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|
MIRA INFORM REPORT
|
Report No. : |
500310 |
|
Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ZYDUS WELLNESS LIMITED (w.e.f. 2009) |
|
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|
|
Formerly Known
As : |
CARNATION NUTRA ANALOGUE FOODS LIMITED |
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Registered
Office : |
House No. 6 and 7, Sigma Commerce Zone, Near Iscon Temple, Sarkhej –
Gandhinagar Highway, Ahmedabad – 380015, Gujarat |
|
Tel. No.: |
91-79-26868100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
01.11.1994 |
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Com. Reg. No.: |
04-023490 |
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Capital
Investment / Paid-up Capital : |
INR 390.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15201GJ1994PLC023490 |
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IEC No.: [Import-Export Code No.] |
0895008416 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00196A |
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|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
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PAN No.: [Permanent Account No.] |
AAACC7740G |
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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
: |
Subject is engaged into the business of manufactures and markets health and wellness products. [Registered Activity] |
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No. of Employees
: |
264 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Cadila Healthcare Limited’ and was incorporated on 1st November 1994. The company is engaged in manufacturing and supplying of healthcare, nutrition and cosmeceuticals products. For the financial year ended 2017, the company has achieved decent growth in its revenue profile and has maintained strong profit margin during the year. The sound financial profile of the company is reflected by its healthy solvency indicators due to zero debt balance sheet profile along with decent net worth and base and satisfactory liquidity position. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. The company is listed on BSE at the price quoted at INR 1148.50 against its face value of INR 10. As per quarterly results till December 2017, the company has achieved revenue of INR 680.4 million and has clocked a net profit margin of 53.38%.
Trade relations are reported as fair. Payments seems to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 28.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative [Tel. No.: 91-79-26868100]
LOCATIONS
|
Registered Office: |
House No. 6 and 7, Sigma Commerce Zone, Near Iscon Temple, Sarkhej –
Gandhinagar Highway, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-26868100 (20 Lines) / 67775888 |
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Fax No.: |
91-79-26862253 / 67775811 |
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E-Mail : |
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Website : |
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Factory : |
7A, 7B and 8, Saket Industrial Estate, Sarkhej Bavla Road, Village Moraiya,
Taluka Sanand, District Ahmedabad, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Tarun Arora |
|
Designation : |
Whole-Time Director |
|
Address : |
B/1602, Lake Castle Apartments, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
14.05.2015 |
|
DIN No.: |
07185311 |
|
|
|
|
Name : |
Dr. Sharvil Pankajbhai Patel |
|
Designation : |
Director |
|
Address : |
16, Azad Society, Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
27.04.2009 |
|
DIN No.: |
00131995 |
|
|
|
|
Name : |
Mr. Humayun Dhanrajgir |
|
Designation : |
Director |
|
Address : |
F 37/38, Dhanraj Mahal, CSM Road, Apollo Bunder, Mumbai-400039, Maharashtra, India |
|
Date of Appointment : |
27.04.2009 |
|
DIN No.: |
00004006 |
|
|
|
|
Name : |
Mr. Ganesh Narayan Nayak |
|
Designation : |
Director |
|
Address : |
3, Ashwamegh Part V, Satellite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
61 years |
|
Date of Appointment : |
27.07.2006 |
|
DIN No.: |
00017481 |
|
|
|
|
Name : |
Ms. Indira Jitendra Parikh |
|
Designation : |
Director |
|
Address : |
Koregaon Park, Lane No. 7, Oxford Hallmark, "B" Building, Flat No. 1001, Pune-411001, Maharashtra, India |
|
Date of Appointment : |
29.07.2009 |
|
DIN No.: |
00143801 |
|
|
|
|
Name : |
Kulin Sanjay Lalbhai |
|
Designation : |
Additional Director |
|
Address : |
Lalbaug Shahibaug, Ahmedabad-380004, Gujarat, India |
|
Date of Appointment : |
18.11.2016 |
|
DIN No.: |
05206878 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh Vinodray Parikh |
|
Designation : |
Chief Financial Officer |
|
Address : |
A-302, Shyam Paradise Apartment, Near Ugti Lake Vie Science City, Sola Bhadaj Road, Ahmedabad – 380060, Gujarat, India |
|
Date of Appointment : |
07.02.2018 |
|
PAN No.: |
ACCPP4496R |
|
|
|
|
Name : |
Mr. Dhaval Narendra Soni |
|
Designation : |
Company Secretary |
|
Address : |
M-5/37/291, Governments Class 1, Officers' Flats, Shastrinagar, Naranpura, Ahmedabad-380063, Gujarat, India |
|
Date of Appointment : |
31.12.2007 |
|
PAN No.: |
BEWPS0561P |
|
|
|
|
Name : |
Mr. Pravin Shah |
|
Designation : |
Finance Department |
SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
2,83,43,687 |
72.54 |
|
|
(B) Public |
1,07,28,402 |
27.46 |
|
|
Grand Total |
3,90,72,089 |
100.00 |
|
Statement
showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu undivided Family |
4,797 |
0.01 |
|
|
Pankaj Ramanbhai Patel |
1,599 |
0.00 |
|
|
Pankaj Ramanbhai Patel Tarabel Patel Family Will Trust |
533 |
0.00 |
|
|
Pankaj Ramanbhai Patel HUF |
533 |
0.00 |
|
|
Pritiben Pankajbhai Patel |
533 |
0.00 |
|
|
Ramanbhai B. Patel HUF |
533 |
0.00 |
|
|
Sharvil Pankajbhai Patel |
533 |
0.00 |
|
|
Shivani Pankajbhai Patel |
533 |
0.00 |
|
|
Any Other (specify) |
2,83,38,890 |
72.53 |
|
|
Cadila Healthcare Limited |
2,81,63,755 |
72.08 |
|
|
Pripan Investments Private Limited |
640 |
0.00 |
|
|
Zydus Family Trust |
1,74,495 |
0.45 |
|
|
Sub Total A1 |
2,83,43,687 |
72.54 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
2,83,43,687 |
72.54 |
|
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a
% of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
|
|
|
Mutual Funds/ |
15,57,863 |
3.99 |
|
|
Reliance Capital Trustee Co. Ltd. A/C Reliance Small |
11,24,803 |
2.88 |
|
|
Foreign Portfolio Investors |
24,86,945 |
6.37 |
|
|
Matthews India Fund |
16,70,471 |
4.28 |
|
|
Financial Institutions/ Banks |
15,30,075 |
3.92 |
|
|
Life Insurance Corporation of India |
12,38,775 |
3.17 |
|
|
Sub Total B1 |
55,74,883 |
14.27 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
|
|
|
Central Government/ State Government(s)/ President of India |
58,352 |
0.15 |
|
|
Sub Total B2 |
58,352 |
0.15 |
|
|
B3) Non-Institutions |
0.00 |
|
|
|
Individual share capital upto INR 0.200 Million |
21,69,055 |
5.55 |
|
|
Individual share capital in excess of INR 0.200 Million |
6,96,539 |
1.78 |
|
|
Any Other (specify) |
22,29,573 |
5.71 |
|
|
Trusts |
357 |
0.00 |
|
|
HUF |
70,657 |
0.18 |
|
|
NRI – Non- Repat |
63,423 |
0.16 |
|
|
NRI – Repat |
1,25,222 |
0.32 |
|
|
Clearing Members |
40,933 |
0.10 |
|
|
Bodies Corporate |
19,28,981 |
4.94 |
|
|
Prazim Trading and Investment Company Private Limited |
8,24,004 |
2.11 |
|
|
Tarish Investment and Trading Company Private Limited |
5,74,917 |
1.47 |
|
|
Sub Total B3 |
50,95,167 |
13.04 |
|
|
B=B1+B2+B3 |
1,07,28,402 |
27.46 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into the business of manufactures and markets
health and wellness products. [Registered Activity] |
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Products : |
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Brand Names : |
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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 : |
264 (Approximately) |
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Bankers : |
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Statutory Auditor : |
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|
Name : |
Dhirubhai Shah and Doshi Chartered Accountants |
|
Address : |
4th floor, Aditya Building, Near Sardar Patel Seva Samaj,
Mithakhali Six Roads, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
79-26403325 / 26 |
|
E-Mail : |
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|
Website : |
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Cost Auditor : |
Dalwadi and Associates Cost Accountants |
|
|
|
|
Secretarial Auditor : |
Hitesh Buch and Associates Practicing Company Secretary |
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|
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Memberships : |
Not Available |
|
|
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Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Cadila healthcare Limited |
|
|
|
|
Partnership Firm : |
Zydus Wellness - Sikkim |
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Fellow
Subsidiaries/ Concerns: |
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|
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|
Enterprises
significantly influenced by Directors and/or their relatives: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
INR 10/- each |
INR 450.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39072089 |
Equity Shares |
INR 10/- each |
INR 390.700
Million |
|
|
|
|
|
- There is no change in the numbers of equity shares at the beginning and end of the year.
|
Number of shares at the beginning and end of the year |
39.073 |
- The Company has only one class of equity shares having a par value of INR 10/- each per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.
- Details of Shareholder holding more than 5% of aggregate Equity Shares of INR 10/- each
[as at March 31, 2016: INR 10/- {as at April 1, 2015: INR 10/-} each], fully paid:
|
Cadila Healthcare Limited |
|
|
Number of Shares |
28163755 |
|
% to total share holding |
72.08% |
- Number of Shares held by Holding Company
|
Cadila healthcare Limited |
28.164 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET – STANDALONE
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
390.700 |
390.700 |
390.700 |
|
(b) Reserves &
Surplus |
5181.200 |
4395.000 |
3669.700 |
|
(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) |
5571.900 |
4785.700 |
4060.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
6.800 |
12.200 |
16.000 |
|
(c) Other long term
liabilities |
5.400 |
4.200 |
2.100 |
|
(d) long-term provisions |
1.500 |
1.100 |
1.200 |
|
Total Non-current
Liabilities (3) |
13.700 |
17.500 |
19.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
250.000 |
0.000 |
0.000 |
|
(b) Trade payables |
154.300 |
114.600 |
96.000 |
|
(c) Other current
liabilities |
5.600 |
56.200 |
49.700 |
|
(d) Short-term provisions |
51.800 |
3.600 |
284.400 |
|
Total Current Liabilities
(4) |
461.700 |
174.400 |
430.100 |
|
|
|
|
|
|
TOTAL |
6047.300 |
4977.600 |
4509.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
173.900 |
199.800 |
215.400 |
|
(ii) Intangible Assets |
1.000 |
1.500 |
228.800 |
|
(iii) Capital
work-in-progress |
0.900 |
0.700 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(v) Goodwill |
228.200 |
228.200 |
0.000 |
|
(b) Non-current
Investments |
24.500 |
24.500 |
24.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.600 |
4.500 |
60.900 |
|
(e) Other Non-current
assets |
63.900 |
57.900 |
0.000 |
|
Total Non-Current Assets |
496.000 |
517.100 |
529.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2516.300 |
2068.100 |
978.200 |
|
(b) Inventories |
62.600 |
36.800 |
41.100 |
|
(c) Trade receivables |
4.600 |
2.700 |
3.300 |
|
(d) Cash and cash
equivalents |
2947.800 |
2343.000 |
2947.900 |
|
(e) Short-term loans and
advances |
13.100 |
6.500 |
8.500 |
|
(f) Other current assets |
6.900 |
3.400 |
1.200 |
|
Total Current Assets |
5551.300 |
4460.500 |
3980.200 |
|
|
|
|
|
|
TOTAL |
6047.300 |
4977.600 |
4509.800 |
PROFIT
& LOSS ACCOUNT – STANDALONE
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2279.000 |
2021.900 |
2191.100 |
|
|
Other Income |
245.500 |
301.200 |
204.500 |
|
|
TOTAL |
2524.500 |
2323.100 |
2395.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
716.100 |
586.000 |
597.000 |
|
|
Purchases of
Stock-in-Trade |
3.300 |
3.600 |
8.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(16.400) |
1.400 |
2.600 |
|
|
Excise Duty |
27.100 |
24.400 |
0.000 |
|
|
Employees benefits
expense |
199.000 |
180.300 |
157.800 |
|
|
Other expenses |
465.700 |
451.000 |
496.700 |
|
|
TOTAL |
1394.800 |
1246.700 |
1262.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1129.700 |
1076.400 |
1132.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
4.800 |
0.600 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1124.900 |
1075.800 |
1132.700 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
37.000 |
35.500 |
45.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1087.900 |
1040.300 |
1087.200 |
|
|
|
|
|
|
|
Less |
TAX |
(5.500) |
7.700 |
(2.300) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1093.400 |
1032.600 |
1089.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
NA |
NA |
|
|
F.O.B. Value of Exports |
NA |
NA |
0.600 |
|
|
TOTAL EARNINGS |
NA |
NA |
0.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
NA |
4.100 |
|
|
Components and Stores
parts |
NA |
NA |
0.400 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
4.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
27.99 |
26.43 |
27.88 |
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 |
886.700 |
801.800 |
797.900 |
|
Net cash flow from operating activity |
881.100 |
788.600 |
692.400 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1ST
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Net Sales |
612.100 |
665.500 |
680.400 |
|
Total Expenditure |
407.600 |
355.000 |
384.800 |
|
PBIDT (Excl OI) |
204.500 |
310.500 |
295.600 |
|
Other Income |
61.100 |
62.600 |
70.600 |
|
Operating Profit |
265.600 |
373.100 |
366.200 |
|
Interest |
4.000 |
4.100 |
3.900 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
261.600 |
369.000 |
362.300 |
|
Depreciation |
9.300 |
9.300 |
9.400 |
|
Profit Before Tax |
252.300 |
359.700 |
352.900 |
|
Tax |
(1.300) |
(0.700) |
(8.300) |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
253.600 |
360.400 |
361.200 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
253.600 |
360.400 |
361.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
0.74 |
0.49 |
0.55 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
495.43 |
748.85 |
663.97 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
78.29 |
70.94 |
57.84 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
18.05 |
29.25 |
27.56 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
6.43 |
5.33 |
2.55 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.08 |
0.04 |
0.10 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.04 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.08 |
0.04 |
0.11 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.03 |
0.04 |
0.11 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
235.35 |
1794.00 |
NA |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
47.98 |
51.07 |
49.72 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
18.08 |
20.74 |
24.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
19.62 |
21.58 |
26.83 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
12.02 |
25.58 |
9.25 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
11.89 |
25.37 |
9.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.92 |
0.96 |
0.90 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.64 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
12.02 |
25.58 |
9.25 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1148.50/- |
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 |
390.700 |
390.700 |
390.700 |
|
Reserves & Surplus |
3669.700 |
4395.000 |
5181.200 |
|
Net worth |
4060.400 |
4785.700 |
5571.900 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
250.000 |
|
Total borrowings |
0.000 |
0.000 |
250.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.045 |
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 |
2191.100 |
2021.900 |
2279.000 |
|
|
|
(7.722) |
12.716 |
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 |
2191.100 |
2021.900 |
2279.000 |
|
Profit |
1089.500 |
1032.600 |
1093.400 |
|
|
49.72% |
51.07% |
47.98% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
390.700 |
390.700 |
|
(b) Reserves &
Surplus |
|
5286.800 |
4481.300 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
5677.500 |
4872.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
43.300 |
40.600 |
|
(c) Other long term
liabilities |
|
5.500 |
4.400 |
|
(d) long-term provisions |
|
7.400 |
5.800 |
|
Total Non-current
Liabilities (3) |
|
56.200 |
50.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
250.000 |
0.000 |
|
(b) Trade payables |
|
665.000 |
632.000 |
|
(c) Other current
liabilities |
|
206.300 |
111.000 |
|
(d) Short-term provisions |
|
13.200 |
11.900 |
|
Total Current Liabilities
(4) |
|
1134.500 |
754.900 |
|
|
|
|
|
|
TOTAL |
|
6868.200 |
5677.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
794.400 |
589.900 |
|
(ii) Intangible Assets |
|
2.700 |
2.600 |
|
(iii) Capital
work-in-progress |
|
1.300 |
1.900 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(v) Goodwill |
|
228.200 |
228.200 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
616.400 |
510.400 |
|
(d) Long-term Loan and Advances |
|
7.000 |
7.700 |
|
(e) Other Non-current
assets |
|
56.000 |
7.500 |
|
Total Non-Current Assets |
|
1706.000 |
1348.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
300.100 |
941.600 |
|
(b) Inventories |
|
318.800 |
240.000 |
|
(c) Trade receivables |
|
40.400 |
27.600 |
|
(d) Cash and cash
equivalents |
|
4401.600 |
3045.300 |
|
(e) Short-term loans and
advances |
|
16.200 |
11.000 |
|
(f) Other current assets |
|
85.100 |
64.000 |
|
Total Current Assets |
|
5162.200 |
4329.500 |
|
|
|
|
|
|
TOTAL |
|
6868.200 |
5677.700 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
4625.500 |
4260.200 |
|
|
Other Income |
|
326.400 |
324.200 |
|
|
TOTAL |
|
4951.900 |
4584.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1359.800 |
1188.600 |
|
|
Purchases of
Stock-in-Trade |
|
5.100 |
12.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(39.200) |
6.500 |
|
|
Excise Duty |
|
319.800 |
293.400 |
|
|
Employees benefits
expense |
|
454.600 |
393.700 |
|
|
Other expenses |
|
1534.700 |
1452.600 |
|
|
TOTAL |
|
3634.800 |
3346.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
1317.100 |
1237.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
5.500 |
1.400 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
1311.600 |
1236.100 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
71.600 |
68.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1240.000 |
1168.000 |
|
|
|
|
|
|
|
Less |
TAX |
|
127.200 |
115.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1112.800 |
1052.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
27.89 |
26.43 |
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 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 |
No |
|
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 |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Working Capital Loans from Banks |
250.000 |
0.000 |
|
[Working capital loan which is repayable on demand, is availed at the interest rate of T-bill rate plus 5 bps. The outstanding amount of loan as at March 31, 2017 is INR 250.000 Million (as at March 31, 2016 INR Nil)] |
|
|
|
Total |
250.000 |
0.000 |
COMPANY OVERVIEW
Subject was incorporated on November 1, 1994 and operates as an integrated consumer company with business encompassing the entire value chain in the development, production, marketing and distribution of health and wellness products. The product portfolio of the Company includes brands like Sugar free, Everyuth and Nutralite. The Company’s shares are listed on the National Stock Exchange of India Limited [NSE] and BSE Limited [BSE].The registered office of the company is located at House no. 6 & 7, Sigma Commerce Zone, Near Iscon Temple, Sarkhej-Gandhinagar Highway, Ahmedabad, Gujarat - 380015. These financial statements were authorized for issue in accordance with a resolution of the directors on May 27, 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS
State of the Indian
economy
As per the latest Advanced Estimate (AE) of the Central Statistics Office (CSO), growth in India’s GDP at constant market prices (2011-12) was estimated at 7.1 per cent in 2016-17, slowing down from 7.9 per cent in the previous financial year. The reason was a sharp slowdown in investment to 1.7 per cent (5.6 per cent in the previous year). This negated the strong 8.7 per cent growth in private consumption (6.1 per cent in 2015-16). Strong growth momentum was seen in other segments as well – government consumption (20.8 per cent), exports (4.5 per cent) and imports (2.3 per cent). Growth in India’s GVA (Gross Value Added) at constant (2011-12) basic prices for the year 2016-17 was estimated to be 6.7 per cent, as compared to 7.8 per cent in 2015-16. At the sectoral level, agriculture, industry and services sectors grew at 4.4 per cent, 5.8 per cent and 7.9 per cent respectively in 2016-17. The average Wholesale Price Index (WPI) Inflation rate for 12 months (April 2016 to March 2017) was 3.7 per cent compared to -2.5 per cent during the corresponding period in 2015-16. (Source: Monthly Economic Report, Ministry of Finance, Govt. of India)
Remonetization impact is visible in the latest estimates notwithstanding statistical revisions. The short-term negative impact of remonetization seems to be largely behind the country; a consumption recovery is expected on account of an anticipated normal monsoon and higher rural wages. However, 2017-18 prospects also depend on a successful roll-out of GST as States agreed on 1st July 17 as the roll-out date.
The International Monetary Fund released an update in which India’s growth was expected to rebound to 7.2 per cent in 2017-18 and 7.7 per cent in 2018-19.
INDEX
OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
A61021176 |
10140169 |
IDBI BANK LIMITED |
20/01/2009 |
- |
27/04/2009 |
1112000.0 |
AHMEDABAD BRANCH, IDBI COMPLEX, OPP. MUNICIPALSTAFF QUARTERS, NR. LAL BUNGALOW, OFF C.G.ROADAHMEDABADGJ380006IN |
|
2 |
A22609424 |
80032831 |
CENTRAL BANK OF INDIA |
28/03/1998 |
28/09/1999 |
13/09/2007 |
7500000.0 |
S. M. ROAD BRANCH,AHMEDABADGJ380015IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debts |
0.000 |
2.000 |
|
In respect of guarantees given by Banks and/or counter guarantees given by the Company |
0.100 |
0.300 |
|
Other money for which the company is contingently liable : |
|
|
|
i) In respect of Sales Tax matters pending before appellate authorities |
67.000 |
68.000 |
|
ii) In respect of Income Tax matters pending before appellate authorities |
0.000 |
6.600 |
|
|
|
|
STATEMENT OF RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED
31.12.2017
(INR In Million)
|
Particulars |
3 Months ended |
Year to date figures for the current
period ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2016 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
680.400 |
665.500 |
1958.000 |
|
b) Other Income |
70.600 |
62.600 |
194.400 |
|
Total
income from Operations(net) |
751.000 |
728.100 |
2152.400 |
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
213.200 |
195.900 |
591.600 |
|
Purchases of stock in trade |
0.000 |
0.000 |
0.100 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
6.200 |
(12.200) |
(2.700) |
|
Excise Duty |
0.000 |
0.000 |
7.300 |
|
Employees benefit expenses |
65.600 |
58.100 |
181.000 |
|
Finance Cost |
3.900 |
4.100 |
11.900 |
|
Depreciation and amortization expenses |
9.400 |
9.300 |
27.900 |
|
Advertisement and sales promotion expenses |
23.200 |
14.900 |
92.000 |
|
Other expenditure |
76.600 |
98.300 |
278.200 |
|
Total expenses |
398.100 |
368.400 |
1187.300 |
|
|
|
|
|
|
Profit from ordinary
activities before tax Expense: |
352.900 |
359.700 |
965.100 |
|
Tax expenses |
(8.300) |
(0.700) |
(10.100) |
|
Net
Profit / (Loss) from ordinary activities after tax |
361.200 |
360.400 |
975.200 |
|
Non-Controlling Interest |
0.000 |
0.000 |
0.000 |
|
Net Profit After tax and
Non-Controlling Interest |
361.200 |
360.400 |
975.200 |
|
Other Comprehensive |
|
|
|
|
Items that will not be reclassified to profit or
loss |
2.000 |
4.400 |
6.000 |
|
Items that will not be reclassified to profit or
loss |
0.000 |
0.000 |
0.000 |
|
Other comprehensive Income |
2.000 |
4.400 |
6.000 |
|
Total Comprehensive Income |
363.200 |
364.800 |
981.200 |
|
|
|
|
|
|
Total Comprehensive Income
attributable to: |
|
|
|
|
Owners of the company |
363.200 |
364.800 |
981.200 |
|
Non-Controlling interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Paid-up equity share capital (Nominal value INR 10/- per share) |
390.700 |
390.700 |
390.700 |
|
16.i) Earnings per share
(before extraordinary items) of INR 10/- each) (not annualised): |
|
|
|
|
Basic |
9.24 |
9.22 |
24.96 |
|
Diluted |
9.24 |
9.22 |
24.96 |
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Buildings
- Plant and
Equipment
- Furniture and
Fixture
- Vehicle
- Office
Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.91 |
|
|
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
JYO |
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.