MIRA INFORM REPORT
|
Report No. : |
310346 |
|
Report Date : |
04.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
WINTAC LIMITED |
|
|
|
|
Registered
Office : |
54/1 / 54/2, Boodhihal village, Nelamangala, Bangalore -562123, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.08.1990 |
|
|
|
|
Com. Reg. No.: |
08-011166 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 100.298 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1990PLC011166 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRW00252A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR8613H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Developing, manufacturing and marketing of pharmaceutical formulations |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 rating is constrained on account of company’s moderate financial risk
profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Term loans (Suspended) BB- |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
June, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based facilities (Suspended) A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
June, 2013 |
Reason for Suspension : Absence of requisite information.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Not Available |
|
Designation : |
Operator |
|
Contact No.: |
91-80-67086500 |
|
Date : |
28.02.2015 |
LOCATIONS
|
Registered Office/ Factory : |
54/1 / 54/2, Boodhihal village, Nelamangala, Bangalore -562123, Karnataka, India |
|
Tel. No.: |
91-80-67086500/72 |
|
Fax No.: |
91-80-27733369 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
S T R Maddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
S Jayprkash Mady |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
R. A. Trimoorthi |
|
Designation : |
Director |
|
|
|
|
Name : |
Arun Eashwar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K Paranjothy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Shri. B. P. Thyagaraj |
|
Designation : |
A.V.P. (Finance) and Secretary |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
5512098 |
54.99 |
|
|
0 |
0.00 |
|
|
5512098 |
54.99 |
|
Total shareholding of Promoter and Promoter Group (A) |
5512098 |
54.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1400 |
0.01 |
|
|
100 |
0.00 |
|
|
1500 |
0.01 |
|
|
|
|
|
|
1252100 |
12.49 |
|
|
|
|
|
|
849365 |
8.47 |
|
|
2378292 |
23.73 |
|
|
30887 |
0.31 |
|
|
12178 |
0.12 |
|
|
18605 |
0.19 |
|
|
104 |
0.00 |
|
|
4510644 |
45.00 |
|
Total Public shareholding (B) |
4512144 |
45.01 |
|
Total (A)+(B) |
10024242 |
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) |
10024242 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Developing, manufacturing and marketing of pharmaceutical formulations |
|
|
|
|
Products : |
Not Available |
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|
|
|
Brand Names : |
Not Available |
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|
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|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
|
|
Terms : |
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|
Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
State bank of India, Nelamangala Branch, Bangalore, Karnataka,
India |
|
Auditors : |
|
|
Name : |
M/s. Rao and Swami Chartered Accountants |
|
Address : |
2/1, Connaught Road, Banglore-560052, Karnataka, India |
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|
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|
Memberships : |
Not Available |
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|
Collaborators : |
Not Available |
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|
|
|
Associates Joint Venture: |
Medispec Pharmaceutical Private Limited |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10024242 |
Equity Shares |
Rs.10/- each |
Rs.100.242
million |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10024242 |
Equity Shares |
Rs.10/- each |
Rs.100.242
million |
|
55500 |
Forfeited shares |
Rs.1/- each |
Rs. 0.056
million |
|
|
|
|
Rs.100.298 million |
Reconciliation of the equity shares
|
Equity
shares |
As at 31st March, 2014 |
|
|
Equity Shares |
Preference Share |
|
|
Share
outstanding at the beginning of the year |
10024242 |
200000 |
|
Share
Issued during the year |
-- |
-- |
|
Share Redeemed
during the year |
-- |
200000 |
|
Share Outstanding at the end of the year |
10024242 |
-- |
Details of shareholders holding more than 5% equity shares in the
Company:
|
Name of the shareholder |
As at 31st March, 2014 |
|
|
No. of Shares (Crore) |
% holding |
|
|
|
|
|
|
GAVIS Pharmaceuticals LLC, USA |
5512098 |
54.99 |
|
Bangalore Pharmaceuticals and Research Laboratory Private Limited |
112900 |
12.10 |
|
Mr. S. jayapraksah Mady |
916066 |
9.14 |
|
Mrs. Kripa Mady |
671061 |
6.69 |
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 |
100.298 |
120.298 |
80.297 |
|
(b) Reserves & Surplus |
253.729 |
323.673 |
135.688 |
|
(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) |
354.027 |
443.971 |
215.985 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.880 |
9.726 |
79.508 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.100 |
0.100 |
0.438 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3.980 |
9.826 |
79.946 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
12.475 |
79.847 |
|
(b) Trade
payables |
79.099 |
65.085 |
59.545 |
|
(c) Other
current liabilities |
76.224 |
73.876 |
86.768 |
|
(d) Short-term
provisions |
3.793 |
1.879 |
5.390 |
|
Total Current
Liabilities (4) |
159.116 |
153.315 |
231.550 |
|
|
|
|
|
|
TOTAL |
517.123 |
607.112 |
527.481 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
289.391 |
213.654 |
234.929 |
|
(ii)
Intangible Assets |
8.739 |
10.706 |
13.216 |
|
(iii)
Capital work-in-progress |
0.000 |
20.998 |
15.034 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
9.000 |
|
(c) Deferred tax assets (net) |
25.604 |
31.046 |
25.223 |
|
(d) Long-term Loan and Advances |
18.770 |
18.543 |
102.718 |
|
(e) Other
Non-current assets |
22.773 |
13.974 |
12.470 |
|
Total Non-Current
Assets |
365.277 |
308.921 |
412.590 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
62.459 |
46.423 |
48.997 |
|
(c) Trade
receivables |
57.494 |
36.850 |
42.798 |
|
(d) Cash
and cash equivalents |
6.093 |
178.366 |
13.237 |
|
(e)
Short-term loans and advances |
9.502 |
6.458 |
5.059 |
|
(f) Other
current assets |
16.298 |
30.094 |
4.800 |
|
Total Current
Assets |
151.846 |
298.191 |
114.891 |
|
|
|
|
|
|
TOTAL |
517.123 |
607.112 |
527.481 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
304.776 |
208.848 |
242.688 |
|
|
|
Other Income |
5.845 |
3.510 |
1.633 |
|
|
|
TOTAL (A) |
310.621 |
212.358 |
244.321 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
123.348 |
61.420 |
71.970 |
|
|
|
Purchases of Stock-in-Trade |
7.878 |
7.620 |
12.508 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(13.356) |
1.201 |
8.977 |
|
|
|
Employees benefits expense |
95.950 |
79.423 |
74.904 |
|
|
|
Other expenses |
104.532 |
89.673 |
77.010 |
|
|
|
Exceptional Items |
34.915 |
103.238 |
0.119 |
|
|
|
TOTAL (B) |
353.267 |
342.575 |
245.488 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(42.646) |
(130.217) |
(1.167) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.259 |
28.210 |
29.991 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(45.905) |
(158.427) |
(31.158) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.797 |
19.411 |
19.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(64.702) |
(177.838) |
(50.770) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.241 |
(5.823) |
3.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(69.943) |
(172.015) |
(53.834) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(227.174) |
(55.159) |
(1.325) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(297.117) |
(227.174) |
(55.159) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
39.276 |
7.867 |
51.991 |
|
|
TOTAL EARNINGS |
39.276 |
7.867 |
51.991 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6.098 |
2.694 |
2.810 |
|
|
|
Packing
Materials |
6.239 |
0.235 |
8.494 |
|
|
|
Capital Goods |
10.261 |
0.971 |
12.833 |
|
|
TOTAL IMPORTS |
22.598 |
3.900 |
24.137 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6.98) |
(25.79) |
(10.26) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(22.95) |
(82.36) |
(22.18) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(13.99) |
(62.35) |
(0.48) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.16) |
(32.04) |
(10.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
(0.40) |
(0.24) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.05 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
1.94 |
0.50 |
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 |
80.297 |
120.298 |
100.298 |
|
Reserves & Surplus |
135.688 |
323.673 |
253.729 |
|
Net
worth |
215.985 |
443.971 |
354.027 |
|
|
|
|
|
|
long-term borrowings |
79.508 |
9.726 |
3.880 |
|
Short term borrowings |
79.847 |
12.475 |
0.000 |
|
Total
borrowings |
159.355 |
22.201 |
3.880 |
|
Debt/Equity
ratio |
0.738 |
0.050 |
0.011 |
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 |
242.688 |
208.848 |
304.776 |
|
|
|
(13.944) |
45.932 |
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 |
242.688 |
208.848 |
304.776 |
|
Profit |
(53.834) |
(172.015) |
(69.943) |
|
|
(22.18%) |
(82.36%) |
(22.95%) |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
(Rs.
In Million)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Fixed Deposit |
3.880 |
9.726 |
|
Short Term
Borrowing |
|
|
|
Deposit |
|
|
|
Fixed Deposit |
0.000 |
10.915 |
|
Inter corporate deposit |
0.000 |
1.560 |
|
Total |
3.880 |
22.201 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
Operations
The operating results of the Company during the year was not satisfactory due to stoppage of sales to US Market and higher operating expenses. The net sales were lower by about 14% at Rs. 208.848 Million as compared to Rs. 242.688 Million during the previous year. The net loss during the year was also higher at Rs. 172.015 Million as compared to a net loss of Rs. 53.834 Million during the previous year.
In view of certain Regulatory issues with US Regulatory Authorities (USFDA), the commercial supplies to US Market were suspended and USFDA had issued a Warning Letter. The Company has filed necessary compliance reports and the same has been accepted by the USFDA and inspection is expected to be conducted shortly.
The Company undertook a major restructuring exercise during the year in view of the higher borrowings, suspension of export supplies due to regulatory issues and consequential higher operating losses. The Company entered into a strategic alliance with GAVIS Pharma LLC, USA. GAVIS Pharma is a US based Pharmaceutical Company promoted by Dr. Veerappan Subramanian, a person of Indian Origin and based in United States.
Dr. Veerappan Subramanian, promoter of GAVIS Pharma, is a seasoned pharmaceutical scientist and entrepreneur with a track record of starting, developing, managing and turning around pharmaceutical companies in USA. He has over forty years of experience in the generic pharmaceutical industry. GAVIS Group of Companies lead by their executive team have excellent end-to-end expertise in all aspects of pharmaceutical business in the US and all regulated markets. Novel Laboratories, GAVIS’s development and manufacturing arm, has expertise in product identification, formulation development, ANDA Filing, Manufacturing, Quality Control, Compliance and Regulatory affairs. Novel Laboratories has successfully developed and filed more than 50 ANDAs. GAVIS Pharmaceuticals, the marketing arm of GAVIS group markets and distributes products to all channels of trade including chain drug stores, hospitals, long term care facilities, etc. practically covering the entire US Market.
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
31st DECEMBER 2014
(Rs. in million)
PART I
|
Sr. No. |
Particulars |
Quarter Ended |
Six Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net
Sales/Income from Operations (Net of excise duty) |
43.985 |
72.730 |
221.240 |
|
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income from
Operations (net) |
43.985 |
72.730 |
221.240 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
4.271 |
25.292 |
55.517 |
|
|
(b) Purchases of stock-in-trade |
1.393 |
3.333 |
8.051 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
6.269 |
0.014 |
9.831 |
|
|
(d) Employee benefits expense |
27.280 |
30.591 |
83.222 |
|
|
(e) Depreciation and amortisation expense |
10.398 |
7.471 |
24.327 |
|
|
(f) Power |
7.960 |
9.683 |
25.779 |
|
|
(g) Other expenses |
17.967 |
15.463 |
47.643 |
|
|
Total Expenses |
75.539 |
91.847 |
254.371 |
|
3 |
Profit / (Loss)
from Operations before other income, finance costs and exceptional items
(1-2) |
(31.554) |
(19.117) |
(33.131) |
|
4 |
Other Income |
0.302 |
0.416 |
0.958 |
|
5 |
Profit / (Loss)
from ordinary activities before finance costs and exceptional items (3-4) |
(31.252) |
(18.701) |
(32.173) |
|
6 |
Finance costs |
0.252 |
0.291 |
0.901 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
(31.504) |
(18.992) |
(33.074) |
|
8 |
Exceptional Items (Note 4) |
0.087 |
0.086 |
0.174 |
|
9 |
Profit / (Loss) from ordinary activities before tax (7+8) |
(31.591) |
(19.078) |
(33.248) |
|
10 |
Tax Expense |
(2.969) |
0.000 |
(2.969) |
|
11 |
Net Profit /
(Loss) from ordinary activities after tax (9-10) |
(28.623) |
(19.078) |
(30.280) |
|
12 |
Extraordinary Item (net of tax expenses) |
10.164 |
0.000 |
10.164 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(18.458) |
(19.078) |
(20.115) |
|
14 |
Paid-up Equity Shares Capital (Face value of Rs.10/- each) |
100.243 |
100.243 |
100.243 |
|
15 |
Reserves excluding Revaluation Reserve as per Balance Sheet of Previous
Year |
-- |
-- |
-- |
|
16i |
Earning Per Shares (EPS before extraordinary items) |
|
|
|
|
|
- Basic and Diluted (in Rupees,
not annualized) |
(2.86) |
(1.90) |
(3.02) |
|
|
|
|
|
|
|
16ii |
Earning Per Shares (EPS after extraordinary items) |
|
|
|
|
|
- Basic and Diluted (in Rupees,
not annualized) |
(1.84) |
(1.90) |
(2.01) |
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- No of shares |
4512144 |
4512144 |
4512144 |
|
|
- Percentage of shareholding |
45.01% |
45.01% |
45.01% |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
0.00% |
0.00% |
0.00% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
0.00% |
0.00% |
0.00% |
|
|
b)
Non-encumbered |
|
|
|
|
|
- No of shares |
5512098 |
5512098 |
5512098 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
54.99% |
54.99% |
54.99% |
|
B |
INVESTOR
COMPLAINTS |
3
months ended as on 31.12.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Note :
- The above
financial results were taken on record by the Board of Directors at their
meeting held on 31.01.2015.
- The company recognises
only one reportable business segment, viz, formulation, all the business
are located in India.
- The results
have been prepared on the basis of the same accounting policies and
practices adopted for the year ended 31.03.2014, in accordance with the
Companies Act,2013, the company has revised the useful life of its fixed
assets to comply with the useful life mentioned in schedule II of the Act.
As per the transitional provisions the company has adjusted Rs.6.376 in
the opening balance of Reserves. Had the company followed the earlier
useful life, the depreciation for the quarter would have been lower by Rs.
1.955 million (Rs.4.636 million for the period ended 31.12.2014) with
consequential effect on the loss for the period.
- Figures for a
three month period represent the difference between the years to date end
of that three month period less the year to date figures upto the
immediately preceding quarter.
- The company
expects favorable outcome from ongoing tax appeals (including demands
aggregating to Rs.27.146 million towards tax (excluding interest and
penalty) upheld by lower appellate quarter.
- The company
has sold the business of marketing of Oncology product w.e.f. 01.12.2014
and the Extra-Ordinary items includes Rs.10.720 million as profit from sale
of Oncology Business Trade Marks. The book Debtors and Inventory related
to Oncology Business were also sold along with the Trade Marks with
discount of Rs.0.200 million on Inventory for the possible stock returns
and Rs.0.355 million on the Book towards bad debts.
FIXED ASSETS
- Land
- Building
- Plant and
equipment
- Furniture and
fixture
- Office
equipment
- Vehicle
- Library
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.61.83 |
|
|
1 |
Rs.95.13 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
|
--PROFITABILIRY |
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 |
YES |
|
--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.