MIRA INFORM REPORT
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Report No. : |
305408 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SMRUTHI ORGANICS LIMITED |
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Registered
Office : |
165-A Balaji Bhavan, 1st Floor, Railway Lines,
Solapur-413001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.07.1989 |
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Com. Reg. No.: |
11-052562 |
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Capital
Investment / Paid-up Capital : |
Rs.38.154 Millions |
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CIN No.: [Company Identification
No.] |
L24119PN1989PLC052562 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES10689A |
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PAN No.: [Permanent Account No.] |
AACCS5562Q |
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Legal Form : |
A public limited liability company. The company’s shares
are listed on Stock Exchanges. |
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Line of Business
: |
Manufacturing and selling of Bulk Drugs and Intermediates, Fine
chemicals (APls). |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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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 1000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred loss from its operational activities during financial
year 2014. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for normal business dealing 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.
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating = BB- |
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Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
May 21, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating = A4 |
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Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
May 21, 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 PARTED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Account Manager |
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Contact No.: |
91-217-2310267 |
LOCATIONS
|
Registered Office / Corporate Office : |
165-A Balaji Bhavan, 1st Floor, Railway Lines,
Solapur-413001, Maharashtra, India |
|
Tel. No.: |
91-217-2310268 / 2620367 / 2310267 |
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Fax No.: |
91-217-2601112 / 2620268 / 2310268 |
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E-Mail : |
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Website : |
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Mumbai Office : |
108, Shivshakti Apartments, B-Wing, G. D. Ambedkar Road,
Mumbai – 400 012, Maharashtra |
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Tel. No.: |
91-22-2412 9211 / 2412 9442 |
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Fax No.: |
91-22-2415 5452 |
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E-Mail : |
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Factory 1 : |
Plot No. 273/274,
M.I.D.C., Akkalkot Road, Solapur – 413 006, Maharashtra, India |
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Tel. No.: |
91-217-2651264 /
2653016 |
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Factory 2 : |
Plot No. A-27,
M.I.D.C. Area, Chincholi, Post Kondi, Taluka Mohol, District Solapur,
Maharashtra, INDIA |
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Tel. No.: |
91-217-2257491
/92 / 93 / 94 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. E. Purushotham |
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Designation : |
Chairman and Managing Director |
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Qualification : |
M.Sc (Org. Chem) |
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Name : |
Mrs. E. Swapnil |
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Designation : |
Director (Business Development) |
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Qualification : |
B.S. Chemical Engineering |
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Name : |
Mrs. E. Vaishnavi |
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Designation : |
Director |
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Name : |
Dr. Nagender Yerram |
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Designation : |
Director |
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Name : |
Dr. K. Rama Swamy |
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Designation : |
Director |
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Date of Appointment : |
09.05.2012 |
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Name : |
Mr. J. H. Ranade |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
2129010 |
55.80 |
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|
82000 |
2.15 |
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|
232181 |
6.09 |
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|
232181 |
6.09 |
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|
2443191 |
64.03 |
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Total shareholding of Promoter and Promoter Group (A) |
2443191 |
64.03 |
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(B) Public Shareholding |
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|
201388 |
5.28 |
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Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
786182 |
20.61 |
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Individual shareholders holding nominal share capital in excess
of Rs.0.100 Million |
332389 |
8.71 |
|
|
52280 |
1.37 |
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|
4465 |
0.12 |
|
|
47815 |
1.25 |
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|
1372239 |
35.97 |
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Total Public shareholding (B) |
1372239 |
35.97 |
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Total (A)+(B) |
3815430 |
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) |
3815430 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and selling Bulk Drugs and Intermediates, Fine chemicals
(APls). |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
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Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
NOTES: Long Term Loans *1st mortgage / hypothecation charge on pari-passu basis with Axis Bank on Land & building and Plant and Machinery owned by the company situated at Plot No.273 & 274 MIDC, Akkalkot Road, Solapur 413006 & Plot No.A-27, MIDC Chincholi, Solapur- 413 255, First Charge on company's - Flat No 5, Rahul Neha Apt. Solapur, Flat No T/1, Balaji Apt. Solapur,Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur, N.A. Plots GAT No. 230/2/B/2, 233/2/B, 231/2/B, 230/2/A/2 situated at Village Chincholi, Taluka Mohol, Dist. Solapur. First pari- passu charges on the above assets for Term Loan of Rs. 157.500 Millions from Axis Bank Pune, with State Bank of India, Industrial Finance Branch Mumbai, Paripasu Charge. The Term Loan of Axis Bank Rs 157.500 Millions is repayable in 60 months equal installment along with interest from 01.01.2013. *During the year Restructuring of Working Capital Limit is sanctioned of Rs. 60.000 Millions as a Working Capital Term Loan by offering additional collateral security of Companies ownership Flats located at Solapur & Mumbai and ownership Flats of Managing Director Mr. Eaga Purushotham *Personal guarantee of Mr E Purushotham, Managing Director and Mrs. E Vaishnavi Director. **Deferred Sales Tax Loan is interest free and payable in yearly in 5 installment of each financial year after completion of 10 year and the final installment will due on 26.04.2022 Short Term Loans *1st registered mortgage / hypothecation charge with State Bank of India on lease hold land & building and Plant and Machinery owened by the company situated at Plot No.273 & 274 MIDC, Akkalkot Road, Solapur 413006 & Plot No.A-27, MIDC Chincholi, Solapur- 413 255 and Flat No 5, Rahul Neha Apt. Solapur, Flat No T/1 , Balaji Apart. Solapur, Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur. IInd charge on entire current assets of company pari-passu basis to Axis Bank, Pune. *During the year Restructuring of Working Capital Limit is sanctioned of Rs. 600.00 lacs as a Working Capital Term Loan by offering additional collateral security of Companies ownership Flats located at Solapur & Mumbai and ownership Flats of Managing Director Mr. Eaga Purushotham. *Personal guarantee of Mr. E Purushotham, Managing
Director and Mrs. E Vaishnavi Director. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Madgundi and Company Chartered Accountant |
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Address : |
210/ A/ 1, Sakhar Peth, Near Kanya Prashala, Solapur-413005,
Maharashtra, India |
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Tel. No.: |
91-217-626540 / 620403 |
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Related Parties : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
5000000 |
Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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TOTAL |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3815430 |
Equity Shares |
Rs.10/- each |
Rs. 38.154
Millions |
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Details of Shareholders
holding more than 5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. Eaga Purushotham |
1528510 |
40.06 |
|
Mrs. Eaga Vaishnavi |
576450 |
15.11 |
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 |
38.154 |
38.154 |
38.154 |
|
(b) Reserves & Surplus |
312.598 |
373.460 |
319.556 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
350.752 |
411.614 |
357.710 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
132.994 |
148.824 |
117.212 |
|
(b) Deferred tax liabilities (Net) |
11.569 |
43.597 |
28.497 |
|
(c) Other long term
liabilities |
18.186 |
17.165 |
12.607 |
|
(d) long-term
provisions |
3.462 |
6.752 |
7.178 |
|
Total Non-current
Liabilities (3) |
166.211 |
216.338 |
165.494 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
295.327 |
283.854 |
203.588 |
|
(b) Trade
payables |
392.700 |
297.054 |
360.303 |
|
(c) Other
current liabilities |
51.553 |
48.897 |
24.625 |
|
(d) Short-term
provisions |
0.000 |
31.128 |
67.132 |
|
Total Current
Liabilities (4) |
739.580 |
660.933 |
655.648 |
|
|
|
|
|
|
TOTAL |
1256.543 |
1288.885 |
1178.852 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
414.815 |
445.846 |
323.689 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
10.793 |
10.793 |
43.772 |
|
(b) Non-current Investments |
0.493 |
0.497 |
0.997 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.009 |
7.200 |
10.204 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
434.110 |
464.336 |
378.662 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
241.941 |
407.286 |
317.321 |
|
(c) Trade
receivables |
493.166 |
315.430 |
368.085 |
|
(d) Cash
and cash equivalents |
24.837 |
9.628 |
21.086 |
|
(e)
Short-term loans and advances |
62.489 |
92.205 |
93.698 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
822.433 |
824.549 |
800.190 |
|
|
|
|
|
|
TOTAL |
1256.543 |
1288.885 |
1178.852 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
918.291 |
1800.596 |
2051.581 |
|
|
|
Other Income |
5.065 |
4.064 |
2.191 |
|
|
|
TOTAL (A) |
923.356 |
1804.660 |
2053.772 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
558.286 |
1378.880 |
1537.094 |
|
|
|
Employee benefits expenses |
84.979 |
101.527 |
91.991 |
|
|
|
Other Expenses |
153.852 |
188.891 |
161.442 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
105.181 |
(58.544) |
3.502 |
|
|
|
TOTAL (B) |
902.298 |
1610.754 |
1794.029 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.058 |
193.906 |
259.743 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.868 |
40.173 |
54.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(30.810) |
153.733 |
205.735 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
59.857 |
52.907 |
45.296 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(90.667) |
100.826 |
160.439 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(29.148) |
37.300 |
54.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(61.519) |
63.526 |
106.399 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
297.659 |
420.770 |
461.820 |
|
|
TOTAL EARNINGS |
297.659 |
420.770 |
461.820 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
214.432 |
285.962 |
303.050 |
|
|
TOTAL IMPORTS |
214.432 |
285.962 |
303.050 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(16.12) |
16.65 |
27.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(6.70) |
3.53 |
5.19 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
2.29 |
10.77 |
12.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.68) |
11.08 |
22.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.26) |
0.24 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.22 |
1.05 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.00 |
0.00 |
0.00 |
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 |
38.154 |
38.154 |
38.154 |
|
Reserves & Surplus |
319.556 |
373.460 |
312.598 |
|
Net
worth |
357.710 |
411.614 |
350.752 |
|
|
|
|
|
|
long-term borrowings |
117.212 |
148.824 |
132.994 |
|
Short term borrowings |
203.588 |
283.854 |
295.327 |
|
Total
borrowings |
320.800 |
432.678 |
428.321 |
|
Debt/Equity
ratio |
0.897 |
1.051 |
1.221 |
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 |
2051.581 |
1800.596 |
918.291 |
|
|
|
(12.234) |
(49.001) |
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
|
2051.581 |
1800.596 |
918.291 |
|
Profit |
106.399 |
63.526 |
(61.519) |
|
|
5.19% |
3.53% |
(6.70%) |
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) |
Yes |
|
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 |
No |
|
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 |
SALES
The Gross Sales for the year amounted to Rs. 1007.602 Millions as against Rs. 1855.834 Millions for the previous year, showing decrease of 46%. The production quantity for the year was 1552 MTs as against 1863 MTs in the previous year showing decrease of about 17%
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS OF THE COMPANY AND FUTURE OUTLOOK:
Efforts to recoup the business in domestic market are paying off as reflected in the higher revenues from the domestic market in FY 2013 – 14. The company is expanding its marketing team in order to tap unexplored markets in rest of the world (ROW) and further improve its business. Going forward, the company expects to increase its market share in the domestic market and start supplying to select markets in rest of the world. In the meantime, the management is taking efforts to resolving regulatory issues. The company is also working to launch new products, which will help the Company to improve its profitability.
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.03.2014 |
Rs.
In Millions 31.03.2013 |
|
Short Term
Borrowings |
|
|
|
Directors |
13.470 |
13.470 |
|
|
|
|
|
TOTAL |
13.470 |
13.470 |
INDEX OF CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10398153 |
08/03/2013 * |
157,500,000.00 |
Axis Bank Limited |
Corporate Banking Branch,
214-215, City Mall, Near |
B71352900 |
|
2 |
80013457 |
17/12/2012 * |
535,000,000.00 |
State Bank of India |
Industrial Finance Branch, The
Arcade, 2nd Floor, |
B65875700 |
|
* Date of charge modification |
||||||
FIXED ASSETS
·
Factory Land
·
Agricultural Land
·
Building
·
Ownership Flats
·
Plant and Machinery
·
Electrical Installation/ Equipments
·
Vehicles
·
Office Equipments
·
Computer
·
Furniture and Fixture
·
Laboratory Equipments
·
Other Factory Equipments
UNAUDITED
FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. in Millions)
|
Sr. No. |
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from operations |
|
||
|
|
a) Net Sales / Income from Operations (Net of excise duty) |
97.825 |
259.424 |
357.249 |
|
|
b) Other operating income |
0.871 |
1.436 |
2.307 |
|
|
TOTAL INCOME FROM OPERATIONS (net)(a+b) |
98.696 |
260.860 |
359.556 |
|
2 |
Expenses |
|
||
|
|
a) Cost of materials consumed |
76.089 |
182.653 |
258.742 |
|
|
b) Changes in inventories of finished goods, work- in-progress
and stock-in-trade |
(2.593) |
3.870 |
1.277 |
|
|
c) Employee benefits expense |
10.392 |
21.170 |
31.562 |
|
|
d) Depreciation and
amortisation expenses |
14.281 |
14.281 |
28.562 |
|
|
e) Other expenses |
21.947 |
37.265 |
59.212 |
|
|
TOTAL
EXPENDITURE (a+b+c+d+e) |
120.116 |
259.239 |
379.355 |
|
3 |
Profit/(Loss) from operations before other Income,finance costs and
exceptional Items (1-2) |
(21.421) |
1.622 |
(19.800) |
|
4 |
Other Income |
2.814 |
0.000 |
2.814 |
|
5 |
Profit/(Loss) from ordinary activities before finance costs and exceptional Items ( 3+4 ) |
(18.607) |
1.622 |
(16.986) |
|
6 |
Finance costs |
14.445 |
12.937 |
27.382 |
|
7 |
Profit/(Loss) from ordinary activities after finance costs but before
exceptional Items ( 5-6 ) |
(33.052) |
(11315) |
(44.368) |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/(Loss) from ordinary activities before tax (7+8) |
(33.052) |
(11.315) |
(44.368) |
|
10 |
Tax expense |
|
||
|
|
Current Income Tax |
0.000 |
0.000 |
0.000 |
|
|
Defered Tax Asset /
Liability (See Note No.2 below) |
0.000
|
0.000 |
0.000
|
|
|
Income Tax of early year |
0.000
|
0.000 |
0.000
|
|
11 |
Net Profit/(Loss) from ordinary activities after tax (9-10) |
(33.052) |
(11.315) |
(44.368) |
|
|
|
|
||
|
12 |
Extraordinary items (net of tax
expenses ) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the period (11-12) |
(33.052) |
(11.315) |
(44.368) |
|
14 |
Paid-up equity share capital
( Face value of Rs.10/- each ) |
38.154 |
38.154 |
38.154 |
|
15 |
Reserves 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 |
(8.66) |
(2.97) |
(11.63) |
|
|
b) Diluted |
(8.66) |
(2.97) |
(11.63) |
|
16.ii |
Earnings per share (after extraordinary items (of Rs 10/- each) (not annualised) |
|
||
|
|
a) Basic |
(8.66) |
(2.97) |
(11.63) |
|
|
b) Diluted |
(8.66) |
(2.97) |
(11.63) |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
1372239 |
1372239 |
1372239 |
|
|
- Percentage of Shareholding |
35.97% |
35.97% |
35.97% |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
-Number of Shares |
Nil |
Nil |
Nil |
|
|
-Percentage of shares (as a% of the total shareholding of promoter and
promoter group) |
|
|
|
|
|
-Percentage of shares (as a % of the total share capital of the
company) |
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
-Number of Shares |
2443191 |
2443191 |
2443191 |
|
|
-Percentage of shares (as a% of the total shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
-Percentage of shares (as a % of the total share capital of the
company) |
64.03% |
64.03% |
64.03% |
|
|
|
|
|
|
|
||||
|
||||
|
|
Particulars |
30.09.2014 |
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
|
|
||
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
Received during the quarter |
1 |
|
|
|
|
Disposed off during the quarter |
1 |
|
|
|
|
Remaining unresolved at the end of the quarter |
0 |
|
|
|
||||
|
EQUITY AND LIABILITIES |
30.09.2014 (Unaudited) |
|
Shareholders’ funds |
|
|
(a) Share capital |
38.154 |
|
(b) Reserves and surplus |
267.632 |
|
(c) Money received against share warrants |
- |
|
Sub-toal -
Shareholder's funds |
305.786 |
|
Share application money pending allotment |
- |
|
Non-current liabilities |
|
|
(a) Long-term borrowings |
183.192 |
|
(b) Deferred tax liabilities (Net) |
12.168 |
|
(c) Other Long term liabilities |
18.905 |
|
(d) Trade Payables (Fixed Assets) |
2.882 |
|
Sub-total -
Non-current liabilities |
217.146 |
|
Current liabilities |
|
|
(a) Short-term borrowings |
216.252 |
|
(b) Trade payables |
312.191 |
|
(c) Other current liabilities |
45.328 |
|
(d) Short-term provisions |
- |
|
Sub-total -
Current liabilities |
573.771 |
|
TOTAL - EQUTY AND LIABILITIES |
1096.704 |
|
ASSETS |
|
|
Non-current assets |
|
|
(a) Fixed assets |
|
|
(i) Tangible assets |
389.313 |
|
(ii) Intangible assets |
- |
|
(iii) Capital work-in-progress |
10.793 |
|
(iv) Intangible assets under development |
- |
|
(b) Non-current investments |
0.493 |
|
(c) Deferred tax assets (net) |
- |
|
(d) Long-term loans and advances |
8.476 |
|
(e) Other non-current assets |
- |
|
Sub-total -
Non-current assets |
409.075 |
|
Current assets |
|
|
(a) Current investments |
- |
|
(b) Inventories |
235.413 |
|
(c)Trade receivables |
384.068 |
|
(d) Cash and cash equivalents |
19.446 |
|
(e) Short-term loans and advances |
48.701 |
|
(f) Other current assets |
- |
|
Sub-total -
Current assets |
687.629 |
|
TOTAL ASSETS |
1096.704 |
NOTES
1. The
Company operates in one segment only namely - "Bulk Drugs and Drug
Intermediates".
2. Adjustment
for deferred tax will be made in the last quarter of the financial year based
on year end results.
3. The
above results have been reviewed by Audit Committee and Statutory Auditor and
have been taken on record at the meeting of the Board of Directors held on 14th
Nov 2014.
4. The
loss is due to overall drop in sales revenue on account of on going regulatory
issues with European & US Drug authorities compounded by labour strike
since 13th August 2014 which have disrupted activities at the plant. Company is
making every attempt to resolve regulatory issues and the labour dispute
amicably at an early date, so that normal operations resume.
5. Figures
for the Quarter reflects about one and half months operation.
6. The
employees expensess are recorded payment basis for this quarter.
7. Previous
period's figures have been regrouped / rearranged wherever necessary.
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.61.76 |
|
UK Pound |
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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.