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|
MIRA INFORM REPORT
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Report No. : |
490353 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
THYROCARE TECHNOLOGIES LIMITED |
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Registered
Office : |
D-37/1, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai - 400703, Maharashtra |
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Tel. No.: |
91-22-41252525 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.01.2000 |
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Com. Reg. No.: |
11-123882 |
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Capital
Investment / Paid-up Capital : |
INR 537.240 Million |
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CIN No.: [Company Identification
No.] |
L85110MH2000PLC123882 [New] U85110MH2000PLC123882 [Old] |
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IEC No.: |
0301031533 |
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TIN No.: |
27610262337 |
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GSTIN/UIN : |
27AABCT2577P1ZP |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCT2577P |
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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
: |
The company is engaged in providing quality diagnostic
services at affordable costs to laboratories, hospitals and cancer patients.
[Registered Activity] |
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No. of Employees
: |
808 (Approximately) |
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 12012000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-known company incorporated in the year 2000. It is a fully automated diagnostic laboratory having its strong presence in more than 2000 cities and towns in India and internationally. As per the financial record of 2017, the company has achieved a satisfactory growth of 27.61% in its revenue as compared to the previous year’s revenue and has reported favourable profitability margin of 24.94%. Rating takes into consideration sound financial risk profile of the company marked by adequate net worth base along with debt free capital structure. Overall financial position of the company is decent. The company has its share price trading at around INR 681.50 on BSE as on February 5, 2018 as against the Face Value (FV) of INR 10. Trade relations are fair. Business is active and payment terms are regular and as per commitments. In a view of strong financial conditions, the company can be considered for business dealings with 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 |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
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 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 DENIED
MANAGEMENT NON CO-OPERATIVE (Tel No.91-22-41252525/ 30900000)
Contact Number (91-22-27626762) – Not Exist
LOCATIONS
|
Registered /
Corporate Office: |
D-37/1, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai – 400703,
Maharashtra, India |
|
Tel. No.: |
91-22-41252525/ 30900000 |
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Fax No.: |
91-22-27682409 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Velumani Arokiaswamy |
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Designation : |
Managing Director |
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Address : |
D-37/1 TTC MIDC, Next to Allana Cold Storage, Vashi, Navi Mumbai - 400703, Maharashtra, India |
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Date of Birth/Age : |
25.04.1958 |
|
Qualification : |
PhD in Applied Thyroid Biochemistry |
|
Date of Appointment : |
01.04.2014 |
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PAN No.: |
AAEPV4794L |
|
DIN No.: |
00002804 |
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|
|
Name : |
Sundararaju Aarogiasamy Naidu |
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Designation : |
Whole-Time Director |
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Address : |
A-02, 01, Crimson Dawn Pricol Apartment, Nava India Road, Peelamedu, Coimbatore - 641004, Tamilnadu, India |
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Date of Birth/Age : |
04.09.1958 |
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Qualification : |
Degree in Law |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
AAVPN2518D |
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DIN No.: |
00003260 |
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Name : |
Mr. Gopal Shivram Hegde |
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Designation : |
Director |
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Address : |
134, Aram Nagar II, Versova Road, Andheri (West), Mumbai - 400061, Maharashtra, India |
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Date of Birth/Age : |
16.06.1959 |
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Qualification : |
LLB |
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Date of Appointment : |
21.08.2014 |
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DIN No.: |
00157676 |
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|
|
Name : |
Neetin Shivajirao Desai |
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Designation : |
Director |
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Address : |
B-19/6 Kendriya Vihar Setcor 11, Khar Ghar Panvel Raigad, Panvel Navi Mumbai - 410210, Maharashtra, India |
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Date of Birth/Age : |
13.06.1969 |
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Qualification : |
PhD |
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Date of Appointment : |
20.09.2014 |
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DIN No.: |
02622364 |
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|
|
Name : |
Mr. Vishwas Madhav Kulkarni |
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Designation : |
Director |
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Address : |
B 504, 5th Floor, Raunak Tower, Off Gokhale Road, Naupda, Thane (West), Mumbai - 400602, Maharashtra, India |
|
Date of Birth/Age : |
06.05.1961 |
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Qualification : |
B.com BL |
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Date of Appointment : |
21.08.2014 |
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DIN No.: |
06953750 |
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Name : |
Mr. Narayanasamy Palanisamy |
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Designation : |
Director |
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Address : |
4/7, Savithri Agrden, Chinthamani Pudur, Irugur, Coimbatore - 641103, Tamil Nadu, India |
|
Date of Birth/Age : |
05.12.1948 |
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Qualification : |
Dip. in Mech. Eng. |
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Date of Appointment : |
20.09.2014 |
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DIN No.: |
06972368 |
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|
|
|
Name : |
Mr. Amruta Velumani |
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Designation : |
Casual Vacancy Director |
|
Address : |
D-37/1, TTC MIDC, Next To Allana Cold Storage, Vashi, Navi Mumbai- 400703, Maharashtra, India |
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Date of Appointment : |
22.02.2016 |
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Date of Birth/Age : |
29.05.1991 |
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Qualification : |
Msater Degree in Science |
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PAN No.: |
AJOPV0693F |
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DIN No.: |
06534120 |
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|
|
|
Name : |
Ms. Indumati Gopinathan |
|
Designation : |
Director |
|
Address : |
8 Bela, Manu Bela Society, Chedda Nagar, Chembur, Mumbai – 400089, Maharashtra, India |
|
Date of Appointment : |
12.08.2017 |
|
DIN No.: |
06779331 |
KEY EXECUTIVES
|
Name : |
Mr. Sundararaju Aarogiasamy Naidu |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
A-02, 01, Crimson Dawn Pricol Apartment, Nava India Road,
Peelamedu, Coimbatore - 641004, Tamilnadu, India |
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Date of Birth/Age : |
04.09.1958 |
|
Qualification : |
Degree in Law |
|
Date of Appointment : |
14.03.2015 |
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PAN No.: |
AAVPN2518D |
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|
|
|
Name : |
Ramjee Dorai |
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Designation : |
Company Secretary |
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Address : |
B-503, Pride Residency, Sector 7, Near Hiranandani,
Kharghar, Navi Mumbai 410210, Maharashtra, India |
|
Date of Appointment : |
03.09.2014 |
|
PAN No.: |
ADDPR1630D |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of
shareholder |
Total Nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR
1957) As a % |
|
|
(A) Promoter & Promoter Group |
34361745 |
63.96 |
|
|
(B) Public |
19360569 |
36.04 |
|
|
(C2) Shares held by Employee Trust |
1219 |
0.00 |
|
|
(C) Non Promoter-Non Public |
1219 |
0.00 |
|
|
Grand Total |
53723533 |
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 |
|
||
|
Individuals/Hindu
undivided Family |
19773030 |
36.81 |
|
|
Dr Velumani A |
14809317 |
27.57 |
|
|
A Sundararaju |
2416540 |
4.50 |
|
|
A Velumani |
911828 |
1.70 |
|
|
Amruta Velumani |
752512 |
1.40 |
|
|
Anand Velumani |
633164 |
1.18 |
|
|
A Sundararaju |
249669 |
0.46 |
|
|
Any Other (specify) |
14588715 |
27.16 |
|
|
Thyrocare Properties And
Infrastructure Private Limited |
5217800 |
9.71 |
|
|
Thyrocare Publications
LLP |
6534500 |
12.16 |
|
|
Sumathi Infra Project LLP |
1576415 |
2.93 |
|
|
Mahima Advertising LLP |
1260000 |
2.35 |
|
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Sub Total A1 |
34361745 |
63.96 |
|
|
A2) Foreign |
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||
|
A=A1+A2 |
34361745 |
63.96 |
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 % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
10889414 |
20.27 |
|
|
Reliance Capital Trustee
Co. Ltd A/C Reliance Pharma Fund & Tax Saver Fund |
4114589 |
7.66 |
|
|
Dsp Blackrock Micro Cap
Fund |
1599384 |
2.98 |
|
|
Birla Sun Life Trustee
Company Private Limited Ac Birla Sun Life Balanced 95 Fund |
2137008 |
3.98 |
|
|
Sbi Magnum Midcap Fund
& SBI Pharma Fund |
1851895 |
3.45 |
|
|
Sundaram Mutual Fund A/c
Sundaram Smile Fund |
871852 |
1.62 |
|
|
Alternate Investment
Funds |
565562 |
1.05 |
|
|
Dsp Blackrock Emerging
Stars Fund |
565562 |
1.05 |
|
|
Foreign Portfolio
Investors |
3836602 |
7.14 |
|
|
Abu Dhabi Investment
Council - (Noosa) |
795000 |
1.48 |
|
|
Fil
Investments(Mauritius)ltd |
727835 |
1.35 |
|
|
Fundsmith Emerging
Equities Trust PLC |
642736 |
1.20 |
|
|
Financial Institutions/
Banks |
101591 |
0.19 |
|
|
Sub Total B1 |
15393169 |
28.65 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
1420865 |
2.64 |
|
|
Individual share capital
in excess of INR 0.200 Million |
537426 |
1.00 |
|
|
Any Other (specify) |
2009109 |
3.74 |
|
|
Trusts |
170189 |
0.32 |
|
|
HUF |
149822 |
0.28 |
|
|
NRI – Non- Repat |
32689 |
0.06 |
|
|
NRI – Repat |
177298 |
0.33 |
|
|
Clearing Members |
37631 |
0.07 |
|
|
Bodies Corporate |
1441480 |
2.68 |
|
|
Sub Total B3 |
3967400 |
7.38 |
|
|
B=B1+B2+B3 |
19360569 |
36.04 |
Statement showing
shareholding pattern of the Non Promoter- Non Public shareholder
|
Category & Name
of the Shareholders(I) |
Total No. shares
held(VII = IV+V+VI) |
Shareholding %
calculated as per SCRR 1957 As a % |
|
|
C1) Custodian/DR Holder |
|
||
|
C2) Employee Benefit
Trust |
0.00 |
||
|
Employee Benefit Trust |
1219 |
0.00 |
|
|
Sub Total C2 |
1219 |
0.00 |
|
|
C= C1+C2 |
1219 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in providing quality diagnostic
services at affordable costs to laboratories, hospitals and cancer patients.
[Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
808 (Approximately) |
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Bankers : |
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Statutory Auditors: |
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Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
5th Floor, Lodha Excelus, Appollo Mills Compound, N M
Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-43455300 |
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Fax No.: |
91-22-43455399 |
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PAN No.: |
AAAFB9852F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
Subsidiary: |
Nueclear Healthcare Limited |
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|
Enterprise over
which directors and their relatives exercise control or influence, where transactions
have taken place during the year: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53723533 |
Equity Shares |
INR 10/- each |
INR 537.240
Million |
|
|
|
|
|
i) Reconciliation of the number of shares
and amount outstanding at the beginning and at the end of the reporting year:
|
Equity Shares |
Number
of Shares |
Amount
|
|
Equity shares with equal voting rights |
|
|
|
Opening balance |
53723533 |
537.240 |
|
Add : Fresh issue of equity shares for consideration other than cash (refer note v (c)) |
-- |
-- |
|
Closing balance |
53723533 |
537.240 |
ii) Rights,
preferences and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. Each shareholder is eligible for one vote per share. The equity shares are entitled to dividend as declared from time to time.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
iii) Details of
equity shares held by each shareholder holding more than 5% of share
|
Class of shares / Name of shareholder |
Number of shares held |
% holding in that class
of shares |
|
Equity shares with equal voting rights |
|
|
|
Dr A Velumani |
14809317 |
27.57% |
|
Thyrocare Publications Private Limited |
6534500 |
12.16% |
|
Thyrocare Properties and Infrastructure Private Limited |
5217800 |
9.71% |
|
Norwest Venture Partners Fund VIIA M |
5064880 |
9.43% |
|
Agalia Private Limited |
1087068 |
2.02% |
iv) As at 31 March 2017: 85192 (31 March 2016: 39188) equity shares of INR 10 each were reserved for issuance as follows:
a) 46719 (31 March 2016: Nil) equity shares of INR 10 each reserved for issuance under Employee Stock Option Scheme 2016 (ESOS 2016) (Refer note 26c).
b) 38473 (31 March 2016: 39188) equity shares of INR 10 each reserved for issuance under Employee Stock Option Scheme 2015 (ESOS 2015) (Refer note 26c).
v) Aggregate no. of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of 5 years immediately preceding the reporting date :
a) Employees stock options
During the year ended 31 March 2015, the Company has approved Employees Stock Options Scheme on 20 September 2014 pursuant to which certain employees are entitled to 33650 equity shares of INR 10 each. These equity shares have been issued to the ESOP Trust pursuant to the approved terms of employees stock option scheme 2014, for which only the exercise price i.e. the face value of shares has been recovered in cash (Refer note 26(c)).
b) During the year ended 31 March 2015, the Company has allotted 37383507 equity shares of INR 10/- each fully paid up on 24 September 2014, as bonus shares in the ratio of 3 equity shares for every share held, by capitalisation of securities premium account of INR 370.810 million and capital redemption reserve of INR 3.030 million.
c) During the years 31 March 2016 and 31 March 2015, the Company has allotted 3187562 and 691295 equity shares of INR 10 each fully paid up respectively, to the equity shareholders of Nueclear Healthcare Limited (‘NHL’) in consideration for 4611000 and 1000000 equity shares of NHL respectively at a premium of INR 295.95 per share.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
537.240 |
537.240 |
505.360 |
|
(b) Reserves &
Surplus |
3667.120 |
3216.610 |
2286.570 |
|
(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) |
4204.360 |
3753.850 |
2791.930 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
62.500 |
55.530 |
55.980 |
|
(d) long-term provisions |
43.430 |
43.330 |
19.820 |
|
Total Non-current
Liabilities (3) |
105.930 |
98.860 |
75.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2.490 |
14.550 |
8.200 |
|
(c) Other current
liabilities |
121.200 |
88.160 |
40.880 |
|
(d) Short-term provisions |
21.380 |
189.220 |
15.870 |
|
Total Current Liabilities
(4) |
145.070 |
291.930 |
64.950 |
|
|
|
|
|
|
TOTAL |
4455.360 |
4144.640 |
2932.680 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
885.470 |
916.860 |
819.710 |
|
(ii) Intangible Assets |
6.090 |
8.890 |
10.750 |
|
(iii) Capital
work-in-progress |
21.330 |
10.180 |
49.790 |
|
(iv) Intangible assets
under development |
0.400 |
3.370 |
5.170 |
|
(b) Non-current Investments |
1946.740 |
1962.890 |
987.650 |
|
(c) Deferred tax assets
(net) |
44.080 |
25.550 |
8.690 |
|
(d) Long-term Loan and Advances |
45.170 |
54.230 |
49.850 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2949.280 |
2981.970 |
1931.610 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1014.820 |
694.920 |
636.950 |
|
(b) Inventories |
137.610 |
98.890 |
70.490 |
|
(c) Trade receivables |
58.600 |
73.000 |
46.470 |
|
(d) Cash and cash
equivalents |
106.200 |
76.460 |
42.850 |
|
(e) Short-term loans and
advances |
89.450 |
74.430 |
72.170 |
|
(f) Other current assets |
99.400 |
144.970 |
132.140 |
|
Total Current Assets |
1506.080 |
1162.670 |
1001.070 |
|
|
|
|
|
|
TOTAL |
4455.360 |
4144.640 |
2932.680 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3000.590 |
2351.350 |
1800.760 |
|
|
Other Income |
80.790 |
52.040 |
76.950 |
|
|
TOTAL |
3081.380 |
2403.390 |
1877.710 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
783.760 |
596.600 |
486.560 |
|
|
Purchases of
Stock-in-Trade |
86.370 |
66.420 |
66.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(8.630) |
6.830 |
(1.030) |
|
|
Employees benefits
expense |
293.500 |
242.860 |
169.640 |
|
|
Other expenses |
676.500 |
492.560 |
344.190 |
|
|
Exceptional Item |
0.000 |
(2.980) |
(17.790) |
|
|
TOTAL |
1831.500 |
1402.290 |
1048.270 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1249.880 |
1001.100 |
829.440 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
116.890 |
113.530 |
107.090 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1132.990 |
887.570 |
722.350 |
|
|
|
|
|
|
|
Less |
TAX |
384.530 |
300.030 |
238.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
748.460 |
587.540 |
483.450 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
26.530 |
43.830 |
NA |
|
|
Capital Goods |
44.400 |
16.570 |
NA |
|
|
TOTAL IMPORTS |
70.930 |
60.400 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
13.93 |
11.42 |
9.50 |
|
|
Diluted |
13.91 |
11.41 |
9.83 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
129.327 |
98.030 |
NA |
|
Net cash flows from operating activities |
89.266 |
66.875 |
NA |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
30.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
821.390 |
817.870 |
778.360 |
|
Total Expenditure |
462.920 |
478.150 |
440.580 |
|
PBIDT (Excluding Other Income) |
358.470 |
339.720 |
337.780 |
|
Other income |
48.290 |
31.450 |
41.090 |
|
Operating Profit |
406.760 |
371.170 |
378.870 |
|
Interest |
0.880 |
0.940 |
1.040 |
|
Exceptional Items |
(20.490) |
(1.440) |
NA |
|
PBDT |
385.390 |
368.790 |
377.830 |
|
Depreciation |
27.420 |
29.280 |
30.950 |
|
Profit Before Tax |
357.970 |
339.510 |
346.880 |
|
Tax |
126.150 |
105.090 |
129.380 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit after tax |
231.820 |
234.420 |
217.500 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
231.820 |
234.420 |
217.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
7.13 |
11.33 |
9.42 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
51.20 |
32.21 |
38.75 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
1.04 |
8.01 |
5.41 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
9.08 |
10.12 |
11.77 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.37 |
1.07 |
0.94 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.03 |
0.07 |
0.02 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.03 |
0.08 |
0.02 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.22 |
0.25 |
0.32 |
|
|
|
|
|
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
24.94 |
24.99 |
26.85 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
16.80 |
14.18 |
16.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
17.80 |
15.65 |
17.32 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
10.38 |
3.98 |
15.41 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
9.43 |
3.64 |
14.33 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.94 |
0.91 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
10.38 |
3.98 |
15.41 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00 |
|
Market Value |
INR 681.50 |
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 |
505.360 |
537.240 |
537.240 |
|
Reserves & Surplus |
2286.570 |
3216.610 |
3667.120 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2791.930 |
3753.850 |
4204.360 |
|
|
|
|
|
|
Long-Term Borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term Borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
1800.760 |
2351.350 |
3000.590 |
|
|
|
30.575 |
27.611 |
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
|
1800.760 |
2351.350 |
3000.590 |
|
Profit |
483.450 |
587.540 |
748.460 |
|
|
26.85% |
24.99% |
24.94% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
537.240 |
537.240 |
|
(b) Reserves &
Surplus |
|
3530.590 |
3118.860 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
4067.830 |
3656.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
74.500 |
58.350 |
|
(d) long-term provisions |
|
51.530 |
68.230 |
|
Total Non-current
Liabilities (3) |
|
126.030 |
126.580 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
6.790 |
20.240 |
|
(c) Other current
liabilities |
|
135.520 |
103.980 |
|
(d) Short-term provisions |
|
21.880 |
189.840 |
|
Total Current Liabilities
(4) |
|
164.190 |
314.060 |
|
|
|
|
|
|
TOTAL |
|
4358.050 |
4096.740 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1511.620 |
1513.580 |
|
(ii) Intangible Assets |
|
6.070 |
8.870 |
|
(iii) Capital
work-in-progress |
|
174.480 |
10.180 |
|
(iv) Intangible assets
under development |
|
0.400 |
3.750 |
|
(vi) Goodwill on
consolidation |
|
1068.580 |
1068.580 |
|
(b) Non-current
Investments |
|
0.000 |
16.150 |
|
(c) Deferred tax assets
(net) |
|
44.080 |
25.560 |
|
(d) Long-term Loan and Advances |
|
89.550 |
106.040 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
2894.780 |
2752.710 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1014.820 |
916.310 |
|
(b) Inventories |
|
144.980 |
107.170 |
|
(c) Trade receivables |
|
61.570 |
75.050 |
|
(d) Cash and cash
equivalents |
|
115.880 |
102.950 |
|
(e) Short-term loans and
advances |
|
124.650 |
76.950 |
|
(f) Other current assets |
|
1.370 |
65.600 |
|
Total Current Assets |
|
1463.270 |
1344.030 |
|
|
|
|
|
|
TOTAL |
|
4358.050 |
4096.740 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
3068.060 |
2409.650 |
|
|
Other Income |
|
90.920 |
65.420 |
|
|
TOTAL |
|
3158.980 |
2475.070 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
815.540 |
630.330 |
|
|
Purchases of Stock-in-Trade |
|
86.370 |
66.420 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(8.6300) |
6.820 |
|
|
Employees benefits
expense |
|
311.280 |
256.980 |
|
|
Other expenses |
|
679.800 |
514.120 |
|
|
TOTAL |
|
1884.360 |
1474.670 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
1274.620 |
1000.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
1274.620 |
1000.400 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
180.470 |
182.370 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1094.150 |
818.030 |
|
|
|
|
|
|
|
Less |
TAX |
|
384.500 |
300.030 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
709.650 |
518.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
|
13.21 |
10.06 |
|
|
Diluted |
|
13.19 |
10.06 |
LEGAL
CASE
|
Case Details |
|
Bench:-Bombay |
||
|
|
|
Presentation Date:- |
24/11/2017 |
||||||||
|
|
|||||||||
|
Lodging No.:- |
ITXAL/2964/2017 |
Filing Date:- |
24/11/2017 |
||||||
|
|
Petitioner:- |
PR. COMMISSIONER OF INCOME TAX - 15 - |
Respondent:- |
THYROCARE TECHNOLOGIES LIMITED |
|
|
|
Petn.Adv.:- |
SURESH KUMAR (I2100) |
|
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Last Date:- |
04/12/2017 |
Stage:- |
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
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 |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject along with its wholly owned subsidiary, Nueclear Healthcare Limited (“the Subsidiary”) is one of India’s leading healthcare service providers in diagnostic segment. The Company and its Subsidiary (“the Group”) are engaged in providing quality diagnostic services at affordable costs to laboratories, hospitals and cancer patients. The Group has its centralised fully automated diagnostic testing laboratory, regional processinglaboratories, a medical cyclotron facility and multiple PET-CT facilities across the country.
MANAGEMENT DISCUSSION
AND ANALYSIS
ABOUT THYROCARE
Thyrocare is India’s first fully automated clinical chemistry laboratory with a focus on providing quality at an affordable cost to laboratories and hospitals in India. Thyrocare operates with a Centralised Processing Laboratory (CPL) in Mumbai – India for esoteric tests; and Regional Processing Laboratories (RPLs) in major metro cities of India. Thyrocare has a focus on strong technologies, strong brands and strong systems that enable all laboratories to give their clients the best of science and technology at an accessible cost.
With a belief that ‘Quality’ is the heart of any intelligent management, Thyrocare became one of the first Indian diagnostic laboratories to obtain internationally renowned quality accreditations like ISO 9001-2000 rating as early as in 2001, which is now escalated to ISO 9001:2008; NABL (National Accreditation Board for Testing and Calibration Laboratories) in 2005 and CAP (College of American Pathologists) certification in 2007.
A clear focus on speed and accuracy further made Thyrocare the first Indian numerical pathology laboratory to have an IT enabled, 24x7, fully automated diagnostic laboratory set up covering over 200000 sq. ft. floor space that ensures error free processing of over 60000 specimens and over 250000 clinical chemistry investigations per night. Theirunmatched speed factor is achieved through a combination of air-cargo logistics, barcoded, bi-directional systems that ensures a mean turnaround time of 4 hours for processing of samples that arrive at any time of the day or night.
Meticulously created and monitored systems, well-chosen and trained manpower, wise selection of the best global technologies for specialized testing and an uncompromised approach to instrumentation have ensured that Thyrocare is looked upon as a yardstick for quality in the diagnostic industry. The uniqueness of Thyrocare is its effort to innovate and remain a part of the global standards for best of the quality service delivery, at the most cost effective prices.
About Industry
In the past fifteen years, India has been one of the fastest-growing economies with an average GDP growth of 7%. The healthcare spending of India however still lagging much behind when compared to many of the developed/ developing nations. The total expenditure on healthcare was 4.7% of the GDP spending in 2014, with public expenditure being meager 1.41%. India’s GDP has expanded to INR 113502.000 billion in FY 2016, at a CAGR of 7%. The increase in penetration of healthcare especially in rural areas, higher disposable income and higher spend on healthcare is likely to translate into double-digit healthcare market growth in the coming years.
The Indian diagnostic sector will be a beneficiary of macro-economic improvement, as higher disposable income, lifestyle diseases and inclination towards preventive healthcare drives the healthcare service market. While the entry barrier for the diagnostic sector is relatively low, greater pricing power, branding and potential accreditation guidelines in the future should insulate larger players from competition. The diagnostic segment is expected to post rapid growth. In India, the diagnostic expenditure is largely out-of-pocket expenses and the government spending is mostly restricted towards hospitalization or medicines. With rising income level, demand for quality healthcare diagnosis likely to remain strong. Tough Industry estimates suggest that the market is growing at 16-18%, the branded laboratories are growing at higher pace, which suggests that the diagnostic market is slowly and steadily shifting from unorganized to organized. The wellness and preventive diagnostic which consists of biochemistry tests to screen for and Individual’s risk of disorders, are growing at faster rate with higher per capital disposable income, increasing health awareness and due to corporate initiatives.
There are approximately 30 lakh people in India suffering from cancer, every year about INR 0.700 million new cases are registered, about 70% die in the first year due to late detection and about 71% of all cancer related deaths are observed to be in the age group of 30-69 years of age. The WHO recommends 1 PET per 500000 people whereas currently in India there are around 160 PET for 1.2 billion population.
Financial Performance
I. Standalone
Financial Performance
The management discussion and analysis given below relate to the audited financial statements of Thyrocare Technologies Limited (hereinafter referred to as Thyrocare). The discussion should be read in conjunction with the financial statements and related notes to the financial statements for the year ended March 31, 2017.
Summary
Revenue from operations of Thyrocare aggregated to INR 3000.590 million in Fiscal 2017 as compared to INR 2351.350 million in Fiscal 2016, registering a growth of 27.61%. Earning before interest, tax, depreciation and amortization (EBITDA) of Thyrocare aggregated to INR 1169.090 million in Fiscal 2017 as compared to INR 946.070 million in Fiscal 2016, registering a growth of 23.57%.
Profit after tax and after exceptional items (PAT) of Thyrocare aggregated to INR 748.460 million in Fiscal 2017 as compared to INR 587.540 million in Fiscal 2016, registering a growth of 27.39%. Total Assets of Thyrocare after net off of current liabilities aggregated to INR 4310.290 million in Fiscal 2017 as compared to INR 3852.710 million in Fiscal 2016, registering a growth of 11.88%.
Revenue from
operations
Revenue from operations increased from INR 2351.350 million in Fiscal 2016 to INR 3000.590 million in Fiscal 2017, registering a growth of 27.61% (30.58% in Fiscal 2016).
Revenue from diagnostic services in Fiscal 2017 was INR 2632.880 million over INR 2047.630 million in Fiscal 2016, registering a growth of 28.58% (28.18% in Fiscal 2016). Revenue from imaging services in Fiscal 2017 was INR 115.480 million over INR 97.240 million in Fiscal 2016.
The increase in revenue from diagnostic services in Fiscal 2017 is mainly on account of the growth in revenue from preventive care offerings, sustained growth in seek care business by improvement in turnaround time due to newly set-up regional processing laboratories, recognition of brand Aarogyam, realization of revenue from newly introduced verticals and theirmedia campaigns. The revenue from theirpreventive care brand Aarogyam alone constitutes 52% of the total revenue from pathology business in Fiscal 2017 (46% in Fiscal 2016).
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 2017
(INR in Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Quarter Ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
817.870 |
821.390 |
1639.260 |
|
Other Operating Income |
31.450 |
48.290 |
79.740 |
|
Total
Income from Operations |
849.320 |
869.680 |
1719.000 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
242.280 |
206.780 |
449.060 |
|
Purchase of Stock in Trade |
3.870 |
6.300 |
10.170 |
|
Changes in inventories of finished goods and
work-in-progress |
2.950 |
(0.720) |
2.230 |
|
Employee benefits expense |
65.650 |
67.820 |
133.470 |
|
Finance cost |
0.940 |
0.880 |
1.820 |
|
Depreciation and Amortization expenses |
29.280 |
27.420 |
56.700 |
|
Other Expenditure |
163.400 |
182.740 |
346.140 |
|
Total
Expenses |
508.370 |
491.220 |
999.590 |
|
Profit
/ (Loss) from ordinary activities before Exceptional items |
340.950 |
378.460 |
719.410 |
|
Exceptional items |
(1.440) |
(20.490) |
(21.930) |
|
Profit
/ (Loss) before Tax |
339.510 |
357.970 |
697.480 |
|
Tax Expense |
(105.090) |
(126.150) |
(231.250234.420) |
|
Profit
/ (Loss) after Tax |
234.420 |
231.820 |
466.230 |
|
Other comprehensive income |
0.140 |
0.860 |
1.000 |
|
Profit
/ (Loss) for the year |
234.560 |
232.680 |
467.230 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
537.240 |
537.240 |
537.240 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic
|
4.37 |
4.31 |
8.68 |
|
Diluted
|
4.36 |
4.31 |
8.66 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES
INR In Million
|
SOURCES OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
537.240 |
|
(b) Reserves &
Surplus |
|
|
3839.860 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
4377.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
69.820 |
|
(d) long-term provisions |
|
|
38.400 |
|
Total Non-current Liabilities
(3) |
|
|
108.220 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
46.470 |
|
(c) Other current
liabilities |
|
|
139.970 |
|
(d) Short-term provisions |
|
|
8.060 |
|
Total Current Liabilities
(4) |
|
|
194.500 |
|
|
|
|
|
|
TOTAL |
|
|
4679.820 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
893.830 |
|
(ii) Intangible Assets |
|
|
10.170 |
|
(iii) Capital
work-in-progress |
|
|
0.240 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(vi) Goodwill on
consolidation |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
1959.720 |
|
(c) Deferred tax assets
(net) |
|
|
21.180 |
|
(d) Long-term Loan and Advances |
|
|
130.000 |
|
(e) Other Non-current
assets |
|
|
47.810 |
|
Total Non-Current Assets |
|
|
3062.950 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
1277.350 |
|
(b) Inventories |
|
|
159.040 |
|
(c) Trade receivables |
|
|
72.360 |
|
(d) Cash and cash
equivalents |
|
|
80.690 |
|
(e) Short-term loans and
advances |
|
|
3.510 |
|
(f) Other current assets |
|
|
23.920 |
|
Total Current Assets |
|
|
1616.870 |
|
|
|
|
|
|
TOTAL |
|
|
4679.820 |
NOTES:
1. The above unaudited financial results of the Company were reviewed and recommended by the Audit Committee on 9 December 2017 and subsequently approved by the Board of Directors at its meeting held on 9 December 2017. The review report has been filed with stock exchange.
2. Beginning 1 April 2017, the Company has for the first time adopted Indian
Accounting Standards (lnd AS) with a transition date of 1 April 2016.
Accordingly, these unaudited standalone financial results have been prepared in
compliance with lnd AS notified by the Ministry of Corporate Affairs and
prescribed under Section 133 of the Companies Act, 2013, read with relevant
rules issued thereunder and other accounting pronouncements generally accepted
in India.
3. The above unaudited standalone financial results for the quarter and six
months ended 30 September 2017 have been subjected to limited review by
statutory auditors of the Company. The standalone financial results and
reconciliation for the quarter and six months ended 30 September 2016 were not
subjected to limited review by the statutory auditors of the Company and are as
prepared by the management by exercising necessary due diligence to ensure that
the financial results provide true and fair view of its affairs in accordance
with lnd AS.
4. The figures for the previous year ended 31 March 2017, in accordance with
lnd AS are not reported in this financial results, as vide circular
CIR/CFD/FAC/62/2016 dated 5 July 2016, issued by Securities and Exchange Board
of India (SEBI), the same are not made mandatory in order to facilitate smooth
transtion during the first year of lnd AS implementation.
5. In accordance with lnd AS 108 'Operating Segments', segment information has been given in the consolidated financial results of the Company.
6. Pursuant to the IPO, Agalia Private Limited ('APL' or the selling shareholder) has divested part of its share-holding in the Company. At the instance of APL. the Company has entered into contracts for advertisements in various media with the intention to promote the 'Thyrocare’ brand. Since these contracts aggregating INR 304.850 million were entered into at the specific instance of API., APL has agreed to reimburse the Company in respect of payments made towards these contracts. During the quarter and six months ended 30 September 2017, the Company has incurred advertising costs aggregating to INR 1.440 million and INR 21.930 million respectively, which has been reimbursed by APL. Under the Indian OAAP, considering the nature and size of the transactions, both the expenses incurred as well as the amount reimbursed by APL were disclosed as an exceptional item with net impact of INR Nil. Under the Indian AS, considering the nature and size of the transactions, the expenses incurred arc continued to be shown as an exceptional item, however the reimbursement received from APL has been considered as capital contribution and added to the capital reserves.
7. Previous periods' figures have been regrouped / reclassified wherever required, to make them comparable with the figure for the current periods.
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
A81739583 |
90234859 |
UTI BANK LIMITED; |
29/04/2002 |
- |
02/04/2004 |
462325.0 |
NAUPADA, THANE – 400802, MAHARASHTRA, INDIA |
FIXED ASSETS:
Tangible Assets
- Leasehold Land
- Buildings/ Premises
- Plant and Equipment *
- Furniture and Fixtures
- Vehicles
- Office equipment
- Computers printers and scanners
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 79.73 |
|
Euro |
1 |
INR 90.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.