|
|
|
MIRA INFORM REPORT
|
Report No. : |
504926 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
NECTAR LIFE SCIENCES LIMITED [w.e.f.26.03.2004] |
|
|
|
|
Formerly Known
As : |
SURYA MEDICARE LIMITED |
|
|
|
|
Registered
Office : |
Village Saidpura, Tehsil Dera Bassi, District Patiala - 140507, Punjab |
|
Tel. No.: |
91-1762-308000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
27.06.1995 |
|
|
|
|
Com. Reg. No.: |
16-016664 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 224.260 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232PB1995PLC016664 |
|
|
|
|
IEC No.: |
3095006365 |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS6468G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is an integrated pharmaceutical organization which has
developed fully integrated sustainable production systems to manufacture high
quality Cephalosporin intermediates – APIs and formulations. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
1949 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 28763600 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1995 and it is a pharmaceutical company, it offers semi synthetic penicillin and cephalosporin-based oral and sterile bulk drugs. It also offers contract manufacturing services and contract research services which primarily comprise medicinal chemistry and process research and development. As per the quarterly results of December 2017, the company has achieved sales turnover of INR 5312.925 million along with fair profitability margin. For the financial year 2017, the company has reported decline in its revenue as compared to previous year but has managed to maintain average profit margin of 3.16%. Rating also takes into consideration on the company’s robust financial risk profile marked by its sound net worth base along with strong debt coverage indicators and favourable liquidity position. Rating further derives strength from long standing of the company and extensive industry experience of the promoters in the pharmaceutical segment. The company has its share price trading at around INR 27.50 on BSE as on April 20, 2018 as against the Face Value (FV) of INR 1. However, these rating strengths are partially offset by company’s working capital intense nature of business operations and its profitability exposed to volatility in foreign exchange fluctuations and adverse raw material price movements. Business is active. Payment seems to be regular. In view of strong financial base and established position, the company can be considered good for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
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 |
BRICKWORKS |
|
Rating |
Fund Based = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
24.08.2017 |
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Non-Fund Based = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
24.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-172-3047777]
LOCATIONS
|
Registered Office/ Plant 1 : |
Village Saidpura, Tehsil Dera Bassi, District Patiala - 140507,
Punjab, India |
|
Tel. No.: |
91-1762-308000/ 308001 |
|
Fax No.: |
91-1762-281187 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
S.C.O. 38-39, Sector 9-D, Chandigarh – 160009 (UT), India |
|
Tel No.: |
91-172-3047777 |
|
Fax No.: |
91-172-3047755 |
|
|
|
|
Head Office : |
F-66, 6th Floor, Himalaya House 23 KG Marg, C.P, New Delhi-110001, India |
|
Tel No.: |
91-11-42403311-22 |
|
|
|
|
Marketing Office : |
D-708, Crystal Plaza,
Off New link Road, Opposite Infinitti Mall, Andheri (West), |
|
Tel. No.: |
91-22-32060171 |
|
Fax No.: |
91-22-26736793 |
|
|
|
|
Plant 2: |
Empty Hard Gelatin Capsule Unit Village Bhatoli Kalan, Pargana
Dharmpur, Tehsil Nalagarh, District Solan, Himachal Pradesh, India |
|
|
|
|
Plant 3: |
Formulation Unit, Village Bhatoli Kalan, Pargana Dharmpur, Tehsil
Nalagarh, District Solan, Himachal Pradesh, India |
|
|
|
|
Plant 4: |
Narbada Industries Plot No. 2, Lane No. 4, Phase II, SIDCO Industrial
Complex Bari Brahmana, Jammu (Jammu & Kashmir), India |
|
|
|
|
Plant 5: |
Guar Gum Unit Village - Basauli, Near Lalru, Tehsil -
Derabassi District S.A.S. Nagar, Punjab, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Sanjiv Goyal |
|
Designation : |
Managing Director |
|
Address : |
# 309, Sector 9-D, Chandigarh - 160009, India |
|
Date of Appointment : |
27.06.1995 |
|
DIN No.: |
00002841 |
|
|
|
|
Name : |
Mr. Vivek Anilchand Sett |
|
Designation : |
Director |
|
Address : |
1001 Marathon Heights, P. B. Marg, Worli, Mumbai - 400013, Maharashtra, India |
|
Date of Appointment : |
18.02.2010 |
|
DIN No.: |
00031084 |
|
|
|
|
Name : |
Mr. Guljit Chaudhri |
|
Designation : |
Director |
|
Address : |
A-1/17 Safdarjung Enclave, New Delhi – 110029, India |
|
Date of Appointment : |
29.12.2015 |
|
DIN No.: |
00669460 |
|
|
|
|
Name : |
Mr. Vijay J Shah |
|
Designation : |
Independent Director |
|
Address : |
26/B, Jain Merchant Society, Near. Mahalaxmi Cross Road, Paldi, Ahmedabad, 380007, Gujarat, India |
|
Date of Appointment : |
30.11.1999 |
|
DIN No.: |
00747226 |
|
|
|
|
Name : |
Mr. Ajay Swaroop |
|
Designation : |
Director |
|
Address : |
House No 696, Sector 8-B, Chandigarh - 160008, India |
|
Date of Appointment : |
11.08.2010 |
|
DIN No.: |
02291700 |
|
|
|
|
Name : |
Mr. Dinesh Dua |
|
Designation : |
Chief Executive Officer and Director |
|
Address : |
B - 107, Pushpanjali, Encl Pitam Pura, Delhi - 110034, Delhi, India |
|
Date of Appointment : |
14.10.2013 |
|
DIN No.: |
02436706 |
|
|
|
|
Name : |
Mr. Shamsher Singh Chauhan |
|
Designation : |
Director |
|
Address : |
House No. 126-A, Sector 6, Panchkula – 134109, Haryana, India |
|
Date of Appointment : |
19.02.2010 |
|
DIN No.: |
02954776 |
|
|
|
|
Name : |
Mr. Harprakash Gill |
|
Designation : |
President (Operation) and Director |
|
Address : |
H.I.G. 202, Sector 71, S.A.S Nagar, Mohali - 160071, Punjab, India |
|
Date of Appointment : |
01.11.2015 |
|
DIN No.: |
06414839 |
Note:
No Company exists for Directors:
· Mrs. Neena Singh
· Dr. [Maj Gen] S.S. Chauhan
·
Mr. Raman Kapur
KEY EXECUTIVES
|
Name : |
Ms. Ankita Jain |
|
Designation : |
Company Secretary |
|
Address : |
H. No. 60, Near Happy Hour School, Gobind Nagar Ambala Cantt-133001, Haryana, India |
|
Date of Appointment : |
11.11.2017 |
|
PAN No.: |
AKBPJ5666N |
|
|
|
|
Name : |
Mr. Sandeep Goel |
|
Designation : |
Chief Finance Officer |
|
Address : |
House No. 468, Sector 20-A, Chandigarh - 160020, Chandigarh, India |
|
Date of Appointment : |
28.05.2014 |
|
PAN No.: |
ACSPG9220E |
|
|
|
|
Name : |
Mr. R K Aggarwal |
|
Designation : |
Vice President [Accounts] |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
99468000 |
44.35 |
|
|
(B) Public |
78792970 |
35.13 |
|
|
(C1) Shares
underlying DRs |
46000000 |
20.51 |
|
|
Grand Total |
224260970 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
99468000 |
55.80 |
|
|
SANJIV (HUF) |
43379400 |
24.33 |
|
|
SANJIV GOYAL |
55555600 |
31.17 |
|
|
ARYAN GOYAL |
290000 |
0.16 |
|
|
SAURABH GOYAL |
243000 |
0.14 |
|
|
Sub Total A1 |
99468000 |
55.80 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
99468000 |
55.80 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Foreign Portfolio
Investors |
6024020 |
3.38 |
|
|
INGAIN TRADERS,
LLC |
2387012 |
1.34 |
|
|
Financial
Institutions/ Banks |
139153 |
0.08 |
|
|
Insurance
Companies |
500000 |
0.28 |
|
|
Sub Total B1 |
6663173 |
3.74 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 Million |
33592385 |
18.84 |
|
|
Individual share
capital in excess of INR 0.200 Million |
903953 |
0.51 |
|
|
NBFCs registered
with RBI |
125953 |
0.07 |
|
|
Any Other
(specify) |
37507506 |
21.04 |
|
|
Bodies Corporate |
32678653 |
18.33 |
|
|
NSR DIRECT PE
MAURITIUS LLC |
26000000 |
14.59 |
|
|
Clearing Members |
322439 |
0.18 |
|
|
HUF |
2257923 |
1.27 |
|
|
IEPF |
20863 |
0.01 |
|
|
Non-Resident
Indian (NRI) |
2226803 |
1.25 |
|
|
Trusts |
825 |
0.00 |
|
|
Sub Total B3 |
72129797 |
40.46 |
|
|
B=B1+B2+B3 |
78792970 |
44.20 |
Statement showing
shareholding pattern of the Non Promoter- Non Public shareholder
|
Category & Name of the Shareholders(I) |
No. of shareholder(III) |
No. of fully paid up equity shares held(IV) |
Nos. of shares underlying Depository
Receipts(VI) |
Total no. shares held(VII = IV+V+VI) |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2)(VIII) |
Number of equity shares held in
dematerialized form(XIV)(Not Applicable) |
|
|
|||||||
|
C1) Custodian/DR
Holder |
0 |
0 |
0.00 |
||||
|
Custodian/DR
Holder |
1 |
0 |
46000000 |
46000000 |
0.00 |
46000000 |
|
|
Sub Total C1 |
1 |
0 |
46000000 |
46000000 |
0.00 |
46000000 |
|
|
C2) Employee Benefit Trust |
0 |
0 |
0.00 |
||||
|
C= C1+C2 |
1 |
0 |
46000000 |
46000000 |
0.00 |
46000000 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an integrated pharmaceutical organization which has
developed fully integrated sustainable production systems to manufacture high
quality Cephalosporin intermediates – APIs and formulations. [Registered
Activity] |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
1949 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· Punjab National Bank Chandigarh, India · State Bank of India Chandigarh, India · Saraswat Bank Delhi, India · EXIM Bank Mumbai, India
· Shinhan Bank Delhi, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial institution : |
· IFCI Limited Chandigarh, India |
|
|
|
|
Auditors : |
|
|
Name : |
Datta Singla and Company Chartered Accountants |
|
Address : |
SCO 2935-36, 1st Floor, Sec- 22-C, Chandigarh, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
|
|
|
|
|
Entities over which
key management personnel/ their relatives are able to exercise significant
influence* |
|
* With whom the Group had transactions during the year
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
INR 1/- each |
INR 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
224260970 |
Equity Shares |
INR 1/- each |
INR 224.260 Million |
|
|
|
|
|
Statement of Change
in Equity (FY 2016-17)
|
Particulars |
Equity Share Capital |
Other Equity |
Total equity attributable to equity
holders |
||
|
Balance as at April 1, 2016 |
224.260 |
3287.980 |
141.020 |
5889.460 |
9542.720 |
|
Changes in equity for the year ended March 31, 2017 |
|
|
|
|
-- |
|
Dividends (including corporate dividend tax) |
-- |
-- |
-- |
(27.000) |
(27.000) |
|
Profit for the period |
-- |
-- |
-- |
551.540 |
551.540 |
|
Balance as at March
31, 2017 |
224.260 |
3287.980 |
141.020 |
6414.000 |
10067.270 |
LISTING DETAILS:
|
Subject Stock
Code : |
BSE : 532649 NSE : NECLIFE ISIN: INE023H01027 |
|
Stock Exchange Place : |
BSE Limited (BSE),
Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai – 400001, Maharashtra, India National Stock
Exchange of India Limited (NSE), G Block, “Exchange Plaza”, Bandra-kurla
complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
224.260 |
224.260 |
224.260 |
|
(b) Reserves & Surplus |
9843.000 |
9879.010 |
9355.220 |
|
(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) |
10067.260 |
10103.270 |
9579.480 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1638.000 |
2453.970 |
2655.290 |
|
(b) Deferred tax liabilities (Net) |
1036.690 |
1225.740 |
1101.930 |
|
(c)
Other long term liabilities |
197.030 |
164.250 |
151.870 |
|
(d)
long-term provisions |
84.920 |
69.130 |
60.110 |
|
Total
Non-current Liabilities (3) |
2956.640 |
3913.090 |
3969.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6303.410 |
6272.430 |
5952.980 |
|
(b)
Trade payables |
5280.980 |
4967.810 |
4555.770 |
|
(c)
Other current liabilities |
1068.810 |
1079.420 |
905.000 |
|
(d)
Short-term provisions |
133.390 |
106.830 |
142.220 |
|
Total
Current Liabilities (4) |
12786.590 |
12426.490 |
11555.970 |
|
|
|
|
|
|
TOTAL |
25810.490 |
26442.850 |
25104.650 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8237.970 |
9253.950 |
9337.310 |
|
(ii)
Intangible Assets |
1021.140 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
574.430 |
993.530 |
913.120 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6.000 |
6.000 |
0.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
867.080 |
804.430 |
|
(e)
Other Non-current assets |
984.220 |
678.950 |
359.120 |
|
Total
Non-Current Assets |
10823.760 |
11799.510 |
11414.480 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
4.080 |
5.230 |
4.350 |
|
(b)
Inventories |
8541.300 |
8360.640 |
7909.750 |
|
(c)
Trade receivables |
5034.410 |
4922.420 |
4464.960 |
|
(d)
Cash and cash equivalents |
128.100 |
364.090 |
333.820 |
|
(e)
Short-term loans and advances |
3.170 |
732.410 |
814.320 |
|
(f)
Other current assets |
1275.670 |
258.550 |
162.970 |
|
Total
Current Assets |
14986.730 |
14643.340 |
13690.170 |
|
|
|
|
|
|
TOTAL |
25810.490 |
26442.850 |
25104.650 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
17436.270 |
16763.210 |
16428.890 |
|
|
|
Operating Income |
0.000 |
1.220 |
7.530 |
|
|
|
Other Income |
226.570 |
56.310 |
199.990 |
|
|
|
TOTAL |
17662.840 |
16820.740 |
16636.410 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
11333.320 |
11407.660 |
11299.040 |
|
|
|
Purchases of Stock-in-Trade |
125.000 |
414.220 |
396.060 |
|
|
|
Changes in inventories of finished goods work-in-progress
and Stock-in-Trade |
83.370 |
(239.370) |
(281.760) |
|
|
|
Employees benefits expense |
792.360 |
701.690 |
627.070 |
|
|
|
Other expenses |
1857.140 |
1732.770 |
1726.940 |
|
|
|
Excise duty on sale of goods |
1002.880 |
0.000 |
0.000 |
|
|
|
TOTAL |
15194.070 |
14016.970 |
13767.350 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION |
2468.770 |
2803.770 |
2869.060 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1174.130 |
1225.020 |
1255.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION |
1294.640 |
1578.750 |
1613.180 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
622.510 |
725.950 |
765.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
672.130 |
852.800 |
847.540 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
120.790 |
132.960 |
184.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
551.340 |
719.840 |
662.640 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
7546.160 |
6881.790 |
6714.620 |
|
|
TOTAL EARNINGS |
7546.160 |
6881.790 |
6714.620 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6283.300 |
6501.300 |
6115.180 |
|
|
|
Traded Goods |
3.060 |
157.600 |
10.760 |
|
|
|
Capital Goods, Store &Spares Packing Material etc. |
21.590 |
42.750 |
42.750 |
|
|
TOTAL IMPORTS |
6307.950 |
6701.650 |
6168.690 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
2.46 |
2.64 |
2.77 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
831.410 |
|
|
|
Current Maturities of Other Loans |
8.230 |
|
|
|
Total |
839.640 |
894.700 |
635.400 |
|
|
|
|
|
|
Cash generated from operations |
2057.980 |
1766.860 |
1507.000 |
|
|
|
|
|
|
Net Cash Flow from Operating Activities |
1986.240 |
1634.600 |
1444.010 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
105.39 |
107.18 |
99.20 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.46 |
3.41 |
3.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
168.22 |
153.38 |
142.18 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.29 |
0.34 |
0.36 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.25 |
0.27 |
0.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.59 |
0.60 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.87 |
0.95 |
0.96 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.27 |
1.23 |
1.21 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.98 |
1.01 |
1.07 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.10 |
2.29 |
2.28 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.16 |
4.29 |
4.03 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.14 |
2.72 |
2.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.48 |
7.12 |
6.92 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.17 |
1.18 |
1.18 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.50 |
0.51 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.39 |
0.38 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
39.16 |
42.90 |
41.22 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.17 |
1.18 |
1.18 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 27.50/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
224.260 |
224.260 |
224.260 |
|
Reserves & Surplus |
9355.220 |
9879.010 |
9843.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
9579.480 |
10103.270 |
10067.260 |
|
|
|
|
|
|
long-term borrowings |
2655.290 |
2453.970 |
1638.000 |
|
Short term borrowings |
5952.980 |
6272.430 |
6303.410 |
|
Current Maturities of Long
term debt |
635.400 |
894.700 |
839.640 |
|
Total
borrowings |
9243.670 |
9621.100 |
8781.050 |
|
Debt/Equity
ratio |
0.965 |
0.952 |
0.872 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
16428.890 |
16763.210 |
17436.270 |
|
|
|
2.035 |
4.015 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
16428.890 |
16763.210 |
17436.270 |
|
Profit/ (Loss) |
662.640 |
719.840 |
551.340 |
|
|
4.03% |
4.29% |
3.16% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders if available |
Yes |
|
31 |
External Agency Rating if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G70682349 |
100141068 |
UCO BANK |
18/12/2017 |
- |
- |
400000000.0 |
SCO 395SECTOR 8PANCHKULAPB140501IN |
|
2 |
G71312359 |
100142015 |
HDFC BANK LIMITED |
05/12/2017 |
- |
- |
1023810.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
3 |
G69288926 |
100138473 |
JAMMU AND KASHMIR BANK LIMITED |
01/12/2017 |
- |
- |
1200000000.0 |
SCO 803-804SECTOR 22-ACHANDIGARHCH160022IN |
|
4 |
G63411912 |
100134987 |
EXPORT IMPORT BANK OF INDIA (EXIM BANK) |
20/11/2017 |
- |
- |
400000000.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADEMUMBIAMH400005IN |
|
5 |
G53621074 |
100093221 |
SHINHAN BANK |
26/04/2017 |
15/09/2017 |
- |
510000000.0 |
3RD FLOOR, D-6, SOUTH EXTENSION, PART-2NEW DELHIPB140501IN |
|
6 |
G43997014 |
100097930 |
ICICI BANK LIMITED |
22/03/2017 |
- |
- |
11000000.0 |
SCO 129-130SECTOR 9-CCHANDIGARHCH160009IN |
|
7 |
G24737942 |
100062141 |
HDFC BANK LIMITED |
15/10/2016 |
- |
- |
700000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
8 |
G10994325 |
100048424 |
HDFC BANK LIMITED |
16/08/2016 |
- |
- |
650000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
9 |
G11622230 |
100049492 |
HDFC BANK LIMITED |
30/07/2016 |
- |
- |
1700000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
10 |
G04808507 |
100030192 |
HDFC BANK LIMITED |
11/05/2016 |
- |
- |
600000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 31.12.2017
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Half Year Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
5312.925 |
4332.962 |
13060.498 |
|
Other Operating Income |
3.064 |
0.000 |
3.494 |
|
Other Income |
16.751 |
13.143 |
43.193 |
|
Total
Income from Operations |
5332.740 |
4346.105 |
13107.185 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
3861.355 |
2875.685 |
8821.873 |
|
Purchase of Stock in Trade |
36.354 |
36.493 |
105.976 |
|
Changes in inventories of finished goods and
work-in-progress |
45.830 |
97.937 |
112.565 |
|
Excise duty |
0.000 |
0.000 |
236.913 |
|
Employee benefits expense |
204.703 |
199.425 |
597.617 |
|
Finance Costs |
306.983 |
275.835 |
850.373 |
|
Depreciation and Amortization expenses |
161.878 |
164.976 |
481.437 |
|
Other Expenditure |
486.791 |
477.128 |
1336.287 |
|
Total
Expenses |
5103.894 |
4127.479 |
12543.041 |
|
Profit
/ (Loss) before Exceptional income / Tax |
228.846 |
218.626 |
564.144 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit
/ (Loss) before Tax |
228.846 |
218.626 |
564.144 |
|
Tax Expense |
38.821 |
29.913 |
81.502 |
|
Profit
/ (Loss) after Tax |
190.025 |
188.713 |
482.642 |
|
Other
comprehensive Income |
|
|
|
|
Items that will not be reclassified subsequently to profit or loss |
-- |
-- |
-- |
|
Remeasurement of the net defined benefit liability/ asset [Net of Tax] |
-- |
-- |
-- |
|
Total
Other comprehensive Income for the
period |
190.025 |
188.713 |
482.642 |
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic
|
0.85 |
0.84 |
2.15 |
|
Diluted |
0.85 |
0.84 |
2.15 |
NOTES:
1. The above financial results were reviewed by Audit Committee on February 09, 2018 and approved by the Board in its meeting held on February 09, 2018. The statutory auditors of the Company have conducted a "Limited Review" of the above standalone unaudited financial results for the quarter and nine months ended on December 31, 2017.
2. The company is exclusively in the pharmaceutical business segment.
3. The above financial results are on standalone basis
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Vehicle Loans |
|
|
|
From Banks |
21.750 |
13.810 |
|
From Others |
4.250 |
5.770 |
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
502.440 |
402.400 |
|
|
|
|
|
Total |
528.440 |
421.980 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims not acknowledged as debts:- * |
|
|
|
Income Tax matters** |
6.780 |
6.780 |
|
Excise matters*** |
430.200 |
232.260 |
|
Service Tax matters**** |
7.330 |
13.710 |
|
Bank Guarantees |
17.900 |
15.420 |
|
Bills Discounted |
30.310 |
70.950 |
|
Letter of Credit (Foreign / Inland) |
266.910 |
227.790 |
Notes:
* The matters are subject to legal proceedings in the ordinary course of business. In the opinion of the management, legal proceedings for above cases, when ultimately concluded will not have a material effect on the results of operation or financial position of the company.
** Amount deposited under protest INR 3.43 million,
*** Amount deposited under protest INR 13.16 million
**** Amount deposited under protest INR 0.52 million # in case demand is confirmed, penalty up to equivalent amount may be imposed.
COMPANY OVERVIEW
Subject (CIN: L24232PB1995PLC 016664) is an integrated pharmaceutical organization, incorporated in 1995, having its corporate office in Chandigarh and works in the states of Punjab and Himachal Pradesh. The Company has sustainable production systems to manufacture APIs and Formulations. With an expertise in R&D, the Company has been experiencing growth in this segment. The Company is also in the Menthol business and succeeded in both domestic and international markets.
The Company has its primary listings on the BSE Limited and
National Stock Exchange of India Limited.
COMPANY’S PERFORMANCE
The overall performance of the company was at par of last year. The Turnover decreased by 2.77% over last year primarily on account of compression in domestic market on account of steep decline of Key Starting Raw Materials which is borne out by the fact that there was volume growth in exports of 5% in value & 10% in volume. There was marginal increase in profits over last financial year.
OPPORTUNITIES &
OUTLOOK- NLL’S PATH AHEAD
The company expects a positive outlook for the next year. NLL is expecting to continue its strategic entry in US. NLL has already filed in Europe and will be expecting commercialization of formulation in Early FY-19 or Late FY 18
The U.S. is the single largest generics market. Regardless of the intense competition & pricing pressure the US segment will continue to be the single largest market, reaching between $350 Billion to $380 Billion. Europe forms the world’s 2nd largest generic market, backed by Govt. reforms to curb healthcare cost and increased demand from ageing population.
Japanese generic market: With a view to reduce burgeoning healthcare costs and tackling rising cases of life-threatening diseases, the Japanese government is taking various measures to increase the adoption of generic drugs among people in the country. The Japanese generic drugs market, evolving to become the world’s next generic hub, offers a wide range of opportunities to both domestic and international players. The patent expiry of a large number of branded drugs and active pharmaceutical ingredients are the major attractions for companies willing to enter the market. It is one of the most lucrative destinations for pharmaceutical player mainly because of the rapid ageing population & increasing incidence of western lifestyle diseases. NLL expects future value growth from this market for Cephalosporin products along with other regulated markets such as US and EU.
NLL also expects continued momentum from its domestic and
export markets. Next few years will see NLL’s ability to discover new markets
& new opportunities gaining an invaluable advantage over competitors.
FUTURE OUTLOOK
• Enhance accessibility in the regulated generics business.
• Consolidate its presence in the API business by focusing on regulated markets & pharmerging markets.
• Strategic entry in Japan
• Expand relationships with marque clients with additional new products.
• Enhance market penetration with existing products.
• Focus on long-term partnerships with major pharma companies.
• Increase its operations in emerging markets.
• Focus on R & D and work on new cephalosporin & Non Cephalosporin molecules.
To unlock the true potential of huge investments made by NLL
in Fixed Assets and Intellectual Property, NLL is at an inflection point of
making strategic entry into highly regulated markets
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY
Global growth in 2016 is estimated at a post-crisis low of 2.3% and is projected to rise to 2.7% in 2017. Growth in emerging market and developing economies (EMDEs) is expected to pick up in 2017, reflecting receding obstacles to activity in commodity exporters and continued solid domestic demand in commodity importers
India has emerged as the fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF). As per the Economic Survey 2016-17, the Indian economy should grow between 6.75 and 7.5 per cent in FY 2017-18.
Moody’s has affirmed the Government of India’s Baa3 rating with a positive outlook stating that the reforms by the government will enable the country perform better compared to its peers over the medium term
INDIAN PHARMACEUTICAL
INDUSTRY
The Indian Pharmaceuticals market increased at a CAGR of
17.46 per cent during 2005-16 with the market increasing from US$ 6 billion in
2005 to US$ 36.7 billion in 2016 and is expected to expand at a CAGR of 15.92
per cent to US$ 55 billion by 2020. Indian Pharmaceutical Industry continues to
surge both in Exports & Domestic
Indian Pharma industry in spite of demonetization & FDC imbroglio in FY 2016-17 is expected to grow over 15 per cent per annum between 2017 and 2020, will outperform the global Pharma industry, which is set to grow at an annual rate of 5 per cent between the same period. The market is expected to grow to US$ 55 billion by 2020, thereby emerging as the sixth largest Pharmaceutical market globally by absolute size, as stated by Mr. Arun Singh, Indian Ambassador to the US. Branded generics dominate the Pharmaceuticals market, constituting nearly 80 per cent of the market share (in terms of revenues).
India has also maintained its lead over China in
Pharmaceutical exports with a year-on-year growth of 11.44 per cent to US$
16.23 billion in FY 2016-17, according to data from the Ministry of Commerce
and Industry. In addition, Indian Pharmaceutical exports are poised to grow
between 8-10 per cent in FY 2017-18.
FIXED ASSETS:
·
Land
·
Building
·
Tube Well
·
Plant and Machinery
·
Boiler
·
Pollution Control
Equipment
·
Computer
·
Vehicles
·
Furniture and Fixture
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 : |
SAV |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
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.