MIRA INFORM REPORT
|
Report No. : |
348320 |
|
Report Date : |
06.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUNIL HEALTHCARE LIMITED |
|
|
|
|
Formerly Known
As : |
SUNIL SYNCHEM LIMITED |
|
|
|
|
Registered
Office : |
Vijay
Tower, 38E/252-A, Shahpurjat, Panchsheel Commercial Complex, New Delhi –
110 049 |
|
Tel. No.: |
91-11-49435500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
05.02.1973 |
|
|
|
|
Com. Reg. No.: |
55-189662 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.102.548 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24302DL1973PLC189662 |
|
|
|
|
IEC No.: |
588067407 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRS04356C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS9198Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Hard Gelatin Capsule Shells and also engaged in
Trading of Food Items. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 740000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject
is a manufacturer of Empty Hard Gelatin Capsule Shells and commenced
operations in 1973 by the name of Sunil Synchem Limited. The company
presently manufactures Empty Hard Core Gelatin Capsules which is sold across India
as well as exported to Africa, Middle East, OECD and Asian countries. In
2004, the company was renamed to Sunil Healthcare Limited. The company's
manufacturing facility is situated in Alwar. The company is certified by
WHO-GMP and is also accredited with DMF IV registration by United States Food
and Drug Administration (US FDA). It has satisfactory track record. The
company possesses a decent profile marked by adequate networth base along
with fair liquidity and profitability. The
rating continue to take into account company's long standing presence in the
capsule manufacturing business and diversified customer base in both domestic
and international markets. Trade
relations are fair. Business is active. Payment are reported to be usually
correct. The company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loans : BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
August 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Letter of credit: A3+ |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
August 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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-11-49435500)
LOCATIONS
|
Registered Office/ Corporate Office : |
Vijay
Tower, 38E/252-A, Shahpurjat, Panchsheel Commercial Complex, New Delhi –
110 049, India |
|
Tel. No.: |
91-11-49435500/ 55/ 66/ 77/ 88/ 99 |
|
Fax No.: |
91-11-43850087 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
17/18, Old Industrial Area, Alwar – 301 001, Rajasthan, India |
|
Tel. No.: |
91-144-2373829/ 33 |
|
Fax No.: |
91-144-2373826 |
|
|
|
|
Branch Office : |
Located at: · Kolkata · Ahmedabad · Bangalore · Chennai ·
Secunderabad |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Anil Khaitan |
|
Designation : |
Chairman Cum Managing Director |
|
|
|
|
Name : |
Mr. Sanjay Kumar Kaushik |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.01.1969 |
|
Qualification : |
B Com |
|
|
|
|
Name : |
Mr. S.N. Balasubramanian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Joginder Singh IPS (Retired) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajat Kumar Niyogi IPS (Retired) |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. B. P. Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R C Khurana |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Lata Singh ( Retd IAS) |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ranjeet Bannerji |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Virendra Kumar Garg |
|
Designation : |
AGM Legal cum Company Secretary |
|
|
|
|
Name : |
Mr. Pawan Rathi |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. D. Gnansekaran |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total
No. of Shares |
%
Of Total Shareholding |
|
|
|
As
a % of (A+B+C) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6213094 |
60.59 |
|
|
1327211 |
12.94 |
|
|
7540305 |
73.53 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7540305 |
73.53 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10476 |
0.10 |
|
|
10476 |
0.10 |
|
|
|
|
|
|
990035 |
9.65 |
|
|
|
|
|
|
1068402 |
10.42 |
|
|
641648 |
6.26 |
|
|
3884 |
0.04 |
|
|
3884 |
0.04 |
|
|
2703969 |
26.37 |
|
Total Public shareholding (B) |
2714445 |
26.47 |
|
Total (A)+(B) |
10254750 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10254750 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hard Gelatin Capsule Shells and also engaged in
Trading of Food Items. |
|
|
|
|
Brand Names : |
Not Available |
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|
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|
Agencies Held : |
Not Available |
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|
|
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
NOTE: LONG TERM
BORROWING (a) Term Loans are Secured by specific Plant and Machineries and other immovable or movable fixed Assets, purchased against specific loan and carries interet rate of 14.70% p.a.(Previous year 14.70% p.a.) The same is also personally guaranteed by Chairman cum Managing director and a relative. SHORT TERM
BORROWING (a) Cash Credit is Secured by first charge by way of hypothecation on the entire stock of inventories, receivables, bills, and other chargeable current assets of the company (both present and future) and extension of first mortgage / hypothecation charge on the entire fixed assets of the company. The same is also personally guaranteed by Chairman cum Managing director and a relative. (b) Secured under Key Man Insurance Policy taken for Key Management Personnels in earlier years. |
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
402-403, Pragati House, 47-48 Nehru Place, New Delhi – 110019, India |
|
Tel No.: |
91-11-30820179/30820180/41018091 |
|
Email: |
|
|
Website: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10800000 |
Equity Shares |
Rs.10/- each |
Rs.108.000 Million |
|
20000 |
Redeemable Cumulative Preference Shares |
Rs 100/- each |
Rs. 2.000 Million |
|
|
Total |
|
Rs. 110.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10254750 |
Equity Shares |
Rs.10/- each |
Rs.102.548
Million |
|
|
|
|
|
NOTE:
Reconciliation of
Shares outstanding at the beginning and at the end of year are given below:
|
Particulars |
2014-2015 |
|
|
|
Numbers |
Rs in Million |
|
Equity Shares outstanding at the beginning
of the year |
10,254,750 |
102.548 |
|
Equity Shares outstanding at the end of the year |
10,254,750 |
102.548 |
TERMS/RIGHT ATTACHED TO EQUITY SHARES
Each holder of equity share is entitled to one
vote per share. In the event of liquidation of the Company the holder of equity
share will be entitled to receive remaining assets of the Company after
preferential distribution. The distribution will be in proportion to the number
of equity shares held by the shareholders. There is no restriction on
distribution of dividends. However same is subject to the approval of the
shareholders in the Annual General Meeting.
DETAIL OF SHAREHOLDER HOLDING MORE THAN 5 PERCENT SHARES OF THE COMPANY
AS ON REPORTING DATE ARE GIVEN BELOW:
|
Particulars |
As at 31/03/2015 |
|
|
|
No. of Shares |
% of Holding |
|
Mr. Anil Kumar Khaitan |
5942494 |
57.95 |
|
M/S Magnum Computer Private Limited |
1327211 |
12.94 |
|
M/S SNK Executive Search Private Limited
(Formally Known as Kundan Financial Services Private Limited |
543690 |
5.30 |
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 |
102.548 |
102.548 |
102.548 |
|
(b) Reserves & Surplus |
156.164 |
128.705 |
96.043 |
|
(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) |
258.712 |
231.253 |
198.591 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
57.030 |
38.039 |
43.286 |
|
(b) Deferred tax liabilities
(Net) |
15.233 |
21.687 |
24.543 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.416 |
5.935 |
5.519 |
|
Total
Non-current Liabilities (3) |
81.679 |
65.661 |
73.348 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
170.352 |
145.129 |
161.502 |
|
(b) Trade payables |
70.426 |
62.830 |
57.165 |
|
(c) Other current liabilities |
44.091 |
32.273 |
37.624 |
|
(d) Short-term provisions |
10.122 |
19.425 |
5.202 |
|
Total
Current Liabilities (4) |
294.991 |
259.657 |
261.493 |
|
|
|
|
|
|
TOTAL |
635.382 |
556.571 |
533.432 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
271.356 |
267.982 |
274.509 |
|
(ii) Intangible Assets |
1.724 |
2.182 |
0.202 |
|
(iii) Capital work-in-progress |
7.650 |
2.597 |
11.785 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.728 |
|
(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 |
21.070 |
6.173 |
4.811 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
301.800 |
278.934 |
292.035 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.006 |
0.006 |
0.006 |
|
(b) Inventories |
95.625 |
77.479 |
76.655 |
|
(c) Trade receivables |
197.803 |
168.974 |
140.785 |
|
(d) Cash and cash equivalents |
24.835 |
15.537 |
11.992 |
|
(e) Short-term loans and
advances |
9.472 |
7.755 |
7.461 |
|
(f) Other current assets |
5.841 |
7.886 |
4.498 |
|
Total
Current Assets |
333.582 |
277.637 |
241.397 |
|
|
|
|
|
|
TOTAL |
635.382 |
556.571 |
533.432 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
726.361 |
616.597 |
461.334 |
|
|
Other Income |
9.606 |
5.249 |
8.619 |
|
|
TOTAL
(A) |
735.967 |
621.846 |
469.953 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
226.458 |
192.004 |
153.937 |
|
|
Purchases of Stock-in-Trade |
101.055 |
27.344 |
0.582 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(8.317) |
(5.200) |
(13.229) |
|
|
Employees benefits expense |
86.249 |
71.287 |
62.180 |
|
|
Other expenses |
204.398 |
219.511 |
185.792 |
|
|
Exceptional Items |
0.000 |
0.000 |
-5.500 |
|
|
TOTAL
(B) |
609.843 |
504.946 |
383.762 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
126.124 |
116.900 |
86.191 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.562 |
24.767 |
26.126 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
101.562 |
92.133 |
60.065 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
40.014 |
40.936 |
38.209 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
61.548 |
51.197 |
21.856 |
|
|
|
|
|
|
|
Less |
TAX (H) |
21.747 |
18.396 |
7.421 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
39.801 |
32.801 |
14.435 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
283.610 |
294.140 |
222.782 |
|
|
TOTAL
EARNINGS |
283.610 |
294.140 |
222.782 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
59.615 |
91.220 |
97.457 |
|
|
Stores & Spares |
1.009 |
1.135 |
4.477 |
|
|
Capital Goods |
14.530 |
2.409 |
43.438 |
|
|
Traded Goods |
94.813 |
20.678 |
0.000 |
|
|
TOTAL
IMPORTS |
169.967 |
115.442 |
145.372 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.88 |
3.20 |
1.41 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
24.280 |
16.192 |
19.660 |
|
Cash generated from operations |
91.122 |
90.591 |
57.702 |
|
Net Cash generated/ (used) - Operating Activities |
58.817 |
81.786 |
42.394 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2015 1st
Quarter |
|
UnAudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
165.680 |
|
Total Expenditure |
|
|
125.250 |
|
PBIDT (Excl OI) |
|
|
40.430 |
|
Other Income |
|
|
1.910 |
|
Operating Profit |
|
|
42.340 |
|
Interest |
|
|
8.490 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
33.85 |
|
Depreciation |
|
|
9.02 |
|
Profit Before Tax |
|
|
24.830 |
|
Tax |
|
|
10.270 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
14.560 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
14.560 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.48 |
5.32 |
3.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.36 |
18.96 |
18.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.80 |
9.24 |
4.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.22 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.97 |
0.86 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.07 |
0.92 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.83.80/- |
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 |
102.548 |
102.548 |
102.548 |
|
Reserves & Surplus |
96.043 |
128.705 |
156.164 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
198.591 |
231.253 |
258.712 |
|
|
|
|
|
|
long-term borrowings |
43.286 |
38.039 |
57.030 |
|
Short term borrowings |
161.502 |
145.129 |
170.352 |
|
Current maturities of
long-term debts |
19.660 |
16.192 |
24.280 |
|
Total
borrowings |
224.448 |
199.360 |
251.662 |
|
Debt/Equity
ratio |
1.130 |
0.862 |
0.973 |
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 |
461.334 |
616.597 |
726.361 |
|
|
|
33.655 |
17.802 |
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 |
461.334 |
616.597 |
726.361 |
|
Profit |
14.435 |
32.801 |
39.801 |
|
|
3.13% |
5.32% |
5.48% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
$~18 * IN THE HIGH
COURT OF DELHI AT NEW DELHI + CS(OS)
735/2015 M/S ASIAN
PERISHABLE FOOD CARRIERS ..... Plaintiff Through: Mr. R K
Barman, Adv. versus SUNIL HEALTHCARE
LTD ..... Defendant Through: None. CORAM: SH. ANIL KUMAR
SISODIA (DHJS), JOINT REGISTRAR (JUDICIAL) O R D E R % 02.09.2015 Summons issued
to Defendant have been refused by the defendant. Summons issued on the Alwar
address of the defendant has been served by way of affixation after its refusal.
I deem it to an appropriate service on the defendant. No one is
appeared on behalf of defendant nor written statement has been filed on
behalf of the defendant despite service by way of affixation on 04.05.2015.
The period of filing of written statement has already been expired. Hence,
right of filing the written statement of defendant is closed. Matter be placed
before the Hon’ble court for further directions on 19th
November, 2015. SH. ANIL KUMAR
SISODIA (DHJS) JOINT REGISTRAR
(JUDICIAL) SEPTEMBER 02,
2015 Amit |
OPERATIONS AND
STATE OF COMPANY AFFAIRS:
During the F.Y.
2014-15 the performance of Company has improved in all aspect. Gross Revenue
from Operation is Rs. 763.482 Million in 2014-15 against Rs. 645.921 Million in
the F.Y. 2013-14. Net Revenue increased by 17.8%, EBITDA increased by 6.74%,
Profit before Tax increased by 20.22% and Profit after Tax increased by 21.34%.
The revenue from food business is Rs. 107.722 Million in 2014-15 against Rs.
27.754 Million in the FY 2013-14 and recorded growth of 288.13% in Food
Business. The Management of the Company is committed to further improve the
performance in the coming year to achieve better production, sales and profit
by using the optimum product mix and explore new avenue to achieve overall
growth of the Company.
EXPANSION OF THE
PROJECT
The stakeholders
of the Company that Company has decided to increase the production capacity
from 7.7 billion capsule p.a. to 10 billion capsule p.a. within the existing
infrastructure of land and other utilities thereby, achieving economies of
scale. With the expansion coming downstream soon, they expect the benefits of
the increased capacity to kick in from the 3rd quarter 2016. The expansion
strategy of the Company has been planned keeping in mind its healthy order
books from the Domestic and Export Customers. However, the root point is also
the growth of the Pharmaceutical Industry at 20% CAGR.
MANAGEMENT DISCUSSIONS and ANALYSIS REPORT:
OVERVIEW:
Subject, having plant
at Alwar; Rajasthan for manufacture of Hard Gelatin Capsule Shells. The company
was commenced its manufacturing operation in 1976 with installed capacity of
200.000 million Hard Gelatin Capsule Shell. With gradual expansion, now the
installed capacity is 8430.000 million capsules p.a.
INDUSTRY OUTLOOK:
The product of the
Company Hard Gelatin Capsule Shell is used by Pharmaceutical and Food
supplement Companies as a container for administering medicines and food
supplements. Therefore, the growth of the industry is dependent on the growth
of pharmaceutical and food supplement companies domestically and globally.
“The Indian pharmaceutical industry is a success story providing
employment for millions and ensuring that essential drugs at affordable prices
are available to the vast population of this sub-continent.”
The Indian
pharmaceuticals market is third largest in terms of volume and thirteen largest
in terms of value, as per a pharmaceuticals sector analysis report by equity
master. The market is dominated majorly by branded generics which constitute
nearly 70 to 80 per cent of the market. Considered to be a highly fragmented
industry, consolidation has increasingly become an important feature of the
Indian pharmaceutical market. India has achieved an eminent global position in
pharma sector. The country also has a huge pool of scientists and engineers who
have the potential to take the industry to a very high level. The UN-backed
Medicines Patents Pool has signed six sub-licences with Aurobindo, Cipla,
Desano, Emcure, Hetero Labs and Laurus Labs, allowing them to make generic
anti-AIDS medicine Tenofovir Alafenamide (TAF) for 112 developing countries The
Indian pharmaceutical industry is estimated to grow at 20 per cent compound
annual growth rate (CAGR) over the next five years, as per India Ratings, a
Fitch Group company. Indian pharmaceutical manufacturing facilities registered
with US Food and Drug Administration (FDA) as on March 2014 was the highest at
523 for any country outside the US. They expect the domestic pharma market to
grow at 10-12 per cent in FY15 as compared to 9 per cent in FY14, as per a
recent report from Centrum Broking. The domestic pharma growth rate was 11.9
per cent in October 2014, highlighted the report.
The Union Cabinet has
given its approval to amend the existing FDI policy in the pharmaceutical
sector in order to cover medical devices. The Cabinet has allowed FDI up to 100
per cent under the automatic route for manufacturing of medical devices subject
to specified conditions. The drugs and pharmaceuticals sector attracted
cumulative foreign direct investment (FDI) inflows worth US$ 12,813.02 million
between April 2000 and December 2014, according to data released by the
Department of Industrial Policy and Promotion (DIPP). The Addendum 2015 of the
Indian Pharmacopoeia (IP) 2014 is published by the Indian Pharmacopoeia
Commission (IPC) on behalf of the Ministry of Health and Family Welfare,
Government of India. The addendum would play a significant role in improving
the quality of medicines which in turn promote public health and accelerate the
growth and development of pharma sector.
The Government of
India has unveiled 'Pharma Vision 2020' aimed at making India a global leader
in end-to-end drug manufacture. It has reduced approval time for new facilities
to boost investments. Further, the government has also put in place mechanisms
such as the Drug Price Control Order and the National Pharmaceutical Pricing
Authority to address the issue of affordability and availability of medicines.
As per the recent survey by MarketstandMarket”, USA, the Capsule Industry of
world valued at $1300 million in 2014 and is expected to grow at a CAGR of 7%
from 2014 to 2019, of this main growth is expected in Asia Pacific at a CAGR of
12-13%. Keeping this growth rate in world as well as in Asia pacific the
company has enough scope to sale its product in the market.
References: Consolidated FDI
Policy, Department of Industrial Policy and Promotion (DIPP), Press Information
Bureau (PIB), Media Reports, Pharmaceuticals Export Promotion Council.
COMPANY OUTLOOK:
With the increase
of installed capacity and exports of the product of the company, the management
is optimistic about the future outlook of the company in short, medium and
long-term. The Company deals in Business segment of Manufacturing Hard Gelatin
Capsule Shells. In this segment the company has reached to installed capacity
of 8430.000 million capsules at the existing facility. The Company has forayed
into the Food Business with intention of setting up an integrated nut complex.
Currently it is engaging in market survey and supply chain establishment by
markets its products under the “Sunloc Foods” brand name.
The Company has
identified Raw Cashew nut, Dehydrated Vegetables, Cashew nuts, Saffron,
cardamom, Almonds, Pistachio and Walnuts as major food item to generate the
business under this division. The company has identified “Raw Cashew Nuts (RCN)
as its major product as India is the third largest consumer of cashew nuts in
world. Tanzania and Guinea-Bissau are the largest producers of cashew nuts in
Africa, each accounting for 8% of the world's production. RCN is imported from
West African Countries like Benin, Guinea Bissau, Ghana, and Indonesia etc. and
is sold in India and other countries.
Nature of
Operation
The Company has
manufacturing facility at Alwar (Rajasthan) for 8430.000 Million (Previous year
7700.000 Million) of Hard Gelatin Capsule Shells. Company is also doing Trading
of Food items.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loan from Bodies Corporate |
10.802 |
8.006 |
|
SHORT TERM
BORROWING |
|
|
|
Buyer's Credit from a Bank in Foreign Currency |
19.528 |
34.954 |
|
Total |
30.330 |
42.960 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10578655 |
30/06/2015 |
18,055,500.00 |
INTEC CAPITAL LIMITED |
701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - |
C58273939 |
|
2 |
10567640 |
29/05/2015 * |
74,825,078.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, |
C59742510 |
|
3 |
10553445 |
28/02/2015 |
19,014,905.00 |
INTEC CAPITAL LIMITED |
701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - |
C45799129 |
|
4 |
10568638 |
04/08/2014 |
375,900.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PARE |
C53267787 |
|
5 |
10507738 |
28/06/2014 |
11,280,000.00 |
INTEC CAPITAL LIMITED |
701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - |
C10321115 |
|
6 |
10338526 |
17/02/2012 |
42,000,000.00 |
UCO BANK |
PANSARI BAZAR, ALWAR, RAJASTHAN - 301001, INDIA |
B33414582 |
|
7 |
80021614 |
29/06/2015 * |
374,500,000.00 |
UCO BANK |
MID CORPORATE BRANCH,, 5, PARLIAMENT STREET, NEW |
C59463174 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30th June 2015 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
a) Net Sales/Income from Operations (Net of excise duty) |
163.206 |
|
|
b) Other Operating Income |
2.471 |
|
|
Total Income from operations (net) |
165.677 |
|
2 |
Expenses |
|
|
|
a) Cost of raw materials consumed |
62.427 |
|
|
b) Purchase of stock-in-trade |
0.005 |
|
|
c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(11.552) |
|
|
d) Employee benefits expense |
22.707 |
|
|
e) Depreciation and amortisation expense |
9.021 |
|
|
f) Other Expenses |
51.665 |
|
|
Total Expenses |
134.273 |
|
3 |
Profit/(Loss) from Operations before other income finance cost and
Exceptional Items |
31.404 |
|
4 |
Other Income |
1.908 |
|
5 |
Profit/(Loss) from ordinary activities before finance cost and
exceptional Items |
33.312 |
|
6 |
Finance costs |
8.486 |
|
7 |
Profit/(Loss) from ordinary activities after finance costs but before
Exceptional Items |
24.826 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit/(Loss) from ordinary activities before Tax |
24.826 |
|
10 |
Tax expenses (Net) |
10.269 |
|
11 |
Net Profit/(Loss) from Ordinary activities after Tax |
14.557 |
|
12 |
Extraordinary Items (net of tax expenses) |
0.000 |
|
13 |
Net Profit/(Loss) for the period |
14.557 |
|
14 |
Paid-up equity share capital (face value : Rs.10/-) |
102.548 |
|
15 |
Reserves excluding revaluation reserves |
-- |
|
16 |
Earnings Per Share before and after extraordinary items (not
annualised) |
|
|
|
Basic |
1.42 |
|
|
Diluted |
1.42 |
|
|
|
|
|
|
Particulars of
Shareholding |
|
|
17 |
Public Shareholding |
|
|
|
No. of shares |
2714445 |
|
|
% of shareholding |
26.47 |
|
|
Promoters and
Promoter Group Shareholding |
|
|
a |
Pledged/Encumbered |
|
|
|
No. of shares |
-- |
|
|
% of shares (as a % of the total
shareholding of Promoter and Promoter Group) |
-- |
|
|
% of shares (as a % of the total share
capital of the Company) |
-- |
|
b |
Non-encumbered |
|
|
|
No. of shares |
7540305 |
|
|
% of shares (as a % of the total
shareholding of Promoter and Promoter Group) |
100.00 |
|
|
% of shares (as a % of the total share
capital of the Company) |
73.53 |
|
|
Investor
Complaints |
|
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the Quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE
PERFORMANCE
|
Sr. No. |
Particulars |
Quarter Ended |
|
30th June 2015 |
||
|
Unaudited |
||
|
|
|
|
|
1 |
Segment revenue |
|
|
|
Empty Hard Gelatin Capsule |
165.677 |
|
|
Marketing of Food Product |
0.000 |
|
|
Total Income from
operation (Net) |
165.677 |
|
|
|
|
|
2 |
Segment Results |
|
|
|
Empty Hard Gelatin Capsule |
32.118 |
|
|
Marketing of Food Product |
(0.483) |
|
|
Profit/Loss Before finance Cost and Tax |
31.635 |
|
|
Less: Finance Cost |
8.486 |
|
|
Add: Un-allocable Expenses / Income (Net) |
1.677 |
|
|
Profit/Loss Before Tax |
24.826 |
|
|
|
|
|
3 |
Capital Employed
|
|
|
|
Empty Hard Gelatin Capsule |
523.749 |
|
|
Marketing of Food Product |
8.639 |
|
|
Total |
532.388 |
NOTE:
Expansion of capacity for manufacturing of Empty Hard Gelatin Capsule for 2.3 billion is under implementation and expected to be commissioned by September 2015.
Componentisation of Fixed Assets and consequent adjustments in depreciation
shall be made at the year end.
Figures of the corresponding previous period/ year have been regrouped/
rearranged wherever necessary, to make them comparable. The figures of the
quarter ended March 31, 2015 are the balancing figures between audited figures
in respect of the full financial year ended on 31.03.2015 and the reviewed
published year to date figures upto December 31, 2014.
Segment reporting become applicable at the end of the previous financial year,
hence segment reporting for corresponding quarter and previous quarter have not
been given.
The above financial results have been reviewed by Audit Committee and approved
by the Board of Directors in their meeting held on 12th August, 2015.
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Buildings
·
Plant and Equipment
·
Electric Installations
·
Furniture and Fixtures and Improvement on Rented
·
Office Equipment
·
Vehicles
·
Tools and Dies
·
Others Assets
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, India Prisons Service,
Interpol, etc.
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.65.68 |
|
UK Pound |
1 |
Rs.101.02 |
|
Euro |
1 |
Rs.71.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.