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MIRA INFORM REPORT
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Report No. : |
490367 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
BAJAJ HEALTHCARE LIMITED (w.e.f 31.03.2005) |
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Formerly Known
As : |
BAJAJ HEALTHCARE PRIVATE LIMITED |
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Registered
Office : |
6th Floor, 602-606, Bhoomi Velocity Infotech Park, Plot No.
B39, B-39A/, B-39A/1, Road No. 23, Wagle Industrial Estate (West), Thane –
400604, Maharashtra |
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Tel. No.: |
91-22-66177400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
15.07.1993 |
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Com. Reg. No.: |
11-072892 |
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Capital
Investment / Paid-up Capital : |
INR 68.996 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1993PLC072892 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AABCB0103B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturer of
Bulk Drugs and Pharmaceutical Products. (Registered Activity) |
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No. of Employees
: |
666 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Maximum Credit Limit : |
USD 2829000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1993 and it is having fine track records. It manufactures active pharmaceutical ingredients and formulations in the form of tablets, capsules and powder. For the financial year 2017, the company has increased in its revenue from operation as compared to previous year and maintained average profitability margin of 3.39%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also derives strength from its long track records of business operation along with established market position marked by a strong and diversified customer and improvement in the revenue profile during the year. However, rating strength is partially offset by exposure to intense competition in the bulk drugs industry and working-capital-intensive operations. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular. In view of the aforesaid, the company can be considered 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating : BBB |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
13.12.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating : A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit
risk. |
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Date |
13.12.2017 |
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 06.02.2018
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 (Tel No.: 91-22-66177400)
LOCATIONS
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Registered Office/ Corporate Office 1 : |
6th Floor, 602-606, Bhoomi Velocity Infotech Park, Plot No.
B39, B-39A/, B-39A/1, Road No. 23, Wagle Industrial Estate (West), Thane –
400604, Maharashtra |
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Tel. No.: |
91-22-66177400 |
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Fax No.: |
91-22-66177458 |
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E-Mail : |
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Website : |
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Corporate Office 2: |
202-204, Faiz - E - Qutbi, 375, Narshi Natha Street, Mumbai – 400 009, Maharashtra, India |
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Tel. No.: |
91-22-40177400 / 477 / 01 / 02 |
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Fax No.: |
91-22-23450481 / 23410863 |
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Factory 1: |
N-216, 217 and 128, MIDC, Tarapur, Boisar, District Thane – 401506,
Maharashtra, India |
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Tel. No.: |
91-2525-655208/655209 |
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Fax No.: |
91-2525-661074 |
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Factory 2 : |
Block No. 588, Savli - Karachia Road, Taluka Savli, District Vadodara, Gujarat, India |
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Tel. No.: |
91-2667-222200/ 222337/ 222890 |
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Fax No.: |
91-2667-222889 |
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Factory 3 : |
Plot No.: 1717/1718, G.I.D.C. Ankleshwar, Panoli – 394114, Gujarat, india |
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Factory : |
Also located at:
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DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Sajankumar Rameshwarlal Bajaj |
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Designation : |
Managing Director |
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Address : |
Hicon Classic - I, Room No. 401, 4th Floor, 16th Road, Near Khar Gymkhana, Khar (West), Mumbai - 400055, Maharashtra, India |
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Date of Birth/Age : |
09.11.1959 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.04.2012 |
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PAN No.: |
ADOPB0559Q |
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DIN No.: |
00225950 |
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Name : |
Mr. Anil Champalal Jain |
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Designation : |
Managing Director |
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Address : |
1401 / 1402, Shankeshwar
Darshan, Sheth Motisha Lane, Mazgaon, Mumbai - 400010, Maharashtra, India |
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Date of Birth/Age : |
07.10.1974 |
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Qualification : |
D. Pharmacy |
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Date of Appointment : |
30.05.2015 |
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PAN No.: |
ADYPJ 70000Q |
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DIN No.: |
00226137 |
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Name : |
Mr. Dhananjay Sabaji Halte |
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Designation : |
Whole-time Director |
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Address : |
C-304, Rajdharm,
Kopar Road, Dombivli (West), Thane – 421202, Maharashtra, India |
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Date of Birth/Age : |
25.03.1971 |
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Qualification : |
B.A. |
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Date of Appointment : |
01.04.2009 |
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PAN No.: |
AADPH3173N |
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DIN No.: |
00226390 |
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Name : |
Mr. Vidyut Jayantilal Shah |
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Designation : |
Director |
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Address : |
1801, 18th Floor, Jayant Darshan, Sleater Road, Grant Road (West), Mumbai - 400007, Maharashtra, India |
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Date of Appointment : |
08.01.2016 |
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DIN No.: |
02578165 |
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Name : |
Mrs. Namrata Sajankumar Bajaj |
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Designation : |
Director |
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Address : |
306/3 Yogi Tower, Yogi Nagar Borivali (West), Mumbai – 400091, Maharashtra, India |
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Date of Appointment : |
11.01.2013 |
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DIN No.: |
05327071 |
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Name : |
Mr. Rupesh Hanumant Nikam |
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Designation : |
Whole-time Director |
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Address : |
Meghvarsha Chawl No. 5, Room No. 4, Kamgar Hospital Road, Opposite Nitin Company, Ramchandra Naga R 2, Wagle, Thane – 400605, Maharashtra, India |
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Date of Appointment : |
18.01.2016 |
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PAN No.: |
AGJPN6719J |
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DIN No.: |
07007815 |
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Name : |
Mr. Hemant Rajaram Karnik |
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Designation : |
Director |
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Address : |
Karnik House, M.G. Road, Dahanu, Palghar - 401601, Maharashtra, India |
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Date of Appointment : |
08.01.2016 |
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DIN No.: |
07377151 |
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Name : |
Mr. Ram Baliramji Banarse |
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Designation : |
Director |
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Address : |
T3/204, Saket Tower, Kishan Koli Marg, Extension Majiwade, Thane – (West), Thane - 400601, Maharashtra, India |
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Date of Appointment : |
14.01.2016 |
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DIN No.: |
07405486 |
KEY EXECUTIVES
|
Name : |
Mr. Rupesh Hanumant Nikam |
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Designation : |
Chief Finance Officer |
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Address : |
Meghvarsha Chawl No. 5,Room No. 4, Kamgar Hospital, Road, Opposite Nitin Company, Ramchandra Nagar 2, Wagle, Thane - 400605, Maharashtra, India |
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Date of Appointment : |
18.01.2016 |
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PAN No.: |
AGJPN6719J |
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Name : |
Ms. Avani Mehta |
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Designation : |
Company Secretary |
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Address : |
14 Vrindavan CHS, Maratha Colony, Near Jan Seva Bank, Dahisar (East), Mumbai-400068 Maharashtra, India |
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Date of Appointment : |
01.07.2017 |
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PAN No.: |
BOGPM1415N |
SHAREHOLDING PATTERN
AS ON 30.09.2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % |
|
|
Promoter and Promoter Group |
4641000 |
67.26 |
|
|
Public |
2258600 |
32.74 |
|
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Grand Total |
6899600 |
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 % |
|
|
A1) Indian |
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||
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Individuals/Hindu undivided Family |
4566000 |
66.18 |
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S K R Bajaj HUF |
540000 |
7.83 |
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Nihita Sajankumar Bajaj |
404000 |
5.86 |
|
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Padma Anil Jain |
76000 |
1.10 |
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Bajaj Sajankumar |
2407000 |
34.89 |
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Anil Champalal Jain |
359000 |
5.20 |
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Babita Sajankumar Bajaj |
376000 |
5.45 |
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Bajaj Namrata Sajankumar |
404000 |
5.86 |
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Any Other (specify) |
75000 |
1.09 |
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|
Bajaj Health and Nutritions Private Limited |
60000 |
0.87 |
|
|
Bansal Pharma Limited |
15000 |
0.22 |
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Sub Total A1 |
4641000 |
67.26 |
|
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A2) Foreign |
0.00 |
||
|
A=A1+A2 |
4641000 |
67.26 |
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 |
|
|
B1) Institutions |
|||
|
B2) Central
Government/ State Government(s)/ President of India |
|||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share capital
upto INR 0.200 million |
137600 |
1.99 |
|
|
Individual share
capital in excess of INR 0.200 million |
134400 |
1.95 |
|
|
Any Other (specify) |
1986600 |
28.79 |
|
|
Shri Ravindra Media Ventures |
82000 |
1.19 |
|
|
Escorp Asset Management Limited |
197200 |
2.86 |
|
|
E Tricks Enterprises Private Limited |
318400 |
4.61 |
|
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Taxus Enterprises Private Limited |
274400 |
3.98 |
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Srk Tradelinks Private Limited |
156800 |
2.27 |
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|
Tia Enterprises Private Limited |
143600 |
2.08 |
|
|
Shri Parasram Holdings Private Limited |
76800 |
1.11 |
|
|
Aryaman Capital Markets Limited |
200400 |
2.90 |
|
|
Maa Sharda Distributors Private Limited |
435000 |
6.30 |
|
|
Bodies Corporate |
1976200 |
28.64 |
|
|
Clearing Members |
800 |
0.01 |
|
|
HUF |
9200 |
0.13 |
|
|
NRI – Non- Repat |
400 |
0.01 |
|
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Sub Total B3 |
2258600 |
32.74 |
|
|
B=B1+B2+B3 |
2258600 |
32.74 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Bulk Drugs and Pharmaceutical Products. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 : |
666 (Approximately) |
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Bankers : |
Standard Chartered Bank, Abhijeet II, Ground Floor,Near
Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
The Security except as detailed in Clause B and Clause C below, created under a security trust (presently with IL and FS Trust Company Limited as trustee) shall rank pari priority of one lender over the other: i) For Term Loan First Pari Passu Charge on Movable Fixed Assets and immovable properties and Second current assets. ii) For Working Capital First Pari Passu Charge on Current assets and Second immovable properties. (Working Capital Limits Includes Packing Credit , Post Shipment Credit, Buyers Credit, Cash Credit, Letter of Credit) B) The Land and Building and Plant and Machinery of manufacturer at Tarapur are exclusively mortgaged / hypothecated with The Saraswat Bank Guarantee Facility. C) Office Premises at Thane is exclusively Mortgaged / hypothecated D) Further, All borrowings are, secured by personal guarantees of the directors Mr. S.K.R. Bajaj, Mr. Anil C Jain. |
|
Auditors : |
|
|
Name : |
Paresh Rakesh and Associates Chartered Accountants |
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Address : |
103, Namrata CHS, Building No. 15, Shashtri Nagar, Link Road, Goregaon
(West), Mumbai – 400104, Maharashtra, India |
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Tel. No.: |
91-22-28774078 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Parties : |
S. K. R. Bajaj HUF |
|
|
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|
Enterprise owned or significantly influenced by key management
personnel or their relatives : |
·
Bajaj Health and Nutritions Private Limited ·
Bansal Pharma Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6899600 |
Equity Shares |
INR 10/- each |
INR 68.996 Million |
|
|
|
|
|
|
Reconciliation of
number of shares outstanding is set out below: |
As at 31st March, 2017 |
|
|
|
|
Equity Shares |
|
|
At the beginning of the period |
6750000 |
|
Addition during the period |
149600 |
|
Outstanding at the
end of the period |
6899600 |
|
|
|
|
Preference Shares: |
|
|
At the beginning of the period |
-- |
|
Redemption during the period |
-- |
|
Outstanding at the end of
the period |
-- |
Details of shareholders
holding more than 5% shares in the company:
|
Name of the
shareholder: |
As at 31st March, 2017 |
|
|
Equity Shares: |
% Holding |
No of Shares |
|
Babita Bajaj |
5.45 |
376000 |
|
Sajankumar Bajaj |
34.89 |
2407000 |
|
S K R Bajaj HUF |
7.83 |
540000 |
|
Namrata Bajaj |
5.86 |
404000 |
|
Nihita S Bajaj |
5.86 |
404000 |
|
Anil C Jain |
5.20 |
359000 |
|
Maa Sharda Distributors Private Limited |
6.30 |
435000 |
FINANCIAL DATA
[all figures are
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 |
68.996 |
67.500 |
37.500 |
|
(b) Reserves &
Surplus |
921.008 |
818.825 |
781.822 |
|
(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) |
990.004 |
886.325 |
819.322 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
268.455 |
314.476 |
222.179 |
|
(b) Deferred tax
liabilities (Net) |
8.419 |
8.151 |
0.205 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
268.455 |
314.476 |
222.179 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
391.575 |
422.932 |
374.232 |
|
(b) Trade payables |
188.513 |
161.726 |
227.529 |
|
(c) Other current
liabilities |
200.235 |
200.613 |
189.130 |
|
(d) Short-term provisions |
145.208 |
96.000 |
54.500 |
|
Total Current Liabilities
(4) |
925.531 |
881.271 |
845.391 |
|
|
|
|
|
|
TOTAL |
2192.409 |
2090.223 |
1887.097 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1279.294 |
1295.624 |
1084.998 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
2.267 |
14.588 |
11.735 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.032 |
0.031 |
0.031 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1281.593 |
1310.243 |
1096.764 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
167.599 |
196.394 |
180.812 |
|
(c) Trade receivables |
526.859 |
429.515 |
515.216 |
|
(d) Cash and cash
equivalents |
8.398 |
3.649 |
8.695 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
207.960 |
150.422 |
85.610 |
|
Total Current Assets |
910.816 |
779.980 |
790.333 |
|
|
|
|
|
|
TOTAL |
2192.409 |
2090.223 |
1887.097 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2306.546 |
2228.396 |
2183.017 |
|
|
Other Income |
23.911 |
3.784 |
0.746 |
|
|
TOTAL |
2330.457 |
2232.180 |
2183.763 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1314.951 |
1287.728 |
1306.549 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
31.458 |
(5.075) |
13.484 |
|
|
Employees benefits
expense |
195.672 |
169.250 |
144.535 |
|
|
Other Direct Expenses |
360.407 |
364.296 |
355.683 |
|
|
Other expenses |
97.559 |
112.926 |
75.842 |
|
|
TOTAL |
2000.047 |
1929.125 |
1896.093 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
330.410 |
303.055 |
287.670 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
80.059 |
75.171 |
78.895 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
250.351 |
227.884 |
208.775 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
113.455 |
92.897 |
88.607 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
136.896 |
134.987 |
120.168 |
|
|
|
|
|
|
|
Less |
TAX |
58.649 |
52.984 |
45.047 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
78.247 |
82.003 |
75.121 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
352.931 |
277.591 |
202.470 |
|
|
|
|
|
|
|
|
Depreciation on Revalued
Figure |
7.550 |
8.337 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to capital
Redemption Reserve |
0.000 |
15.000 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
438.728 |
352.931 |
277.591 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
613.788 |
739.593 |
640.499 |
|
|
|
|
|
|
|
|
IMPORTS VALUE |
655.698 |
709.395 |
629.017 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
11.37 |
12.15 |
11.13 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
89.678 |
74.848 |
88.925 |
|
Cash generated from operations |
271.991 |
300.268 |
286.298 |
|
Net cash flow from (used in) operations Activities |
230.391 |
251.375 |
278.913 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors /Income * 365 Days) |
83.37 |
70.35 |
86.14 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.38 |
5.19 |
4.24 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
52.33 |
45.84 |
63.56 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.97 |
1.54 |
1.59 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.26 |
0.23 |
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.59 |
0.61 |
0.61 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.76 |
0.92 |
0.84 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.93 |
0.99 |
1.03 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.29 |
1.48 |
1.34 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.13 |
4.03 |
3.65 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.39 |
3.68 |
3.44 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.57 |
3.92 |
3.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
7.90 |
9.25 |
9.17 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.98 |
0.89 |
0.93 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.80 |
0.66 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.45 |
0.42 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
10.87 |
12.03 |
18.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.98 |
0.89 |
0.93 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 368.00/- |
FINANCIAL ANALYSIS
[all figures are
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 |
37.500 |
67.500 |
68.996 |
|
Reserves & Surplus |
781.822 |
818.825 |
921.008 |
|
Net
worth |
819.322 |
886.325 |
990.004 |
|
|
|
|
|
|
Long Term borrowings |
222.179 |
314.476 |
268.455 |
|
Short Term borrowings |
374.232 |
422.932 |
391.575 |
|
Current Maturities of Long term debt |
88.925 |
74.848 |
89.678 |
|
Total
borrowings |
685.336 |
812.256 |
749.708 |
|
Debt/Equity
ratio |
0.836 |
0.916 |
0.757 |
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
|
2183.017 |
2228.396 |
2306.546 |
|
|
|
2.079 |
3.507 |
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
|
2183.017 |
2228.396 |
2306.546 |
|
Profit |
75.121 |
82.003 |
78.247 |
|
|
3.44% |
3.68% |
3.39% |
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 |
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 |
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 |
PERFORMANCE OF THE
COMPANY
The company the Company’s Gross Income for the year increased to increased 2330.400 million as compared to last year’s INR 2232.180 million which includes the Domestic Turnover of INR 1639.348 million as compared to last year’s domestic turnover was INR 1586.280 million and the Export Turnover of INR 667.199 million as compared to last year’s export turnover of INR 642.116 million
The earning net profit after taxation of the Company during the year amounted to INR 78.247 million as compared to net profit of INR 82.003 million in the previous year. The above change is reflected due to increase in depreciation on account of capitalization of capital work in progress during the year.
MANAGEMENT DISCUSSION
ANALYSIS
PHARMACEUTICAL
SECTOR:
Pharmaceutical industry is one of the World’s fastest growing industries and remains one of the biggest contributors to the world economy. The unprecedented expansion in global healthcare access over the past few years has seen hundreds of millions of people in low and middle income groups, benefiting because of governmental programmes and rising incomes.
The Indian pharmaceutical industry rank 3rd in global rankings in terms of volume but 14th in value of pharmaceutical products.
A significant increase in domestic consumption due to the higher incidence of lifestyle diseases, increasing health awareness, growing population, greater penetration in rural markets, and a nascent, yet fast growing health insurance industry, are some factors influencing the growth of phar base and the patent cliff in the global arena significantly support the export market which plays an important role in the growth of the industry
OUTLOOK
The Economic Survey 2015-16 had predicted the Indian economy to register the GDP growth rate in the range of 7 to 7.75 per cent in the year 2016-17. The economy was indeed treading along that path and clocked 7.2 per cent in the first half of the current financial year, as per the estimates r the radical measures initiated in November 2016 in the form of demonetization of INR 1000 and INR 500 currency notes, the Indian economy experienced a slowdown in the growth rate that The first advance estimates released in early January 2017 were arrived at mainly based on data prior to demonetization and largely reflect the economic situation prevailing in the first seven to eig reduction in the rate of real GDP growth of 1/4 percentage points to 1/2 percentage points relative to the baseline of about per cent still makes India’s growth noteworthy given the weak and unsettled glob a little over 3 per cent in 2016. At the sectorial 17 following the normal monsoon. Growth in the industrial sector moderated during 201 continued to be the dominant contributor to the overall growth of the economy (Source: Economic Survey 2016 2017 by Department of Economic Affairs, Ministry of Finance, and Government of India).
The International Monetary Fund (IMF) expects global economy to grow by 3.4% in FY 2017 and 3.6 by FY 2018 versus 3.1% growth in FY 2016. The outlook for emerging market economies is expected to broadly improve, through volatility in capital flow will remain a challenge.
The Indian Pharmaceutical industry has been an important component of the pharma sector globally due to the recent changes in patent laws, rising use of generics, cost competitiveness, and availability of large scientific talent pool. The outlook of Pharmaceutical Industry remains largely positive over the next few years. India is the largest supplier of cost effective generic medicines to the developed world. With the varied range of medicines available for export and with the availability of largest number of approved pharmaceutical manufacturing facilities, India is all set to become the leader of pharmaceutical export to the world. The augment of pharmaceutical outsourcing and investments by multinational companies, allied with the country’s growing economy facilities, is expected to drive the market growth.
UNSECURED LOANS:
|
Unsecured Loan |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG-TERM
BORROWINGS |
|
|
|
Deferred Sales Tax Loan |
0.000 |
0.361 |
|
Inter Corporate Deposits |
21.016 |
36.203 |
|
Deposits From Selling Agent |
3.323 |
3.423 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
From Director |
0.564 |
8.519 |
|
Inter Corporate Deposits |
50.021 |
76.371 |
|
Total |
74.924 |
124.877 |
INDEX OF CHARGE:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
G68189927 |
100136712 |
Standard Chartered Bank |
24/11/2017 |
300000000.0 |
Abhijeet II, Ground Floor,Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India |
|
2 |
G59248815 |
100130122 |
The Saraswat Co-operative Bank Limited |
10/10/2017 |
3700000.0 |
Small and Medium Enterprises Branch, Mittal Court,1st Floor, Vidhan Bhavan Marg Nariman Point, Mumbai – 400021, Maharashtra, India |
|
3 |
G49531569 |
100113325 |
The Saraswat Co-Operative Bank Limited |
27/06/2017 |
3400000.0 |
303, Ishan Arcade, 3rd Floor, Opposite Gaondevi Temple, Goklahe Road, Naupada, Thane (West),Thane – 400602, Maharashtra, India |
|
4 |
G44518454 |
100099417 |
The Saraswat Co-operative Bank Ltd |
17/05/2017 |
30000000.0 |
SME Nariman Point, Mittal Court, "A" Wing,1st Floor, Vidhan Bhavan, Nariman Point, Mumbai – 400002, India |
|
5 |
G44516599 |
100099407 |
The Saraswat Co-operative Bank Ltd |
09/05/2017 |
10000000.0 |
SME Nariman Point, Mittal Court, "A" Wing,1st Floor, Vidhan Bhavan, Nariman Point, Mumbai – 400002, India |
|
6 |
G41590498 |
100091570 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
24/03/2017 |
60000000.0 |
SME Nariman Point, Mittal Court, "A" Wing,1st Floor, Vidhan Bhavan, Nariman Point, Mumbai – 400002, India |
|
7 |
G40673766 |
100088976 |
Standard Chartered Bank |
23/03/2017 |
250000000.0 |
Abhijeet II, Ground Floor,Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India |
|
8 |
G55813117 |
100126773 |
CITI BANK N.A. |
23/02/2017 |
50000000.0 |
First International Financial Centre, 9th Floor, Plot No. C-54 and 55, BKC, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
9 |
G29623303 |
100065589 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
24/11/2016 |
1325000.0 |
80/82, ISSAJI Street, Masjid Bunder, Mumbai – 400003, India |
|
10 |
G29864618 |
100065995 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
21/10/2016 |
1055000.0 |
80/82, ISSAJI Street, Masjid Bunder, Mumbai – 400003, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Letter of credit issued by Banks |
0.268 |
7.945 |
|
Bank Guarantee issued by Bank |
13.760 |
10.000 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR 30.09.2017
(INR In Million)
|
Particulars |
|
|
Six Month Ended |
|
|
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
Revenue from operations |
|
|
1488.127 |
|
Other Operating Income |
|
|
0.000 |
|
Total
Revenue |
|
|
1488.127 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed (including Other Direct
Expenses) |
|
|
1209.028 |
|
Changes in inventories of finished goods and
work-in-progress |
|
|
(35.615) |
|
Employees benefit expenses |
|
|
103.811 |
|
Finance Costs |
|
|
38.883 |
|
Depreciation and Amortization expenses |
|
|
56.123 |
|
Other Expenditure |
|
|
44.662 |
|
Total
Expenses |
|
|
1416.892 |
|
Profit/(Loss)
before Exceptional and extraordinary items and tax |
|
|
71.235 |
|
Other Income |
|
|
12.399 |
|
Profit/(Loss)
from Ordinary Activities before Exceptional items |
|
|
83.635 |
|
Exceptional items |
|
|
0.000 |
|
Profit before extraordinary Items |
|
|
83.635 |
|
Extraordinary Items |
|
|
|
|
Profit
/ (Loss) before Tax |
|
|
|
|
Tax Expense |
|
|
27.438 |
|
Profit
/ (Loss) for the period |
|
|
56.197 |
|
Profit/(Loss)
from discounting Operations |
|
|
56.197 |
|
Tax Expenses of discontinuing Operation |
|
|
0.000 |
|
Profit/(Loss)
of discontinuing operation (After tax) |
|
|
0.000 |
|
Profit
/ (Loss) for the period |
|
|
56.197 |
|
Extraordinary items |
|
|
0.000 |
|
Net
Profit/(Loss) for the period |
|
|
56.197 |
|
Paid-up
Equity share Capital |
|
|
68.996 |
|
Earnings
per Share (EPS) |
|
|
|
|
Basic
|
|
|
8.14 |
|
Diluted |
|
|
8.14 |
1. The above results were reviewed by audit committee approved by the Board of Directors in at their respective meeting held on 30th May, 2017.
2. The Statutory Auditor has issued audit report as required under regulation 33 of SEBI (LODR) Regulations, 2015 with unmodified opinion.
3. The figures of half year ended are the balancing figures between the audited figure in respect of the full financial years and the published year to date figure upto the half year ended of relevant financial year.
4. The figures of the previous year have been regrouped wherever necessary.
5. The statement as per Accounting Standard AS-17 on segment is given as Annexure- A.
6. EPS of the year ended on 31st March, 2017 has been calculated on weighted Average 6884845 Equity Shares. EPS for the half year ended 30th September, 2016has been calculated on weighted Average 6870988 Equity Shares. EPS for the half year 30th September, 2015 and 31st March, 2016 has been adjusted for Bonus Shares of 4500000 fully paid up Equity Shares on 18th January, 2016.
REPORT ON SEGMENT
RESULTS FOR YEAR ENDED 30.09.2017
(INR in Million)
|
Particulars |
Six Month Ended |
|
|
30.09.2017 (Unaudited) |
|
I) Segment
Revenue |
|
|
Bulk Drugs |
1462.625 |
|
Formulation |
25.502 |
|
Total |
1488.127 |
|
|
|
|
Less :
Intersegment Revenue |
|
|
Bulk Drugs |
2.720 |
|
Formulation |
(2.720) |
|
Total |
0.000 |
|
|
|
|
Net Sales/
Income From Operations |
|
|
Bulk Drugs |
1459.905 |
|
Formulation |
28.222 |
|
Total |
1488.127 |
|
|
|
|
II) Segment
Results |
|
|
Profit/(Loss)
Before Tax and Finance Cost |
|
|
Bulk Drugs |
169.068 |
|
Formulation |
(13.393) |
|
Total |
155.675 |
|
|
|
|
Less : Interest |
38.883 |
|
Other
Unallocable Expenditure (Net) |
33.207 |
|
Net of
Unallocable Income |
0.000 |
|
|
|
|
Total profit
Before Tax |
83.585 |
|
|
|
|
III) Capital
Employed |
|
|
Segment Assets –
Segment Liabilities |
|
|
Bulk Drugs |
884.466 |
|
Formulation |
158.735 |
|
Total Capital
Employed |
1046.201 |
STANDALONE STATEMENT
OF ASSTES AND LIABILITIES AS ON 30.09.2017
INR In Million
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
68.996 |
|
(b) Reserves & Surplus |
|
|
977.205 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
|
|
Sub-total Shareholders’ |
|
|
1046.201 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
242.607 |
|
(b) Deferred tax liabilities (Net) |
|
|
8.357 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Sub-total of
Non-Current liabilities |
|
|
250.964 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
446.915 |
|
(b) Trade
payables |
|
|
328.837 |
|
(c) Other
current liabilities |
|
|
207.688 |
|
(d) Short-term
provisions |
|
|
172.708 |
|
Sub-total of Current liabilities |
|
|
1156.148 |
|
|
|
|
|
|
TOTAL |
|
|
2453.313 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
1264.867 |
|
(b)
Non-Current investments |
|
|
0.031 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
0.000 |
|
(e) Other
non-current assets |
|
|
0.000 |
|
Sub-total of
Non-Current Assets |
|
|
1264.898 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
247.993 |
|
(c) Trade
receivables |
|
|
655.502 |
|
(d) Cash
and cash equivalents |
|
|
4.366 |
|
(e)
Short-term loans and advances |
|
|
0.000 |
|
(f) Other
current assets |
|
|
280.553 |
|
Sub-total of
Current Assets |
|
|
1188.415 |
|
|
|
|
|
|
TOTAL |
|
|
2453.313 |
Notes:
The above results were reviewed by the Audit Committee and approved by
the Board of Director of the company in at their respective meeting held on
13.th November 2017.
The figure of the previous year have been Re-grouped, Re- Classified
wherever considered necessary
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
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 records 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 64.03 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·