MIRA INFORM REPORT
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Report No. : |
340457 |
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Report Date : |
14.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
WANBURY LIMITED (w.e.f. 2004) |
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|
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Formerly Known
as : |
PEARL ORGANICS LIMITED |
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Registered
Office : |
BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opposite
Vashi Railway Station, Navi Mumbai - 400705, Maharashtra |
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Tel. No.: |
91-22-67942222 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
11.08.1988 |
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Com. Reg. No.: |
11-048455 |
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Capital
Investment / Paid-up Capital : |
Rs.199.693 Million |
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CIN No.: [Company Identification
No.] |
L51900MH1988PLC048455 |
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TIN No.: |
27900333133 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP12825B /
VPNW00073D |
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PAN No.: [Permanent Account No.] |
AABCP5939P |
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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
: |
Subject is Engaged in Manufactures and Sells Active Pharmaceutical Ingredients (API) and also Engaged into Other Related Activities Including Research. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company possesses weak financial risk profile and it has incurred huge
accumulated losses which has eroded networth of the company. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and
secured trade terms and conditions. Note: Management of the company has changed its financial year filling
from September to March. Available financial of 2015 is of 6 months. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
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
31-03-2013.
INFORMATION DECLINED
Management Non-Cooperative (91-22-67942222)
LOCATIONS
|
Registered Office / Head Office : |
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|
Tel. No.: |
91-22-67942222/67942112 |
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Fax No.: |
91-22-67942111/ 333 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-15, MIDC
Industrial Area, Patalganga, Taluka - Khalapur,
District Raigad - 410 220, |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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E-Mail : |
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Factory 2 : |
Plot No. J – 17,
MIDC Industrial Area, Tarapur, Maharashtra, India |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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Factory 3 : |
Plot No. 24, M.I.D.C Tarapur, |
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Factory 4 : |
Plot No. D-312, ITC Industrial Area, MIDC Turbhe, Navi Mumbai, |
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Factory 5: |
K. |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Chandran Krishnamoorthy Sivaram |
|
Designation : |
Vice Chairman |
|
Address : |
Flat No 06, 1st Floor, Endeavour Bldg, Plot No. 144, Indulal Bhuva Road, Wadala, Mumbai - 400031, Maharashtra, India |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
Graduate |
|
Expertise in Specific Area : |
Pharmaceutical Industry |
|
Date of Appointment : |
23.01.2001 |
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DIN No.: |
00005868 |
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Name : |
Dr. Pyarelal Tiwari |
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Designation : |
Non-Executive Independent Director |
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Address : |
2 - Jal Kiran 01 ST Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
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Date of Appointment : |
09.03.2005 |
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DIN No : |
00917603 |
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Name : |
Mr. Narinder Kumar Puri |
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Designation : |
Non-Executive Independent Director |
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Address : |
659, Sector- 8, Panchkula - 134109, Haryana, India |
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Date of Birth/Age : |
70 Years |
|
Qualification : |
MSC (Physics) |
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Expertise in Specific Area : |
Banking |
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Date of Appointment : |
09.03.2005 |
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DIN No : |
00002226 |
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Name : |
Mr. Arun Laxman Bongirwar |
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Designation : |
Non-Executive Independent Director |
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Address : |
Flat No. 2, Jackson House, MBPT Colony, Sasoon Dock, Dumyne Road, Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
24.06.2005 |
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DIN No : |
00046738 |
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Name : |
Mr. Sanjay Kumar Bhattacharyya |
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Designation : |
Additional Director (From 30 May 3013) |
|
Address : |
M-2, Kinnellan Towers, 100A, Napean Sea Road, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
63 Years |
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Qualification : |
BA (Hons.) in Economics, CAIIB |
|
Expertise in Specific Area : |
Banking |
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Date of Appointment : |
30.05.2013 |
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DIN No : |
01924770 |
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|
|
|
Name : |
Ms. Anita Belani |
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Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Jayantilal Gandhi |
|
Designation : |
Secretary |
|
Address : |
12-D/15, Estee Apartments; 3rd Floor, Saibaba Nagar, Borivali (West), Mumbai - 400092, Maharashtra, India |
|
Date of Appointment : |
20.04.2015 |
|
PAN No.: |
AGQPG9274Q |
MAJOR SHAREHOLDERS / 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 |
||
|
|
|
|
|
|
6754730 |
34.80 |
|
|
6754730 |
34.80 |
|
|
|
|
|
|
3024000 |
15.58 |
|
|
3024000 |
15.58 |
|
Total
shareholding of Promoter and Promoter Group (A) |
9778730 |
50.37 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
115 |
0.00 |
|
|
3472 |
0.02 |
|
|
1 |
0.00 |
|
|
750729 |
3.87 |
|
|
754317 |
3.89 |
|
|
|
|
|
|
1708660 |
8.80 |
|
|
|
|
|
|
4970300 |
25.60 |
|
|
1838988 |
9.47 |
|
|
361291 |
1.86 |
|
|
121126 |
0.62 |
|
|
94680 |
0.49 |
|
|
145485 |
0.75 |
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|
8879239 |
45.74 |
|
Total
Public shareholding (B) |
9633556 |
49.63 |
|
Total
(A)+(B) |
19412286 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
557000 |
0.00 |
|
|
557000 |
0.00 |
|
Total
(A)+(B)+(C) |
19969286 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Engaged in Manufactures and Sells Active Pharmaceutical Ingredients (API) and also Engaged into Other Related Activities Including Research. |
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Products : |
Pharmaceutical Ingredients |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Kapoor an Parekh Associates Chartered Accountants |
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Address : |
701, Business Suites 9, S.V. Road, Santacruz (West), Mumbai - 400054,
Maharashtra, India |
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Tel. No.: |
91-22-26007702 |
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Fax No.: |
91-22-26007705 |
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E-Mail : |
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Website : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Parties : |
Expert Chemicals (India) Private Limited |
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Subsidiary Companies: |
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Enterprise owned or significantly influenced by key management
personnel or their relatives : |
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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 |
|
2000000 |
Preference Shares |
Rs.100/- each |
Rs.200.000 Million |
|
|
Total |
|
Rs.500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19969286 |
Equity Shares |
Rs.10/- each |
Rs.199.693
Million |
|
|
|
|
|
A. Reconciliation of
Equity Shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
31 March 2015 |
|
|
No. of Shares |
Amount (Rs. in million) |
|
|
Shares outstanding at the beginning of the year |
19969286 |
199.693 |
|
Add: Shares allotted as fully paid up during the period |
-- |
-- |
|
Shares outstanding
at the end of the period |
19969286 |
199.693 |
B. Terms/Rights
attached to Equity Shares :
The Company has only one class of equity shares with voting rights having a par value of Rs. 10 per share. The Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing annual general meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by the shareholders.
C. Outstanding
Options to subscribe to equity shares :
1125236 warrants of the face value of Rs. Nil have been allotted to the shareholders of Erstwhile PPIL as per the BIFR order. The warrant holders have the right to subscribe to one equity share of Rs. 10/- each at the premium of Rs. 125/- per share which is exercisable within five years from 27 June 2007, being the date of allotment of the warrants.
58199 Zero Coupon Optionally Fully Convertible Debentures
(OFCDs) of face value of Rs. 1,000/- each were allotted to the lenders of
erstwhile PPIL pursuant to the order dated 24 April 2007 of Hon'ble BIFR. OFCD
were convertible between 1 November 2008 and 30 April 2012 into its equity shares
at a price of Rs.125/- and 67% of the three months average weekly closing price
prior to the date of exercise of such right. The matter is under fresh
consideration of BIFR pursuant to the order dated 16 May 2008 of Hon'ble
Supreme Court.
D. Details of Equity Shares held by each shareholder holding more than
5%:
|
Name of Shareholder |
As at March 2014 |
|
|
|
No. of Shares |
% of Holding |
|
Kingsbury Investments Inc |
3024000 |
15.14% |
|
Expert Chemicals (India) Private Limited |
6754730 |
33.83% |
As per of the Company, including its register of shareholders/members and other declaration received from shareholders/members regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
The Company has neither allotted any shares as fully paid-up pursuant to contract without payment being received in cash and by way of neither bonus shares nor bought back any shares during the period of five years preceding the date of this balance sheet.
Out of the above Equity Shares 567000 shares are represented by 189000 Global Depository Receipts.
Pursuant to the Corporate Debt Restructuring Scheme, the Company has allotted 2590000 Equity Shares of Rs. 10/- each at the premium of Rs. 27.50 per Equity Shares to Expert Chemicals (India) Private Limited on 5 August 2013 on preferential basis.
LISTING DETAILS:
|
|
BSE : 524212 NSE : WANBUTY ISIN : INE107F01022
|
|
Stock Exchange Place : |
The Stock Exchange, Mumbai, National Stock Exchange of India Limited, Luxembourg Stock Exchange |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 (6 Months) |
30.09.2014 (18
Months) |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
199.693 |
199.693 |
173.793 |
|
(b) Reserves & Surplus |
(1882.165) |
(1861.234) |
968.432 |
|
(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) |
(1682.472) |
(1661.541) |
1142.225 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2704.802 |
2793.454 |
3103.328 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
202.221 |
255.773 |
292.978 |
|
(d) long-term provisions |
74.809 |
67.513 |
71.589 |
|
Total
Non-current Liabilities (3) |
2981.832 |
3116.740 |
3467.895 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
778.543 |
741.779 |
738.110 |
|
(b) Trade payables |
1086.791 |
932.545 |
544.243 |
|
(c) Other current liabilities |
854.610 |
891.591 |
843.544 |
|
(d) Short-term provisions |
23.741 |
23.923 |
28.577 |
|
Total
Current Liabilities (4) |
2743.685 |
2589.838 |
2154.474 |
|
|
|
|
|
|
TOTAL |
4043.045 |
4045.037 |
6764.594 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1599.658 |
1691.373 |
1934.799 |
|
(ii) Intangible Assets |
3.490 |
7.920 |
11.978 |
|
(iii) Fixed Assets held for
sale |
37.359 |
37.359 |
37.359 |
|
(iv) Capital work-in-progress |
185.162 |
129.609 |
208.615 |
|
(v) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.091 |
0.091 |
1060.665 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
298.703 |
306.224 |
1678.881 |
|
(e) Other Non-current assets |
9.892 |
7.263 |
0.086 |
|
Total
Non-Current Assets |
2134.355 |
2179.839 |
4932.383 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
337.680 |
351.603 |
370.362 |
|
(c) Trade receivables |
985.168 |
1031.889 |
836.035 |
|
(d) Cash and cash equivalents |
118.892 |
65.431 |
167.475 |
|
(e) Short-term loans and
advances |
361.484 |
311.518 |
456.689 |
|
(f) Other current assets |
105.466 |
104.757 |
1.650 |
|
Total
Current Assets |
1908.690 |
1865.198 |
1832.211 |
|
|
|
|
|
|
TOTAL |
4043.045 |
4045.037 |
6764.594 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
2499.233 |
6618.572 |
4141.369 |
|
|
Other Income |
64.840 |
54.639 |
45.492 |
|
|
TOTAL
(A) |
2564.073 |
6673.211 |
4186.861 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
983.212 |
2266.560 |
1630.038 |
|
|
Purchases of Stock-in-Trade |
181.256 |
747.617 |
405.141 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
36.073 |
11.594 |
74.446 |
|
|
Employees benefits expense |
396.325 |
1118.943 |
660.780 |
|
|
Exceptional Items |
0.000 |
2417.632 |
0.000 |
|
|
Other expenses |
688.093 |
2066.052 |
1211.271 |
|
|
TOTAL
(B) |
2284.959 |
8628.398 |
3981.676 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
279.114 |
(1955.187) |
205.185 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
186.248 |
482.637 |
310.699 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
92.866 |
(2437.824) |
(105.514) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
48.042 |
233.703 |
147.802 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
44.824 |
(2671.527) |
(253.316) |
|
|
|
|
|
|
|
Less |
TAX (H) |
12.748 |
28.566 |
1.370 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
32.076 |
(2700.093) |
(254.686) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1249.256 |
2578.997 |
2143.619 |
|
|
Freight, Insurance |
30.423 |
75.633 |
44.787 |
|
|
TOTAL
EARNINGS |
1279.679 |
2654.630 |
2188.406 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
276.541 |
844.075 |
752.545 |
|
|
Capital Goods |
4.643 |
7.298 |
19.151 |
|
|
TOTAL
IMPORTS |
281.184 |
851.373 |
771.696 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.61 |
(139.37) |
(14.65) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
31.03.2013 |
|
Current Maturities of Long term debt |
324.783 |
350.652 |
306.473 |
|
Cash generated from operations |
402.513 |
739.256 |
182.634 |
|
Net cash flow from operating activity |
401.689 |
736.960 |
182.281 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.28 |
(40.80) |
-6.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.17 |
(29.54) |
4.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.17 |
(68.89) |
(4.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
1.61 |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.26) |
(2.34) |
3.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70 |
0.72 |
0.85 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
Unaudited |
(1st Quarter) |
|
Net Sales |
1197.470 |
|
Total Expenditure |
1050.840 |
|
PBIDT (Excl OI) |
146.630 |
|
Other Income |
14.100 |
|
Operating Profit |
160.730 |
|
Interest |
95.620 |
|
Exceptional Items |
NA |
|
PBDT |
65.110 |
|
Depreciation |
20.610 |
|
Profit Before Tax |
44.500 |
|
Tax |
NA |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
44.500 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
44.500 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.61.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
173.793 |
199.693 |
199.693 |
|
Reserves & Surplus |
968.432 |
(1861.234) |
(1882.165) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1142.225 |
(1661.541) |
(1682.472) |
|
|
|
|
|
|
long-term borrowings |
3103.328 |
2793.454 |
2704.802 |
|
Short term borrowings |
738.110 |
741.779 |
778.543 |
|
Current Maturities Of
Long-Term Debts |
306.473 |
350.652 |
324.783 |
|
Total
borrowings |
4147.911 |
3885.885 |
3808.128 |
|
Debt/Equity
ratio |
3.631 |
(2.339) |
(2.263) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4141.369 |
6618.572 |
2499.233 |
|
|
|
59.816 |
-62.239 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4141.369 |
6618.572 |
2499.233 |
|
Profit |
(254.686) |
(2700.093) |
32.076 |
|
|
(6.15%) |
(40.80%) |
1.28% |
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 |
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 |
|
|
17 |
Details of sister concerns |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONAL REVIEW/AFFAIRS
OF THE COMPANY AND FUTURE OUTLOOK
The figures of Financial Year 2014-15 being 6 months are not strictly
comparable with Financial Year 2013-14 being 12 months. However, the financial
highlights are as under:
The Total Revenue
for the financial year was Rs. 2464.072 Million as against Rs.6673.211 Million
in the previous year. The Total Expenditure incurred in the current financial
year was Rs. 2519.247 Million as against Rs. 6927.106 Million in the previous
year. Exceptional expenses during the year were Nil against Rs. 2417.632
Million in the previous period.
The Profit After
Tax for the financial year was Rs. 32.078 Million as against a Loss After Tax
of Rs. 2700.093 Million for the previous financial year.
Company entered into a Corporate Debt Restructuring (CDR) in 2011 with
its lenders. Post CDR also, the Bankers have reposed faith in the company’s
business model and have continuously supported the company with additional
working capital facilities and term loans.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry Overview
Introduction:
The Indian
pharmaceutical market is currently sized at US$ 11.2 billion growing at 10%. As
per the IMS Prognosis report this market is expected to grow in a range of 11-13%
over the next 5 years. The estimated market size will be to the tune of $ 30 Bn
by 2020. Historically this sector has outperformed many other industries in its
growth. Over the last 2 decades the industry growth has been in a range of 1.8
times to 2 times the GDP growth. The key growth drivers to the industry are
primarily volumes and new introductions. The Indian Pharma Market is dominated
by local Indian Pharma companies which currently account for 70% of the market.
However given the industry consolidation MNCs have increased their share to 30%
over the last few years through the M&A route. Reports from leading
consulting firms indicate that the Indian pharmaceutical market will be amongst
the top 10 pharmaceutical markets in the world by 2020.
The rise of
pharmaceutical outsourcing and investments by multinational companies (MNCs),
allied with the country’s growing economy, committed health insurance segment
and improved healthcare facilities, is expected to drive the market’s growth.
India is today one
of the top emerging markets in the global pharmaceutical scene. The sector is
highly knowledge-based and its steady growth is positively affecting the Indian
economy. The organised nature of the Indian pharmaceutical industry is
attracting several companies that are finding it viable to increase their
operations in the country.
Industry Characteristics:
The industry is
dominated by the Indian companies controlling 70% of the market. Indian drug
makers of all sizes have become attractive targets for acquisition by larger
companies interested in backward integration or diversification as they have
been aggressively investing in building manufacturing facilities to cater to
the growing demand of low-cost drugs in developed markets.
The industry has recently
seen increased M&A activity where large companies have made big ticket
acquisitions with an aim to increase their footprint in the country. Some
examples of such acquisitions include Abbot’s-Piramal merger and Sun Pharma-
Ranbaxy merger.
The industry
outlook remains positive given the following:
• Demand of
low-cost drugs in the developed markets and Indian companies’ ability to do so.
• All sectors of
Healthcare are growing in double digits – Health Insurance, Healthcare
delivery, Contract Research, Pharmaceuticals (API, Drug Intermediates, Finished
Formulations)
• Improved
healthcare awareness among the citizens and increasing purchasing power
• Increase in
overall access given the urbanization and companies investing in penetrating
the markets.
Government Initiatives:
As per extant
policy, FDI upto 100 per cent, under the automatic route, is permitted in the
pharmaceutical sector for Greenfield investment. Hundred per cent FDI is also permitted
for investments in existing companies under the government approval route.
Further, the Government of India has also put in place mechanisms such as the
Drug Price Control Order and the National Pharmaceutical Pricing Authority to
address the issue of affordability and availability of medicines.
The Department of
Pharmaceuticals has prepared a ‘Pharma Vision 2020’ document for making India
one of the leading destinations for end-to-end drug discovery and innovation
and for that purpose, the department provides requisite support by way of world
class infrastructure, internationally competitive scientific manpower for
Pharma Research and Development (R&D), venture fund for research in the
public and private domain and such other measures.
In order to
encourage production of drugs by indigenous industries, the 12th Five Year Plan
(2012-17) has recommended capacity building of private sector to meet WHO-GMP
standards and other international manufacturing standards. The overall focus on
healthcare has increased given the overall outlay of 3% in the 12th Five Year
Plan.
Some of the major
initiatives taken by the government to promote the pharmaceutical sector in
India are as follows:
• India plans to
set up industrial parks in the pharmaceutical and information technology (IT)
sectors in China to strengthen India-China trade and investment ties.
• Govt has launched
RSBY (Rashtriya Seva Bima Yojana) to expand Health insurance cover by cutting
on out-of-pocket expenses for BPL families.
• Increased focus on
driving access to healthcare by increasing the numbers of Primary and Secondary
Healthcare Centers.
Challenges facing the industry
Some of the key
challenges facing the Indian Pharmaceutical Industry include:
• Margin pressure
from Pharma generics
• Complex regulatory policies
• Low R&D
Productivity
• Low insurance
penetration resulting in a self-pay market with considerable non-affordability
and access barriers
• Lack of consumer
awareness and education
• Heavy market
fragmentation
• Debate over compulsory
licensing remains a contentious issue
• Government
thought process on linking patented drug prices to the country’s per-capita
income in relation to certain developed markets could result in delayed
patented drug entry into India.
Road Ahead:
The growth in
Indian domestic market will be boosted by increasing consumer spending, rapid
urbanization, and increasing healthcare insurance and so on. The lifestyle
segments such as cardiovascular, anti-diabetes, anti-depressants and
anti-cancers will continue to be lucrative and fast growing owing to increased
urbanization and change in lifestyle patterns. Going forward, better growth in
domestic sales will depend on the ability of companies to align their product
portfolio towards these chronic therapies as these diseases are on the rise.
In various global
markets, governments have been taking several cost-effective measures in order
to bring down healthcare expenses. Thus, governments are focusing on speedy introduction
of generic drugs into the market. This too will benefit Indian pharma
companies.
For the US market,
Indian companies are developing niche portfolios in various segments. High
margin injectables, dermatology, respiratory, biogenerics, complex generics,
etc., have become areas of interest. Most of the Indian pharma companies have
been working on these niche drugs in order to optimize growth and margins.
Moreover, generic penetration in the US is expected to peak out at 86-87 per
cent over the next couple of years from 83 per cent currently.
Exchange rate used
INR 1= US$ 0.0165 as on August 26, 2014 References: Consolidated FDI Policy,
Department of Industrial Policy and Promotion (DIPP), Press Information Bureau
(PIB), Media Reports, Pharmaceuticals Export Promotion Council.
COMPANY OVERVIEW
Domestic Formulations Business
The Company
currently stands at 56th rank in India as per ORG-IMS and growing parallel to
the market at 9%. All the divisions and focus brands have contributed to this
growth. In a period of 18 months, all the divisions have registered growth in
double digits. Pharma Main division registered 28% growth, while the key focus
brands under Formulations Division such as Folinine, Adtrol Plus, Etosafe and
Coriminic registered 20-30% growth over the last year.
The Company
undertook various initiatives which would help the Formulation business grow
significantly over the mid-long term. Some of the key initiatives are as
follows:
Set-up new Product Development Team
The Company set up
an NPD (New Product Development) Committee in April-2013. The committee will be
responsible for clearing new product launches after ensuring that the set
process is followed. The team will ensure that the Product selection is based
on therapy gap with clear innovation and differentiation. It will also ensure
that, proper market research is done to identify the therapy and Test marketing
is undertaken before launching a new product.
The company’s newly
launched products Myotol-F (to treat polycystic ovarian syndrome) and Cal-K2
(in prevention and management of Osteoporosis) have been labelled as one of the
best launches in their respective categories by the industry auditors. Each
division currently has at least two products in the pipeline for the year 2015-2016
Strengthen Leadership and Team Stability:
•
Top
Leadership was strengthened by hiring SBU / Marketing Heads
•
Large
scale promotions (35) were announced to increase motivation of the force field
across all levels.
•
L&D
initiative along with leadership workshop were undertaken across all division.
•
Structured
appraisal and promotion program, LEVNEX launched in 2013.
Because of the aforesaid initiatives the Company could reduce attrition
by 20% compared to last year.
Sales Hygiene Improved:
Various initiatives
were undertaken to ensure that the Health of the business is unaffected by
unanticipated challenges:
•
Breakage
and Expiry was reduced from 3.46% to 2.63% in 6 Months period (October 2014 –
March 2015) over the previous corresponding period
•
Converting
the Discount rate schemes to free goods schemes thereby reducing the overall
Scheme amount.
•
Fixing
of Credit limit for each Stockest.
Robust Internal Control Systems and
Processes
The Company has undertaken
a number of steps to establish best in class systems such as:
·
Launch
mobile Reporting for the field force – This is the biggest system deployment
this year where on-the-go mobile reporting has been introduced for the field
force to improve the reporting efficiency.
·
Launch
MTP (Monthly Tour Program) – for the failed force to plan the customer visit in
a systematic way.
·
Launch
of SFA (Sales Force Automation) – an online daily reporting platform. From an
on-paper weekly reporting to a new real time online reporting system has been
put in place by your Company, which helps in tracking the performance of the
sales force on a real time basis.
·
Introduced
specialized cell to establish HO connect with core customers enabling better
monitoring as well as engagement and validating the business of the core
prescribers through chemist and stockist audits.
·
Tracker
system was introduced for individual doctor.
Other Strategic initiatives
Various initiatives to improve the mid-long term business health of the
organisation were introduced during the year including:
- A highly focused project to double the
prescriber base and establish key brands in the market through key
specialties.
- Scientific Promotion through CMEs (Continued
Medical Education)/RTMs (Round Table Meeting) to engaged the customer and
hence increase the base.
- Focus on creating regional profit centres
- Expenses and Revenue to be tracked
region wise to make sure that PCPM is above breakeven level.
- Price increases were initiated to improve the
profitability of the products
- Expanding the prescriber base 3 times with
structured approach
- Various Scientific initiatives to develop
corporate image among the doctors.
- Incentive plan for field force encompassing
the best incentive practices across the industry.
- Broadening promotional focus to non-core
customers by four times
The Company continues to focus on Gynecology, Orthopedics,
Gastrointestinal, and Surgery therapeutic segments. Some of the key brands with
unique differentiation include:
- Cpink: An iron supplement with revolutionized
IIC (Integrated Iron Complexation) technology which offers maximum
absorption and compliance to the patients. Ranked among the top 4 brands
in the respective segment.
- Adtrol Plus: The only
calcium supplement which addresses the missing link in osteoporosis that
is Hyperhomocysteinemia. The brand is ranked 7th in its respective
segment.
- Rabiplus: Prepared with unique Optimally
Stabilized Tri-layered enteric coated pallet technology which ensures 100%
availability of drug at the site of absorption, offers faster onset of
action as compared to competitors.
- Folinine: Wanbury was first to launch this
combination in Indian market. Wanbury launched the concept of
·
Hyperhomocysteinemia being an independent causal
factor for pregnancy complication and proposed usage of this formulation for
all 9 months which was a unique and highly successful concept. The product is
currently Ranked No. 1 in the respective segment.
Erstwhile the Pharmaceutical Products of India Limited (PPIL) was merged
with the Company, pursuant to the Order dated 24 April 2007, passed by Hon’ble
Board for Industrial and Financial Reconstruction (BIFR).
The Hon’ble Supreme Court vide its order dated 16 May 2008, has set
aside the above referred BIFR order and remitted the matter back to BIFR for
considering afresh as per the provisions of Sick Industrial Companies (Special
Provisions) Act, 1985 (SICA), in response to a petition filed by one of the
unsecured creditors of erstwhile PPIL.
The BIFR has directed IDBI Bank, which has been appointed as an
Operating Agency, to formulate new Draft Rehabilitation Scheme (DRS) pursuant
to the Order of Hon’ble Supreme Court of India dated 16 May 2008. In the
meanwhile, the Company has sought legal opinion and the Company has been
advised to maintain status quo ante with respect to the merger under the said
Scheme and that it should take further steps only on the basis of the fresh
BIFR Order.
In view of the above, the Company has maintained a status quo. However, all
actions taken by the Company pursuant to the sanctioned scheme shall remain
subject to and without prejudice to the orders that may be passed by the BIFR
while considering the case afresh pursuant to the directions of the Hon’ble
Supreme Court in its order dated 16 May 2008.
As per BIFR Order dated 24 April 2007, statutory dues of erstwhile PPIL
comprising of income tax Rs. 25.036 Million, profession tax Rs. 0.606 Million,
custom duty Rs. 23.000 Million, sales tax Rs. 0.850 Million and excise duty Rs.
1.562 Million were required to be paid in six annual installments and the
Company has pursuant to the scheme, allotted Non- Convertible Debentures (NCDs)
of Rs. 24.250 Million and Optionally Fully Convertible Debentures (OFCDs) of
Rs. 58.199 Million, to some of the lenders of erstwhile PPIL, out of which dues
amounting to Rs. 15.267 Million and Rs. 58.199 Million in respect of NCDs and
OFCDs respectively, remains payable at the period end. Since BIFR is
considering the matter afresh, pending fresh directives from the BIFR,
aforesaid dues have not been paid.
UNSECURED LOAN
(Rs.
in Million)
|
Unsecured Loan |
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
|
Short-term
borrowings |
|
|
|
Loans repayable
on demand |
|
|
|
From Banks |
2.994 |
2.994 |
|
From Others |
2.031 |
2.031 |
|
Total |
5.025 |
5.025 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10564654 |
30/03/2015 |
75,000,000.00 |
Andhra Bank |
16th Floor, Earnest House, NCPA Marg, Nariman Point, Mumbai,
Maharashtra - 400021, INDIA |
C51368074 |
|
2 |
10535425 |
07/11/2014 |
4,700,000.00 |
Andhra Bank |
16th Floor, Earnest House, NCPA Marg, Nariman Point, Mumbai,
Maharashtra - 400021, INDIA |
C36257533 |
|
3 |
10490144 |
22/04/2014 |
150,000,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST),
MUMBAI, Maharashtra - 400051, INDIA |
C03791977 |
|
4 |
10501094 |
26/03/2014 |
45,000,000.00 |
Bank of India |
Mumbai Mid Corporate Branch, Bank of India Bldg, |
C05651419 |
|
5 |
10319317 |
12/10/2011 * |
355,200,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD,, BANK OF |
B26537662 |
|
6 |
10318846 |
29/09/2011 |
251,800,000.00 |
Axis Bank Limited |
Nariman Point Br., Atlanta, Gr. Floor, Nariman Point, Mumbai,
Maharashtra - 400021, INDIA |
B25740093 |
|
7 |
10251282 |
28/09/2010 |
50,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR |
A98295660 |
|
8 |
10198432 |
22/05/2015 * |
5,282,700,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra -
400005, INDIA |
C55298244 |
|
9 |
10203027 |
12/09/2014 * |
5,171,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower, 'E', Cuffe Parade,, Colaba, Mumbai, Maharashtra -
400005, INDIA |
C36317857 |
|
10 |
10196180 |
30/11/2009 |
45,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A77296705 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 (6
Months) |
30.09.2014 (18
Months) |
|
Contract of take out undertaking
executed in favour of bank/ financial institution for loans given to
subsidiaries. Loans outstanding at the
period end. |
2295.354 (Euro 340.00 Lacs) 1766.366 (Euro 261.64 Lacs) |
2659.004 (Euro 340.00 Lacs) 1999.538 (Euro 255.68 Lacs) |
|
Disputed demands by Income
Tax Authorities. Amount paid under protest and
shown as advance. |
20.153 5.901 |
20.153 5.901 |
|
Disputed demands by Sales Tax
Authorities. Amount paid under protest and
shown as advance |
334.222 2.630 |
329.927 2.630 |
|
Disputed demands by Service
Tax Authorities. Amount paid under protest and
shown as advance. |
72.493 6.137 |
72.493 6.137 |
|
Disputed demands by Excise
Authorities. |
8.506 |
8.506 |
|
Disputed demands by National
Pharmaceutical Pricing Authority (NPPA) |
19.058 |
19.058 |
|
Claims against the Company
not acknowledged as debts. |
156.070 |
153.135 |
|
Custom Duty on Import under Advance License
Scheme, Pending, fulfillment of Export obligation |
171.911 |
120.154 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
|
|
Particulars |
Quarter ended
30.06.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
Sales/Income from Operations (Gross) |
1189.781 |
|
|
|
b) Other Operating Income |
7.686 |
|
|
Total Income from
Operations (Net) |
1197.467 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
426.817 |
|
|
b) |
Purchase of Stock in trade |
106.476 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(25.865) |
|
|
d) |
Employee benefit expenses |
218.282 |
|
|
e) |
Depreciation and amortization expense |
20.610 |
|
|
f) |
Other expenses |
325.127 |
|
|
Total Expenses |
1071.447 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
126.020 |
|
4 |
Other Income |
14.098 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
140.118 |
|
|
6 |
Finance Costs |
95.617 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
44.501 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
44.501 |
|
|
10 |
Tax Expense |
-- |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax |
44.501 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
199.693 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
2.23 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
10190556 |
|
|
|
- Percentage of Shareholding |
51.03% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
6750973 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
69.04% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
33.81% |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
3027757 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
30.96% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
15.16% |
|
Particulars |
Quarter Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
- The above financial results hove beer reviewed by the Audit Committee and have been taken an record at the meeting of the Board of Directors of the Company held on August 14, 2015.
2. The Company has only one segment of activity namely “Pharmaceuticals".
3. Erstwhile The Pharmaceutical Products of India Limited (PPIL) merged with
the Company pursuant to the Scheme of Revival cum Merger (the Scheme) approved
vide order doted April 24, 2007 by the Board for Industrial and Financial
Reconstruction (BIFR) u/S 18 and other applicable provisions of the Sick
Industrial Companies (Special Provisions) Act, 1985(SICA) w.e.f. April 01,
2006, being the appointed date.
Subsequently in response to a suit filed by one of the unsecured creditors of
erstwhile PPIL, challenging the Scheme, the Hon’ble Supreme Court vide its
order dated May 16, 2008. Has set aside the above referred BIER order and
remitted the matter back to BIFR for considering afresh as per the provisions
of SICA.
The matter is now under BIER’s reconsideration. BIER has directed IDBI Bank,
which is an Operating Agency, to prepare the Draft Rehabilitation Scheme. In
the meanwhile, the Company has sought legal opinion and has been advised to
maintain status quo ante with respect to the merger under the said Scheme and
that it should take further steps only on the basis of the fresh BIER order.
In view of the above, the Company has maintained a status quo. However, all
actions taken by the Company pursuant to the sanctioned scheme shah remain
subject to and without prejudice to the orders that may be passed by the BIER
while considering the case afresh pursuant to the directions of the Hon'ble
Supreme Court in its order dated May 16, 2008.
4. Exiin Bank has subscribed to 4,511 Preference Shares at Euro 1000/- each of
Wanbury Holding B. V., a subsidiary company pursuant to the Preference Shore
Subscription Agreement dated December 07, 2006, Pursuant to ‘the said
agreement. Exim Bank has exercised Put Option vile letter dated November 08,
2011 and Company is required to pay USD 60 Lacs (Rs. 382.529 Million) to
acquire aforesaid preference shares, Further, State Bank of India, London vide
its letter dated July 11, 2012, has demanded repayment of Euro 3.260 Million (
Rs. 232.117 Million) together with interest till the date at repayment from the
Company in terms of Guarantee AND Loan agreement dated September 27, 2007 vide
which aforesaid credit facilities was granted to Cantabria Pharma S. L, the
step dawn subsidiary of the Company. Bath the above mentioned dues being part
of the CDP Scheme will be accounted upon arriving at mutually agreed terms of settlement
with the respective parties.
5. The Company has initiated various measures, including restructuring of debts
/ business and infusion of funds etc. Consequently, in the opinion at the
management, operations of the Company will continue without interruption.
Hence, financial statements are prepared on a “going concern” basis.
6. Depreciation has been aligned to comply with the provisions of Schedule II
of Companies Act, 2013 w.e.f. 1. from October 01, 2014 being dote of
commencement of previous financial period. Accordingly, in the previous
financial period, an amount of Rs. 517.40 Lacs (net off tax Rs. Nil) in
relation to assets where useful life has already expired on October 01, 2014,
has been charged to the Retained Earnings.
7. Figures for the quarter ended March 31, 2015 are the balancing figures
between audited figures for the financial period ended March 31, 2015 and year
to date limited review figures for the quarter ended December 31, 2014.
8. In compliance with the Companies Act. 2013, the current financial year will
be from April 01, 2015 to March 31, 2016.
9. The figures for the previous periods have been regrouped, wherever
necessary, to correspond with the figures of the current period.
FIXED ASSETS
Tangible Assets
•
Free
Hold Land
•
Lease
Hold Land
•
Factory
Building
•
Plant
and Machinery
•
Furniture
and Fixtures
•
Vehicles
•
Office
Equipments
•
Office
Equipments
•
Computers
Intangible Assets
•
Brand
(Setcal)
•
Software
• Technical Knowhow
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.66.38 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
14 |
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.