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|
MIRA INFORM REPORT
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Report No. : |
492170 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
NORRIS MEDICINES LIMITED |
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|
|
|
Registered
Office : |
Plot No. 801/P, Plot No. 901/3-5, GIDC, Industrial Estate, Ankleshwar, Bharuch – 393002, Gujarat |
|
Tel. No.: |
91-2646-223462 / 227530 |
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|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
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|
Date of
Incorporation : |
07.09.1990 |
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|
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Com. Reg. No.: |
04-086581 |
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|
|
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Capital Investment
/ Paid-up Capital : |
INR 99.258 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1990PLC086581 |
|
|
|
|
IEC No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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GSTIN : |
Not Divulged |
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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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|
|
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Line of Business
: |
Manufacture of Pharmaceuticals, Medicinal Chemical and Botanical Products. (Registered activity) |
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No. of Employees
: |
81 (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 100000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1990 and it is engaged as manufacturer of pharmaceutical medicines. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year but has incurred losses during the year. Rating takes into account the company’s moderate financial risk profile marked by negative reserve level and weak cash accruals. It is noted that the subject has been suspended to trade by SEBI dated on 13th May 2002 due to penal reason. Further, rating gets constrained on account of heavy losses recorded and company’s presence in highly fragmented and competitive pharmaceutical industry. Further, as quarterly results of December 2017, the company has registered a loss of 5.102 million along with deteriorated revenues. However, rating gets partially offset by its long track record of its business operation. Payments seems to be slow but correct. In view of aforesaid, 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 16.02.2018
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 BY
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-2646-223462)
LOCATIONS
|
Registered Office / Factory : |
Plot No. 801/P, Plot No. 901/3-5, GIDC, Industrial Estate, Ankleshwar, Bharuch – 393002, Gujarat |
|
Tel. No.: |
91-2646-223462 / 227530 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sanjiv Kumar Shah |
|
Designation : |
Director |
|
Address : |
No. 80, Adarsh Apartments Vepery High Road, Chennai – 600007,
Tamilnadu, India |
|
Date of Appointment : |
20.02.2012 |
|
DIN No.: |
00534775 |
|
|
|
|
Name : |
Mr. Mammen Jacob |
|
Designation : |
Director |
|
Address : |
Pallathusseril Thiruvathukkal, Kottayam - 686003, Kerala, India |
|
Date of Appointment : |
10.06.2013 |
|
DIN No.: |
00778442 |
|
|
|
|
Name : |
Mr. Navnit Jethabhai Patel |
|
Designation : |
Director |
|
Address : |
9, Shanshkar Bhavan, Navjeevan Co-Operative HSG SOC, GIDC Estate,
Ankleshwar – 393002, Gujarat, India |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
Diploma Electrical |
|
Date of Appointment : |
29.09.1990 |
|
DIN No.: |
01192209 |
|
|
|
|
Name : |
Mr. Vimal Dhirendra Shah |
|
Designation : |
Managing Director |
|
Address : |
60/109, E.V.K Sampath Road, Vepery, Chennai – 600007, Tamilnadu, India |
|
Date of Birth/Age : |
06.12.1976 |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment : |
20.02.2012 |
|
DIN No.: |
01506655 |
|
|
|
|
Name : |
Mr. Hiten Mukundbhai Parikh |
|
Designation : |
Director |
|
Address : |
Shreeji Sadan 31 Surel, Near Judjes Blow, Ahmedabad – 380015, Gujarat,
India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
01686215 |
|
|
|
|
Name : |
Mrs. Seema Shukla |
|
Designation : |
Wholetime Director |
|
Address : |
A, Floor-0, 1/2 Navjivan Society, Near Uday Colony, Near Gattu Road,
GIDC Estate, Ankleshwar – 393002, Gujarat, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
07145616 |
KEY EXECUTIVES
|
Name : |
Mr. Iqubal Ismail Patel |
|
Designation : |
Chief Financial Officer |
|
Address : |
At Luwara Mota Falia, Vil. Luwara, Bharuch - 392210, Gujarat, India |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
B.Com |
|
Date of Appointment : |
31.03.2015 |
|
PAN No.: |
AKBPP7575L |
|
|
|
|
Name : |
Mr. Vinay Rana [from 03/02/2017] |
|
Designation : |
Company Secretary |
|
Address : |
1, Madhuram Society, Behind Shaktinath Mahadev Temple, Shaktinath,
Bharuch – 392001, Gujarat, India |
|
Date of Appointment : |
03.02.2017 |
|
PAN No.: |
AOYPR2341K |
|
|
|
|
Name : |
Mr. Pratik Christian [ up to 14/11/2016] |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
Promoter and Promoter Group |
3404631 |
34.04 |
|
|
Public |
6596069 |
65.96 |
|
|
Grand Total |
10000700 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
2404631 |
24.04 |
|
|
NAVNIT JETHABHAI PATEL |
2364281 |
23.64 |
|
|
VIMAL DHIRENDRA SHAH |
34350 |
0.34 |
|
|
MILIND L. UPADHYAYA |
1500 |
0.01 |
|
|
NIMISH B. THAKORE |
4500 |
0.04 |
|
|
Any Other (specify) |
1000000 |
10.00 |
|
|
NAVSARJAN INVESTMENT & TRADING PVT |
1000000 |
10.00 |
|
|
Sub Total A1 |
3404631 |
34.04 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
3404631 |
34.04 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
510 |
0.01 |
|
|
Financial Institutions/ Banks |
6420 |
0.06 |
|
|
Sub Total B1 |
6930 |
0.07 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
2045766 |
20.46 |
|
|
Any Other (specify) |
4543373 |
45.43 |
|
|
NRI – Repat |
33360 |
0.33 |
|
|
NRI – Non- Repat |
16305 |
0.16 |
|
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Overseas corporate bodies |
27150 |
0.27 |
|
|
Trusts |
60 |
0.00 |
|
|
HUF |
11930 |
0.12 |
|
|
Clearing Members |
189879 |
1.90 |
|
|
LKP SECURITIES LIMITED |
150000 |
1.50 |
|
|
Bodies Corporate |
4264689 |
42.64 |
|
|
FAB METALS PRIVATE LIMITED |
4199259 |
41.99 |
|
|
Sub Total B3 |
6589139 |
65.89 |
|
|
B=B1+B2+B3 |
6596069 |
65.96 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Pharmaceuticals, Medicinal Chemical and Botanical Products. (Registered activity) |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
81 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : SHORT-TERM
BORROWINGS Working Capital Loan from City Union Bank is secured by hypothecation of Current Assets of the company and is further secured by equitable mortgage of Plot no. 802, GIDC Industrial Estate, Ankleswar. The loan is further secured by personal guarantee of the Managing Director of the company. |
|
Auditors : |
|
|
Name : |
Harish Jadav Chartered Accountants |
|
Address : |
C-24, Ground Floor, Sardar Patel Municipal Markel, Shaktinalh, Bharuch – 392001, Gujarat, India |
|
Tel. No.: |
91-2642-263302 |
|
Mobile No.: |
91-9824125540 |
|
E-Mail : |
|
|
Membership No.: |
040525 |
|
|
|
|
Statutory Auditors
: |
|
|
Name : |
Minu Modi and Co. Chartered Accountants |
|
Address : |
232, Rangoli Complex, Above Hotel Nilam, Station Road, Bharuch – 392002, Gujarat, India |
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
D. R. Desai Practicing Company Secretaries |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Dhiren Y Parikh and Co Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10100000 |
Equity Shares |
INR 10/- each |
INR 101.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000700 |
Equity Shares |
INR 10/- each |
INR 100.007
Million |
|
|
Less: Calls unpaid |
|
INR 0.749
Million |
|
|
Total |
|
INR 99.258 Million |
The details of
Shareholders holding more than 5% shares:
|
Name of Shareholder |
As at 31st March 2017 |
|
|
|
No. of Shares |
% held |
|
Fab Metals Private Limited |
4199259 |
41.99% |
|
N J Patel and Vimal D Shah |
2364281 |
23.64% |
|
Navsarjan Investment and Trading Private Limited |
1000000 |
10.00% |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
99.258 |
99.258 |
99.258 |
|
(b) Reserves & Surplus |
(53.642) |
(45.969) |
(46.348) |
|
(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) |
45.616 |
53.289 |
52.910 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
75.700 |
74.893 |
74.893 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
75.700 |
74.893 |
74.893 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
37.072 |
0.231 |
6.732 |
|
(b) Trade payables |
35.699 |
25.378 |
27.916 |
|
(c) Other current liabilities |
19.637 |
18.702 |
9.801 |
|
(d) Short-term provisions |
6.714 |
6.553 |
9.284 |
|
Total
Current Liabilities (4) |
99.122 |
50.864 |
53.733 |
|
|
|
|
|
|
TOTAL |
220.438 |
179.046 |
181.536 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
99.714 |
83.360 |
86.106 |
|
(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 |
0.089 |
0.089 |
0.089 |
|
(c) Deferred tax assets (net) |
18.109 |
13.952 |
12.202 |
|
(d) Long-term Loan and Advances |
11.956 |
13.769 |
13.240 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
129.868 |
111.170 |
111.637 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
36.890 |
34.195 |
25.003 |
|
(c) Trade receivables |
47.247 |
27.736 |
37.651 |
|
(d) Cash and cash equivalents |
0.465 |
(1.076 |
1.999 |
|
(e) Short-term loans and
advances |
5.968 |
7.021 |
5.246 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
90.570 |
67.876 |
69.899 |
|
|
|
|
|
|
TOTAL |
220.438 |
179.046 |
181.536 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
204.568 |
188.563 |
186.779 |
|
|
Other Income |
1.397 |
2.968 |
1.525 |
|
|
TOTAL
|
205.965 |
191.531 |
188.304 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
105.204 |
95.936 |
91.334 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(1.196) |
(2.939) |
(0.132) |
|
|
Employees benefits expense |
53.079 |
48.353 |
40.836 |
|
|
Other expenses |
48.236 |
38.869 |
37.694 |
|
|
TOTAL |
205.323 |
180.219 |
169.732 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
0.642 |
11.312 |
18.572 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.012 |
6.703 |
5.381 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(5.370 |
4.609 |
13.191 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
6.460 |
5.981 |
13.123 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(11.830) |
(1.372) |
0.068 |
|
|
|
|
|
|
|
Less |
TAX |
(4.157) |
(1.750) |
10.504 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(7.673) |
0.378 |
(10.436) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(34.306) |
(34.684) |
(54.250) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(41.979) |
(34.306) |
(34.684) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2.642 |
10.884 |
4.692 |
|
|
TOTAL
EARNINGS |
2.642 |
10.884 |
4.692 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.859 |
0.000 |
|
|
TOTAL
IMPORTS |
0.000 |
0.859 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(1.18) |
(0.14) |
(1.04) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.498 |
0.000 |
0.000 |
|
Cash generated from operations |
(9.735) |
2.580 |
(11.650) |
|
Net cash flow from operating activity |
(9.618) |
13.484 |
(14.289) |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
30.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
35.090 |
32.360 |
36.750 |
|
Total Expenditure |
40.870 |
40.650 |
38.570 |
|
PBIDT (Excl OI) |
(5.780) |
(8.290) |
(1.820) |
|
Other Income |
0.060 |
0.080 |
0.270 |
|
Operating Profit |
(5.720) |
(8.210) |
(1.550) |
|
Interest |
1.730 |
1.930 |
1.930 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(7.450) |
(10.140) |
(3.480) |
|
Depreciation |
1.620 |
1.620 |
1.620 |
|
Profit Before Tax |
(9.070) |
(11.760) |
(5.100) |
|
Tax |
NA |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(9.070) |
(11.760) |
(5.100) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(9.070) |
(11.760) |
(5.100) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
84.30 |
53.69 |
73.58 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.33 |
6.80 |
4.96 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
123.86 |
96.55 |
111.56 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.02 |
0.33 |
0.74 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.01 |
0.14 |
0.22 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.79 |
0.70 |
0.71 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
2.47 |
1.41 |
1.54 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.17 |
0.95 |
1.02 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
2.19 |
1.56 |
1.63 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.11 |
1.69 |
3.45 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
(3.75) |
0.20 |
(5.59) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(3.48) |
0.21 |
(5.75) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(16.82) |
0.71 |
(19.72) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.91 |
1.33 |
1.30 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.54 |
0.66 |
0.84 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.21 |
0.30 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.14 |
0.76 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.91 |
1.33 |
1.30 |
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 |
99.258 |
99.258 |
99.258 |
|
Reserves & Surplus |
(46.348) |
(45.969) |
(53.642) |
|
Net
worth |
52.910 |
53.289 |
45.616 |
|
|
|
|
|
|
Long Term borrowings |
74.893 |
74.893 |
75.700 |
|
Short Term borrowings |
6.732 |
0.231 |
37.072 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.498 |
|
Total
borrowings |
81.625 |
75.124 |
112.772 |
|
Debt/Equity
ratio |
1.543 |
1.410 |
2.472 |
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
|
186.779 |
188.563 |
204.568 |
|
|
|
0.955 |
8.488 |
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
|
186.779 |
188.563 |
204.568 |
|
Profit
/ (Loss) |
(10.436) |
0.378 |
(7.673) |
|
|
(5.59%) |
0.20% |
(3.75%) |
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 |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS AND STATE OF
AFFAIRS OF THE COMPANY
The Company recorded total sales and other income for approx INR 205.965 Million. During the year, Company registered increase of INR 14.434 Million. The Company has made loss of INR 5.370 Million before depreciation.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
36.751 |
32.363 |
104.139 |
|
|
|
b) Other Operating Income |
0.271 |
0.082 |
0.411 |
|
|
Total Income from
Operations (Net) |
37.022 |
32.445 |
104.550 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
19.447 |
18.321 |
50.062 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
0.174 |
1.904 |
6.701 |
|
|
c) |
Employee benefit expenses |
12.123 |
11.926 |
37.861 |
|
|
d) |
Finance Costs |
1.927 |
1.933 |
5.594 |
|
|
e) |
Depreciation and amortization expense |
1.615 |
1.615 |
4.845 |
|
|
f) |
Other expenses |
6.838 |
8.501 |
25.625 |
|
|
Total Expenses |
42.124 |
44.200 |
130.688 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
(5.102) |
(11.755) |
(26.138) |
|
|
4 |
Tax Expense |
0.000 |
0.000 |
0.000 |
|
|
5 |
Net Profit for the
period after tax |
(5.102) |
(11.755) |
(26.138) |
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Income |
(51.102) |
(11.755) |
(26.138) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.51) |
(1.18) |
(2.61) |
|
NOTE :
- The above Unaudited Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their respite meeting held on 10.02.2018.
- The Company is having one
segment only and therefore Segmental Reporting is not applicable.
- The above Results hve been prepared in accordance with lnd AS as prescribed under section 133 of the the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SESI (LODR) Regulation. 2015 and SEBI Circular dated 05.07.2016
Reconciliation of Net Profit between Previous GAAP and Ind AS:
- There are no exceptional I extraordinary items during the quarter ended 31.12.2017
UNSECURED LOAN
(INR
in Million)
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
From Shareholders, Corporate Bodies and others |
74.893 |
74.893 |
|
|
|
|
|
Total |
74.893 |
74.893 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G08262578 |
10510391 |
CITY UNION BANK LIMITED |
27/06/2014 |
19/07/2016 |
- |
30000000.0 |
S A Motors Building, Plot No. 73/P GIDC Estate, Old National Highway No. 8, Ankleshwar – 393002, Gujarat, India |
|
2 |
B75841312 |
80026576 |
DENA BANK |
01/11/1995 |
17/02/2007 |
21/05/2013 |
77500000.0 |
G.I.D.C., ANKLESHWAR BRANCH, Ankleshwar – 382445, Gujarat, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Central Excise Dept. imposed a Duty |
2.454 |
2.454 |
|
Central Excise Dept. imposed a Penalty |
2.500 |
2.500 |
|
Central Sales Tax |
0.000 |
1.161 |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture, Fixture and Other Equipments
- Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.93 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.