|
|
|
MIRA INFORM REPORT
|
Report No. : |
498765 |
|
Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
MERCK
LIMITED (w.e.f 09.09.2002) |
|
|
|
|
Formerly Known
As : |
E MERCK (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Godrej One, 8th Floor, Pirojsha Nagar, Eastern Express Highway, Vikroli (East), Mumbai – 400079, Maharashtra, India |
|
Tel. No.: |
91-22-66609000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2017 |
|
|
|
|
Date of
Incorporation : |
26.04.1967 |
|
|
|
|
Com. Reg. No.: |
11-013726 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 165.994 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1967PLC013726 |
|
|
|
|
IEC No.: |
0388004975 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME03379F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE2616F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject
is in the business of Manufacturing and Marketing of Pharmaceuticals,
Bulk Drugs, Fine Chemicals and Pigments. [Registered Activity] |
|
|
|
|
No. of Employees
: |
1583 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Merck Limited (Formerly E. MERCK India Limited) was set up in 1967, the first Merck Group company in Asia. Merck Limited went public and was the first company to do sp. The Merck Group now holds 51.8% of the share capital of Merck Limited, while the remaining 49% is publicly traded on the Bombay Stock Exchange and National Stock Exchange. It is engaged in marketing and manufacturing of Pharmaceuticals, Bulk Drugs and Pigment. For the financial year 2017, the company has achieved 8.70% growth in its revenue and maintained decent profitability margin of 8.38% during the year under view. The healthy financial profile of the company is marked by strong networth base, debt free balance sheet profile and decent liquidity position. The company has favourable Earning Per Share (EPS) of INR 56.67 against a face value (FV) of INR 10. The company has its share price trading at around INR 1501.60 against the Face Value (FV) of INR 10 on BSE as on March 17, 2018. Rating also derives strength from company’s established track record of business. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of the aforesaid, the company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA RATING |
|
Rating |
Long Term Fund Based = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
26.02.2018 |
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 17.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (Tel. No.: 91-22-62109000 / 9629)
LOCATIONS
|
Registered Office/ Corporate Office: |
Godrej One, 8th Floor, Pirojsha Nagar, Eastern Express Highway, Vikroli (East), Mumbai – 400079, Maharashtra, India |
|
Tel. No.: |
91-22-66609000 |
|
Fax No.: |
91-22-24950307 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. 11/1, Usgaon, Ponda-403407, |
|
|
|
|
Warehouse : |
Gala No. 1 to 10, Building C-4, Gala No. 1 to 10, Building No. C-5,
Gala No. 6 to 10, Building No. D-5, Shri Arihant Compound, Reti-Bunder Road, Kalher
Village, Bhiwandi-421302, Thane, Maharashtra,
India |
DIRECTORS
AS ON 2017
|
Name : |
Mr. Suresh Narsappa Talwar |
|
Designation : |
Director |
|
Address: |
10, Shiv Shanti Bhuvan, 146, Maharshi Karve Road, Churchgate Reclamation, Mumbai-400020, Maharashtra, India |
|
Date of Appointment : |
17.01.1984 |
|
DIN No.: |
00001456 |
|
|
|
|
Name : |
Mr. Anand Nambiar |
|
Designation : |
Managing Director |
|
Address: |
267, Road#15, Jubilee Hills, Hyderabad - 500033, Telangana, India |
|
Date of Birth: |
30.12.1974 |
|
Date of
Appointment : |
05.02.2015 |
|
DIN No.: |
02006594 |
|
|
|
|
Name : |
Mr. Homi Cooverji Bhabha |
|
Designation : |
Director |
|
Address: |
49 Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Birth: |
15.12.1955 |
|
Date of
Appointment : |
29.12.1986 |
|
DIN No.: |
00286072 |
|
|
|
|
Name : |
Ms. Rani Ajit Jadhav |
|
Designation : |
Director |
|
Address: |
409, Shalaka, Maharshi Karve Road, Cooperage, Mumbai - 400021, Maharashtra, India |
|
Date of Birth: |
02.06.1948 |
|
Date of Appointment : |
05.02.2015 |
|
DIN No.: |
07070938 |
|
|
|
|
Name : |
Mr. Krishnan Narayanaswamy |
|
Designation : |
Whole Time Director |
|
Address: |
I-106, Dara Enclave, Sector 9, Nerul, Navi Mumbai - 400706, Maharashtra, India |
|
Date of Appointment : |
12.08.2014 |
|
PAN No.: |
ABVPN1656R |
|
DIN No.: |
01027659 |
|
|
|
|
Name : |
Ms. Zoe Tang |
|
Designation : |
Nominee Director |
|
|
|
|
Name : |
Mr. Bradley David Simpson |
|
Designation : |
Nominee Director |
|
Address: |
3B Peppercorn Dr, Frenchs Forest Nsw 2086, Australia, 2086, Australia |
|
Date of
Appointment : |
21.05.2015 |
|
DIN No.: |
07187375 |
|
|
|
|
Name : |
Mr. Brijesh Kapil |
|
Designation : |
Whole Time Director |
|
Address: |
C/O Ashok.K. Sharma, 204-A, Raheja Nest, Lake Homes, Chandivali Farm Road, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth: |
22.10.1960 |
|
Date of
Appointment : |
05.02.2015 |
|
DIN No.: |
06949048 |
KEY EXECUTIVES
|
Name : |
Mr. Vikas Chander Gupta |
|
Designation : |
Company Secretary |
|
Address : |
A-201, Brentwood, Hiranandani Gardens, Powai, Mumbai –
400076, Maharashtra, India |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
ADDPG9345E |
MAJOR SHAREHOLDERS
AS ON 31.12.2017
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
85,99,224 |
51.80 |
|
|
(B) Public |
80,00,158 |
48.20 |
|
|
Grand Total |
1,65,99,382 |
100.00 |
|
Statement
showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
A2) Foreign |
0.00 |
|
|
|
Any Other (specify) |
85,99,224 |
51.80 |
|
|
Emedia Export Company |
35,34,559 |
21.29 |
|
|
Chemitra Gesellschaft Mit Beschrankter Haftung |
19,73,441 |
11.89 |
|
|
Merck Internationale Beteiligungen Gmbh |
30,91,224 |
18.62 |
|
|
Sub Total A2 |
85,99,224 |
51.80 |
|
|
A=A1+A2 |
85,99,224 |
51.80 |
|
Statement
showing shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a
% of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
|
|
|
Mutual Funds/ |
1,91,729 |
1.16 |
|
|
Foreign Portfolio Investors |
6,42,042 |
3.87 |
|
|
Matthews Asia Small Companies Fund |
2,65,239 |
1.60 |
|
|
Financial Institutions/ Banks |
9,491 |
0.06 |
|
|
Insurance Companies |
13,68,157 |
8.24 |
|
|
General Insurance Corporation Of India |
2,00,000 |
1.20 |
|
|
Life Insurance Corporation of India |
9,66,021 |
5.82 |
|
|
The New India Assurance Company Limited |
2,02,136 |
1.22 |
|
|
Sub Total B1 |
22,11,419 |
13.32 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
|
|
|
B3) Non-Institutions |
0.00 |
|
|
|
Individual share capital upto INR 0.200 Million |
39,99,240 |
24.09 |
|
|
Individual share capital in excess of INR 0.200 Million |
9,21,377 |
5.55 |
|
|
Hemendra M Kothari |
1,98,258 |
1.19 |
|
|
NBFCs registered with RBI |
11,923 |
0.07 |
|
|
Any Other (specify) |
8,56,199 |
5.16 |
|
|
Trusts |
1,126 |
0.01 |
|
|
Overseas corporate bodies |
81 |
0.00 |
|
|
NRI |
98,493 |
0.59 |
|
|
Clearing Members |
45,371 |
0.27 |
|
|
NRI – Non- Repat |
92,384 |
0.56 |
|
|
Bodies Corporate |
5,79,351 |
3.49 |
|
|
IEPF |
39,393 |
0.24 |
|
|
Sub Total B3 |
57,88,739 |
34.87 |
|
|
B=B1+B2+B3 |
80,00,158 |
48.20 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject
is in the business of Manufacturing and Marketing of Pharmaceuticals,
Bulk Drugs, Fine Chemicals and Pigments. [Registered Activity] |
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|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
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|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
||||||||||||||
|
Customers : |
|
||||||||||||||
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|
|
||||||||||||||
|
No. of Employees : |
1583 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Investing
Associates : |
|
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
AS ON 31.12.2017
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 165.994
Million
AS ON 31.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
INR 10/- each |
INR 180.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16599382 |
Equity Shares |
INR 10/- each |
INR 166.000 Million |
|
|
|
|
|
Reconciliation of
number of shares outstanding:
|
Particulars |
31.12.2016 |
|
|
No. of Shares |
INR In Million |
|
|
Number of equity shares at the beginning and at the end of the year |
16599382 |
166.00 |
Rights, preferences
and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
Failure to pay any amount called up on shares may lead to forfeiture of the shares.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Shares held by
subsidiaries of Ultimate Holding company, Merck KGaA, Germany
|
Particulars |
31.12.2016 |
|
|
No. of Shares |
INR In Million |
|
|
Emedia Export Company Gmbh, Germany |
3534559 |
35.400 |
|
Merck Internationale Beteligungen GmbH, Germany |
3091224 |
30.900 |
|
Chemitra GmbH, Germany |
1973441 |
19.700 |
|
|
|
|
|
|
8599224 |
86.000 |
Particulars of
shareholders holding more than 5% of shares
|
Particulars |
31.12.2016 |
|
|
No. of Shares |
% of Holdings |
|
|
Subsidiaries of
Holding Company, Merck KGaA |
|
|
|
Emedia Export Company Gmbh, Germany |
3534559 |
21.30% |
|
Merck Internationale Beteligungen GmbH, Germany |
3091224 |
18.60% |
|
Chemitra GmbH, Germany |
1973441 |
11.90% |
|
Others |
|
|
|
Life Insurance Corporation of India |
1161021 |
7.00% |
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
165.994 |
166.000 |
166.000 |
|
(b) Reserves & Surplus |
7166.651 |
6288.600 |
5749.500 |
|
(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) |
7332.645 |
6454.600 |
5915.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
60.310 |
51.200 |
50.000 |
|
(d) long-term provisions |
266.680 |
238.400 |
221.200 |
|
Total Non-current
Liabilities (3) |
326.990 |
289.600 |
271.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
832.830 |
751.100 |
655.500 |
|
(c) Other current
liabilities |
1028.210 |
682.400 |
610.300 |
|
(d) Short-term provisions |
391.550 |
650.600 |
387.200 |
|
Total Current Liabilities
(4) |
2252.590 |
2084.100 |
1653.000 |
|
|
|
|
|
|
TOTAL |
9912.225 |
8828.300 |
7839.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1142.770 |
1104.9 |
1315.9 |
|
(ii) Intangible Assets |
7.910 |
1.700 |
1.400 |
|
(iii) Capital
work-in-progress |
89.040 |
299.800 |
70.000 |
|
(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) |
920.483 |
173.400 |
56.800 |
|
(d) Long-term Loan and Advances |
87.394 |
839.000 |
671.500 |
|
(e) Other Non-current
assets |
141.328 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2388.925 |
2418.800 |
2115.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
699.740 |
277.800 |
422.800 |
|
(b) Inventories |
1577.378 |
1658.900 |
1668.600 |
|
(c) Trade receivables |
1226.592 |
1104.100 |
1265.700 |
|
(d) Cash and cash
equivalents |
2781.820 |
2792.700 |
1884.200 |
|
(e) Short-term loans and
advances |
1.028 |
399.800 |
344.500 |
|
(f) Other current assets |
1236.742 |
176.200 |
138.300 |
|
Total Current Assets |
7523.300 |
6409.500 |
5724.100 |
|
|
|
|
|
|
TOTAL |
9912.225 |
8828.300 |
7839.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
11194.513 |
9963.300 |
9395.000 |
|
|
|
|
Other Income |
239.690 |
242.400 |
233.100 |
|
|
|
|
TOTAL |
11434.203 |
10205.700 |
9628.100 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
2365.630 |
2402.400 |
2569.300 |
|
|
|
|
Purchases of Stock-in-Trade |
2016.080 |
1730.700 |
1799.400 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
29.020 |
(6.800) |
(16.200) |
|
|
|
|
Excise Duty |
154.910 |
0.000 |
0.000 |
|
|
|
|
Employees benefits expense |
1696.430 |
1486.700 |
1233.900 |
|
|
|
|
Provision for impairment |
0.000 |
57.500 |
0.000 |
|
|
|
|
Other expenses |
3383.820 |
3157.500 |
2974.200 |
|
|
|
|
Exceptional Items |
(169.986) |
0.000 |
0.000 |
|
|
|
|
TOTAL |
9475.904 |
8828.000 |
8560.600 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1958.299 |
1377.700 |
1067.500 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
264.032 |
275.500 |
234.200 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
1694.267 |
1102.200 |
833.300 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
172.348 |
343.300 |
297.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
1521.919 |
758.900 |
535.600 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2270.000 |
1937.800 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
NA |
75.900 |
53.600 |
|
|
|
|
Dividend |
NA |
219.800 |
149.800 |
|
|
|
|
Tax on Dividend |
NA |
0.000 |
0.000 |
|
|
|
BALANCE CARRIED TO
THE B/S |
NA |
2733.200 |
2270.000 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
NA |
869.400 |
802.000 |
|
|
|
TOTAL EARNINGS |
NA |
869.400 |
802.000 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
NA |
772.200 |
799.100 |
|
|
|
|
Finished Goods |
NA |
1213.600 |
1175.200 |
|
|
|
|
Components and Stores parts |
NA |
2.600 |
1.900 |
|
|
|
|
Capital Goods |
NA |
207.800 |
45.000 |
|
|
|
|
Others |
NA |
13.000 |
4.600 |
|
|
|
TOTAL IMPORTS |
NA |
2209.200 |
2025.800 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
56.57 |
45.70 |
32.30 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
1601.600 |
1152.900 |
|
Net cash flows from (used in) operations |
NA |
1070.400 |
834.700 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 1ST Quarter |
30.09.2017 2nd Quarter |
31.12.2017 3rd Quarter |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Net sales |
2656.740 |
3127.260 |
3041.300 |
|
Total Expenditure |
2379.940 |
2560.800 |
2734.080 |
|
PBIDT (Excluding Other Income) |
276.800 |
566.460 |
307.220 |
|
Other income |
54.010 |
64.560 |
53.970 |
|
Operating Profit |
330.810 |
631.010 |
361.190 |
|
Interest |
0.000 |
0.000 |
NA |
|
Exceptional Items |
0.000 |
0.000 |
169.990 |
|
PBDT |
330.810 |
631.010 |
531.180 |
|
Depreciation |
64.480 |
66.560 |
70.650 |
|
Profit Before Tax |
266.330 |
564.450 |
460.530 |
|
Tax |
65.070 |
247.580 |
187.830 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
201.260 |
316.870 |
272.700 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
201.260 |
316.870 |
272.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Average Collection Days (Sundry
Debtors / Operating Income * 365 Days) |
39.99 |
40.45 |
49.17 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
9.13 |
9.02 |
7.42 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
69.38 |
66.33 |
54.77 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.24 |
0.83 |
0.64 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.58 |
0.98 |
0.77 |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.23 |
0.24 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.31 |
0.32 |
0.28 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.17 |
0.22 |
0.23 |
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial Charges] |
7.42 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
8.39 |
7.62 |
5.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.47 |
8.60 |
6.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.81 |
11.76 |
9.05 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
3.34 |
3.08 |
3.46 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.64 |
2.28 |
2.45 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.74 |
0.73 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
3.34 |
3.08 |
3.46 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1501.60/- |
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 |
166.000 |
166.000 |
165.994 |
|
Reserves & Surplus |
5749.500 |
6288.600 |
7166.651 |
|
Net worth |
5915.500 |
6454.600 |
7332.645 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
9395.000 |
9963.300 |
11194.513 |
|
|
|
6.049 |
12.357 |
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 |
9395.000 |
9963.300 |
11194.513 |
|
Profit |
535.600 |
758.900 |
939.094 |
|
|
5.70% |
7.62% |
8.39% |
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 |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
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 |
INDEX OF CHARGE:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
A09323932 |
80013244 |
Canara Bank |
06/07/1995 |
- |
17/01/2007 |
410000000.0 |
Worli BranchMumbaiMH400018IN |
COMPANY OVERVIEW [AS
ON 31.03.2016]
Subject is a public company domiciled and headquartered in India. It is incorporated under the Companies Act, 1956 and its shares are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is in the business of manufacturing and marketing of Pharmaceuticals, bulk drugs, fine chemicals and pigments. The Company is organized in two major divisions – Pharmaceuticals and Chemicals.
COMPANY’S OPERATIONAL PERFORMANCE: [AS ON 31.03.2016]
The Company continues to operate in two business segments, i.e. Pharmaceuticals and chemicals. During the financial year ended December 31, 2016, the Company achieved a turnover of INR 9683.300 million as against a turnover of INR 9083.200 million in the previous year, registering a growth of 6.6%. During the year under review, the Pharmaceutical segment showed an increase in turnover of 15%, the Chemical segment registered a decrease of 15.7% in comparison with the respective segment turnover achieved during the previous financial year. The profit after tax increased by 41.7% during the year 2016 over previous financial year, 2015.
The export turnover of the Company during the year 2016 was Rs. 869.400 million as against Rs. 802.000 million achieved in the previous year
MANAGEMENT
DISCUSSION AND ANALYSIS
REPORT [AS ON 31.03.2016]
Indian economy which was estimated to grow at 7.6 % in 2017 as per IMF study earlier, is now expected to grow by 7%. India is having an advantage because of its population which is a huge force and further driven by its demographics, positive reforms by Government, Indian economy is likely to reach USD 5 trillion by 2025. Indian economy is the seventh largest in the world in terms of nominal GDP. The “Make in India” move will further strengthen the local manufacturing industry across the country thereby utilising the available resources to the maximum. Due to this, employment statistics is also expected to improve. The proposed consolidated indirect tax rule in the form of GST is expected to replace all the indirect taxes from July, this year. In the backdrop of the above positives, there are some issues which are challenging. The unemployment rate, recent demonetisation initiatives and Brexit impact witnessed by us in the last one year are some of the major concerns which we will have in the short to medium term. The Company which started its operations in 1967, in the pharma and chemical sectors has been steering its operations in the last 50 years and specially now in the current economic and political scenario admirably.
FIXED ASSETS:
- Freehold Land
- Buildings and Flats
- Leasehold Improvements
- Plant and Machinery
- Hardware
- Furniture and Fixtures
- Vehicles
- Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.