MIRA INFORM REPORT

 

 

Report No. :

344644

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ALCHEMIST LIMITED

 

ALCHEMIST PHARMA (DIVISION OF ALCHEMIST LIMITED)

 

 

Registered Office :

23, Nehru Place, New Delhi – 110019

Tel. No.:

91-11-40600800

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

05.07.1988

 

 

Com. Reg. No.:

55-192643

 

 

Capital Investment / Paid-up Capital :

Rs.139.168 Million

 

 

CIN No.:

[Company Identification No.]

L72200DL1988PLC192643

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Subject’s main business segment is agri business comprising largely floriculture, steel and chemicals pharma division comprising the manufacturing and trading.

 

 

No. of Employees :

9800 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1336500

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is established company having a moderate track record.

 

The rating reflects Alchemist weak financial risk profile and its operating income declined to Rs.2741.3 Million in 2014-15 from Rs.8478.4 Million in 2013-14 on account of tough competition faced by the company, particularly in its merchant trading segment along with negative operating margins in 2014-15.

 

The rating further get constrained on company below average debt protection metrics and huge external borrowings reported by the company which has threatened the liquidity position of the company.

 

Moreover, rating is constrained on uncertainty in the economic continue during the year and due to slow down in the market across the world and decline in the export the net revenue of the company has decline.

 

However, trade relation are fair. Business is active. Payment terms are slow.

 

The company can be considered for business dealing with some caution.

 

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

CRISIL

Rating

Long term bank facilities = B

Rating Explanation

Risk prone credit quality and carries very high credit risk.

Date

September 30, 2015

 

Rating Agency Name

CRISIL

Rating

Short term bank facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

September 30, 2015

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

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

 

 

INFORMATION DENIED BY

 

Management non-cooperative (91-11-40600800 / 1792-230800)

 

LOCATIONS

 

Registered / Head Office :

23, Nehru Place, New Delhi – 110019, India 

Tel. No.:

91-11-40600800

Fax No.:

91-11-40600888

E-Mail :

investors@alchemist.co.in

Website :

www.alchemist.co.in

 

 

Chandigarh office :

SCO 12-13, Sector 9-D, Madhya Marg, Chandigarh – 160009, India

Tel. No.:

91-172-4680000

Fax No.:

91-172-2740099

 

 

Works Pharma Unit :

Electronic Complex, Chambaghat, Solan, Himachal Pradesh, India

 

 

Steel Unit :

Chanalon, Near Kurali, District :Ropar, Punjab, India

Tel. No.:

91-160-5003184 / 85

 

 

Floriculture Unit 1 :

Dappar, Ambala Chandigarh Highway, District Mohali, Punjab, India

Tel. No.:

91-1762-248666 / 248668

 

 

Floriculture Unit 2 :

Village Kanogata, Rajgarh, District Sirmour, Himachal Pradesh, India

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Pavan Kumar Verma

Designation :

Whole Time Director

Qualification :

MBA

Experience :

41 Years

 

 

Name :

Mr. Asoke Kr. Chatterjee

Designation :

Independent Director

 

 

Name :

Ms. Maria Fernandes

Designation :

Additional Director (Independent)

Qualification :

MA (History), M Phil (History) PGBS

Experience :

 

 

 

Name :

Mr. Vinay Kumar Mittal

Designation :

Additional Director (Non-Executive)

Qualification :

BE (Civil), Masters in Business Administration (MBA)

Experience :

30 Years

 

 

KEY EXECUTIVES

 

Name :

Mr. Bikram Bhattacharya

Designation :

Chief Financial Officer

 

 

Name :

Mr. Vimal Kr. Sharma

Designation :

Company Secretary and Compliance Officer

 

 

SHAREHOLDING PATTERN

 

As on 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(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

1603312

11.82

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

3118341

23.00

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

4721653

34.82

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

 

 

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

20000

0.15

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

20000

0.15

Total shareholding of Promoter and Promoter Group (A)

4741653

34.97

 

 

 

(B) Public Shareholding

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

 

 

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

5000

0.04

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

200000

1.47

http://www.bseindia.com/include/images/clear.gifInsurance Companies

309076

2.28

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

1246165

9.19

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

1760241

12.98

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

 

 

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

2517743

18.57

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

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

2015531

14.86

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

1002663

7.39

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

1521969

11.22

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

46770

0.34

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

1178000

8.69

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

294999

2.18

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

2200

0.02

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

7057906

52.05

Total Public shareholding (B)

8818147

65.03

Total (A)+(B)

13559800

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)

13559800

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject’s main business segment is agri business comprising largely floriculture, steel and chemicals pharma division comprising the manufacturing and trading.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

9800 (Approximately)

 

 

Bankers :

Banker Name

Punjab National Bank

Branch Address

A-9, Mid Corporate Branch, Connaught Circus, New Delhi - 110001, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Bank of India
  • HDFC Bank Limited

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Term Loans From Bank

 

 

Punjab National Bank

123.750

151.251

Less : Current Maturities

35.000

30.000

 

88.750

121.251

Vehicle Loans from Banks

 

 

Vehicle loan

5.365

9.599

Less : Current Maturities

3.412

4.412

 

1.953

5.187

SHORT TERM BORROWING

 

 

Bank of India (Cash Credit Limit)

33.198

18.731

Total

123.901

145.169

 

Note:

 

LONG TERM BORROWING:

 

Term Loans From Bank:

 

Punjab National Bank:

Secured Loan of Rs.12.750 Million (Previous Year Rs.151.251 Million secured through exclusive Charge on Fixed Assets Block, situated at F-5, Kishangarh Rajiv Gandhi I.T. Park, Chandigarh. Due within one year is Rs.35.000 Million (Previous Year Rs.30.000 Million.The loan has been guaranteed by Mr. Kanwar Deep Singh in the capacity of the director till 31st August,2012 and thereafter being the promoter of the company.

 

Term Loan carries interest @ base rate + 4% and is repayable in 84 monthly installment of Rs.2.500 Million each, commencing from 30th April, 2013.

 

Vehicle Loans from Bank:

Vehicle Loans of Rs.5.365 Million (Previous Year Rs.9.599 Million) are Secured against hypothecation of vehicles. Due within one year is Rs.3.412 Million (Previous year Rs.4.412 Million. Vehicle Loans have been procured from various banks with rates of interest varying from 9% to 12% with repayment term of 3 to 5 Years.

 

Inter Corporate Loan:

Inter Corporate loan has been received from KDS Corporation Pvt Limited (a promoter group Company) and Technology Park Limited (a party covered under section 189 of the Companies Act. 2013) amounting to Rs.43.700 Million and Rs.6831.000 Million. The Terms of repayment with respect to loan from KDS Corporation Private Limited have not been defined and is repayable on the mutual agreement of both the parties involved, hence terms are not prejudicial to the interest of the company. Loan from Technology Park Limited is repayable on service of a minimum notice of 12 months by the lender for a repayment in excess of Rs.500.000 Million, however upon the concurrence of the Company, hence terms are not prejudicial to the interest of the Company. The Inter Corporate Loans obtained by the Company are non-interest bearing.

 

SHORT TERM BORROWING

 

Bank of India:

Working Capital facility of Rs.33.197 Million (Previous Year Rs.18.731 Million secured against hypothecation of stocks and book debt of the company’s unit located at Chambaghat, Solan (H.P). It is further collaterally secured by Land and Building, other structures (erected or to be erected) and other immovable properties of the Unit situated at Chambaghat, Solan. The loan has been guaranteed by Mr. Kanwar Deep Singh in the capacity of the director till 31st August, 2012 and thereafter being the promoter of the company.

 

Auditors :

 

Name :

N. Kumar Chhabra and Company

Chartered Accountants

Address :

Chandigarh, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries :
  • Alchemist Foods Limited
  • Alchemist Infrastructures Private Limited
  • Alchemist Hospitality Group Limited
  • Alchemist Enterprise Pte Limited, Singapore

 

 

Associates :
  • Alchemist Hospitals Limited
  • Alchemist Airways Private Limited
  • Alchemist Realty Limited
  • Black Cat Protection Services Private Limited
  • KDS Corporation Private Limited
  • A1 News Network Private Limited
  • Alchemist Media Limited
  • Dooteriah and Kalej Valley Tea Estate Private Limited
  • Alchemist Medisphere Limited
  • Technology Parks Limited
  • Anant Media Private Limited
  • Alchemist Lifescienses Limited
  • Alchemist Aviation Private Limited
  • Alchemist F&B Limited
  • Alchemist Touchnology Limited
  • Eco Breaking Technologies India Private Limited
  • Jass Developers Private Limited
  • Kandaghat Spa and Health Resorts Private Limited
  • Alchemist Hotel and Resorts Limited
  • Alchemist Universe of Education Limited
  • Optimum Constructions and Developers Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Million

5000000

Preference Shares

Rs.100/- each

Rs.500.000 Million

 

Total

 

Rs.800.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

13559800

Equity Shares

Rs.10/- each

Rs.135.598 Million

35700

Redeemable Preference Shares

Rs.100/- each

Rs.3.570 Million

 

Total

 

Rs.139.168 Million

 

 

Terms/right attached to shares:

 

Equity Shares: The Company has only one class of equity shares having a par value of Rs.10/- per shares. Each holder of equity Shares is entitled to one vote per share.

 

Redeemable Preference Shares: The Preference Shares are in the nature of redeemable preference shares having a par value of Rs.100/- per share.

 

 

Reconciliation Showing No. of Shares Outstanding at the beginning and at the end of the accounting period:

 

Equity Shares

As at 31 March 2015

Number

Rs. In Million

Shares outstanding at the beginning of the year

13559800

135.598

Shares Issued during the year

---

---

Shares bought back during the year

---

---

Shares outstanding at the end of the year

13559800

135.598

 

Preference Shares

As at 31 March 2015

Number

Rs. In Million

Shares outstanding at the beginning of the year

45000

4500000

Shares Issued during the year

---

0.000

Shares bought back during the year

9300

0.930

Shares outstanding at the end of the year

35700

3.570

 

 

The Shareholders holding more than 5% equity shares of the company are as under:

 

Name of Shareholder

As at 31 March 2015

No. of Shares held

% of Holding

Kanwar Deep Singh

1257020

9.27

KDS Corporation Private Limited

3059000

22.56

Davos International Fund

746000

5.50

 

 

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

139.168

140.098

268.136

(b) Reserves & Surplus

328.633

542.550

773.820

(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)

467.801

682.648

1041.956

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

6965.421

7669.555

2830.515

(b) Deferred tax liabilities (Net)

53.166

46.234

37.886

(c) Other long term liabilities

39.310

34.959

17.061

(d) long-term provisions

27.119

24.753

20.698

Total Non-current Liabilities (3)

7085.016

7775.501

2906.160

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

33.198

18.731

16.370

(b) Trade payables

1284.071

1362.088

53.460

(c) Other current liabilities

251.614

248.351

123.627

(d) Short-term provisions

2.370

17.947

25.604

Total Current Liabilities (4)

1571.253

1647.117

219.061

 

 

 

 

TOTAL

9124.070

10105.266

4167.177

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1677.691

399.193

417.125

(ii) Intangible Assets

177.868

198.087

75.338

(iii) Capital work-in-progress

18.109

1320.216

1049.915

(iv) Intangible assets under development

0.000

0.000

54.215

(b) Non-current Investments

1044.332

1043.241

1041.147

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1396.765

1322.959

1112.366

(e) Other Non-current assets

0.354

2.373

10.060

Total Non-Current Assets

4315.119

4286.069

3760.166

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

1.699

1.784

(b) Inventories

89.881

110.154

93.390

(c) Trade receivables

4552.976

3810.825

67.680

(d) Cash and cash equivalents

63.110

1806.367

193.454

(e) Short-term loans and advances

102.437

89.503

48.146

(f) Other current assets

0.547

0.649

2.557

Total Current Assets

4808.951

5819.197

407.011

 

 

 

 

TOTAL

9124.070

10105.266

4167.177

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

2521.787

8270.022

6665.604

 

Other Income

219.588

208.474

146.418

 

TOTAL

2741.375

8478.496

6812.022

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

87.663

109.952

171.498

 

Purchases of Stock-in-Trade

2263.771

7794.294

6118.772

 

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

17.388

(18.544)

(6.911)

 

Employees benefits expense

246.483

108.232

86.545

 

Other expenses

227.851

152.596

135.248

 

TOTAL

2843.156

8146.530

6505.152

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(101.781)

331.966

306.870

 

 

 

 

 

Less

FINANCIAL EXPENSES

19.616

24.168

49.177

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(121.397)

307.798

257.693

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

68.235

42.858

33.175

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(189.632)

264.940

224.518

 

 

 

 

 

Less

TAX

10.000

98.302

62.448

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(199.632)

166.638

162.070

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

 

Basic

(14.72)

12.29

12.25

 

Diluted

(14.72)

12.29

11.95

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

 

 

 

Term Loan

35.000

30.000

30.000

Vehicle Loan

3.412

4.412

5.592

Total

38.412

34.412

35.592

Cash generated from operations

(1078.900)

(2461.952)

86.404

Net Cash generated/(Used) from/in Operating Activities

(1081.969)

(2551.907)

25.231

 

 

QUARTERLY RESULTS

 

Particulars

(Unaudited)

30.06.2015

1st Quarter

Net Sales

65.560

Total Expenditure

114.030

PBIDT (Excl OI)

(48.470)

Other Income

60.200

Operating Profit

11.730

Interest

6.910

Exceptional Items

0.000

PBDT

4.820

Depreciation

22.750

Profit Before Tax

(17.930)

Tax

0.000

Provisions and contingencies

0.000

Profit After Tax

(17.930)

Extraordinary Items

0.000

Prior Period Expenses

0.000

Other Adjustments

0.000

Net Profit

(17.930)

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

(7.92)

2.01

2.43

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

(4.04)

4.01

4.60

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(2.35)

3.42

11.10

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.41)

0.39

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

15.04

11.31

2.77

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.06

3.53

1.86

 

STOCK PRICES

 

Face Value

Rs.10.00/- each

Market Value

Rs.23.25/- each

 

 

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

268.136

140.098

139.168

Reserves & Surplus

773.820

542.550

328.633

Net worth

1041.956

682.648

467.801

 

 

 

 

long-term borrowings

2830.515

7669.554

6965.421

Short term borrowings

16.370

18.731

33.198

Current Maturities of Long Term Debt

35.592

34.412

38.412

Total borrowings

2882.477

7722.697

7037.031

Debt/Equity ratio

2.766

11.313

15.043

 

 

 

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

6665.604

8270.022

2521.787

 

 

24.070

(69.507)

 

 

 

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

6665.604

8270.022

2521.787

Profit

162.070

166.638

(199.632)

 

2.43%

2.01%

(7.92%)

 

 

 

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

No

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

----------------------

33

Market information

----------------------

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Inter Corporate Deposits

6874.718

7543.117

Total

6874.718

7543.117

 

 

INDEX OF CHARGES

 

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10536690

08/12/2014

20,000,000.00

PUNJAB NATIONAL BANK

A-9, MID CORPORATE BRANCH, CONNAUGHT CIRCUS, NEW 
DELHI - 110001, INDIA

C36989390

2

10450883

06/09/2013

37,500,000.00

UCO BANK

MCU, KOLKATA MAIN BRANCH, 10, B. T. M. SARANI, 1ST  FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA

B85675379

3

10387164

10/06/2013 *

20,616,000.00

UNITED BANK OF INDIA

CALCUTTA BRANCH, 4, N. C. DUTTA SARANI, KOLKATA - 700001, WEST BENGAL, INDIA

B79012050

4

10364263

11/12/2014 *

165,582,576.00

PUNJAB NATIONAL BANK

MID CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA

C37398997

5

10335661

16/01/2012

15,750,000.00

PUNJAB NATIONAL BANK

MID- CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA

B32173296

6

10177974

15/10/2009 *

16,100,000.00

PUNJAB NATIONAL BANK

MID CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA

A73486789

7

10177973

15/10/2009 *

270,000,000.00

PUNJAB NATIONAL BANK

MID CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA

A73488751

8

10177976

19/06/2012 *

210,000,000.00

PUNJAB NATIONAL BANK

MID-CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA

B43100171

9

10107585

17/03/2008

32,500,000.00

PUNJAB NATIONAL BANK

H.O. AT- 7, BHIKAJI CAMA PLACE, NEW DELHI-110066, 
BRANCH OFFICE AT – 18 A, BRABOURNE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA

A40429102

10

10039176

15/02/2007

65,000,000.00

BANK OF INDIA

SCO 81-82, BANK SQUARE, SECTOR 17-B, CHANDIGARH, 
CHANDIGARH - 160017, INDIA

A10413268

 

 

* Date of charge modification

 

 

FINANCIAL HIGHLIGHTS

 

Due to slow down in the markets across the world and decline in the export the net revenue of the Company was Rs.2741.400 Million as compared to Rs.8478.500 Million during the previous year. The Operating profit/ (loss) i.e. profit/ (loss) before interest, depreciation and Tax during the year was Rs.(101.800) Million as compared to Rs.332.000 Million during the previous year. The net profit/ (loss) after tax was Rs. (199.600) Million during the year as compared to Rs.166.600 Million during the previous year.

 

 

PERFORMANCE REVIEW

 

The company's main business segments are Agri Business comprising largely floriculture, Steel and Chemicals pharma division comprising the manufacturing and trading. The company's subsidiaries are in the business of foods and food processing.

 

 

PHARMA DIVISION

 

Alchemist Pharma division is a strong vertical of Alchemist Group with around 200 SKU's and promoted through a very strong committed field force. Pharma division enjoys tremendous respect with the medical fraternity and covering a universe of around 40,000 Doctors and 20,000 retailers across the country. Alchemist's Molecules have been acknowledged with tremendous response at the market place. Adetailed write up on the pharma divisions is contained in the section on Management Discussion and Analysis elsewhere in this report.

 

 

AGRI DIVISION

 

The company continued to mark its presence in business of Global Agri Trade.

 

 

STEEL DIVISION

 

Steel business segment is consistently making achievement and the production efforts are now supplemented by trading activity as well.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

INDUSTRY OVERVIEW

 

PHARMA AND CHEMICALS

 

India's Pharmaceutical Industry: An overview -Size of India's pharmaceutical sales were an estimated $20 billion in 2014 and the forecast indicates an average growth of 10.3 percent annually in 2014-18 (in nominal local-currency terms) to reach $33.8 billion. This growth will be driven by increasing personal incomes and the escalation of chronic diseases. India's pharmaceutical market is dominated by generic drugs, which account for around 75 percent of the market by volume. Supplied mainly by domestic companies, generics have helped to keep pharmaceutical prices low and the market is expected to continue expanding rapidly. Still, India's growing middle class is increasing demand for more advanced and costly medicines. Although domestic pharmaceutical companies were established primarily to supply the local market, they have taken advantage of their low labor and research costs to export generic drugs to developed countries, notably the U.S, its largest export market. India is also a major supplier to other emerging markets and has become the biggest supplier to UN health care programs. Domestic and international pharmaceutical companies operating in India face issues ranging from the new Drug Price Control Order (DPCO), which prescribes a ceiling on the prices of several essential medicines, to drug and clinical trial quality, patent issues, and the misclassification of medical devices.

 

Drug quality: India is the biggest foreign supplier of medicines to the U.S. and has about 200 U.S. Food and Drug Administration (FDA)-approved drug manufacturing facilities. India produces nearly 40 per cent of generic drugs and over-the-counter products and accounts for 10 per cent of finished dosages in the U.S.

 

Clinical trial quality: India's clinical trials industry has seen substantial growth in the last decade due to its large pool of patients with diverse treatment needs and access to a large, scientifically skilled, workforce. While the number of clinical trials has increased, the country's capacity to regulate trials has not kept pace, resulting in some unethical practices. The Indian government has enhanced regulatory controls like mandatory trial registration, and is creating committees to oversee trial approval, trial execution, and ethical treatment of patients. All of these measures have had a positive impact; however delays in drug approvals following the new regulatory controls are prompting multinationals to rethink their strategy of conducting clinical trial activity in India. Even Indian pharmaceutical companies are now conducting some trials outside the country.

 

 

CONTINGENT LIABILITIES

(Rs. In Million)

Particulars

31.03.2015

31.03.2014

Corporate Guarantees

276.199

359.749

Disputed demand under excise duty (Net of duty deposited under protest)

11.042

11.042

Claims Against the company not acknowledged as debts

0.610

13.992

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(Rs. In Million)

Particulars

Quarter ended 30.06.2015

 

(Unaudited)

 Income from operations

 

Net sales/ Income from operation (net of excise duty)

65.408

Other operating income

0.152

Total income from Operations(net)

65.560

Expenditure

 

Cost of material consumed

28.054

Purchases of stock in trade

6.920

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(4.559)

Employees benefit expenses

54.365

Depreciation and amortization expenses

22.752

Other expenditure

29.245

Total expenses

136.777

Profit from operations before other income and financial costs

(71.217)

Other income

60.198

Profit from ordinary activities before interest and exceptional items

(11.019)

Interest

6.908

Profit from ordinary activities after interest but before exceptional items

(17.927)

Exceptional Items

0.000

Profit from ordinary activities before tax Expense:

(17.927)

Tax expenses

0.000

Net Profit / (Loss) from ordinary activities after tax

(17.927)

Extraordinary Items

0.000

Net Profit / (Loss) for the period

(17.927)

Paid-up equity share capital (Nominal value Rs.10/- per share)

135.598

Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

---

Earnings per share (before extraordinary items) of Rs.10/- each) (not annualized):

 

Basic and diluted

(1.32)

Earnings per share (after extraordinary items)

 

Basic and diluted

(1.32)

A. Particulars of shareholding

 

1. Public Shareholding

 

- Number of shares

8818147

- Percentage of shareholding

65.03%

2. Promoters and Promoters group Shareholding-

 

a) Pledged /Encumbered

 

Number of shares

---

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

---

Percentage of shares (as a % of total share capital of the company)

---

 

 

b) Non  Encumbered

 

Number of shares

4741653

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

100%

Percentage of shares (as a % of total share capital of the company)

34.97%

B. Investor Complaints

 

Pending at the beginning of the quarter

Nil

Receiving during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unreserved at the end of the quarter

Nil

 

 

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars

Quarter Ended 30.06.2015

Unaudited

Segment Revenue (Net)

 
  1. Pharma Chemical and Minerals

49.098
  1. Agri Business

16.310

Sub Total

65.408

Less: Inter Segment Revenue

0.000

Net Sales/ Incomes

65.408

Segment Results

 

Profit/(Loss) before tax and interest from segments

 
  1. Pharma Chemical and Minerals

(65.718)
  1. Agri Business

(5.651)

Total

(71.369)

Less: Financial Charges

6.908

Add: Other Incomes/Other Operating Income

60.350

Total Profit before tax

(17.927)

Provision for taxation

0.000

Total Profit after Tax

(17.927)

Capital Employed

 

(Segment assets-Segment Liabilities)

 
  1. Pharma Chemical and Minerals

5395.864
  1. Agri Business

2242.848

Total

7638.711

 

Note:

 

  1. The above unaudited financial results as reviewed by Audit Committee were approved and taken on record by the Board of Directors in their meeting held on 13th August, 2015. The statutory have carried out Limited review of these results.

 

  1. The figures of the previous quarter/period have been regrouped So as to make them comparable

 

  1. Deferred Tax will be provided at the year end.

 

  1. The provision for gratuity 4 leave encashment would be provided at the year end.

 

  1. The Segment wise reporting as laid down in Accounting Standard AS-17 is given above.

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Electric Installation
  • Sapling
  • Green House
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment's
  • Servers and Networks
  • Computer and Peripherals

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration:

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime:

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws:

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards:

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report:

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.72

UK Pound

1

Rs.99.29

Euro

1

Rs.73.59

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KYP

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY 

1~10

---

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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.