|
|
|
MIRA INFORM REPORT
|
Report No. : |
505166 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
CALYX CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 08.09.2006) |
|
|
|
|
Formerly Known
As : |
CALYX
CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No.110,
Marwah’s Complex, Krishanlal Marwah Marg, Off. Saki Vihar Road, Andheri
(East), Mumbai – 400072, Maharashtra |
|
Tel. No.: |
91-22-28571190/28571191 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-038618 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 164.135 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24220MH1986PLC038618 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC1457B |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract Research and manufacturing services. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 14th January, 1986. It is involved in manufacturing and marketing of Active Pharma Ingredients (API). The company has two units, one located at Tarapur and the other at Dombivli. The management has failed to file its financials with Registrar of Companies after 2014. The company has incurred a huge accumulated loss which has eroded the net worth of the company during FY- 2014. Subject has been found under RBI Defaulter’s list the name of Credit Grantors is Bank of Bahrain and Kuwait B.S.C. and the amount charged is INR 59.958 Million dated 30.06.2015 and Allahabad Bank and the amount charged is INR 511.899 Million dated 31.03.2016 and Oriental Bank of Commerce and the amount charged is INR 235.800 million dated 30.06.2017. Further, State Bank of India has filed a case of insolvency against the company under “Regulation 6” of “Insolvency and Bankruptcy Board of India” dated on 23 February 2018. However, business is active. Payment terms are slow and delayed. In view of aforesaid, the company can be considered for business on a fully safe and secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under
Suit-filed accounts of INR 10.000 Million and above
NAME OF DIRECTORS REPORTED BY CREDIT GRANTORS FILING THE SUIT:
|
Sr. No. |
Directors Reported
by Credit Grantors |
DIN Number |
|
ORIENTAL BANK OF COMMERCE |
|
|
|
1 |
Bharat Sukhlal Mehta |
00038165 |
|
2 |
Rajat Indulal Doshi |
02423171 |
|
3 |
Smitesh Chandravadan Shah |
00019720 |
List of Credit Grantors to which Calyx Chemicals and Pharmaceuticals
Limited is a defaulter:
|
Names of
Credit Grantors |
Branch |
Amount |
|
ORIENTAL BANK OF COMMERCE |
0902-MUMBAI-LARGE
CORPORATE BRANCH |
235.800 |
|
|
Total |
235.800 |
Suit-filed accounts of INR 10.000 Million and above
NAME OF DIRECTORS REPORTED BY CREDIT GRANTORS FILING THE SUIT:
|
Sr. No. |
Directors
Reported by Credit Grantors |
DIN Number |
|
BANK OF BAHRAIN and
KUWAIT B.S.C. |
|
|
|
1 |
Bharat Sukhlal Mehta |
38165.0 |
|
2 |
Rajat Indulal Doshi |
2423171.0 |
|
3 |
Smitesh Chandravadan
Shah- M.D |
19720.0 |
List of Credit Grantors to which Calyx Chemicals and Pharmaceuticals
Limited is a defaulter:
|
Names of
Credit Grantors |
Branch |
Amount |
|
BANK OF BAHRAIN AND
KUWAIT B.S.C. |
MUMBAI |
59.958 |
|
|
Total |
59.958 |
Suit-filed accounts of INR 10.000 Million and above
NAME OF DIRECTORS REPORTED BY CREDIT GRANTORS FILING THE SUIT:
|
Sr. No. |
Directors
Reported by Credit Grantors |
DIN Number |
|
ALLAHABAD BANK |
|
|
|
1 |
I.SHAH |
-- |
|
2 |
SRI BHARAT MEHTA |
-- |
List of Credit
Grantors to which CALYX CHEMICALS AND PHARM is a defaulter:
|
Names of
Credit Grantors |
Branch |
Amount |
|
ALLAHABAD BANK |
MUMBAI |
511.899 |
|
|
Total |
511.899 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is listed as a Sick Unit in the
publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of
CASE STATUS
|
Case No. |
Company name |
Address |
Status date of
last order |
Date of last
order |
|
28/2015 |
Calyx Chemicals and Pharmaceuticals Limited |
Unit
No. 110, Marwah's Complex, Krishanlal, Marwah Marg, Off. Saki Vihar Road,
Andheri (East), Mumbai, Maharashtra, India |
Pending Determination of sickness |
29.07.2016 |
Note: The current status yet not updated
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date. The details of the listing are as under:
|
Date of Listing / Announcement : |
23-02-2018 |
|
Name of Company : |
CALYX CHEMICALS AND PHARMACEUTICALS LIMITED |
|
Name of Applicant : |
State Bank of India |
|
Name of Insolvency Professional : |
Charu Sandeep Desai |
|
Address of Insolvency Professional : |
2602, Fairfield A Wing, Lodha Luxuria,
Majiwada, Thane West, Thane 400601, Maharashtra, India |
|
Reason for Listing : |
Corporate Insolvency Resolution Process |
INFORMATION DENIED
Unable to contact
Tel No.:
(91-22-28571191/ 82/ 28575037/ 66466401/ 66466416/ 91-251-2438310/ 6698300/
2438726 – Not Working)
LOCATIONS
|
Registered Office : |
Unit No.110, Marwah’s Complex, Krishanlal Marwah Marg, Off. Saki Vihar
Road, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq. ft. |
|
Location: |
Owned |
|
|
|
|
Corporate Office : |
A-37/38, MIDC, Phase 1, Golavli, Kalyan Shil Road, Dombivali (East), Near
Vicconaka, Thane – 421203, Maharashtra, India |
|
Tel. No.: |
91-251-2438310/ 6698300 |
|
Fax No.: |
91-251-2438726 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
N 91/102, Tarapur Industrial Area, Boisar, District Thane,
Maharashtra, India |
|
|
|
|
Factory 2 : |
W 212/213, MIDC, Phase II, Sonarpada, Dombivali (East), District
Thane, Maharashtra, India |
DIRECTORS
AS ON 2018
|
Name : |
Mr. Smitesh Chandravadan Shah |
||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||
|
Address : |
B-403, Eden – III, Hiranadani Grdens, Powai, Mumbai – 400 076,
Maharashtra, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
28.04.1959 |
||||||||||||||||||||||||||||
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Qualification : |
B.com |
||||||||||||||||||||||||||||
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Date of Appointment : |
01.04.2013 |
||||||||||||||||||||||||||||
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PAN No.: |
AMUPS4238C |
||||||||||||||||||||||||||||
|
DIN No.: |
00019720 |
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|
Other
Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Rajat Indulal Doshi |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
1 E, Dil Pazir, Bhulabhai Desai Road, Cumballa, Gamdevi, Mumbai – 400
026, Maharashtra, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.10.1958 |
||||||||||||||||||||||||||||
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Qualification : |
B.com |
||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2009 |
||||||||||||||||||||||||||||
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PAN No.: |
AABPD9790M |
||||||||||||||||||||||||||||
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DIN No.: |
02423171 |
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|
Other Directorship:
|
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|
||||||||||||||||||||||||||||
|
Name : |
Mr. Vineetkumar Shatrughna Mishra |
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|
Designation : |
Additional Director |
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|
Address : |
Building No. G5, Flat No. 33, Garden View CHS Limited, Plot No.8, Near
Millenium Tower, Sec 7, Sanp Ada, Navi Mumbai-400705, Maharashtra,
India |
||||||||||||||||||||||||||||
|
Date of Appointment : |
25.05.2017 |
||||||||||||||||||||||||||||
|
DIN No.: |
06789301 |
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|
Other
Directorship:
|
|||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.02.2014
SHAREHOLDING LIST ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 05.02.2014
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
10.20 |
|
Bodies corporate |
4.58 |
|
Directors or relatives of directors |
67.48 |
|
Other |
17.74 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract Research and manufacturing services. (Registered Activity) |
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Products / Services: |
|
||||||||||
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||||||||||
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Brand Names : |
Not Available |
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|
||||||||||
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Imports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
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Customers : |
|
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
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No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers (As on 31.03.2014) : |
· The Jammu and Kashmir Bank Limited · UCO Bank |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Jatin V. Shah Chartered Accountants |
|
Address : |
261/263, Dr. D. N. Road, 4Th Floor, Fort, Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AVVPS9231R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives (As on 31.03.2014) : |
· Top Lifesciences International Private Limited [U24233MH1993PTC072347] · Calyx Employee Welfare Trust |
|
|
|
|
Subsidiary company
(As on 31.03.2014) : |
· Singind Life Sciences Pte. Limited · Calyx Chemicals LLC (F.Z.C) |
CAPITAL STRUCTURE
AS ON 05.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16413473 |
Equity Shares |
INR 10/- each |
INR 164.135 Million |
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
164.135 |
164.135 |
160.489 |
|
(b) Reserves &
Surplus |
(531.984) |
2258.745 |
1597.865 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
57.704 |
|
Total Shareholders’ Funds
(1) + (2) |
(367.849) |
2422.880 |
1816.058 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2047.888 |
2091.299 |
1066.429 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
224.545 |
207.870 |
|
(c) Other long term
liabilities |
16.790 |
52.375 |
400.844 |
|
(d) long-term provisions |
6.872 |
12.689 |
10.153 |
|
Total Non-current
Liabilities (3) |
2071.550 |
2380.908 |
1685.296 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6055.828 |
2299.131 |
1577.492 |
|
(b) Trade payables |
848.375 |
2528.502 |
1761.960 |
|
(c) Other current
liabilities |
1115.091 |
879.739 |
365.940 |
|
(d) Short-term provisions |
147.118 |
150.428 |
67.992 |
|
Total Current Liabilities
(4) |
8166.412 |
5857.800 |
3773.384 |
|
|
|
|
|
|
TOTAL |
9870.113 |
10661.588 |
7274.738 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1491.224 |
1494.251 |
1184.938 |
|
(ii) Intangible Assets |
452.609 |
628.081 |
481.306 |
|
(iii) Capital
work-in-progress |
8.727 |
12.170 |
88.360 |
|
(iv) Intangible assets
under development |
171.874 |
398.445 |
442.941 |
|
(b) Non-current
Investments |
70.253 |
27.653 |
2.981 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
93.867 |
207.543 |
29.850 |
|
(e) Other Non-current
assets |
0.000 |
22.729 |
18.669 |
|
Total Non-Current Assets |
2288.554 |
2790.872 |
2249.045 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.675 |
0.573 |
5.159 |
|
(b) Inventories |
3737.049 |
4172.034 |
2629.276 |
|
(c) Trade receivables |
3345.778 |
3058.717 |
1796.906 |
|
(d) Cash and cash
equivalents |
73.038 |
434.734 |
464.735 |
|
(e) Short-term loans and
advances |
425.019 |
204.658 |
129.617 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
7581.559 |
7870.716 |
5025.693 |
|
|
|
|
|
|
TOTAL |
9870.113 |
10661.588 |
7274.738 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5006.154 |
8138.320 |
5891.861 |
|
|
Other Income |
17.482 |
16.420 |
30.139 |
|
|
TOTAL |
5023.636 |
8154.740 |
5922.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4620.054 |
7081.745 |
4528.359 |
|
|
Purchases of
Stock-in-Trade |
241.855 |
138.808 |
292.979 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
510.867 |
(1227.643) |
(685.316) |
|
|
Employees benefits
expense |
160.696 |
174.196 |
144.193 |
|
|
Exceptional Items |
327.201 |
0.000 |
0.000 |
|
|
Other expenses |
1045.190 |
487.308 |
478.466 |
|
|
TOTAL |
6905.863 |
6654.414 |
4758.681 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(1882.227) |
1500.326 |
1163.319 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
979.285 |
570.994 |
455.870 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(2861.512) |
929.332 |
707.449 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
169.711 |
137.694 |
129.430 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(3031.223) |
791.638 |
578.019 |
|
|
|
|
|
|
|
Less |
TAX |
(224.545) |
182.020 |
161.836 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(2806.678) |
609.618 |
416.183 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1368.950 |
NA |
1486.344 |
|
|
TOTAL EARNINGS |
1368.950 |
NA |
1486.344 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(171.00) |
37.23 |
26.12 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
600.193 |
340.238 |
280.038 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(3405.159) |
(687.646) |
769.292 |
|
Net cash flows from (used in) operating activities |
(3409.101) |
(769.268) |
690.670 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
243.94 |
137.18 |
111.32 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.50 |
2.66 |
3.28 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
63.69 |
127.82 |
133.39 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.50) |
0.36 |
0.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.89) |
0.59 |
0.53 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.10 |
0.78 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(23.66) |
1.95 |
1.61 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(22.20) |
2.42 |
2.08 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(5.78) |
1.05 |
1.21 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(1.92) |
2.63 |
2.55 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin ((PAT
/ Sales) * 100) |
% |
(56.06) |
7.49 |
7.06 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(28.44) |
5.72 |
5.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
763.00 |
25.16 |
22.92 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.93 |
1.34 |
1.33 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.47 |
0.63 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.04) |
0.23 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
53.03 |
28.82 |
18.22 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.93 |
1.34 |
1.33 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR In Million) |
(INR In Million) |
(INR In Million) |
|
Share Capital |
160.489 |
164.135 |
164.135 |
|
Reserves & Surplus |
1597.865 |
2258.745 |
(531.984) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
57.704 |
0.000 |
0.000 |
|
Net worth |
1816.058 |
2422.880 |
(367.849) |
|
|
|
|
|
|
long-term borrowings |
1066.429 |
2091.299 |
2047.888 |
|
Short term borrowings |
1577.492 |
2299.131 |
6055.828 |
|
Current Maturities of
Long Term Debt |
280.038 |
340.238 |
600.193 |
|
Total borrowings |
2923.959 |
4730.668 |
8703.909 |
|
Debt/Equity ratio |
1.610 |
1.952 |
(23.662) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR In Million) |
(INR In Million) |
(INR In Million) |
|
Sales |
5891.861 |
8138.320 |
5006.154 |
|
|
|
38.128 |
(38.487) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR In Million) |
(INR In Million) |
(INR In Million) |
|
Sales |
5891.861 |
8138.320 |
5006.154 |
|
Profit/ (Loss) |
416.183 |
609.618 |
(2806.678) |
|
|
7.06% |
7.49% |
(56.06%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
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 |
No |
|
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 |
No |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
(As on 31.03.2014)
Subject is a closely held Public Limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract Research and manufacturing services. The company caters to both domestic and international markets.
PERFORMANCE AND
OPERATIONS REVIEW (As on 31.03.2014)
Revenue from Operations of the Company recorded a fall of 38.49% to INR 5006.154 Million in comparison with revenue of the previous year of INR 8138.320 Million. The Company has recorded a Net Loss of INR 2806.678 Million as compared to Net Profit of INR 609.618 Million in previous year. The said Financial Year was very challenging for the Company as it had to combat multiple factors such as increasing bad debts, recent Slowdown of API offtake in domestic market, recent rupee depreciation, sizeable R&D expenses incurred, delay in CRAMS business, Stretched Working Capital Cycle, dumping of key products from foreign countries which are manufactured by the Company. Moreover the Company has been burdened with high interest cost owing to its huge borrowings. The loss recorded by the Company in the last financial year can be mainly attributed to the following reasons.
Recent Slowdown of API offtake in domestic market: Indian pharmaceutical industry has sizably slowed down in the previous financial year. The last 2-3 years has shown growth rates as high as 14-16%; however the last 12 months have shown single digit growth rates. One of the key reasons for the low growth has been the National List of Essential Medicines (NLEM) 2011 pricing implementation. This has put pressure on growth & profitability of several mid-sized formulation companies who in turn has passed on some of the pricing pressure to the API companies. Also, several companies have postponed purchases. The effect of NLEM has hit the company mainly in H1 2014 and this has aggravated the situation. Your Company has been severely affected due the 40% exposure to anti-infectives and antimalarial which as therapeutic categories are most affected over last 1 year.
Recent rupee depreciation: Considerable portion of raw materials are imported or are import parity driven (21.35% of total purchases in FY13). The recent rupee depreciation has had a sizeable effect in the current year (FY 2014). The company has incurred a forex loss which has affected profitability considerably.
Sizeable R&D expenses incurred in the past years and delay in CRAMS business: The Company had spent sizable amount on its R&D activities in the past few years and had capitalized the same as an intangible Asset in the Balance Sheet. However, the delay in its CRAMS business and some of the products which were developed and expected to generate future economic benefit are non-viable which has lead to serious concerns over the fructification of the R&D expenditure and a review in the last financial year has lead the Company to charge the said intangibles to the Statement of Profit and Loss which has in turn added to the losses of the Company.
Stretched Working
Capital Cycle:
(a) Customer specific: Some of the company’s key customers are under financial distress and some of them are already under CDR. The Company has sizeable outstanding from them which looks unlikely to be recovered in near future and has thus caused blockage of working capital. Resultantly, the debtors have increased substantially in the last financial year.
(b) Industry specific: Due to pricing pressures in domestic market and also by larger global generic majors; most API companies have allowed formulation companies higher credit in order to remain competitive and in business. Also Chinese players provided higher credit terms to customers in South East Asia, Latin America and Africa. In order to be competitive, the company had to offer increased period and thus debtor days has increased substantially from 75-80 days earlier to more than 180 days presently.
(c) Fund raising through IPO could not fructify: The Company filed the Draft Red Herring Prospectus (DRHP) with SEBI in September 2012 for raising funds through IPO. However, the said Fund raising plans through IPO could not fructify due to continued subdued state of the IPO market as well as delaying getting FIPB approval as per new policy. The company thus had to continue to resort to high cost debt to fund the business which further deteriorated the cash flows.
Due to the abovementioned facts, the debtors of the company are taking longer time for realisation and having a debilitating impact on the cash flow position of the Company as also the Business from these customers. Resultantly, the debtors of the company have increased substantially. Besides, in order to continue to work on complex CRAMs chemistries the company had built up huge inventory which ultimately could not yield desired results owing to slowdown in the industry.
(d) Higher Interest Outgo: Higher interest outgo from INR 571.000 Million in FY 13 to INR 979.300 Million in FY 2014 led to increased stress on the cash-flows of the company. The high interest outgo was the result of increase in loans along with increase in interest rate by Banks on account of monetary policy announced by RBI from time to time in recent years.
CURRENT’S YEAR
OUTLOOK:
The Company is passing through a very difficult phase both in terms of operations and also is facing tight liquidity conditions. Fund raising plans through IPO could not fructify and the company thus had to continue to resort to high cost debt to fund the business. Due to inadequate cash flows to service its debt/ interest, the company has proposed to restructure its debt to be aligned with expected cash flows of the company. The Company has made reference to the Corporate Debt Restructuring (CDR) Cell under the CDR Scheme, established under the aegis of the Reserve Bank of India.
The Company has embarked upon substantial cost rationalization measures and bringing in higher productivity and efficiency and thereby improving the product margin. In line with the same, the company has increased its focus on high margin products and extensive efforts have been made to realize the benefits of R&D which has brought lot of process efficiency thereby reducing the cost of production. Further, the company has also taken steps to do away with excess manpower, contract labor cost, processing cost. In addition to these efforts, sales efforts will be far more aggressive with extensive use of video-conferencing and usage of local agents for being closer with the customers.
Application with
BIFR:
The audited financial results of the Company reflect the erosion of the entire networth of the Company as on March 31, 2014 and in view of the same, the Board of Directors is required to make reference to the Board for Industrial and Financial Reconstruction (BIFR) for seeking registration as sick Industrial Company under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 for determination of the measures which shall be adopted with respect to the Company.
INDEX OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
C03753779 |
10489968 |
THE JAMMU AND KASHMIR BANK LIMITED |
31/03/2014 |
- |
500000000.0 |
MAHAKALI CAVES, SUBHASH NAGAR, ANDHERI (EAST), MUMBAI 400093, MAHARASHTRA, INDIA |
|
2 |
B68691112 |
10406186 |
UCO BANK |
18/02/2013 |
- |
200000000.0 |
MCU
ANDHERI (WEST), MAROL MAROSHI ROAD, NEXT TO M |
|
3 |
B66677725 |
10400489 |
EXPORT-IMPORT BANK OF INDIA |
17/01/2013 |
- |
275000000.0 |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
|
4 |
B63207336 |
10389644 |
CORPORATION BANK |
04/12/2012 |
- |
400000000.0 |
LARGE
CORPORATE BRANCH, EAGLES FLIGHT, SUREN ROA |
|
5 |
B59100479 |
10379031 |
STATE BANK OF TRAVANCORE |
05/10/2012 |
- |
600000000.0 |
N.M.WADIA BUILDING, 125 M.G ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA |
|
6 |
B43627074 |
10365476 |
DENA BANK |
10/07/2012 |
- |
52200000.0 |
SHARE BAZAR BRANCHHAMAM STREETMUMBAIMH400023IN |
|
7 |
B44626364 |
10367854 |
BANK OF MAHARASHTRA |
04/07/2012 |
- |
100000000.0 |
SHASHTRI HALL,292 , TARDEO ROAD,MUMBAIMH400007IN |
|
8 |
B44696557 |
10368035 |
BANK OF MAHARASHTRA |
04/07/2012 |
- |
150000000.0 |
SHARE BAZAR BRANCH, HAMAM STREET, MUMBAI - 400023, MAHARASHTRA, INDIA |
|
9 |
B43778810 |
10365935 |
STATE BANK OF BIKANER AND JAIPUR |
23/06/2012 |
- |
400000000.0 |
COMMERCIAL NETWORK BRANCH, 239, P.D'MELLO ROAD, NEAR G.P.O., MUMBAI- 400001, MAHARASHTRA, INDIA |
|
10 |
B60027612 |
10364958 |
SBICAP TRUSTEE COMPANY LIMITED |
19/06/2012 |
17/10/2012 |
6459000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
FIXED ASSETS (As on 31.03.2014)
·
· Building
· Plant and Machinery
· Air Conditioner
· Computer
· Electrical Installation
· Furniture and Fixture
· Laboratory Equipment
· Vehicles
· Office Equipment
· Air Conditioner
· Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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
|
INR |
|
US Dollar |
1 |
INR 66.02 |
|
UK Pound |
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.