MIRA INFORM REPORT
|
Report No. : |
345774 |
|
Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCED ENZYME TECHNOLOGIES LIMITED [w.e.f.19.08.2005] |
|
|
|
|
Formerly Known
As : |
ADVANCED BIOCHEMICALS LIMITED [w.e.f.28.05.1992] ADVANCED BIOCHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Sun Magnetica, Louiswadi, Near LIC Service Road, Thane – 400604, Maharashtra |
|
Tel. No.: |
91-22-41703200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.03.1989 |
|
|
|
|
Com. Reg. No.: |
051018 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 217.660
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1989PLC051018 |
|
|
|
|
IEC No.: |
0389050768 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA4555E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Enzymes. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3940000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Advanced Enzyme Technologies Limited [AETL], was founded in 1989, it
manufactures and markets value-added enzyme products for various industrial
usage. The rating reflects robust market position as the largest domestic
manufacturer and exporter of enzymes in India and its strong financial risk
profile, marked by healthy operating profitability, negligible debt and
strong liquidity. Ratings further derive strength from the long track record of the
company and experienced promoters, diversified product segment and
established marketing channels. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Pankaj |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-41703200 |
|
Date : |
23.10.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
5th Floor, Sun Magnetica, Louiswadi, Near LIC Service Road, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-41703200/ 25838350 |
|
Fax No.: |
91-22-25835159 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office 1 : |
106, Dhanlaxmi Industrial Estate, Old Agra Road, Above Navneet Motors, Thane [West] - 422103, Maharashtra, India |
|
|
|
|
Branch Office 2 : |
102, 103, With Extension A, Dhanlaxmi Industrial Estate, Gokul Nagar, LBS Road, Thane [West] – 400601, Maharashtra, India |
|
|
|
|
Factory 1 : |
A-61, M.I.D.C. Sinnar, Nasik - 422103, Maharashtra, India |
|
|
|
|
Factory 2 : |
B-5 to 13, Phases-1, Sector III, SEZ, Indore, Pitampur, Tehsil Dhar, District Dhar - 452008, Madhya Pradesh, India |
|
|
|
|
Factory 3 : |
Survey No.30, Mumbai-Nasik Highway, Pali, Wahsind, District Thane - 421604, Maharashtra, India |
|
|
|
|
Research and Development Centers : |
· Plot No.A-161, Main Road, Wagle Industrial Estate, Thane West - 400604, Maharashtra, India · Plot No.A-135, Road No.23, Wagle Industrial Estate, Thane West - 400604, Maharashtra, India |
DIRECTORS
AS ON 12.08.2014
|
Name : |
Mr. Chandrakant Laxminarayan Rathi |
|
Designation : |
Managing director |
|
Address : |
Row House No. 18, Eternity, Teen Hath Naka, Thane (West), Thane - 400601, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1954 |
|
Qualification : |
B. Tech (Hons) Chemical Engg. DBM |
|
Experience : |
36 Years |
|
Date of Appointment : |
23.03.1992 |
|
PAN No.: |
ACVPR8194H |
|
DIN No.: |
00365691 |
|
|
|
|
Name : |
Venkata Ramakrishna Kunisetty |
|
Designation : |
Director |
|
Address : |
Flat 301, Orchid Hiranandani Meadows, Gladys Alwares Marg, Off. Pokhran Road No.2, Thane - 400610, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1969 |
|
Date of Appointment : |
11.08.2012 |
|
DIN No.: |
00133248 |
|
|
|
|
Name : |
Mr. Mukund Madhusudan Kabra |
|
Designation : |
Whole-time director |
|
Address : |
33, Sheetal Housing Society, Takli Road, Nasik - 422011,
Maharashtra, India |
|
Date of Birth/Age : |
09.07.1972 |
|
Qualification : |
Bachelor in degree in Chemical Engineering |
|
Date of Appointment : |
04.09.1999 |
|
PAN No.: |
ACKPK3660N |
|
DIN No.: |
00148294 |
|
|
|
|
Name : |
Kedar Jagdish Desai |
|
Designation : |
Director |
|
Address : |
Flat No.52, Makani Manor., Opposite Jaslok Hospital. Peddar Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1971 |
|
Date of Appointment : |
27.08.2010 |
|
PAN No.: |
ACMPD8601N |
|
DIN No.: |
00322581 |
|
|
|
|
Name : |
Mrs. Savita Chandrakant Rathi |
|
Designation : |
Whole-time director |
|
Address : |
Row House No. 18, Eternity, Teen Hath Naka, Thane (West), Thane - 400601, Maharashtra, India |
|
Date of Birth/Age : |
26.02.1961 |
|
Qualifications : |
Bachelor degree in Commerce |
|
Date of Appointment : |
12.01.2003 |
|
PAN No.: |
ACYPR7863C |
|
DIN No.: |
00365717 |
|
|
|
|
Name : |
Mr. Ramesh Thakorlal Mehta |
|
Designation : |
Director |
|
Address : |
C/2, Sea Face Park, 50, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1932 |
|
Date of Appointment : |
05.03.1993 |
|
PAN No.: |
AAHPM4603L |
|
DIN No.: |
00367439 |
|
|
|
|
Name : |
Mr. Pradip Bhailal Shah |
|
Designation : |
Director |
|
Address : |
16629, Blackburn Dr. La Mirinda, Los Angeles, Ca90638, United States Of America |
|
Date of Birth/Age : |
30.11.1953 |
|
Date of Appointment : |
24.09.1993 |
|
DIN No.: |
01225582 |
|
|
|
|
Name : |
Mr. Vasant Rathi |
|
Designation : |
Director |
|
Address : |
5390, La Crescenta, Yorba Linda, Ca92887, United States Of America |
|
Date of Birth/Age : |
17.01.1950 |
|
Date of Appointment : |
05.03.1993 |
|
PAN No.: |
AJUPR8326B |
|
DIN No.: |
01233447 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Beni Prasad Rauka |
|
Designation : |
Secretary |
|
Address : |
Lotus, 703, Vasant Valley, Near Dindoshi Bus Depot, Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1964 |
|
Date of Appointment : |
26.05.2015 |
|
PAN No.: |
ABKPR5067M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.08.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 12.08.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Venture Capital |
3.12 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
56.01 |
|
Bodies
corporate |
28.12 |
|
Directors
or relatives of directors |
5.39 |
|
Other
top fifty shareholders |
4.75 |
|
Others
|
2.61 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Enzymes. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
-- |
||||
|
|
|
||||
|
Agencies Held : |
-- |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Enzymes |
||||
|
Countries : |
· USA · European Countries · China |
||||
|
|
|
||||
|
Imports : |
-- |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, L/C and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and End Users
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
250 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapt Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India · Kotak Mahindra Bank Limited 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company, LLP Chartered Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFW4298E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary company
: |
· Atharva Clean Energy Private Limited [U74999MH2010PTC205679] · Advanced Bio-Agro Tech Limited [U24100MH2004PLC149464] · Advanced EnzyTech Solutions Limited [U24200MH2008PLC186383] · Advanced Enzyme Europe BV. · Advanced Enzyme Far East Limited · Advanced Enzymes USA |
|
|
|
|
Fellow Subsidiary
company : |
· Advanced Supplementary Technologies Corporation · Cal India Foods International |
|
|
|
|
Associates : |
· Advanced Vital Enzymes Private Limited [U24230MH2005PTC151389] · Atharva Capital Ventures Private Limited [U65993MH1993PTC073191] · Chandrakant Rathi Finance And Investment Company Private Limited [U99999MH1994PTC081231] |
|
|
|
|
Other related parties
(companies in which either of the directors or their relatives have
significant influence) : |
·
Rathi Properties LLC ·
Vasant and Prabha Rathi Generation Trust |
|
|
|
|
Group Companies : |
· Specialty Enzymes and Biotechnologies · AST Enzymes · Enzyme Innovation |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21,765,600 |
Equity Shares |
Rs. 10/- each |
Rs. 217.660
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 |
217.660 |
217.660 |
207.312 |
|
(b) Reserves & Surplus |
1162.310 |
1088.530 |
602.840 |
|
(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) |
1379.970 |
1306.190 |
810.152 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
155.000 |
269.340 |
343.564 |
|
(b) Deferred tax liabilities (Net) |
144.860 |
132.190 |
64.181 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
299.860 |
401.530 |
407.745 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
317.390 |
234.020 |
328.228 |
|
(b)
Trade payables |
91.670 |
177.910 |
172.340 |
|
(c)
Other current liabilities |
165.950 |
156.800 |
144.071 |
|
(d)
Short-term provisions |
25.900 |
72.180 |
55.963 |
|
Total
Current Liabilities (4) |
600.910 |
640.910 |
700.602 |
|
|
|
|
|
|
TOTAL |
2280.740 |
2348.630 |
1918.499 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1099.140 |
1137.790 |
475.375 |
|
(ii)
Intangible Assets |
0.130 |
0.170 |
0.635 |
|
(iii)
Capital work-in-progress |
5.020 |
0.510 |
591.499 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
280.200 |
279.630 |
137.202 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
76.630 |
65.380 |
120.495 |
|
(e)
Other Non-current assets |
93.140 |
84.610 |
0.886 |
|
Total
Non-Current Assets |
1554.260 |
1568.090 |
1326.092 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
366.870 |
356.300 |
198.214 |
|
(c)
Trade receivables |
286.750 |
335.000 |
282.126 |
|
(d)
Cash and cash equivalents |
18.410 |
19.200 |
32.985 |
|
(e)
Short-term loans and advances |
54.450 |
70.040 |
78.650 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.432 |
|
Total
Current Assets |
726.480 |
780.540 |
592.407 |
|
|
|
|
|
|
TOTAL |
2280.740 |
2348.630 |
1918.499 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1357.640 |
1416.370 |
1129.512 |
|
|
|
Other Income |
19.640 |
21.140 |
35.752 |
|
|
|
TOTAL (A) |
1377.280 |
1437.510 |
1165.264 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
434.530 |
512.680 |
395.469 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(65.960) |
(85.410) |
(38.566) |
|
|
|
Employees benefits expense |
179.580 |
152.690 |
126.426 |
|
|
|
Other expenses |
434.630 |
430.200 |
342.916 |
|
|
|
Exceptional Items |
120.570 |
0.000 |
0.000 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
0.237 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
1.506 |
|
|
|
TOTAL (B) |
1103.350 |
1010.160 |
827.988 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
273.930 |
427.350 |
337.276 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
82.840 |
37.780 |
36.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
191.090 |
389.570 |
300.290 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
92.320 |
69.560 |
52.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
98.770 |
320.010 |
248.211 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.670 |
85.770 |
40.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
86.100 |
234.240 |
207.573 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
563.840 |
580.610 |
508.772 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
3.96 |
10.99 |
10.01 |
|
|
|
Diluted
|
3.96 |
10.99 |
10.09 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
110.150 |
101.580 |
94.297 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
184.850 |
252.420 |
284.757 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.34 |
16.54 |
18.38 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
20.18 |
30.17 |
29.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.95 |
15.47 |
20.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.24 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42 |
0.46 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.22 |
0.85 |
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 |
207.312 |
217.660 |
217.660 |
|
Reserves & Surplus |
602.840 |
1088.530 |
1162.310 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
810.152 |
1306.190 |
1379.970 |
|
|
|
|
|
|
Long-term borrowings |
343.564 |
269.340 |
155.000 |
|
Short term borrowings |
328.228 |
234.020 |
317.390 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
94.297 |
101.580 |
110.150 |
|
Total
borrowings |
766.089 |
604.940 |
582.540 |
|
Debt/Equity ratio |
0.946 |
0.463 |
0.422 |
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 |
1129.512 |
1416.370 |
1357.640 |
|
|
|
25.397 |
-4.147 |
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 |
1129.512 |
1416.370 |
1357.640 |
|
Profit |
207.573 |
234.240 |
86.100 |
|
|
18.38% |
16.54% |
6.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10551880 |
13/02/2015 |
100,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
27BKC, C 27, G BLOCK,
BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
C44990414 |
|
2 |
10433741 |
11/06/2013 |
50,000,000.00 |
DBS BANK LIMITED |
3RD FLOOR, FORT
HOUSE, DR. D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B78255262 |
|
3 |
10287286 |
11/05/2011 |
276,000,000.00 |
DBS BANK LIMITED |
5TH FLOOR,FORT
HOUSE, 221, DR. D.N.ROAD,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B13055983 |
|
4 |
10043837 |
01/06/2012 * |
697,500,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR,
G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
B41279308 |
|
5 |
10021925 |
23/06/2014 * |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPT MARG, LOWER PAREL |
C11448503 |
|
6 |
90146880 |
26/03/2014 * |
200,000,000.00 |
CITIBANK N. A. |
FIRST
INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,, |
C00941336 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
59.650 |
61.720 |
|
Deposits |
0.000 |
22.420 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
0.240 |
|
|
|
|
|
Total |
59.650 |
84.380 |
REVIEW
OF OPERATIONS AND FINANCIAL PERFORMANCE
The
Company continued to be leader amongst the integrated enzyme manufacturing
companies from India with consolidated net sale of Rs. 2394.000 million during
the current year as against Rs. 2204.000 million during previous year, a growth
of 8.6%. EBIDTA margin was at Rs. 1011.000 Million (42%) during FY 2014 as
compared to Rs. 907.000 Million (41%) during FY 2013, a growth of about 13%.
Profit before exceptional items and tax stood at Rs. 799.000 Million as against
Rs. 773.000 Million in the previous year. Profit after tax stood at Rs. 210.000
Million as against Rs. 509.000 Million during the previous year. The fall in
profit is attributed to foreign exchange impact due to depreciation of rupee
against major currencies of about Rs. 35.000 Million and exceptional items
charged in respect of one time inventory write off, settlement of claims
including provision thereof and certain expenses related to recall, aggregating
to Rs. 514.000 Million, due to the unprecedent event as described hereinafter.
During
the second half of the year, some of the lots of products exported by the
Company to USA, Japan and EU reported to have potential contamination with
trace amounts of the antibiotic Chloramphenicol. Accordingly, Specialty Enzyme
and Biochemicals (SEB), who has done, voluntarily recall of those specific lots
of enzyme products and the Company also got goods returned back from some its
overseas customers in EU, Japan and USA. On standalone basis, a total net sale
of the Company was at Rs. 1358.000 million during FY 2014 as compared to Rs.
1416.000 million during FY 2013. The fall in sale during the year is due to
lower domestic sales Rs. 772.000 Million as against Rs. 824.000 Million during
FY 2013, mainly due to strategic decision for going slow on non-core low margin
products. The Company's exports was at Rs. 586.000 million during FY 2014 from
Rs. 593.000 million as compared to FY 2013 as export during second half of the
year suffered due to the unprecedent event as mentioned above.
AWARDS
AND RECOGNITION
The
Company during FY 2014, in second consecutive year, is one of the recipients of
the fastest growing mid-sized business award by (Inc. India). The company is
also awarded Pharmexcil Patent Award 2012-13 for its outstanding contribution
to India’s Pharmaceutical industry during the year 2012-13 (Biotechnology)
Certificate of Appreciation)
FUTURE
OUTLOOK
The
global enzyme demand has increased at 8.5% annual pace from $3.8 billion in
2005 to $5.8 billion in 2010, helped in large part by the rapid increase in
global energy prices, which made enzyme-related processes and products more
cost effective, and facilitated the legislation of a rapid expansion of the
fuel ethanol market. Additionally, the expanding middle class population in the
rapidly growing developing countries contributed to robust gains in food and
beverage enzymes, and the quick adoption of several enzyme-containing
pharmaceuticals also supported growth
Demand
for enzymes is forecast to increase 6.8 per cent per year to $8.0 billion in
2015, aided by rapid growth in key markets, as well as the introduction of new,
higher-value products. This will include both new versions of existing products
such as amylases and proteases that have been optimized for specific
applications, and new enzyme types whose potential has yet to be fully
explored.
Other
enzymes will also offer some of the best opportunities for growth through 2015,
helped by strong increases in phytase enzymes for animal feed applications, the
market development of sulfatases and other enzymes for enzyme replacement
therapy, and continued expansion of the biocatalyst market. Carbohydrases will
continue to represent the largest single category of enzymes, supported by the
large fuel ethanol and starch processing markets, as well as applications in
food and beverages, textiles and pharmaceuticals. Proteases, the second largest
enzyme category, will continue to lose market share as the cleaning product,
dairy and leather markets have reached maturity and competitive pricing
pressures remain strong.
The
Company has been growing at 23% in last five years and it has consolidated its
position in the enzyme market and it expects to improve its growth. The
Company's continued focussed on integration from R&D to market, new version
of some of its enzyme products and biocatalyst, will certainly help the Company
to gain market share.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claims against the company not acknowledged as debt |
221.430 |
97.400 |
|
Estimated amount of capital and other commitments remaining to be executed |
88.440 |
5.070 |
|
|
|
|
|
Total |
309.870 |
102.470 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Leasehold improvements
·
Computer software
·
Know-how
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.88 |
|
|
1 |
Rs. 99.89 |
|
Euro |
1 |
Rs. 72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.