|
|
|
MIRA INFORM REPORT
|
Report No. : |
491457 |
|
Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ISHITA DRUGS AND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Survey No.179/1, Vasna – Iyava, Sarkhej Viramgam Highway, Taluka
Sanand, Ahmedabad – 382210, Gujarat |
|
Tel No.: |
91-79-26468353/7886 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
05.02.1992 |
|
|
|
|
Com. Reg. No.: |
04-017054 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 29.903 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231GJ1992PLC017054 |
|
|
|
|
IEC No.: |
0894000314 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI3630B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing of various APIs (Active Pharma Ingredients) and Drug Intermediates. (Registered Activity) |
|
|
|
|
No. of
Employees: |
16 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 166000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1992. It is engaged in
manufacturing, exporting and importing of bulk drugs. For the financial year ended 2017, the company has reported a decline
in its revenue as compared to the previous year but has managed to maintain
an average net profit margin of 2.83%. The moderate financial position of the company is marked by low
reserve base as compared to its capital along with modest liquidity position
and negligible debt level. Business is active. Payment seems to be slow but correct. The company can be considered for business dealings with some caution. |
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 (31.03.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 10.02.2018.
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.
LOCATIONS
|
Registered Office / Factory: |
Survey No.179/1, Vasna – Iyava, Sarkhej Viramgam Highway, Taluka
Sanand, Ahmedabad – 382210, Gujarat, India |
|
Tel. No.: |
91-79-26468353/7886 |
|
Mobile No.: |
91-9687052936 (Mr. Sumit Agarwal) |
|
Fax No.: |
91-79-26404961 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
401, 3rd EYE - II, Opposite Parimal Garden,
C.G. Road, Ahmedabad - 380 006, Gujarat, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Govind Gupta |
|
Designation : |
Director |
|
Address : |
23, Amra Shagan Near Ramdevnagar Char Rasta, Ahmedabad – 380054, Gujarat,
India |
|
Date of Birth/Age : |
02.12.1947 |
|
Date of Appointment : |
20.05.1992 |
|
DIN No.: |
00052690 |
|
|
|
|
Name : |
Mr. Prakash Ranjan Rastogi |
|
Designation : |
Director |
|
Address : |
2, Blooming Heights, 1st Floor, Pali Hill Road, Bandra
(West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
31.07.1944 |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00110862 |
|
|
|
|
Name : |
Dr. Shyamkumar Omprakash Agarwal |
|
Designation : |
Director |
|
Address : |
601, 6th Floor, Little Heights, Chimbai Road, Bandra
(West) Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
20.05.1992 |
|
DIN No.: |
00808820 |
|
|
|
|
Name : |
Mr. Jagdishprasad Gokulchand Agrawal |
|
Designation : |
Managing Director |
|
Address : |
Kanchanjangha, 18/1, Mahalaxmi Society, Paldi, Ahmedabad – 380007,
Gujarat, India |
|
Date of Birth/Age : |
10.10.1947 |
|
Date of Appointment : |
05.02.1992 |
|
DIN No.: |
01031687 |
|
|
|
|
Name : |
Mrs. Abha Jagdishprasad Agrawal |
|
Designation : |
Director |
|
Address : |
Kanchanjangha, 18/1, Mahalaxmi Society, Paldi, Ahmedabad – 380007,
Gujarat, India |
|
Date of Birth/Age : |
12.02.1951 |
|
Date of Appointment : |
05.02.1992 |
|
DIN No.: |
01589479 |
|
|
|
|
Name : |
Mr. Niranjan Agarwal |
|
Designation : |
Director |
|
Address : |
B-1002, Rosewood Estate, Opposite Prerna Tirth Bunglow-1, Satellite
Road, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
04.02.1946 |
|
Date of Appointment : |
25.01.2013 |
|
DIN No.: |
06503361 |
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 |
1406881 |
47.05 |
|
|
(B) Public |
1583419 |
52.95 |
|
|
Grand Total |
2990300 |
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 |
979581 |
32.76 |
|
|
SUMIT AGRAWAL |
239719 |
8.02 |
|
|
SHRI JAGDISH AGRAWAL |
232913 |
7.79 |
|
|
ABHA AGRAWAL |
138259 |
4.62 |
|
|
DIVYA SUMIT AGRAWAL |
89150 |
2.98 |
|
|
AGRAWAL JAGDISHPRASAD G |
85000 |
2.84 |
|
|
SUMIT AGRAWAL(HUF) |
60000 |
2.01 |
|
|
MRS ANJALI AGRAWAL |
51500 |
1.72 |
|
|
VIRENDRA AGRAWAL |
35150 |
1.18 |
|
|
ISHITA AGRAWAL |
25140 |
0.84 |
|
|
MRS SUMAN AGRAWAL |
12000 |
0.40 |
|
|
MRS PRATIBHA AGRAWAL |
10000 |
0.33 |
|
|
MAHESH AGRAWAL |
750 |
0.03 |
|
|
Any Other (specify) |
427300 |
14.29 |
|
|
UMANG FINANCIAL SERVICES
LIMITED |
297300 |
9.94 |
|
|
ISHITA OVERSEAS PRIVATE
LIMITED |
130000 |
4.35 |
|
|
Sub Total A1 |
1406881 |
47.05 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
1406881 |
47.05 |
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 |
|
||
|
B2) Central Government/
State Government(s)/ President of India |
|
||
|
B3) Non-Institutions |
|
||
|
Individual share capital
upto INR 0.200 Million |
1174030 |
39.26 |
|
|
Individual share capital
in excess of INR 0.200 Million |
211050 |
7.06 |
|
|
Neka Dipak Shah |
30000 |
1.00 |
|
|
Rishabh Kamlesh Jhaveri |
55204 |
1.85 |
|
|
Sangeetha S |
50000 |
1.67 |
|
|
Nbfcs Registered With RBI |
11500 |
0.38 |
|
|
Any Other (Specify) |
186839 |
6.25 |
|
|
Bodies Corporate |
99138 |
3.32 |
|
|
Forever Merchants Private
Limited |
71490 |
2.39 |
|
|
Clearing Members |
5880 |
0.20 |
|
|
Nri – Non- Repat |
30536 |
1.02 |
|
|
Samu Salahudeen Maricar |
30400 |
1.02 |
|
|
NRI |
51185 |
1.71 |
|
|
MOHAMMAD ALI |
34378 |
1.15 |
|
|
Trusts |
100 |
0.00 |
|
|
Sub Total B3 |
1583419 |
52.95 |
|
|
B=B1+B2+B3 |
1583419 |
52.95 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing of various APIs (Active Pharma Ingredients) and Drug Intermediates. (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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|
|
|
||||
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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 : |
16 (Approximately) |
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|
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|
Bankers: |
· Corporation Bank · ICICI Bank Limited · Punjab National Bank |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Kishor and Goyal Company Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Secretarial Auditor : |
Meenu Maheshwari and Associates Company Secretaries |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other Related
Parties : |
· Ishita Pharmaceuticals · J and J Chemicals · Anvi Lifesciences Private Limited · Umang Financial Services Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
INR 10/- each |
INR 35.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2990300 |
Equity Shares |
INR 10/- each |
INR 29.903
Million |
|
|
|
|
|
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 |
29.903 |
29.903 |
29.903 |
|
(b) Reserves &
Surplus |
28.243 |
26.418 |
25.047 |
|
(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) |
58.146 |
56.321 |
54.950 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.247 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.849 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.639 |
0.744 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.639 |
0.744 |
1.096 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.072 |
11.065 |
0.000 |
|
(b) Trade payables |
11.817 |
12.578 |
11.159 |
|
(c) Other current
liabilities |
0.062 |
0.330 |
0.804 |
|
(d) Short-term provisions |
0.909 |
0.864 |
1.504 |
|
Total Current Liabilities
(4) |
12.860 |
24.837 |
13.467 |
|
|
|
|
|
|
TOTAL |
71.645 |
81.902 |
69.513 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10.171 |
11.133 |
12.585 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.592 |
1.537 |
1.537 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.499 |
0.498 |
0.493 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
12.262 |
13.168 |
14.615 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
25.361 |
20.002 |
16.654 |
|
(b) Inventories |
5.616 |
7.655 |
13.069 |
|
(c) Trade receivables |
17.041 |
18.808 |
12.549 |
|
(d) Cash and cash
equivalents |
11.124 |
21.945 |
11.425 |
|
(e) Short-term loans and
advances |
0.089 |
0.178 |
1.053 |
|
(f) Other current assets |
0.152 |
0.146 |
0.148 |
|
Total Current Assets |
59.383 |
68.734 |
54.898 |
|
|
|
|
|
|
TOTAL |
71.645 |
81.902 |
69.513 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
64.396 |
71.017 |
75.362 |
|
|
Other Income |
0.810 |
1.276 |
1.73 |
|
|
TOTAL |
65.206 |
72.293 |
77.092 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
36.902 |
49.192 |
46.081 |
|
|
Purchases of Stock-in-Trade |
1.547 |
2.530 |
6.118 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.274 |
(1.247) |
(0.509) |
|
|
Employees benefits
expense |
6.917 |
6.506 |
6.627 |
|
|
Other expenses |
14.151 |
11.287 |
13.945 |
|
|
TOTAL |
60.791 |
68.268 |
72.262 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
4.415 |
4.025 |
4.830 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.446 |
0.558 |
0.42 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
3.969 |
3.467 |
4.410 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.399 |
1.541 |
1.527 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2.570 |
1.926 |
2.883 |
|
|
|
|
|
|
|
Less |
TAX |
0.745 |
0.554 |
0.667 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1.825 |
1.372 |
2.216 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
15.589 |
19.332 |
17.129 |
|
|
TOTAL IMPORTS |
15.589 |
19.332 |
17.129 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
0.61 |
0.46 |
0.74 |
|
|
Diluted |
0.61 |
0.46 |
0.74 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.247 |
0.698 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
2.609 |
1.132 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
14.120 |
19.450 |
|
Total Expenditure |
|
12.650 |
18.910 |
|
PBIDT (Excluding Other Income) |
|
1.470 |
0.540 |
|
Other income |
|
(0.290) |
0.510 |
|
Operating Profit |
|
1.180 |
1.050 |
|
Interest |
|
0.090 |
0.060 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
1.090 |
0.990 |
|
Depreciation |
|
0.400 |
0.300 |
|
Profit Before Tax |
|
0.690 |
0.690 |
|
Tax |
|
0.190 |
0.170 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit after tax |
|
0.500 |
0.520 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
0.500 |
0.520 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
96.59 |
96.67 |
60.78 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.78 |
3.78 |
6.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
112.18 |
88.76 |
78.03 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.79 |
0.53 |
0.37 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.43 |
0.36 |
0.38 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.18 |
0.31 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.20 |
0.02 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.22 |
0.44 |
0.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.17 |
0.20 |
0.23 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
9.90 |
7.21 |
11.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
2.83 |
1.93 |
2.94 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.55 |
1.68 |
3.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.14 |
2.44 |
4.03 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
4.62 |
2.77 |
4.08 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
4.18 |
2.46 |
3.11 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.81 |
0.69 |
0.79 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.38 |
0.03 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
4.62 |
2.77 |
4.08 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 21.80/- |
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 |
29.903 |
29.903 |
29.903 |
|
Reserves & Surplus |
25.047 |
26.418 |
28.243 |
|
Net
worth |
54.950 |
56.321 |
58.146 |
|
|
|
|
|
|
long-term borrowings |
0.247 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
11.065 |
0.072 |
|
Current Maturities of Long
term debt |
0.698 |
0.247 |
0.000 |
|
Total
borrowings |
0.945 |
11.312 |
0.072 |
|
Debt/Equity
ratio |
0.017 |
0.201 |
0.001 |
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
|
75.362 |
71.017 |
64.396 |
|
|
|
(5.766) |
(9.323) |
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
|
75.362 |
71.017 |
64.396 |
|
Profit |
2.216 |
1.372 |
1.825 |
|
|
2.94% |
1.93% |
2.83% |
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 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GENERAL INFORMATION ABOUT
THE COMPANY
The company is engaged in the business of manufacturing of various APIs (Active Pharma Ingredients) and drug intermediates. It has built up a reputation as a manufacturer of “high quality” products and is known for its ethical dealings in business. The company supplies its products to leading pharmaceutical companies of India. The products are also being exported to various countries across the world.
NATURE OF THE
INDUSTRY
The Indian API industry has been facing a challenging business environment for last few years. With opening up of the Indian markets and signing of the WTO arrangement, the imported APIs and Intermediates became available at a very competitive price. This impacted the indigenous API and Intermediates manufacturers, who could not compete with the imported pricing. The Indian API industry has also been affected by stringent pollution
control norms. Presently, almost 60-70% of total APIs consumed in India are imported. Over a period of time, the manufacturing capabilities & capacities for APIs in India has gone down. However, the present Govt. has recognized this fact and has affirmed its commitment to encourage domestic API industry by introducing special measures for its development.
BUSINESS OPERATIONS
AND FINANCIAL PERFORMANCE
The economic and business environment in India, as well as other parts of the world, during the year , did not improve as anticipated. There were also temporary disruption and slowdown in certain segments of industry due to the demonetisation initiative of the Govt. of India. All such factors contributed to a decline in the total revenues of the company from INR 72.293 million in the previous year to INR 65.206 million in the year .
Despite the decline in revenues, the company was able to improve its operating profits from INR 4.025 million in the previous year to INR 4.416 lakh during the year, mainly due to lower raw material costs. The net profit of the company during the year also improved to INR 1.825 million compared to profit of INR 1.372 million in the previous year, due to reduced finance and depreciation costs.
As part of its strategy to increase exports to unregul ated and semiregulated markets, the company participated in the EXPO-cumBSM at Myanmar organised by PHARMEXCIL during 29th – 30th March 2017. The company got a good response at the Expo and they hope that it may lead to some business with Myanmar and other South East Asian Countries in the near future.
FUTURE OUTLOOK
The GST Bill has been passed by the Parliament of India and would be implemented most likely from July 1, 2017. While there may be a short term slowdown due to teething issues with the implementation, they hope that it would lead to long term growth for industry. The Board is of the opinion that due to availability of credit on various inter-state purchases and expenses which were not previously available, the operating margins may get improved.
The Govt. of India (GoI) has recognised that India's Active Pharma Ingredients (API) industry has been facing problems in the past few years and India's dependence on Chinese imports for its API requirements has been increasing to almost 60-80%. The GoI is considering taking measures to encourage local API industry and if such steps are implemented, the Company would benefit and be in a position to improve its performance.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 2017
(INR in Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Half Year
Ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
19.454 |
14.122 |
33.576 |
|
Other Operating Income |
0.507 |
(0.291) |
0.216 |
|
Total
Income from Operations |
19.961 |
13.831 |
33.792 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
11.909 |
7.587 |
19.497 |
|
Purchase of Stock in Trade |
0.928 |
0.000 |
0.928 |
|
Changes in inventories of finished goods and
work-in-progress |
1.837 |
(0.442) |
1.395 |
|
Employee benefits expense |
1.996 |
1.992 |
3.987 |
|
Finance cost |
0.055 |
0.094 |
0.149 |
|
Depreciation and Amortization expenses |
0.300 |
0.400 |
0.700 |
|
Other Expenditure |
2.249 |
3.512 |
5.760 |
|
Total
Expenses |
19.274 |
13.143 |
32.416 |
|
Profit
/ (Loss) from ordinary activities before Exceptional items |
0.687 |
0.688 |
1.376 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit
/ (Loss) before Tax |
0.687 |
0.688 |
1.376 |
|
Tax Expense |
0.171 |
0.189 |
0.360 |
|
Profit
/ (Loss) after Tax |
0.516 |
0.500 |
1.016 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
29.903 |
29.903 |
29.903 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic
|
0.17 |
0.17 |
0.34 |
|
Diluted
|
0.17 |
0.17 |
0.34 |
Note:
1. The above financial Results were reviewed by the Audit Committee and thereafter were approved and taken on record by the Board of Directors in their meeting held on November 13, 2017.
2. The Limited Review of the results has been completed by the Statutory
Auditors of the Company.
3. At per Indian Accounting Standard (Ind AS) "Operating Segment",
the Company's business falls within a single business segment viz
"Pharmaceutical Business".
4. The Financial results for the quarter ended 30th June, 2016 are also Ind AS
compliant. The Management has exercised necessary due diligence to ensure that
the financial results give a true and fair view. This information has not been
subjected to limited review or audit.
5. Previous quarter's amounts have been re-grouped/re-classified, wherever
considered necessary to make them comparable with those of the current quarter.
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
29.903 |
|
(b) Reserves &
Surplus |
|
|
29.429 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
59.332 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.640 |
|
(c) Other long term
liabilities |
|
|
(0.717) |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
(0.077) |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1.459 |
|
(b) Trade payables |
|
|
9.711 |
|
(c) Other current
liabilities |
|
|
1.646 |
|
(d) Short-term provisions |
|
|
1.454 |
|
Total Current Liabilities
(4) |
|
|
14.270 |
|
|
|
|
|
|
TOTAL |
|
|
73.525 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
10.258 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
1.592 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current
assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
11.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
17.061 |
|
(b) Inventories |
|
|
10.662 |
|
(c) Trade receivables |
|
|
20.342 |
|
(d) Cash and cash
equivalents |
|
|
3.883 |
|
(e) Short-term loans and
advances |
|
|
1.528 |
|
(f) Other current assets |
|
|
8.199 |
|
Total Current Assets |
|
|
61.675 |
|
|
|
|
|
|
TOTAL |
|
|
73.525 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
A16166993 |
10061029 |
CORPORATION BANK |
10/05/2007 |
17500000.0 |
NEAR HEAD POST OFFICE, NAVRANG PURA, AHMEDABAD – 380009, GUJARAT, INDIA |
FIXED ASSETS:
Tangible Assets
· Factory Land
· Plant and Machinery
· Laboratory Equipment
· Cylinders
· Effluent Treatment Plant
· Factory Building
· Office Building
· Furniture and Fixtures
· Office Equipment
· Computers
· 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 64.37 |
|
|
1 |
INR 78.89 |
|
Euro |
1 |
INR 89.71 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
PJY |
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 |
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.