MIRA INFORM REPORT
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Report No. : |
305252 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SHARON BIO-MEDICINE LIMITED |
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Registered
Office : |
W-34, 34/1 M.I.D.C., Taloja, Raigad - 410208, |
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Country : |
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Financials (as
on) : |
30.06.2014 |
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Date of
Incorporation : |
19.06.1989 |
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Com. Reg. No.: |
11-052251 |
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Capital Investment
/ Paid-up Capital : |
Rs.211.138 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1989PLC052251 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS19367F |
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PAN No.: [Permanent Account No.] |
AAACS8457L |
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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
: |
Manufacturer of Bulk Drugs and Drug Intermediates. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. However, trade relations are fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Loans = BBB- |
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Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
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Date |
30.01.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A3 |
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Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
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Date |
30.01.2014 |
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.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-27410490)
LOCATIONS
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Registered Office/Factory 1 : |
W-34, 34/1 M.I.D.C., Taloja, Raigad - 410208, Maharashtra, India |
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Tel. No.: |
91-22-27410490/ 27902070 |
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Fax No.: |
91-22-27411394 |
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E-Mail : |
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Website : |
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Head Office / Corporate Office: |
Sharon House, Plot No. 163, SMT Janakidevi Public School Road, SVP
Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Factory 2 : |
Khasra No. 1027, 1028, 1030 and 1037, Central Hope Town, Sillaqui, District
Dehradoon-248197, Uttaranchal, India |
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Factory 3 : |
Plot No. L-6, MIDC, Taloja, District Raigad, Maharashtra, India |
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Factory 4 : |
Plot No. V/10, MIDC, Taloja, District Raigad, Maharashtra, India |
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Administrative Office: |
C-310/312, C Wing, BSEL Tech Park, Sector – 30 (A), Vashi, Navi
Mumbai-400005, Maharashtra , India |
DIRECTORS
As on 30.06.2014
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Name : |
Ms. Savita Gowda |
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Designation : |
Chairperson and Managing Director |
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Qualification : |
BSC (Chemistry) MBA |
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Name : |
Mr. Lalita Misra |
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Designation : |
Whole Time Director |
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Qualification : |
Post Graduate in Business Administration From Derbyshire Business
School, United and Graduate in B.E (Chemical) |
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Name : |
Mr. Vijay Kirpalani |
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Designation : |
Whole Time Director |
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Name : |
Mr. Mohan P Kala |
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Designation : |
Director |
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Qualification : |
Chartered Accountant |
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Name : |
Asif Taiyab Rangwala |
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Designation : |
Non‐Executive Director |
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Name : |
Dr. Nivedita Patil |
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Designation : |
Non‐Executive Director |
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Name : |
Harish Palecanda |
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Designation : |
Non‐Executive Director |
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Name : |
Mr. Madhav Sapre |
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Designation : |
Non‐Executive Director |
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Qualification : |
(Chemical Engineering) |
KEY EXECUTIVES
|
Name : |
Archana Hemant Andhare |
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Designation : |
Company Secretary |
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Name : |
Jagdish Patel and Company |
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Designation : |
Company Secretaries (in practice) |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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33938730 |
32.15 |
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28613250 |
27.10 |
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62551980 |
59.25 |
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Total shareholding of Promoter and Promoter Group (A) |
62551980 |
59.25 |
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(B) Public Shareholding |
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|
1437125 |
1.36 |
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|
1437125 |
1.36 |
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20358298 |
19.28 |
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|
12998143 |
12.31 |
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|
3920935 |
3.71 |
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|
4302519 |
4.08 |
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|
2237274 |
2.12 |
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|
559245 |
0.53 |
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|
1500000 |
1.42 |
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|
6000 |
0.01 |
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|
41579895 |
39.39 |
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Total Public shareholding (B) |
43017020 |
40.75 |
|
Total (A)+(B) |
105569000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
105569000 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Mohan Prasad Anusuya Kala |
18237300 |
17.28 |
|
Ravon Finance and Investment Private Limited |
11219960 |
10.63 |
|
Ramco Properties Private Limited |
9150910 |
8.67 |
|
Bagulvani Trading and Investment Private Limited |
8242380 |
7.81 |
|
Savita Satish Gowda |
6862830 |
6.50 |
|
Asha Mohan Kala |
5138600 |
4.87 |
|
Lalit Shambhu Prasad Misra |
3000000 |
2.84 |
|
Basanti Shambhu Prasad Misra |
500000 |
0.47 |
|
Preeti Misra |
100000 |
0.09 |
|
Shambhu Prasad Misra |
100000 |
0.09 |
|
Venus Global Management & Consultancy Services Private
Limited |
0000 |
0.00 |
|
Total |
62551980 |
59.25 |
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
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Mohan Prasad Anusuya Kala |
18237300 |
17.28 |
|
Ravon Finance and Investment Private Limited |
11219960 |
10.63 |
|
Ramco Properties Private Limited |
9150910 |
8.67 |
|
Bagulvani Trading and Investment Private Limited |
8242380 |
7.81 |
|
Savita Satish Gowda |
6862830 |
6.50 |
|
Asha Mohan Kala |
5138600 |
4.87 |
|
Lalit Shambhu Prasad Misra |
3000000 |
2.84 |
|
Basanti Shambhu Prasad Misra |
500000 |
0.47 |
|
Preeti Misra |
100000 |
0.09 |
|
Shambhu Prasad Misra |
100000 |
0.09 |
|
Venus Global Management & Consultancy Services Private
Limited |
0000 |
0.00 |
|
Total |
62551980 |
59.25 |
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
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Impressive Trading Private Limited |
4030977 |
3.82 |
|
Sovin Trading Private Limited |
3898482 |
3.69 |
|
Sunrath Trading Private Limited |
3723965 |
3.53 |
|
Pharmtak Limited |
1500000 |
1.42 |
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Manhar Properties Private Limited |
1248310 |
1.18 |
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Rachana Finance & Investments Private Limited |
1138420 |
1.08 |
|
Dytel Finance & Investment Private Limited |
1061080 |
1.01 |
|
Total |
16601234 |
15.73 |
Details of Locked-in Shares
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Bagulvani Trading and Investment Private Limited |
8242380 |
7.81 |
|
Lalit Shambhu Prasad Misra |
3000000 |
2.84 |
|
Mohan Prasad Anusuya Kala |
6948500 |
6.58 |
|
Mohan Prasad Kala |
11288800 |
10.69 |
|
Ramco Properties Private Limited |
9150910 |
8.67 |
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Revon Finance & Investment Services Private Limited |
11219960 |
10.63 |
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Savita Satish Gowda |
6862830 |
6.50 |
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Total |
56713380 |
53.72 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs and Drug Intermediates. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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 : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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Bankers : |
· State Bank of India · Canara Bank · Axis Bank Limited · Allahabad Bank · Punjab National Bank · Union Bank of India · Indian Overseas Bank · Bank of Maharashtra |
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Facilities : |
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Auditors : |
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Name : |
Shyam C Agrawal and Company Chartered Accountant |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary Company
: |
· Yusur International FZE, UAE |
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Companies over which Key Management
Personnel and their relatives have interest : |
·
Ramco
Properties Private Limited ·
Revon
Finance and Investments Private Limited ·
Bagulwani
General Trading Private Limited · Venus Global Management and Consultancy Services Private Limited |
CAPITAL STRUCTURE
As on 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105569000 |
Equity Shares |
Rs.2/- each |
Rs.211.138 Millions |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
|
Bagulvani Trading & Investment Private Limited |
824238 |
|
M. P. Kala |
1823730 |
|
Asha Mohan Kala |
613860 |
|
Ramco Properties Private Limited |
915091 |
|
Revon Finance & Investment Private Limited |
1121996 |
|
Savita Satish Gowda |
693860 |
Terms/Rights attached to equity
shares:
The company has only one type of
equity shares having a par value of Rs.10 per share. Each holder of equity
share is entitled to one vote per share. In the event of liquidation of the
company, the holders of equity shares will be entitled to receive 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.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
211.138 |
105.569 |
105.569 |
|
(b) Preferential Dividend Warrants |
805.550 |
547.500 |
547.500 |
|
(c) Reserves & Surplus |
2,422.738 |
1,786.204 |
1,276.141 |
|
(d) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3,439.426 |
2,439.273 |
1,929.210 |
|
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(3)
Non-Current Liabilities |
|
|
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(a) long-term borrowings |
2,914.193 |
2,808.675 |
2,386.439 |
|
(b) Deferred tax liabilities (Net) |
104.500 |
83.233 |
69.927 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.294 |
5.294 |
5.294 |
|
Total Non-current Liabilities (3) |
3,023.987 |
2,897.202 |
2,461.660 |
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(4) Current Liabilities |
|
|
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(a) Short term borrowings |
4,339.644 |
3,630.206 |
2,688.921 |
|
(b) Trade payables |
611.815 |
598.554 |
496.685 |
|
(c) Other current
liabilities |
19.729 |
15.579 |
50.547 |
|
(d) Short-term provisions |
174.563 |
138.527 |
113.232 |
|
Total Current Liabilities (4) |
5,145.751 |
4,382.866 |
3,349.385 |
|
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|
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TOTAL |
11,609.164 |
9,719.341 |
7,740.255 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3,250.190 |
2,715.453 |
2,013.251 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
149.277 |
428.167 |
599.025 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12.324 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
39.823 |
39.824 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3,411.791 |
3,183.443 |
2,652.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3,224.502 |
2,602.364 |
1,962.156 |
|
(c) Trade receivables |
4,143.108 |
3,550.989 |
2,601.158 |
|
(d) Cash and cash
equivalents |
122.733 |
62.734 |
62.822 |
|
(e) Short-term loans and
advances |
707.030 |
319.811 |
462.019 |
|
(f) Other current assets |
. |
0.000 |
0.000 |
|
Total Current Assets |
8,197.373 |
6,535.898 |
5,088.155 |
|
|
|
|
|
|
TOTAL |
11,609.164 |
9,719.341 |
7,740.255 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
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SALES |
|
|
|
|
|
|
|
Income |
13,137.682 |
10,594.965 |
7,850.614 |
|
|
|
Other Income |
16.771 |
8.865 |
9.269 |
|
|
|
TOTAL (A) |
13,154.453 |
10,603.830 |
7,859.883 |
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11,749.619 |
9,660.992 |
6,969.758 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(622.138) |
(640.208) |
(410.020) |
|
|
|
Employees benefits expense |
188.739 |
143.106 |
139.721 |
|
|
|
Other expenses |
250.875 |
226.186 |
198.375 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
0.314 |
|
|
|
TOTAL (B) |
11,567.095 |
9,390.076 |
6,898.148 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,587.358 |
1,213.754 |
961.735 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
586.276 |
430.580 |
342.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,001.082 |
783.174 |
619.138 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
153.544 |
121.278 |
88.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
847.538 |
661.896 |
530.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
151.366 |
133.306 |
114.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
696.172 |
528.590 |
416.144 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
0.000 |
|
|
|
Proposed Dividend |
38.005 |
15.835 |
19.002 |
|
|
|
Provision for Dividend Tax |
6.459 |
2.691 |
3.228 |
|
|
BALANCE CARRIED
TO THE B/S |
551.708 |
410.064 |
393.914 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB and service charges |
1086.492 |
864.311 |
573.341 |
|
|
TOTAL EARNINGS |
1086.492 |
864.311 |
573.341 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF value of goods imported |
58.268 |
81.725 |
95.145 |
|
|
TOTAL IMPORTS |
58.268 |
81.725 |
95.145 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
5.23 |
38.84 |
39.42 |
|
|
|
Diluted |
3.69 |
30.14 |
38.12 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.09.2014 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
3249.200 |
|
Total Expenditure |
|
|
2863.700 |
|
PBIDT (Excl OI) |
|
|
385.500 |
|
Other Income |
|
|
10.600 |
|
Operating Profit |
|
|
396.100 |
|
Interest |
|
|
139.700 |
|
Exceptional Items |
|
|
(13.900) |
|
PBDT |
|
|
242.600 |
|
Depreciation |
|
|
30.200 |
|
Profit Before Tax |
|
|
212.300 |
|
Tax |
|
|
31.300 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
181.100 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
181.100 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.30 |
4.99 |
5.30 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.08 |
11.46 |
12.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.40 |
7.12 |
7.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.27 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.11 |
2.64 |
2.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.49 |
1.52 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
105.569 |
105.569 |
211.138 |
|
Preferential Dividend Warrants |
547.500 |
547.500 |
805.550 |
|
Reserves & Surplus |
1276.141 |
1786.204 |
2422.738 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1929.210 |
2439.273 |
3439.426 |
|
|
|
|
|
|
long-term borrowings |
2386.439 |
2808.675 |
2914.193 |
|
Short term borrowings |
2688.921 |
3630.206 |
4339.644 |
|
Total
borrowings |
5075.360 |
6438.881 |
7253.837 |
|
Debt/Equity
ratio |
2.631 |
2.640 |
2.109 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
7,850.614 |
10,594.965 |
13,137.682 |
|
|
|
34.957 |
23.999 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
7,850.614 |
10,594.965 |
13,137.682 |
|
Profit |
416.144 |
528.590 |
696.172 |
|
|
5.30% |
4.99% |
5.30% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
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 |
UNSECURED LOAN:
|
Particulars |
30.06.2014 Rs.
In Millions |
30.06.2013 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from related parties & others |
138.140 |
626.368 |
|
Loan from Other ‐ FCCB |
1529.791 |
1398.861 |
|
Total |
1667.931 |
2025.229 |
OPERATIONAL PERFORMANCE:
It gives the directors of the company
an immense pleasure to present you the 25 Annual Report of the Company along
with the review & comparison reports of its total income, earning per
share, dividend and other expenses, both on Standalone and consolidated basis.
The Report reviews the company's operations covering products of APIs, API
intermediates, bulk drugs, formulations, oral dosages, ointments, tabsules,
capsules, tablets, research and development and Toxicology.
PERFORMANCE REVIEW:
While the total standalone income
stood at Rs.13154.454 Millions the consolidated Income is Rs. 13267.262
Millions. The Standalone Profit in current year 2013‐2014 stood to Rs.696.172 Millions
against Rs.528.590 Millions in the previous year 2012–2013.
The company have booked total sales
by enhancing 21.91% as compared to last year. During the last fiscal year the
company have achieved net profit of Rs.6961.720 Millions showing an
appreciation of 31.70% on an annualized basis thereby enhancing the company's
profitability by 17.32% as compared to last fiscal year.
MANAGEMENT REVIEW 2013 ‐ 2014:
The year 2013‐2014 was very struggling and
challenging year not only for Sharon but even for almost all manufacturing and
service industries. However, having a bullish view on pharmaceutical industry
of India and anticipating a stable and business friendly government in near
future the company had invested a major chunk in expanding its formulation unit
located at Selaqui, Uttarakhand. Due to above action considered good by the
management of the company the production capacity has been doubled as compared
to previous years.
Further, moving a step ahead
during the year 2013‐2014 the company got the Expanded Area inspected by United
Kingdom – Medicine & Health Care Product Regulatory Agency (UKMHRA) for
Good Manufacturing Practices for both tablets and capsules. The positive
outcome of which may be conveyed to the owners at the annual general meeting.
This move will carter the excess market demand and fill up the back log of
export orders pending for a while. The political stability can be seen at the
end or say at the beginning of this fiscal year, which clearly shows one sided
voting for a political party and having a bold & transparent Prime
Minister, having a logo, “Make in India” who is not only business friendly but
also having a soft corner for every hard working Indian, we predict a shinning
and glowing future for not only manufacturing industry but also for the service
industry and entire nation.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
|
|
30.09.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
3249.162 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
3249.162 |
|
2.Expenditure |
|
|
a)(Increase) / Decrease in Stock in Trade |
(184.985) |
|
b)Consumption of Materials |
2310.469 |
|
c) Purchases of Trading Goods |
552.904 |
|
d) Employees Cost |
66.028 |
|
e) Depreciation |
30.242 |
|
f) Other Expenditure |
119.234 |
|
Total expenses |
2893.892 |
|
3. Profit from operations before other income and
financial costs |
355.270 |
|
4. Other income |
10.628 |
|
5. Profit from ordinary activities before finance costs |
365.898 |
|
6. Finance costs |
139.679 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
226.219 |
|
8. Exceptional item |
13.901 |
|
9. Profit from ordinary activities before tax
Expense: |
212.318 |
|
10.Tax expenses |
31.268 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
181.050 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
181.050 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
211.138 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
(a) Basic |
1.71 |
|
(b) Diluted |
1.18 |
|
Particulars
|
Quarter Ended ( Unaudited) |
|
|
30.09.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
42017020 |
|
- Percentage of shareholding |
39.80 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
5000000 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
7.87% |
|
Percentage of shares (as a % of total share capital of the
company) |
4.74% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
58551980 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
92.13% |
|
Percentage of shares (as a % of total share capital of the
company) |
55.46% |
Notes:
1. The above results for the quarter ended September 30, 2014 have been reviewed by the Audit Committee and were taken on record by the Board of Directors in its meeting held on November 13, 2014.
2. The "Limited Review" required under clause 41 of listing agreement has been done by statutory auditors of the Company.
3. The Company has provided for Foreign Exchange (Loss)/Gains under Exception Items due to exchange differences arising during the periods on foreign currency contracts and borrowings including Foreign Currency Convertible Bonds and interest for the current quarter.
4. Previous year’s figures have been regrouped and recast wherever necessary.
5. During the Quarter company has incurred major expenses1 for UKMHRA and US-FDA approvals, which has been clubbed in other expenses.
6. Diluted EPS has been calculated not considering the issuance of Dividend warrants as on 22/10/2014 to the promoter and promoters group which is falling after the reporting period e.g 30/09/2014.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10543298 |
29/12/2014 |
90,000,000.00 |
Canara Bank |
Specialised
Prime Corporate Branch,, F -Wing, 20 |
C40593675 |
|
2 |
10524338 |
27/09/2014 |
66,000,000.00 |
Union Bank Of India |
Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra - 400021, India |
C26774539 |
|
3 |
10507768 |
30/06/2014 |
30,000,000.00 |
Union Bank Of India |
Overseas Branch,Union Bank Bhavan,Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point,, Mumbai, Maharashtra - 400021, India |
C10343838 |
|
4 |
10486240 |
08/02/2014 |
37,500,000.00 |
Punjab National Bank |
Mid Corporate Branch, Brady House, V.N.Road, Fort, Mumbai, Maharashtra - 400023, India |
C00955245 |
|
5 |
10467312 |
05/12/2013 |
5,553,200,000.00 |
Sbicap Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade,, Colaba,, Mumbai, Maharashtra - 400005, India |
B92430149 |
|
6 |
10430810 |
18/07/2014 * |
500,000,000.00 |
Indian Overseas Bank |
Maker Tower, E-Wing, 5th Floor,, Cuffearade,, Mumbai, Maharashtra - 400005, India |
C15923832 |
|
7 |
10424304 |
13/04/2013 |
500,000,000.00 |
Bank Of Maharashtra |
1,
Dr. VB Gandhi Marg,, Fort, Mumbai, Maharashtra |
B74632704 |
|
8 |
10378866 |
28/09/2012 |
380,000,000.00 |
Union Bank Of India |
Oversea Branch, Ground Floor, Union Bank Bhavan, 239,Vidhan Bhavan Marg,Nariman Point, Mumnbai, Maharashtra - 400021, India |
B59018671 |
|
9 |
10362711 |
18/05/2012 |
406,800,000.00 |
Catholic Syrian Bank Limited |
D. N. Nagar, Link Road,, Andheri West, Mumbai, Maharashtra - 400053, India |
B42495218 |
|
10 |
10351226 |
20/04/2012 |
56,018,335.00 |
Siemens Financial Services Private Limited |
130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India |
B38014361 |
|
11 |
10348073 |
30/03/2012 |
73,483,686.00 |
Siemens Financial Services Private Limited |
130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India |
B37115268 |
|
12 |
10349324 |
06/03/2012 |
60,025,000.00 |
Srei Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India |
B37464146 |
|
13 |
10317497 |
19/07/2012 * |
250,000,000.00 |
Allahabad Bank |
Industrial Finance Br, Second Floor, All. Bank Bldg, 37,Mumbai Samachar Marg, Fort,, Mumbai, Maharashtra - 400023, India |
B45649324 |
|
14 |
10321181 |
14/10/2011 |
150,000,000.00 |
Punjab National Bank |
Bo
: Mid Corporate Branch, Brady House, V N Road, |
B26888610 |
|
15 |
10294286 |
19/07/2012 * |
3,650,000,000.00 |
State Bank Of India |
Overseas Branch, 2nd Floor, The Arcade,, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B57569147 |
|
16 |
10251286 |
18/09/2010 |
295,000,000.00 |
State Bank Of India |
Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A98235534 |
|
17 |
10213673 |
19/07/2012 * |
600,000,000.00 |
Axis Bank Limited |
Axis House, Bombay Dyeing Mill Compound,, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
B57752883 |
|
18 |
10200416 |
30/01/2010 * |
250,000,000.00 |
Axis Bank Limited |
Credit
Management Center, Unit No.6,, Corporate Park, Sion Trombay Road, Chembur,,
Mumbai, Maharash |
A79458543 |
|
19 |
10263179 |
06/01/2010 |
150,000,000.00 |
State Bank Of India |
Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A94665247 |
|
20 |
10263181 |
29/03/2014 * |
1,253,800,000.00 |
State Bank Of India |
Overseas Branch, 2nd Floor, The Arcade, World Trade Centre, Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India |
C05294368 |
|
21 |
10142766 |
19/07/2012 * |
630,000,000.00 |
Canara Bank |
Prime Corporate Branch- I, Maker Tower, E Wing,, 20th Floor, G. D. Somani Road, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
B73845919 |
|
22 |
10161990 |
23/04/2011 * |
1,026,700,000.00 |
State Bank Of India |
Overseas Branch, World Trade Centre,, Post Box No.16094, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
B14431506 |
|
23 |
90218595 |
19/04/2008 * |
1,085,000,000.00 |
Canara Bank |
New Marine Lines Branch, Mumbai, Maharashtra - 400020, India |
A37801735 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
UK Pound |
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.