MIRA INFORM REPORT
|
Report No. : |
312412 |
|
Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEQUENT SCIENTIFIC LIMITED (w.e.f. 27.10.2009) |
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|
|
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Formerly Known
As : |
P.I. DRUGS AND PHARMACEUTICALS LIMITED |
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Registered Office
: |
301, 3rd Floor, Dosti Pinnacle, Plot No. E7, Road No. 22,
Wagle Industrial Estate, Thane (West) – 400604, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.06.1985 |
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Com. Reg. No.: |
11-036685 |
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Capital
Investment / Paid-up Capital : |
Rs, 267.400 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1985PLC036685 |
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IEC No.: |
0398011702 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEP10307D |
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PAN No.: [Permanent Account No.] |
AAACV1501G |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of pharmaceutical formulation, animal healthcare
formulation. |
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No. of Employees
: |
1100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 huge accumulated losses
recorded by the company. Further, it has he external borrowing during FY2014. However, trade relation seems to be fair. Business is active. Payment
terms are reported to be slow. The company can be considered for business dealings with caution. |
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 |
Long term rating = “BB” |
|
Rating Explanation |
Inadequate credit quality and high credit risk |
|
Date |
September 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating = “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
September 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. Rajesh Urmale |
|
Designation : |
Assistant Manager – Purchase |
|
Contact No.: |
91-7506277629 |
|
Date : |
12.03.2015 |
LOCATIONS
|
Registered Office : |
301, 3rd Floor, Dosti Pinnacle, Plot No. E7, Road No. 22, Wagle
Industrial Estate, Thane (West) – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-41114777 |
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Mobile no. : |
91-7506277629 (Mr. Rajesh Urmale) |
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Fax No.: |
91-22-41114754/21721111 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Corporate Office : |
Star I, Opp. IIM-B, Bilekahalli, Bannerghatta Road,, Bangalore – 560 076. Karnataka, India |
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Tel. No.: |
91-80-67840340 |
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Fax No.: |
91-80-67840400 |
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E-Mail : |
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Godown : |
#201, Devavrata Sector 17, Vashi, Navi Mumbai – 400705, Maharashtra,
India |
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Factory : |
Located at:
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K. R. Ravishankar |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. Kannan Ramanujam |
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Designation : |
Independent
Director |
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|
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|
Name : |
Dr. Gopakumar G Nair |
|
Designation : |
Independent
Director |
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|
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|
Name : |
Dr. Gautam Kumar Das |
|
Designation : |
Joint Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Urmale |
|
Designation : |
Assistant Manager – Purchase |
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|
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|
Name : |
Mr. Preetham Hebbar |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
11189979 |
36.71 |
|
|
6702853 |
32.32 |
|
|
17892832 |
69.03 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
17892832 |
69.03 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1062254 |
3.48 |
|
|
2554719 |
8.38 |
|
|
3616973 |
11.86 |
|
|
|
|
|
|
698682 |
2.29 |
|
|
|
|
|
|
1107496 |
3.67 |
|
|
2075712 |
6.81 |
|
|
1933241 |
6.34 |
|
|
1308363 |
4.29 |
|
|
5530 |
0.02 |
|
|
36848 |
0.12 |
|
|
582500 |
1.91 |
|
|
5815131 |
19.11 |
|
Total Public
shareholding (B) |
9432104 |
30.97 |
|
Total (A)+(B) |
27324936 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
27324936 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of pharmaceutical formulation, animal healthcare
formulation. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Saudi Arabia |
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Terms : |
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Selling : |
Cash/L/C and Credit (30/60/90 Days) |
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Purchasing : |
Cash/L/C and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1100 (Approximately) |
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Bankers : |
·
Andhra Bank ·
Bank of India ·
State Bank of Hyderabad ·
State Bank of Mysore ·
State Bank of India ·
Corporation Bank ·
Axis Bank Limited ·
Central Bank of India
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Facilities : |
(Rs.
In Million)
|
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Auditors : |
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Statutory Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre 100/2, Anchorage II,
Richmond Road, Bangalore – 560025, Karnataka, India |
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Internal Auditors : |
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|
Name : |
Grant Thornton India LLP Chartered Accountants |
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Address : |
Wings, 1st Floor, 16/1, Cambridge Road Ulsoor, Bangalore – 560 008. Karnataka, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Wholly-owned
subsidiaries: |
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Other subsidiaries
: |
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|
|
Enterprises owned
or significantly influenced by key management personnel and relative of key
management personnel : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs. 320.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27335191 |
Equity Shares |
Rs.10/- each |
Rs. 273.350
Million |
|
|
Less: Amount receivable from SeQuent Scientific Employee Stock Option Scheme Trust (Being Face Value of 700,000 Equity Shares of Rs.10 each allotted to the trust) |
|
Rs. 5.950
Million |
|
|
Total |
|
Rs. 267.400 Million |
Notes:
(i)
Reconciliation
of the number of shares and amount outstanding at the beginning and at the end
of the reporting year:
|
Equity Shares |
As at 31 March 2014 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
24035191 |
240.350 |
|
Add: Shares issued during the year (Refer note (a) below) |
3300000 |
33.000 |
|
Less: Shares cancelled during the year (Refer note (b) below) |
- |
- |
|
Shares outstanding at the end of the year |
27335191 |
273.350 |
Note:
a) Conversion of 2,750,000 warrants issued during the year 2012-13 on preferential basis at a conversion price of Rs. 172.00 per equity share of the company as approved in the Extra Ordinary General Meeting dated 20 March 2013 and 550,000 warrants issued during the year 2013-14 on preferential basis at a conversion price of Rs. 135.25 per equity share of the company as approved in the Extra Ordinary General Meeting dated 14 January 2014. (During the previous year conversion of 2,100,000 warrants issued on preferential basis at a conversion price of Rs. 120.75 per equity share of the company as approved in the Annual General Meeting dated 26 September 2012).
(ii) 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. Each equity shareholder is entitled to dividend in the Company. The dividend is proposed by the Board of Directors and is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend. 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, if any. The distribution will be in proportion to the number of equity shares held by the shareholders. The amount of dividend per share recognised as distributions to equity shareholders is Nil (31 March 2013 : Rs.Nil)
(iii) Details of shares held by each shareholder
holding more than 5% shares
|
|
As at 31 March 2014 |
|
|
Equity Shares |
No. of Shares held |
% of holding |
|
Name of the shareholder |
|
|
|
K R Ravishankar |
5579986 |
20.41% |
|
Arun Kumar Pillai |
5579993 |
20.41% |
|
Primera Partners Pte Limited |
3183871 |
11.65% |
|
AgnusCapital LLP |
2425000 |
8.87% |
|
Chayadeep Ventures LLP |
2425000 |
8.87% |
|
Satpal Khattar |
1699018 |
6.22% |
(iv) 700,000 shares (As at 31 March, 2013 700,000 shares) of Rs.10 each are reserved towards outstanding employee stock options granted / available for grant.
(v) As at 31 March 2014 3,150,000 warrants (31 March 2013: 2,750,000) of Rs. 10 each are outstanding to be converted into equivalent number of share.
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 |
267.400 |
234.400 |
213.400 |
|
(b) Reserves & Surplus |
128.600 |
741.300 |
1053.730 |
|
(c) Money received against
share warrants |
106.510 |
118.790 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
502.510 |
1094.490 |
1267.130 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
910.340 |
1082.410 |
622.650 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
82.410 |
|
(c) Other long term
liabilities |
0.000 |
0.500 |
0.000 |
|
(d) long-term provisions |
74.040 |
56.830 |
40.190 |
|
Total
Non-current Liabilities (3) |
984.380 |
1139.740 |
745.250 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2410.800 |
1394.650 |
980.870 |
|
(b) Trade payables |
1353.800 |
1459.160 |
1225.740 |
|
(c) Other current liabilities |
313.840 |
277.470 |
716.010 |
|
(d) Short-term provisions |
34.780 |
36.000 |
29.170 |
|
Total
Current Liabilities (4) |
4113.220 |
3167.280 |
2951.790 |
|
|
|
|
|
|
TOTAL |
5600.110 |
5401.510 |
4964.170 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2086.610 |
1940.960 |
1986.090 |
|
(ii) Intangible Assets |
112.690 |
110.000 |
76.790 |
|
(iii) Capital work-in-progress |
67.340 |
160.580 |
93.130 |
|
(iv) Intangible assets under
development |
43.830 |
54.550 |
82.550 |
|
(b) Non-current Investments |
650.440 |
545.700 |
388.140 |
|
(c) Deferred tax assets (net) |
0.690 |
0.690 |
0.000 |
|
(d) Long-term Loan and Advances |
256.150 |
341.420 |
162.980 |
|
(e) Other Non-current assets |
9.500 |
57.250 |
33.240 |
|
Total
Non-Current Assets |
3227.250 |
3211.150 |
2822.920 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.770 |
1.770 |
2.770 |
|
(b) Inventories |
1012.510 |
826.740 |
631.080 |
|
(c) Trade receivables |
796.590 |
701.610 |
824.800 |
|
(d) Cash and cash equivalents |
191.340 |
310.750 |
157.670 |
|
(e) Short-term loans and
advances |
352.500 |
267.200 |
421.150 |
|
(f) Other current assets |
19.150 |
82.290 |
103.780 |
|
Total
Current Assets |
2372.860 |
2190.360 |
2141.250 |
|
|
|
|
|
|
TOTAL |
5600.110 |
5401.510 |
4964.170 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3409.550 |
2357.730 |
3324.300 |
|
|
Other Income |
52.180 |
23.630 |
113.270 |
|
|
TOTAL
(A) |
3461.730 |
2381.360 |
3437.570 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1915.440 |
1336.060 |
1807.480 |
|
|
Purchases of Stock-in-Trade |
53.750 |
59.650 |
85.130 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(82.420) |
(71.080) |
6.120 |
|
|
Employees benefits expense |
335.480 |
290.960 |
254.370 |
|
|
Other expenses |
1230.930 |
922.950 |
816.500 |
|
|
Exceptional items |
610.770 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
4063.950 |
2538.540 |
2969.600 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
(602.220) |
(157.180) |
467.970 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
305.090 |
246.440 |
282.650 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(907.310) |
(403.620) |
185.320 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
231.840 |
230.040 |
210.280 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(1139.150) |
(633.660) |
(24.960) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
(83.100) |
(39.640) |
|
|
|
|
|
|
|
|
Profit / (Loss) from
discontinuing operations (before tax) |
(5.010) |
5.550 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(1144.160) |
(545.010) |
14.680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
1345.010 |
1381.652 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1099.400 |
874.530 |
988.290 |
|
|
Capital Goods |
0.000 |
13.790 |
6.330 |
|
|
TOTAL
IMPORTS |
1099.400 |
888.320 |
994.620 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(44.09) |
(24.26) |
0.67 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(33.56) |
(23.12) |
0.44 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
(17.66) |
(6.67) |
14.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(23.55) |
(13.66) |
(0.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.27) |
(0.58) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.61 |
2.26 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.58 |
0.69 |
0.73 |
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 |
213.400 |
234.400 |
267.400 |
|
Reserves & Surplus |
1053.730 |
741.300 |
128.600 |
|
Money received against share
warrants |
0.000 |
118.790 |
106.510 |
|
Net
worth |
1267.130 |
975.700 |
396.000 |
|
|
|
|
|
|
long-term borrowings |
622.650 |
1082.410 |
910.340 |
|
Short term borrowings |
980.870 |
1394.650 |
2410.800 |
|
Total
borrowings |
1603.520 |
2477.060 |
3321.140 |
|
Debt/Equity
ratio |
1.265 |
2.539 |
8.387 |
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 |
3324.300 |
2357.730 |
3409.550 |
|
|
|
(29.076) |
44.612 |
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 |
3324.300 |
2357.730 |
3409.550 |
|
Profit |
14.680 |
(545.010) |
(1144.160) |
|
|
0.44% |
(23.12%) |
(33.56%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
From other parties |
5.600 |
7.200 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand |
1200.000 |
0.000 |
|
Loans from related parties |
482.350 |
349.810 |
|
|
|
|
|
Total |
|
|
|
|
1687.950 |
357.010 |
Indian Pharmaceutical
Market Overview
India’s pharmaceuticals market, worth Rs.790,000 Million or US$ 13 billion, has unique characteristics. First, branded generics dominate, making up for 70% to 80% of the retail market. Second, local players enjoy a dominant position driven by formulation development capabilities and early investments. India has the largest number of FDA-approved drug manufacturing plants with over 150 formulation facilities and is also the second largest pharmaceutical supplier to the US market in terms of volume of generic drugs Third, price levels are low, driven by intense competition. While India ranks 10th globally in terms of value, it is ranked third in volumes Propelling access and acceptance, realising true potential McKinsey & Company).The Indian Pharma sector attracted FDI inflows of US$ 1,279 million in 2013-14 Moreover, annual filings of Abbreviated New Drug Applications (ANDA), which seek approval to sell generic versions of patented medicines by Indian Companies, is expected to increase to over 100
Outlook
Animal Health
The current players in the animal health industry have fragmented non overlapping product portfolios with significant gaps. The Company intends to fill these portfolio gaps (both APIs and formulations) with a world-class brand. We aim to be among the ‘Global Top 10’ companies by consolidating our manufacturing capabilities and expanding the market footprint.
SeQuent has two dedicated manufacturing sites at Vizag (API) and Ambernath (EM formulations). The Company has set up world-class infrastructural assets to manufacture IP-led new APIs and build a sizeable EM Finished Dosage form (FDF) portfolio. By 2018, SeQuent aims to be a supplier of choice in regulated markets, developing complex FTF (first-to-file) and novel delivery systems.
Operational
Highlights
- SeQuent formed a joint venture named ‘Alivira Animal Health Limited’ in order to create best-inclass, integrated platform from API to formulations in animal healthcare
- Fastest growing segment was veterinary formulations. Exports were Rs.330.000 million and sales in India were Rs. 170.000 million from veterinary formulations business in 2013-14
- Launched 18 new products in formulations business and 4 new APIs Restructured, expanded and modernised its R&D centre in Mangalore
- Multipurpose design and flexible manufacturing facilities have enhanced the Company’s ability to meet the needs of clients
- Acquired the manufacturing assets and business of Arvee Syntthesis Private Limited, Mysore wherein Mysore would serve as a facility for key intermediates for the Company’s human API business
- Integrated intermediate production block capable of fully meeting API production requirements
- Mangalore facility received US FDA approval for its API Drug Manufacturing facility reflecting our priorities (quality and compliance)
- 6 new filings and 6 new approvals in the regulated markets in human API Segment
- SeQuent also acquired 3 acres, adjacent to its existing FDA approved facility in Mangalore
- The facility at Mysore and land at Mangalore to be used for meeting the growing demand for SeQuent’s key
- products in the USFDA and WHO regulated markets
Business Performance
During the financial year 2013-14, on a standalone basis, the Company’s revenues stood at Rs. 4,503.360 Million as against Rs. 3,165.400 Million in 2012- 13. The Company posted an EBITDA of Rs.125.260 Million in the year as against Rs. (40.230) Million in 2012-13. The Company made a loss of Rs. 1,144.160 Million.
FIXED ASSETS
Tangible Assets
- Free Hold Land
- Lease Hold Land
- Land Development
- Building
- Furniture and Fixtures
- Office equipment and Computers
- Plant and Machinery
- Vehicles
Intangible Assets
- Software
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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
|
28 |
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.