MIRA INFORM REPORT
|
Report No. : |
351014 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
IND SWIFT LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh - 160101 |
|
Tel. No.: |
91-172-2730503/ 2730920 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
04.01.1995 |
|
|
|
|
Com. Reg. No.: |
53-015553 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 409.632
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232CH1995PLC015553 |
|
|
|
|
IEC No.: |
2296001963 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLI10111D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI6306G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Bulk Drugs and Pharmaceuticals. |
|
|
|
|
No. of Employees
: |
1227 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was established in the year 1995 and it is engaged in
manufacturing of active pharmaceutical ingredients. Its products include antibiotics,
cardiovascular, anti-histamine, anti-diabetic, analgesic, anti-depressant and
anti-psychotic. The ratings also take into consideration recent delays in debt
servicing by company due to weak liquidation position. As on 31st March, 2015 the company has become NPA with six
banks viz. SBI, ICICI Bank, Canara Bank, Allahabad Bank, Exim Bank, Exim
Bank, State Bank of Hyderabad and one requirement of infusion of Promoters
Contribution was pending by the Company. On the request of the Company the CDR cell has granted the extension
of time upto September, 2015 for infusion of balance promoters’ contribution. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings on safe 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan Facilities [Suspended] = D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
|
Date |
June 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Unallocated [Suspended] = D |
|
Rating Explanation |
Instruments with this rating are in default
or expected to be in default on maturity. |
|
Date |
June 2015 |
Reason for suspension: Absence of adequate
information.
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-COOPERATIVE
[CONTACT NO.: 91-172-2660918]
LOCATIONS
|
Registered/ Corporate Office : |
SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh – 160101, India |
|
Tel. No.: |
91-172-2730503/ 2730920 |
|
Fax No.: |
91-172-2730504/ 2736294 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Village Bhagwanpura, Barwala Road, Near Derabassi, District Patiala, Punjab, India |
|
|
|
|
Factory 2 : |
SIDCO, Industrial Growth Centre, Jammu, Jammu and Kashmir, India |
|
|
|
|
International
Marketing Office : |
711-712 Modi Tower, 98 Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-26226140-43 |
|
Fax No.: |
91-11-26416140 |
|
|
|
|
Branch Office : |
The Summit Business Bay, 102-103, Level-1, Service Road, Western Express Highway, Ville Parle (East), Mumbai - 400057, India |
|
Tel. No.: |
91-22-42288300 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
S.R. Mehta |
|
Designation : |
Non-Executive Chairman |
|
|
|
|
Name : |
N.R. Munjal |
|
Designation : |
Vice-Chairman-cum-Managing Director |
|
|
|
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Jt. Managing Director |
|
|
|
|
Name : |
Rishav Mehta |
|
Designation : |
Executive Director, Promoter |
|
|
|
|
Name : |
Dr. Gopal Munjal |
|
Designation : |
Non Executive Director, Promoter |
|
Date of Birth/Age : |
01.08.1958 |
|
Qualification : |
Medical Graduate |
|
Expertise in specific
Functional Area : |
Marketing and product development |
|
Date of Appointment : |
31.07.2003 |
|
Other Directorship : |
·
Essix
Biosciences Limited ·
Ind
Swift Limited ·
Mansa
Print And Publishers Limited · 3M Advertisers & Publishers Limited |
|
|
|
|
Name : |
Dr. V.R. Mehta |
|
Designation : |
Non Executive Director, Promoter |
|
Date of Birth/Age : |
22.10.1958 |
|
Qualification : |
M.Sc.(PAU) |
|
Expertise in specific
Functional Area : |
Marketing and product development Generic Products |
|
Date of Appointment : |
04.01.1995 |
|
Other Directorship : |
·
Essix
Biosciences Limited ·
Ind
Swift Limited · Mansa Print And Publishers Limited |
|
|
|
|
Name : |
K.M.S. Nambiar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. J.K. Kakkar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
S.V. Singh |
|
Designation : |
Nominee Director (SBI) |
|
|
|
|
Name : |
Mr. Pradeep Kumar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Ashwani Kumar Vig |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Prabhat Khurana |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Preetika S Chaubey |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Narinder Kumar Bansal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Pardeep Verma |
|
Designation : |
GM-Corp. Affairs and Company Secretary |
|
|
|
|
Senior Management
Team : |
·
Dr.
Lalit K. Wadhwa Director & Chief Operating Officer ·
Vijay
Kumar Director Marketing & Special ·
Projects ·
Vikas
Narendra President-US Operations ·
Sahil
Munjal President (Operations) ·
G.K.
Sharma Manufacturing Head ·
Subodh
Gupta Member Executive Board ·
Dr.
R. Arul Vice President (R&D & CRAMS) ·
Atul
Choubey Group HR Head ·
Suresh
Chandra Arora Head (Maintenance & Utility) ·
Sandeep
Singh Vice President (Procurement) ·
Saranjai
Tyagi Vice President (QA) ·
Rakesh
Bahuguna Vice President (QC) ·
Anurag
Chaturvedi Vice President (Marketing) · Varun Chhabra Vice President (Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
2216240 |
5.41 |
|
|
19340611 |
47.24 |
|
|
21556851 |
52.66 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
21556851 |
52.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
47061 |
0.11 |
|
|
1532121 |
3.74 |
|
|
1579182 |
3.86 |
|
|
|
|
|
|
4963068 |
12.12 |
|
|
|
|
|
|
7962103 |
19.45 |
|
|
4644431 |
11.34 |
|
|
234060 |
0.57 |
|
|
234060 |
0.57 |
|
|
17803662 |
43.49 |
|
Total Public shareholding (B) |
19382844 |
47.34 |
|
Total (A)+(B) |
40939695 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
23500 |
0.00 |
|
|
23500 |
0.00 |
|
Total (A)+(B)+(C) |
40963195 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs and Pharmaceuticals. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
No. of Employees : |
1227 [Approximately] |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
State
Bank of India Specialized Commercial
Branch SCO: 103-108, Sector 17B, Chandigarh 160017, India ·
Bank of
India Bank Square SCO: 81-83,
Sector 17B, Chandigarh 160017, India ·
State
Bank of Patiala Commercial Branch SCO:
103-106, Sector 8C, Chandigarh-160008, India
|
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Associates Chartered Accountants |
|
Address : |
SCO 819-20, Sector 22-A,
Chandigarh – 160022, India |
|
|
|
|
Solicitors : |
|
|
|
P.K. Goklaney and Company Advocate and Solicitors |
|
|
#38, Sector 16A, Chandigarh-160015, India |
|
|
|
|
Internal Auditors : |
|
|
|
Anju Sharma and
Associates Chartered Accountants |
|
|
# 728, Phase- 4 Mohali-160059, Punjab, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associate Companies
: |
·
Ind
Swift Limited ·
Essix
Biosciences Limited ·
Halcyon
Life Sciences Private Limited ·
Fortune(India)
Constructions Limited ·
Mansa
Print & Publishers Limited ·
Swift
Fundamental Research and Education Society ·
3M
Advertisers & Publishers Limited ·
Punjab
Renewable Energy Private Limited · Hakim Farayand Chemi Co. (Iran) |
|
|
|
|
Subsidiary
Companies : |
·
Ind
Swift Laboratories Inc. USA ·
Meteoric
Life Science Pte Limited ,Singapore · Ind-Swift Middle East FZE (UAE) |
|
|
|
|
Other companies in
which one of the Director of the Company is a Director : |
·
Mohali
Green Environment Private Limited ·
Saidpura
Envirotech Private Limited ·
Consummate
Pharmaceuticals Private Limited ·
Nimbua
Green Field (Punjab) Limited ·
Dashmesh
Medicare Private Limited ·
AKJ
Portfolios Private Limited ·
NRM
Portfolios Private Limited ·
GM
Portfolios Private Limited ·
VRM
Portfolios Private Limited ·
VKM
Portfolios Private Limited · SRM Portfolios Private Limited |
|
|
|
|
Others entities in which
Relatives of KMP have control or significant influence : |
·
Integral
Buildcon Private Limited ·
Vibrant
Agro Industries Limited ·
B.M.
Cosmed Private Limited · KMB Hospitality Services Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40963195 |
Equity Shares |
Rs. 10/- each |
Rs. 409.632
Million |
|
|
|
|
|
List of Shareholders holding more than 5 % shares
|
Name |
31.03.2015 |
|
|
|
No. of Shares |
% |
|
Ind Swift Limited |
9499720 |
23.191% |
|
Essix Biosciences Limited |
5491801 |
13.407% |
During the year, Company has not allotted any shares to promoters under
CDR scheme. However, during previous year 1692725 number of shares were issued
at Rs. 55/- per share (Including premium of Rs. 45)
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 |
409.632 |
409.632 |
392.705 |
|
(b) Reserves & Surplus |
5513.915 |
6725.842 |
8032.285 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
115.600 |
93.100 |
93.100 |
|
Total
Shareholders’ Funds (1) + (2) |
6039.147 |
7228.574 |
8518.090 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
9892.037 |
9643.942 |
8181.644 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
189.633 |
394.181 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
9892.037 |
9833.575 |
8575.825 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4306.408 |
3909.735 |
4219.698 |
|
(b)
Trade payables |
1491.445 |
2063.405 |
1932.871 |
|
(c)
Other current liabilities |
653.682 |
230.372 |
268.855 |
|
(d)
Short-term provisions |
0.000 |
34.096 |
126.596 |
|
Total
Current Liabilities (4) |
6451.535 |
6237.608 |
6548.020 |
|
|
|
|
|
|
TOTAL |
22382.719 |
23299.757 |
23641.935 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
11711.116 |
11591.387 |
11301.948 |
|
(ii)
Intangible Assets |
2306.681 |
2426.715 |
2176.487 |
|
(iii)
Capital work-in-progress |
934.052 |
546.205 |
993.213 |
|
(iv) Intangible assets under development |
194.298 |
234.792 |
619.789 |
|
(v) Assets held for disposal |
22.226 |
22.336 |
22.336 |
|
Accumulated Depreciation |
(2873.987) |
(2315.107) |
(1806.822) |
|
(b) Non-current Investments |
263.316 |
272.052 |
271.715 |
|
(c) Deferred tax assets
(net) |
48.106 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
719.717 |
807.439 |
17.599 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
13325.525 |
13585.819 |
13596.265 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
1.000 |
|
(b)
Inventories |
3483.069 |
3770.287 |
4514.417 |
|
(c)
Trade receivables |
3749.000 |
4272.684 |
3938.654 |
|
(d)
Cash and cash equivalents |
184.773 |
189.218 |
177.507 |
|
(e)
Short-term loans and advances |
1640.352 |
1481.749 |
1414.092 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
9057.194 |
9713.938 |
10045.670 |
|
|
|
|
|
|
TOTAL |
22382.719 |
23299.757 |
23641.935 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
6457.367 |
9406.615 |
10827.008 |
|
|
|
Other Income |
222.540 |
134.576 |
178.486 |
|
|
|
TOTAL (A) |
6679.907 |
9541.191 |
11005.494 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3386.962 |
4400.218 |
5564.564 |
|
|
|
Purchases of Stock-in-Trade |
456.889 |
2368.561 |
3012.159 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
140.913 |
608.949 |
92.206 |
|
|
|
Employees benefits expense |
522.863 |
466.613 |
387.487 |
|
|
|
Other expenses |
1061.452 |
977.917 |
1067.164 |
|
|
|
Exceptional Items |
527.915 |
327.134 |
41.392 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
100.000 |
|
|
|
TOTAL (B) |
6096.994 |
9149.392 |
10264.972 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
582.913 |
391.799 |
740.522 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1172.866 |
1166.205 |
1396.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(589.953) |
(774.406) |
(655.626) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
842.901 |
657.656 |
543.506 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1432.854) |
(1432.062) |
(1199.132) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(241.220) |
(204.626) |
(9.420) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1191.634) |
(1227.436) |
(1189.712) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods |
4340.165 |
5840.537 |
5866.355 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1821.111 |
3272.529 |
3622.939 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(29.09) |
(29.28) |
(30.35) |
|
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 |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from operating activities |
999.158 |
663.157 |
(461.180) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
1733.290 |
1637.450 |
|
Total Expenditure |
1425.500 |
1322.920 |
|
PBIDT (Excl OI) |
307.790 |
314.530 |
|
Other Income |
0.000 |
0.000 |
|
Operating Profit |
307.790 |
314.530 |
|
Interest |
261.920 |
257.370 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
45.870 |
57.160 |
|
Depreciation |
209.090 |
214.140 |
|
Profit Before Tax |
(163.220) |
(156.980) |
|
Tax |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(163.220) |
(156.980) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(163.220) |
(156.980) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(18.45) |
(13.05) |
(10.99) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.03 |
4.17 |
6.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.05) |
(3.93) |
(3.24) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.24) |
(0.20) |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35 |
1.88 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.56 |
1.53 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 30.30/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
392.705 |
409.632 |
409.632 |
|
Reserves & Surplus |
8032.285 |
6725.842 |
5513.915 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
93.100 |
93.100 |
115.600 |
|
Net
worth |
8518.090 |
7228.574 |
6039.147 |
|
|
|
|
|
|
Long-term borrowings |
8181.644 |
9643.942 |
9892.037 |
|
Short term borrowings |
4219.698 |
3909.735 |
4306.408 |
|
Total
borrowings |
12401.342 |
13553.677 |
14198.445 |
|
Debt/Equity ratio |
1.456 |
1.875 |
2.351 |
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 |
10827.008 |
9406.615 |
6457.367 |
|
|
|
-13.119 |
-31.353 |
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 |
10827.008 |
9406.615 |
6457.367 |
|
Profit/ (Loss) |
(1189.712) |
(1227.436) |
(1191.634) |
|
|
(10.99%) |
(13.05%) |
(18.45%) |
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 |
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 |
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
Case Details for Case CM-7803-CII-2011
|
Diary Number |
631937 |
District |
UT-CHANDIGARH |
|
Category |
- |
Main Case Detail |
ITA-144-2011 |
|
Party Detail |
COMMI. OF IT-II, CHD V/S M/S IND SWIFT
LABORATORIES LTD |
||
|
Advocate Name |
URVASHI DHUGGA |
List Type |
ORDINARY |
|
Status |
PENDING |
Next date |
-- |
|
Case Listing
Details |
|||
|
No Listing Data Available |
|||
|
Judgment Details
For Case: CM-7803-CII-2011 |
|||
|
Order Date |
Order Type |
Bench |
Judgment Link |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10423265 |
17/04/2013 |
250,000,000.00 |
MAHINDRA AND
MAHINDRA FINANCIAL SERVICES LIMITED |
GATEWAY BUILDING, APOLLO
BUNDER, MUMBAI, MAHARASHTRA - 400001, INDIA |
B74240045 |
|
2 |
10408579 |
04/03/2013 |
11,718,200,000.00 |
STATE BANK OF
INDIA |
SCO - 103 - 106,
SECTOR - 17 B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B73867079 |
|
3 |
10356105 |
31/03/2012 |
55,000,000.00 |
SIEMENS FINANCIAL
SERVICES PRIVATE LIMITED |
130, PANDURANG
BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B39750930 |
|
4 |
10330322 |
04/01/2012 |
300,000,000.00 |
STATE BANK OF
HYDERABAD |
SCO 62-63, SECTOR -
34A, CHANDIGARH, CHANDIGARH - |
B30070148 |
|
5 |
10323609 |
31/03/2015 * |
400,000,000.00 |
EDELWEISS ASSET
RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE,
OFF. C.S.T ROAD, KALINA,, MUMBAI, MAHARASHTRA - 400098, INDIA |
C60857042 |
|
6 |
10317691 |
17/04/2013 * |
500,000,000.00 |
BANK OF INDIA |
STAR HOUSE, C-5, G
BLOCK, BANDRA KURLA COMPLEX, |
B74976259 |
|
7 |
10296105 |
30/06/2011 |
250,000,000.00 |
CANARA BANK |
ADVANCES SECTION, SCO
311 - 312, SECTOR - 35 B, |
B16521387 |
|
8 |
10296547 |
25/05/2011 |
105,000,000.00 |
SBI GLOBAL FACTORS
LIMITED |
6TH FLOOR,
METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI,
MAHARASHTRA - 400051, INDIA |
B16620064 |
|
9 |
10289168 |
17/04/2013 * |
500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
SCO - 103 - 107, CHANDIGARH, CHANDIGARH - 160018, INDIA |
B74570383 |
|
10 |
10291634 |
17/04/2013 * |
200,000,000.00 |
L & T FINANCE
LIMITED |
L&T HOUSE,
BALLARD ESTATE, MUMBAI, MAHARASHTRA |
B73476459 |
|
11 |
10274092 |
13/10/2011 * |
300,000,000.00 |
EXPORT IMPORT BANK
OF INDIA |
CENTRE ONE
BUILDING ,FLOOR 21, WORLD TRADE CENTER |
B23170400 |
|
12 |
10260537 |
30/09/2014 * |
350,000,000.00 |
PHOENIX ARC
PRIVATE LIMITED |
DANI CORPORATE
PARK, 7TH FLOOR, 158 CST ROAD, KALINA, SANTACRUZ (E), MUMBAI, MAHARASHTRA -
400098, INDIA |
C38264370 |
|
13 |
10260290 |
26/07/2011 * |
910,200,000.00 |
BANK OF BARODA |
SECTOR - 22 B,,
CHANDIGARH, CHANDIGARH - 160022, INDIA |
B18008466 |
|
14 |
10253364 |
22/11/2010 |
150,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
SCO - 103 - 107, SECTOR - 8 C, CHANDIGARH, CHANDIGARH - 160018, INDIA |
B00471409 |
|
15 |
10248843 |
26/07/2011 * |
500,000,000.00 |
CENTRAL BANK OF
INDIA |
SCO 68 - 69,,
SECTOR - 17 B,, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B18000059 |
|
16 |
10245253 |
18/04/2011 * |
125,000,000.00 |
ICICI BANK LIMITED |
SCO - 129 - 130,
SECTOR - 9 C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B10479962 |
|
17 |
10227479 |
18/03/2011 * |
100,000,000.00 |
L & T FINANCE
LIMITED |
L&T HOUSE,, BALLARD
ESTATE, MUMBAI, MAHARASHTRA |
B09121427 |
|
18 |
10233562 |
18/03/2011 * |
300,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
SCO - 103 - 107, CHANDIGARH, CHANDIGARH - 160018, INDIA |
B08886756 |
|
19 |
10220861 |
18/03/2011 * |
300,000,000.00 |
ALLAHABAD BANK |
SECTOR - 8 C,,
MADHYA MARG,, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B09120387 |
|
20 |
10208665 |
08/09/2010 * |
225,000,000.00 |
BANK OF INDIA |
SCO 81 - 82, 2ND
FLOOR,, BANK SQUARE, SECTOR - 17 |
A94160686 |
|
21 |
10191428 |
08/09/2010 * |
150,000,000.00 |
EXPORT - IMPORT
BANK OF INDIA |
CENTER ONE
BUILDING, FLOOR - 21, WORLD TRADE CENTER COMPLEX, CURRE PARADE, MUMBAI,
MAHARASHTRA - |
A94268729 |
|
22 |
10183686 |
08/09/2010 * |
120,000,000.00 |
STATE BANK OF
HYDERABAD |
SCO 62 - 63,
SECTOR - 34 A, CHANDIGARH, CHANDIGARH - 160031, INDIA |
A94869641 |
|
23 |
10180924 |
08/09/2010 * |
200,000,000.00 |
STATE BANK OF
INDORE |
SCO 118 - 120, SECTOR
- 34 A, CHANDIGARH, CHANDIG |
A95606042 |
|
24 |
10174749 |
18/09/2009 * |
950,000,000.00 |
DEG - DEUTSCHE
INVESTITIONS-UND ENTWICKLUNGSGESELL |
KAEMMERGASSE 22,
COLOGNE, - 50449, GERMANY |
A70796362 |
|
25 |
10173337 |
19/08/2009 |
150,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LTD. |
ASIAN BUILDING,
GROUND FLOOR 17, R, KAMANI MARG, |
A68811652 |
|
26 |
10169010 |
08/09/2010 * |
500,000,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU
PLACE, NEW DELHI, DELHI - 110019, INDIA |
A93891638 |
|
27 |
10166386 |
30/09/2014 * |
200,000,000.00 |
PHOENIX ARC
PRIVATE LIMITED |
DANI CORPORATE
PARK, 7TH FLOOR,, 158 CST ROAD, KA |
C38487534 |
|
28 |
10164586 |
31/03/2015 * |
200,000,000.00 |
EDELWEISS ASSET
RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE,
OFF. C.S.T ROAD, KALINA,, MUMBAI, MAHARASHTRA - 400098, INDIA |
C60859105 |
|
29 |
10168967 |
27/12/2011 * |
450,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B28499275 |
|
30 |
10120656 |
04/04/2009 * |
200,000,000.00 |
STATE BANK OF
INDIA |
SCO 103 - 106, SECTOR
- 17 B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
A60002375 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Fixed Deposits |
931.121 |
1018.269 |
|
From Others |
0.000 |
3.400 |
|
SHORT TERM BORROWINGS |
|
|
|
Fixed Deposits |
112.741 |
50.593 |
|
ICD |
0.000 |
12.500 |
|
|
|
|
|
Total |
1043.862 |
1084.762 |
OPERATIONS
AND BUSINESS PERFORMANCE
During the Financial year
2014-15, Ind-Swift Labs achieved a turnover of Rs. 6679.900 million against the
turnover of Rs. 9541.190 million during financial
year 2013-14. The Company suffered a loss of Rs.(1191.633) million during
2014-15 against loss of Rs.(1227.435) million in 2013-14. The Company's exports
decreased from Rs. 6104.080 million in 2013-14 to Rs. 4304.300 million during
2014-15. There has been no change in the nature of business of the company
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDIAN PHARMA INDUSTRY
The Indian active
pharmaceutical ingredients manufacturing segment can be divided into two
sectors 1) innovative or branded and 2) generic or unbranded. In 2009, the global
generic drug market was estimated at US$ 84 billion, of which the market share
of US was about 42 per cent.
The last year, India's
generic drug industry was estimated to US$ 19 billion and it ranks third
globally, which contributes about 10 per cent to global pharmaceutical
production. The generic APIs market is expected to continue to rise faster than
the branded or innovative APIs, by 7.7 per cent per year and is expected to
reach $30.3 billion in 2016. Asia-Pacific
is expected to show the fastest growth rates of 10.8 per cent per year. The 24
fastest growing markets will include 11 in Asia-Pacific,
seven in Eastern Europe and CIS, four in Africa- Middle East and two in Latin
America.
According to a report, the
market share held by Indian API manufacturers in the global API market (generic
APIs and branded/innovator APIs) was 6.5 per cent in 2005, which has been
increased at the rate of 12.0 per cent till 2010, and is expected to increase
to at the rate of 22 per cent by 2015. India's share of the global generic API
merchant market has increased from 13.5 per cent in 2005 to 22.1 per cent in
2010 and is expected to increase to 33.3 per cent by 2015. Export sales of
generic APIs from India increased at an average of rate of 18.9 per cent during
2005-2010.
On a geographic basis, the
highest growth rate for APIs between 2008 and 2012 was in Asia-Pacific
(excluding Japan), which experienced average annual growth rate of 13.9 per
cent, followed by the Middle East with 8.7 per cent average annual growth and
Eastern Europe and the Commonwealth of States (CIS) with 8.2 per cent average
annual growth, according to a recent report. India's supply to the US market
increased from $255 million in 2008 to $1.12 billion in 2012 at an average
annual rate of 44 per cent. Asia Pacific
accounted for 39.6 per cent of the global generic API merchant market in 2012.
China is the largest
consumer on a country basis of generic API in the merchant market, accounting
for 23.7 per cent of the global total, surpassing the North American market as
a whole (21.9 per cent) and the US (20.4 per cent). India exports generic APIs
to developed countries and the exports account for 41.6 per cent of total sales
in India as compared to 24.7 per cent in China. India is the second largest supplier
of generic APIs to the US market with a 24.4 per cent share, according to the
CPA report. India is also increasing its supply to Western Europe, accounting
for 19.2 per cent of the supply to the region.
REVIEW OF IND-SWIFT LABORATORIES PERFORMANCE
The past few years, Europe
has seen a very difficult
economic terrain with partial recoveries beginning 2013 onwards. The industrial
environment remained fragile but on the right track to a modest recovery. For
the European Pharmaceutical industry, things have looked up during the last fiscal,
which is also evident from the growth witnessed by the company. Companies are
more confident on bringing new drugs
and treatments to the market. With several austerity measures still in place in
many European states, pricing pressures is still an important factor in the
overall revenue plans for this market.
Europe remains the top
performing region for the company. Almost all products sold to the European
Region have earned higher revenues for the company.
The world's best selling
drug, Atorvastatin (Cardiovascular) remained the top-selling drug for the
European region. The market share for this product in Europe has seen a gradual
increase over the past few years since the expiry of the original patent.
Followed closely in terms of revenue and market share is the leading product
(Macrolide Antibiotic) of the company and its Granulate form.
The company is gearing up
for several new launches in the coming years in the European Market.
Turkish pharmaceutical
industry holds great promise for steady growth for the next decade. Last year
saw their presence getting stronger especially in the macrolides range. Trust
and partnerships built over years have ensured a position for the company to be
regarded as a reliable supplier of Active ingredients to this very important
market.
The US continues to be the
largest pharmaceutical market in the world. Driven by the factors such as large
healthcare spending, high per-capita income, and strong research and
development investments, the pharmaceutical market in the US has witnessed an
upward surge over the past few years. Additionally, the share of Generics has
increased steadily in the pharmaceutical market, in terms of both revenue and
prescriptions.
The US generic drugs market
accounts for a share of around 45% in the global Generics market. This share
has been growing at a fast pace on the back of factors, such as demand for cost
effective medications, rising healthcare expenditure, increasing ageing
population, patent expiration of blockbuster drugs, and enhanced government
support.
This year the company
continued with the commercial supplies of multiple APIs for North America.
Additionally the company has grabbed few CRAMS orders to be executed from the
CRAMS SBU. The company's four products are being actively reviewed by
regulatory agencies. The company is progressing well with its plans with
execution of manufacturing and supply agreements with North American generic
pharmaceutical companies.
COMPANY'S OUTLOOK
The Company went into CDR
due to; huge investment in R&D and delay in return from these investments;
huge investment in capital expansion through debts, cash flow
from operations not being sufficient
to meet debt obligations; pressure on margins of existing products, the rising
interest and finance
cost caused higher outflows
to the company; the incident at one of the key job work facility caused human
causalities a part form loss of costly raw material and forex losses.
Despite a slow growth
environment across global markets, the company put in significant
efforts to keep business on track. Severe liquidity crisis due to reasons
explained above and enhanced management focus helped the Company to maintain
the current level of its operations. Company is presently focusing only on the
API manufacturing business and it has curtailed the other non-remunerative
businesses (menthol and trading) to a great extent. This is the main reason
that even though the turnover has scaled down to Rs. 6670.000 Million in 2014-15
from a sum of Rs. 9540.000 Million in 2013-14 yet the EBIDTA has increased
forms Rs. 720.000 Million in 2013-14 to Rs. 1111.600 Million in 2014-15. Going
forward they are hopeful of bringing the bottomline into black too.
Company is well placed globally
to claim the opportunities thrown open by the patents going off patent for
major drugs, majority of which Ind-Swift Labs is already present. Company's
strong research and technical skills has made it a preferred supplier of APIs
and Intermediates.
Company is presently
manufacturing more than 50 products across 16 therapeutic segments, few of them
growing by more than the industry growth rates. Company has filed
more than 450 DMF's and it has filed
DMF's even for the Drugs going off patent by 2022-2023.
The Company is envisaging the following steps
to mitigate the pressure on liquidity:
The company is proposing to
increase market share of the sum of products in regulated markets to derive
benefits of higher margins.
The company has identified
8 APIs which are expected to contribute in the increase in turnover and margins
in future. Most of these products have recently gone off patent and there is
significant potential for increase
in market share for these products in receipt of necessary regulatory
approvals.
In addition to the above
mentioned 8 API products, the company also has a pipeline of around 20 APIs
which are part of long term growth strategy. The said APIs would be launched on
expiry of patents which is scheduled in 2015 onwards. The products as of now
are in seeding stage i.e. market promotion etc and are expected to be launched
upon expiry of patents in respective countries.
Company is putting up a new
manufacturing block from internal accruals for manufacturing of Atorvastatin
Drug. This will contribute to the increase in sales and EBIDTA levels of the
Company At the plant level, initiatives are being undertaken to improve yields
and reduce costs through process development and de-bottlenecking exercises.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2015
[RS. IN
MILLION]
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
1609.227 |
1696.893 |
3306.120 |
|
Other Operating Income |
28.219 |
36.399 |
64.618 |
|
Total Income from
operations (net) |
1637.447 |
1733.291 |
3370.738 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
904.911 |
910.653 |
1815.564 |
|
(b) Purchase of stock in trade |
5.522 |
11.609 |
17.131 |
|
(c) Increase/ (Decrease) of finished goods, work in
progress and stock in trade |
18.171 |
80.415 |
98.587 |
|
(d) Staff Cost |
159.696 |
140.459 |
300.155 |
|
(e) Depreciation |
214.143 |
209.085 |
423.228 |
|
(f) Other Expenses |
234.615 |
282.372 |
516.986 |
|
Total Expenses |
1537.057 |
1634.593 |
3171.650 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
100.389 |
93.698 |
199.088 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
100.389 |
93.698 |
199.088 |
|
Finance costs |
257.368 |
251.919 |
519.287 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(156.979) |
(163.220) |
(320.199) |
|
Exceptional
item |
0.000 |
0.000 |
0.000 |
|
Profit/ Loss from Ordinary Activities
before tax |
(156.979) |
(163.220) |
(320.199) |
|
Tax Expenses |
|
|
|
|
- Income Tax
adjustment of Previous year |
0.000 |
0.019 |
0.000 |
|
- Mat Credit
Entitlement |
0.000 |
0.000 |
0.000 |
|
- Short/
Excess Provisions for Current Tax of earlier years |
0.000 |
0.000 |
0.000 |
|
Net Profit for the period |
(156.979) |
(163.220) |
(320.199) |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
409.632 |
409.632 |
409.632 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
EPS |
|
|
|
|
Basic |
(3.83) |
(3.98) |
(7.82) |
|
Diluted |
(3.83) |
(3.98) |
(7.82) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
19406344 |
19406344 |
19406344 |
|
Percentage of Shareholding |
47.38 |
47.38 |
47.38 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
21556851 |
21556851 |
21556851 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
100 |
100 |
100 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
52.62 |
52.62 |
52.62 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
Nil |
Nil |
Nil |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
Particulars |
Quarter
Ended 30.09.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
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 |
STATEMENT
OF EQUITY AND LIABILITIES
|
Particulars |
30.09.2015 [Unaudited] |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
409.632 |
|
|
b] Reserves and Surplus |
5193.689 |
|
|
|
|
|
|
Share Application money pending allotment |
180.773 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
10060.699 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
4420.620 |
|
|
b] Trade Payables |
1664.502 |
|
|
c] Other Current Liabilities |
633.939 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
22463.854 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
|
|
|
(i) Tangible assets |
11710.810 |
|
|
(ii) Intangible
Assets |
2150.594 |
|
|
(iii) Capital
work-in-progress |
1153.604 |
|
|
(iv) Intangible assets
under development |
257.440 |
|
|
(v) Assets held for disposal |
22.226 |
|
|
Accumulated Depreciation |
3139.073 |
|
|
b] Non-current investment |
263.818 |
|
|
c] long Term loans and Advances |
48.106 |
|
|
d] Other non-current assets |
790.093 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
3439.594
|
|
|
Trade Receivables |
3897.141
|
|
|
Cash & Bank Balances |
245.588
|
|
|
Short Term loans and advances |
1623.916
|
|
|
|
|
|
TOTAL - ASSETS |
22463.854 |
|
NOTES:
· During the quarter the Company has received Rs. 65.173 Million towards promoters contribution from promoters as per the terms of CDR. The funds have been utilized for long term working capital requirement.
· During the quarter company has created a provision for doubtful debt of Rs. 46.300 Million proportionately on estimated basis.
· The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective Meetings held on 24th October 2015.
· The previous period figures have been re-grouped and re-arranged wherever necessary.
· The Company is exclusively in the Pharmaceutical Business segment.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
a. Letter of Credit against purchase of raw material: |
|
|
|
-- Domestic |
143.354 |
309.208 |
|
-- Import |
492.042 |
1249.566 |
|
|
|
|
|
b. Bank Guarantees |
|
|
|
-- Inland |
2.500 |
2.461 |
|
-- Foreign Currency |
458.801 |
0.000 |
|
|
|
|
|
c. Export obligation in respect of custom duty : |
21.488 |
28.335 |
|
|
|
|
|
d.
Contingent Liabilities in respect of unassessed / assessed (Pending in Appeal) cases of Income Tax, Excise Duty, Sales Tax and Service Tax. |
Unascertained |
Unascertained |
|
|
|
|
|
e. Corporate guarantees given on behalf of (To the extent Utilized) |
|
|
|
Essix Biosciences Limited |
309.522 |
257.807 |
|
Halcyon Life Science Private Limited |
307.517 |
392.397 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and
Machinery
·
Electric
Installations
·
Furniture
and Fixtures
·
Office
Equipments
·
Computer
and Peripherals
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.75 |
|
|
1 |
Rs. 100.68 |
|
Euro |
1 |
Rs. 70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.