MIRA INFORM REPORT
|
Report No. : |
343407 |
|
Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CALYX CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 08.09.2006) |
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|
|
|
Formerly Known
As : |
CALYX
CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
Unit No.110,
Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar Road, Andheri
(East), Mumbai – 400072, Maharashtra |
|
Tel. No.: |
91-22-28571190/28571191 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.01.1986 |
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|
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Com. Reg. No.: |
11-038618 |
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Capital
Investment / Paid-up Capital : |
Rs.164.135 Million |
|
|
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CIN No.: [Company Identification
No.] |
U24220MH1986PLC038618 |
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IEC No.: |
Not Available |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC07976D/ MUMC09940A |
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PAN No.: [Permanent Account No.] |
AABCC1457B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract Research and manufacturing services. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick company |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated on 14th January, 1986. It is
involved in manufacturing and marketing of Active Pharma Ingredients (API). The
company has two units, one located at Tarapur and the other at Dombivli. The company has incurred a huge accumulated loss which has eroded the
networth of the company during FY 2014. The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction (BIFR). The management has register case (Case No. 28/2015) with Board for
Industrial and Financial Reconstruction under section 3 (1)(0) of sick
Industrial companies act 1985. The order on which approval for rehabilitation proposal is yet to be
heard. However, business is active. Payment terms are slow and delayed. The company can be considered for business on a fully safe and secured
trade terms and conditions. Note: Subject has been found under RBI Defaulter’s list the name of Credit
Grantors is Bank of Bahrain and Kuwait B.S.C. and the amount charged is
Rs.59.958 Million dated 30.06.2015. |
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 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Care IPO : Grade 3 |
|
Rating Explanation |
Average fundamentals |
|
Date |
11.02.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under
NAME OF DIRECTORS REPORTED BY CREDIT GRANTORS FILING THE SUIT:
|
Sr.No. |
Directors
Reported by Credit Grantors |
DIN Number |
|
BANK OF BAHRAIN and KUWAIT B.S.C. |
|
|
|
1 |
Bharat Sukhlal Mehta |
38165.0 |
|
2 |
Rajat Indulal Doshi |
2423171.0 |
|
3 |
Smitesh Chandravadan
Shah- M.D |
19720.0 |
List Of Credit Grantors to which Calyx Chemicals and Pharmaceuticals
Limited is a defaulter:
|
Names of
Credit Grantors |
Branch |
Amount |
|
BANK OF BAHRAIN AND
KUWAIT B.S.C. |
MUMBAI |
59.958 |
|
|
Total |
59.958 |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Shashikant More |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-28571191 |
|
Date : |
03.10.2015 |
LOCATIONS
|
Registered Office : |
Unit No.110, Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar
Road, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28571191/ 82/ 28575037 |
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Fax No.: |
91-22-66466401/66466416 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq. ft. |
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Location: |
Owned |
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Corporate Office : |
A-37/38, MIDC, Phase 1, Golavli, Kalyan Shil Road, Dombivali (East),
Near Vicconaka, Thane – 421203, Maharashtra, India |
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Tel. No.: |
91-251-2438310/ 6698300 |
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Fax No.: |
91-251-2438726 |
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E-Mail : |
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Factory 1 : |
N 91/102, Tarapur Industrial Area, Boisar, District Thane, Maharashtra, India |
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Factory 2 : |
W 212/213, MIDC, Phase II, Sonarpada, Dombivali (East), District Thane, Maharashtra, India |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Smitesh Chandravadan Shah |
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Designation : |
Managing Director |
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Address : |
B-403, Eden – III, Hiranadani Grdens, Powai, Mumbai – 400 076,
Maharashtra, India |
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Date of Birth/Age : |
28.04.1959 |
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Qualification : |
B.com |
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Date of Appointment : |
01.04.2013 |
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PAN No.: |
AMUPS4238C |
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DIN No.: |
00019720 |
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Other
Directorship:
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Name : |
Mr. Bharat Sukhlal Mehta |
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Designation : |
Director |
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Address : |
21, Nibbana Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra,
India |
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Date of Birth/Age : |
05.01.1938 |
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Qualification : |
MBA |
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Date of Appointment : |
31.03.2010 |
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PAN No.: |
AAAPM7952K |
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DIN No.: |
00038165 |
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Other
Directorship:
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Name : |
Mr. Rajat Indulal Doshi |
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Designation : |
Director |
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Address : |
1 E, Dil Pazir, Bhulabhai Desai Road, Cumballa, Gamdevi, Mumbai – 400
026, Maharashtra, India |
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Date of Birth/Age : |
13.10.1958 |
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Qualification : |
B.com |
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Date of Appointment : |
30.09.2009 |
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PAN No.: |
AABPD9790M |
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DIN No.: |
02423171 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Shashikant More |
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Designation : |
Accountant |
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|
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Name : |
Hitesh Jayantilal Vagadia |
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Designation : |
Chief Financial Officer |
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Address : |
4A/401, Dheeraj Enclave, Western Express Highway, Borivali (East), Mumbai - 400066, Maharashtra, India |
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PAN No.: |
AADPV8322P |
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Date of Appointment : |
01.04.2015 |
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|
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Name : |
Pooja Dattatray Gaonkar |
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Designation : |
Secretary |
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Address : |
B-11, Akruti Apartment, Mhatre Nagar,, Rajaji Path, Dombivli (East), Mumbai - 421201, Maharashtra, India |
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PAN No.: |
ARXPG3218Q |
|
Date of Appointment : |
25.01.2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2013
SHAREHOLDING LIST ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2013
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
10.20 |
|
Bodies corporate |
2.97 |
|
Directors or relatives of directors |
75.56 |
|
Other |
11.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract Research and manufacturing services. |
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Products / Services: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finish Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
300 (Approximately) |
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Bankers : |
The Jammu and Kashmir Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
Jatin V. Shah Chartered Accountants |
|
Address : |
261/263, Dr. D. N. Road, 4Th Floor, Fort, Mumbai, Maharashtra, India |
|
PAN No.: |
AVVPS9231R |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives: |
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|
Subsidiary company
: |
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CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,413,473 |
Equity Shares |
Rs.10/- each |
Rs.164.135 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
164.135 |
164.135 |
160.489 |
|
(b) Reserves &
Surplus |
(531.984) |
2258.745 |
1597.865 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
57.704 |
|
Total Shareholders’ Funds
(1) + (2) |
(367.849) |
2422.880 |
1816.058 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2047.888 |
2091.299 |
1066.429 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
224.545 |
207.870 |
|
(c) Other long term
liabilities |
16.790 |
52.375 |
400.844 |
|
(d) long-term provisions |
6.872 |
12.689 |
10.153 |
|
Total Non-current
Liabilities (3) |
2071.550 |
2380.908 |
1685.296 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6055.828 |
2299.131 |
1577.492 |
|
(b) Trade payables |
848.375 |
2528.502 |
1761.960 |
|
(c) Other current
liabilities |
1115.091 |
879.739 |
365.940 |
|
(d) Short-term provisions |
147.118 |
150.428 |
67.992 |
|
Total Current Liabilities
(4) |
8166.412 |
5857.800 |
3773.384 |
|
|
|
|
|
|
TOTAL |
9870.113 |
10661.588 |
7274.738 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1491.224 |
1494.251 |
1184.938 |
|
(ii) Intangible Assets |
452.609 |
628.081 |
481.306 |
|
(iii) Capital
work-in-progress |
8.727 |
12.170 |
88.360 |
|
(iv) Intangible assets
under development |
171.874 |
398.445 |
442.941 |
|
(b) Non-current
Investments |
70.253 |
27.653 |
2.981 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
93.867 |
207.543 |
29.850 |
|
(e) Other Non-current
assets |
0.000 |
22.729 |
18.669 |
|
Total Non-Current Assets |
2288.554 |
2790.872 |
2249.045 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.675 |
0.573 |
5.159 |
|
(b) Inventories |
3737.049 |
4172.034 |
2629.276 |
|
(c) Trade receivables |
3345.778 |
3058.717 |
1796.906 |
|
(d) Cash and cash
equivalents |
73.038 |
434.734 |
464.735 |
|
(e) Short-term loans and
advances |
425.019 |
204.658 |
129.617 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
7581.559 |
7870.716 |
5025.693 |
|
|
|
|
|
|
TOTAL |
9870.113 |
10661.588 |
7274.738 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5006.154 |
8138.320 |
5891.861 |
|
|
Other Income |
17.482 |
16.420 |
30.139 |
|
|
TOTAL |
5023.636 |
8154.740 |
5922.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4620.054 |
7081.745 |
4528.359 |
|
|
Purchases of
Stock-in-Trade |
241.855 |
138.808 |
292.979 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
510.867 |
(1227.643) |
(685.316) |
|
|
Employees benefits
expense |
160.696 |
174.196 |
144.193 |
|
|
Exceptional Items |
327.201 |
0.000 |
0.000 |
|
|
Other expenses |
1045.190 |
487.308 |
478.466 |
|
|
TOTAL |
6905.863 |
6654.414 |
4758.681 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(1882.227) |
1500.326 |
1163.319 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
979.285 |
570.994 |
455.870 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(2861.512) |
929.332 |
707.449 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
169.711 |
137.694 |
129.430 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(3031.223) |
791.638 |
578.019 |
|
|
|
|
|
|
|
Less |
TAX |
(224.545) |
182.020 |
161.836 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(2806.678) |
609.618 |
416.183 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1368.950 |
NA |
1486.344 |
|
|
TOTAL EARNINGS |
1368.950 |
NA |
1486.344 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(171.00) |
37.23 |
26.12 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
600.193 |
340.238 |
280.038 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(3405.159) |
(687.646) |
769.292 |
|
Net cash flows from (used in) operating activities |
(3409.101) |
(769.268) |
690.670 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(56.06) |
7.49 |
7.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(37.60) |
18.44 |
19.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(31.51) |
7.74 |
8.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
8.24 |
0.33 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(23.66) |
1.95 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.34 |
1.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
160.489 |
164.135 |
164.135 |
|
Reserves & Surplus |
1597.865 |
2258.745 |
(531.984) |
|
Share Application money
pending allotment |
57.704 |
0.000 |
0.000 |
|
Net worth |
1816.058 |
2422.880 |
(367.849) |
|
|
|
|
|
|
long-term borrowings |
1066.429 |
2091.299 |
2047.888 |
|
Short term borrowings |
1577.492 |
2299.131 |
6055.828 |
|
Current Maturities of
Long Term Debt |
280.038 |
340.238 |
600.193 |
|
Total borrowings |
2923.959 |
4730.668 |
8703.909 |
|
Debt/Equity ratio |
1.610 |
1.952 |
(23.662) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
5891.861 |
8138.320 |
5006.154 |
|
|
|
38.128 |
(38.487) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
5891.861 |
8138.320 |
5006.154 |
|
Profit/Loss |
416.183 |
609.618 |
(2806.678) |
|
|
7.06% |
7.49% |
(56.06%) |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
|
LITIGATION DETAILS |
||
|
CALCUTTA HIGH COURT |
||
|
PRESENTATION DATE : 02.07.2013 |
||
|
STAMP: WPST/17966/2013
FILLING DATE: 02.07.2013 REG
NO.: WP/5870/2013 REG. DATE:
05.07.2013 |
||
|
Petitioner: MAHARASHTRA STATE ELECTRICITY DISTRICT RESPONDENT: CALYX CHEMICALS AND PHARMACEUTICALS
LIMITED |
||
|
|
||
|
PETN.: ADV. |
DSK LEGAL (I1590) |
|
|
RESP. ADV: |
PRAVIN D. KADAM (348) |
|
|
DISTRICT: |
THANE - |
|
|
BENCH: |
SINGLE |
|
|
STATUS: |
PRE-ADMISSION |
|
|
NEXT DATE: |
07.07.2015 |
|
|
STAGE: |
PETITIONS ADMISSION – AFTER NOTICE [CIVIL SIDE MATTERS] |
|
|
CORUM: |
ACCOUNTING TO SITTING LIST |
|
|
LAST DATE: |
24.02.2015 |
|
|
STAGE: |
PETITIONS ADMISSION – AFTER NOTICE [CIVIL SIDE MATTERS] |
|
|
LAST CORUM: |
HON’BLE SHRI JUSTICE M.S. SONAK |
|
|
ACT: |
ELECTRICITY SUPPILES ACT, 1948 |
|
CASE STATUS
|
Case No. |
Company name |
Address |
Status date of last order |
|
28/2015 |
Calyx Chemicals and Pharmaceuticals Limited |
Unit
No. 110, Marwah's Complex, Krishanlal, Marwah Marg, Off. Saki Vihar Road,
Andheri (East), Mumbai |
Yet to be heard |
|
|
Status as
on : 30.09.2015 |
|
|
CHANGE OF ADDRESS
The registered
office of the company has been shifted from Unit No.2, Marwah’s Complex, Marwah Estate,
Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.e.f. 03.09.2012.
CORPORATE INFORMATION
Subject is a closely held Public Limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract Research and manufacturing services. The company caters to both domestic and international markets.
PERFORMANCE AND
OPERATIONS REVIEW
Revenue from Operations of the Company recorded a fall of 38.49% to Rs. 5006.154 Million in comparison with revenue of the previous year of Rs. 8138.320 Million. The Company has recorded a Net Loss of Rs. 2806.678 Million as compared to Net Profit of Rs. 609.618 Million in previous year. The said Financial Year was very challenging for the Company as it had to combat multiple factors such as increasing bad debts, recent Slowdown of API offtake in domestic market, recent rupee depreciation, sizeable R&D expenses incurred, delay in CRAMS business, Stretched Working Capital Cycle, dumping of key products from foreign countries which are manufactured by the Company. Moreover the Company has been burdened with high interest cost owing to its huge borrowings. The loss recorded by the Company in the last financial year can be mainly attributed to the following reasons.
Recent Slowdown of API offtake in domestic market: Indian pharmaceutical industry has sizably slowed down in the previous financial year. The last 2-3 years has shown growth rates as high as 14-16%; however the last 12 months have shown single digit growth rates. One of the key reasons for the low growth has been the National List of Essential Medicines (NLEM) 2011 pricing implementation. This has put pressure on growth & profitability of several mid-sized formulation companies who in turn has passed on some of the pricing pressure to the API companies. Also, several companies have postponed purchases. The effect of NLEM has hit the company mainly in H1 2014 and this has aggravated the situation. Your Company has been severely affected due the 40% exposure to anti-infectives and antimalarial which as therapeutic categories are most affected over last 1 year.
Recent rupee depreciation: Considerable portion of raw materials are imported or are import parity driven (21.35% of total purchases in FY13). The recent rupee depreciation has had a sizeable effect in the current year (FY 2014). The company has incurred a forex loss which has affected profitability considerably.
Sizeable R&D expenses incurred in the past years and delay in CRAMS business: The Company had spent sizable amount on its R&D activities in the past few years and had capitalized the same as an intangible Asset in the Balance Sheet. However, the delay in its CRAMS business and some of the products which were developed and expected to generate future economic benefit are non-viable which has lead to serious concerns over the fructification of the R&D expenditure and a review in the last financial year has lead the Company to charge the said intangibles to the Statement of Profit and Loss which has in turn added to the losses of the Company.
Stretched Working
Capital Cycle:
(a) Customer specific: Some of the company’s key customers are under financial distress and some of them are already under CDR. The Company has sizeable outstanding from them which looks unlikely to be recovered in near future and has thus caused blockage of working capital. Resultantly, the debtors have increased substantially in the last financial year.
(b) Industry specific: Due to pricing pressures in domestic market and also by larger global generic majors; most API companies have allowed formulation companies higher credit in order to remain competitive and in business. Also Chinese players provided higher credit terms to customers in South East Asia, Latin America and Africa. In order to be competitive, the company had to offer increased period and thus debtor days has increased substantially from 75-80 days earlier to more than 180 days presently.
(c) Fund raising through IPO could not fructify: The Company filed the Draft Red Herring Prospectus (DRHP) with SEBI in September 2012 for raising funds through IPO. However, the said Fund raising plans through IPO could not fructify due to continued subdued state of the IPO market as well as delaying getting FIPB approval as per new policy. The company thus had to continue to resort to high cost debt to fund the business which further deteriorated the cash flows.
Due to the abovementioned facts, the debtors of the company are taking longer time for realisation and having a debilitating impact on the cash flow position of the Company as also the Business from these customers. Resultantly, the debtors of the company have increased substantially. Besides, in order to continue to work on complex CRAMs chemistries the company had built up huge inventory which ultimately could not yield desired results owing to slowdown in the industry.
(d) Higher Interest Outgo: Higher interest outgo from Rs. 571.000 Million in FY 13 to Rs. 979.300 Million in FY 2014 led to increased stress on the cash-flows of the company. The high interest outgo was the result of increase in loans along with increase in interest rate by Banks on account of monetary policy announced by RBI from time to time in recent years.
CURRENT’S YEAR
OUTLOOK:
The Company is passing through a very difficult phase both in terms of operations and also is facing tight liquidity conditions. Fund raising plans through IPO could not fructify and the company thus had to continue to resort to high cost debt to fund the business. Due to inadequate cash flows to service its debt/ interest, the company has proposed to restructure its debt to be aligned with expected cash flows of the company. The Company has made reference to the Corporate Debt Restructuring (CDR) Cell under the CDR Scheme, established under the aegis of the Reserve Bank of India.
The Company has embarked upon substantial cost rationalization measures and bringing in higher productivity and efficiency and thereby improving the product margin. In line with the same, the company has increased its focus on high margin products and extensive efforts have been made to realize the benefits of R&D which has brought lot of process efficiency thereby reducing the cost of production. Further, the company has also taken steps to do away with excess manpower, contract labor cost, processing cost. In addition to these efforts, sales efforts will be far more aggressive with extensive use of video-conferencing and usage of local agents for being closer with the customers.
Application with
BIFR:
The audited financial results of the Company reflect the erosion of the entire networth of the Company as on March 31, 2014 and in view of the same, the Board of Directors is required to make reference to the Board for Industrial and Financial Reconstruction (BIFR) for seeking registration as sick Industrial Company under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 for determination of the measures which shall be adopted with respect to the Company.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10489968 |
31/03/2014 |
500,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
MAHAKALI CAVES, SUBHASH NAGAR, ANDHERI (EAST), MUMBAI 400093, MAHARASHTRA, INDIA |
C03753779 |
|
2 |
10406186 |
18/02/2013 |
200,000,000.00 |
UCO BANK |
MCU ANDHERI (WEST), MAROL MAROSHI ROAD, NEXT TO M |
B68691112 |
|
3 |
10400489 |
17/01/2013 |
275,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B66677725 |
|
4 |
10389644 |
04/12/2012 |
400,000,000.00 |
CORPORATION BANK |
LARGE CORPORATE BRANCH, EAGLES FLIGHT, SUREN ROA |
B63207336 |
|
5 |
10379031 |
05/10/2012 |
600,000,000.00 |
STATE BANK OF TRAVANCORE |
N.M.WADIA BUILDING, 125 M.G ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA |
B59100479 |
|
6 |
10365476 |
10/07/2012 |
52,200,000.00 |
DENA BANK |
SHARE BAZAR BRANCH, HAMAM STREET, MUMBAI - 400023, MAHARASHTRA, INDIA |
B43627074 |
|
7 |
10367854 |
04/07/2012 |
100,000,000.00 |
BANK OF MAHARASHTRA |
SHASHTRI HALL, 292 , TARDEO ROAD, MUMBAI - 400007, MAHARASHTRA, INDIA |
B44626364 |
|
8 |
10368035 |
04/07/2012 |
150,000,000.00 |
BANK OF MAHARASHTRA |
SHASHTRI HALL, 292 , TARDEO ROAD, MUMBAI - 400007, MAHARASHTRA, INDIA |
B44696557 |
|
9 |
10365935 |
23/06/2012 |
400,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
COMMERCIAL NETWORK BRANCH, 239, P.D'MELLO ROAD, NEAR G.P.O., MUMBAI- 400001, MAHARASHTRA, INDIA |
B43778810 |
|
10 |
10364958 |
17/10/2012 * |
6,459,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B60027612 |
* Date of charge modification
FIXED ASSETS
·
· Building
· Plant and Machinery
· Air Conditioner
· Computer
· Electrical Installation
· Furniture and Fixture
· Laboratory Equipment
· Vehicles
· Office Equipment
· Air Conditioner
· Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
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.