MIRA INFORM REPORT
|
Report No. : |
339552 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
IOL CHEMICALS AND PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Trident Complex, Raikot Road, Barnala – 148101, Punjab |
|
Tel. No.: |
91-1679-244701-07 / 285285 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
|
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Date of
Incorporation : |
29.09.1986 |
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|
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Com. Reg. No.: |
16-007030 |
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Capital
Investment / Paid-up Capital : |
Rs. 476.555 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24116PB1986PLC007030 |
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|
|
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IEC No.: |
3094001343 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDI00254C |
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PAN No.: [Permanent Account No.] |
AABCI1842A/ JLDI00254C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Speciality chemicals and active pharma ingredients. |
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|
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5900000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
IOL Chemicals and Pharmaceuticals Limited (IOL) was incorporated as a public
limited company in 1986. Subject is an established company having moderate
track. The ratings on company remain constrained by low profitability margin,
highly leveraged capital structure, moderate liquidity, debt protection
metrics and working capital intensive nature of the operations. The ratings, however continue to derive comfort from the experience of
the promoters and the management team, well-established business position and
diversified product portfolio. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. In view of experienced promoters, the company can be considered for
business dealings with slight 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = BB- |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
April, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
April, 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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Rakesh Mahajan |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-161-2225531 |
LOCATIONS
|
Registered Office / Factory 1 : |
Trident Complex, Raikot Road, Barnala – 148101, Punjab, India |
|
Tel. No.: |
91-1679-244701-07 / 285285 |
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Fax No.: |
91-1679-244708 / 285292 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Head / Corporate Office : |
85 Industrial Area A, Ludhiana – 141003, Punjab, India |
|
Tel. No.: |
91-161-2225531-35 |
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Fax No.: |
91-161-2608184 / 2608784 / 2226929 |
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E-Mail : |
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Factory 2 : |
Village Fatehgarh Chhana, Mansa Road, Barnala – 148101, Punjab, India |
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Tel. No.: |
91-1679-285285-86 |
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Fax No.: |
91-1679-285292 |
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E-Mail : |
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Branch Office : |
102, 1st Floor, Royal Grace, Road No. 2, Lokmanya Tilak
Colony, B/H Swaminarayan Mandir, Dadar (East), Mumbai – 400014, Maharashtra,
India |
|
Tel. No.: |
91-22-24166656 / 24146654 |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Varinder Gupta |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Vijay Kumar Garg |
|
Designation : |
Joint Managing Director |
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Name : |
Mr. Vikas Gupta |
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Designation : |
Executive Director (w.e.f. 29 May 2015) |
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Name : |
Dr. M A Zahir |
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Designation : |
Chairman |
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Name : |
Mr. Chandra Mohan |
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Designation : |
Director |
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Name : |
Mr. Yogesh Goel |
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Designation : |
Director |
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Name : |
Mr. |
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Designation : |
Director |
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Name : |
Dr. Sandhya Mehta |
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Designation : |
Director (w.e.f. 22 August 2014) |
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Name : |
Mr. Vijay Singla |
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Designation : |
Director (Works) |
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Audit and
Risk Management Committee : |
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Stakeholders’
Relationship Committee : |
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Nomination
and Remuneration Committee : |
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KEY EXECUTIVES
|
Name : |
Mr. Krishan Singla |
|
Designation : |
Vice President and Company Secretary |
|
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|
Name : |
Mr. Rakesh Mahajan |
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Designation : |
Chief Financial Officer (upto 13 August 2015) |
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Name : |
Mr. Pardeep Khanna |
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Designation : |
Chief Financial Officer (w.e.f. 13 August 2015) |
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Name : |
Ms. Shana |
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Designation : |
Accounts Department |
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 |
||
|
|
|
|
|
|
1196965 |
2.40 |
|
|
21240001 |
42.52 |
|
|
22436966 |
44.91 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
22436966 |
44.91 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
10200 |
0.02 |
|
|
10200 |
0.02 |
|
|
|
|
|
|
10879324 |
21.78 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
2339895 |
4.68 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
5421748 |
10.85 |
|
|
8867369 |
17.75 |
|
|
8781 |
0.02 |
|
|
8858588 |
17.73 |
|
|
27508336 |
55.07 |
|
Total Public
shareholding (B) |
27518536 |
55.09 |
|
Total (A)+(B) |
49955502 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
49955502 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Speciality chemicals and active pharma ingredients. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Cost Auditors : |
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Name : |
Ramanath Iyer and Company Chartered Accountants |
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Address : |
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Statutory Auditors : |
S C Vasudeva and Company Chartered Accountants |
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Address : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over which Key Management Personnel (KMP) and relative of
such personnel is able to exercise significant influence or control : |
* Enterprise having significant influence over the Company. |
CAPITAL STRUCTURE
After 30.09.2014
Authorised Capital: Rs.800.000 Million
Issued, Subscribed & Paid-up Capital: Rs.525.555
Million
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58000000 |
Equity Shares |
Rs.10/-each |
Rs.580.000 Million |
|
22000000 |
Non-cumulative preference shares |
Rs.10/-each |
Rs.220.000 Million |
|
|
Total |
|
Rs.800.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47655502 |
Equity Shares |
Rs.10/-each |
Rs.476.555
Million |
Reconciliation of the number of shares and the amount outstanding at the
beginning and at the end of the reporting period
|
PARTICULAR |
AS ON 31.03.2015 |
|
|
Equity Shares |
No. of Shares
Held |
Rs. In Million |
|
At the beginning of the reporting period |
28815164 |
288.151 |
|
Add: Issued during the year |
18840338 |
188.403 |
|
Outstanding at the end of the reporting period |
47655502 |
476.555 |
|
PARTICULAR |
AS ON 31.03.2015 |
|
|
Preference Shares |
No. of Shares
Held |
Rs. In Million |
|
At the beginning of the reporting period |
20.010 |
200.100 |
|
Add: Issued during the year |
--- |
--- |
|
Less: Converted into equity share
capital during the year |
20.010 |
200.100 |
|
Outstanding at the end of the reporting period |
--- |
--- |
Terms/rights attached to equity shares
The company presently has one class of equity shares having a par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The company has not declared dividend during the year ended March 31, 2015.
Increase in equity share capital
The Company has issued 22,00,000 equity shares on 21 June 2014 and 11,50,000 equity shares on 04 July 2014 of face value of Rs.10/- each at a premium of Rs.18/- per share aggregating to Rs.93.800 Million to Non Promoters.
The Company has issued 5893911 equity shares of face value of Rs.10/- each at a premium of Rs.67/- per share aggregating to Rs.453.800 Million on 28 November 2014 to FCCB holders by conversion of foreign currency convertible bonds (FCCB) into equity.
Terms/rights attached to preference shares
7% Non-Cumulative Preference Shares 5000000 of Rs.10/- each
The company has converted 5000000, 7% non-cumulative redeemable Preference Shares of Rs.10/- each into 1785714 equity shares of face value of Rs.10/- each at a premium of Rs.18/- per share aggregating to Rs.50.000 Million on 21 June 2014 in accordance with the terms and conditions of the preference shares. The earliest date of redemption of these preference shares was 30 June 2015.
1% Non-Cumulative Preference Shares 15010000 of Rs.10/- each
The company has converted 1,50,10,000 1% non-cumulative redeemable Preference Shares of Rs.10/- each into 5360713 equity shares of face value of Rs.10/- each at a premium of Rs.18/- per share aggregating to Rs.150.100 Million on 21 June 2014 in accordance with the terms and conditions of the preference shares. These preference shares were redeemable at par on expiry of 10 years from the date of allotment i.e. 5 November 2013
Terms/rights attached
to Share warrants
The company has allotted 11000000 Share warrants to Nonpromoter Company with an option to subscribe to an equity share of face value of Rs.10 /- at a premium of Rs.18 /- per share within the period of 18 months from the date of allotment of warrants i.e. 4 July 2014.
The company had received 25% of the price of equity shares at the time of allotment of share warrants and balance will be received at the time of exercising option to subscribe to equity shares by the share warrant holder. In the absence of exercise of options within the prescribed period of 18 months, the payment made at the time of allotment of share warrants will be forfeited.
Out of above on receipt of balance payment against 2450000 share warrants and exercise of option by the share warrant holder, the Company has allotted 2450000 equity shares of face value of Rs.10/- each at a premium of Rs.18/- per share aggregating to `6.86 Crore during the month of November 2014.
Consequent upon the issue of equity shares of 18840338 (in aggregate) the total paid-up as stated in para (b), (c), and (d) above the share capital of the Company stands increased to 47655502 fully paid equity shares of Rs.10/- each.
Details of shares held by holding company or the ultimate holding
company or their subsidiaries and associates
There is no holding company of the company and therefore no subsidiary/ associate of holding /ultimate holding Company.
Aggregate number and class of shares alloted as fully paid up pursuant
to contract(s) without payment being received in cash, bonus shares and shares
bought back for the period of 5 years immediately preceding the balance date:
|
|
Aggregate number
of shares As at 31 March 2015 |
|
Equity Shares alloted as fully paid up
pursuant to contract (s) |
--- |
|
without payment being received in cash |
--- |
|
Equity Shares alloted as fully paid up by
way of bonus shares |
--- |
|
Equity Shares bought back by the Company |
--- |
Detail of shares held by each shareholder holding more than 5% shares
|
PARTICULAR |
AS ON 31.03.2015 |
|
|
Class of share / Name of the shareholder |
No. of Shares
Held |
% Share Holding |
|
Equity Shares |
|
|
|
Mayadevi Polycot Limited |
10006323 |
21.00% |
|
NM Merchantiles Limited |
5075571 |
10.65% |
|
IndiaSTAR (Mauritius) Limited |
8858588 |
18.59% |
|
NCG Enterprises Limited |
3284393 |
6.89% |
|
IOL Lifesciences Limited |
2873714 |
6.03% |
|
Innova Merchantiles Limited |
2450000 |
5.14% |
|
|
|
|
|
Preference
Shares |
|
|
|
7%
non-cumulative preference shares |
|
|
|
Trident Limited |
--- |
--- |
|
1%
non-cumulative preference shares |
|
|
|
NM Merchantiles Limited |
--- |
--- |
|
IOL Life sciences Limited |
--- |
--- |
|
NCG Enterprises Limited |
--- |
--- |
Foreign Currency Convertible Bonds
The company has converted zero coupon unsecured foreign currency convertible bonds (FCCB) aggregating to US $ 7 Million into equity shares as on 28 November 2014 as per terms of Foreign Currency Convertible Bonds issued on 28 May 2010.
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 |
476.555 |
488.251 |
311.512 |
|
(b) Reserves &
Surplus |
1535.596 |
1604.248 |
1418.434 |
|
(c) Money received
against share warrants |
59.850 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2072.001 |
2092.499 |
1729.946 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2770.976 |
2160.105 |
2868.414 |
|
(b) Deferred tax
liabilities (Net) |
3.833 |
121.388 |
103.643 |
|
(c) Other long term
liabilities |
80.888 |
340.095 |
284.016 |
|
(d) long-term provisions |
2.977 |
3.024 |
1.260 |
|
Total Non-current
Liabilities (3) |
2858.674 |
2624.612 |
3257.333 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1204.433 |
969.568 |
971.580 |
|
(b) Trade payables |
702.483 |
1133.745 |
953.764 |
|
(c) Other current
liabilities |
178.112 |
585.703 |
354.570 |
|
(d) Short-term provisions |
0.365 |
4.897 |
2.149 |
|
Total Current Liabilities
(4) |
2085.393 |
2693.913 |
2282.063 |
|
|
|
|
|
|
TOTAL |
7016.068 |
7411.024 |
7269.342 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4025.263 |
4103.510 |
4303.047 |
|
(ii) Intangible Assets |
2.941 |
2.529 |
1.099 |
|
(iii) Capital
work-in-progress |
42.079 |
330.582 |
315.071 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.400 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
107.622 |
131.058 |
119.273 |
|
(e) Other Non-current
assets |
2.900 |
36.103 |
20.626 |
|
Total Non-Current Assets |
4181.205 |
4603.782 |
4759.116 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.100 |
0.000 |
0.000 |
|
(b) Inventories |
2134.244 |
1922.261 |
1634.742 |
|
(c) Trade receivables |
326.719 |
492.561 |
358.247 |
|
(d) Cash and cash equivalents |
127.012 |
114.475 |
123.935 |
|
(e) Short-term loans and
advances |
246.788 |
277.945 |
393.302 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2834.863 |
2807.242 |
2510.226 |
|
|
|
|
|
|
TOTAL |
7016.068 |
7411.024 |
7269.342 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3847.253 |
5635.012 |
4815.110 |
|
|
Other Income |
13.165 |
13.066 |
25.289 |
|
|
TOTAL |
3860.418 |
5648.078 |
4840.399 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3008.522 |
3979.152 |
3316.834 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
23.486 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(216.243) |
(279.902) |
(340.539) |
|
|
Employees benefits
expense |
247.185 |
270.769 |
220.769 |
|
|
Other expenses |
695.176 |
707.494 |
704.127 |
|
|
TOTAL |
3734.640 |
4677.513 |
3924.677 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
125.779 |
970.565 |
915.722 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
591.054 |
603.439 |
572.399 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(465.275) |
367.126 |
343.323 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
289.105 |
316.303 |
313.740 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(754.380) |
50.823 |
29.583 |
|
|
|
|
|
|
|
Less |
TAX |
(87.873) |
17.829 |
13.698 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(666.507) |
32.994 |
15.885 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
657.289 |
1262.827 |
905.360 |
|
|
TOTAL EARNINGS |
657.289 |
1262.827 |
905.360 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2.651 |
60.434 |
89.234 |
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
2.651 |
60.434 |
89.234 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(16.72) |
1.15 |
0.61 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
29.343 |
395.950 |
161.515 |
|
Cash generated from operations |
(465.370) |
791.468 |
539.561 |
|
Net cash flow from/(used in) operating activities |
(469.602) |
780.507 |
531.922 |
QUARTERLY RESULTS
(Rs. In Million)
|
Particulars |
30.06.2015 1st Quarter |
|
(Unaudited) |
|
|
Net Sales |
1372.290 |
|
Total Expenditure |
1350.850 |
|
PBIDT (Excl OI) |
21.440 |
|
Other Income |
0.050 |
|
Operating Profit |
21.490 |
|
Interest |
145.370 |
|
Exceptional Items |
0.000 |
|
PBDT |
(123.880) |
|
Depreciation |
73.710 |
|
Profit Before Tax |
(197.590) |
|
Tax |
(18.180) |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(179.420) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(179.420) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(17.32) |
0.59 |
0.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.27 |
17.22 |
19.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.82) |
0.72 |
0.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.36) |
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.93 |
1.68 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.04 |
1.10 |
STOCK
PRICES
|
Face Value |
Rs.10.00 /- each |
|
Market Value |
Rs.71.60 /- 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 |
311.512 |
488.251 |
476.555 |
|
Reserves & Surplus |
1418.434 |
1604.248 |
1535.596 |
|
Money received against
share warrants |
0.000 |
0.000 |
59.850 |
|
Net worth |
1729.946 |
2092.499 |
2012.151 |
|
|
|
|
|
|
long-term borrowings |
2868.414 |
2160.105 |
2770.976 |
|
Short term borrowings |
971.580 |
969.568 |
1204.433 |
|
Current Maturities of
Long Term Debt |
161.515 |
395.950 |
29.343 |
|
Total borrowings |
4001.509 |
3525.623 |
4004.752 |
|
Debt/Equity ratio |
2.313 |
1.685 |
1.990 |
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 |
4815.110 |
5635.012 |
3847.253 |
|
|
|
17.028 |
(31.726) |
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 |
4815.110 |
5635.012 |
3847.253 |
|
Profit |
15.885 |
32.994 |
(666.507) |
|
|
0.33% |
0.59% |
(17.32%) |
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 |
No |
|
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 |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
|
High Court Of Punjab And Haryana
(Chandigarh) |
|
Case Details For Case CP-193-2013 |
|
Diary Number |
1102962 |
District |
NEW-DELHI |
|
Category |
21-COMPANY PETITIONS |
Main Case Detail |
-- |
|
Party Detail |
NNE PHARMAPLAN INDIA LIMITED V/S IOL CHEMICALS AND PHARMACEUTICALS
LIMITED |
||
|
Advocate Name |
VIKAS SINGH |
List Type |
LIQUIDATION |
|
Status |
PENDING |
Next date |
25-AUG-2015 |
|
|
|||
|
Case Listing Details |
|||
|
Cause List Date |
List Type: Sr. No. |
Bench |
Order Link |
|
01-MAY-2015 |
LIQUIDATION:8 |
HON'BLE MR.
JUSTICE AMIT RAWAL |
|
|
10-FEB-2015 |
LIQUIDATION:9 |
HON'BLE MR.
JUSTICE RAJESH BINDAL |
|
|
10-OCT-2014 |
LIQUIDATION:18 |
HON'BLE MR.
JUSTICE RAJESH BINDAL |
|
|
08-JUL-2014 |
LIQUIDATION:11 |
HON'BLE MR.
JUSTICE RAJIV NARAIN RAINA |
---- |
|
01-APR-2014 |
LIQUIDATION:17 |
HON'BLE MR. JUSTICE
RAJIV NARAIN RAINA |
---- |
|
27-MAR-2014 |
LIQUIDATION:6 |
HON'BLE MR.
JUSTICE RAJIV NARAIN RAINA |
---- |
|
11-DEC-2013 |
NA:112 |
HON'BLE MR.
JUSTICE SURYA KANT |
|
|
Judgment Details For Case: CP-193-2013 |
|||
|
Order Date |
Order Type |
Bench |
Judgment Link |
|
01-MAY-15 |
Interim Order |
HON'BLE MR.
JUSTICE AMIT RAWAL |
|
|
10-FEB-15 |
Interim Order |
HON'BLE MR. JUSTICE
RAJESH BINDAL |
|
|
10-OCT-14 |
Interim Order |
HON'BLE MR.
JUSTICE RAJESH BINDAL |
|
|
11-DEC-13 |
Interim Order |
HON'BLE MR.
JUSTICE SURYA KANT |
|
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10559118 |
23/03/2015 |
5,668,100,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, BHAGWATI TOWER, R K ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
C49099567 |
|
2 |
10544515 |
31/12/2014 |
651,200,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, BHAGWATI TOWER, R K ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
C41181785 |
|
3 |
10509239 |
31/12/2014 * |
1,624,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE
BRANCH, 1ST FLOOR,BHAGWATI TOWER, |
C41183401 |
|
4 |
10314198 |
13/03/2013 * |
400,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B70894365 |
|
5 |
10250399 |
02/02/2013 * |
150,000,000.00 |
ALLAHABAD BANK |
I.I.F.B CHEEMA CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
B68495779 |
|
6 |
10248563 |
23/06/2011 * |
180,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B16710824 |
|
7 |
10244239 |
11/01/2013 * |
70,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH,JANDU TOWER,, G.T. ROAD ,MILLER GANJ,, LUDHIANA, PUNJAB - 141003, INDIA |
B67305797 |
|
8 |
10241454 |
31/12/2014 * |
500,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE
BRANCH, 1ST FLOOR,BHAGWATI TOWER, |
C41187519 |
|
9 |
10175807 |
21/09/2013 * |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH,
JANDU TOWER,, G. T. ROAD, MILLER |
B85776664 |
|
10 |
10168109 |
18/02/2013 * |
190,400,000.00 |
STATE BANK OF INDIA |
COLLEGE ROAD,,
BARNALA, BARNALA, PUNJAB - 148001, |
B69053304 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and
advances |
|
|
|
Foreign Currency Convertible Bonds |
0.000 |
420.699 |
|
From Related Parties |
229.671 |
100.277 |
|
From Others |
2.910 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan repayable on
demand |
|
|
|
From Banks |
0.000 |
25.000 |
|
Total |
232.581 |
545.976 |
PERFORMANCE REVIEW
Net revenue and other income for the year ended 31 March 2015 was at Rs.3860.400 Million against Rs.5648.100 Million during the previous year representing decrease of 31.65 % over the previous year.
Loss before tax for the year ended 31 March 2015 was at Rs.754.400 Million against profit before tax Rs.50.800 Million for the year ended 31 March 2014.
Loss is mainly due to decrease in gross sales and other income which decreased from Rs.6260.400 Million to Rs.4270.200 Million during the year.
Overall performance of the Company lower than that of previous year due to mis-match in input and output prices in chemical business and Company was not able to pass on the increased price of raw materials to its customers because of subdued sentiments in overall economy.
Now Company continues to maintain strategic focus on grabbing more share in market, improvement in the product mix so as to increase the share of pharma business, capitalizing product level opportunities for which regulatory approvals have been received, product rationalization, cost effectiveness throughout the organization.
AWARDS
The Company has been awarded with “2nd prize in National Energy Conservation Award” by the Ministry of Power, Government of India in chemical sector. The Company has been awarded the prize consecutively for nine years by the Ministry of Power, Government of India.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Indian Economy
The economic scenario reveals that there was perceptible improvement in some of the macro-aggregates of the economy in 2013-14, which got strengthened in 2014-15. Economic growth, measured by growth in gross domestic product (GDP) at constant market prices, estimated at 5.1% and 6.9% respectively during 2012-13 and 2013-14.
Comparing the AE of growth for the full year 2014-15 and the estimates for the first three quarters, it is observed that an implied growth rate of 7.8%.
In the light of the Government’s commitment to reforms, along with the improvements in the price and external sector scenarios including the possibility of international oil prices remaining generally benign, the outlook for domestic macroeconomic parameters is generally optimistic, notwithstanding the uncertainties that could also arise from an increase in the interest rates in the United States and situation prevailing in Greece within Euro-zone.
Given the above, and assuming normal monsoons better prospects in the world economy that could provide impetus to higher exports for Indian products and services, a growth of around 8.5% is in the realm of possibility in 2015-16.
Pharmaceutical
Industry
India is expected to be the third-largest global generic active pharmaceutical ingredient (API) merchant market by 2016, with a 7.2% market share. The country accounts for the second largest number of Abbreviated New Drug Applications (ANDAs) and is the world’s leader in Drug Master Files (DMFs) applications with the US.
The country’s pharmaceutical industry expanded at a compound annual growth rate (CAGR) of 9.4% in 2013 to reach US$ 12 billion and is expected to expand at a CAGR of 23.9% to US$ 55 billion by 2020. With 72% of market share, generic drugs form the largest segment of the Indian pharmaceutical sector.
In terms of value, exports of pharmaceutical products from India increased at a CAGR of 26.1% to US$ 10.1 billion during FY06–13. Generic drugs account for 20% of global exports in terms of volume, making the country the largest provider of generic medicines globally and expected to expand even further in coming years.
The Government of India plans to set up a US$ 640 million venture capital fund to boost drug discovery and strengthen pharma infrastructure. Pharma Vision 2020 by the government’s Department of Pharmaceuticals aims to make India a major hub for end-to-end drug discovery.
With 70% of India’s population residing in rural areas, pharma companies have immense opportunities to tap this market. Various companies are investing in the distribution network in rural areas. India also has the potential to attract huge investments to its clinical trial market.
Chemical Industry
The
chemical industry, which includes basic chemicals and its products, petrochemicals,
fertilizers, paints and varnishes, gases, soaps, perfumes and toiletries and
pharmaceuticals is one of the most diversified of all industrial sectors
covering thousands of commercial products. It plays an important role in the
overall development of the Indian economy Rapid growth is expected in India as
well, with predicted annual growth above 9% per year in the period 2012 to
2014, and above 8% per year in the period 2015 to 2021.
With current initiatives of industry and government, the Indian chemical industry could grow at 11% p.a. to reach size of $224 billion by 2017. However, the industry could aspire to grow much more and its growth potential is limited only by its aspirations. In an optimistic scenario, high end–use demand based on increasing per capita consumption, improved export competitiveness and resultant growth impact for each sub-sector of the chemical industry could lead to an overall growth rate greater than 15% p.a. and a size of $ 290 billion by 2017.
Corporate information
IOL Chemicals and Pharmaceuticals Limited (The Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 on 29th of September 1986. Its shares are listed on two stock exchanges in India. The company is engaged in the manufacturing and selling of Organic Chemicals and Bulk Drugs. The company caters to both domestic and international market.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter Ended 30.06.2015 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
1369.442 |
|
Other operating income |
2.847 |
|
Total
income from Operations(net) |
1372.289 |
|
Expenditure |
|
|
Cost of material consumed |
1049.987 |
|
Purchases of stock in trade |
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(0.314) |
|
Employees benefit expenses |
78.790 |
|
Depreciation and amortization expenses |
73.711 |
|
Other expenditure |
222.379 |
|
Total expenses |
1424.553 |
|
Profit
from operations before other income and financial costs |
(52.264) |
|
Other income |
0.045 |
|
Profit from ordinary
activities before finance costs |
(52.219) |
|
Finance costs |
145.374 |
|
Profit from
ordinary activities after finance costs but before exceptional items |
(197.593) |
|
Exceptional Items |
0.000 |
|
Profit from ordinary
activities before tax Expense: |
(197.593) |
|
Tax expenses |
(18.175) |
|
Net Profit / (Loss)
from ordinary activities after tax |
(179.418) |
|
Extraordinary Item |
0.000 |
|
Net Profit/Loss for
the period |
(179.418) |
|
Paid-up equity share capital (Nominal value Rs.5/- per share) |
499.555 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
|
Earnings per share (before
and after extraordinary items) of Rs.10/- each) (not annualized): |
|
|
Basic |
(3.72) |
|
Diluted |
(3.44) |
|
Cash |
(2.57) |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
27518536 |
|
- Percentage of shareholding |
55.09 |
|
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 |
22436966 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
44.91 |
|
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 |
Note:
- The above results have been reviewed by the Audit and Risk Management Committee and were considered and approved by the Board of the Directors at their meeting held on August 13, 2015.
- The successful completion of inspection by USFDA of Ibuprofen manufacturing facilities has leveled the Company with its peers and resulted in improving perception of the Company. The Company continues to enjoy the edge over other Ibuprofen manufacturers in the world, having in-house backward integrated manufacturing facilities.
- During the quarter ended June 30, 2015, the Company has allotted 2300000 equity shares of Rs. 10/- each at a premium of Rs. 18/- per share to the non-promoters, on exercise of the option attached with warrants allotted on July 04, 2014. The paid up capital of the company increased from 47655502 equity shares of Rs. 10/- each to 49955502 equity shares of Rs. 10/- each.
- During the current quarter, Company has allotted 1000000 equity shares of Rs. 10/- each at a premium of Rs. 18/- per share to the non-promoters, on exercise of the option attached with warrants allotted on July 04, 2014 resulting increase in paid up capital to 50955502 equity shares of Rs. 10/- each.
- Previous period’s figures have been regrouped / reclassified wherever necessary.
- Limited review of the above unaudited financial results of the Company in term of Clause 41 of the Listing Agreement has been carried out by the Statutory Auditors of the Company.
FIXED ASSETS
- Land
and Buildings
- Plant
and Machinery
- Furniture
and Fixtures
- Vehicles
- Buildings
- Office
Equipments
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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KYP |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
37 |
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.