|
|
|
MIRA INFORM REPORT
|
Report No. : |
500316 |
|
Report Date : |
26.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SMRUTHI ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
165 – A, Balaji Bhavan, 1st Floor, Railway Lines, Solapur –
413001, Maharashtra |
|
Tel. No.: |
91-217-2310268 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.07.1989 |
|
|
|
|
Com. Reg. No.: |
11-052562 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 38.154 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24119PN1989PLC052562 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
3192002808 |
|
|
|
|
TIN No: |
27190386146 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AACCS5562Q1ZO |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5562Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Bulk Drugs, Drug Intermediates, Fine Chemicals and Specialty chemicals. (Registered Activity) |
|
|
|
|
No. of Employees
: |
182 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the 1989 and it is a manufacturer and
seller of bulk drugs Intermediates. As per the financials of March 2017, the company has registered a
growth of 9.33% in its revenue as compared to its previous year revenue and
has reported average profit margin of 2.08%. Rating takes into consideration the company’s established track record
of business operations marked by sound net worth along with comfortable debt
protection metrics and decent liquidity position. Share are quoted high Stock Exchange. (Share are trader at a price of
INR 97 against its face value of INR 10) As per unaudited quarterly financials of December 2017, the company
has achieved a revenue of INR 216.48 million and has reported good profit
margin of 6.05%. Payments terms seems to be usually correct. In view of aforesaid, the subject 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating (BB-) (Issuer Non-Cooperative) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
22.02.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating (A4) (Issuer Non-Cooperative) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
22.02.2018 |
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 26.03.2018
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 BY
|
Name : |
Mr. Rakesh |
|
Designation : |
Sales Department |
|
Contact No.: |
91-22-24129211 |
|
Date : |
24.03.2018 |
91-217-2310268/ 2620367/ 2310267)
LOCATIONS
|
Registered Office / Corporate Office : |
165 – A, Balaji Bhavan, 1st Floor, Railway Lines, Solapur -
413001, Maharashtra, India |
|
Tel. No.: |
91-217-2310267/ 2310367 |
|
Fax No.: |
91-217-2620268 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
108, Shivshakti Apartments, B - Wing, G. D. Ambedkar Road, Parel Village, Mumbai - 400012, Maharashtra, India |
|
Tel. No.: |
91-22-2415 5452/ 24129211 |
|
Fax No.: |
91-22-2412 9211 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 273/274,
M.I.D.C., Akkalkot Road, Solapur – 413006, Maharashtra, India |
|
Tel. No.: |
91-217-2651264 |
|
|
|
|
Factory 2 : |
Plot No. A - 27, M.I.D.C.
Area, Chincholi, Post Kondi, Taluka Mohol, District Solapur - 413255,
Maharashtra, India |
|
Tel. No.: |
91-217-2257491/
92/ 2357772/ 774775/ 2357771 |
|
Fax No.: |
91-217-2357771 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Purushottam Mallayya Eaga |
|
Designation : |
Managing Director |
|
Address : |
Plot No 273/20, Dr. Antrilikar Nagar No 2, Hotgi Road, Solapur -
413003, Maharashtra, India |
|
Date of Birth |
02.04.1958 |
|
Qualification |
M. Sc. (Org. Chem.) |
|
Date of Appointment : |
01.08.2010 |
|
DIN No.: |
00033583 |
|
|
|
|
Name : |
Mr. Jayant Hari Ranade |
|
Designation : |
Director |
|
Address : |
406, Vatvruksha Chs., Hari Krishna Pendse Lane, Brahmin Society, Naupada,
Thane (West), Thane-400602, Maharashtra, India |
|
Date of Appointment : |
11.09.2006 |
|
DIN No.: |
00004814 |
|
|
|
|
Name : |
Mrs. Vaishnavi Purushottam Ega |
|
Designation : |
Director |
|
Address : |
Plot No 273/20, Dr. Antrilikar Nagar, No 2, Hotgi Road, Solapur-
413003, Maharashtra, India |
|
Date of Birth |
18.02.1962 |
|
Qualification |
Bachelor of Arts |
|
Date of Appointment : |
09.09.1994 |
|
DIN No.: |
00033669 |
|
|
|
|
Name : |
Mr. Kashinath Revappa Dhole |
|
Designation : |
Director |
|
Address : |
224-17, Civil Lines, Gandhi Nagar, Solapur- 413001, Maharashtra, India |
|
Date of Appointment : |
27.09.2014 |
|
DIN No.: |
01076675 |
|
|
|
|
Name : |
Mr. Swapnil Purushotham Eaga |
|
Designation : |
Whole-Time Director |
|
Address : |
Plot No. 273/20, Dr. Antrolikar Nagar No -2, Hotgi Road, Solapur-
413003, Maharashtra, India |
|
Date of Birth : |
30.03.1984 |
|
Qualification : |
B.S. (Chem) USA and MBA (Finance), Spain |
|
Date of Appointment : |
01.06.2015 |
|
PAN No.: |
AAHPE9562C |
|
DIN No.: |
01241535 |
|
|
|
|
Name : |
Dr. Rama Swamy Kanumala |
|
Designation : |
Director |
|
Address : |
Plot No.12, Sancharpuri Colony, Bowenpally, Secunderabad - 500011,
Andhra Pradesh, India |
|
Date of Appointment : |
30.07.2012 |
|
DIN No.: |
05273930 |
KEY EXECUTIVES
|
Name : |
Mr. Swapnil Purushotham Eaga |
|
Designation : |
Chief Executive Officer |
|
Address : |
Plot No. 273/20, Dr. Antrolikar Nagar No -2, Hotgi Road, Solapur - 413003,
Maharashtra, India |
|
Date of Birth |
30.03.1984 |
|
Qualification |
B.S. (Chem) USA & MBA (Finance), Spain |
|
Date of Appointment : |
27.09.2014 |
|
PAN No.: |
AAHPE9562C |
|
Name : |
Urvashi Dravendra Khanna |
|
Designation : |
Company Secretary |
|
Address : |
A - 103, Paradise Apartment, Shanti Nagar, Wagle Estate, Thane – 400604, Maharashtra, India |
|
Date of Appointment : |
06.08.2016 |
|
PAN No.: |
BAPPK4198H |
|
|
|
|
Name : |
Mr. Rakesh |
|
Designation : |
Sales Department |
MAJOR SHAREHOLDERS
As on DECEMBER 2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter & Promoter Group |
2434666 |
63.81 |
|
|
(B) Public |
1380764 |
36.19 |
|
|
Grand Total |
3815430 |
100.00 |
|
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided
Family |
24125 |
0.63 |
|
|
EAGA PURUSHOTHAM MALAIAH |
50 |
0.00 |
|
|
VAISHNAVI PURUSHOTHAM EAGA |
25 |
0.00 |
|
|
YADAGIRI M EAGA |
24050 |
0.63 |
|
|
Any Other (specify) |
2410541 |
63.18 |
|
|
SMRUTHI CHEMICALS AND
INTERMEDIATES LIMITED |
82000 |
2.15 |
|
|
EAGA RAJAMOULI |
9500 |
0.25 |
|
|
SMRUTHI PURUSHOTHAM EAGA |
24000 |
0.63 |
|
|
E PURUSHOTTAM |
1528510 |
40.06 |
|
|
SWAPNIL PURUSHOTHAM EAGA |
190081 |
4.98 |
|
|
VAISHNAVI EAGA |
576450 |
15.11 |
|
|
Sub Total A1 |
2434666 |
63.81 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2434666 |
63.81 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957 As a
% of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
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 |
895203 |
23.46 |
|
|
Individual share capital in
excess of INR 0.200 million |
224095 |
5.87 |
|
|
Any Other (specify) |
261466 |
6.85 |
|
|
Bodies Corporate |
192281 |
5.04 |
|
|
Clearing Members |
1876 |
0.05 |
|
|
NRI |
40975 |
1.07 |
|
|
Bodies Corporate |
240 |
0.01 |
|
|
Investor Education and
Protection Fund |
26094 |
0.68 |
|
|
Sub Total B3 |
1380764 |
36.19 |
|
|
B=B1+B2+B3 |
1380764 |
36.19 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs, Drug Intermediates, Fine Chemicals and Specialty chemicals. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
182 (Approximately) |
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Bankers : |
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Facilities : |
Note: Long-term
Borrowings *1st mortgage / hypothecation charge on pari-passu basis with Axis Bank on Land and building and Plant and Machinery owned by the company situated at Plot No.273 and 274 MIDC, Akkalkot Road, Solapur 413006 and Plot No.A-27, MIDC Chincholi, Solapur- 413 255, First Charge on company's - Flat No 5, Rahul Neha Apartment Solapur , Flat No T/1 , Balaji Apartment Solapur, Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur, N.A. Plots GAT No. 230/2/B/2, 233/2/B, 231/2/B, 230/2/A/2 situated at Village Chincholi, Taluka Mohol, Dist. Solapur. First pari- passu charges on the above assest for Term Loan of INR 157.500 million from Axis Bank Pune. The Term Loan of Axis Bank INR 157.500 million is repayable in 60 months equal installment along with interest from 01.01.2013. Additional l collatoral Security of Mumbai Flat and eight Flats located at Solapur in the name of Company and one flat in the name of Mr. E.Purushotham, Managing Director of the Company in favour of State bank of India. Axis bank, Pune has sanctioned Term Loan-II of INR 35.000 miliion repayable in 28 months after One year Moratorium by various installments. State Bank of India has restructure the account and sanctioned INR 60.000 miilion Working Capital Term Loan repayable from Apr 2016 to Mar 2020 by various installments. *Personal guarantee of Mr. E Purushotham , Managing Director and Mrs. E Vaishnavi Director. **Deferred Sales Tax Loan is interest free and payable in yearly in 5 installment of each financial year after completion of 10 years and the final installment will due on 26.04.2022 Short-term
borrowings *1st registered mortgage / hypothecation charge on pari-passu basis with Axis Bank on Land and building and Plant and Machinery owned by the company situated at Plot No.273 and 274 MIDC, Akkalkot Road, Solapur 413006 and Plot No.A-27, MIDC Chincholi, Solapur- 413 255, First Charge on company's - Flat No 5, Rahul Neha Apartment Solapur, Flat No T/1, Balaji Apartment Solapur, Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur, N.A. Plots GAT No. 230/2/B/2, 233/2/B, 231/2/B, 230/2/A/2 situated at Village Chincholi, Taluka Mohol, Dist. Solapur. Company has also offered additional collatoral Security of Mumbai Flat and eight Flats located at Solapur in the name of Company and one flat in the name of Mr. E. Purushotham, Managing Director of the Company in favour of State bank of India as per revised sanction letter. During the last year State Bank of India has restructuring of Working Capital Limit sanctioned INR 60.000 million repayable from Apr 2016 to Mar 2020 by various installments. *Personal guarantee of Mr E Purushotham , Managing
Director and Mrs. E Vaishnavi, Director |
|
Auditors 1: |
|
|
Name : |
N.R. Waghchaure and Associates Chartered Accountants |
|
Address : |
16-22, Royal Plaza, Behind Bhagwat Petrol Pump, Murarji Peth, Solapur
– 413001, Maharashtra, India |
|
Tel. No.: |
91-217-2625054/ 2623170 |
|
Mobile No.: |
91-9423590501 |
|
E-Mail : |
|
|
|
|
|
Auditors 2: |
|
|
Name : |
Ashok Madgundi and Company Chartered Accountant |
|
Address : |
210/A/1, Sakhar Peth, Near Kanya Prashala, Solapur – 413005,
Maharashtra, India |
|
Tel. No.: |
91-217-626540/620403 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other Related
Parties: |
Smruthi Chemicals and Intermediates Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
5000000 |
Non-Convertible Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 50.000 Million |
|
|
|
|
INR 100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3815430 |
Equity Shares |
INR 10/- each |
INR 38.154 Million |
|
|
|
|
|
Details of
Shareholders holding more than 5% shares in the Company
|
Name of Shareholder
|
Number
of Shares |
% holding |
|
Mr. Eaga Purushotham |
1528560 |
40.06 |
|
Mrs. Eaga Vaishnavi |
576475 |
15.11 |
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 |
38.154 |
38.154 |
38.154 |
|
(b) Reserves & Surplus |
284.590 |
268.740 |
256.515 |
|
(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) |
322.744 |
306.894 |
294.669 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
82.134 |
126.930 |
170.083 |
|
(b) Deferred tax liabilities (Net) |
2.005 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
20.008 |
187.861 |
176.547 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
104.147 |
314.791 |
346.630 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
187.084 |
185.350 |
232.855 |
|
(b) Trade
payables |
168.822 |
151.279 |
157.325 |
|
(c) Other
current liabilities |
65.859 |
69.596 |
57.429 |
|
(d) Short-term provisions |
5.814 |
3.321 |
0.000 |
|
Total Current
Liabilities (4) |
427.579 |
409.546 |
447.609 |
|
|
|
|
|
|
TOTAL |
854.470 |
1031.231 |
1088.908 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
297.286 |
322.413 |
353.135 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
12.981 |
10.861 |
10.793 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8.234 |
3.435 |
0.493 |
|
(c) Deferred tax assets (net) |
0.000 |
6.428 |
14.594 |
|
(d) Long-term Loan and Advances |
0.000 |
247.231 |
243.782 |
|
(e) Other
Non-current assets |
87.572 |
0.000 |
0.000 |
|
Total Non-Current Assets |
406.073 |
590.368 |
622.797 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
194.438 |
193.477 |
178.330 |
|
(c) Trade
receivables |
210.756 |
192.854 |
216.768 |
|
(d) Cash and
cash equivalents |
16.202 |
16.268 |
16.918 |
|
(e)
Short-term loans and advances |
27.001 |
38.264 |
54.095 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
448.397 |
440.863 |
466.111 |
|
|
|
|
|
|
TOTAL |
854.470 |
1031.231 |
1088.908 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
793.537 |
725.804 |
748.046 |
|
|
Other Income |
9.760 |
4.493 |
1.649 |
|
|
TOTAL |
803.297 |
730.297 |
749.695 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
491.245 |
449.342 |
474.528 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(1.708) |
(24.091) |
56.066 |
|
|
Employees benefits expense |
79.460 |
74.780 |
63.178 |
|
|
Other expenses |
124.966 |
119.835 |
107.944 |
|
|
TOTAL |
693.963 |
619.866 |
701.716 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
109.334 |
110.431 |
47.979 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
43.741 |
51.227 |
56.507 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
65.593 |
59.204 |
(8.528) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
39.660 |
43.299 |
48.038 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
25.933 |
15.905 |
(56.566) |
|
|
|
|
|
|
|
Less |
TAX |
9.448 |
8.671 |
(18.430) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
16.485 |
7.234 |
(38.136) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
214.398 |
202.173 |
257.658 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Depreciation
of earlier years |
0.000 |
0.000 |
17.349 |
|
|
Income
Tax Refund up to AY 11-12 Tax of the last years |
0.000 |
(4.991) |
0.000 |
|
|
Short Provision etc. in
FY 15-16 |
0.635 |
0.000 |
0.000 |
|
|
Total |
0.635 |
(4.991) |
17.349 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
230.248 |
214.398 |
202.173 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export
Earing |
276.117 |
236.020 |
192.515 |
|
|
TOTAL EARNINGS |
276.117 |
236.020 |
192.515 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Sales
Commission |
2.623 |
3.286 |
7.467 |
|
|
Travelling |
0.000 |
0.000 |
0.096 |
|
|
Raw
Material |
186.544 |
160.597 |
194.615 |
|
|
TOTAL IMPORTS |
189.167 |
163.883 |
202.178 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.32 |
1.90 |
10.00 |
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 |
78.693 |
135.180 |
85.274 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
77.561 |
139.667 |
85.052 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
174.780 |
271.580 |
216.480 |
|
Total Expenditure |
156.530 |
249.790 |
185.660 |
|
PBIDT (Excl OI) |
18.250 |
21.790 |
30.820 |
|
Other Income |
1.500 |
0.290 |
3.250 |
|
Operating Profit |
19.750 |
22.080 |
34.070 |
|
Interest |
11.230 |
10.200 |
10.770 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
8.520 |
11.880 |
23.300 |
|
Depreciation |
9.900 |
9.100 |
10.200 |
|
Profit Before Tax |
(1.380) |
2.780 |
13.100 |
|
Tax |
NA |
NA |
NA |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(1.380) |
2.780 |
13.100 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(1.380) |
2.780 |
13.100 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
96.94 |
96.98 |
105.77 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.77 |
3.76 |
3.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
125.44 |
122.88 |
121.01 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.56 |
0.57 |
0.27 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.35 |
0.33 |
0.13 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.60 |
0.52 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.83 |
1.02 |
1.37 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.32 |
1.33 |
1.52 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.96 |
1.09 |
1.24 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.50 |
2.16 |
0.85 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.08 |
1.00 |
(5.10) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.93 |
0.70 |
(3.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
5.11 |
2.36 |
(12.94) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.05 |
1.08 |
1.04 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.59 |
0.60 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.38 |
0.30 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
7.06 |
8.18 |
10.56 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.05 |
1.08 |
1.04 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 97.00/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
38.154 |
38.154 |
38.154 |
|
Reserves & Surplus |
256.515 |
268.740 |
284.590 |
|
Net
worth |
294.669 |
306.894 |
322.744 |
|
|
|
|
|
|
long-term borrowings |
170.083 |
126.930 |
82.134 |
|
Short term borrowings |
232.855 |
185.350 |
187.084 |
|
Total
borrowings |
402.938 |
312.280 |
269.218 |
|
Debt/Equity
ratio |
1.367 |
1.018 |
0.834 |
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 |
748.046 |
725.804 |
793.537 |
|
|
|
(2.973) |
9.332 |
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 |
748.046 |
725.804 |
793.537 |
|
Profit (Loss) |
(38.136) |
7.234 |
16.485 |
|
|
(5.10%) |
1.00% |
2.08% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 two/ 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 |
OPERATIONAL PERFORMANCE/
STATE OF COMPANY'S AFFAIRS
During the year, total income of the Company was INR 803.297 Million as compared to INR 730.297 Million during previous year, registering an increase of 10%. The company stopped manufacturing and marketing of one low-margin products. The Company posted net profit of INR 16.485 million as against INR 7.234 million in the previous year. In addition to, operating level, the company's performance improved substantially primarily on account of reduction in prices of raw materials and overall improvement in plant productivity and efficiencies.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS OF THE
COMPANY AND FUTURE OUTLOOK:
The company continues to be driven by focus on improving profitability. The company's product portfolio rationalization and marketing focus on high margin products, has delivered good results at the profitability level in the current financial year. Product portfolio rationalization had a good effect on sales, the impact on operating margin and bottom line is improved in the current financial year compared to the previous year.
The company has also had successes in reducing cost through process and operational improvement. The company's measures to reduce operating costs under taken on an ongoing basis in the current FY 2016- 17 have directly contributed to the bottom line. The company is increasing its efforts to work on cost reduction and is seeing good progress in this direction.
With the improvement in the company's financial performance, the company is expecting reduction in its cost of capital. Given no significant plans to raise additional debt, the company shall be able to improve its profitability.
The company is actively pursuing three key avenues for not only boosting growth in sales but also more importantly accelerating growth in profitability:
1. Volume Push: The addition of new customers over FY 2016-17 will enable the company to achieve significant volume growth of key products going forward. Any incremental volume growth over FY 2016-17 will contribute directly to the bottom line, thus taking the company in the direction of higher profitability.
2. Regulated Markets: The Company is poised to apply to European Directorate for Quality of Medicines (EDQM) for Certificate of Suitability (COS) for its key products. Upon successful approval from EDQM, the company shall be able to open up new markets like EU and allied markets such as Turkey and some Middle Eastern countries. The access to these markets will result in realization of higher margins due to premium pricing dynamics of these markets.
3. New Products: The Company is developing several new products to be launched through investments in internal as well as external R&D. Although the product pipeline has the potential to boost sales in the short to medium term, they are more likely to provide a robust base for long term growth of the company.
UNSECURED LOAN
|
PARTICULAINR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Unsecured Loans |
|
|
|
Directors |
13.470 |
13.470 |
|
Total |
13.470 |
13.470 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G59386110 |
80013457 |
State Bank of India |
15/02/2001 |
19/09/2017 |
- |
438600000.0 |
Corporate Banking Branch, 214-215,City Mall Near Pune University, Ganesh Khind Road, Pune – 411007, Maharashtra,India |
|
2 |
G62495338 |
10398153 |
Axis Bank Limited |
17/12/2012 |
29/07/2015 |
14/11/2017 |
192500000.0 |
Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
3 |
B79652285 |
10044312 |
SBI FACTORS AND COMMERCIAL SERVICES (P) LIMITED |
15/02/2007 |
23/07/2008 |
10/07/2013 |
547500000.0 |
102, 1st Floor, Oracle Point, Turner Road, (Gurunanak Road), Opposite Bandra Railway, Bandra, Mumbai – 400050, Maharashtra, India |
CONTINGENT
LIABILITIES:
a) While removing goods from our EOU to DTA unit, Excise & Custom duties discharged through Cenvat Account and not from PLA. Procedural laps. Appeal is filled with Additional Commissioner of Central Excise, Pune from the year 2007 to 2011 amounting to INR 5.744 million plus Interest.
b) While removing goods from our EOU to DTA unit, Excise & Custom duties discharged through Cenvat Account and not from PLA. Procedural laps. Appeal is filled with Additional Commissioner of Central Excise, Pune from the year 2007 to 2011 amounting to INR 5.744 million plus Interest.
c) Cenvat Credit is not considered by Central Excise Department (Preventive) against credit of raw material purchase which is under appeal with Tribunal Mumbai for F Y 2009-10 for INR 0.109 million.
d) Duty disputed on Clearance of goods from EOU, appeal filled with Commissioner of Central Excise Pune for the year 2013-14 amounting to INR 4.154 million plus Interest.
e) Duty disputed on clearance of goods, appeal to be filled with Commissioner of Central Excise Pune for the year 2014-15 amounting to INR 3.822 million plus Interest.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 2017
[INR
IN MILLION]
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.03.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
216.482 |
268.394 |
657.116 |
|
Other Operating Income |
3.254 |
3.480 |
9.668 |
|
Total income from operations (net) |
219.736 |
271.874 |
666.784 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
148.383 |
154.313 |
420.562 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(25.157) |
30.501 |
(10.474) |
|
Employee benefits expense |
24.360 |
23.984 |
69.268 |
|
Depreciation and Amortization Expenses |
10.200 |
9.100 |
29.200 |
|
Other Expenses |
38.081 |
40.998 |
111.535 |
|
Finance Costs |
10.774 |
10.198 |
32.202 |
|
Total expenses |
206.641 |
269.094 |
652.293 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
13.095 |
2.780 |
14.491 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
13.095 |
2.780 |
14.491 |
|
Tax expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) from ordinary activities after tax |
13.095 |
2.780 |
14.491 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
13.095 |
2.780 |
14.491 |
|
Comprehensive Income |
0.000 |
0.000 |
0.000 |
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
13.095 |
2.780 |
14.491 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
38.154 |
38.154 |
38.154 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
|
|
|
|
Earnings per share (before extraordinary items) of INR
10/- each (not annualized): |
|
|
|
|
(a) Basic |
3.43 |
0.73 |
3.80 |
|
(b) Diluted |
3.43 |
0.73 |
3.80 |
Note:
- The entire operations of the Company constitute a single operating segment i.e. Bulk Drugs and Drug Intermediates.
- Adjustment for deferred tax will be made in the last quarter of the financial year based on year end results.
- Provision of Income Tax
will be made in the last quarter of the current financial year.
4. Considering net profit of the Company for the quarter, Income Tax Provision has not been made. - The Statutory Auditor have carried out a limited review of the Un-audited financial results of the Company for the quarter and Nine Month ended 31st December, 2017.
- The above financials were reviewed by the Audit Committee and Approved by the Board of Directors meeting held on 10th February 2018.
- The financial results are prepared in accordance with the Indian Acounting Standards (IND AS) as prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
- There is no impact on net profit/loss, total comprehensive income or any other relevant financial items due to change in accounting policies.
- Previous period's figures have been regrouped/rearranged wherever necessary to confirm to the current period's classification.
FIXED ASSETS
- Factory Land
- Agriculture Land
- Building
- Furniture and Fixture
- Computer
- Ownership Flats
- Electrical Installation/Equip.
- Vehicles
- Office Equipments
- Laboratory Equipment
- Plant and Machinery
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 65.13 |
|
|
1 |
INR 91.96 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.