MIRA
INFORM REPORT
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Report No. : |
349642 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
NUTRAPLUS INDIA LIMITED |
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Formerly Known
As : |
NUTRAPLUS PRODUCTS ( |
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Registered
Office : |
7/A, Vakil Villa, |
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Tel. No.: |
91-22-28212191 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
06.02.1990 |
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Com. Reg. No.: |
11-055347 |
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Capital
Investment / Paid-up Capital : |
Rs.119.633 Million |
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CIN No.: [Company Identification
No.] |
L24230MH1990PLC055347 |
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|
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IEC No.: |
Not Available (As claimed by company management that company does not
export and import) |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN09861F |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturing of Bulk Drug products and their Intermediates, human Active
Pharma Ingredients (API) products. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It was
incorporated in the year 1990 and it is the manufacturer of bulk drugs and
fine chemicals. As per 2015 financials, the company has reported growth in its total
revenue profile but had incurred loss from its operational activities during
the year under a review. However, rating takes into consideration company’s decent financial
risk profile supported by its good net worth base, comfortable liquidity
position and low debt balance sheet profile of the company. Rating also considers company’s long track record of business
operations and experienced promoters in the chemical industry. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of aforesaid, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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 DENIED BY
|
Name : |
Mr. Chandresh Kumar Shukla |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-28212191 |
|
Date : |
14.11.2015 |
LOCATIONS
|
Registered Office : |
7/A, Vakil Villa, H F Society Road end, Jogeshwari (West), Mumbai –
400060, Maharashtra, India |
|
Tel. No.: |
91-22-28212191 |
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Fax No.: |
91-22-28212192 |
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E-Mail : |
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|
Website : |
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Factory : |
Plot No. N-92
MIDC Tarapur, Boisar, |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Uday Mukesh Desai |
|
Designation : |
Director |
|
Address : |
A/A, Monami Apartment, Behind Chandan Cinema,, Silver Beach Road, Juhu., Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
15.03.2002 |
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DIN No.: |
00413093 |
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Name : |
Mr. Mukesh Ramesh Desai |
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Designation : |
Director |
|
Address : |
At And Po, Amadpar Balsar., Navsari - 396443, Gujarat, India |
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Date of Appointment : |
15.03.1996 |
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DIN No.: |
00521051 |
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|
|
Name : |
Mr. Prameshkumar Bipinchandra Mehta |
|
Designation : |
Director |
|
Address : |
Ajarai Hathawadi, Gandevi Navsari - 396360, Gujarat, India |
|
Date of Appointment : |
30.09.2011 |
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DIN No.: |
03638786 |
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|
|
Name : |
Mr. Dilip Kamalakar Pimple |
|
Designation : |
Whole-Time Director |
|
Address : |
Building No 4, Flat No 4 Naik Nagar, Tarapur - 401502, Maharashtra, India |
|
Date of Appointment : |
28.07.2006 |
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DIN No.: |
02433809 |
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|
|
Name : |
Mr. Mukesh Dhirubhai Naik |
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Designation : |
Managing Director |
|
Address : |
A/A, Monami Apartment, Behind Chandan Cinema, Silver Beach Road, Juhu., Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
16.02.1990 |
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DIN No.: |
00412896 |
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Name : |
Ms. Nidhi Mukesh Naik |
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Designation : |
Additional Director |
|
Address : |
C-402, Avantika Apartments, Birla Lane, Juhu, Vile Parle West, Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
26.03.2015 |
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DIN No.: |
07131031 |
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|
|
Name : |
Mr. Narayan Ramgopal Pasari |
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Designation : |
Additional Director |
|
Address : |
A-24, Shalimar Apartments, Swami Vivekanand Road, Andheri, Mumbai - 400058, Maharashtra, India |
|
Date of Appointment : |
29.05.2015 |
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DIN No.: |
00532897 |
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Name : |
Mr. Brij Gopal Daga |
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Designation : |
Additional Director |
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Address : |
A-1, Devyani Apartments, Mahatma Gandhi Road, Borivli (East), Mumbai- 400066, Maharashtra, India |
|
Date of Appointment : |
00004858 |
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DIN No.: |
00004858 |
KEY EXECUTIVES
|
Name : |
Mr. Chandresh Kumar Shukla |
|
Designation : |
Chief Financial Officer |
|
Address : |
1603, Nand Dham, M.G. Road No. 1, Kandivali West, Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
13.02.2015 |
|
PAN No.: |
BJJPS0133B |
MAJOR SHAREHOLDERS / 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) |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4710000 |
39.37 |
|
|
4710000 |
39.37 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
4710000 |
39.37 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3800 |
0.03 |
|
|
100 |
0.00 |
|
|
3900 |
0.03 |
|
|
|
|
|
|
493107 |
4.12 |
|
|
|
|
|
|
1991249 |
16.64 |
|
|
4327753 |
36.18 |
|
|
437339 |
3.66 |
|
|
107415 |
0.90 |
|
|
329924 |
2.76 |
|
|
7249448 |
60.60 |
|
Total
Public shareholding (B) |
7253348 |
60.63 |
|
Total
(A)+(B) |
11963348 |
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) |
11963348 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
l.No. |
Name of the
Shareholder |
Details of
Shares held |
Details of
warrants |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
Number of
warrants held |
As a % total number
of warrants of the same class |
|
||
|
1 |
Naik Mukesh Dhirubhai |
11,67,300 |
9.76 |
600000 |
40.00 |
11.19 |
|
2 |
Uday Deasi |
11,02,400 |
9.21 |
600000 |
40.00 |
10.78 |
|
3 |
Gita Mukesh Naik |
9,38,900 |
7.85 |
300000 |
20.00 |
7.85 |
|
4 |
Nidhi M Naik |
15,00,000 |
12.54 |
0 |
0.00 |
9.50 |
|
5 |
Jyotsana Mahesh Doshi |
1,200 |
0.01 |
0 |
0.00 |
0.01 |
|
6 |
Mahesh H Doshi |
200 |
0.00 |
0 |
0.00 |
0.00 |
|
|
Total |
47,10,000 |
39.37 |
1500000 |
100.00 |
39.33 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
l. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of Total
No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
B N Mittal (HUF) |
179931 |
1.50 |
1.14 |
|
|
2 |
Jaideep Narendra Sampat |
150000 |
1.25 |
0.95 |
|
|
3 |
Tarun Jain (Huf) |
150000 |
1.25 |
0.95 |
|
|
4 |
Manoj Mittal |
0 |
0.00 |
3.80 |
|
|
5 |
Kishor Punamchand Ostwal |
0 |
0.00 |
3.17 |
|
|
6 |
Sorabh Gupta |
0 |
0.00 |
3.17 |
|
|
7 |
Mehul Desai |
0 |
0.00 |
0.95 |
|
|
|
Total |
479931 |
4.01 |
14.1 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares
as % of |
|
|
Total |
93,36,585 |
78.04 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Bulk Drug products and their Intermediates, human
Active Pharma Ingredients (API) products. |
|
|
|
|
Products : |
· Polluting Chemistry · Hazardous Chemistry · Sensitive Chemistry · Hazardous and critical raw materials. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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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 : |
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Auditors : |
|
|
Name : |
AMPAC and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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Subsidiaries : |
Nutraplus Generic Medicines and Health Care Products Limited |
|
|
|
|
Company in which KMP / Relatives of KMP
can exercise significant influence |
Vet-Pharma Limited, Uday Chemical Engg. and projects Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11163348 |
Equity Shares |
Rs.10/- each |
Rs.111.633
Million |
|
|
|
|
|
|
Sr. No. |
Number of warrant |
converted value |
date of Allotment |
lock-in-period |
|
1. |
375000 |
3750000 |
15/10/2010 |
upto 15/10/2013 |
|
2. |
450000 |
4500000 |
14/07/2011 |
upto 14/07/2014 |
1.3 In the financial
year 2012-13, the Company has issued 0.400 Million Equity Shares at face value
of Rs. 10/- (Rupees Ten Only) each at a premium of Rs. 1.600 Million per share
to the promoter's group on preferntial basis under Section 81(1A) of the
Companies Act' 1956. The said shares are in lock-in-period up to 4th July'
2015.
1.4 In the
financial year 2012-13, the Company has passed the resolution for preferential
issue of 300000 (Three Lac) Optionally fully convertible warrant (OFCW) to the
promoters group. Each warrant is convertible into 1 (One) fully paid-up Equity
shares of the Company of face value Rs. 10/= each at exercible price of Rs.
2.600 Million each aggregating to Rs. 7.800 Million (Rupees Seventy Eight
Lakhs). The said OFCW shall be convertible at the option of the holder at any
time before the expiry of 18 months from the date of allotment. Amount to be
paid up on Warrant at the time of allotment thereof shall not be less than 25%
of the exercise price. The said shares were alloted on 26/04/2013 and Rs. 4.800
Million is transferred to share premium account. The said shares are in
lock-in-period up to 25th April'2016.
1.5 In the financial year 2014-15 the
following share warrants & Equity Shares were issuied on prefential basis
to the promoters and Non promoters
a) The Company
has passed the resolution for preferential issue of 1500000 (Fifteen Lacs)
Optionally fully convertible warrant (OFCW) to the promoters group. Each
warrant is convertible into 1 (One) fully paid-up Equity shares of the Company
of face value Rs. 10/= each at exercible price of Rs. 12.850 Million
aggregating to Rs. 19.275 Million. The said OFCW shall be convertible at the
option of the holder at any time before the expiry of 18 months from the date
of allotment. Amount to be paid up on Warrant at the time of allotment thereof
shall not be less than 25% of the exercise price. Out of 1500000 (1.500
Million) OFCW, 700000 (0.700 Million) were alloted on 14/11/2014 and Rs. 1.995
Million is transferred to share premium account. The said shares are in
lock-in-period up to 15/04/2018.
b) The Company
has passed resolution for second preferential issue of 3825000 (Thirty Eight
Lacs Twenty Five Thousand) Optionally fully convertible warrant (OFCW) to the
promoters and non-promoters group. Each warrant is convertible into 1 (One)
fully paid-up Equity shares of the Company of face value Rs. 10/= each at
exercible price of Rs. 54.000 Million (Rupees Fifty Four only) each aggregating
to Rs. 206.550 Million (Rupees Twenty Crore Sixty Five Lakhs Fifty Thousand
Only). The said OFCW shall be convertible at the option of the holder at any
time before the expiry of 18 months from the date of allotment. Amount to be
paid up on Warrant at the time of allotment thereof shall not be less than 25%
of the exercise price.
c) The Company
has also issued 4.568 Million Equity Shares at face value of Rs. 10/- (Rupees
Ten Only) each at a premium of Rs. 44 (Forty Four only) per share to the Non
Promoter's group on preferential basis under the provisions of Section 62(1)(c),
Section 42 and all other applicable provisions of the Companies Act, 2013
(including any statutory modifications or re-enactments thereof, for the time
being in force) and in accordance with the SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2009 and any other prevailing Statute.
The said shares are in lock-in-period for 1 year (one) from the date of trading
approval of the BSE.
1.6 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.
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
Opening Balance |
Fresh issue |
Closing Balance |
|
Equity shares |
|
|
|
|
Year ended 31 March, 2015 |
|
|
|
|
Number of shares |
5895000 |
5268348 |
11163348 |
|
Amount in Million |
58.950 |
52.683 |
111.633 |
Details of shares held by each shareholder
holding more than 5% shares:
|
Class of shares / Name of shareholder |
As at 31 March, 2015 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Equity shares with voting rights |
|
|
|
Mukesh Naik (Promoter) |
1164800 |
10.43 |
|
Uday Desai (Promoter group) |
1102400 |
9.88 |
|
Gita Naik
(Promoter Group) |
888100 |
7.96 |
|
Nidhi Naik
(Promoter Group) |
700000 |
6.27 |
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 |
111.633 |
58.950 |
55.950 |
|
(b) Reserves & Surplus |
305.928 |
143.530 |
107.418 |
|
(c) Money received against
share warrants |
54.207 |
0.000 |
4.800 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
471.768 |
202.480 |
168.168 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
155.046 |
144.515 |
94.655 |
|
(b) Deferred tax liabilities
(Net) |
14.861 |
30.791 |
20.524 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.594 |
2.766 |
2.161 |
|
Total
Non-current Liabilities (3) |
172.501 |
178.072 |
117.340 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
201.473 |
143.311 |
94.054 |
|
(b) Trade payables |
242.039 |
190.682 |
123.152 |
|
(c) Other current liabilities |
48.537 |
29.194 |
31.364 |
|
(d) Short-term provisions |
4.350 |
8.659 |
10.294 |
|
Total
Current Liabilities (4) |
496.399 |
371.846 |
258.864 |
|
|
|
|
|
|
TOTAL |
1140.668 |
752.398 |
544.372 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
222.976 |
346.812 |
261.444 |
|
(ii) Intangible Assets |
6.568 |
9.852 |
13.136 |
|
(iii) Capital work-in-progress |
134.189 |
10.368 |
8.582 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.533 |
0.533 |
0.033 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
16.984 |
0.904 |
0.925 |
|
Total
Non-Current Assets |
381.250 |
368.469 |
284.120 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
41.500 |
0.000 |
0.000 |
|
(b) Inventories |
173.785 |
192.603 |
109.210 |
|
(c) Trade receivables |
133.791 |
147.735 |
105.301 |
|
(d) Cash and cash equivalents |
113.711 |
14.294 |
14.738 |
|
(e) Short-term loans and
advances |
38.478 |
29.297 |
31.003 |
|
(f) Other current assets |
258.153 |
0.000 |
0.000 |
|
Total
Current Assets |
759.418 |
383.929 |
260.252 |
|
|
|
|
|
|
TOTAL |
1140.668 |
752.398 |
544.372 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
650.431 |
616.927 |
395.173 |
|
|
Other Income |
2.033 |
0.959 |
1.492 |
|
|
TOTAL
(A) |
652.464 |
617.886 |
396.665 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
489.121 |
466.623 |
276.987 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(17.077) |
(52.316) |
(36.260) |
|
|
Employees benefits expense |
29.550 |
19.423 |
18.372 |
|
|
Extraordinary items |
31.390 |
0.000 |
(0.526) |
|
|
Other expenses |
116.856 |
81.235 |
62.542 |
|
|
TOTAL
(B) |
649.840 |
514.965 |
321.115 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2.624 |
102.921 |
75.550 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.156 |
35.702 |
24.013 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(42.532) |
67.219 |
51.537 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
14.003 |
16.137 |
12.986 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(56.535) |
51.082 |
38.551 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(15.930) |
19.770 |
14.251 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(40.605) |
31.312 |
24.300 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
131.745 |
100.433 |
76.133 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
91.140 |
131.745 |
100.433 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
71.319 |
51.746 |
23.214 |
|
|
TOTAL
IMPORTS |
71.319 |
51.746 |
23.214 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(6.21) |
(5.33) |
4.43 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
46.441 |
27.735 |
28.329 |
|
Cash generated from operations |
(164.825) |
26.825 |
33.117 |
|
Net cash flow from operating activity |
(164.825) |
39.820 |
35.000 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
September 2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
152.790 |
192.490 |
|
Total Expenditure |
125.160 |
157.380 |
|
PBIDT (Excl OI) |
27.630 |
35.110 |
|
Other Income |
0.170 |
2.180 |
|
Operating Profit |
27.800 |
37.290 |
|
Interest |
5.230 |
14.060 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
22.570 |
23.230 |
|
Depreciation |
3.720 |
5.670 |
|
Profit Before Tax |
18.850 |
17.560 |
|
Tax |
3.890 |
1.500 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
14.960 |
16.060 |
|
Extraordinary Items |
0.120 |
(1.360) |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
15.080 |
14.700 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(6.24) |
5.08 |
6.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
0.40 |
16.68 |
19.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.62) |
6.89 |
7.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
0.25 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85 |
1.56 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.03 |
1.01 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.295.50/- |
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 |
55.950 |
58.950 |
111.633 |
|
Reserves & Surplus |
107.418 |
143.530 |
305.928 |
|
Money received against share
warrants |
4.800 |
0.000 |
54.207 |
|
Net
worth |
217.575 |
202.480 |
422.361 |
|
|
|
|
|
|
long-term borrowings |
94.655 |
144.515 |
155.046 |
|
Short term borrowings |
94.054 |
143.311 |
201.473 |
|
Current Maturities Of
Long-Term Debts |
28.329 |
27.735 |
46.441 |
|
Total
borrowings |
217.038 |
315.561 |
402.960 |
|
Debt/Equity
ratio |
0.998 |
1.558 |
0.954 |
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 |
395.173 |
616.927 |
650.431 |
|
|
|
56.116 |
5.431 |
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 |
395.173 |
616.927 |
650.431 |
|
Profit / (Loss) |
24.300 |
31.312 |
(40.605) |
|
|
6.15% |
5.08% |
(6.24%) |
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
OPERATIONS:
Despite the
challenging environment of the global as well as the Indian economy coupled
with disruption in production facilities due to fire occurred in our one of the
manufacturing facility in the month of August 2014, the Company demonstrated
the resilience of its business model.
The Company
managed to earn a total Income of Rs. 650.400 Million comprising of Sale of
manufactured Active Pharmaceutical Ingredients (API's) and services incidental
thereto as compared to Rs. 617.900 Million of the previous financial year.
Company started the erection of new plant and re-erection of the damaged plant
which was gutted in fire in the month Aug, 2014.
Company also
acquired the plot of land at Dahej to start its operation in Gujarat due to
proximity of key raw materials and company will start this new expansion by
2017.
Company raised
the fund of 30 crores during the financial year through preferential issue to
the promoters and non-promoters group for the expansion and future growth.
MANAGEMENT DISCUSSION
AND ANALYSIS
Growth in
pharmaceutical markets is experiencing a major change where growth of developed
markets is slowing down, where, as the growth in emerging markets is accelerating.
India, China and Brazil, Russia are spearheading the growth of pharmaceutical
markets with India being one of the largest exporters of generic formulations
to Developed markets such as USA, Europe as well as the developing markets of
Africa, South America, Middle East. India has one of the highest numbers of
USFDA facilities outside USA which itself is the indicator of growth of the
Pharmaceutical markets in India. Growth in medical infrastructure and health
insurance is creating awareness amongst the masses, the importance of health
and creating a major shift to modern medicines. As the pharmaceutical companies
scan for new growth opportunities over the next decade they have realised that
some of the most promising opportunities to be found in emerging markets
economies. In recent times, the pharmaceutical industry has shown high interest
in India due to its sustained economic growth, health care reforms and patent
related legislation. There has been a manifold rise in public healthcare spending,
rising patient awareness, expanding insurance coverage across the income
pyramid and he emergence of new hospital formats.
As per the
McKinsey Pharma2020 report Indian pharmaceuticals market will grow to USD 55
billion by 2020 driven by a steady increase in affordability and a step jump in
market access. At the projected scale, this market will be comparable to all
developed markets other than the US, Japan and China. Pricing controls and an
economic slowdown can wean away investments and significantly depress the
market, allowing it to reach only USD 35 billion by 2020. On the other hand,
the market has the potential to reach USD 70 billion provided industry puts in
super normal efforts.
India’s
population is 1.28 Billion growing at the rate of 1.58% annually expected to
increase to 1.53 Billion by 2030 and there is being a steady rise in disease
prevalence with increase in patient pool by 20% or more by 2020. Present
literacy rate in India is 74.04% with average growth of 7% to 8% .The
affordability of drugs will rise due to sustained growth in incomes and
increases in insurance coverage. The private health insurance coverage and
Government sponsored health insurance coverage initiative will fuel the growth
of pharmaceuticals sectors in India with more and more population opting for
modern medicines
The
affordability of drugs will rise due to sustained growth in incomes and
increases in insurance coverage. With real GDP growing at nearly 8 per cent
over the next decade, income levels will rise steadily. Rising incomes will
drive 73 million households into the middle and upper income segments4. In
addition to income growth, health insurance coverage will augment
affordability. By 2020, nearly 650 million people will enjoy health insurance
coverage. Private insurance coverage will grow by nearly 15 per cent annually
till 2020. However, the largest impact will be seen through government
sponsored programmes that are largely focused on the ‘below poverty line’ (BPL)
segment5, and are expected to provide coverage to nearly 380 million people by
2020.The acceptability of modern medicine and newer therapies will increase due
to aggressive market creation by players, an increased acceptance of biologics
and preventive medicine, and a greater propensity to self-medicate. Players
will shape the patient funnel, especially for chronic therapies such as
cardiovascular and neuropsychiatry.
In addition,
patients will show greater propensity to self-medicate. The consumer health
care Segment has the potential to grow at over 14 per cent annually, provided
players make the larger OTC brands easily available to consumers, differentiate
their products, and establish an emotional connection with patients.
The average
healthcare spending in India is about 3-4% of GDP whereas in developed
countries its about 10 to 15% of GDP. Thus it can be seen that there is a
substantial difference between the two where lies the opportunity for growth in
Pharma and Healthcare space in India.
In the global
scenario India will emerge as the preferred destination for sourcing API’s due
to adherence to FDA quality standards and adoption of Good Manufacturing
Practices CGMP Economical pricing and expertise at fraction of cost compared to
US and EU will shift the focus towards India for servicing the requirement of
APIs. Besides India itself is a hotbed for pharmaceutical and healthcare
companies since a considerable large portion of population still do not have
access to advanced therapies ,insurance and medicines.
Management Views:
Management has
very positive outlook regarding the future of pharmaceuticals and API industry
hence we have been investing in new capacities to satisfy the market demands
and entering new there apeutic segments, since management has the view “Health
is Wealth”, good health is the necessity and right of every living being to
enjoy the fruits of life.
SUBSIDIARY COMPANY:
Nutraplus Generic
Medicine and Healthcare Products Private Limited:
Under the
prevailing market conditions the Company’s Management has contemplated a huge
demand of generic medicines due to the increasing population and awareness of
healthcare among the general public. The Management is also planning forward
integration into generic pharmaceuticals to encash the opportunity by setting
up manufacturing facility of the same.
Considering
the above mentioned factors, Nutraplus Generic Medicine and Healthcare Products
Private Limited had been incorporated as a wholly-owned subsidiary of the
Company. However, since operations of the subsidiary company Nutraplus Generic
Medicines and Health Care Products Limited is not expected to commence in near
future because unavailability of land in suitable place and Lack of expertise
knowledge in the field of formulation. It was furthermore explained that the
Nutraplus India Limited, wanted to concentrate and focus on its core
competencies, i.e., manufacturing of Active
Pharmaceuticals
Limited (API), it would be appropriate to dispose the Company's stake in
Nutraplus
Generic
Medicines & Health Care Products Limited.
CORPORATE INFORMATION
The Company is
presently manufacturing bulk drug products and their in term ediates, human
Active Pharma in gredients (API) products. In the current year, the Company has
achieved the manufacturing sale of Rs. 717.007 Million and by way of job
process activities of manufacturing various API of repute d Companies for Rs.
1.245 Million. The Company has also done Trading Activity for Rs.4.186 Million.
The manufacturing facilities are located at MIDC, Tara pore, District, Thane
and all other activities are carried on from the Registred office located at
Mumbai.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From Other
parties |
|
|
|
Unsecured from Non-Banking Financial Companies |
9.403 |
0.342 |
|
Loans and advances from related parties |
0.000 |
23.781 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Unsecured Loan from R elated Party: |
|
|
|
Mukes H Naik |
9.134 |
2.500 |
|
Uday Desai |
0.084 |
2.586 |
|
Nidhi Naik |
0.000 |
1.150 |
|
Total |
18.621 |
30.359 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10576823 |
20/06/2015 |
198,000,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
C57398406 |
|
2 |
10557109 |
16/03/2015 |
700,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
C47765698 |
|
3 |
10548392 |
22/01/2015 |
21,100,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
C43103761 |
|
4 |
10548459 |
22/01/2015 |
30,000,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
C43104371 |
|
5 |
10525667 |
22/09/2014 |
3,400,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
C29512415 |
|
6 |
10461176 |
16/11/2013 |
80,000,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
B89917728 |
|
7 |
10411155 |
01/03/2013 |
12,000,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
B70572615 |
|
8 |
10477526 |
08/04/2015 * |
44,400,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
C50579689 |
|
9 |
10388078 |
07/11/2012 |
24,000,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
B62590427 |
|
10 |
10377152 |
03/09/2012 |
4,800,000.00 |
The Saraswat Cooperative Bank Ltd |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai, Maharashtra |
B58366113 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
|
|
Particulars |
quarter ended
30.06.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
Sales/Income from Operations (Gross) |
152.791 |
|
|
|
b) Other Operating Income |
-- |
|
|
Total Income from
Operations (Net) |
152.791 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Consumption of Raw Materials |
109.986 |
|
|
b) |
Purchase of Stock-in-trade |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(29.105) |
|
|
d) |
Staff Cost |
7.671 |
|
|
e) |
Depreciation |
3.724 |
|
|
f) |
Other expenditure |
36.609 |
|
|
Total Expenses |
128.886 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
23.905 |
|
4 |
Other Income |
0.172 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
24.078 |
|
|
6 |
Interest |
5.231 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
18.847 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
18.847 |
|
|
10 |
Tax Expense |
3.885 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
14.962 |
|
|
12 |
Extraordinary items |
0.115 |
|
|
13 |
Net profit / (Loss) for the period |
15.077 |
|
|
14 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
119.633 |
|
|
15 |
Reserve excluding revaluation reserves |
-- |
|
|
16 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
1.26 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
7253348 |
|
|
|
- Percentage of Shareholding |
60.63 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
4710000 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
39.37% |
|
Particulars |
Quarter Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their Meeting held on August 14, 2015.
2. The Company has a wholly owned 100% subsidiary viz. Nutraplus Generic
Medicine & Healthcare Products Ltd. The Company has not started any
business operation. The management is proposing to demerge the said Company. In
absence of any business in subsidiary, the standalone & consolidated
results does not have any difference.
3. In respect of fire occurred at our factory premises in last year, the
insurance claim filled by us is in advance stage of process.
4. The figures of the last quarter for the previous year were the balancing
figures between the audited figures in respect of full financial year ended
31st March 2015 and the unaudited published year-to date figures upto the third
quarter ended 31st December 2014 which was subject to limited review.
5. The Company operates only in one segment viz, Bulk drugs and their
intermediate products, hence there are no other reportable segments as per the
Accounting Standard 17.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Letter of credit & Buyers Credit outstanding |
38.917 |
11.485 |
FIXED ASSETS
·
Leasehold
·
Building
·
Plant and Equipment
·
Furniture and Fixture
·
Vehicle
·
Office equipment
·
Electrical Installation
·
Laboratory Equipment
·
Computer
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 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.66.16 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.