|
|
|
MIRA INFORM REPORT
|
Report No. : |
491522 |
|
Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FERMENTA BIOTECH LIMITED |
|
|
|
|
Registered
Office : |
A-1501, Thane One, DIL Complex, Ghodbunder Road, Majiwada, Thane (West) - 400610, Maharashtra |
|
Tel. No.: |
91-22-67980888 / 67980800 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.07.1986 |
|
|
|
|
Com. Reg. No.: |
11-134021 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 177.045 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1986PLC134021 |
|
|
|
|
IEC No.: |
2288003359 |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF2503N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing and marketing
of chemicals, bulk drugs enzymes, pharmaceutical formulations and
environmental solution products. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “DIL Limited” and it was incorporated on 11th July 1986. It is manufacturer and supplier of vitamin d3, enzymes, lipase and bio-enzymes for environmental solutions waste water management and lake and pond bioremediation. As per financials of March 2017, the company has registered a growth of 8.25% in its revenue as compared to previous year’s revenue and has reported good profitability margin of 6.21% under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with strong debt coverage indicators and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its parent company and leadership position in the small, but growing market of Vitamin D3. Further, the company has reported earnings per share of INR 5.44 against its face value of INR 10. However, rating strengths is partially offset by the company’s exposure to intense competition in the active pharmaceutical ingredients and pharmaceutical contact manufacturing segments along with the vulnerability of its operating profitability to fluctuations in global Vitamin D3 prices and foreign exchange rates. Payment terms are seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
12.12.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
12.12.2017 |
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 09.02.2018
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-Cooperative (Tel No.: 91-22-67980888 / 67980800)
LOCATIONS
|
Registered Office : |
A-1501, Thane One, DIL Complex, Ghodbunder Road, Majiwada, Thane (West) - 400610, Maharashtra, India |
|
Tel. No.: |
91-22-67980888 / 67980800 |
|
Fax No.: |
91-22-67980999/
67980899 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Village Takoli, P. O. Nagwain, District Mandi – 175121, Himachal Pradesh,
India |
|
Tel. No.: |
91-1905-287246/ 48/ 49 |
|
Fax No.: |
91-1905-287250 |
|
|
|
|
Factory 2 : |
Plot No. Z109, B and C, Dahej SEZ, Village Dahej, Taluka - Vagara,
Bharuch – 392130, Gujarat, India |
|
Tel. No.: |
91-2641-291440/ 444 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Satish Varma Azad Nadimpally |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 1104, Quiscent Heights, Mindspace Link Road, Malad (West), Mumbai - 400064, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1970 |
|
Qualification: |
Computer Science |
|
Date of Appointment : |
01.05.2010 |
|
PAN No.: |
AAPPV6580K |
|
DIN No.: |
00003255 |
|
|
|
|
Name : |
Mrs. Anupama Datla Desai |
|
Designation : |
Whole-Time Director |
|
Address : |
A/802, Aditya Samarth, Ramdas Marg, Juhu Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1978 |
|
Qualification : |
Post Graduate in Biotechnology Science Graduate from The Boston College |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AEFPD0595N |
|
DIN No.: |
00217027 |
|
|
|
|
Name : |
Mr. Sanjay Ramakant Buch |
|
Designation : |
Director |
|
Address : |
7/31, Bandra Sona CHS. Complex, Krishna Chandra Marg, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1968 |
|
Qualification: |
B A Hons Economics |
|
Date of Appointment : |
27.09.2010 |
|
PAN No.: |
AAPPB5842A |
|
Voter ID : |
MT/08/036/099611 |
|
DIN No.: |
00391436 |
|
|
|
|
Name : |
Mr. Peter John Bains |
|
Designation : |
Director |
|
Address : |
Hutchins Barn, Forty Green Road, Knotty Green, HP9IXL, Beaconsfield, United Kingdom - 76152 |
|
Date of Birth/Age : |
26.07.1957 |
|
Qualification: |
BSc Combined Hons. Physiology/Zoology Sheffield University |
|
Date of Appointment : |
27.09.2010 |
|
DIN No.: |
00430937 |
|
|
|
|
Name : |
Mr. Krishna Vasantkumar Datla |
|
Designation : |
Director |
|
Address : |
42 – B, Dhananjay Presidency CHS JVPD Scheme, Juhu, Vile Parle, Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
17.12.1980 |
|
Qualification: |
B com |
|
Date of Appointment : |
01.02.2002 |
|
PAN No.: |
AEIPD5499Q |
|
DIN No.: |
00003247 |
|
|
|
|
Name : |
Mr. Gopakumar Gopalan Nair |
|
Designation : |
Director |
|
Address : |
C – 002/003, Gokul Plaza Thakur Complex Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1941 |
|
Qualification: |
PhD from National Chemical Laboratory (NCL), Diploma in Management and Patent Law and L.L.B. |
|
Date of Appointment : |
24.09.2014 |
|
PAN No.: |
AAAPN9727H |
|
DIN No.: |
00092637 |
KEY EXECUTIVES
|
Name : |
Mr. Varadvinayak Vijay Khambete |
|
Designation : |
Company Secretary |
|
Address : |
101, A-11, Happy Valley Homes Near Tukuji-Ni-Wadi, Manpada,
Thane (West) - 400 607, Thane - 400607, Maharashtra, India |
|
Date of Appointment : |
27.02.2017 |
|
PAN No.: |
BHHPK8180J |
|
|
|
|
Name : |
Mr. Prashant Prabhakar Nagre |
|
Designation : |
Chief Executive Officer |
|
Address : |
2102, Fiona, Hiranandani Estate, Ghodbunder Road, Thane (West) - 400607, Thane, 400607, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1970 |
|
Qualification : |
B. Pharma, Post Graduate Diploma in Foreign Trade, Post Graduate Diploma in International Trade, Masters in Management Science |
|
Date of Appointment : |
12.09.2013 |
|
PAN: |
AAKPN9407A |
|
|
|
|
Name : |
Mr. Amol Narayan Lone |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No. 504, Building No. 16, Galaxy, Highland Re Dhokali Road, Thane (West), 400607, Thane - 400607, Maharashtra, India |
|
Date of Appointment : |
01.06.2017 |
|
PAN No.: |
ACGPL7610R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Kumar Datla |
|
12 |
|
Duraiswamy Gunasheela Rajan |
|
12 |
|
O. Swaminatha Reddy |
|
12 |
|
DIL Limited, India |
|
12762464 |
|
V. R. Investment and Finance Private Limited, India |
|
15000 |
|
D. Rajeshwari |
|
90738 |
|
Govind Desai and Gunanath Govind Desai |
|
2500 |
|
Govind Desai and Damodar Govind Desai |
|
1000 |
|
Shaila G. Desai and Damodar Govind Desai |
|
1500 |
|
S. Krishnan * |
|
10 |
|
S C Uniyal |
|
10 |
|
Preeti Thakkar |
|
8412 |
|
Dupen Laboratories Private Limited, India |
|
100000 |
|
Kumar Subrmanian * |
|
10 |
|
S Raman * |
|
10 |
|
Prashant Kutty * |
|
20 |
|
DVK Investments Private Limited, India |
|
87024 |
|
K H Kashid * |
|
10 |
|
Krishna Datla |
|
10800 |
|
Satish Varma * |
|
10 |
|
Allegro Corporate Finance Advisors Private Limited, India |
|
789474 |
|
Fermenta Biotech Limited ESOP Trust, India ** |
|
488334 |
|
Srikant Sharma * |
|
10 |
|
Evolvence India Life Science Fund LLC, Mauritius |
|
3830072 |
|
Anupama Datla Desai |
|
5400 |
|
Total |
|
18192844 |
Note:
- *Share held
u/s, erstwhile 187C of the Companies Act, 1956 (no Section 89 of Companies
Act, 2013) in favour of DIL Limited.
- **Amount of INR
4.883 million recoverable from Fermenta Biotech Limited ESOP trust.
Equity Share Break up (Percentage of Total Equity)
As on 14.09.2017
|
Category |
Percentage |
|
Promoter (Individual/ Hindu Undivided
Family – Indian) |
0.06 |
|
Promoter (Bodies
corporate) |
70.15 |
|
Public/Other than promoters (Individual/ Hindu Undivided Family –
Indian) |
0.60 |
|
Public/Other than promoters (Bodies
corporate) |
26.50 |
|
Public/Other than promoters (Others - FBL ESOP Trust) |
2.69 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and marketing of chemicals, bulk drugs enzymes, pharmaceutical formulations and environmental solution products. |
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Products : |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
S R B C and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra, India. |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9117R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
|
|
|
|
|
Subsidiary company
: |
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
|
|
|
|
|
Other related
party: |
|
CAPITAL STRUCTURE
As on 14.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19010000 |
Equity Shares |
INR 10/- each |
INR 190.100 Million |
|
990000 |
Preference Shares |
INR 10/- each |
INR 9.900 Million |
|
|
Total
|
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18192844 |
Equity Shares |
INR 10/- each |
INR 181.928
Million |
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19010000 |
Equity Shares |
INR 10/- each |
INR 190.100 Million |
|
990000 |
Preference Shares |
INR 10/- each |
INR 9.900 Million |
|
|
Total
|
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18192844 |
Equity Shares |
INR 10/- each |
INR 181.928
Million |
|
|
Less: Calls Unpaid by Others |
|
INR 4.883
Million |
|
|
|
|
|
|
|
Total |
|
INR 177.045 Million |
FINANCIAL DATA
[all figures are
in 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 |
177.045 |
177.045 |
177.045 |
|
(b) Reserves and Surplus |
826.991 |
728.062 |
609.170 |
|
(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) |
1004.036 |
905.107 |
786.215 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
60.646 |
36.334 |
52.447 |
|
(b) Deferred tax liabilities (Net) |
27.248 |
39.953 |
31.613 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
19.245 |
14.376 |
13.473 |
|
Total Non-current
Liabilities (3) |
107.139 |
90.663 |
97.533 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
336.302 |
284.721 |
272.102 |
|
(b) Trade
payables |
271.921 |
180.356 |
150.832 |
|
(c) Other
current liabilities |
67.614 |
97.695 |
74.713 |
|
(d) Short-term provisions |
6.172 |
18.998 |
3.117 |
|
Total Current
Liabilities (4) |
682.009 |
581.770 |
500.764 |
|
|
|
|
|
|
TOTAL |
1793.184 |
1577.540 |
1384.512 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
742.348 |
680.485 |
721.379 |
|
(ii)
Intangible Assets |
5.012 |
8.048 |
9.469 |
|
(iii) Tangible assets
capital work-in-progress |
27.646 |
53.337 |
4.787 |
|
(iv)
Intangible assets under development |
14.252 |
0.300 |
5.276 |
|
(b) Non-current Investments |
18.662 |
18.662 |
18.662 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
35.802 |
35.701 |
15.465 |
|
(e) Other
Non-current assets |
0.000 |
0.070 |
0.168 |
|
Total Non-Current Assets |
843.722 |
796.603 |
775.206 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
387.459 |
248.378 |
210.217 |
|
(c) Trade
receivables |
446.219 |
433.829 |
353.791 |
|
(d) Cash and
bank balances |
11.449 |
8.449 |
3.435 |
|
(e)
Short-term loans and advances |
56.211 |
53.812 |
40.506 |
|
(f) Other
current assets |
48.124 |
36.469 |
1.357 |
|
Total
Current Assets |
949.462 |
780.937 |
609.306 |
|
|
|
|
|
|
TOTAL |
1793.184 |
1577.540 |
1384.512 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
1592.251 |
1470.959 |
1292.542 |
|
|
Other Income |
23.236 |
26.953 |
1.010 |
|
|
TOTAL |
1615.487 |
1497.912 |
1293.552 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
759.930 |
628.483 |
605.626 |
|
|
Purchases of
Stock-in-Trade |
2.221 |
16.011 |
8.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(78.944) |
(5.306) |
15.888 |
|
|
Employee benefit expense |
225.936 |
203.628 |
174.797 |
|
|
CSR expenditure |
0.829 |
0.190 |
0.696 |
|
|
Other expenses |
479.169 |
383.016 |
355.128 |
|
|
Prior period items before tax |
1.707 |
0.000 |
0.000 |
|
|
TOTAL |
1390.848 |
1226.022 |
1160.335 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
224.639 |
271.890 |
133.217 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
36.234 |
45.462 |
47.001 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
188.405 |
226.428 |
86.216 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
67.241 |
64.674 |
67.276 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
121.164 |
161.754 |
18.940 |
|
|
|
|
|
|
|
Less |
TAX |
22.235 |
42.862 |
15.680 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
98.929 |
118.892 |
3.260 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
537.846 |
418.954 |
416.870 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.176 |
|
|
Total |
0.000 |
0.000 |
1.176 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
636.775 |
537.846 |
418.954 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1193.967 |
1009.854 |
918.443 |
|
|
TOTAL
EARNINGS |
1193.967 |
1009.854 |
918.443 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
436.923 |
384.703 |
310.936 |
|
|
Components and Stores parts |
6.410 |
1.470 |
0.796 |
|
|
Capital Goods |
5.018 |
4.602 |
9.540 |
|
|
TOTAL
IMPORTS |
448.351 |
390.775 |
321.272 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.43 |
6.54 |
0.18 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
33.027 |
60.897 |
53.559 |
|
Net cash flows from (used in) operations |
135.031 |
150.529 |
174.603 |
|
Net cash flows from (used in) operating activities |
94.340 |
131.334 |
150.259 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
102.29 |
107.65 |
99.91 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.57 |
3.39 |
3.65 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
130.23 |
102.14 |
89.69 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.58 |
1.09 |
0.63 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.28 |
0.37 |
0.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.43 |
0.43 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.43 |
0.42 |
0.48 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.68 |
0.64 |
0.64 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.79 |
0.82 |
0.94 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.20 |
5.98 |
2.83 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.21 |
8.08 |
0.25 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.52 |
7.54 |
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
9.85 |
13.14 |
0.41 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.39 |
1.34 |
1.22 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.82 |
0.92 |
0.80 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.56 |
0.57 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.43 |
2.16 |
2.14 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.39 |
1.34 |
1.22 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
177.045 |
177.045 |
177.045 |
|
Reserves & Surplus |
609.170 |
728.062 |
826.991 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
786.215 |
905.107 |
1004.036 |
|
|
|
|
|
|
Long-term borrowings |
52.447 |
36.334 |
60.646 |
|
Short term borrowings |
272.102 |
284.721 |
336.302 |
|
Current maturities of
long-term debts |
53.559 |
60.897 |
33.027 |
|
Total
borrowings |
378.108 |
381.952 |
429.975 |
|
Debt/Equity
ratio |
0.481 |
0.422 |
0.428 |
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 |
1292.542 |
1470.959 |
1592.251 |
|
|
|
13.804 |
8.246 |
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 |
1292.542 |
1470.959 |
1592.251 |
|
Profit/ (Loss) |
3.260 |
118.892 |
98.929 |
|
|
0.25
% |
8.08
% |
6.21
% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
177.045 |
177.045 |
|
(b) Reserves & Surplus |
|
820.926 |
725.101 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Minority interest |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
997.971 |
902.146 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
60.646 |
36.334 |
|
(b) Deferred tax liabilities
(Net) |
|
27.311 |
40.025 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
19.245 |
14.376 |
|
Total
Non-current Liabilities (3) |
|
107.202 |
90.735 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
336.302 |
284.721 |
|
(b) Trade payables |
|
272.036 |
180.611 |
|
(c) Other current liabilities |
|
67.526 |
97.607 |
|
(d) Short-term provisions |
|
6.172 |
18.998 |
|
Total
Current Liabilities (4) |
|
682.036 |
581.937 |
|
|
|
|
|
|
TOTAL |
|
1787.209 |
1574.848 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
743.566 |
681.937 |
|
(ii) Intangible Assets |
|
13.104 |
18.268 |
|
(iii) Capital work-in-progress |
|
27.646 |
53.337 |
|
(iv) Intangible assets under
development |
|
14.252 |
0.300 |
|
(b) Non-current Investments |
|
0.200 |
0.200 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
35.176 |
35.075 |
|
(e) Other Non-current assets |
|
0.000 |
0.070 |
|
Total
Non-Current Assets |
|
833.944 |
789.187 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
387.459 |
248.378 |
|
(c) Trade receivables |
|
446.261 |
433.829 |
|
(d) Cash and cash equivalents |
|
15.146 |
13.108 |
|
(e) Short-term loans and
advances |
|
56.275 |
53.877 |
|
(f) Other current assets |
|
48.124 |
36.469 |
|
Total
Current Assets |
|
953.265 |
785.661 |
|
|
|
|
|
|
TOTAL |
|
1787.209 |
1574.848 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
1592.251 |
1470.959 |
|
|
Other Income |
|
23.236 |
27.067 |
|
|
TOTAL
|
|
1615.487 |
1498.026 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
759.930 |
628.483 |
|
|
Purchases of
Stock-in-Trade |
|
2.221 |
16.011 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(78.944) |
(5.306) |
|
|
Employee benefit expense |
|
225.936 |
203.628 |
|
|
CSR expenditure |
|
0.829 |
0.190 |
|
|
Other expenses |
|
479.949 |
383.187 |
|
|
Prior period items before tax |
|
1.707 |
0.000 |
|
|
TOTAL |
|
1391.628 |
1226.193 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
|
223.859 |
271.833 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
36.234 |
45.462 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
187.625 |
226.371 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
69.603 |
65.440 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
118.022 |
160.931 |
|
|
|
|
|
|
|
Less |
TAX |
|
22.227 |
42.856 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS) FOR PERIOD FROM CONTINUING OPERATIONS |
|
95.795 |
118.076 |
|
|
|
|
|
|
|
Add |
Minority
Interest |
|
0.030 |
0.036 |
|
|
|
|
|
|
|
|
TOTAL
PROFIT (LOSS) FOR PERIOD |
|
95.825 |
118.112 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
5.27 |
6.49 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
BACKGROUND:
The Company is a public company domiciled in India and incorporated under the Companies Act, 1956. The Company is engaged in the business of manufacturing and marketing of chemicals, bulk drugs enzymes, pharmaceutical formulations and environmental solution products. The Company caters to both domestic and international markets.
RESULTS FROM
OPERATIONS
In financial year 2016-17 ('FY 2016-17'), Company's Revenue on a standalone basis increased to INR 1615.487 million compared to INR 1497.912 million in the previous year i. e. financial year 2015-16 ('FY 2015-16').Profit before tax for FY 2016-17 was INR 121.164 million compared to 161.754 million for FY 2015-16.Profit after tax was INR 98.929 million for FY 2016-17 compared to INR 118.892 million for FY 2015-16.
RESEARCH AND
DEVELOPMENT EXPENDITURE
During the year research and development expenditure of INR 50.774 Million (2016 - INR 36.666 Million) (excluding interest and depreciation) has been charged to the statement of profit and loss. The capital expenditure in the current year on research and development amounts to INR 19.565 Million (2016 - INR 0.322 Million ).
UNSECURED LOAN
|
Particular |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
15.750 |
|
Loans repayable on demand from banks |
36.886 |
0.000 |
|
Total |
36.886 |
15.750 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G53339065 |
100122504 |
ICICI BANK LIMITED |
12/04/2017 |
- |
- |
2800000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD VADODARA-390007, GUJARAT,INDIA |
|
2 |
C71207880 |
10604514 |
UNION BANK OF INDIA |
03/11/2015 |
- |
- |
80000000.0 |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER,MANPADA,GHODBUNDER ROAD,MUMBAI-400607, MAHARASHTRA, INDIA |
|
3 |
C71203376 |
10604505 |
UNION BANK OF INDIA |
03/11/2015 |
- |
- |
30000000.0 |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER,MANPADA,GHODBUNDER ROAD,MUMBAI-400607, MAHARASHTRA, INDIA |
|
4 |
C15738917 |
10514062 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
17/07/2014 |
- |
- |
9000000.0 |
130, PANDURANG BUDHKAR MARG,WORLI MUMBAI-400018, MAHARASHTRA, INDIA |
|
5 |
B45355302 |
10369623 |
UNION BANK OF INDIA |
18/07/2012 |
- |
- |
20000000.0 |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER,MANPADA,GHODBUNDER ROAD,MUMBAI-400607, MAHARASHTRA, INDIA |
|
6 |
B56909914 |
10373704 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
16/07/2012 |
- |
- |
35000000.0 |
130, PANDURANG BUDHKAR MARG,WORLI MUMBAI-400018, MAHARASHTRA, INDIA |
|
7 |
G55543151 |
10311976 |
UNION BANK OF INDIA |
18/10/2011 |
12/09/2017 |
- |
390000000.0 |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER,MANPADA,GHODBUNDER ROAD,MUMBAI-400607, MAHARASHTRA, INDIA |
|
8 |
C03406105 |
10311912 |
UNION BANK OF INDIA Ghodbunder Road Branch, |
22/09/2011 |
28/03/2014 |
- |
60000000.0 |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER,MANPADA,GHODBUNDER ROAD, MUMBAI-400607, MAHARASHTRA, INDIA |
|
9 |
G54081773 |
10311913 |
UNION BANK OF INDIA |
22/09/2011 |
28/08/2017 |
- |
50000000.0 |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER,MANPADA,GHODBUNDER ROAD,MUMBAI-400607, MAHARASHTRA, INDIA |
|
10 |
G52783529 |
10330267 |
UNION BANK OF INDIA |
19/05/2011 |
18/08/2017 |
- |
529500000.0 |
GHODBUNDER ROAD BRANCH, SOLITAIRE TOWER,MANPADA,GHODBUNDER ROAD,MUMBAI-400607, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
9.426 |
6.299 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor 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 63.61 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.