MIRA INFORM REPORT
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Report No. : |
312231 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLAMINGO PHARMACEUTICALS LIMITED |
|
|
|
|
Formerly Known
As : |
FLAMINGO IMPEX PRIVATE LIMITED |
|
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Registered
Office : |
7/1, Corporate Park, Sion-Trombay Road, Chembur, Mumbai - 400071,
Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
12.06.1985 |
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|
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Com. Reg. No.: |
11-036572 |
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Capital
Investment / Paid-up Capital : |
Rs. 68.040 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1985PLC036572 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03725B |
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PAN No.: [Permanent Account No.] |
AAACF4211B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Products. |
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No. of Employees
: |
450 (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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB-” |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
27.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3” |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
27.01.2015 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Gujar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-30009300 |
|
Date : |
12.03.2015 |
LOCATIONS
|
Registered Office : |
7/1, Corporate Park, Sion –Trombay Road, Chembur, Mumbai - 400071,
Maharashtra, India |
|
Tel. No.: |
91-22-30009300 |
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Fax No.: |
91-22-25233085 |
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E-Mail : |
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|
Website : |
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|
Area : |
6767 Sq. ft. |
|
Location : |
Owned |
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|
Factory 1 : |
R-662, T.T.C. Industrial Area, Rabale, Navi Mumbai - 400071,
Maharashtra, India |
|
Tel. No.: |
91-22-27695593 / 27696998 / 27694571 / 227607130 |
|
Fax No.: |
91-22-27693844 |
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E-Mail : |
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Area: |
4439 Sq. Mtrs |
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Location: |
Owned |
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Factory 2 : |
E-28, Taloja Industrial Area, Taloja, Raigad – 410208, Maharashtra,
India |
|
Tel. No.: |
91-22-27411372 / 65162742 |
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Fax No.: |
91-22-27411386 |
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E-Mail : |
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Area: |
6480 Sq. Mtrs |
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Location: |
Owned |
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Factory 3: |
Plot No. NPH – 1, Pharms E-2, Krushnur, District Nanded – 431709, Maharashtra,
India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ashwin Jethalal Thacker |
|
Designation : |
Managing Director |
|
Address : |
702, Sabari Aangan, 11th Road, Chembur, Mumbai – 400071, Maharashtra,
India |
|
Date of Birth : |
13.10.1989 |
|
Qualification : |
B. Sc. (Hons), DBM, DMM (Bom) |
|
Date of Appointment : |
23.06.1986 |
|
PAN No.: |
AACPT2572L |
|
DIN No : |
00048595 |
|
|
|
|
Name : |
Mr. Deepak Bhupatrai Goradia |
|
Designation : |
Director |
|
Address : |
222, Sabari Aangan, 7th Floor, 11th Road, Next
to Saraswati Vidyalay, Chembur, Mumbai - 400071, Maharashtra, India |
|
Date of Birth : |
09.04.1956 |
|
Date of Appointment : |
03.09.1997 |
|
DIN No : |
00058544 |
|
|
|
|
Name : |
Mr. Suhas Sadanand Ganpule |
|
Designation : |
Director |
|
Address : |
236, Pratiksha Building, 3rd Floor, Flat No.10, Borivali
(West), Mumbai - 400092, Maharashtra, India |
|
Date of Birth : |
25.08.1962 |
|
Date of Appointment : |
17.11.2009 |
|
DIN No : |
00179817 |
KEY EXECUTIVES
|
Name : |
Mr. Murlidharan K. |
|
Designation : |
Secretary |
|
Address : |
Flat No.103, Building No. 11, Neelam Nagar, Phase II, Mulund (East),
Mumbai-400018, Maharashtra, India |
|
Date of Birth : |
05.01.1957 |
|
Date of Appointment : |
01.07.2010 |
|
PAN No : |
AGEPK5441P |
|
|
|
|
Name : |
Mr. Sanjay Gujar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Ashwin Thacker |
4163400 |
|
Raju Thacker |
1895400 |
|
Pranay Thacker |
722400 |
|
Parth Thacker |
60 |
|
Raechella Murzello |
30 |
|
Sanjay Gujar |
30 |
|
Minimed Laboratories Private Limited, India |
22650 |
|
Rotaline Molekule Private Limited, India |
30 |
|
Total |
6804000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
0.33 |
|
Directors or relatives of Directors |
99.66 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Products. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Pharmaceutical Products |
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Countries : |
· South East Asia · South Africa · Europe · Switzerland · Middle East · Sri Lanka · US · UK · Hongkong · London |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· China · Spain · Oman |
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Terms : |
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Selling : |
Cash and Credit (30 Days/ 60 Days/ 90 Days) |
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Purchasing : |
Cash and Credit (30 Days/ 60 Days/ 90 Days) |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
450 (Approximately) |
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Bankers : |
· State Bank of India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · State Bank of Mauritius Limited, 101, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India · Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India ·
Central Bank India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pravin Sarvaiya and Company Chartered Accountants |
|
Address : |
4, Kermani Building, 1st Floor, Sir P. M. Road, Opposite Citi Bank, Fort, Mumbai – 400001, Maharahstra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAOPS8153J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Flamingo Healthcare Limited Rotaline Molecule Private Limited Flamingo Infra Developers Private Limited Minimed Laboratories Private Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,804,000 |
Equity Shares |
Rs.10/- each |
Rs. 68.040 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
68.040 |
68.040 |
68.040 |
|
(b) Reserves & Surplus |
1263.448 |
1164.831 |
1019.545 |
|
(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) |
1331.488 |
1232.871 |
1087.585 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1218.066 |
1166.052 |
984.033 |
|
(b) Deferred tax liabilities (Net) |
60.235 |
61.754 |
73.025 |
|
(c) Other long term
liabilities |
46.419 |
8.736 |
0.000 |
|
(d) long-term
provisions |
3.314 |
1.379 |
1.797 |
|
Total Non-current
Liabilities (3) |
1328.034 |
1237.921 |
1058.855 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
627.914 |
629.857 |
565.423 |
|
(b) Trade payables |
573.632 |
458.044 |
271.019 |
|
(c) Other
current liabilities |
375.792 |
314.329 |
201.093 |
|
(d) Short-term
provisions |
8.068 |
15.214 |
22.833 |
|
Total Current
Liabilities (4) |
1585.406 |
1417.444 |
1060.368 |
|
|
|
|
|
|
TOTAL |
4244.928 |
3888.236 |
3206.808 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2961.908 |
812.760 |
842.570 |
|
(ii)
Intangible Assets |
5.329 |
11.987 |
16.315 |
|
(iii) Capital
work-in-progress |
0.000 |
1914.222 |
1204.075 |
|
(iv)
Intangible assets under development |
30.805 |
15.607 |
1.607 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.973 |
31.958 |
85.126 |
|
(e) Other
Non-current assets |
0.000 |
14.216 |
0.000 |
|
Total Non-Current
Assets |
3021.015 |
2800.750 |
2149.693 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
268.086 |
282.449 |
245.673 |
|
(c) Trade
receivables |
441.208 |
332.980 |
345.292 |
|
(d) Cash
and cash equivalents |
131.689 |
71.938 |
74.858 |
|
(e)
Short-term loans and advances |
382.243 |
399.760 |
390.552 |
|
(f) Other
current assets |
0.687 |
0.359 |
0.740 |
|
Total
Current Assets |
1223.913 |
1087.486 |
1057.115 |
|
|
|
|
|
|
TOTAL |
4244.928 |
3888.236 |
3206.808 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2725.944 |
2332.745 |
2183.234 |
|
|
|
Other Income |
13.947 |
8.397 |
27.768 |
|
|
|
TOTAL (A) |
2739.891 |
2341.142 |
2211.002 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1595.262 |
1409.210 |
1253.788 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
19.084 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
19.872 |
(6.385) |
14.894 |
|
|
|
Employees benefits expense |
189.522 |
133.621 |
155.714 |
|
|
|
Other expenses |
611.414 |
536.144 |
435.172 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
29.509 |
|
|
|
TOTAL (B) |
2416.070 |
2072.590 |
1908.161 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
323.821 |
268.552 |
302.841 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.796 |
46.495 |
91.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
203.025 |
222.057 |
210.944 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
100.657 |
56.766 |
50.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
102.368 |
165.291 |
160.455 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(7.629) |
8.676 |
47.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
109.997 |
156.615 |
112.544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2640.297 |
2233.005 |
2072.146 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
659.524 |
567.900 |
310.320 |
|
|
|
Components and Spare Parts |
0.382 |
2.342 |
2.004 |
|
|
|
Capital Goods |
0.414 |
124.024 |
179.746 |
|
|
TOTAL IMPORTS |
660.320 |
694.266 |
492.070 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
16.17 |
23.02 |
16.54 |
|
Expected Sales (2014-2015): Rs. 3000.000 Millions
The above information has been parted by Mr. Sanjay Gujar (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.04 |
6.71 |
5.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.88 |
11.51 |
13.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.43 |
8.44 |
8.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.13 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.39 |
1.46 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77 |
0.77 |
1.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
68.040 |
68.040 |
68.040 |
|
Reserves & Surplus |
1019.545 |
1164.831 |
1263.448 |
|
Net
worth |
1087.585 |
1232.871 |
1331.488 |
|
|
|
|
|
|
long-term borrowings |
984.033 |
1166.052 |
1218.066 |
|
Short term borrowings |
565.423 |
629.857 |
627.914 |
|
Total
borrowings |
1549.456 |
1795.909 |
1845.980 |
|
Debt/Equity
ratio |
1.425 |
1.457 |
1.386 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2183.234 |
2332.745 |
2725.944 |
|
|
|
6.848 |
16.856 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2183.234 |
2332.745 |
2725.944 |
|
Profit |
112.544 |
156.615 |
109.997 |
|
|
5.15% |
6.71% |
4.04% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
121.361 |
123.758 |
90.677 |
|
|
|
|
|
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10504887 |
18/06/2014 |
800,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C08055766 |
|
2 |
10504882 |
18/06/2014 |
1,498,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C08054207 |
|
3 |
10485068 |
20/03/2014 |
225,000,000.00 |
RATNAKAR BANK LIMITED |
ONE INDIA BULLS CENTER, TOWER NO. 2, 6TH FLOOR,, |
C00564765 |
|
4 |
10406540 |
14/02/2013 |
70,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B68999895 |
|
5 |
10392667 |
18/01/2014 * |
480,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B95055711 |
|
6 |
10392673 |
06/12/2012 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B64406101 |
|
7 |
10388637 |
31/10/2012 |
109,400,000.00 |
STATE BANK OF MAURITIUS LTD |
101, RAHEJA CENTRE, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B62829429 |
|
8 |
10373191 |
03/08/2012 |
817,921.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B56658693 |
|
9 |
10303201 |
29/06/2011 |
125,000,000.00 |
STATE BANK OF MAURITIUS LTD |
101, RAHEJA CENTRE, 1ST FLOOR, FREE PRESS JOURNAL ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B19182393 |
|
10 |
10261319 |
13/07/2013 * |
155,000,000.00 |
BANK OF INDIA |
ANDHERI CORPORATE BANKING BR, M.D.I.BUILDING, 28, |
B81296139 |
|
11 |
10258658 |
25/02/2014 * |
550,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C00634832 |
|
12 |
10207057 |
26/02/2010 |
155,000,000.00 |
BANK OF INDIA |
ANDHERI CORPORATE BANKING BR. M. D. I. BUILDING, |
A81362352 |
|
13 |
90213197 |
28/05/1998 |
50,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
14 |
90212921 |
22/07/2011 * |
621,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B19074715 |
|
15 |
90235752 |
25/11/2004 * |
144,000,000.00 |
STATE BANK OF INDIA |
WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARAS |
- |
|
16 |
90212593 |
12/04/1996 * |
70,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
17 |
90212229 |
06/12/1991 |
9,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
18 |
90212072 |
18/05/1990 |
5,700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
19 |
90211889 |
22/02/1989 |
3,200,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
20 |
90211715 |
14/12/1987 |
700,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
21 |
90211647 |
18/06/1987 |
980,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Intercorporate deposits |
51.350 |
51.350 |
|
Loans and advances from directors |
40.450 |
40.450 |
|
Loans and advances from others |
8.200 |
8.200 |
|
Total |
100.000 |
100.000 |
BUSINESS
PERFORMANCE:
Overall revenue for the year grew by a healthy rate of ~ 17%, principally contributed by Taloja plant regaining normal working, and helped further by favourable exchange rates. Exports to semi-regulated markets remained stable Rs. 1700.000 Millions (previous year Rs. 1730.000 Millions).
Regulated market share in the turnover rose to 81% with exports from Taloja registering Rs. 1000.000 Millions (previous year Rs. 540.000 Millions). Nanded plant started its regular production from September 2013 and could export products valued ~ Rs. 50.000 Millions Margins showed improvement due to higher capacity utilization.
The directors, on a review of the domestic business, decided to keep it suspended.
NANDED
PROJECT:
As reported in the last annual report, the Oral Solid Dosage (OSD) Plant commenced its regular production after receiving UKMHRA approval in September 2013 and has started exporting its products. The Plant is undergoing customer audit, for technical and ethical compliances, before site transfer of products and commercialization.
The Beta Plant has received its manufacturing licence in July 2014 from local FDA though it was technically complete earlier. It now awaits inspection and approval by regulatory authorities, before commencement of regular operations.
The directors feel that both the Plants are subject to compliance checks which have become mandatory, before regular business starts there from and are hopeful that these steps build confidence in the customers with regard to quality assurance.
SUBSIDIARY IN UK
Company’s products have sizeable presence in UK and European markets. In order to strengthen its reliance further on these markets, the company has promoted a Wholly Owned Subsidiary (WOS) in UK with emphasis on market promotion and Market Authorization licence acquisition for the company’s products. The London based establishment is expected to give fillip to marketing efforts, which in turn, will help company build healthy order book position and further, improve the capacity utilization of the plants.
US MARKET
The company has filed its first ANDA with US FDA in June 2014 and has planned to file more such applications periodically. By this filing, the inspection of Nanded Plant by USFDA has been triggered. Once the facilities and ANDA products are approved, the company will be able to enter US market with its product launch.
The company has already set up strong technical and regulatory team to comply with the USFDA regulatory requirements.
The management is confident of getting the USFDA approval as and when the inspection is done.
FINANCE
The opportunities to boost formulation export business are abound and therefore, it may be necessary to raise growth capital, at appropriate time, to exploit them. The Directors are seized of the need and will work towards appropriate fund raising strategy, keeping in mind the long term business interests of the company.
The company has been regular in servicing its debt raised
from the banks.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Bank Guarantees (Sales tax, MSEDCL, etc.) |
10.291 |
10.167 |
|
Export Bills Discounted with bank |
137.342 |
80.806 |
|
Letter of Credit against import of materials |
104.651 |
34.600 |
|
Service tax |
24.000 |
24.000 |
FIXED ASSETS
Tangible Assets
· Land
· Factory Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Leasehold Improvements
Intangible Assets
· Computer 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 : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.