MIRA INFORM REPORT
|
Report No. : |
347333 |
|
Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
BILCARE LIMITED |
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Formerly Known
As : |
BI LIMITED |
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Registered
Office : |
Gate No. 1028, At Village Shiroli, Taluka Khed, Rajgurunagar, Pune -
410505, Maharashtra |
|
Tel. No.: |
91-2135-304200 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
01.07.1987 |
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Com. Reg. No.: |
11-043953 |
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Capital
Investment / Paid-up Capital : |
Rs. 235.452 Million |
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|
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CIN No.: [Company Identification
No.] |
L28939PN1987PLC043953 |
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IEC No.: |
0390018384 |
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TAN No.: [Tax Deduction and Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCB2242F |
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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 Packaging Films and Foils, Packaging Innovations,
Packaging Films Solutions, Specialty Films Solutions and Card Solutions. |
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No. of Employees
: |
2000 (Approximately) |
RATING and COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company incorporated in the year 1987 having
moderate track. The rating reflects modest financial risk profile marked by a sharp decline
in the turnover and heavy loss incurred by the company during FY 2014 and FY
2015. Moreover, it is also to be noted that the company is listed with RBI
defaulter and default hefty amount with corporation Bank. Their Business is active. Payments terms are reported as slow. The company can be considered for business dealings on fully and
secured 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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
INDIA RATING (26th May 2015)
India rating has withdrawn Bilcare Limited’s (D) (Suspended) Long term
issuer rating:
The rating has been withdrawn due to lack of adequate information. India
rating will no longer provide rating or analytical coverage for Bilcare.
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
Suit-filed accounts of Rs. 10.000 Million and above as on 30.10.2015
Search details
Borrower Containing - BILCARE LIMITED
|
BANK |
BRANCH |
QUARTER |
BORROWER NAME |
DIRECTORS NAME |
OUTSTANDING AMOUNT (RS. IN MILLION) |
|
Corporation Bank |
Pune-IFB |
30-09-2014 |
ANIL ANANT
TIKEKAR, MOHAN HARAKCHAND BHANDARI |
500.000 |
|
|
Corporation Bank |
Pune-IFB |
31.03.2015 |
ANIL ANANT
TIKEKAR, MOHAN HARAKCHAND BHANDARI |
500.000 |
Suit-filed accounts (Willful Defaulters) of Rs. 2.500 Million and above as on 30.10.2015
Search details
Borrower Containing - BILCARE LIMITED
|
BANK |
BRANCH |
QUARTER |
BORROWER NAME |
DIRECTORS NAME |
OUTSTANDING AMOUNT (RS. IN MILLION) |
|
CORPORATION BANK |
CBB-PUNE |
31.03.2015 |
MOHAN HARAKCHAND
BHANDARI |
5000.000 |
|
|
CORPORATION BANK |
CBB-PUNE |
30.06.2015 |
MOHAN HARAKCHAND
BHANDARI |
5000.000 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Anil Tikekar |
|
Designation : |
Company Secretary and Chief Executive Officer |
|
Contact No.: |
91-2135-304200 |
|
Date : |
29.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No. 1028, At Village Shiroli, Taluka Khed, Rajgurunagar, Pune –
410505, Maharashtra, India |
|
Tel. No.: |
91-2135-304200 |
|
Mobile No.: |
Not Available |
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Fax No.: |
91-2135-224068 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Industrial |
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Corporate Office : |
601, |
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Tel. No.: |
91-20-30257700 |
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Fax No.: |
91-20-30257701 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mohan H. Bhandari |
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Designation : |
Managing Director |
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Address : |
604, Mantri Lawns,, Behind Anand Ban Club, Anand Ban, Aundh, Pune - 411007, Maharashtra, India |
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Date of Appointment : |
01.07.2012 |
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DIN No.: |
00052777 |
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Other Directorship :
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Name : |
Mr. Rajendra B. Tapadia |
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Designation : |
Director |
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Address : |
Mauli Bunglow No. 1 Mantri Park, Bhosale Nagar, Pune - 411007, Maharashtra, India |
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Date of Appointment : |
08.12.1994 |
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DIN No.: |
00508894 |
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Other Directorship :
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Name : |
Mr. Avinash S. Joshi |
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Designation : |
Director |
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Address : |
S-3, Mayureshwar Apartment, 523- A/2, Sadar Bazar, Satara, 415001 - Maharashtra, India |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
05320116 |
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Other Directorship :
|
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Name : |
Dr. Sankarshan Basu |
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Designation : |
Director |
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Address : |
Qtr. 308, Iimb Campus, Banneghatta Road, Bangalore, 560076 - Karnataka, India |
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Date of Appointment : |
30.09.2015 |
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DIN No.: |
06466594 |
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Other Directorship :
|
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Name : |
Mrs. Nutan M. Bhandari |
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Designation : |
Director |
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Address : |
Flat No. 604/C, Mantri Lawns, Anandpark, Aundh, Pune - 411007, Maharashtra, India |
|
Date of Appointment : |
30.09.2015 |
|
DIN No.: |
02198203 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Tikekar |
|
Designation : |
Company Secretary and Chief Executive Officer |
|
Address : |
106 Saurabh Co-Op. Hsg Society, Near Nav Sahyadri Post Office Karve Nagar, Pune - 411052, Maharashtra, India |
|
PAN No.: |
AAGPT1883J |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
As a % of (A+B+C) |
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
7061611 |
29.99 |
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|
7061611 |
29.99 |
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Total shareholding of Promoter and Promoter Group (A) |
7061611 |
29.99 |
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(B) Public Shareholding |
||
|
|
|
|
|
|
10000 |
0.04 |
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|
10000 |
0.04 |
|
|
|
|
|
|
1092291 |
4.64 |
|
|
|
|
|
|
5869025 |
24.93 |
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|
5159863 |
21.91 |
|
|
2242633 |
9.52 |
|
|
68327 |
0.29 |
|
|
3755 |
0.02 |
|
|
330179 |
1.40 |
|
|
75000 |
0.32 |
|
|
1761620 |
7.48 |
|
|
3102 |
0.01 |
|
|
650 |
0.00 |
|
|
14363812 |
61.01 |
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Total Public shareholding (B) |
14373812 |
61.05 |
|
Total (A)+(B) |
21435423 |
91.04 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2109808 |
8.96 |
|
|
2109808 |
8.96 |
|
Total (A)+(B)+(C) |
23545231 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Packaging Films and Foils, Packaging Innovations,
Packaging Films Solutions, Specialty Films Solutions and Card Solutions. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash 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 : |
2000 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM
BORROWING:
SHORT TERM
BOROWING :
|
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Auditors : |
|
|
Name : |
R. L. Rathi and Company Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
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|
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Secretarial Auditor
: |
Shekhar Ghatpande and Company Practicing Company Secretaries |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Ultimate holding
Company : |
Bilcare Limited |
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|
Holding Company -
wholly owned subsidiary : |
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Subsidiaries : |
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|
Holding Company –
wholly owned subsidiary : |
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Subsidiaries : |
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Wholly owned
subsidiary : |
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Wholly owned
subsidiary : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Million |
|
5,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 50.000 Million |
|
|
Total |
|
Rs. 450.000
Million |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,545,231 |
Equity Shares |
Rs. 10/- each |
Rs. 235.452 Million |
|
|
|
|
|
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
23,545,231 |
|
Shares issued during the year |
-- |
|
Shares
outstanding at the end of the year |
23,545,231 |
- 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 31 March
2015, the amount of per share dividend recognized as distributions to equity
shareholders was Rs. NIL (31 March 2014: Rs. NIL).
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 equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mohan H. Bhandari |
5,856,489 |
24.87 |
|
Deutsche Bank Trust
Company Americas
(Custodian of shares against GDR’s issued) |
2,109,808 |
8.96 |
|
Monument Pte. Limited |
1,761,620 |
7.48 |
|
Rakesh R. Jhunjhunwala |
1,735,425 |
7.37 |
|
Nutan M. Bhandari |
1,205,122 |
5.12 |
|
Total |
12,668,464 |
53.80 |
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 |
235.452 |
235.452 |
235.452 |
|
(b) Reserves and Surplus |
6,434.723 |
8,312.355 |
9,444.609 |
|
(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) |
6,670.175 |
8,547.807 |
9,680.061 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
723.011 |
10,087.502 |
11,554.585 |
|
(b) Deferred tax liabilities (Net) |
9,492.325 |
1,025.502 |
1,174.851 |
|
(c) Other long term
liabilities |
990.500 |
0.000 |
0.000 |
|
(d) long-term
provisions |
13.491 |
6.202 |
12.725 |
|
Total Non-current
Liabilities (3) |
11,219.327 |
11,119.206 |
12,742.161 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,022.018 |
2,191.809 |
2,254.731 |
|
(b) Trade
payables |
374.670 |
312.418 |
707.311 |
|
(c) Other
current liabilities |
5,492.949 |
4,009.091 |
1,502.504 |
|
(d) Short-term
provisions |
543.725 |
182.309 |
(17.370) |
|
Total Current
Liabilities (4) |
8,433.362 |
6,695.627 |
4,447.176 |
|
|
|
|
|
|
TOTAL |
26,322.864 |
26,362.640 |
26,869.398 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11,928.428 |
12,282.166 |
6,009.200 |
|
(ii)
Intangible Assets |
244.748 |
265.578 |
357.516 |
|
(iii)
Capital work-in-progress |
1,246.590 |
1,816.071 |
7,851.342 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6,824.251 |
6,831.314 |
6,943.669 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
32.798 |
47.403 |
52.432 |
|
(e) Other
Non-current assets |
417.276 |
496.099 |
545.097 |
|
Total Non-Current
Assets |
20,694.091 |
21,738.631 |
21,759.256 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1,415.092 |
1,139.897 |
1,387.253 |
|
(c) Trade
receivables |
1,015.329 |
1,047.713 |
1,014.212 |
|
(d) Cash
and cash equivalents |
170.133 |
255.274 |
324.041 |
|
(e)
Short-term loans and advances |
3,028.219 |
2,181.125 |
2,384.636 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5,628.773 |
4,624.009 |
5,110.142 |
|
|
|
|
|
|
TOTAL |
26,322.864 |
26,362.640 |
26,869.398 |
PROFIT
and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3,313.344 |
4,013.520 |
7,274.304 |
|
|
Other Income |
42.687 |
(68.788) |
(7.855) |
|
|
TOTAL SALES |
3,356.031 |
3,944.732 |
7,266.449 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2,438.361 |
2,640.910 |
4,777.817 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(31.040) |
81.357 |
(32.270) |
|
|
Employees benefits expense |
241.629 |
192.916 |
263.700 |
|
|
Other expenses |
454.125 |
454.591 |
434.871 |
|
|
Extraordinary Items |
(0.937) |
(374.875) |
231.246 |
|
|
Prior Period Expenses |
0.000 |
2.463 |
30.936 |
|
|
TOTAL (B) |
3,102.138 |
2,997.362 |
5,706.300 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
253.893 |
947.370 |
1,560.149 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1,318.404 |
1,470.382 |
1,024.944 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(1,064.511) |
(523.012) |
535.205 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1,055.210 |
678.062 |
419.953 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(2,119.721) |
(1,201.074) |
115.252 |
|
|
|
|
|
|
|
Less |
TAX |
(282.894) |
13.497 |
49.470 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(1,836.827) |
(1,214.571) |
65.782 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
539.677 |
876.010 |
584.933 |
|
|
Freight |
0.000 |
0.000 |
262.500 |
|
|
Insurance |
0.000 |
0.000 |
27.560 |
|
|
Others Interest |
0.210 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
539.887 |
876.010 |
874.993 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1,382.695 |
1,187.048 |
1,839.814 |
|
|
TOTAL IMPORTS |
1,382.695 |
1,187.048 |
1,839.814 |
|
|
|
|
|
|
|
|
EARNINGS / (LOSS) PER
SHARE (RS.) |
(78.00) |
(51.58) |
(2.790) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
400.521 |
2246.558 |
3956.337 |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Cash generated from Operating Activities |
(166.771) |
1772.146 |
2273.711 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(55.44) |
(30.26) |
0.90 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.66 |
23.60 |
21.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.61) |
(6.78) |
0.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32) |
(0.14) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41 |
1.44 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67 |
0.69 |
1.15 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 45.85/- |
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 |
235.452 |
235.452 |
235.452 |
|
Reserves and Surplus |
9444.609 |
8312.355 |
6434.723 |
|
Net
worth |
9680.061 |
8547.807 |
6670.175 |
|
|
|
|
|
|
long-term borrowings |
11554.585 |
10087.502 |
723.011 |
|
Short term borrowings |
2254.731 |
2191.809 |
2022.018 |
|
Total
borrowings |
13809.316 |
12279.311 |
2745.029 |
|
Debt/Equity
ratio |
1.427 |
1.437 |
0.412 |
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 |
7,274.304 |
4,013.520 |
3,313.344 |
|
|
|
(44.826) |
(17.445) |
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
|
7274.304 |
4013.520 |
3313.344 |
|
Profit |
65.782 |
(1214.571) |
(1836.827) |
|
|
0.90% |
(30.26%) |
(55.44%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
|
HIGH COURT OF
BOMBAY |
||||||||||||||||||||||
|
CASE DETAILS BENCH: BOMBAY |
||||||||||||||||||||||
|
Presentation
Date:- 31/07/2015 |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
Petitioner: CORPORATION
BANK Respondent: BILCARE LIMITED CIN L28939PN1987PLC043953 Petn. Adv :RATHINA MARAVARMAN District: MUMBAI |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
GLOBAL PHARMACEUTICAL
PACKAGING LANDSCAPE AND TRENDS:
Pharmaceutical Packaging products are used to protect the
medicines so that they remain unscathed by any external toxins and microbial
activity, and thus, have an extended shelf life. Drug manufacturers have to
abide by international compliance jurisdictions enforced by the global
regulatory authorities, which ensure packaging is a critical element in the
drug delivery process to the final point of purchase. Various raw materials
such as plastic resins, glass, paper and paperboard, aluminum, and other metals
are used for the construction of pharmaceutical packaging materials. These
packages are available in a broad range of products, such as bottles,
parenteral containers, blister packs, caps, closures, pre-fillable syringes,
and tubes.
TechNavio’s analysts forecast the Global Pharmaceutical Packaging market to grow at a CAGR of 5.90 percent over the period 2014 - 2019. Blister Packaging is a form of high visibility packaging that uses pre-formed plastic packs for small consumer goods and pharmaceuticals. Blister packs comprise a base layer, made either of plastic or aluminum, with cavities or a formable web known as blisters. Blister packs are mainly used to package pharmaceutical products – Rx, OTC drugs and medicines (capsules), as well as small medical devices. The analysts forecast the Blister Packaging market in the US to grow at a CAGR of 5.92 percent over the period 2013-2018. Bilcare is one of the largest Blister packaging Company in the world.
The pharma packaging industry, though mature, is undergoing a sea of change. The progress of this industry is tied to innovations. Evolving consumer needs, novel medicines, advancing technology, increasing cost pressure, stringent regulations, etc., are driving innovation in pharma packaging. These factors, along with numerous others, are playing a vital role in enhancing packaging functionality. Apart from innovations, the importance of design and visual recall has also moved up the curve for industry players.
KEY TRENDS
–OPPORTUNITY AREAS:
- Serialization and Anti-counterfeiting Packing:
There has been widespread prevalence of counterfeit drugs, especially in pharmerging markets, and the various regulations being adopted by governments to check their infiltration. India’s Directorate General of Foreign Trade (DGFT) mandates the use of unique numbers and bar codes on primary, secondary, and tertiary packaging for easy tracking and tracing, a practice known as serialization, of all drugs exported from the country. The mandate, which came into force in January 2011, was supposed to be fully implemented by mid-2013. However, due to noncompliance, the deadline had been extended to April 2015. The California ePedigree Law, which requires pharma manufacturers and distributors to implement serialization, has come into effect from January 2015.
Pharma companies globally have
changed/ are changing their packaging process to adapt to these regulations.
Automation by Contract Packagers: With the introduction of stringent
anti-counterfeiting regulations and implementation of serialization, pharma
packaging requirements have become more complicated. As a result, pharma
companies are increasingly automating packaging lines.
- Senior-friendly and Child-resistant Packaging:
With increasing share of the elderly in the world population, pharma and packaging companies are focusing on senior-friendly (SF) packaging globally. The global share of older people (aged >60) will increase 10% during 2013– 2050, further increasing the need for SF packaging.
Along with SF packaging, focus on child-resistant
(CR) packaging has also increased. In addition to branding, packaging should
address product needs, patient convenience, and product security.
Eco-friendly Packaging:
Although ecofriendly and
sustainable packaging seems to be losing sway, their importance does not wane.
With the everwidening environmental concerns, drug manufacturers and packaging
companies are constantly focusing on eco-friendly packaging materials,
techniques, and technologies.
Talking Packaging and use of digital technology to track and trace:
This is a technology that enables products to speak for themselves. trends long back, and started its innovation led packaging under its 5 C (counterfeit, compliance, convenience, communication and CR pack) philosophy, which captures all above elements. Bilcare has several covert, overt feature and print technology based anti- counterfeit measures, including invisible inks, special font and print design in packaging to check counterfeit. Similarly, the Company has special “Child Resistant” and “Senior Friendly” pack design with aluminum lidding foil for both domestic and international customers. In Europe and US it is a standard norm, while in India, awareness levels are on the rise.
Bilcare nCiD™ - nano technology
based on real time authentication, track and trace and anti- counterfeit
solution is the next generation packaging technology is getting appreciated by
several pharma and medical device companies and is well poised to meet DGFT future
mandate for exports. In fact, under Government of India (GoI), Council of
Scientific and Industrial Research (CSIR) has done a special project under its
new millennium initiative to understand feasibility of this technology across
entire supply chain and medicine ecosystem from manufacturer to that of
patient, including chemists and doctors.
Bilcare 5 C philosophy of
innovation has differentiated it as a pioneer in several emerging futuristic
trends in packaging to stand as a market leader. Bilcare ECOmply™ film, an
eco-friendly blister combining the demands of biodegradability and product
protection stability. ECOmply blends standard PVC film with a special additive
that makes ECOmply biodegradable. The result is PVC-level functionality without
a PVC-level environmental footprint.
PACKAGING INNOVATION:
The Primary Pharma Packaging Industry represents 15% by
value- estimated at US$ 19Bn. and blister packaging is around 35% by volume and
25% by value – estimated at US$ 6.3Bn. Bilcare
is largely present in this Blister Packaging segment- comprising films and
foils for the pharmaceuticals in India, Europe and in the US. Further, it is
also present in specialty packaging and cards solutions in the US and Europe.
PHARMA PACKAGING AND
INNOVATION (INDIA):
Pharma Packaging and Innovation business in India and the subcontinent continues to focus on pharmaceuticals, while bringing best of packaging technology, innovation and materials best suited for pharma challenges. Some of the key product highlights are as follows:
BILCARE RESEARCH
AG-(PACKAGING BUSINESS):
Bilcare acquisition of Ineos packaging business, now known as Bilcare Research AG (BRAG), headquartered out of Basel, Switzerland has helped the Company in garnering leadership position in most of the markets across Europe, US and Asia.
The markets across Europe, US and Asia. BRAG has ever since gained momentum and now acting as ‘Growth Driver’ for the organization:
- BRAG demonstrated strong
turnover growth and margin with its Net Turnover increasing from EUR 240
Mn. In 2011/12 to EUR 265 Mn. In 2014/15, despite the exit from packaging
business worth EUR 40 Mn.
- EBIDTA went up from EUR 8
Mn. In 2011/12 to EUR 27 Mn. In 2014/15 due to cost efficiency, better
product mix and internal restructuring.
- Emerging and Asian market
growth is expected with BRAG’s takeover of Bilcare Singapore, which also
gives a better footprint and opportunity to expand in China.
- Serves over 1000+ pharma
customers where each of them constitute no more than 2% of Turnover,
making it risk free; further 15 out of top 20 global pharma Companies are
BRAG customers.
- Excellent relationship
resulting-in repeat business of almost 95% with pharma customers.
BILCARE RESEARCH AG
GARNERING LEADERSHIP POSITION:
BRAG service offering is primarily segmented into three distinct businesses, namely – Pharma Packaging Innovation, Specialty Films Solutions and Cards Solution which maintains highest quality standards and extremely customer focused. Pharmaceuticals Packaging Business at (EUR 124 Mn.) forms largest share of BRAG business, while Europe with 62% market share accounts for its biggest geographical region. Bilcare maintains its leadership position within top three- across regions and markets in the US, Europe, Asia and Rest-of-the-World (ROW). Quality: BRAG manufacturing sites are certified according to ISO9001:2008, ISO14001 (Environmental Management Systems), EMAS lil validation (Eco Management and Audit Scheme), ISO 15378:2011.
GLOBAL CLINICAL
SERVICES:
The pharmaceutical industry began globalizing clinical
trials about 15 years ago. Lured by lower research expenses and rapid patient
recruitment more than 50% of the clinical trials are conducted offshore and in
more developing countries than ever before, profoundly increasing the
complexity of supply chain logistics. Some of the forces affecting the industry
include access to new markets and patients, regulatory standards for clinical
trials supply, supply chain security and other technology for developing and
testing medicines.
While Asia’s clinical research landscape has grown
significantly at 8% over the past five years, a new Center Watch analysis has
found new pockets of growth, particularly in China South Korea and Japan, but
regulatory concerns have caused a dramatic slowdown in India, which the
industry had anticipated would become a leading market for clinical research by
now. Much of the research focus has shifted from India to China where, despite
substantial challenges including lengthy study start-up times and cost
concerns, analysis shows the clinical trial infrastructure has begun to
consolidate and mature.
The clinical research landscape in India went through a
roller-coaster ride over the last several months. All this was being done to
streamline the entire conduct of clinical research in India and ensure patient
safety and enhanced data quality and integrity. In recent years, this industry
witnessed a decline in number of trials in India (529 in 2010; 253 in 2012).
The number of drugs entering the Indian markets had been gradually reducing
even before the current slump in clinical research activity (270 in 2008; 140
in 2011; 44 in 2012 and 25 in 2013).
Bilcare GCS looking at challenges of clinical trial slow
down in India as well other opportunities made the decision to expand its reach. USA and European Comparator Drug
Business and routine CTMS enquiries from EU and USA substantially increased in
last year. By seeing the last year’s trend Bilcare GCS established marketing
offices in USA and UK to capture future rising opportunities. Bilcare GCS, this
year, clocked 12.8 % Revenue growth with addition of 14 new clients.
‘Comparator Sourcing’ business increased substantially over last year, showing
40% growth.
FINANCIAL HIGHLIGHTS:
The highlights of the
Company’s performance are as under:
The Company’s Standalone revenue for the year FY 2015 stood at Rs. 3356.000 Million as against Rs. 3944.700 Million of FY 2014. The decline is mainly due to working capital shortage which resulted in a loss of execution of the sales orders in hand. The Company has already initiated the process of realigning the entire structure to ensure optimum utilization of resources as well as capital reorganization.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax loans |
107.078 |
108.820 |
|
Term Loan from Banks / FI |
500.000 |
500.000 |
|
Others |
85.681 |
89.346 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Fixed deposits from public |
1485.921 |
1656.827 |
|
Loans and advances from related parties |
40.000 |
50.000 |
|
Total |
2218.680 |
2404.993 |
CONTINGENT
LIABILITIES:
(Rs. In millions)
|
PARTICULARS |
31.03.2015 |
|
Claims against the
Company, not acknowledged as
debts: |
|
|
Corporate guarantees given on behalf of subsidiaries |
7750.090 |
|
Estimated amount of contracts remaining to be executed on capital
account not provided for (net of advances) |
0.000 |
|
Interest on Bank Loans (NPA Accounts) has been charged at
10% p.a. being average base rate of lending. The contingent liability for unprovided Interest on
account of difference between the Sanctioned Rate of Interest and the Base
Rate, which is subject to negotiation with individual banks as a part of the
Restructuring undertaken by the Company till 31 March 2015. Had the company
provided this interest, loss would be higher by Rs.. 5,650.23 Lacs. (31 March
2014 : Rs.. 4,237.97 lacs) |
988.820 |
|
The Commissioner of Income Tax (Central), Pune has filed a
Writ Petition in the honourable High Court of Judicature at Mumbai against
Income Tax Settlement Commission (ITSC) and the Company. The Writ Petition is
filed challenging the order of the ITSC u/s 245D(4) passed on 14th
October 2013 in favour of the Company allowing the Company’s claim of certain
expenditure. Thus, the Company may have a possible obligation based on the
outcome of the Writ petition which is currently not possible to estimate. |
0.000 |
|
Total |
8738.910 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
3 Months Ended (UNAUDITED) |
|
|
30.06.2015 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
714.200 |
|
b) Other operating income |
1.100 |
|
Total
income from Operations(net) |
715.300 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
499.400 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
14.600 |
|
d) Employees benefit expenses |
60.800 |
|
e) Depreciation and amortization expenses |
275.600 |
|
f) Power and Fuel |
0.000 |
|
g) Other expenditure |
80.400 |
|
Total expenses |
930.800 |
|
3. Profit from operations before other income and
financial costs |
(215.500) |
|
4. Other income |
0.000 |
|
5. Profit from ordinary activities before finance costs |
(215.500) |
|
6. Finance costs |
367.200 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(582.700) |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(582.700) |
|
10.Tax expenses |
(126.000) |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
(456.700) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(456.700) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
235.500 |
|
15. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
0.000 |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
(19.40) |
|
(a) Basic and diluted |
|
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
16483620 |
|
- Percentage of shareholding |
70.01% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
98000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
1.39% |
|
Percentage of shares (as a % of total share capital of the
company) |
0.42% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
6963611 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
98.61% |
|
Percentage of shares (as a % of total share capital of the
company) |
29.57% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
NIL |
|
Disposed of during the quarter |
NIL |
|
Remaining unreserved at the end of the quarter |
NIL |
Notes:
- The company main business segment is packaging research solutions.
- Figures for previous periods have been regrouped and rearranged, wherever necessary, to confirm with the relevant current periods classification.
- The above unaudited results have been reviewed by the audit Committee, approved by the Board of directors of the company at its meeting held on 14 august 2015 and have been subjected to a “Limited Review by the statutory auditors”.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10574152 |
10/06/2015 |
449,200,000.00 |
INDUSIND BANK LIMITED. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE,
MAHARASHTRA - 411001, INDIA |
C56049745 |
|
2 |
10529795 |
15/09/2015 * |
252,500,000.00 |
LAKSHMI VILAS BANK LIMITED |
CTS NO. 998 A J CRYSTAL SHUKRAWAR PETH,,
SWARGATE CORNER, TILAK ROAD,,
PUNE, MAHARASHTRA - 411030, INDIA |
C66706870 |
|
3 |
10572819 |
15/09/2014 |
1,328,908,000.00 |
THE SOUTH INDIAN BANK LIMITED |
289 EMCA HOUSE S B SINGH ROAD, FORT,
MUMBAI, MAHARASHTRA - 400038, INDIA |
C55392948 |
|
4 |
10572825 |
15/09/2014 |
140,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
289 EMCA HOUSE S B SINGH ROAD, FORT,
MUMBAI, MAHARASHTRA - 400038, INDIA |
C55394886 |
|
5 |
10490111 |
29/03/2014 |
440,000,000.00 |
IDBI BANK LIMITED |
201, PRIDE HOUSE, 2ND
FLOOR,UNIVERED,SHIVAJINAGAR, PUNE,
MAHARASHTRA - 411016, INDIA |
C03738713 |
|
6 |
10483108 |
23/01/2014 |
623,200,000.00 |
LAKSHMI VILAS BANK LIMITED |
CTS NO. 998 A J CRYSTAL SHUKRAWAR PETH,,
SWARGATE CORNER, TILAK ROAD,,
PUNE, MAHARASHTRA - 411030, INDIA |
B98685068 |
|
7 |
10381902 |
24/09/2012 |
70,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA,
WEST BE |
B60228418 |
|
8 |
10340125 |
07/02/2012 |
3,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,
PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA |
B34099549 |
|
9 |
10340325 |
07/02/2012 |
10,798,900,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,
PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA |
B34190553 |
|
10 |
10329545 |
19/12/2011 |
500,000,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
A-17 RING ROAD, LAJPAT NAGAR- IV, NEW
DELHI, DELH |
B29817624 |
*Date of modification Charges
FIXED ASSETS:
TANGIBLE ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Electric Fitting
·
Office Equipments
·
Tools and Equipments
INTANGIBLE ASSETS:
- Patent and Trademarks
- Other Intangible Assets
CMT REPORT (Corruption, Money Laundering and 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 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. 65.48 |
|
|
1 |
Rs. 101.06 |
|
Euro |
1 |
Rs. 72.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
YES |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
15 |
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 and 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.