITY AND
LIABILITIES |
6447.451 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
3127.886 |
|
|
(b) Non-current Investments |
1396.407 |
|
|
(c) Long term loans and advances |
88.270 |
|
|
(d) Other Non-current assets |
0.064 |
|
|
Sub-Total- Non
current assets |
4612.627 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
0.000 |
|
|
b) Inventories |
516.242 |
|
|
c) Trade Receivables |
1237.429 |
|
|
d) Cash and cash equivalents |
30.657 |
|
|
(e) Short term loans and advances |
31.836 |
|
|
(f) Other current assets |
18.660 |
|
|
Sub-Total- current
assets |
1834.824 |
|
|
TOTAL ASSETS |
6447.451 |
Note:
The above results were reviewed by statutory auditors and audit committee of the company on 13th November 2014 and approved by Board of Directors in their meeting held on 14th November, 2014.
The Company is engaged in the Pharmaceuticals business only and therefore,
there is only one reportable segment in accordance with the Accounting Standard
on Segment Accounting (AS-17).
The previous year/period have been regrouped/rearranged wherever found
necessary.
FIXED ASSETS
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer
·
Computer and 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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.16 |
|
|
1 |
Rs. 94.27 |
|
Euro |
1 |
Rs. 73.73 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.