MIRA INFORM REPORT

 

 

Report No. :

351443

Report Date :

28.11.2015

 

IDENTIFICATION DETAILS

 

Name :

PANACEA BIOTEC LIMITED

 

 

Registered Office :

Ambala-Chandigarh Highway, Lalru – 140501, Punjab

Tel. No.:

91-1762-505900

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

02.02.1984

 

 

Com. Reg. No.:

16-022350

 

 

Capital Investment / Paid-up Capital :

Rs. 224.300 Million

 

 

CIN No.:

[Company Identification No.]

L33117PB1984PLC022350

 

 

IEC No.:

0593046765

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEP07035A

 

 

PAN No.:

[Permanent Account No.]

AAACP5335J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Marketer of Pharmaceutical Formulations viz. Tablets, Syrups/ Liquids, Capsules, Gels and Vaccines.

 

 

No. of Employees :

2708 (Approximately) 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (21)

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

 

 

Payment Behaviour :

Slow and Delayed

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in February 1984 and it is having moderate track record.

 

The company has reported weak operation profile marked by its continuous losses from its operational activities over the years. Rating is constrained on the company declined reserves position from its previous FY-14 lowering is capital structure during year under the review.

 

The rating continues to remain constrained by the instances delays in debt servicing leading to stressed liquidity position of the company.

 

However, Business is active. Payment terms are reported to be slow.

 

The company can be considered for business dealings on a safe and secured trade terms and conditions.

 

NOTE:

 

All the long terms loans and sustainable capital borrowings from the banks have been restructured under the CDR package approved by the Corporate Restructuring Empowered Group (CDR-EG) on 24.09.2014.

 

The company has executed Master Restructuring agreement (MRA)/ other definitive documents with all lender bank, except State Bank of Travancore, on December 27, 2014 with Cut-off Date of 1st October, 2013.

 

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

CARE

Rating

Long term bank facilities = D

Rating Explanation

Lowest-credit-quality and very low prospects of recovery

Date

23.04.2015

 

Rating Agency Name

CARE

Rating

Short term bank facilities = D

Rating Explanation

Lowest-credit-quality and very low prospects of recovery

Date

23.04.2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

LOCATIONS

 

Registered Office :

Ambala-Chandigarh Highway, Lalru – 140501, Punjab, India

Tel. No.:

91-1762-505900

Fax No.:

Not Available

E-Mail :

corporate@panaceabiotec.com

Website :

http://www.panaceabiotec.com

 

 

Corporate Office 1 :

B-1 Extn./G-3, Mohan Co-operative Industrial Estate Mathura Road, New Delhi - 110044, India

Tel. No.:

91-11-41679000

Fax No.:

91-11-41679070

Corporate Office 2 :

B-1 Extn./A-27, Mohan Co-operative Industrial Estate Mathura Road, New Delhi - 110 044, India

Tel. No.:

91-11-26945270/ 74500/ 41678000

Fax No.:

91-11-41679081/ 26940199

 

 

Manufacturing Facilities :

·         Malpur, Baddi, District Solan Himachal Pradesh - 173 205, India

 

·         Ambala-Chandigarh Highway Lalru -140 501, Punjab, India

 

·         B-1/E-12, Mohan Co-operative Industrial Estate Mathura Road, New Delhi - 110 044, India

 

 

R&D Centers :

·         Grand R&D Center Plot No. 72/3, Gen Block, T.T.C. Indl. Area Mahape, Navi Mumbai - 400 710, India

 

·         Sampann Drug Delivery R&D Center Ambala-Chandigarh Highway Lalru -140 501, Punjab, India

 

·         Laksh Drug Discovery R&D Center Plot No. E-4, Phase II, Industrial Area Mohali 160 055, Punjab, India

 

·         One Stream Research Center B-1 Extn./A-24-25, Mohan Co-operative Industrial Estate Mathura Road, New Delhi -110 044, India

 

 

Sales & Marketing Office :

7th Floor, Sagar Tech Plaza, A Wing, Saki Naka, Andheri (East), Mumbai - 400 072, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Soshil Kumar Jain

Designation :

Chairman

Address :

18/56, East Park Area, Karol Bagh, New Delhi  – 110005, India 

Date of Birth/Age :

04.04.1933

Qualification :

Pharmacist

Date of Appointment :

02.02.1984

DIN No.:

00012812

 

 

Name :

Mr. Ravinder Jain

Designation :

Managing Director

Address :

18/56, East Park Area, Karol Bagh, New Delhi  – 110005, India 

Date of Birth/Age :

03.08.1957

Qualification :

Matriculate

Date of Appointment :

15.11.1984

DIN No.:

00010101

 

 

Name :

Dr. Rajesh Jain

Designation :

Joint Managing Director

Address :

18/56, East Park Area, Karol Bagh, New Delhi  – 110005, India 

Date of Birth/Age :

26.04.1964

Qualification :

B.Sc., MBA,  PGDBM, Advanced Management Diploma in Market Research

Date of Appointment :

25.11.2006

DIN No.:

00013053

 

 

Name :

Mr. Sandeep Jain

Designation :

Joint Managing Director

Address :

18/56, East Park Area, Karol Bagh, New Delhi  – 110005, India 

Date of Birth/Age :

17.07.1966

Qualification :

B. Com

Date of Appointment :

15.11.1984

DIN No.:

00012973

 

 

Name :

Mr. Sumit Jain

Designation :

Director Operations and Projects

Address :

18/56, East Park Area, Karol Bagh, New Delhi  – 110005, India 

Date of Birth/Age :

07.02.1981

Qualification :

Post Graduate Diploma in Business Management

Date of Appointment :

27.07.2005

DIN No.:

00014236

 

 

Name :

Mr. Raghava Lakshmi Narasimhan

Designation :

Non-Executive Independent Directors

Address :

Flat No.6, Plot No.858, New No.3, Paneer Selvam Salai, K  K nagar, Chennai – 600078, Tamilnadu, India

Date of Birth/Age :

01.10.1940

Date of Appointment :

31.01.2001

DIN No.:

00073873

 

 

Name :

Mr. Namdeo Narayan Khamitkar

Designation :

Non-Executive Independent Directors

Address :

3, Krishna Kunj Apartments, 42 Shantisheela Society, Law College Road, Pune – 411004, Maharashtra, India 

Date of Birth/Age :

02.12.1940

Date of Appointment :

31.01.2006

DIN No.:

00017154

 

 

Name :

Mr. Krishna Murari Lal

Designation :

Non-Executive Independent Directors

Address :

706-A, Sector – 23, Huda, Gurgaon – 122017, Haryana, India

Date of Birth/Age :

22.06.1940

Date of Appointment :

28.04.2006

DIN No.:

00016166

 

 

Name :

Dr. Aditya Narain Saksena

Designation :

Non-Executive Independent Directors

Address :

Flat No. B-9012, B-Block, Guar Green City, Indirapuram, Ghaziabad – 201010, Uttar Pradesh, India

Date of Birth/Age :

07.05.1938

Date of Appointment :

22.12.2005

DIN No.:

00016107

 

 

Name :

Mr. O.P. Kelkar

Designation :

Non-Executive Independent Directors

 

 

Name :

Mrs. Manjula Upadhyay

Designation :

Non-Executive Independent Directors

 

 

KEY EXECUTIVES

 

Name :

Mr. Vinod Goel

Designation :

Group Chief Finance Officer and Head Legal and Company Secretary

 

 

Name :

Mr. Devender Gupta

Designation :

Chief Financial Officer and Head IT

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholders

No. of Shares

 

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

43298799

70.69

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

2313454

3.78

http://www.bseindia.com/include/images/clear.gifLimited Liability Partnership

2313454

3.78

http://www.bseindia.com/include/images/clear.gifSub Total

45612253

74.47

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total Shareholding of Promoter and Promoter Group (A)

45612253

74.47

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

330253

0.54

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

23541

0.04

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

303060

0.49

http://www.bseindia.com/include/images/clear.gifSub Total

656854

1.07

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

10246877

16.73

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

3133842

5.12

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

783848

1.28

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

817072

1.33

http://www.bseindia.com/include/images/clear.gifTrusts

419

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

6187

0.01

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

58599

0.10

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

109962

0.18

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

639450

1.04

http://www.bseindia.com/include/images/clear.gifForeign Portfolio Investors

2455

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

14981639

24.46

Total Public Shareholding (B)

15638493

25.53

Total (A)+(B)

61250746

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1)

0

0.00

http://www.bseindia.com/include/images/clear.gif(2)

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

61250746

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Marketer of Pharmaceutical Formulations viz. Tablets, Syrups/ Liquids, Capsules, Gels and Vaccines.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

Customers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

No. of Employees :

2708 (Approximately)

 

 

Bankers :

Bank Name:

--

Branch:

--

Person Name (with Designation):

--

Contact Number:

--

Name of Account Holder:

--

Account Number:

--

Account Since (Date/ Year of A/c Opening):

--

Average Balance Maintained (Optional):

--

Credit Facilities Enjoyed (CC/OD/Term Loan):

--

Account Operation:

--

Remarks:

--

 

·         Axis Bank Limited

·         Bank of India

·         Canara Bank

·         IDBI Bank Limited

·         Indian Overseas Bank

·         State Bank of India

·         State Bank of Mysore

·         State Bank of Travancore

·         Union Bank of India

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans

 

 

Foreign currency term loans from banks

 

 

Bank of India

1562.500

1497.300

Indian rupee term loan from banks

 

 

State Bank of India [loan - I]

1576.000

1200.0

State Bank of India [loan - II]

800.300

650.0

State Bank of India [loan - III]

231.700

173.2

State Bank of Travancore

548.300

822.5

Indian Overseas Bank

985.000

375.0

Indian rupee working capital term loan from banks

 

 

Axis Bank Limited

4.700

0.000

Bank of India

59.700

0.000

Canara bank

36.100

0.000

IDBI Bank Limited

17.000

0.000

Indian Overseas Bank

45.800

0.000

Union Bank of India

43.800

0.000

Indian rupee funded interest term loan from banks

 

 

Axis Bank Limited

3.300

0.000

Bank of India

66.300

0.000

Canara bank

22.000

0.000

IDBI Bank Limited

10.600

0.000

Indian Overseas Bank

180.100

0.000

Union Bank of India

26.700

0.000

Indian rupee other term loans

 

 

Department of Biotechnology

46.200

58.000

Technology Development Board

6.300

11.200

 

 

 

SHORT TERM BORROWINGS

 

 

Cash credits from banks

2084.800

2504.000

Buyers' credit from banks

543.400

208.200

Working capital loan from bank

0.000

64.100

 

 

 

Total

 

8900.600

7563.500

 

Auditors :

 

Name :

Walker Chandiok and Company LLP

Chartered Accountants

Address :

Gurgaon, Haryana, India

 

 

Cost Auditors:

 

Name :

G.T. and Company

Cost Accountants

Address :

New Delhi, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries :

·         Radhika Heights Limited (“RHL”) (formerly Best On Health Limited) (Wholly-owned subsidiary (“WOS”))

·         Radicura Infra Limited (formerly Radicura and Company Limited). ((Indirect WOS (“IWOS”) through RHL),

·         Nirmala Buildwell Private Limited (formerly Panacea Hospitality Services Private Limited). (IWOS through RHL)

·         Cabana Construction Private Limited (formerly Panacea Educational Institute Private Limited). (IWOS through RHL)

·         Sunanda Infra Limited (formerly Sunanda Steel Company Limited). (IWOS through RHL)

·         Nirmala Organic Farms & Resorts Private Limited (IWOS through RHL)

·         Cabana Structures Limited (formerly Best On Health Foods Limited). (IWOS through RHL)

·         Rees Investments Limited (“Rees”) (Guernsey): (WOS)

·         Kelisia Holdings Limited (“KHL”) (Cyprus) (IWOS through Rees)

·         Kelisia Investment Holding AG (“KIH”) (Switzerland) (IWOS through KHL) (liquidated on October 7, 2014)

·         Panacea Biotec (International) SA (“PBS”) (Switzerland) (WOS)

·         Panacea Biotec Germany GmbH (Germany) (IWOS through PBS)

·         Panacea Biotec GmbH (Germany) (WOS) (under liquidation)

·         Panacea Biotec FZE, (UAE) (WOS) (liquidated on June 18, 2013)

·         NewRise Healthcare Private Limited (Formerly Umkal Medical Institute Private Limited)

 

 

Associates :

PanEra Biotec Private Limited

 

 

Joint Ventures :

·         Chiron Panacea Vaccines Private Limited (Under liquidation)

·         Adveta Power Private Limited,

 

 

Enterprises over which Person(s) having control or significant influence over the Company / Key management personnel(s),

along with their relatives, are able to exercise significant influence:

·         Neophar Alipro Limited

·         Lakshmi and Manager Holdings Limited (“LMH”) and its subsidiaries, Trinidhi Finance Private Limited and Best General Insurance company Limited

·         First Lucre Partnership Co. (holding shares in the Company)

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

125,000,000

Equity Shares

Re. 1/- each

Rs. 125.000 Million

110,000,000

Preference Shares

Rs. 10/- each

Rs.1,100.000 Million

 

Total

 

 

Rs. 1,225.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

61,250,746

Equity Shares

Re. 1/- each

Rs. 61.300 Million

16,300,000

Preference Shares

Rs. 10/- each

Rs. 163.000 Million

 

Total

 

 

Rs. 224.300 Million

 

 

c) Terms/right attached to equity shares:

 

The Company has only one class of equity shares having a par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Company has not declared any dividend for current year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts including preference shares. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

d) Terms/right attached to 0.5% cumulative non convertible and non participating redeemable preference shares:

 

During the year, the Company has issued 0.5% cumulative non convertible and non participating redeemable preference shares by converting unsecured loan/ fixed deposits payable to promote Rs.

 

The Company has only one class of preference shares having a par value of Rs.10 per share. The Company declares and pays dividends in Indian Rupees. The dividend if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Company has not declared any dividend for current year.

 

The preference shares are issued for a period of 10 years with an option with the Company as well as preference shareholders for early redemption of preference shares, provided CDR debts are fully serviced and the Company comes out from purview of CDR system. In the event of liquidation of the Company, the holders of preference shares will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts, in preference to the equity holders. The distribution will be in proportion to the number of preference shares held by the shareholders.

 

e) Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting financial year :

 

 

31.03.2015

Particulars

 

No.

Million

At the beginning of the year

61,250,746

61.300

Outstanding at the end of the year

61,250,746

61.300

 

 

f) Reconciliation of 0.5% cumulative non convertible and non participating redeemable preference shares outstanding at the beginning and at the end of the reporting financial year :

 

 

31.03.2015

Particulars

 

No.

Million

Movement during the year

16,300,000

163.000

Outstanding at the end of the year

16,300,000

163.000

 

g) Aggregate number of equity/preference shares bought back, bonus share and shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

 

Particulars

 

31.03.2015

Preference shares issued for consideration other than cash by conversion of loan

16,300,000

Total

16,300,000

 

h) Detail of equity shareholders holding more than 5% shares in the Company:

 

 

31.03.2015

Name of Persons

No. of

Shares

% age of

Holding

Soshil Kumar Jain

5,000,000

8.16%

Ravinder Jain

5,712,300

9.33%

Rajesh jain

6,213,500

10.14%

Sandeep Jain

4,792,100

7.82%

Ravinder Jain (HUF)

4,135,000

6.75%

Rajesh Jain (HUF)

4,368,500

7.13%

Sandeep Jain (HUF)

4,105,000

6.70%

Serum Institute of India Limited

8,932,632

14.58%

 

i) Detail of 0.5% cumulative non convertible and non participating redeemable preference shareholders holding more than 5% shares in the Company:

 

 

31.03.2015

Name of Persons

No. of

Shares

% age of

Holding

Soshil Kumar Jain

6,570,000

40.31%

Rajesh jain

6,570,000

40.31%

Sandeep Jain

3,160,000

19.38%

 

 

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

224.300

61.300

61.300

(b) Reserves & Surplus

5172.800

5561.600

5551.300

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

5397.100

5622.900

5612.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

6284.400

4801.200

6072.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

7.000

17.300

25.200

(d) long-term provisions

116.800

116.300

23.600

Total Non-current Liabilities (3)

6408.200

4934.800

6120.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3198.300

3544.100

2991.400

(b) Trade payables

1869.700

2262.600

1539.900

(c) Other current liabilities

1867.500

2481.200

434.700

(d) Short-term provisions

51.500

19.000

98.800

Total Current Liabilities (4)

6987.000

8306.900

5064.800

 

 

 

 

TOTAL

18792.300

18864.600

16798.200

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

10397.900

10550.900

9169.800

(ii) Intangible Assets

198.900

308.600

418.600

(iii) Capital work-in-progress

46.900

137.200

169.400

(iv) Intangible assets under development

122.900

123.600

106.300

(b) Non-current Investments

3946.600

3942.000

2718.500

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

926.800

889.400

961.800

(e) Other Non-current assets

0.600

1.800

0.000

Total Non-Current Assets

15640.600

15953.500

13544.400

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1409.000

1767.600

687.500

(c) Trade receivables

1004.300

905.800

2247.400

(d) Cash and cash equivalents

423.700

96.800

125.900

(e) Short-term loans and advances

264.200

102.000

163.500

(f) Other current assets

50.500

38.900

29.500

Total Current Assets

3151.700

2911.100

3253.800

 

 

 

 

TOTAL

18792.300

18864.600

16798.200

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

6792.000

4975.700

5959.200

 

 

Other Income

280.500

171.000

54.300

 

 

TOTAL                                     (A)

7072.500

5146.700

6013.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Raw and packing material consumed

2414.200

1965.800

232.600

 

 

Purchases of Stock-in-Trade

207.900

223.900

2363.700

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

263.900

(108.900)

2.900

 

 

Employees benefits expense

1332.300

1427.300

1372.300

 

 

 Exceptional items

 0.000

(2970.200)

(173.100)

 

 

Other expenses

1898.500

2444.500

2828.600

 

 

TOTAL                                     (B)

6116.800

2982.400

6627.000

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

955.700

2164.300

(613.500)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

931.700

1480.500

1057.400

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

24.000

683.800

(1670.900)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

657.400

688.000

835.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)

(633.400)

(4.200)

(2506.300)

 

 

 

 

 

Less

TAX                                                                  (H)

18.900

0.000

(205.000)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

(652.300)

(4.200)

(2301.300)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. value of exports

2125.100

1263.800

905.200

 

 

Income from distribution rights

2.300

2.300

2.100

 

 

Research and license fees income

222.800

178.500

299.400

 

 

Interest income from subsidiary company

48.700

94.600

0.000

 

TOTAL EARNINGS

2398.900

1539.200

1206.700

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials and packing materials

1351.600

438.200

310.900

 

 

Components and spare parts

40.500

51.900

0.000

 

 

Capital Goods

7.200

34.700

74.300

 

TOTAL IMPORTS

1399.300

524.800

385.200

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(10.65)

(0.07)

(37.57)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

664.900

1559.000

152.600

 

 

 

 

Cash Generated from Operations

480.400

544.600

(390.100)

 

 

 

 

Net Cash Flow (from used) in Operations activities

447.400

531.700

(392.800)

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2015

30.09.2015

Type

1st Quarter

2nd Quarter

Net Sales

1248.400

1647.700

Total Expenditure

1170.600

1397.500

PBIDT (Excl OI)

77.800

250.200

Other Income

36.700

73.700

Operating Profit

114.500

323.900

Interest

298.000

317.100

Exceptional Items

0.000

0.000

PBDT

(183.500)

6.800

Depreciation

185.500

176.800

Profit Before Tax

(369.000)

(170.000)

Tax

0.000

0.000

Provisions and contingencies

0.000

0.000

Profit After Tax

(369.000)

(170.000)

Extraordinary Items

0.000

0.000

Prior Period Expenses

0.000

0.000

Other Adjustments

0.000

0.000

Net Profit

(369.000)

(170.000)

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

(9.60)

(0.08)

(38.62)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

14.07

43.50

(10.30)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(4.32)

(0.03)

(18.16)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.12)

0.00

(0.45)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.88

1.76

1.64

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.45

0.35

0.64

 

 

STOCK PRICES

 

Face Value

Re.1.00/-

 

 

Market Value

Rs.139.00/-

 

 

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

61.300

61.300

224.300

Reserves & Surplus

5551.300

5561.600

5172.800

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

5612.600

5622.900

5397.100

 

 

 

 

Long-term borrowings

6072.000

4801.200

6284.400

Short term borrowings

2991.400

3544.100

3198.300

CURRENT MATURITIES OF LONG-TERM DEBTS

152.600

1559.000

664.900

Total borrowings

9216.000

9904.300

10147.600

Debt/Equity ratio

1.642

1.761

1.880

 

 

 

 

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

5959.200

4975.700

6792.000

 

 

(16.504)

36.503

 

 

 

 

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

5959.200

4975.700

6792.000

Profit/ (Loss)

(2301.300)

(4.200)

(652.300)

 

(38.62%)

(0.08%)

(9.60%)

 

 

 

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

 

LITIGATIONS DETAILS

 

High Court of Punjab and Haryana

                                      Chandigarh

Case Details For Case CA-111-2015

Diary Number

1332663

District

Other-Districts

Category

--

Main Case Detail

CP-31-2015

Party Detail

GMP TECHNICAL SOLUTIONS PRIVATE LIMITED V/S PANACEA BIOTEC LIMITED

Advocate Name

ANIL KUMAR AGGARWAL

List Type

 

Status

PENDING

Next Date

--

 

Case Listing Details

No Listing Data Available

Judgment Details For Case: CA-111-2015

Party Detail: GMP TECHNICAL SOLUTIONS PRIVATE LIMITED V/S PANACEA BIOTEC LIMITED

Order Date

Order Type

Bench

Judgment Link

No Judgment/Order Found.

Designed and Developed by National Informatics Centre

          Contents Published and Managed by Punjab and Haryana High Court, Chandigarh.            Disclaimer

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10545518

13/05/2015 *

9,342,700,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, "E", CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

C55407092

2

10404560

24/12/2012

269,300,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, J V BUILDING, 1, TOLSTOY MARG, NEW DELHI - 110001, IN 
DIA

B68639822

3

10376668

28/03/2014 *

50,000,000.00

TECHNOLOGY DEVELOPMENT BOARD

WING - A, GROUND FLOOR,, VISHWAKARMA BHAWAN, SHAH 
EED JEET SINGH MARG, NEW DELHI - 110016, INDIA

C03659463

4

10355025

20/04/2012

10,990,000.00

DEPARTMENT OF BIOTECHNOLOGY

6-8TH FLOOR, BLOCK NO.2, CGO COMPLEX, LODHI ROAD,  NEW DELHI -110003, INDIA

B39421623

5

10355027

20/04/2012

32,830,000.00

DEPARTMENT OF BIOTECHNOLOGY

6-8TH FLOOR, BLOCK NO.2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA

B39421870

6

10330445

18/01/2012 *

1,290,000,000.00

BANK OF INDIA

HEAD OFFICE; STAR HOUSE, C-5, G BLOCK, BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA

B30279731

7

10266434

16/01/2012 *

1,000,000,000.00

INDIAN OVERSEAS BANK

RAJIV CIRCLE, D-28-29, CONNAUGHT PLACE, NEW  DELHI - 110001, INDIA

B31260458

8

10230748

06/07/2010

109,400,000.00

DEPARTMENT OF BIOTECHNOLOGY

6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA

A90678137

9

10224547

24/12/2012 *

1,000,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, J V BUILDING, 1, TOLSTOY MARG, NEW DELHI - 110001, INDIA

B68640507

10

10089746

24/12/2012 *

2,000,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, J V BUILDING, 1, TOLSTOY MARG, NEW DELHI - 110001, INDIA

B68641133

11

10069827

08/11/2012 *

1,096,700,000.00

STATE BANK OF TRAVANCORE

COMMERCIAL BRANCH, TRAVANCORE HOUSE, K.G. MARG, NEW DELHI - 110001, INDIA

B63220693

12

10056735

05/10/2009 *

1,500,000,000.00

IDBI BANK LIMITED

3RD FLOOR, INDIAN RED CROSS SOCIETY BUILDING, 1, 
RED CROSS ROAD, NEW DELHI - 110001, INDIA

A72025109

13

80008672

24/12/2012 *

3,621,800,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, J V BUILDING, 1, TOLSTOY MARG, NEW DELHI - 110001, INDIA

B68639061

 

* Date of charge modification

 

 

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Department of Science & Technology

12.000

14.000

 

 

 

SHORT TERM BORROWINGS

 

 

Deposits from public

0.000

7.000

Deposits from related parties

0.000

133.200

Loan from related parties

450.100

627.600

Loan from others

120.000

0.000

 

 

 

Total

 

582.100

781.800

 

 

CORPORATE INFORMATION

 

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on stock exchanges in India. The Company is one of the India’s leading research based health management companies engaged in the business of research, development, manufacture and marketing of branded Pharmaceutical Formulations and Vaccines. The Company has products for various segments, which include pain management, diabetes management, organ transplantation, oncology and pediatric vaccines.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

 

INDIAN VACCINE MARKET

 

India has annual birth cohort of 27 million children and has become a home of approx. 6.8 million or roughly a third of the world's total unimmunized children. By increasing availability of vaccine for free, more than 100,000 deaths can be prevented annually.

 

Recently, the Government of India has decided to include four new life-saving vaccines protecting against rotavirus, rubella and inactivated poliovirus vaccine (IPV) which will be made available to all childrens through India's Universal Immunization Program (UIP), and Japanese encephalitis vaccines which will be introduced in 179 endemic districts across nine states. With the introduction of these four new vaccines, India can prevent an additional 100,000 infant deaths each year.

 

The Indian vaccine industry is currently estimated at over US$1 billion with a large portion of this getting exported out of India.

 

India, a world leader in vaccines, meets 60 percent of the world's supply and also produces more than 50 vaccines. Indian vaccines producers have shown their ability to produce both innovative and cost-effective vaccines to meet the global demand. On the back of strong focus of the Government on increasing the immunization activities across the country, increasing awareness, availability of affordable vaccines, the Indian vaccine industry is expected to continue to grow at a CAGR of 12-15% over the next fve years.

 

INDIAN PHARMACEUTICAL MARKET

 

India is now recognized as an eminent player in the global pharmaceutical sector. The country has a large pool of experienced & qualified scientists and engineers who have the potential to take the industry to a very high level. The Indian pharmaceuticals market is ranked as the third largest in terms of volume and thirteenth in terms of value in the global pharmaceutical industry. The branded generics, which constitute nearly 70 to 80 percent of the market, dominate the Indian pharmaceutical industry. The industry, which is considered to be a highly fragmented industry with about 24,000 players (330 in the organised sector), is consolidating its position through several mergers and acquisitions. The top ten companies make up for more than a third of the market. The market is dominated majorly by branded generics which constitutes of nearly 70% to 80% of market.

 

The IPM is valued at Rs.750 billion for the year ended March 2014.The growth in 2014 was subdued at 6% YoY vs 12% in 2013. The growth was impacted as the Drug Price Control Order (DPCO) was issued to bring 348 drugs under price control. Despite this, the Indian pharma market remains one of the fastest growing pharma markets in the world. The IPM size is expected to grow to US$ 85 billion by 2020. The growth in Indian domestic market will be boosted by increasing consumer spending, rapid urbanization, increasing healthcare insurance and so on.

 

The life style segments such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers will continue to be lucrative and fast growing owing to increased urbanisation and change in lifestyle patterns. Going forward, better growth in domestic sales will depend on the ability of companies to align their product portfolio towards these chronic therapies as these diseases are on the rise.

 

 

BUSINESS PERFORMANCE

 

During the year, the Company registered a growth of 36.5% with turnover of Rs.6792.000 million as against Rs.4975.700 million during the corresponding financial year.

 

The vaccines segment registered a growth of more than 115.9% with turnover of Rs.2763.000 million as against Rs.1279.500 million during the previous financial year. The formulations segment registered a growth of 7.6% with turnover of Rs.3790.700 million as against Rs.3523.200 million during the previous financial year. The Research & Development segment registered a growth of 37.7% with turnover of Rs.238.300 million as against Rs.173.000 million during the previous year.

 

During the year, the Company registered positive EBITDA of Rs.943.600 million as against the negative EBITDA of Rs.922.300 million in the previous financial year, with overall losses before tax & exceptional items reduced significantly from Rs.2974.400 million to Rs.633.400 million.

 

During the year, the Company has continued to supply Easyfive-TT Vaccines against long-term supply order received from UNICEF during previous financial year, for supply of vaccines for the calendar years 2014 to 2016. The Company has also won a national tender in Philippines for supply of Easyfive-TT vaccine and an order from Government of India for supply of Oral Polio Vaccines which have been the leading key drivers in the improved performance of the Company during the year.

 

During the year, your Company has entered into a strategic alliance with Canada’s largest pharma company, Apotex Inc., for research, development, license and supply of two drug delivery-based generic products in the US, Canada, Australia and New Zealand markets and also entered into similar deal with US-based Rising Pharmaceuticals Inc. for an oral controlled release product in the CNS space. Similar collaboration has also been entered into with a leading Indian pharma company with extensive global operations, for the development and supply of a modified release immunosuppressant generic product for the US market.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

Disputed demands/show-cause notices under:-

 

 

Income tax cases

3457.100

167.000

Customs duty cases

4.000

4.000

Central excise duty cases

0.000

6.600

Service tax

72.600

72.600

Total

3533.700

250.200

Bank guarantee

39.600

99.800

Labour cases (in view of large number of cases, it is impracticable to disclose each case)

1.300

1.500

 

a)     i) Includes income tax demand of Rs.162.2 million in respect to AY 2005-06. Income tax department raised demand based on certain ground related with purchase made by the Company from an overseas party. Out of total demand of Rs.162.2 million, Rs.96.6 million has been set off by the tax authorities from the refund due to the Company from the department pertaining to various years .The matters related to Income Tax demand are still pending with CIT (Appeals). The Company believes that it has merit in these cases, hence no provision is required.

 

ii) A search operation was conducted by Income Tax department in the premises of the Company in January, 2012 and hence Company has filed the income tax return for the Assessment Year 2006-07 to Assessment year 2012-13.The Income Tax department has completed the Income Tax assessment and disallowed certain expenses and raised the income tax demand of Rs.3294.900 million (including interest) has been raised on various grounds. The Company has preferred appeals before the CIT (Appeals) towards the order of Income Tax department and based on the legal opinion the Company is hopeful that the Income Tax demand shall be deleted in appeal.

 

b) In respect of custom duty demand, the Assessing Officer levied custom duty on certain exempted items imported by the Company. The Company has deposited the entire amount of demand under protest amounting to Rs.4.0 million and the matter is pending before Hon’ble Customs, Excise and Service Tax Appellate Tribunal. The Company believes that it has merit in its case, hence no provision is required.

 

c) In respect of central excise duty demand, the Assessing Officer levied excise duty on common inputs used in manufacture of exempted and taxable products. During the year, the matter has been decided in favour of the Company by the Hon’ble Customs, Excise and Service Tax Appellate Tribunal.

 

d) In respect of service tax demand for FY 2003-04 to FY 2011-12, the Assessing Officer levied service tax on foreign services rendered & delivered outside India by the Company & certain others services on which there was no liability to pay service tax. The Company believes that it has merit in its case, hence no provision is required.

 

 

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2015

PART I

(Rs. in Million)

 

 

Particulars

For the quarter ended

For the half year ended

 

 

30.09.2015

30.06.2015

30.09.2015

1.

Income from operations

 

 

 

 

a) Net sales/ Income from operations (Net of excise duty)

1609.900

1207.700

2817.500

 

b) Other Operating income

37.800

40.700

78.500

 

Total Income from Operations (net)

1647.700

1248.400

2896.100

 

 

 

 

 

2.

Expenses

 

 

 

 

a) Cost of material consumed

524.200

320.300

844.500

 

b) Purchase of traded goods

70.200

64.600

134.80

 

c) Changes in inventories of finished goods,  work-in-progress and traded goods

11.800

30.500

42.300

 

d) Employee benefits expense

367.000

351.900

718.900

 

e) Depreciation and amortisation expense

176.800

185.500

362.300

 

f) Other expenses

424.300

396.400

820.700

 

Total Expenses

1574.300

1349.200

2923.500

 

 

 

 

 

3.

Profit/(Loss) from Operations before other income, finance costs and exceptional Items (1-2)

73.400

(100.8)

(27.400)

4.

Other Income

73.700

36.700

110.400

5.

Profit/(Loss)  from ordinary activities before finance costs and exceptional Items (3+4)

147.100

(64.100)

83.000

6.

Finance costs

317.100

304.900

622.000

7.

Profit/(Loss)  from ordinary activities after finance costs but before exceptional Items (5-6)

(170.000)

(369.000)

(539.000)

8.

Exceptional Items

0.000

0.000

0.000

9.

Profit/(Loss)  from ordinary activities before tax (7-8)

(170.000)

(369.000)

(539.000)

10.

Tax expense 

0.000

0.000

0.000

11.

Net Profit from activities after tax (9-10)

(170.000)

(369.000)

(539.000)

12.

Extraordinary Items  

0.000

0.000

0.000

13.

Net Profit/ (Loss) for the period (11-12)

(170.000)

(369.000)

(539.000)

14.

Share of profit/(Loss) of associate

0.000

0.000

0.000

15.

Minority Interest

0.000

0.000

0.000

16.

Net profit/(Loss) after minority interest and shares of profit/(Loss) of associate (13+14+15)

(1700)

(3690)

(5390)

17.

Paid-up Eq. Share Capital (Face Value Re.1/- each)

613

613

613

 

Reserves excluding revaluation reserves

0.000

0.000

0.000

19.

Earnings Per Share

 

 

 

 

a)     Basic

(2.77)

(6.02)

(8.80)

 

b)    diluted

(2.77)

(6.02)

(8.80)

PART II

 

SELECT INFORMATION FOR THE QUARTER ENDED 30.09.2015

 

A.

PARTICULARS

For the quarter ended

For the half year ended

 

 

30.09.2015

30.06.2015

30.09.2015

1.

Public Shareholding

 

 

 

 

- Number of Shares

15838493

15838493

15838493

 

- Percentage of Shareholding

49.91%25.53

49.91%25.53

49.91%25.53

2.

Promoter and Promoter Group Shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- Number of Shares

16005600

16005600

16005600

 

-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)

35.09

35.09

35.09

 

-Percentage of Shares (as a % of the total share capital of the Company)

26.13

26.13

26.13

 

b) Non-Encumbered

 

 

 

 

- Number of Shares

29606653

29606653

29606653

 

-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)

64.91

64.91

64.91

 

-Percentage of Shares (as a % of the total share capital of the Company)

48.34

48.34

48.34

 

 

 

 

Particulars

 

 

30.06.2015

(3 Month ended)

B.

INVESTOR COMPLAINTS

 

 

 

 

Pending at the beginning of the quarter

 

 

--

 

Received during the quarter

 

 

3

 

Disposed of during the quarter

 

 

3

 

Remaining unresolved at the end of the quarter

 

 

--

 

 

 

 

 

 

STANDALONE UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30 SEPTEMBER, 2015

 

 

PARTICULARS

 

 

 

30.09.2015

A.

EQUITY AND LIABILITIES

 

 

 

1.

Shareholders' Funds

 

 

 

 

(a) Share Capital

 

 

224.300

 

(b) Reserves & Surplus

 

 

4598.300

 

Sub-Total –Shareholding’s Funds

 

 

4822.800

 

Non-Current Liabilities

 

 

 

 

(a) long-term borrowings

 

 

7098.18

 

(b) Deferred tax liabilities (Net)

 

 

0.000

 

(d) long-term provisions

 

 

133.200

 

(e) Other long term liabilities

 

 

4.500

 

Sub-Total – Non-Current Liabilities

 

 

7229.500

 

 

 

 

 

2.

Current Liabilities

 

 

 

 

(a) Short term borrowings

 

 

2387.700

 

(b) Trade payables

 

 

1628.000

 

(c) Other current liabilities

 

 

1932.100

 

(d) Short-term provisions

 

 

44.800

 

Sub-Total – Current Liabilities

 

 

6192.800

 

TOTAL-EQUITY AND LIABILITIES

 

 

18244.700

 

 

 

 

 

B.

ASSETS

 

 

 

 

 

 

 

 

1.

Non-current assets

 

 

 

 

Fixed Assets

 

 

 

 

Tangible assets

 

 

10051.600

 

Intangible assets

 

 

157.400

 

Capital work-in-progress

 

 

54.900

 

Intangible assets under development

 

 

90.900

 

Non-current Investments

 

 

3946.600

 

Loans and advances

 

 

927.400

 

Other non-current assets

 

 

15234.200

2.

Current assets

 

 

 

 

Trade receivables

 

 

1162.400

 

Inventories

 

 

1355.800

 

Cash and cash equivalents

 

 

70.500

 

Short-term loans and advances

 

 

363.500

 

Other current assets

 

 

58.300

 

Sub-Total – Non-current assets

 

 

3010.500

 

TOTAL ASSETS

 

 

18244.700

NOTE:

 

  1. The above financial results were reviewed by the Audit Committee of the Board and approved by the Board of Directors at their respective meetings held on November 05, 2015 and November 06, 2015 respectively.

    2. During the financial year 2014-15, the Company has executed a Corporate Debt Restructuring (CDR) scheme under the CDR mechanism of the Reserve Bank of India ('RBI'). In accordance with the approved CDR scheme and after attaining super-majority with all banks except one, the Company executed a Master Restructuring Agreement (MRA) with the lenders on 27 December 2014, with Cut-off Date of 01 October 2013. The MRA, inter-alia, provides for waiver of certain existing obligations of the Company, restructuring of repayment terms for principal and interest, reduction/ adjustment in interest rates, conversion of outstanding interest amounts to loan, pledge of entire promoter shareholding as additional security to lenders, promoter undertaking for additional infusion of funds, monitoring oversight and certain restrictive covenants, as defined. The debt obligations, including interest thereon, have been measured, classified and disclosed in these financial statements in accordance with the MRA, to the extent agreed with the banks.


During the current quarter, the approved Corporate Debt Restructuring (CDR) scheme has also been implemented by State Bank of India in its books of accounts. The dissenting lender bank to CDR Scheme viz. State Bank of Travancore (SBT) has absolutely assigned and transferred its share of loan together with all underlying securities thereto and all rights of SBT, title and interests in favour of Edelweiss Asset Reconstruction Company Ltd. Reconciliation with certain banks and completion of certain other terms and conditions are pending.


3. With respect to the observations of the auditors in their report on the above results:
a. During the period ended September 30, 2015, the Company has incurred losses of Rs.5,390 lacs (Previous financial year Rs.6,524 lacs). Further, the Company's accumulated losses have resulted in erosion of more than fifty percent of its peak net worth calculated as per the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The continuous losses have also adversely affected the cash flows of the Company. These conditions, read with note 2 above, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern.


The Company has undertaken several measures to mitigate this risk, which include supply to UNICEF/other customers of pentavalent vaccine; certain strategic alliances with foreign collaborators for supply of vaccines products. Additionally, further to note 2 above, the Management is confident that it will be able to comply with all key conditions of the CDR scheme. Based on above measures and continuous efforts to improve the business, Management believes that it would be able to generate sustainable cash flow, recover and recoup the erosion in its net worth through profitable operations, discharge its obligations as they fall due and continue as a going concern.


b. In view of absence of profits during financial years 2013-14 and 2012-13, total remuneration to the Managing/Joint Managing and Whole Time Director had exceeded the ceiling prescribed in Section II of Part II of Schedule XIII to the Companies Act, 1956 by Rs.135 lacs and Rs.132 lacs respectively, Accordingly, applications for rotection/approval of the Central Government for such excess remuneration have been filed and requisite approvals are awaited. The management is hopefull of receiving necessary approval from Central Government.


4. The necessary certificate in respect of the above results in terms of requirement of clause 41 of the listing agreement, has been placed before the Board of Directors.


5. Previous period / year amounts have been regrouped/ reclassified to make them comparable with those of current period/year.


FIXED ASSETS:

 

·        Land – Leasehold

·         Land – Freehold

·         Buildings

·         Leasehold Improvements

·         Plant and Machinery

·         Vehicles

·         Furniture and Fixtures

·         Office Equipment’s

·         Computer Equipment’s

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.66.75

UK Pound

1

Rs.100.68

Euro

1

Rs.70.88

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

3

--CREDIT LINES

1~10

2

--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

 

21

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.