MIRA INFORM REPORT

 

 

Report No. :

329145

Report Date :

25.06.2015

 

IDENTIFICATION DETAILS

 

Name :

HIKAL LIMITED

 

 

Registered Office :

717/718, Maker Chambers V, 7th Floor, Nariman Point, Mumbai – 400021, Maharashtra

Tel. No.:

91-22-22301801

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

08.07.1988

 

 

Com. Reg. No.:

11–048028

 

 

Capital Investment / Paid-up Capital :

Rs.164.400 Million

 

 

CIN No.:

[Company Identification No.]

L24200MH1988PTC048028

 

 

TIN No.:

Not Available

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMH07537F / BRDH00497A

 

 

PAN No.:

[Permanent Account No.]

AAACH0383A

 

 

Legal Form :

A Public Limited Liability Company.  The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The Company is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharma ingredients and contract research activities.

 

 

No. of Employees :

1101 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track.

 

The company possesses a favorable financial profile marked by adequate networth base along with modest working capital intensive operations.

 

Management has witnessed a decent revenue as well as higher profitability and cash accruals leading to improvement in debt protection metrics during FY 2014. 

 

Trade relations are fair. Business is active. Payment terms are reported as usually correct.

 

The company can be considered 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long Term Rating  = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

March 2015

 

 

Rating Agency Name

ICRA

Rating

Short Term Rating  = A2

Rating Explanation

Strong degree of safety and low credit risk

Date

March 2015

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Sham Vinayak Wahalekar

Designation :

Chief Financial Officer

Contact No.:

91-22-22301801

Date :

24.06.2015

 

 

LOCATIONS

 

Registered Office / Corporate Office :

717/718, Maker Chambers V, 7th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-22301801

Fax No.:

91-22-22833913

E-Mail :

hikal@giasbm01.vsnl.net.in

info@hikal.com

media@hikal.com

pharma@hikal.com

argo@hikal.com

md@hikal.com

ir@hikal.com

info@hikal.com

hr@hikal.com

Website :

http://www.hikal.com

 

 

Head Office :

6, Nawab Building, 327, Dr. D. N. Road, Fort, Mumbai – 400 001, Maharashtra, India.

Tel. No.:

91-22-22301801

Fax No.:

91-22-22833913

 

 

Administrative Office :

Great Eastern Chambers, 6th Flore, Sector 11, CBD – Belapur, Navi Mumbai – 400 614, Maharashtra, India

Tel. No.:

91-22-27574276 / 27574336 / 27574991 / 30973100

Fax No.:

91-22-27574277

Email :

customsolutions@hikal.com

 

 

 

603, Great Eastern Chambers, Mumbai, Maharashtra, India.

 

 

Plant Location :
  • Taloja
    T-21, M.I.D.C., Taloja, District Raigad - 410 208, Maharashtra, India
    Tel No. : 91-22-3099 0100

 

  • Mahad
    A-18, M.I.D.C., Mahad, District Raigad - 402 301, Maharashtra, India
    Tel No. : 91-2145-232 791 / 573

 

  • Panoli
    629/630, G.I.D.C, Panoli - 394 116, District Bharuch, Gujarat, India 

Tel No. : 91-2646-302 100

 

  • Bangalore
    82/A, K.I.A.D.B., Jigani, Anekal Taluk, Bangalore - 562 106, Karnataka, India
    Tel No. : 91-80-3986 1100

 

  • R and D Centre, Bangalore
    32/1, Kalena Agrahara, Bannerghatta, Bangalore - 560 076, Karnataka, India
    Tel No. : 91-80-3023 6100

 

  • Pune
    Acoris Research Limited, 3A, International Biotech Park, Hinjewadi, Pune - 411 057, Maharashtra, India
    Tel No. : 91-20-4200 4200

 

  • MIDC, Taloja, District Raigad, Maharashtra
  • MIDC, Mahad, District Raigad, Maharashtra
  • GIDC, Panoli, District Bharuch, Gujarat
  • KIADB, Jigani, Bangalore, Karnataka
  • Bannerghatta, Bangalore, Karnataka
  • MIDC, Dombivli, Maharashtra

 

 

Overseas Office

Located at

 

  • Japan
  • USA

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Jai Hiremath

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Sameer J. Hiremath

Designation :

President and Joint Managing Director

 

 

Name :

Mr. Baba N. Kalyani

Designation :

Director

 

 

Name :

Dr. Peter Pollak

Designation :

Director

 

 

Name :

Dr. Axel Kleemann

Designation :

Director

 

 

Name :

Mr. Wolfgang Welter

Designation :

Director

 

 

Name :

Mr. Prakash V. Mehta

Designation :

Director

 

 

Name :

Mr. Shivkumar M. Kheny

Designation :

Director

 

 

Name :

Mrs. Sugandha J. Hiremath

Designation :

Director

 

 

Name :

Mr. Amit Kalyani

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Sham. V. Wahalekar

Designation :

Company Secretary/ Chief Financial Officer

 

 

Audit Committee :
  • Kannan Unni
  • Prakash Mehta
  • Sugandha Hiremath
  • Shivkumar Kheny

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

7863400

9.57

http://www.bseindia.com/include/images/clear.gifBodies Corporate

48115110

58.53

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

550000

0.67

http://www.bseindia.com/include/images/clear.gifTrusts

550000

0.67

http://www.bseindia.com/include/images/clear.gifSub Total

56528510

68.77

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

56528510

68.77

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

7931465

9.65

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

19500

0.02

http://www.bseindia.com/include/images/clear.gifInsurance Companies

100500

0.12

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

3877340

4.72

http://www.bseindia.com/include/images/clear.gifSub Total

11928805

14.51

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

727677

0.89

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

5017378

6.10

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

725430

0.88

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

7272700

8.85

http://www.bseindia.com/include/images/clear.gifClearing Members

63315

0.08

http://www.bseindia.com/include/images/clear.gifForeign Nationals

121550

0.15

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

6800000

8.27

http://www.bseindia.com/include/images/clear.gifNRIs/OCBs

287835

0.35

http://www.bseindia.com/include/images/clear.gifSub Total

13743185

16.72

Total Public shareholding (B)

25671990

31.23

Total (A)+(B)

82200500

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

82200500

0.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharma ingredients and contract research activities.

 

 

Products :

Chemical

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

 

Selling :

Not Divulged 

 

 

Purchasing :

Not Divulged 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

Customers :

Reference :

Not Divulged 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

No. of Employees :

1101 (Approximately)

 

 

Bankers :
  • Axis Bank Limited
  • Bank of Baroda
  • Central Bank of India
  • CITI Bank N.A.
  • DBS Bank Limited
  • Export Import Bank of India
  • HDFC Bank Limited
  • International Finance Corporation
  • ICICI Bank Limited
  • IDBI Bank Limited
  • Kotak Mahindra Bank Limited
  • State Bank of India
  • Standard Chartered Bank
  • Union Bank of India
  • Yes Bank Limited
  • Aditya Birla Finance Limited

 

 

Facilities :

SECURED LOANS

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

LONG TERM BORROWINGS

 

 

Term loans

 

 

From banks 

NA

1236.270

From financial institutions

1245.850

Vehicle Loan & Other loans

 

11.190

Finance lease obligations

 

9.750

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

 

 

Working capital loan from banks

 

1984.030

Total

NA

4487.090

 

Long Term Borrowings (AS ON 31.03.2014)

 

Nature of Security

 

i) Terms loans from banks and financial institutions are secured by hypothecation of plant & machinery, first charge on the immovable properties and second charge on current assets situated at Taloja, Panoli and Bangalore

 

ii) Deferred payment liability relates to certain vehicles and other equipments and is secured by way of first charge on the said assets.

 

 

US $ in Mio

Rs. In Million

Repayment Terms

Interest Rate

a

6.67

460.840

Repayable Quarterly -11 instalments of

US $ 0.70 Mio each starting from 14.04.2014

Libor +300 Bps

b

-

66.680

Repayable quarterly - 2 instalments of Rs.33.33 Mio each starting from 20.05.2015

BBR Plus 300 Bps

c

-

300.000

Repayable quarterly - 12 instalments of

Rs.25.00 Mio starting from 15.07.2014

BBR Plus 205 Bps

d

-

213.210

Repayable monthly - 48 instalments of

Rs.4.44 Mio starting from 21.04.2013

13.75%

e

-

600.000

Repayable quarterly - 20 instalments of

Rs.30.00 Mio starting from 25.06.2014

12.50%

 

 

 

 

 

a

10.00

601.100

Repayable half yearly - 10 instalments of

US $ 1 Mio each starting from 15.07.2014

Libor +300 Bps

b

8.00

480.880

Repayable half yearly - 8 instalments of

US $ 1 Mio each starting from 15.07.2015

Libor +300 Bps

c

-

108.330

Repayable quarterly - 2 instalments of

Rs.54.17 Mio starting from 20.04.2015

12.80%

d

-

275.00

Repayable quarterly - 11 instalments of

Rs.25.00 Mio starting from 20.06.2014

LTMLR Plus 275 Bps

 

 

 

 

 

a

-

3.130

Repayable monthly EMI of Rs.0.155 Mio 9.61%

9.61%

b

-

1.160

Repayable monthly EMI of Rs.0.025 Mio 10.49%

10.49%

c

-

6.130

Repayable monthly EMI of Rs.0.075 Mio 9.87%

9.87%

d

-

1.660

Repayable monthly EMI of Rs.0.039 Mio 10.25%

10.25%

e

-

3.050

Repayable monthly EMI of Rs.0.069 Mio 10.74%

10.74%

f

-

0.960

Repayable quarterly EMI of Rs.0.054 Mio Rs.0.13 Mio 12.75%

12.75%

g

-

20.930

Repayable monthly 18 instalments of Rs.1.295 Mio 14.00%

14.00%

h

-

1.970

Repayable quarterly 11 instalments of Rs.0.191 Mio

14.00%

 

 

 

 

 

a

-

150.830

Repayable monthly 21 instalments of

Rs.7.18 Mio starting from 01.04.2014

14%

 

 

 

 

 

a

-

3.710

Repayable yearly in 5 equal installment,

starting after 10 years from the year of accrual

Nil

 

Short Term Borrowings

 

Nature of Security and terms of repayment for secured/unsecured borrowings

 

Working Capital Loans from banks are secured by hypothecation of present and future stock of raw materials,  stock-in-process, finished and semi finished goods, stores, spares and book debts and second charge on properties situated at Taloja, Mahad, Panoli Bangalore and Pune

Working capital loans are repayable on demand and carry interest ranging from 5% to 14.50 % p.a

Inter Corporate Deposits

Repayable on demand and carries interest 13.50 % to 16% p.a

 

 

 

Auditors :

 

Name :

BSR and Company

Chartered Accountants

 

 

Legal Advisor :

Malvi Ranchoddas and Company

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Companies (AS ON 31.03.2014) :
  • Hikal International B.V. (“HIBV”)
  • Acoris Research Limited (“ARL”)

 

 

Enterprises over which key management personnel and their relatives exercise significant influence (AS ON 31.03.2014) :
  • Decent Electronics Private Limited (”DEPL”)
  • Marigold Investments Private Limited (”MIPL”)
  • Iris Investments Private Limited (”IIPL”)
  • Karad Engineering Consultancy Private Limited (”KECPL”)
  • Ekdant Investment Private Limited (”EIPL”)
  • Shri Rameshwara Investment Private Limited (“RIPL”)
  • Shri Badrinath Investment Private Limited (“BIPL”)
  • Rushabh Capital Services Private Limited ( “RCSPL”)

 

 

CAPITAL STRUCTURE

 

As ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 164.400 Million

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Share

Rs.10/- Each

Rs.250.000 Million

5000000

Cumulative Redeemable Preference shares

Rs.100/- Each

Rs.500.000 Million

 

Total

 

Rs.750.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

16440100

Equity Shares

Rs.10/- Each

Rs.164.401 Million

 

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

 

Equity Shares

Number in Million

Rs. In Million

At the beginning of the year

16.440

164.400

Outstanding at the end of the year

16.440

164.400

 

 

Terms/rights attached to equity shares

 

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

During the year ended March 31, 2014 the amount of per share dividend recognized as distributions to equity shareholders was Rs.4.50/- (2013: Rs.2.50/-). 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.

 

 

Details of shareholders holding more than 5% shares in the company

 

Name of Shareholder

Number of Shares

% holding

Kalyani Investment Company Limited

5.160

31.36

Shri Badrinath Investment Private Limited

2.650

16.15

Shri Rameshwara Investment Private Limited

1.310

7.96

International Finance Corporation

1.360

8.27

Sugandha J Hiremath

1.290

7.84

Reliance Capital Trustee Company Limited

1.12

6.82

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

164.400

164.400

164.400

(b) Reserves & Surplus

5454.700

4894.650

4348.080

(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)

5619.100

5059.050

4512.480

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2014.400

2548.220

2196.270

(b) Deferred tax liabilities (Net)

300.800

324.900

86.250

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

117.100

109.200

96.620

Total Non-current Liabilities (3)

2432.300

2982.320

2379.140

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2310.100

2155.480

2602.830

(b) Trade payables

1371.300

1310.850

1128.410

(c) Other current liabilities

1315.200

1001.910

1236.280

(d) Short-term provisions

181.300

197.900

60.440

Total Current Liabilities (4)

5177.900

4666.140

5027.960

 

 

 

 

TOTAL

13229.300

12707.510

11919.580

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7010.100

6441.410

6607.570

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

611.670

485.430

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

31.300

31.270

31.270

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

879.400

677.190

704.160

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

7920.800

7761.540

7828.430

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3139.500

3112.930

2570.330

(c) Trade receivables

1279.700

887.370

846.290

(d) Cash and cash equivalents

137.000

276.880

154.050

(e) Short-term loans and advances

409.200

657.390

514.410

(f) Other current assets

43.100

11.400

6.070

Total Current Assets

5008.500

4945.970

4091.150

 

 

 

 

TOTAL

12929.300

12707.510

11919.580

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

8718.600

8292.110

6604.170

 

 

Other Income

15.700

340.550

63.080

 

 

TOTAL                                     (A)

8734.300

8632.660

6667.250

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

5239.100

3878.100

2725.980

 

 

Changes in inventories of finished goods and work-in-progress

(48.700)

(119.840)

(115.480)

 

 

Employee benefits expense

892.000

790.190

701.760

 

 

Other expenses

811.000

1691.610

1447.980

 

 

Exceptional Items

0.000

179.250

484.330

 

 

TOTAL                                     (B)

6893.400

6419.310

5244.570

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

1840.900

2213.350

1422.680

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

600.400

680.040

598.780

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1240.500

1533.310

823.900

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

641.800

550.230

490.620

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

598.700

983.080

333.280

 

 

 

 

 

Less

TAX                                                                  (H)

193.500

342.270

78.240

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

405.200

640.810

255.040

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

2123.120

1946.170

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Interim Dividend on Equity Shares

NA

32.880

0.000

 

 

Proposed Dividend on Equity Shares

NA

41.100

41.100

 

 

Tax on proposed dividend

NA

12.570

6.990

 

 

Transfer to General Reserve

NA

100.000

30.000

 

BALANCE CARRIED TO THE B/S

NA

2577.380

2123.120

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

NA

7056.900

5818.080

 

TOTAL EARNINGS

NA

7056.900

5818.080

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

2302.350

1925.550

 

 

Capital Goods

NA

13.710

14.310

 

 

Stores & Spares

NA

22.400

7.460

 

TOTAL IMPORTS

NA

2338.460

1947.320

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.93

38.98

15.52

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term borrowings

NA

737.240

1128.410

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

4.65

7.73

3.86

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

21.11

26.69

21.54

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.64

8.15

2.92

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.19

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.77

1.08

1.31

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.97

1.06

0.81

 

STOCK PRICES

 

Face Value

Rs.2/-

Market Value

Rs.129.60/-

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

164.400

164.400

164.400

Reserves & Surplus

4348.080

4894.650

5454.700

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

4512.480

5059.050

5619.100

 

 

 

 

long-term borrowings

2196.270

2548.220

2014.400

Short term borrowings

2602.830

2155.480

2310.100

Total borrowings

4799.100

4703.700

4324.500

Debt/Equity ratio

1.064

0.930

0.770

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6604.170

8292.110

8718.600

 

 

25.559

5.143

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6604.170

8292.110

8718.600

Profit

255.040

640.810

405.200

 

3.86%

7.73%

4.65%

 

 

 

 

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

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

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Term loans from banks & others

42.500

58.250

Deferred sales tax liability

2.660

3.720

SHORT TERM BORROWINGS

 

 

Inter corporate deposits

 

 

From related parties

36.450

59.45

From others

135.000

445.500

Total

216.610

566.920

 

BACKGROUND (AS ON 31.03.2014)

 

The Company was incorporated as a public limited Company on July 8, 1988 having its registered office at 717/718, Maker Chamber V, Nariman Point, Mumbai 400 021. The Company is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharma ingredients and contract research activities.

The Company is operating in the crop protection and pharmaceuticals space.

 

INDEX OF CHARGE:

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10557450

17/03/2015 *

750,000,000.00

STANDARD CHARTERED BANK

112, SERENITY, 3RD FLOOR, EAST WING,, KORAMANGALA
INDL AREA, 5TH BLOCK, KORAMANGALA,, BANGALORE, KA
RNATAKA - 560095, INDIA

C50136928

2

10532057

21/10/2014 *

480,000,000.00

INTERNATIONAL FINANCE CORPORATION

2121 PENNSYLVANIA N.W., WASHINGTON D.C. 20433, WA
SHINGTON, - 20433, UNITED STATES OF AMERICA

C34422733

3

10518631

26/08/2014

400,000,000.00

THE RATNAKAR BANK LIMITED

SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 41600
1, INDIA

C19630920

4

10512641

31/07/2014

600,000,000.00

STANDARD CHARTERED BANK

112, SERENITY, 3RD FLOOR, EAST WING,, KORAMANGALA
INDL AREA, 5TH BLOCK, KORAMANGALA,, BANGALORE, KA
RNATAKA - 560095, INDIA

C14868863

5

10460074

30/10/2013

200,000,000.00

ICICI BANK LIMITED

ICICI BANK TOWERS, BANDRA KURLA COMPLEX,, MUMBAI,
MAHARASHTRA - 400051, INDIA

B89482756

6

10458011

25/10/2013

250,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M
UMBAI, MAHARASHTRA - 400021, INDIA

B88695663

7

10381047

09/12/2014 *

150,000,000.00

ADITYA BIRLA FINANCE LIMITED

INDIAN RAYON COMPOUND,, VERAVAL, GUJARAT - 362266,
INDIA

C53610671

8

10345467

21/03/2013 *

300,000,000.00

ICICI BANK LIMITED

ICICI BANK TOWERS, BANDRA KURLA COMPLEX BANDRA EA
ST, MUMBAI, MAHARASHTRA - 400051, INDIA

B72588262

9

10340869

21/03/2013 *

300,000,000.00

EXPORT IMPORT BANK OF INDIA

CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX,,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B72125412

10

10338703

27/02/2012

150,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.
ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -
400018, INDIA

B33491242

 

* Date of charge modification

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

 

NEWS:


HIKAL APPROVES SUB DIVISION OF EQUITY SHARES

 

Hikal Limited has informed BSE that the Board of Directors of the Company at its meeting held on December 17, 2014, have transacted the following business:- Approved a proposal to sub-divide one Equity Share of the face value of Rs. 10/- each fully paid-up in the Equity Share Capital of the Company in to 5 (five) Equity Shares of the face value of Rs. 2/- each fully paid-up and carry out consequential amendments to the existing Clause V of the Memorandum of Association and Clause 3 of the Articles of Association of the Company.

 

 

HIKAL PHARMA RECEIVES US FDA APPROVAL

 

Hikal Limited has informed BSE regarding "Hikal's Pharmaceutical Manufacturing Site in Gujarat, India received US FDA Approval". Hikal's Pharmaceutical received US FDA Approval for its pharmaceutical intermediates and active pharma ingredients manufacturing site located in Jigani, Bengaluru in Karnataka state.

 

 

HIKAL COMPLETES EDQM AUDIT AT ITS BANGALORE FACILITY


Hikal Limited has informed BSE regarding "Hikal Completed successful EDQM Audit of its Bangalore facility". Hikal has successfully completed an EDQM inspection at its manufacturing facility at Bangalore, India, recently.


PRESS RELEASE

 

HIKAL SETS UP NEW PILOT PLANT, API MANUFACTURING UNIT AND A KILO LAB

 

- July 26, 2006

Mumbai, July 26, 2006: Hikal Limited, has announced the commissioning of a new Pilot Plant at Taloja, a new API manufacturing unit at Bangalore and a cGMP kilo lab at Jigani.  The facilities, set up at a cost of Rs. 50 crore, will help Hikal significantly enhance its capabilities to become the preferred outsourcing partner for the global life sciences companies.

A new pilot plant at Taloja has been set up to manufacture an agrochemical product for a global chemicals company. The pilot plant will start operations in August 2006 and a full-scale multi-purpose agrochemical plant is expected to be commissioned by 2008.

Hikal has set up a new API manufacturing unit in Bangalore that will manufacture a new veterinary drug for a global pharmaceutical company. The multi-product API plant is expected to start full-scale production by end-2007.

The company has set a new cGMP Kilo Lab at Jigani in Bangalore.  The new facilities will enable Hikal to offer the complete range of outsourcing services to global life science companies through various stages of the product development cycle.

Jai Hiremath, Vice Chairman and Managing Director, Hikal said, “In the last few years, the need to outsource for the global life science majors has increased considerably, and outsourcing is moving from being just a tactical option to a more strategic one. Hikal will continue to expand and strengthen our capabilities to garner a larger pie of the multi-billion dollar opportunity.”

Mumbai headquartered Hikal Limited has a 2005-2006 turnover of Rs 2417.000 Million with a 24 percent growth. Net profit for the year stood at Rs.414.000 Million, a 21.4 percent growth from Rs 341.000 Million in 2004-2005. Revenues from the pharmaceutical division stood at Rs.834.000 Million, growing at 68 percent while the agrochemical division had revenues of Rs.1470.000 Million, showing a 7 percent growth.

 

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.67

UK Pound

1

Rs.100.50

Euro

1

Rs.71.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

KVT

 

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

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

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

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.