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|
|
MIRA INFORM REPORT
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Report No. : |
488132 |
|
Report Date : |
24.01.2017 |
IDENTIFICATION DETAILS
|
Name : |
MANGALAM DRUGS AND ORGANICS LIMITED (w.e.f. 22.09.1997) |
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Formerly Known
As : |
MANGALAM DRUGS AND ORGANICS PRIVATE LIMITED (w.e.f. 01.07.1997) ADVENT PHARMA PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Rupam Building, 239, P D’Mello Road, Mumbai –
400001, Maharashtra |
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Tel. No.: |
91-22-22616200 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
18.04.1972 |
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Com. Reg. No.: |
11-116413 |
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Capital
Investment / Paid-up Capital : |
INR 158.282 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L24230MH1972PLC116413 |
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IEC No.: |
Not Available |
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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 Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Drugs, Medicines and Allied Products. (Registered Activity) |
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No. of Employees
: |
302 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1972. It is a manufacturer of Drugs and Allied products. For the financial year ended 2017, the revenue of the company has increased by 2.66% along with fair profit margin of 7.82%. The sound financial profile of the company is marked by adequate networth base along with negligible debt level. The company has its share price trading at around INR.192.90 against the face value (FV) of INR 10 on BSE as on 23rd January, 2018. The rating takes into account of extensive experience of the promoters and long track record of the company in the pharmaceutical industry and well-established clientele portfolio. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for normal business dealings at usual terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
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 |
CARE |
|
Rating |
Long Term (Withdrawal) = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
04.01.2018 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term (Withdrawal) = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
04.01.2018 |
Reason For Withdrawal
= Received No Objection Certificate From Bank
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 23.01.2018
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 : |
3rd Floor, Rupam Building, 239, P D’Mello Road, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22616200/ 6300/ 8787 |
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Fax No.: |
91-22-2619090 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.187, GIDC Vapi, District – Bulsar – 396195, Gujarat, India |
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Tel. No.: |
91-260-2430598/ 2143 |
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Fax No.: |
91-260-2431919 |
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Factory 2 : |
Plot No.1203, GIDC Vapi, District – Bulsar – 396195, |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Aditya Ramniwas Dhoot |
|
Designation : |
Additional Director |
|
Address : |
Shriniketan, Ground Floor 86 A, Netaji Subhash Road, Marine Drive, Mumbai – 400002, Maharashtra, India |
|
Date of Appointment : |
20.11.2017 |
|
DIN No.: |
00057224 |
|
|
|
|
Name : |
Mr. Ajay Ramniwas Dhoot |
|
Designation : |
Additional Director |
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Address : |
Shriniketan, Ground Floor 86 A, Netaji Subhash Road, Marine Drive, Mumbai – 400002, Maharashtra, India |
|
Date of Appointment : |
20.11.2017 |
|
PAN No.: |
ATSPS1380A |
|
DIN No.: |
00210424 |
|
|
|
|
Name : |
Mr. Brijmohan Murlidhar Dhoot |
|
Designation : |
Director |
|
Address : |
214, Oceana, 5th Floor, Marine Drive, Mumbai – 400020, Maharashtra,
India |
|
Date of Birth/Age : |
10.07.1951 |
|
Qualification : |
Commerce Background |
|
Experience : |
He has more than 41 years’ experience in chemical and pharma industry. |
|
Date of Appointment : |
02.05.2015 |
|
DIN No.: |
01046420 |
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|
|
|
Name : |
Mr. Subhash Chandra Khattar |
|
Designation : |
Director |
|
Address : |
C-7, Swati Panch Marg (Off Yari Road), Versova, Andheri (West), Mumbai
– 400061, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1939 |
|
Qualification : |
Chartered Accountant |
|
Experience : |
He is a Chartered Accountant having about 45 years of experience. He specializes in taxation and auditing. He is on the statutory panel of Bank Audits and other
public sector under takings (PSUs) and private company. |
|
Date of Appointment : |
04.06.2004 |
|
DIN No.: |
01122941 |
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|
|
|
Name : |
Mr. Goverdhan Murlidhar Dhoot |
|
Designation : |
Managing Director |
|
Address : |
Oceana, 5th Floor, 214, Marine Drive, Mumbai – 400020, Maharashtra,
India |
|
Date of Birth/Age : |
21.10.1953 |
|
Qualification : |
Commerce Background |
|
Experience : |
He has been the Whole-time Director of the Company effective 1st November 2004. He has over three decades of experience in the Chemical Industry, handling marketing in both domestic and export market. He has traveled to many countries and visited important Industrial and Commercial Capitals all over the world. |
|
Date of Appointment : |
16.04.1996 |
|
DIN No.: |
01240086 |
|
|
|
|
Name : |
Mr. Rukmesh Dhandhania |
|
Designation : |
Additional Director |
|
Address : |
Prem Sarovar, Ravindranath Tagore Marg, Civil Lines, Nagpur – 440001, Maharashtra, India |
|
Date of Appointment : |
20.11.2017 |
|
DIN No.: |
02493968 |
|
|
|
|
Name : |
Mr. Ajay Sawhney |
|
Designation : |
Additional Director |
|
Address : |
101-Trikuta Nagar, Sector No. 3, Trikuta Nagar – 180012, Jammu and Kashmir, India |
|
Date of Appointment : |
16.05.2016 |
|
DIN No.: |
05132739 |
|
|
|
|
Name : |
Mrs. Anuradha Sukhani |
|
Designation : |
Director |
|
Address : |
S-65, 2nd Floor, Panchsheel Park, Delhi – 110017, India |
|
Date of Appointment : |
16.05.2016 |
|
DIN No.: |
07543091 |
KEY EXECUTIVES
|
Name : |
Ms. Nikita Bharat Bavishi |
|
Designation : |
Company Secretary |
|
Address : |
H-301, Maddhuli, Vasant Mandir, Ambadi Road, Vasai (West), District
Palghar - 401202, Maharashtra, India |
|
Date of Appointment : |
05.09.2015 |
|
PAN No.: |
BEKPB8462G |
|
Name : |
Mr. Ajay Avinash Samant |
|
Designation : |
Chief Finance Officer |
|
Address : |
51, Madhavi Housing Society, Moghul Lane, Mahim, Mumbai – 400016,
Maharashtra, India |
|
Date of Appointment : |
31.10.2014 |
|
PAN No.: |
ATSPS1380A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December, 2017
|
Category of
shareholder |
Total nos.
shares held |
Shareholding
as a % of total no. of shares |
|
|
Promoter and Promoter Group |
8034737 |
50.76 |
|
|
Public |
7793511 |
49.24 |
|
|
Grand Total |
15828248 |
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 |
3046348 |
19.25 |
|
|
Dhoot Goverdhan Murlidhar |
511792 |
3.23 |
|
|
Dhoot Brijmohan Murlidhar |
486996 |
3.08 |
|
|
Chandrakanta Murlidhar Dhoot |
430067 |
2.72 |
|
|
Radhika A Dhoot |
292500 |
1.85 |
|
|
Smita A. Dhoot |
292500 |
1.85 |
|
|
Rajkumari R. Dhoot |
275948 |
1.74 |
|
|
Govardhan Murlidhar Dhoot |
155330 |
0.98 |
|
|
Dhoot Rekha Goverdhan |
148760 |
0.94 |
|
|
Ajay R Dhoot |
138687 |
0.88 |
|
|
Dhoot Jyoti Brijmohan |
104550 |
0.66 |
|
|
Aditya R. Dhoot |
89225 |
0.56 |
|
|
Brijmohan Murlidhar Dhoot |
77473 |
0.49 |
|
|
Rajkamal Sukhani |
23520 |
0.15 |
|
|
Shweta Goverdhan Dhoot |
19000 |
0.12 |
|
|
Any Other (specify) |
4988389 |
31.52 |
|
|
Shri JB Pharma LLP |
2650000 |
16.74 |
|
|
Shree Rasbihari Trading & Investment Private Limited |
1098851 |
6.94 |
|
|
Shree Rasbihari Trading & Investment Private Limited |
1048018 |
6.62 |
|
|
Raj Exports Private Limited |
191520 |
1.21 |
|
|
Sub Total A1 |
8034737 |
50.76 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
8034737 |
50.76 |
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 |
|
|
Financial Institutions/ Banks |
22120 |
0.14 |
|
|
Sub Total B1 |
22120 |
0.14 |
|
|
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 |
5237808 |
33.09 |
|
|
Individual share capital in excess of INR 0.200 Million |
815202 |
5.15 |
|
|
Thakkalapalli Sampath Rao |
158542 |
1.00 |
|
|
Any Other (specify) |
1718381 |
10.86 |
|
|
HUF |
237127 |
1.50 |
|
|
NRI – Non- Repat |
106932 |
0.68 |
|
|
NRI – Repat |
217597 |
1.37 |
|
|
Clearing Members |
577625 |
3.65 |
|
|
Bodies Corporate |
579100 |
3.66 |
|
|
Sub Total B3 |
7771391 |
49.10 |
|
|
B=B1+B2+B3 |
7793511 |
49.24 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Drugs, Medicines and Allied 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 Available |
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Imports : |
Not Divulged |
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||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS AS ON 31.03.2017
|
Particulars |
Unit |
Licensed
Capacity |
Installed Capacity |
Actual
Production |
|
|
|
|
|
|
|
Bulk Drugs and Intermediates |
Tons. |
N.A. |
600 |
621.74 |
Note:
Installed Capacity varies depends on the product-mix manufactured by the company From year to year and accordingly figures of Installed Capacity have been regrouped Wherever necessary.
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
302 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: LONG-TERM
BORROWINGS 1) Term loan from State Bank of India, IDBI Bank, and Punjab and Maharashtra Co-op. Bank limited are secured by way of; a) First Pari passu charge on entire fixed assets of the company (both present and future). b) Second Pari passu charge on entire current assets of
the company (both present and future). |
|
Auditors : |
|
|
Name : |
Milwani Associates Chartered Accountants |
|
Address : |
18, Bagaria House, 1st Floor, Kolbhat Lane,
Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22036132 |
|
Fax No.: |
91-9821162679 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate Companies
and others : |
· Raga Organics Private Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15828248 |
Equity Shares |
INR 10/- each |
INR 158.282
Million |
|
|
|
|
|
Terms / Right
attached to equity shares
The Company has one class of issued shares referred to as equity shares having a par value INR 10/-each holder of equity shares is entitled to one vote per share. The dividend proposed by the board of directors, if any, is subjected to the approval of shareholders in Annual General Meeting. In the event of liquidation of the Company the holder of the equity shares will be entitled to receive remaining assets of the Company after settlement of all preferential amount. The distribution will be in proportion to the number of equity shares held by the equity shareholders.
Reconciliation of the
number of Shares outstanding and the amount of Share Capital as at March 31,
2017. and March 31, 2016
|
Equity
Shares (issued Capital) |
As at 31 March 2017 |
|
|
|
Numbers |
INR in Million |
|
Shares outstanding at the beginning of the year |
143.78 |
143.782 |
|
Shares issued during the year |
14.50 |
14.500 |
|
Shares outstanding at the end of the year |
158.28 |
158.282 |
Shareholders holding more
than 5% shares in the Company is set out below:
|
Name of
Shareholders |
As at 31 March 2017 |
|
|
|
No of Shares held |
% of Holding |
|
Shri JB Pharma LLP |
2650000 |
16.74 |
|
Shree Kishoriju Trading and Investment Private Limited |
1098851 |
6.94 |
|
Shreee Rashbihari Trading and Investment Private Limited |
1039518 |
6.57 |
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 |
158.282 |
143.782 |
131.782 |
|
(b) Reserves &
Surplus |
703.355 |
386.636 |
161.859 |
|
(c) Money received
against share warrants |
0.000 |
84.825 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
861.637 |
615.243 |
293.641 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
207.356 |
169.215 |
394.010 |
|
(b) Deferred tax
liabilities (Net) |
101.534 |
84.489 |
16.980 |
|
(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) |
308.890 |
253.704 |
410.990 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
375.450 |
353.757 |
318.243 |
|
(b) Trade payables |
207.755 |
206.750 |
547.729 |
|
(c) Other current
liabilities |
156.641 |
168.185 |
128.347 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
739.846 |
728.692 |
994.319 |
|
|
|
|
|
|
TOTAL |
1910.373 |
1597.639 |
1698.950 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
925.562 |
541.896 |
529.479 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
49.274 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.627 |
9.931 |
9.102 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
937.189 |
601.101 |
538.581 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.439 |
2.401 |
2.402 |
|
(b) Inventories |
372.495 |
473.406 |
573.404 |
|
(c) Trade receivables |
397.507 |
301.443 |
442.469 |
|
(d) Cash and cash
equivalents |
6.273 |
4.953 |
6.794 |
|
(e) Short-term loans and
advances |
194.470 |
214.335 |
135.300 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
973.184 |
996.538 |
1160.369 |
|
|
|
|
|
|
TOTAL |
1910.373 |
1597.639 |
1698.950 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3028.856 |
2950.218 |
2205.839 |
|
|
Other Income |
2.563 |
1.591 |
0.880 |
|
|
TOTAL |
3031.419 |
2951.809 |
2206.719 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1819.096 |
2018.507 |
1632.404 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
155.691 |
(0.796) |
(74.554) |
|
|
Employees benefits
expense |
185.228 |
143.487 |
109.136 |
|
|
Other expenses |
387.144 |
413.403 |
335.268 |
|
|
TOTAL |
2547.159 |
2574.601 |
2002.254 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
484.260 |
377.208 |
204.465 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
100.365 |
92.918 |
102.837 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
383.895 |
284.290 |
101.628 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
50.071 |
44.130 |
41.540 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
333.824 |
240.160 |
60.088 |
|
|
|
|
|
|
|
Less |
TAX |
96.855 |
79.829 |
(1.324) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
236.969 |
160.331 |
61.412 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
850.418 |
491.654 |
578.786 |
|
|
TOTAL IMPORTS |
850.418 |
491.654 |
578.786 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
14.97 |
11.15 |
4.66 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
79.224 |
75.238 |
66.974 |
|
Cash generated from operations |
496.174 |
257.575 |
140.305 |
|
Net cash flow from operating activity |
422.907 |
218.117 |
139.619 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
|
Net Sales |
597.040 |
831.410 |
|
Total Expenditure |
498.390 |
682.620 |
|
PBIDT (Excl OI) |
98.650 |
148.790 |
|
Other Income |
0.440 |
0.370 |
|
Operating Profit |
99.090 |
149.160 |
|
Interest |
24.980 |
33.540 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
74.110 |
115.620 |
|
Depreciation |
12.530 |
12.610 |
|
Profit Before Tax |
61.580 |
103.010 |
|
Tax |
20.020 |
36.020 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
41.560 |
66.900 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
41.560 |
66.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
47.90 |
37.29 |
73.22 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.62 |
9.79 |
4.99 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
41.69 |
37.39 |
122.47 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.30 |
0.80 |
0.36 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.52 |
0.64 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.54 |
0.61 |
0.86 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.77 |
0.97 |
2.65 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.86 |
1.18 |
3.39 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.07 |
0.96 |
1.80 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.82 |
4.06 |
1.99 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
7.82 |
5.43 |
2.78 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
12.40 |
10.04 |
3.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
27.50 |
26.06 |
20.91 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.32 |
1.37 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.81 |
0.72 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.45 |
0.39 |
0.17 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4.18 |
4.16 |
5.91 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets
/ Total Current Liabilities) |
1.32 |
1.37 |
1.17 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 192.90/- each |
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 |
131.782 |
143.782 |
158.282 |
|
Reserves & Surplus |
161.859 |
386.636 |
703.355 |
|
Money received against
share warrants |
0.000 |
84.825 |
0.000 |
|
Net
worth |
293.641 |
615.243 |
861.637 |
|
|
|
|
|
|
Long Term borrowings |
394.010 |
169.215 |
207.356 |
|
Short Term borrowings |
318.243 |
353.757 |
375.450 |
|
Current Maturities of Long term debt |
66.974 |
75.238 |
79.224 |
|
Total
borrowings |
779.227 |
598.210 |
662.030 |
|
Debt/Equity
ratio |
2.654 |
0.972 |
0.768 |
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
|
2205.839 |
2950.218 |
3028.856 |
|
|
|
33.746 |
2.665 |
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
|
2205.839 |
2950.218 |
3028.856 |
|
Profit |
61.412 |
160.331 |
236.969 |
|
|
2.78% |
5.43% |
7.82% |
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 |
No |
|
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 |
STATE OF COMPANY
AFFAIRS
During the year, the Company earned a total income of INR 3031.419 Million compared to INR 29521.809 Million in the previous year an increase of 2.68%. The company has made a profit after tax of INR 236.969 Million as against INR 160.331 Million an increase of 47.80%. The Company has achieved the export turnover of INR 850.418 Million as against INR 491.654 an increase of 72.98%
FUTURE OUTLOOK
Although there is some favorable change in global recessionary pressure, the next fiscal year requires a diligent approach in order to maintain the impressive pace we have maintained in recent past. Your company has attracted attention from investors last year owing to its performance. Your company was virtually the only attractive investment destination in spite of being an exclusive API manufacturer in the disease segment of poorly addressed therapeutic needs in the developing world. Accentuating our commitment on this front, besides Antimalerial Segment, The company has upgraded in record time its facilities at Unit-2 and has secured WHO Geneva GMP approval very recently as this report goes in print. We remain committed to continue with the smart regulatory strategy, the prudent partnering with stake holders and a diligent resource restructuring approach in the future.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
COMPANY PHILOSOPHY ON
CORPORATE GOVERNANCE;
At Mangalam Drugs and Organics Limited Corporate Governance has been high priority both in letter and in spirit Company believes that Corporate Governance strengthens the investor trust and ensures long term partnership that helps in company’s objectives. The company’s philosophy on corporate governance lays strong emphasis on transparency, accountability and intigirity. Board of directors of the company always believes in the principles of good corporate governance. The board also believes in maintaining highest level of transparency, accountability and financial control in all its Business operations and practices and in enhancing overall long term shareholder value and at the same time protecting the interest of All other Stakeholders.
OUTLOOK;
The outlook for the pharmaceuticals industry remains positive. The pharma industry growth will be driven mainly by population growth, ageing population and increased healthcare spending in pharma emerging countries. India is also fast emerging as a preferred pharmaceuticals manufacturing location. Although there is some favorable change in global recessionary pressure, the next fiscal year requires a diligent approach in order to maintain the impressive pace we have maintained in recent past.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
30.09.2017 (Quarter Ended) |
30.06.2017 (Quarter Ended) |
30.09.2017 (Half Year Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
831.410 |
597.041 |
1428.451 |
|
|
|
b) Other Operating Income |
0.369 |
0.441 |
0.810 |
|
|
Total Income from
Operations (Net) |
831.779 |
597.482 |
1429.261 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
444.125 |
397.156 |
841.281 |
|
|
b) |
Employee benefit expenses |
58.923 |
54.899 |
113.822 |
|
|
c) |
Excise duty on sales |
0.000 |
45.676 |
45.676 |
|
|
d) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
68.049 |
(140.596) |
(72.547) |
|
|
e) |
Finance Costs |
33.539 |
24.984 |
58.523 |
|
|
f) |
Depreciation and amortization expense |
12.607 |
12.532 |
25.139 |
|
|
g) |
Other expenses |
111.529 |
141.252 |
252.781 |
|
|
Total Expenses |
728.772 |
178.768 |
1264.675 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
103.007 |
61.579 |
164.586 |
|
|
4 |
Tax Expense |
36.019 |
20.019 |
56.038 |
|
|
5 |
Net Profit for the
period after tax |
66.988 |
535.903 |
108.548 |
|
|
|
|
|
|
|
|
|
6 |
Other Comprehensive Income |
(0.494) |
1.393 |
0.899 |
|
|
|
|
|
|
|
|
|
|
Total Comprehensive
Income |
66.494 |
42.953 |
109.447 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.23 |
2.63 |
6.86 |
|
NOTE :
1. The above results have been reviewed by the Audit Committee and thereafter, were approved & taken on record by the Board of Directors of the Company at their meeting held on November 20, 2017. The Statutory Auditors have carried out a limited review of the results.
2. The Financial results for the quarter and half year ended 30th September,2017 are in compliance with Indian Accounting Standards(Ind-AS) notified by Ministry of Corporate Affairs. Consequently, result for the corresponding previous quarter and half year ended 30th September 2016 have been restated to comply with Ind-AS to make them comparable.
3. The Ind AS compliant financial results for the quarter & half year ended 30th September 2016 have not been audited or reviewed by the Statutory Auditors. However, management has exercised necessary due diligence to ensure that the said financial results provide a true and fair view of its affairs.
4. As the Company's business activity falls within a single primary Business Segment Viz. "Manufacturing of Bulk Drugs" and hence does not have any additional disclosure to be made under Ind AS-108 on "Operating Segments".
5. Post the applicability of Goods and Service Tax(GST)with effect from 1st July 2017, revenue from operations are disclosed net of GST, whereas Excise duty formed part of the other expenses in previous periods. Accordingly, the revenue from operation and other expenses for the quarter and half year ended 30th September 2017 are not comparable with those presented in the previous results.
6. From 1st April 2017, Company has adopted accounting standards notified under Companies (Indian Accounting Standards) Rules,2015("Ind-AS"). Accordingly the relevant quarterly and half yearly unaudited financial results for the previous corresponding quarter ended 30th September 2016 are restated as per Ind-AS. The Reconciliation of Net profit as per Ind-AS and previous GAAP ("Accounting Standard") for the relevant corresponding quarter and half year ended 30th September,2016 is as under:
|
Particulars |
Quarter Ended 30.09.16 |
|
Net profit as per AS |
58.373 |
|
Add/Less: Effect of
transition to IND-AS on statement of P& L |
|
|
Employee benefit exps- Acturial Gain/(Loss) Adjustment |
(1.389) |
|
Change in current tax in qtr & half yr ended |
0.481 |
|
Provision for Quantity discount |
(9.142) |
|
Change in current tax in the qtr & half year ended 2016 on acnt of above |
3.162 |
|
Net Profit As Per
IND-AS |
51.485 |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
From Others |
37.750 |
47.175 |
|
|
|
|
|
Total |
37.750 |
47.175 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G23161854 |
100061069 |
State Bank of India |
27/10/2016 |
- |
120000000.0 |
Gresham House, Ground Floor, Sir P.M. Road, Fort, Mumbai - 400001, Maharashtra, India |
|
2 |
C76669548 |
10614960 |
ICICI BANK LIMITED |
18/01/2016 |
- |
2200000.0 |
Landmark Race Cource Circle, Alkapuri, Vadodara – 390015, Gujarat, India |
|
3 |
C76668508 |
10614958 |
ICICI BANK LIMITED |
18/01/2016 |
- |
2150000.0 |
Landmark Race Cource Circle, Alkapuri, Vadodara – 390015, Gujarat, India |
|
4 |
G39607254 |
10402834 |
State Bank of India |
19/01/2013 |
27/02/2017 |
117200000.0 |
Gresham House, Ground Floor, Sir P.M. Road, Fort, Mumbai - 400001, Maharashtra, India |
|
5 |
B43340165 |
10364817 |
PUNJAB AND MAHARASHTRA CO-OP. BANK LTD. |
16/06/2012 |
- |
9000000.0 |
Central Office, 4 and 5, 3rd Floor, Dreams Mall, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India |
|
6 |
B31051758 |
10323757 |
PUNJAB & MAHARASHTRA CO-OP BANK LTD |
25/11/2011 |
29/12/2011 |
24000000.0 |
No. 4 and 5, 3rd Floor, Dreams Mall, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India |
|
7 |
C12284584 |
10298368 |
SBI GLOBAL FACTORS LIMITED |
02/07/2011 |
26/06/2014 |
135000000.0 |
6th Floor, Metropolitan Building, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
8 |
B16034241 |
10294777 |
STATE BANK OF INDIA |
21/05/2011 |
- |
40000000.0 |
N.G.N. Vaidya Marg, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India |
|
9 |
A96695127 |
10246209 |
IDBI Bank Limited |
15/10/2010 |
- |
21000000.0 |
IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
10 |
A76801794 |
10195785 |
STATE BANK OF INDIA |
31/12/2009 |
- |
56000000.0 |
N.G.N Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
A)
Performance Guarantees/ Bonds |
|
|
|
(i) Guarantee executed in favor of Assistant Collector of Customs |
1.327 |
1.403 |
|
(ii) Guarantee executed in favor of Export Parties. |
0.000 |
0.068 |
|
|
|
|
|
B)
Others |
|
|
|
(iv)
Guarantee given to GSPC Gas Company Limited |
10.551 |
7.258 |
|
(v)
Guarantee given to GPCB |
0.100 |
2.750 |
|
(vi) Guarantee given to Edelweiss Securities ltd |
5.000 |
-- |
|
(vii) Estimated ROR to be paid to Consortium Banks |
49.100 |
49.100 |
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Motor Care and Vehicles
· Office and Electrical Equipments
· Laboratory Equipments
· Air Conditioner
· Computer
· R/D Equipments
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 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 63.89 |
|
|
1 |
INR 88.60 |
|
Euro |
1 |
INR 78.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
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.