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MIRA INFORM REPORT
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Report No. : |
499351 |
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Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
WANBURY LIMITED (w.e.f. 2004) |
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Formerly Known
As : |
PEARL ORGANICS LIMITED |
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Registered
Office : |
BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opposite
Vashi Railway Station, Navi Mumbai – 400705, Maharashtra |
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Tel. No.: |
91-22-67942222 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
11.08.1988 |
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Com. Reg. No.: |
11-048455 |
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Capital
Investment / Paid-up Capital : |
INR 232.201 Million |
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CIN No.: [Company Identification
No.] |
L51900MH1988PLC048455 |
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IEC No.: [Import-Export Code No.] |
0394007409 |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TIN / CST No.: |
27900333133 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP12825B /
VPNW00073D |
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PAN No.: [Permanent Account No.] |
AABCP5939P |
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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
: |
Manufacturing of Active Pharmaceutical Ingredients (API), Marketing of branded Formulations and related activities, including research. [Registered Activity] |
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No. of Employees
: |
2207 (Approximately) |
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1988. It is a manufacturer and seller of Active Pharmaceutical Ingredients (API). It is also engaged into other related activities including research. As per the financial records of 2017, the company has achieved an average
growth of 3.16% in its revenue as compared to the previous year but has
incurred operational losses. The weak financial position of the company is marked by average debt
balance sheet profile, modest liquidity position and negative reserves base which
have eroded networth of the company. The company was caught by Maharashtra Food and Drug Administration for
illegally exporting drugs to Mexico, Brazil and Pakistan. Business is active. Payments are seems to be slow and delayed. In view of aforesaid, the company can be considered for
business dealings on safe and secured 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.03.2018
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 Co-operative (91-22-67942112)
91-22-67942222 – Number is ringing
LOCATIONS
|
Registered Office / Head Office : |
BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opposite
Vashi Railway Station, Navi Mumbai – 400705, Maharashtra, India |
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Tel. No.: |
91-22-67942222 / 67942112 |
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Fax No.: |
91-22-67942111 / 333 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-15, MIDC Industrial
Area, Patalganga, Taluka - Khalapur,
District Raigad - 410 220, |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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E-Mail : |
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Factory 2 : |
Plot No. J – 17,
MIDC Industrial Area, Tarapur, Maharashtra, India |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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Factory 3 : |
Plot No. 24, M.I.D.C Tarapur, |
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Factory 4 : |
Plot No. D-312, ITC Industrial Area, MIDC Turbhe, Navi Mumbai, |
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Factory 5 / Doctor Organic
Chemicals Division : |
K. Illindalaparru – 534217, Iragavaram Manadal, Tanuka, District:
West Godavari, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Chandran Krishnamoorthy Sivaram |
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Designation : |
Vice Chairman and Wholetime Director |
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Address : |
Flat No 06, 1st Floor, Endeavour Building, Plot No. 144, Indulal Bhuva Road, Wadala, Mumbai – 400031, Maharashtra, India |
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Date of Birth/Age : |
01.01.1958 |
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Qualification : |
Graduate |
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Expertise in Specific Area : |
Pharmaceutical Industry |
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Date of Appointment : |
01.09.2005 |
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DIN No.: |
00005868 |
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Name : |
Mr. Narinder Kumar Puri |
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Designation : |
Non-Executive Independent Director |
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Address : |
659, Sector- 8, Panchkula – 134109, Haryana, India |
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Date of Birth/Age : |
71 Years |
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Qualification : |
MSC (Physics) |
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Expertise in Specific Area : |
Banking |
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Date of Appointment : |
09.03.2005 |
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DIN No : |
00002226 |
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Name : |
Mr. Sanjay Kumar Bhattacharyya |
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Designation : |
Non-Executive Independent Director |
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Address : |
F1/4, Hauz Khas Enclave, New Delhi – 110016, India |
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Date of Birth/Age : |
64 Years |
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Qualification : |
BA (Hons.) in Economics, CAIIB |
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Expertise in Specific Area : |
Banking |
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Date of Appointment : |
30.05.2013 |
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DIN No : |
01924770 |
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Name : |
Ms. Poonam Arya Bharti |
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Designation : |
Non-Executive Independent Director |
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Address : |
1404, Tower 2, The Palms South City-1, Gurugram – 122002, Haryana, India |
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Date of Birth/Age : |
26.11.1970 |
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Date of Appointment : |
30.05.2017 |
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DIN No : |
01165995 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Rang Lal Verma |
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Designation : |
Chief Financial Officer |
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Address : |
Flat No.401, 4th Floor, B - Wing, Govind, M.G. Complex, Sector 14, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Date of Appointment : |
22.04.2016 |
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PAN No.: |
AALPV9031D |
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|
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Name : |
Mr. Jitendra Jayantilal Gandhi |
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Designation : |
Company Secretary |
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Address : |
12-D/15, Estee Apartments, 3rd Floor, Saibaba Nagar, Borivali (West), Mumbai – 400092, Maharashtra, India |
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Date of Appointment : |
20.04.2015 |
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PAN No.: |
AGQPG9274Q |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
13029561 |
54.93 |
|
(B) Public |
10690556 |
45.07 |
|
Grand Total |
23720117 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Any Other (specify) |
10005561 |
42.18 |
|
EXPERT CHEMICALS
(INDIA) |
10005561 |
42.18 |
|
Sub Total A1 |
10005561 |
42.18 |
|
A2) Foreign |
|
0.00 |
|
Any Other
(specify) |
3024000 |
12.75 |
|
KINGSBURY
INVESTMENTS INC |
3024000 |
12.75 |
|
Sub Total A2 |
3024000 |
12.75 |
|
A=A1+A2 |
13029561 |
54.93 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
115 |
0.00 |
|
Financial Institutions/
Banks |
3473 |
0.01 |
|
Insurance
Companies |
532399 |
2.24 |
|
GENERAL INSURANCE
CORPORA |
252937 |
1.07 |
|
LIFE INSURANCE
CORPORATIO |
279462 |
1.18 |
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Sub Total B1 |
535987 |
2.26 |
|
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 |
5649185 |
23.82 |
|
Individual share
capital in excess of INR 0.200 million |
1368523 |
5.77 |
|
KANISHKA JAIN |
241899 |
1.02 |
|
NBFCs registered
with RBI |
6050 |
0.03 |
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Any Other
(specify) |
3130811 |
13.20 |
|
EDELWEISS ASSET
RECONSTRU |
500000 |
2.11 |
|
MAGNUM EQUIFIN
PRIVATE LI |
500100 |
2.11 |
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Bodies Corporate |
1564590 |
6.60 |
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Clearing Members |
101084 |
0.43 |
|
HUF |
556811 |
2.35 |
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PANDIAN ILANGOVAN |
583793 |
2.46 |
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NRI – Non- Repat |
609763 |
2.57 |
|
NRI – Repat |
203883 |
0.86 |
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Overseas
corporate bodies |
94680 |
0.40 |
|
Sub Total B3 |
10154569 |
42.81 |
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B=B1+B2+B3 |
10690556 |
45.07 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Active Pharmaceutical Ingredients (API), Marketing of branded Formulations and related activities, including research. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2207 (Approximately) |
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Bankers : |
· State Bank of India · Bank of India · Andhra Bank · EXIM Bank · Axis Bank · IDBI Bank · State Bank of Mysore |
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Facilities : |
NOTES: LONG TERM BORROWINGS ·
a) For the year ended 31 March 2017 : Term Loans are secured by pari passu first charge on all the present and future movable and immovable fixed assets of the Company situated at Patalganga and Tarapur, few brands of the Company and second charge, except in respect of Term Loans from Edelweiss Asset reconstruction Company Limited which has a first charge, on all the present and future movable and immovable fixed assets of the Company situated at Tanuku and second pari passu charge on entire present and future current assets of the Company and pledge of entire holding of equity shares of the Company held by Expert Chemicals (I) Private Limited and Kingsbury Investment Inc., in addition to guarantee of Expert Chemicals (I) Private Limited, Bravo Healthcare Limited, Wanbury Global FZE, Kingsbury Investment Inc. and Mr. K. Chandran, director of the Company. b) For the period ended 31 March 2016 : Term Loans are secured by pari passu first charge on all the present and future movable and immovable fixed assets of the Company situated at Patalganga and Tarapur, few brands of the Company and second charge, except in respect of Term Loans from State Bank of India which has a first charge, on all the present and future movable and immovable fixed assets of the Company situated at Tanuku and second pari passu charge on entire present and future current assets of the Company and pledge of entire holding of equity shares of the Company held by Expert Chemicals (I) Private Limited and Kingsbury Investment Inc., in addition to guarantee of Expert Chemicals (I) Private Limited, Bravo Healthcare Ltd., Wanbury Global FZE, Kingsbury Investment Inc. and Mr. K. Chandran, director of the Company. · Vehicle Loans are secured by hypothecation of assets acquired against respective loans. ·
Rate of
Interest: a) For the year ended 31 March 2017 : The rate of interest on term loans vary between 1% to
11.50% p.a. and on vehicle loans vary between 6.30% to 10.00% p.a. b)
For the period ended 31 March 2016: The rate of interest on term loans vary between 1% to
11.50% p.a. and on vehicle loans vary between 6.30% to 10.00% p.a. Repayment of Loans
During the year, on 9 December 2016, the Company has allotted 5,00,000 numbers of Zero % Compulsorily Convertible Debentures (CCDs) of face value of INR 200/- each at par aggregating to INR 10000.000 million. Each CCD will be convertible into 1 equity share of INR 10 each at a premium of INR 190 on preferential basis to Edelweiss Asset Reconstruction Company Limited ("EARCL") as a Trustee of EARC Trust SC 145, within 18 months from the date of allotment of CCDs. SHORT TERM BORROWINGS * Represents dues of State Bank of Mysore ("SBM") assigned to Edelweiss Asset Reconstruction Company Limited ("EARCL") by SBM, vide letter dated 31 March 2017. · Above loans are secured by a pari-passu first charge on current assets and few brands of the Company, second charge on fixed assets and pledge of entire holding of equity shares of the Company held by Expert Chemicals (I) Private Limited and Kingsbury Investments Inc., in addition to guarantee of Expert Chemicals (I) Private Limited, Bravo Healthcare Limited, Wanbury Global FZE, Kingsbury Investments Inc and Mr. K. Chandran, director of the Company. · Factoring facilities are secured by subservient (residual) charge on all present and future receivables, book debts, outstanding, monies receivables, claims and bills of the company, which are now due and or which may be due at any time of its approved debtors and subservient charge on all present and future fixed asset and current assets of the company. |
|
Financial
Institutions : |
·
Edelwiess Asset Reconstruction Co. Limited |
|
|
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Auditors : |
|
|
Name : |
Kapoor and Parekh Associates Chartered Accountants |
|
Address : |
701, Business Suites 9, S.V. Road, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
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Tel. No.: |
91-22-26007702 |
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Fax No.: |
91-22-26007705 |
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E-Mail : |
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Website : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Parties : |
·
Expert Chemicals (India) Private Limited |
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|
Subsidiary Companies: |
·
Wanbury Holding B. V. (Netherlands) ·
Cantabria Pharma S. L. (Spain) ·
Ningxia Wanbury Fine Chemicals Company Limited
(China) ·
Wanbury Global FZE (Ras-AI-Khaimah, UAE) |
|
|
|
|
Enterprise owned or significantly influenced by key management personnel
or their relatives : |
·
Wanbury Infotech Private Limited ·
Bravo Healthcare Limited ·
Wanbury Pharma Limited |
CAPITAL STRUCTURE
AFTER 31.03.2017
Authorised Capital : INR
500.000 Million
Issued, Subscribed & Paid-up Capital : INR 237.201 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
2000000 |
Preference Shares |
INR 100/- each |
INR 200.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23220117 |
Equity Shares |
INR 10/- each |
INR 232.201 Million |
|
|
|
|
|
a. Reconciliation of Equity Shares outstanding
at the beginning and at the end of the reporting period:
|
Particulars |
31 March 2017 |
|
|
No. of Shares |
(INR in Million) |
|
|
Shares outstanding at the beginning of the year |
19969286 |
199.693 |
|
Add: Shares allotted as fully paid up during the period |
3250831 |
32.508 |
|
Shares outstanding
at the end of the period |
23220117 |
232.201 |
b.
Terms/Rights
attached to equity shares
The Company has only one class of equity shares with voting rights having a par value of INR 10 per share. The Company declares and pays dividend in Indian rupees.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by the shareholders.
c.
Outstanding
Options to subscribe to equity shares
11,25,236 warrants of the face value of INR Nil have been allotted to the shareholders of Erstwhile PPIL as per the BIFR order. The warrant holders have the right to subscribe to one equity share of INR 10/- each at the premium of INR 125/- per share which is exercisable within five years from 27 June 2007, being the date of allotment of the warrants.
58,199 Zero Coupon Optionally Fully Convertible Debentures (OFCDs) of face value of INR 1,000/- each were allotted to the lenders of erstwhile PPIL pursuant to the order dated 24 April 2007 of Hon'ble BIFR. OFCD were convertible between 1 November 2008 and 30 April 2012 into its equity shares at a price of INR 125/- and 67% of the three months average weekly closing price prior to the date of exercise of such right.
For
rights of lender under CDR scheme to convert dues into equity shares of the
Company under certain condition stipulated in Master Restructuring Agreement
dated 19 September 2011.
d. Details of Equity Shares held by each
shareholder holding more than 5%:
|
Name of Shareholder
|
As at March 2017 |
|
|
No. of Shares |
% of Holding |
|
|
Kingsbury Investments Inc. |
3024000 |
13.02% |
|
Expert Chemicals (India) Private Limited |
10005561 |
43.09% |
As per records of the Company, including its register of shareholders/members and other declaration received from shareholders/members regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
e.
|
Name of Shareholder |
31 March 2017 |
31 March 2016 |
|
No of Shares of FV INR 10 |
No of Shares of FV INR 10 |
|
|
Equity Shares reserved for issuance under Employee Stock Options Plan 2016 of the Company |
998464 |
998464 |
f. In compliance with the terms of the Corporate Debt Restructuring Scheme, during the year ended 31st March 2017, the Company has allotted 32,50,831 equity shares of Face value of INR 10 each at a premium of INR 27.60 per equity share to the promoter company Expert Chemicals (India) Private Limited, on preferential basis.
g. During the year ended 31st March 2017, the Company has allotted 500000 numbers of Zero % Compulsorily Convertible Debentures (CCDs) of face value of INR 200/- each at par aggregating to INR 100.000 million.
h. The Company has neither allotted any shares as fully paid up pursuant to contract without payment being received in cash and by way of bonus shares nor bought back any shares during the period of five years preceding the date of this balance sheet.
i. The Company is not a subsidiary company.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 (6
Months) |
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
232.201 |
199.693 |
199.693 |
|
(b) Reserves &
Surplus |
(1913.293) |
(1952.514) |
(1882.165) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
122.231 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
(1681.092) |
(1630.590) |
(1682.472) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2605.379 |
2309.233 |
2704.802 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
46.800 |
116.833 |
202.221 |
|
(d) long-term provisions |
95.535 |
87.646 |
74.809 |
|
Total Non-current
Liabilities (3) |
2747.714 |
2513.712 |
2981.832 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
636.524 |
905.995 |
778.543 |
|
(b) Trade payables |
1291.591 |
856.885 |
1086.791 |
|
(c) Other current
liabilities |
1131.451 |
1189.157 |
854.610 |
|
(d) Short-term provisions |
41.195 |
29.716 |
23.741 |
|
Total Current Liabilities
(4) |
3100.761 |
2981.753 |
2743.685 |
|
|
|
|
|
|
TOTAL |
4167.383 |
3864.875 |
4043.045 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1854.474 |
1754.964 |
1599.658 |
|
(ii)
Intangible Assets |
8.908 |
10.342 |
3.490 |
|
(iii)
Fixed Assets held for sale |
37.359 |
37.359 |
37.359 |
|
(iv)
Capital work-in-progress |
95.792 |
144.180 |
185.162 |
|
(v)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.091 |
0.091 |
0.091 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
277.006 |
276.370 |
298.703 |
|
(e) Other Non-current
assets |
3.745 |
2.643 |
9.892 |
|
Total Non-Current Assets |
2277.375 |
2225.949 |
2134.355 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
342.276 |
346.135 |
337.680 |
|
(c) Trade receivables |
911.366 |
749.416 |
985.168 |
|
(d) Cash and cash
equivalents |
97.944 |
71.834 |
118.892 |
|
(e) Short-term loans and
advances |
434.315 |
367.370 |
361.484 |
|
(f) Other current assets |
104.107 |
104.171 |
105.466 |
|
Total Current Assets |
1890.008 |
1638.926 |
1908.690 |
|
|
|
|
|
|
TOTAL |
4167.383 |
3864.875 |
4043.045 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (6
Months) |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
4366.282 |
4232.616 |
2499.233 |
|
|
|
|
Other Income |
77.460 |
14.062 |
64.840 |
|
|
|
|
TOTAL |
4443.742 |
4246.678 |
2564.073 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1519.512 |
1452.018 |
983.212 |
|
|
|
|
Purchase of Stock-in-trade |
391.735 |
369.447 |
181.256 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
58.499 |
2.494 |
36.073 |
|
|
|
|
Employee Benefits Expenses |
875.650 |
855.939 |
396.325 |
|
|
|
|
Other Expenses |
1332.245 |
1227.924 |
688.093 |
|
|
|
|
TOTAL |
4177.641 |
3907.822 |
2284.959 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
266.101 |
338.856 |
279.114 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
208.978 |
318.681 |
186.248 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
57.123 |
20.175 |
92.866 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
103.155 |
90.524 |
48.042 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
(46.032) |
(70.349) |
44.824 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
4.470 |
0.000 |
12.748 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
(50.502) |
(70.349) |
32.076 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2835.664) |
(2765.315) |
(2745.651) |
||
|
|
|
|
|
|
||
|
Less |
Depreciation
adjustment as per Schedule II to the Companies Act, 2013 |
0.000 |
0.000 |
51.740 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(2886.166) |
(2835.664) |
(2765.315) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
1907.022 |
1677.015 |
1249.256 |
|
|
|
|
Freight, Insurance etc. |
42.450 |
44.758 |
30.423 |
|
|
|
TOTAL EARNINGS |
1949.472 |
1721.773 |
1279.679 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
410.480 |
510.240 |
276.541 |
|
|
|
|
Capital Goods |
7.171 |
35.365 |
4.643 |
|
|
|
TOTAL IMPORTS |
417.651 |
545.605 |
281.184 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
(2.47) |
(3.52)
|
1.61 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 (6
Months) |
|
Current maturities of: |
|
|
|
|
Term Loan - Banks |
269.556 |
403.230 |
|
|
Term Loan - Others |
158.082 |
0.000 |
|
|
Vehicle Loan |
0.488 |
0.752 |
|
|
Dues of FCCB Holders |
100.607 |
112.368 |
|
|
TOTAL |
528.733 |
516.350 |
324.783 |
|
|
|
|
|
|
Cash generated from operations |
434.332 |
431.745 |
402.513 |
|
Net Cash generated from (Used in) Operating Activities |
433.887 |
431.610 |
401.689 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
937.830 |
1153.390 |
921.200 |
|
Total Expenditure |
1034.400 |
1559.080 |
860.440 |
|
PBIDT (Excluding Other Income) |
(96.570) |
(405.690) |
60.760 |
|
Other income |
3.650 |
547.130 |
16.860 |
|
Operating Profit |
(92.930) |
141.440 |
77.620 |
|
Interest |
82.460 |
79.750 |
74.570 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(175.390) |
61.690 |
3.050 |
|
Depreciation |
25.500 |
25.930 |
26.110 |
|
Profit Before Tax |
(200.890) |
35.760 |
(23.060) |
|
Tax |
(0.240) |
(0.240) |
(0.230) |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit after tax |
(200.650) |
35.990 |
(22.830) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(200.650) |
35.990 |
(22.830) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (6
Months) |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
76.19 |
64.63 |
143.88 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.79 |
5.65 |
2.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
246.66 |
171.71 |
340.65 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.78 |
0.98 |
0.83 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.14 |
0.18 |
0.16 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (6
Months) |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.50 |
1.50 |
1.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(2.24) |
(2.29) |
(2.26) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(1.84) |
(1.83) |
(1.63) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(1.17) |
(1.17) |
(1.06) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.27 |
1.06 |
1.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 (6
Months) |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(1.16) |
(1.66) |
1.28 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(1.21) |
(1.82) |
0.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.00 |
4.31 |
(1.91) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (6
Months) |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.61 |
0.55 |
0.70 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.50 |
0.43 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.40) |
(0.42) |
(0.42) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
16.24 |
18.69 |
19.07 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.61 |
0.55 |
0.70 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 34.05/- |
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 |
199.693 |
199.693 |
232.201 |
|
Reserves & Surplus |
(1882.165) |
(1952.514) |
(1913.293) |
|
Share Application money pending
allotment |
0.000 |
122.231 |
0.000 |
|
Net
worth |
(1682.472) |
(1630.590) |
(1681.092) |
|
|
|
|
|
|
Long-Term Borrowings |
2704.802 |
2309.233 |
2605.379 |
|
Short Term Borrowings |
778.543 |
905.995 |
636.524 |
|
Current Maturities |
324.783 |
516.350 |
528.733 |
|
Total
borrowings |
3808.128 |
3731.578 |
3770.636 |
|
Debt/Equity
ratio |
(2.263) |
(2.288) |
(2.243) |
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 |
2499.233 |
4232.616 |
4366.282 |
|
|
|
69.357 |
3.158 |
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
|
2499.233 |
4232.616 |
4366.282 |
|
Profit/(Loss) |
32.076 |
(70.349) |
(50.502) |
|
|
1.28% |
(1.66%) |
(1.16%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
232.201 |
199.693 |
|
(b) Reserves &
Surplus |
(2171.074) |
(2209.603) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
122.231 |
|
- Minority interest |
266.624 |
266.624 |
|
Total Shareholders’ Funds
(1) + (2) |
(1672.249) |
(1621.055) |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
2605.379 |
2309.233 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
46.800 |
116.833 |
|
(d) long-term provisions |
95.535 |
87.646 |
|
Total Non-current
Liabilities (3) |
2747.714 |
2513.712 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
636.524 |
905.995 |
|
(b) Trade payables |
1295.478 |
861.099 |
|
(c) Other current
liabilities |
1131.539 |
1189.247 |
|
(d) Short-term provisions |
41.195 |
29.716 |
|
Total Current Liabilities
(4) |
3104.736 |
2986.057 |
|
|
|
|
|
TOTAL |
4180.201 |
3878.714 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i)
Tangible assets |
1854.474 |
1754.964 |
|
(ii)
Intangible Assets |
8.908 |
10.342 |
|
(iii)
Fixed Assets held for sale |
37.359 |
37.359 |
|
(iv)
Capital work-in-progress |
95.792 |
144.180 |
|
(v)
Intangible assets under development |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.091 |
0.091 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
289.426 |
289.837 |
|
(e) Other Non-current
assets |
3.745 |
2.643 |
|
Total Non-Current Assets |
2289.795 |
2239.416 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
342.276 |
346.135 |
|
(c) Trade receivables |
911.366 |
749.416 |
|
(d) Cash and cash
equivalents |
98.342 |
72.206 |
|
(e) Short-term loans and
advances |
434.315 |
367.370 |
|
(f) Other current assets |
104.107 |
104.171 |
|
Total Current Assets |
1890.406 |
1639.298 |
|
|
|
|
|
TOTAL |
4180.201 |
3878.714 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
4366.282 |
4232.616 |
|
|
Other Income |
77.451 |
14.043 |
|
|
TOTAL |
4443.733 |
4246.659 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
1519.512 |
1452.018 |
|
|
Purchases of
Stock-in-Trade |
391.735 |
369.447 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
58.499 |
2.494 |
|
|
Employees benefits
expense |
875.650 |
855.939 |
|
|
Other expenses |
1332.254 |
1229.020 |
|
|
TOTAL |
4177.650 |
3908.918 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
266.083 |
337.741 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
208.978 |
318.681 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
57.105 |
19.060 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
103.155 |
90.524 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(46.050) |
(71.464) |
|
|
|
|
|
|
Less |
TAX |
4.470 |
0.000 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(50.520) |
(71.464) |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(2.47) |
(3.58) |
LEGAL CASES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 financial
years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three financial
years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION:
The company is a public company domiciled in India. The Company is engaged in the business of pharmaceutical and related activities, including research.
OPERATIONAL REVIEW / AFFAIRS OF THE COMPANY
AND FUTURE OUTLOOK:
The Financial Highlights are as under:
The Total Revenue for the Financial Year was INR 4443.742 million as against INR 4246.678 million in the previous year. The Total Expenditure incurred in the current financial year was INR 4489.774 million as against INR 4317.027 million in the previous year. The Loss after tax for the financial year was (INR 50.502 million) as against a Loss after tax of (INR 70.349 million) for the previous financial year.
MANAGEMENT’S
DISCUSSION AND ANALYSIS:
GLOBAL INDUSTRY OVERVIEW
The global pharmaceutical industry is expected to continue to grow in the FY 2017-18 as well. The main driving force behind it is new clinical advancements and a growing need for medicines as the middle class is growing in developing countries and also the global population is ageing. The global drug market is expected to be worth more than USD 810 billion in FY 2017-18 and by 2022, the global pharma market could reach to the size of USD 1.1 trillion. Spending on healthcare is currently rising, and will likely to continue to do so for at least over the next 5 to 10 years.
Despite challenges around prices and economic uncertainty, the global pharmaceutical market will continue to grow M&A will be a prominent strategy, and demand will rise as healthcare programs develop around the world. Innovation and affordability are two strategies with strong potential, and drug makers will need to balance the two in order to succeed in the market.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand |
|
|
|
From Banks |
2.995 |
2.994 |
|
From Others |
2.032 |
2.031 |
|
|
|
|
|
Total |
5.027 |
5.025 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 30TH
SEPTEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
REVENUE |
|
|
|
|
Revenue from operations |
921.200 |
1153.387 |
3012.416 |
|
Other Income |
16.857 |
547.132 |
567.634 |
|
Total
Revenue |
938.057 |
1700.519 |
3580.050 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
310.617 |
350.753 |
1052.979 |
|
Purchase of Stock in Trade |
108.561 |
90.211 |
295.919 |
|
Changes in inventories of finished goods and
work-in-progress |
(16.041) |
66.664 |
24.447 |
|
Excise duty |
-- |
-- |
25.051 |
|
Employee benefits expense |
196.851 |
231.482 |
666.267 |
|
Finance Costs |
74.574 |
79.752 |
236.781 |
|
Depreciation and Amortization expenses |
26.106 |
25.930 |
77.535 |
|
Other Expenditure |
260.445 |
819.970 |
1389.256 |
|
Total
Expenses |
961.113 |
1664.762 |
3768.235 |
|
Profit / (Loss) before Tax |
(23.056) |
35.757 |
(188.185) |
|
Tax Expense |
(0.231) |
(0.238) |
(0.709) |
|
Profit
/ (Loss) after Tax |
(22.825) |
35.995 |
(187.476) |
|
Other
comprehensive income |
|
|
|
|
a) Items that will not be reclassified to profit and loss (net of tax) |
0.516 |
0.532 |
1.585 |
|
b) Items that will be reclassified to profit and loss (net of tax) |
-- |
-- |
-- |
|
Total
comprehensive income for the period |
(22.309) |
36.527 |
(185.891) |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
232.201 |
232.201 |
232.201 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) - INR |
|
|
|
|
-
Basic |
(0.96) |
1.52 |
(7.90) |
|
-
Diluted |
(0.96) |
1.52 |
(7.90) |
NOTES:
1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 8th February 2018.
2. Statutory Auditors have carried out Limited Review of the above financial results.
3. This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued there under and other accounting principles, practices and policies generally accepted in India. The Company has adopted Ind AS from 1st April 2017 with date of transition being 1st April 2016 and accordingly, the financial results have been prepared in accordance with the recognition and measurement principles laid down in the "Ind AS 34 -Interim Financial Reporting".
4. There is a possibility that these quarterly financial results may require adjustment before constituting the final Ind AS Financial statements as of and for the year ending 31st March 2018 due to changes in financial reporting requirements arising from new or revised standards or interpretations issued by MCA or changes in the use of one or more optional exemptions from full retrospective application as permitted under Ind AS 101.
5. The format for unaudited quarterly results as prescribed in SEBI's Circular CIR/CFD/CMD/15/20T5 dated 30th November, 2015 has been modified to comply with the requirements of SEBI's circular dated 5th July 2016 Ind AS and Schedule III (Division II) to the Companies Act, 2013, which are applicable to companies that are required to comply with Ind AS.
6. The Company has only one segment of activity namely "Pharmaceuticals".
7. Erstwhile The Pharmaceutical Products of India Limited (PPIL) merged with the Company pursuant to the Scheme of Revival cum Merger (the Scheme) approved vide order dated 24th April 2007 by the Board for Industrial and Financial Reconstruction (BIFR) u/s 18 and other applicable provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) w.e.f. 1st April 2006 being the appointed date. Subsequently in response to a suit filed by one of the unsecured creditors of erstwhile PPIL, challenging the Scheme, the Hoh'ble Supreme Court vide its order dated 16th May 2008, has set aside the above referred BIFR order and remitted the matter back to BIFR for considering afresh as per the provisions of SICA. BIFR had directed IDBI Bank, which is an Operating Agency, to prepare the Draft Rehabilitation Scheme. However, the Government of India had, vide Notification No. S.O. 3568(E) dated 25th November 2016, notified the SICA Repeal Act, 2003, w.e.f. 1st December 2016 and as a consequence thereof, BIFR and AAIFR stood dissolved w.e.f. 1st December 2016. Simultaneously, in terms of Section 252 of Insolvency & Bankruptcy Code, 2016 ("IBC 2016"), the government amended Section 4(b) of the said repeal act in the manner specified in the Eighth Schedule of IBC 2016, resulting in the abatement of all pending proceedings including pending merger scheme before BIFR. In view of the foregoing developments, the management is currently considering various other options under the available laws and as may be advised by experts either to regularize lawfully all acts and deeds done under the erstwhile merger scheme or to undo what was done in pursuance and as a sequel of the erstwhile merger scheme sanctioned by BIFR.
8. Other expenses for the quarter ended 30th September 2017 includes provision for doubtful recoverable amounting to INR 537.053 million. Further, Rs.85.56 Lakhs being additional provision for doubtful recoverable has been made during current quarter ended on 31st December 2017.
9. The Government of India introduced the Goods and Services Tax (GST) with effect from 1st July 2017. GST is collected on behalf of the Government and no economic benefit flows to the entity and does not result in an increase in equity, consequently revenue for period from 1st July 2017 to 31st December 2017 are presented net of GST. Sales of nine months period ended 31st December 2017 includes excise duty up to 30th June 2017. Sales of earlier periods included excise duty, which has now been subsumed in GST.
10. State Bank of Mysore ("SBM") vide Its letter dated 31st March 2017, has informed about sale of its loan exposure on the company to Edelweiss Asset Reconstruction Company Limited ("EARCL"). However, pending completion/execution of necessary agreements etc. no further impact has been considered in the financial statements for the quarter and nine months ended 31st December 2017.
11. During the quarter ended 30th September 2017, Bank of India ("BOI") has approved One Time Settlement vide BOI letter dated 29th September 2017 in respect of loans and part payments in compliance thereof has been made by the Company. Consequently, INR 545.994 million has been written back and included in other income.
12. The Company has initiated various measures, including restructuring of debts/business and infusion of funds etc. Consequently, in the opinion of the management, operations of the Company will continue without interruption in spite of negative net worth. Hence, financial statements are prepared on a "going concern" basis.
13. The reconciliation of net profit reported in accordance with Indian GAAP to total comprehensive income in accordance with Ind AS.
- State Bank of India ("SBI") has sold its loan exposure on the Company to Edelweiss Asset Reconstruction Company Limited ("EARCL"). Subsequently, restructuring proposal dated 17th June 2016 has been executed by the Company with EARCL and appropriate effect has been given in the financial statements for the quarter ended 30th June 2016 as per Ind AS.
- Actuarial Gains and losses on defined benefit plans: Under Indian GAAP, all actuarial gains and losses were recognised in Profit and Loss Account. Under Ind AS, such gains & losses are recognised in Other Comprehensive Income.
14. The figures for the previous periods have been regrouped, wherever necessary, to correspond with the figures of the current period.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C51368074 |
10564654 |
ANDHRA BANK |
30/03/2015 |
- |
- |
75000000.0 |
16TH FLOOR, EARNEST HOUSE, NCPA MARG, NARIMAN POINT MUMBAI MH400021IN |
|
2 |
C36257533 |
10535425 |
ANDHRA BANK |
07/11/2014 |
- |
- |
4700000.0 |
16TH FLOOR, EARNEST HOUSE, NCPA MARG, NARIMAN POINT MUMBAI MH400021IN |
|
3 |
C03791977 |
10490144 |
SBI GLOBAL FACTORS LIMITED |
22/04/2014 |
- |
- |
150000000.0 |
6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA COMPLEX, BANDRA (EAST) MUMBAI MH400051IN |
|
4 |
C05651419 |
10501094 |
BANK OF INDIA |
26/03/2014 |
- |
- |
45000000.0 |
MUMBAI MID CORPORATE BRANCH, BANK OF INDIA BLDG MEZZANINE FLOOR, 70-80, M. G. ROAD, FORT MUMBAI MH400001IN |
|
5 |
B26537662 |
10319317 |
BANK OF INDIA |
12/10/2011 |
12/10/2011 |
- |
355200000.0 |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT MUMBAI MH400001IN |
|
6 |
B25740093 |
10318846 |
AXIS BANK LIMITED |
29/09/2011 |
- |
- |
251800000.0 |
NARIMAN POINT BR., ATLANTA, GR. FLOOR, NARIMAN POINT, MUMBAI MH400021IN |
|
7 |
A98295660 |
10251282 |
EXPORT-IMPORT BANK OF INDIA |
28/09/2010 |
- |
- |
50000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI MH400005IN |
|
8 |
C55298244 |
10198432 |
SBICAP TRUSTEE COMPANY LIMITED |
02/02/2010 |
22/05/2015 |
- |
5282700000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI MH400005IN |
|
9 |
C80659709 |
10203027 |
SBICAP TRUSTEE COMPANY LIMITED |
29/12/2009 |
19/10/2015 |
- |
5171000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA MUMBAI MH400005IN |
|
10 |
A77296705 |
10196180 |
EXPORT-IMPORT BANK OF INDIA |
30/11/2009 |
- |
- |
45000000.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI MH400005IN |
CONTINGENT
LIABILITIES:
|
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
a)
|
Contract of take out undertaking executed in favour of bank/ financial institution for loans given to subsidiaries. Loans outstanding at the year end for undertaking as above. |
2354.418 (Euro 340.00 Lakhs) 1811.794 (Euro 261.64 Lakhs) |
2553.247 (Euro 340.00 Lakhs) 1964.799 (Euro 261.64 Lakhs) |
|
b)
|
Disputed demands by Income Tax Authorities. Amount paid under protest and shown as advance. |
62.016 Nil |
20.718 5.901 |
|
c)
|
Disputed demands by Sales Tax Authorities. Amount paid under protest and shown as advance. |
330.895 Nil |
334.222 2.630 |
|
d)
|
Disputed demands by Service Tax Authorities. Amount paid under protest and shown as advance. |
36.822 Nil |
36.822 6.137 |
|
e)
|
Disputed demands by Excise Authorities. |
6.804 |
12.700 |
|
f)
|
Disputed demand by National Pharmaceutical Pricing Authority (NPPA) |
19.058 |
19.058 |
|
g)
|
Claims against the Company not acknowledged as debts. |
161.370 |
160.082 |
|
h)
|
Custom Duty on import under Advance License Scheme, pending fulfillment of Exports obligation. |
277.807 |
242.416 |
|
The management considers the Service Tax, Excise Duty, Custom Duty, Sales Tax and Income Tax demand received from the authorities and demand received from NPPA are not tenable against the company, and therefore no provision for these contingencies has been made. Further, the Company does not expect, in respect of aforesaid matters, to have any material adverse effect on the company’s financial conditions, results of operations or cash flows. Future cash flows in respect of liability under clause (a) is dependent on terms agreed upon with the parties and in respect of liability under clause (b) to (g) are dependent on decisions by relevant authorities of respective disputes. |
|||
FIXED ASSETS:
Tangible Assets
· Free Hold Land
· Lease Hold Land
· Factory Building
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Electrical Installations
· Laboratory Equipments
· Computers
· Leasehold Improvement
Intangible Assets
· Software
PRESS RELEASE
WANBURY UNDER LENS FOR
ILLEGAL EXPORT OF DIABETES DRUG
October 24, 2016
The Indian drug regulators, who were grappling with issues of quality, have a new beast to deal with - illegal export of drugs through repackaging by third party sources, a menace that adds to the growing number of quality issues for the drug industry.
Mumbai-based Wanbury, one of the leading active pharmaceutical ingredients (API) manufacturers of metformin hydrochloride — a diabetic drug — was caught by the Maharashtra Food and Drug Administration for illegally export of drugs through repackaging by third party sources, a menace that adds to the growing number of quality issues for the drug industry.
Mumbai-based Wanbury was caught by the Maharashtra Food and Drug Administration for illegally exporting this drug to Mexico, Brazil, Bangladesh and Pakistan.
The total value of these drugs was worth INR 4.700 million. Wanbury had export orders of 650 metric tonnes per month from these countries, but it had the capacity to manufacture only 300 metric tonnes. However, to overcome this shortage, Wanbury had outsourced the manufacturing of metformin to a company called Pharmaceutical Products of India Ltd (PPIL).
“Wanbury just removed the label of PPIL that did not have any export licence, and without doing any processing on the product obtained from it, merely stuck its own label - Wanbury - and exported it,” said Maharashtra FDA in a press note.
Wanbury did not respond to an email query sent by ET, and repeated phone calls to the company’s MD were unresponsive. Senior officials from the Mahrashtra FDA said that this is just the tip of the iceberg and there are several companies companies that are under the regulator’s glare for indulging in similar practices. “Both the companies formed an unholy alliance which was mutually beneficial, but it could have led to disastrous effects on the drug exports of our country, as the Drugs and Cosmetics Act treats such exported products as spurious,” the FDA explained.
The investigation also revealed that records for manufacturing and testing were not maintained by PPIL and books were fudged to show as if the entire stock of drugs was manufactured by Wanbury itself
But despite
these findings, the regulator has not yet suspended the manufacturing licence
of Wanbury as the matter has moved to a different jurisdiction. The
investigation by the Maharashtra FDA comes at a time when Indian drug companies
are battling a perception issue of quality in its export markets. The total
legal fees that drug companies had spent in FY15-16 was about INR 50000.000
million, according to data from ET intelligence.
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 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.