MIRA INFORM REPORT
|
Report No. : |
332709 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED |
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Registered
Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura,
Ahmedabad-380009, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.06.1983 |
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Com. Reg. No.: |
04-006329 |
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Capital Investment
/ Paid-up Capital : |
Rs. 161.394 Million |
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CIN No.: [Company Identification
No.] |
L24230GJ1983PLC006329 |
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IEC No.: |
0888038879 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD00851E |
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PAN No.: [Permanent Account No.] |
AAACD4161D AAACD4164D |
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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
: |
Manufacturing, Exporting, Importing and marketing of
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No. of Employees
: |
933 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 old and established company incorporated during the year
1983 having a satisfactory track record. The rating reflects company sound financial risk profile marked by
healthy net worth position and decent profitability margin of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. In view of long standing record and acceptable financial base, 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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
Oct 10, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
Oct 10, 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. Sunil Upadhyay |
|
Designation : |
Deputy General Manager in Finance |
|
Contact No.: |
91-79-26445807 |
|
Date : |
17.07.2015 |
LOCATIONS
|
Registered Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura,
Ahmedabad-380009, Gujarat, India |
|
Tel. No.: |
91-79-26445807 / 26443053 / 26560089/ 26420198 |
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Fax No.: |
91-79-26420198 |
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E-Mail : |
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Website : |
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Corporate Office : |
301-306, Samudra Annexe, Off C. G. Road, Navrangpura, Ahmedabad - 380
009, Gujarat, India |
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Factory 1 : |
Plot No. 1216/20, Phase IV, GIDC Estate, Naroda, Ahmedabad – 382 330, Gujarat,
India |
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Tel. No.: |
91-79-2811633 / 2814234 |
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Factory 2 : |
Survey No. 47, Paiki Sub Lot No. 1, Village Lodariya, Taluka Sanand,
District Ahmedabad, Gujarat, India |
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Branch Office 1 : |
401, Sangeet Plaza, Marol Marashi Road, Andheri (East), Mumbai - 400
059, Maharashtra |
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Tel. No.: |
91-22-2859 2120/ 29204537 |
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Fax No.: |
91-22-2859 2226/ 66964055 |
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E-Mail : |
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Branch Office: |
Also Located at
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Overseas Office : |
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Sales Offices: |
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DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Janmejay R. Vyas |
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Designation : |
Chairman and Managing Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
29.04.1951 |
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Qualification : |
B. Sc. (Tech.), B. Sc. (Chemistry) |
|
Experience : |
40 Years |
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|
|
|
Name : |
Mrs. Deohooti J. Vyas |
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Designation : |
Whole-time Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
61 Years |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1997 |
|
Qualification : |
A Bachelor Degree in Science, B. Sc. (Chemistry) |
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|
|
|
Name : |
Mr. Arpit J Vyas |
|
Designation : |
Whole Time Director |
|
Date of Birth / Age : |
27 Years |
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Qualification : |
Chemical Engineer from University of Aston |
|
Experience : |
7 years |
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Date of Appointment: |
01/06/2009 |
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Other Directorship : |
|
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|
|
|
Name : |
Mr. Yagneshkumar B. Desai |
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Designation : |
Director |
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Date of Birth / Age : |
72 Years |
|
Date of Appointment : |
26.11.2003 |
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Qualification : |
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Other Directorship : |
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|
|
Name : |
Mr. Sanjay S. Majmudar |
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Designation : |
Director |
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Date of Birth / Age : |
49 Years |
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Date of Appointment : |
14.02.2004 |
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Qualification : |
CA, LLB, Company Secretary |
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|
|
|
Name : |
Mr. Ashok C. Gandhi |
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Designation : |
Director |
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Date of Birth / Age : |
73 Years |
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Date of Appointment: |
30th July, 2004 |
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Qualification : |
B. Com, LLB |
|
Other Directorship : |
|
KEY EXECUTIVES
|
Name : |
Mr. Tushar D. Shah |
|
Designation : |
Company Secretary |
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Audit Committee: |
· Mr. Yagneshkumar B. Desai, Chairman · Mr. Sanjay S. Majmudar ·
Mr. Ashok C. Gandhi |
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·
|
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Nomination and Remuneration
Committee: |
· Mr. Sanjay S. Majmudar, Chairman · Mr. Yagneshkumar B. Desai ·
Mr. Ashok C. Gandhi |
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|
·
|
|
Stakeholder
Relationship Committee: |
· Mr. Sanjay S. Majmudar, Chairman · Mr. Janmejay R. Vyas ·
Mr. Ashok C. Gandhi |
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|
·
|
|
Corporation Social Responsibility Committee : |
·
Mr. Janmejay R. Vyas, Chairman ·
Mr. Arpit J. Vyas ·
Mr. Sanjay S. Majmudar |
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|
|
|
Name : |
Mr. Sunil Upadhyay |
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Designation : |
Deputy General Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
48948449 |
60.66 |
|
|
600000 |
0.74 |
|
|
49548449 |
61.40 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
49548449 |
61.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
886198 |
1.10 |
|
|
1917394 |
2.38 |
|
|
11893089 |
14.74 |
|
|
14696681 |
18.21 |
|
|
|
|
|
|
3074681 |
3.81 |
|
|
|
|
|
|
10767732 |
13.34 |
|
|
782000 |
0.97 |
|
|
1827593 |
2.26 |
|
|
607114 |
0.75 |
|
|
526483 |
0.65 |
|
|
37350 |
0.05 |
|
|
656646 |
0.81 |
|
|
16452006 |
20.39 |
|
Total Public shareholding (B) |
31148687 |
38.60 |
|
Total (A)+(B) |
80697136 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
80697136 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Janmejay R Vyas |
2,52,79,855 |
31.33 |
|
2 |
Arpit J Vyas |
1,25,63,975 |
15.57 |
|
3 |
Deohooti J Vyas |
1,09,64,500 |
13.59 |
|
4 |
Mansi J Vyas |
36,500 |
0.05 |
|
5 |
Aditi J Vyas |
1,03,619 |
0.13 |
|
6 |
Bhadra Raj Holdings Private Limited |
6,00,000 |
0.74 |
|
|
Total |
4,95,48,449 |
61.40 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
LIC of India Market Plus 1 Growth Fund |
1659531 |
2.06 |
|
|
2 |
Goldman Sachs (Singapore) Pte |
2055579 |
2.55 |
|
|
3 |
Swiss Finance Corporation (Maurities) Limited |
1000000 |
1.24 |
|
|
|
Total |
4715110 |
5.84 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Exporting, Importing and marketing of
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
·
Pharmaceutical Chemical of Raw Material |
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Countries : |
·
European Countries ·
USA ·
Japan ·
Australia |
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Imports : |
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Products : |
·
Chemicals ·
Intermediates |
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Countries : |
·
China |
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Terms : |
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Selling : |
Cash / Cheque |
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Purchasing : |
Cash / Cheque |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
933 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
‘Herigate’, 3rd Floor, Near Gujarat Vidhyapith, Off. Ashram
Road, Ahmedabad-380014, Gujarat, India |
|
|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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Fellow Subsidiaries : |
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Joint Venture : |
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Associates : |
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Company in which KMP / Relatives of KMP can exercise significant
influence : |
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CAPITAL STRUCTURE
As on: 04.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
80697136 |
Equity Shares |
Rs.2/- each |
Rs.161.394
Million |
|
|
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Equity Shares |
Number
of Shares |
Rs.
In Million |
|
Opening Balance |
80697136 |
161.394 |
|
Fresh issue |
- |
- |
|
Closing Balance |
80697136 |
161.394 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shri Janmejay R Vyas |
25279855 |
31.33% |
|
Shri Arpit J. Vyas |
12563975 |
15.57% |
|
Smt. Deohooti J Vyas |
10964500 |
13.59% |
The Company has issued only one class of shares referred to as equity shares having a par value of Rs.2. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company’s residual assets.
The amount of per share dividend recognised as distributions
to equity shareholders during the year ended March 31, 2014 is Rs.1.20
(previous year: Rs.1.20), subject to approval by shareholders in the ensuing annual
general meeting.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
161.394 |
161.394 |
161.394 |
|
(b) Reserves & Surplus |
7809.359 |
7092.752 |
6574.919 |
|
(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) |
7970.753 |
7254.146 |
6736.313 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
2397.405 |
2745.271 |
3016.836 |
|
(b) Deferred tax liabilities (Net) |
505.842 |
438.149 |
314.805 |
|
(c) Other long term
liabilities |
237.238 |
468.466 |
493.018 |
|
(d) long-term
provisions |
48.269 |
47.425 |
44.335 |
|
Total Non-current
Liabilities (3) |
3188.754 |
3699.311 |
3868.994 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1767.181 |
1845.095 |
1280.075 |
|
(b) Trade payables |
922.626 |
952.653 |
849.261 |
|
(c) Other current
liabilities |
1401.132 |
1065.795 |
1548.677 |
|
(d) Short-term
provisions |
205.373 |
173.479 |
133.465 |
|
Total Current Liabilities
(4) |
4296.312 |
4037.022 |
3811.478 |
|
|
|
|
|
|
TOTAL |
15455.819 |
14990.479 |
14416.785 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6926.651 |
6788.120 |
4647.345 |
|
(ii) Intangible Assets |
19.469 |
37.347 |
55.887 |
|
(iii) Capital
work-in-progress |
98.581 |
487.901 |
2573.403 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1870.569 |
1870.569 |
1870.569 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2397.232 |
1532.451 |
1911.606 |
|
(e) Other
Non-current assets |
12.150 |
12.150 |
12.150 |
|
Total Non-Current
Assets |
11324.652 |
10728.538 |
11070.960 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1338.586 |
1277.612 |
1191.265 |
|
(c) Trade receivables |
694.220 |
627.900 |
964.594 |
|
(d) Cash and cash
equivalents |
112.565 |
108.904 |
64.517 |
|
(e) Short-term loans
and advances |
1985.796 |
2247.525 |
1125.449 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
4131.167 |
4261.941 |
3345.825 |
|
|
|
|
|
|
TOTAL |
15455.819 |
14990.479 |
14416.785 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4732.812 |
4846.361 |
4634.006 |
|
|
|
Other Income |
559.756 |
135.915 |
117.717 |
|
|
|
TOTAL (A) |
5292.568 |
4982.276 |
4751.723 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1789.721 |
1734.985 |
1717.763 |
|
|
|
Purchases of stock-in-trade |
51.609 |
23.830 |
129.831 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(84.867) |
33.121 |
104.834 |
|
|
|
Employee benefits expense |
583.783 |
582.140 |
452.238 |
|
|
|
Other expenses |
630.459 |
796.785 |
779.787 |
|
|
|
TOTAL (B) |
2970.705 |
3170.861 |
3184.453 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2321.863 |
1811.415 |
1567.270 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
692.152 |
510.996 |
575.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1629.711 |
1300.419 |
991.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
441.347 |
353.419 |
316.641 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
1188.364 |
947.000 |
675.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
320.497 |
315.249 |
226.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
867.867 |
631.751 |
448.357 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
580.758 |
204.053 |
243.245 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
62.500 |
125.000 |
|
|
|
Transfer to General Reserve |
150.000 |
80.000 |
250.000 |
|
|
|
Proposed Dividend |
96.837 |
96.837 |
96.837 |
|
|
|
Tax on Proposed Dividend |
16.457 |
15.709 |
15.709 |
|
|
BALANCE CARRIED
TO THE B/S |
1185.332 |
580.758 |
204.056 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3965.664 |
4209.551 |
3973.793 |
|
|
TOTAL EARNINGS |
3965.664 |
4209.551 |
3973.793 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
861.741 |
561.815 |
728.187 |
|
|
|
Capital Goods |
3.795 |
18.270 |
78.172 |
|
|
|
Components and Spare Parts |
3.089 |
18.944 |
0.000 |
|
|
TOTAL IMPORTS |
868.625 |
599.029 |
806.359 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.75 |
7.83 |
5.56 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1086.218 |
638.349 |
592.473 |
|
Cash generated from operations |
3749.029 |
1842.179 |
1673.255 |
|
Net Cash From Operating Activities |
3445.023 |
1651.420 |
1535.763 |
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
31.03.2015 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1096.080 |
1186.350 |
1604.650 |
|
Total Expenditure |
774.570 |
767.690 |
1160.420 |
|
PBIDT (Excl OI) |
321.510 |
418.660 |
444.230 |
|
Other Income |
245.640 |
59.970 |
310.170 |
|
Operating Profit |
567.150 |
478.630 |
754.400 |
|
Interest |
152.930 |
221.160 |
150.060 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
414.220 |
257.470 |
604.340 |
|
Depreciation |
71.430 |
113.750 |
105.990 |
|
Profit Before Tax |
342.790 |
143.720 |
498.350 |
|
Tax |
89.010 |
63.270 |
227.210 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
253.780 |
80.450 |
80.450 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
253.780 |
80.450 |
221.140 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
18.34 |
13.04 |
9.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
49.06 |
37.38 |
33.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.81 |
7.50 |
6.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.13 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.66 |
0.72 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
1.06 |
0.88 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.174.650 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
161.394 |
161.394 |
161.394 |
|
Reserves & Surplus |
6574.919 |
7092.752 |
7809.359 |
|
Net
worth |
6736.313 |
7254.146 |
7970.753 |
|
|
|
|
|
|
long-term borrowings |
3016.836 |
2745.271 |
2397.405 |
|
Short term borrowings |
1280.075 |
1845.095 |
1767.181 |
|
Current maturities of
long-term debts |
592.473 |
638.349 |
1086.218 |
|
Total
borrowings |
4889.384 |
5228.715 |
5250.804 |
|
Debt/Equity
ratio |
0.726 |
0.721 |
0.659 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4634.006 |
4846.361 |
4732.812 |
|
|
|
4.583 |
(2.343) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4634.006 |
4846.361 |
4732.812 |
|
Profit |
448.357 |
631.751 |
867.867 |
|
|
9.68% |
13.04% |
18.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Million) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
From Other Parties |
96.746 |
96.745 |
|
|
|
|
|
SHORT TERM
BORROWINGS: |
|
|
|
Loans Repayable On Demand |
155.952 |
12.778 |
|
Short Term Loans From Banks |
1.040 |
430.786 |
|
Short Term Loans Form Directors |
7.333 |
15.500 |
|
Short Term Loans From Others |
230.000 |
78.500 |
|
Total |
491.071 |
634.309 |
PERFORMANCE AND
OPERATION REVIEW
In FY2013-14, the Company achieved a turnover of Rs. 4732.812 Million as compared to Rs. 4846.361 Million in FY2012-13. Exports constitute Rs. 4084.533 Million or 86.30% of sales for 2013-2014. Profit before tax improved by 25.49% at Rs. 1188.364 Million in FY2013- 14 as against Rs. 947.000 Million in FY2012-13. Profit after tax for the year jumped at Rs. 867.867 Million in FY2013-14 as compared to Rs. 631.751 Million in FY2012-13.
Earnings per share for the FY2013-14 increased at Rs. 10.75 per share as against Rs. 7.83 Per share in FY 2012-13. The consolidated turnover, which includes results of all its Wholly Owned Subsidiaries, proportionate share in the Joint Ventures (Schutz Dishman Biotech Limited, Dishman Arabia Limited, and Dishman Japan Limited) and Associate (Bhadra- Raj Holdings Pvt. Limited) reported 8.89 % growth in sales to Rs. 138532.01 Million in FY 2013-14 compared to Rs. 12722.217 Million in FY2012-13.
Consolidated Profit before tax & other adjustment of the Company for FY2013-14 stood at Rs. 1564.023 Million as compared to Rs. 1452.842 Million in FY2012-13, increased by 7.65 % on account of improved performance of subsidiary companies. Consolidated Profit after tax for the FY2013-14 was Rs. 1092.722 Million as against Rs. 1002.939 Million in FY2012-13 with increase of 8.95 %.
The consolidated Earnings per share increased at Rs. 13.45 per share for FY2013-14 as compared to Rs. 12.43 per share in FY2012-13.
A detailed analysis of the performance of the Company and financial results is given in the Management Discussion and Analysis Report, which forms part of this Report.
OPERATIONS
During the year FY2013-14, most of the key business verticals of the Company and also all major subsidiaries of the Company have performed reasonably well.
CRAMS
For the “CRAMS” segment of Dishman India, as you are aware, since the last three years, the Company has modified its focus and is now concentrating on a larger number of midsize contracts, instead of concentrating only on a few large MNCs. The Company’s strategy has now started yielding fruits whereby apart from the big pharma companies the Company has started getting many contracts from small and big and mid-sized pharma companies which has resulted into diversified portfolios in this segment in India and has also helped the Company in having a greater degree of predictability of the revenues. The Company’s a 100% wholly owned subsidiary – Carbogen Amcis AG Switzerland, which is also operating in the CRAMS segment through its plant located in Switzerland and UK has done very well during the year . They are happy to note that Carbogen Amcis has expanded its markets significantly and also improved the product basket and between Dishman India and Carbogen Amcis, the Company now has the capability of offering complete solutions in the organic chemistry space in the CRAMS segment. The Company is confident of achieving a steady and sustainable growth in this segment in the coming years.
HI-PO UNIT
The state-of-the-art Hi-Potency (Hi-Po unit) – Unit 9 at Bavla has performed reasonably well during the year. The Company has started receiving regular as well as repited orders from major global pharma MNCs who are very excited about the type of the facility and infrastructure created in this unit. Again noteworthy is the fact that the Company has successfully completed a few technology transfer project from Carbogen Amcis to this unit which implies a significant scaling up of the production of such high value-added and extremely sensitive pharma APIs mainly in the oncology category. As you are aware, this is one of its kind facility not only in India, but in the entire Asian sub-continent which is capable of handling extremely high potency molecules with a specific focus on the therapeutic segments of oncology, steroids, among others, three or four major Global Pharma majors have already completed safety studies, and regular business has started, with this unit contributing a turnover of around US$ 3 million during the year. For the current year, the Company has already an order book/visibility of around US$ 12 million for this unit and at its optimum capacity the target is to achieve a top line of around US$ 25-30 million over next 2 to 3 years for which a good visibility exists. Again, this is a high-margin segment which will also help in improving the bottom line of the Company.
VITAMIN D3
During the year, the Vitamin D3 unit has also performed satisfactorily. As you may be aware, this is a forward integration facility and adds value to the Vitamin D3 business that was acquired by the Company from the erstwhile Solvay a few years ago, in the name of its subsidiary company Dishman Netherland Limited, which is having its plant in Netherlands producing cholesterol, the key raw material for Vitamin D3. A part of the cholesterol is now being converted into Vitamin D3 resin in the Bavla, India facility of the Company and the said resin is sent back to the Netherlands for its formulation into various end-uses such as value-added cattle feed and cosmetics. Currently, this plant is operating at around 60% capacity utilization and the target is to ramp up its utilization in next couple of years so as to reach the optimum capacity.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 31.03.2015
(Rs. In Million)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
31.03.2015 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
1600.588 |
|
b) Other operating income |
4.062 |
|
Total
income from Operations(net) |
1604.650 |
|
2.Expenditure |
|
|
a)
Consumption of Raw Materials |
480.796 |
|
b) Purchase of
traded goods |
242.379 |
|
c) Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
151.710 |
|
d) Employee
benefits expense |
144.366 |
|
e)
Depreciation and amortisation expense |
105.986 |
|
f) Other
Expenditure |
141.179 |
|
Total
expenses |
1266.416 |
|
|
|
|
3.
Profit from operations before other income and financial costs |
338.234 |
|
4. Other income |
310.174 |
|
5.
Profit from ordinary activities before finance costs |
648.408 |
|
6. Finance costs |
150.058 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
498.350 |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
498.350 |
|
10.Tax expenses |
221.139 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
221.139 |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
221.139 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- each per share) |
1613.94 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before/ after
extraordinary items) Rs.2/- each) (not annualised): |
-- |
|
(a) Basic |
2.74 |
|
(b) Diluted |
2.74 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
31148687 |
|
- Percentage of shareholding |
38.60% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
15016500 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
30.31% |
|
Percentage of shares (as a % of total share capital of the
company) |
18.61% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
34531949 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
69.69% |
|
Percentage of shares (as a % of total share capital of the
company) |
42.79% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
31.03.2015 |
|
Segment Revenue |
|
|
(a) CRAMS |
1014.442 |
|
(b) Others |
586.146 |
|
Total |
1600.588 |
|
Less: Inter-segment Revenue |
-- |
|
Net Sales /Income from Operation |
1600.588 |
|
Segment Results {(Profit)(+)/(Loss)(-) before tax and interest from
each segment} |
|
|
(a) CRAMS* |
414.878 |
|
(b) Others* |
233.530 |
|
Total |
648.408 |
|
Less: i) Interest |
150.058 |
|
ii) Other un-allocable expenditure net off unallocable income |
-- |
|
Total Profit/(Loss) Before Tax |
498.350 |
|
Capital Employed (Segment Assets-Segment liabilities) |
|
|
(a) CRAMS |
6823.278 |
|
(b) Others |
5406.553 |
|
(c) Unallocable others |
2532.630 |
|
Total |
14762.461 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10496900 |
27/03/2014 |
40,000,000.00 |
BANK OF INDIA |
AHMEDABAD MID
CORPORATE BR 1ST FLR, BOI BLDG,, NR |
C05260203 |
|
2 |
10458519 |
14/10/2013 |
30,000,000.00 |
CORPORATION BANK |
RANGOLI COMPLEX, OPP. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B88898465 |
|
3 |
10457989 |
05/10/2013 |
50,000,000.00 |
BANK OF INDIA |
AHMEDABAD MID CORPORATE BRANCH 1ST FLOOR, BOI BUILDING, C. G. ROAD, NAVRANGPURA,, AHMEDABAD - 380009, GUJARAT, INDIA |
B88688056 |
|
4 |
10435703 |
05/07/2013 |
323,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, BOB TOWERS,, 1ST FLOOR, OPP. LAW GARDEN, ELLISBRIDGE,, AHMEDABAD - 380006, GUJARAT, INDIA |
B79133781 |
|
5 |
10434598 |
22/08/2013 * |
1,114,700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, OFF. ASHRAM ROAD, AHMEDABAD - 380014, GUJARAT, INDIA |
B87136669 |
|
6 |
10337737 |
24/02/2012 |
500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFEPARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B33042599 |
|
7 |
10306297 |
03/09/2011 |
656,700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, OFF. ASHRAM ROAD,, AHMEDABAD - 380014, GUJARAT, INDIA |
B20554614 |
|
8 |
10238901 |
27/08/2010 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA, INDIA |
A93510279 |
|
9 |
10217457 |
07/05/2010 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA, INDIA |
A85001410 |
|
10 |
10217103 |
16/09/2010 * |
300,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALISIX ROADS,, AHMEDABAD - 380006, GUJARAT, INDIA |
A94384336 |
FIXED ASSETS:
- Land
- Buildings
- Plant and
Equipment
- Furniture and
Fixtures
- Vehicles
- Office
Equipment’s
- Laboratory
Equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.50 |
|
|
1 |
Rs. 99.42 |
|
Euro |
1 |
Rs. 69.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
|
--PROFITABILIRY |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.