|
|
|
MIRA INFORM REPORT
|
Report No. : |
488439 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
GODAVARI DRUGS LIMITED |
|
|
|
|
Registered
Office : |
1-8-303/34, Mayfair, Sardar Patel Road, Secunderabad
– 500003, Telangana |
|
Tel. No.: |
91-40-27842602 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
02.12.1987 |
|
|
|
|
Com. Reg. No.: |
36-008016 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 75.305
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230TG1987PLC008016 |
|
|
|
|
IEC No.: |
0988008386 |
|
|
|
|
GSTIN/UIN : |
27AAACG8039Q1Z0 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8039Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing
of Bulk Drugs and Contract Manufacturing. [Registered activity and also confirmed by management] |
|
|
|
|
No. of Employees
: |
97 (Approximately) |
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1987 and it is engaged in manufacturing of Active Pharmaceutical Ingredients (API), particularly sulfamethaxazole, located in Maharashtra Industrial Development Corporation Estate (MIDC) at Nanded, Maharashtra. The facility is certified by Current Good Manufacturing Practices (CGMP) and World Health Organization. As per financials of March 2017, the company has registered a growth of 6.30% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 2.39%. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with comfortable debt coverage indicators and decent liquidity position. Rating also takes into account the extensive experience of its promoters and established long-standing relationships with its customers. Share are quoted high on Stock Exchanges. (Share are traded at a price of INR 37.25 against its face value of INR 10.) However, rating strength is partially offset by vulnerability of its operating margins to volatility in raw material prices marked by working capital intensive operations, product concentration risk and presence in highly fragmented industry with many unorganized players. As per unaudited quarterly financials of September 2017, the company has achieved a revenue of INR 176.33 million and has reported minimal profit margin of 0.43%. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
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 |
INDIA RATING |
|
Rating |
Long Term Rating= BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
09.08.2017 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short Term Rating= A3 |
|
Rating Explanation |
Minimal degree of safety and higher credit risk. |
|
Date |
09.08.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 29.01.2018
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sri Ram |
|
Designation : |
Purchase Manager |
|
Contact No.: |
91-40-27842602 |
|
Date : |
29.01.2018 |
LOCATIONS
|
Registered Office : |
1-8-303/34, Mayfair Complex, Sardar Patel Road, Secunderabad – 500003,
Telangana, India |
|
Tel. No.: |
91-40-27842602 / 27849700 / 27844557 |
|
Fax No.: |
91-40-27849859 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Corporate office : |
1st Floor, Mayfair, Sardar Patel Road, Secunderabad – 500003, Telangana, India |
|
|
|
|
Factory : |
A 6/2, MIDC, Nanded – 431603, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ghanshyam Jaju |
|
Designation : |
Chairman |
|
Address : |
1-8-211 Prenderghast Road, Secunderabad – 500003, Telangana, India |
|
Experience : |
41 Years |
|
Date of Appointment : |
03.12.1987 |
|
DIN No.: |
00104601 |
|
|
|
|
Name : |
Mr. Mukund Kakani |
|
Designation : |
Managing Director |
|
Address : |
1-8-211 Prenderghast Road, Secunderabad – 500003, Telangana, India |
|
Date of Birth/ Age : |
65 years |
|
Qualification : |
B. Tech in Chemical Engineering |
|
Experience : |
35 years |
|
Date of Appointment : |
03.12.1987 |
|
DIN No.: |
00104646 |
|
|
|
|
Name : |
Mr. Kirti Kumar Jain |
|
Designation : |
Director Finance |
|
Address : |
4-5-295 Sultan Bazar, Hyderabad – 500195, Telangana, India |
|
Date of Birth/ Age : |
68 years |
|
Qualification : |
Commerce Graduate |
|
Experience : |
35 years |
|
Date of Appointment : |
29.03.1997 |
|
DIN No.: |
00076657 |
|
|
|
|
Name : |
Mr. Dilip Keshavlal Patel |
|
Designation : |
Independent Director |
|
Address : |
D-70, Bina Apartments, Fifth Floor, Sir M. V. Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Date of Appointment : |
27.09.2006 |
|
DIN No.: |
00013150 |
|
|
|
|
Name : |
Mr. Mohit Jaju |
|
Designation : |
Independent Director |
|
Address : |
1-8-211 Prender Ghast Road, Secunderabad – 500003, Telangana, India |
|
Date of Birth/ Age : |
46 years |
|
Qualification : |
B. Tech in Production Engineering |
|
Experience : |
24 years |
|
Date of Appointment : |
10.05.2012 |
|
DIN No.: |
03405414 |
|
|
|
|
Name : |
Mr. Syed Anis Hussain |
|
Designation : |
Independent Director |
|
Address : |
Plot No.371, Road No.80, Phase III, Near Film Nagar, Jublee Hills, Hyderabad – 500033, Telangana, India |
|
Date of Appointment : |
27.09.2006 |
|
DIN No.: |
00115949 |
|
|
|
|
Name : |
Mr. Rameshbabu Telugu |
|
Designation : |
Independent Director |
|
Address : |
Ft.203, Gayatri Mansion, 1-1-648/2, Gandhi Nagar, Hyderabad – 500080, Telangana, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
03613926 |
|
|
|
|
Name : |
Mrs. Vimala Behram Madon |
|
Designation : |
Independent Director |
|
Address : |
B - 100, 2nd Main Road, Afochs, Near Childrens Park, Sainikpuri, Tirumalagiri Hyderabad – 500094, Telangana, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
06925101 |
KEY EXECUTIVES
|
Name : |
Mr. Kirti Kumar Jain |
|
Designation : |
Chief Finance Officer |
|
Address : |
4-5-295, Sultan Bazar, Hyderabad – 500195, Telangana, India |
|
Date of Appointment : |
28.05.2014 |
|
PAN No.: |
Acepj2128g |
|
|
|
|
Name : |
Mr. Jeevan Innani |
|
Designation : |
Company Secretary |
|
Address : |
Dwarika Kunj, Vrindawan Nagar Old Koutha, Nanded Nanded – 431606, Maharashtra, India |
|
Date of Appointment : |
11.02.2015 |
|
PAN No.: |
ABBPI5589C |
|
|
|
|
Name : |
Mr. Sri Ram |
|
Designation : |
Purchase Manager |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
4099183 |
54.43 |
|
(B) Public |
3431317 |
45.57 |
|
Grand Total |
7530500 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Individuals/Hindu
undivided Family |
4061683 |
53.94 |
|
Ghanshyam Jaju |
2200 |
0.03 |
|
Manish Jain |
33000 |
0.44 |
|
Ghanshyam Jaju |
341600 |
4.54 |
|
Kirti Kumar Jain |
159700 |
2.12 |
|
Mohit Jaju |
325000 |
4.32 |
|
Kamala Jaju |
898155 |
11.93 |
|
Jayashree Jain |
27000 |
0.36 |
|
Mangala Shrimal |
197000 |
2.62 |
|
Mukund Kakani |
323100 |
4.29 |
|
Mohit Jain |
36000 |
0.48 |
|
Priyanka Jaju |
160000 |
2.12 |
|
Neeraj Jain |
37900 |
0.50 |
|
Sushma Kakani |
1053879 |
13.99 |
|
Naina Jain |
22149 |
0.29 |
|
Prakash Chandra
Shrimal |
80000 |
1.06 |
|
Aksheit Kakani |
285000 |
3.78 |
|
Tanushree Kakani |
80000 |
1.06 |
|
Financial
Institutions/ Banks |
37500 |
0.50 |
|
Gujarat Lease
Financing Limited |
4300 |
0.06 |
|
Umil Lease
Finance Co Limited |
100 |
0.00 |
|
Global Trust Bank
Limited |
32500 |
0.43 |
|
Sicom Limited |
600 |
0.01 |
|
Sub Total A1 |
4099183 |
54.43 |
|
A=A1+A2 |
4099183 |
54.43 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Individual share capital
upto INR 0.200 million |
1670430 |
22.18 |
|
Individual share
capital in excess of INR 0.200 million |
886021 |
11.77 |
|
Any Other
(specify) |
874866 |
11.62 |
|
Sub Total B3 |
3431317 |
45.57 |
|
B=B1+B2+B3 |
3431317 |
45.57 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Bulk Drugs and Contract Manufacturing. [Registered activity and also confirmed by management] |
||||
|
|
|
||||
|
Products / Services
: |
· Active Pharmaceutical Ingredients (APIs) · Drug Intermediaries ·
Fine Chemicals |
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
· Active Pharmaceutical Ingredients (APIs) · Drug Intermediaries · Fine Chemicals |
||||
|
Countries : |
·
Bangladesh |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
·
Raw Materials |
||||
|
Countries : |
·
China |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Credit (30 / 90 Days) |
||||
|
|
|
||||
|
Purchasing : |
Credit (90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Manufacturer
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
97 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S. Daga and Company Chartered Accountants |
|
Address : |
Hyderabad, Telangana, India |
|
|
|
|
Name : |
V. Sridhar and Company Chartered Accountants |
|
Address : |
# 12-2-823/A/78, Geeta Apartments, Santoshnagar Colony, Mehdipatnam, Hyderabad
– 500028, Telangana, India |
|
Tel. No.: |
91-40-23511114 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associated
Companies : |
·
Godavari Capital Private Limited ·
Godavari Homes Private Limited ·
A.K. Paper Products Private Limited |
|
|
|
|
Other Related
Parties : |
· Ghanshyam Jaju HUF · Mukund Kakani HUF ·
Mohith Jaju HUF |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7530500 |
Equity Shares |
INR 10/- each |
INR 75.305
Million |
|
|
|
|
|
The Company is having one class of Equity Shares of face value INR 10 per share. Each holder of Equity share is entitled to one vote per share.
The Number of shares at the beginning and the end are the same. There are no fresh issue of shares or forfeiture during the current year and in the previous year.
Details of Equity Shareholders holding more than 5 % of equity shares along with No. of Equity Shares held at the beginning and at the end of the reporting period are as given below:-
|
Particulars |
Number
of Shares |
% of holding |
|
Kamala Jaju |
902676 |
11.99 |
|
Sushma Kakani |
952700 |
12.65 |
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 |
75.305 |
75.305 |
75.305 |
|
(b) Reserves & Surplus |
86.890 |
68.797 |
55.287 |
|
(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) |
162.195 |
144.102 |
130.592 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.857 |
39.174 |
36.428 |
|
(b) Deferred tax liabilities (Net) |
12.043 |
8.096 |
6.179 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
3.912 |
3.348 |
3.136 |
|
Total Non-current
Liabilities (3) |
59.812 |
50.618 |
45.743 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
113.335 |
115.587 |
48.394 |
|
(b) Trade
payables |
200.597 |
173.567 |
87.794 |
|
(c) Other
current liabilities |
20.158 |
21.327 |
31.800 |
|
(d) Short-term
provisions |
0.906 |
0.245 |
3.085 |
|
Total Current
Liabilities (4) |
334.996 |
310.726 |
171.073 |
|
|
|
|
|
|
TOTAL |
557.003 |
505.446 |
347.408 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
127.697 |
87.262 |
72.750 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.153 |
11.965 |
4.181 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.867 |
2.247 |
1.867 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
130.718 |
101.475 |
78.799 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
113.242 |
107.449 |
92.803 |
|
(c) Trade
receivables |
241.710 |
245.463 |
131.281 |
|
(d) Cash
and cash equivalents |
8.828 |
6.504 |
2.634 |
|
(e)
Short-term loans and advances |
62.271 |
44.379 |
41.736 |
|
(f) Other
current assets |
0.234 |
0.176 |
0.155 |
|
Total
Current Assets |
426.285 |
403.971 |
268.609 |
|
|
|
|
|
|
TOTAL |
557.003 |
505.446 |
347.408 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
755.985 |
711.210 |
548.462 |
|
|
|
|
Other Income |
8.023 |
1.887 |
3.011 |
|
|
|
|
TOTAL |
764.008 |
713.097 |
551.473 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Raw Materials Consumed |
631.158 |
566.772 |
426.426 |
|
|
|
|
Cost of Traded Goods |
1.373 |
2.716 |
4.924 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(43.128) |
17.279 |
(27.280) |
|
|
|
|
Employee Benefits Expenses |
23.791 |
21.694 |
20.084 |
|
|
|
|
Other Expenses |
90.573 |
57.796 |
66.458 |
|
|
|
|
TOTAL |
703.767 |
666.257 |
490.612 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
60.241 |
46.840 |
60.861 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
25.094 |
18.799 |
6.713 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
35.147 |
28.041 |
54.148 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
8.068 |
6.261 |
6.810 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
27.079 |
21.780 |
47.338 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
8.987 |
8.269 |
10.870 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
18.092 |
13.511 |
36.468 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Revenue from Export Sales FOB Basis |
6.788 |
10.825 |
0.000 |
|
|
|
TOTAL EARNINGS |
6.788 |
10.825 |
0.000 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
376.625 |
394.089 |
298.107 |
|
|
|
TOTAL IMPORTS |
376.625 |
394.089 |
298.107 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
2.40 |
1.79 |
4.84 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
(37.579) |
(37.511) |
(54.346) |
|
Net cash flow from operating activities |
37.579 |
(45.295) |
(58.527) |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
119.650 |
176.330 |
|
Total Expenditure |
|
112.800 |
166.790 |
|
PBIDT (Excluding Other Income) |
|
6.850 |
9.540 |
|
Other income |
|
1.930 |
0.150 |
|
Operating Profit |
|
8.780 |
9.690 |
|
Interest |
|
5.490 |
5.880 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
3.300 |
3.810 |
|
Depreciation |
|
2.380 |
2.400 |
|
Profit Before Tax |
|
0.920 |
1.410 |
|
Tax |
|
0.020 |
0.650 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
0.890 |
0.760 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
0.890 |
0.760 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
116.70 |
125.97 |
87.37 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.13 |
2.90 |
4.18 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
115.75 |
111.24 |
74.29 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.53 |
0.44 |
0.66 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.47 |
0.47 |
0.79 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.68 |
0.69 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.97 |
1.07 |
0.65 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.07 |
2.16 |
1.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.79 |
0.69 |
0.59 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.40 |
2.49 |
9.07 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
2.39 |
1.90 |
6.65 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.25 |
2.67 |
10.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.15 |
9.38 |
27.93 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.27 |
1.30 |
1.57 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.93 |
0.95 |
1.03 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.29 |
0.29 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.09 |
2.06 |
1.13 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.27 |
1.30 |
1.57 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 37.25/- |
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 |
75.305 |
75.305 |
75.305 |
|
Reserves & Surplus |
55.287 |
68.797 |
86.890 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
130.592 |
144.102 |
162.195 |
|
|
|
|
|
|
Long-Term Borrowings |
36.428 |
39.174 |
43.857 |
|
Short Term Borrowings |
48.394 |
115.587 |
113.335 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
84.822 |
154.761 |
157.192 |
|
Debt/Equity
ratio |
0.650 |
1.074 |
0.969 |
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 |
548.462 |
711.210 |
755.985 |
|
|
|
29.674 |
6.296 |
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
|
548.462 |
711.210 |
755.985 |
|
Profit/(Loss) |
36.468 |
13.511 |
18.092 |
|
|
6.65% |
1.90% |
2.39% |
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 |
Yes |
|
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 |
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) |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY PERFORMANCE
The Company has posted good financial results during the year under review. Turnover of the Company has increased from INR 713.097 million to INR 764.008 million and the Net profit increased from INR 13.511 million to INR 180.92 million.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
FORWARD-LOOKING STATEMENTS
To achieve steady and forward growth the Company is seriously and consistently innovating to develop new products while certain forward looking statements in this report will be subject to some risks and uncertainties the other factors could differ from those suggested by the forward looking statements. The Company has successfully been audited by certain multinational companies, benefit of which will be felt in future course of time multipurpose / flexible containment facility with significant backward integration that provides opportunities to change / add certain products to cater to the growing market needs.
WHO GMP compliant multipurpose manufacturing facilities create future opportunities.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The volumes of medicines used globally is increasing constantly and it is estimated that global spending on medicines is likely to touch $1.4 trillion by 2020. Spending levels will be driven by branded drugs mainly in developed markets along with greater use of generics in emerging markets. Positive growth is foreseen in future driven by growing middle class, ageing population and improved health insurance and services.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from Directors |
27.066 |
28.535 |
|
Loans from Related Parties |
15.899 |
9.353 |
|
|
|
|
|
Total |
42.965 |
37.888 |
|
NOTES: LONG TERM
BORROWINGS · Loans from Directors and Other Related Parties are repayable after 12 Months and carries interest rate of 15% p.a. · Repayment of Unsecured loans are sub- ordinated to bank borrowings - Cash credit from Andhra Bank |
||
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
176.334 |
119.652 |
295.986 |
|
Other Operating Income |
0.148 |
1.928 |
2.076 |
|
Total
Income from Operations |
176.482 |
121.580 |
298.062 |
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
73.686 |
128.167 |
201.853 |
|
Changes in inventories of finished goods and
work-in-progress |
68.204 |
(44.131) |
24.073 |
|
Employee benefits expense |
6.662 |
6.263 |
12.925 |
|
Depreciation and Amortization expenses |
2.397 |
2.377 |
4.774 |
|
Finance Costs |
5.884 |
5.486 |
11.370 |
|
Other Expenditure |
18.243 |
22.499 |
40.742 |
|
Total
Expenses |
175.076 |
120.661 |
295.737 |
|
Profit / (Loss) before Tax |
1.406 |
0.919 |
2.325 |
|
Tax Expense |
0.652 |
0.028 |
0.680 |
|
Profit
/ (Loss) after Tax |
0.754 |
0.891 |
1.645 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
75.305 |
75.305 |
75.305 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
0.10 |
0.12 |
0.22 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES
INR In Million
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
ASSETS |
|
|
Non-current
assets |
|
|
Property, plant and
equipment |
122.922 |
|
Intangible assets |
0.000 |
|
Capital work in progress |
23.102 |
|
Financial
Assets |
|
|
-
Investments |
0.001 |
|
-
Trade receivables |
0.000 |
|
-
Loans |
2.654 |
|
Deferred tax assets (net) |
0.000 |
|
Other non-current assets |
0.000 |
|
Total Non-Current Assets |
148.679 |
|
|
|
|
Current
assets |
|
|
Inventories |
99.656 |
|
Financial
Assets |
|
|
-
Investments |
272.539 |
|
-
Trade receivables |
0.000 |
|
-
Cash and bank balances |
23.057 |
|
-
Loans |
63.454 |
|
Other current assets |
0.096 |
|
Total Current Assets |
458.802 |
|
|
|
|
TOTAL |
607.481 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders'
Funds |
|
|
Share Capital |
75.305 |
|
Other equity |
88.534 |
|
Total Shareholders’ Funds
|
163.839 |
|
|
|
|
Non-Current
Liabilities |
|
|
Financial
liabilities |
|
|
-
Borrowings |
78.190 |
|
Provisions |
4.291 |
|
Deferred tax liabilities |
12.211 |
|
Total Non-current
Liabilities |
94.692 |
|
|
|
|
Current
Liabilities |
|
|
Financial
liabilities |
|
|
-
Borrowings |
108.925 |
|
-
Trade payables |
226.201 |
|
-
Other financial liabilities |
7.630 |
|
Current tax liabilities |
6.194 |
|
Total Current Liabilities |
348.950 |
|
|
|
|
TOTAL |
607.481 |
NOTES:
1. The above results, as reviewed by the Audit Committee, were considered, approved and taken on record by the Board of Directors at its meeting held on 10th November 2017.
2. The above results were prepared In accordance with Indian Accounting Standards (IND AS) prescribed under section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable
3. The Limited Review by the Statutory Auditors for the quarter ended as required under regulation 33(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been received.
4. Segment wise reporting as applicable under IND AS -108 for the quarter ended 30th September, 2017 has given separately.
5. The format for un-audited quarterly results as prescribed in SEBI's Circular dated 30th November, 2015 has been modified to comply with requirements of SEBI's Circular dated 5th July, 2016. Ind AS Schedule III (Division II) to the Companies Act, 2013 applicable to companies that are required to comply with IND AS.
6. As per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has opted to publish quarterly unaudited standalone results and to publish consolidated results at the year end.
7. Income from operations are disclosed net of excise duty and net of VAT/CST as per clarification issued by SEBI Dated 20.09.2016 upto quarter ended 30.06,2017 and for the quarter ended 30.09.2017 is net of GST.
8. Corresponding figures in previous year / period have been regrouped wherever considered necessary.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G43203330 |
100095670 |
ANDHRA BANK |
10/04/2017 |
- |
- |
37000000.0 |
R.P. ROAD BRANCH, SECUNDERABAD TG500003IN |
|
2 |
G43207315 |
10534444 |
ANDHRA BANK |
29/11/2014 |
10/04/2017 |
- |
250000000.0 |
R.P. ROAD BRANCH, SECUNDERABAD TG500003IN |
|
3 |
B59912600 |
90260764 |
STATE BANK OF BIKANER & JAIPUR |
15/06/1989 |
22/07/1995 |
10/10/2012 |
6900000.0 |
R.P. ROAD SECUNDRABAD APIN |
|
4 |
B59911602 |
90262156 |
STATE BANK OF BIKANER & JAIPUR |
02/05/2002 |
- |
10/10/2012 |
5000000.0 |
R.P. ROAD SECUNDRABAD APIN |
|
5 |
B59912212 |
90261657 |
STATE BANK OF BIKANER & JAIPUR |
15/06/1998 |
31/03/2003 |
10/10/2012 |
6900000.0 |
R.P. ROAD SECUNDRABAD APIN |
|
6 |
B59907550 |
90260852 |
STATE BANK OF BIKANER & JAIPUR |
07/11/1990 |
- |
10/10/2012 |
1800000.0 |
R.P. ROAD SECUNDRABAD APIN |
|
7 |
B59913426 |
90260757 |
STATE BANK OF BIKANER & JAIPUR |
03/05/1989 |
19/05/2000 |
10/10/2012 |
4500000.0 |
R.P. ROAD SECUNDRABAD APIN |
|
8 |
B59911016 |
90261066 |
STATE BANK OF BIKANER & JAIPUR |
10/02/1994 |
03/06/2003 |
10/10/2012 |
64800000.0 |
R.P. ROAD SECUNDRABAD APIN |
|
9 |
A65260754 |
90260739 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
30/11/1988 |
- |
07/07/2009 |
2500000.0 |
NEW EXCELSIOR BUILDG S.A.K. NAYAK MARG ; FORT MUMBAI MHIN |
|
10 |
A53934790 |
90260713 |
THE STATE INDUSTRIAL AND INVESTMENT CORPORATION OF MAHARASHTRA LIMITED |
27/07/1988 |
27/11/1989 |
31/12/2008 |
7000000.0 |
NIRMAL , 1ST FLOOR, NARIMAN POINT, MUMBAI MH400021IN |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
|
|
|
|
i) On account of Bank Guarantee |
0.500 |
0.500 |
|
ii) Buyers credit outstanding |
52.788 |
17.519 |
|
iii) Claims against the company/ disputed liabilities not acknowledged as debts: |
|
|
|
a) In respect of Excise matters Demand raised for the year 2008-09.to 2013-14 (Oct-2013)- Appeal pending with Commissioner of Central Excise and Service Tax-Nagpur) |
1.630 |
1.630 |
|
b)
In
respect of Customs matter - Demand raised for the year 2000-2001.and Appeal pending with CESTAT Mumbai) The Company expects no liability in respect of above matters. |
0.696 |
0.696 |
|
c) In respect of Service Tax on Director's Remuneration :- 397,766 397,766 Demand raised for the period from 01.07.12 to 31.10.14 and Appeal pending with Asst. Commissioner of Central Excise, Customs and Service Tax Nagpur against Order No.19/ST/AcC/2015 dt. 27.11.2015 |
0.398 |
0.398 |
|
d)
Bonus
Related: consequent to the amendment of The Payment of Bonus Act, 1965
with retrospective effect from 01.04.2014
the differential bonus for the year 2014-15 has not been provided as the said amendment has
been stayed by the High Court of
Judicature at Hyderabad for the State of
Telangana and Andhra Pradesh. |
|
|
|
|
|
|
|
Total |
56.012 |
20.743 |
FIXED ASSETS:
· Leasehold Land
· Factory Building
· Plant and Machinery
· Elect Installation
· Laboratory Equips
· Furniture and Fixture
· Vehicles
· Office Equipment
· Computer
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 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 63.50 |
|
|
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
YES |
|
--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.