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|
MIRA INFORM REPORT
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Report No. : |
500544 |
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Report Date : |
31.03.2018 |
IDENTIFICATION DETAILS
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Name : |
FLAMINGO PHARMACEUTICALS LIMITED (w.e.f. 25.09.1995) |
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Formerly Known
As : |
FLAMINGO IMPEX LIMITED (w.e.f 03.06.1994) FLAMINGO IMPEX PRIVATE LIMITED |
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Registered
Office : |
7/1, Corporate Park, Sion Trombay Road, P.O. Box No. 27257, Chembur Mumbai – 400071, Maharashtra |
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Tel. No.: |
91-22-30009300/25235242 |
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Country : |
India |
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Financials (as on)
: |
31.03.2017 |
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Date of
Incorporation : |
12.06.1985 |
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Com. Reg. No.: |
11-036572 |
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Capital
Investment / Paid-up Capital : |
INR 68.040 Million |
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CIN No.: [Company Identification
No.] |
U51900MH1985PLC036572 |
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IEC No.: [Import-Export Code No.] |
0388019719 |
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TIN No.: |
27510360750 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACF4211B |
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GSTN : [Goods & Service Tax Registration
No.] |
27AAACF4211B1ZE |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged into following business segments.
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No. of Employees
: |
Information denied by the management |
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 |
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Maximum Credit Limit : |
USD 3100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. For the financial year 2017, the company has reported dip in its
revenue as compared to the previous year along with operational loss. The sound financial risk profile of the company is marked by adequate
networth base along with average debt coverage metrics. Rating takes into account the long track record of the company and its
promoters in the pharmaceutical industry couples with presence in multiple
therapeutic segment backed by a diversified product portfolio having wide
geographical reach through its well established and reputed international
customer base. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
27.04.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4+ |
|
Rating Explanation |
Moderate degree of safety and very high credit risk |
|
Date |
27.04.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 30.03.2018
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 DECLINED
Management
non-cooperative (Tel No.:91-22-33107514)
LOCATIONS
|
Registered Office/Corporate Office : |
7/1, Corporate Park Sion Trombay Road, P.O. Box No. 27257, Chembur Mumbai – 400071, Maharashtra, India |
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Tel. No.: |
91-22-30009300/25235242 / 33107500 |
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Fax No.: |
91-22-25233085 |
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E-Mail : |
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Website : |
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Area : |
6767 Sq. ft. |
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Location : |
Owned |
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Factory 1 : |
R-662, T.T.C. Industrial Area, Rabale, Navi Mumbai - 400 071,
Maharashtra, India |
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Tel. No.: |
91-22-27695593 / 27696998 / 27694571 / 227607130 |
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Fax No.: |
91-22-27693844 |
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E-Mail : |
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Area: |
4439 Sq. Mtrs |
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Location: |
Owned |
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Factory 2 : |
E-28, Taloja Industrial Area, Taloja, Raigad – 410 208, Maharashtra,
India |
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Tel. No.: |
91-22-27411372 / 65162742 |
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Fax No.: |
91-22-27411386 |
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E-Mail : |
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Area: |
6480 Sq. Mtrs |
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Location: |
Owned |
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Factory 3: |
Plot No. NPH – 1, Pharms E-2, Krushnur, District Nanded – 431709,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ashwin Jethalal Thacker |
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Designation : |
Managing Director |
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Address : |
702, Sabari Aangan, 11th Road, Chembur, Mumbai – 400071, Maharashtra,
India |
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Date of Birth : |
13.10.1989 |
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Qualification : |
B. Sc. (Hons), DBM, DMM (Bom) |
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Date of Appointment : |
23.06.1986 |
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PAN No.: |
AACPT2572L |
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DIN No : |
00048595 |
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Other Directorship:
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Name : |
Mr. Deepak Bhupatrai Goradia |
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Designation : |
Director |
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Address : |
806, Somnath Neelkanth Valley, Rajawadi, Ghatkopar (East), Mumbai - 400077, Maharashtra, India |
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Date of Birth : |
09.04.1956 |
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Date of Appointment : |
03.09.1997 |
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DIN No : |
00058544 |
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Other Directorship:
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Name : |
Mr. Suhas Sadanand Ganpule |
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Designation : |
Director |
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Address : |
236, Pratiksha Building, 3rd Floor, Flat No.10, Borivali (West),
Mumbai-400092, Maharashtra, India |
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Date of Birth : |
25.08.1962 |
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Date of Appointment : |
29.09.2010 |
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DIN No : |
00179817 |
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Other Directorship:
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Name : |
Mr. Satendrakumar Bhatnagar |
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Designation : |
Director |
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Address : |
Flat No 501, 5th Floor, Ixora Hiranandani Meadows, Gladys Alwares Road, Thane (West)-400610, Maharashtra, India |
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Date of Appointment : |
31.03.2015 |
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DIN No : |
02230233 |
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KEY EXECUTIVES
|
Name : |
Ms. Anisha Sheshnath Pandey |
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Designation : |
Company Secretary |
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Address : |
Room No 10, Sardarji Society, Jay Ambe Mitra Mandal, Hall Village Kurla (West) – 400070, Maharashtra, India |
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Date of Appointment : |
01.09.2016 |
|
PAN No.: |
BAWPP9007K |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Ashwin Thacker |
|
4163400 |
|
Raju Thacker |
|
1895400 |
|
Pranay Thacker |
|
361230 |
|
Parth Thacker |
|
361230 |
|
Ashwini Wagh |
|
30 |
|
Sanjay Gujar |
|
30 |
|
Minimed Laboratories Private Limited, India |
|
22650 |
|
Rotaline Molekule Private Limited, India |
|
30 |
|
Total |
|
6804000 |
AS ON 30.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters – [Individual/Hindu Undivided Family – Indian] |
99.67 |
|
Promoters – [Bodies corporate] |
0.33 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Pravin Sarvaiya and Company Chartered Accountants |
|
Address : |
4 Kermani,
Building, 1st Floor, Sir P M Road, Opposite Citi Bank, Fort,
Mumbai-400001, Maharashtra, India |
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PAN No.: |
AAOPS8153J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate: |
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Subsidiary companies: |
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Joint Venture: |
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CAPITAL STRUCTURE
AS ON 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6804000 |
Equity Shares |
INR 10/- each |
INR 68.040 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
68.040 |
68.040 |
68.040 |
|
(b) Reserves &
Surplus |
1036.964 |
1323.782 |
1273.579 |
|
(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) |
1105.004 |
1391.822 |
1341.619 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1080.684 |
1319.917 |
1197.114 |
|
(b) Deferred tax
liabilities (Net) |
51.180 |
43.746 |
56.874 |
|
(c) Other long term
liabilities |
0.000 |
27.399 |
30.237 |
|
(d) long-term provisions |
7.905 |
8.494 |
6.319 |
|
Total Non-current
Liabilities (3) |
1139.769 |
1399.556 |
1290.544 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
617.315 |
608.842 |
514.317 |
|
(b) Trade payables |
795.097 |
687.247 |
641.983 |
|
(c) Other current
liabilities |
530.928 |
375.527 |
442.028 |
|
(d) Short-term provisions |
6.030 |
11.382 |
5.804 |
|
Total Current Liabilities
(4) |
1949.370 |
1682.998 |
1604.132 |
|
|
|
|
|
|
TOTAL |
4194.143 |
4474.376 |
4236.295 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2686.428 |
2830.621 |
2914.107 |
|
(ii) Intangible Assets |
27.373 |
4.331 |
5.084 |
|
(iii) Capital
work-in-progress |
0.000 |
9.106 |
0.000 |
|
(iv) Intangible assets
under development |
72.829 |
144.066 |
67.787 |
|
(b) Non-current
Investments |
0.035 |
0.035 |
0.010 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
69.178 |
32.449 |
12.820 |
|
(e) Other Non-current
assets |
28.859 |
38.478 |
44.546 |
|
Total Non-Current Assets |
2884.702 |
3059.086 |
3044.354 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
419.213 |
333.804 |
322.630 |
|
(c) Trade receivables |
382.069 |
610.952 |
434.389 |
|
(d) Cash and cash
equivalents |
54.274 |
100.402 |
84.832 |
|
(e) Short-term loans and
advances |
387.002 |
366.508 |
345.059 |
|
(f) Other current assets |
66.883 |
3.624 |
5.031 |
|
Total Current Assets |
1309.441 |
1415.290 |
1191.941 |
|
|
|
|
|
|
TOTAL |
4194.143 |
4474.376 |
4236.295 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2067.093 |
2995.021 |
2695.127 |
|
|
Other Income |
47.596 |
24.005 |
18.793 |
|
|
TOTAL |
2114.689 |
3019.026 |
2713.920 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1166.834 |
1663.901 |
1569.285 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
35.165 |
20.122 |
(57.623) |
|
|
Employees benefits
expense |
301.317 |
294.051 |
260.548 |
|
|
Other expenses |
531.522 |
628.148 |
612.650 |
|
|
TOTAL |
2034.838 |
2606.222 |
2384.860 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
79.851 |
412.804 |
329.060 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
176.252 |
189.482 |
161.003 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
(96.401) |
223.322 |
168.057 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
171.277 |
158.670 |
157.304 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(267.678) |
64.652 |
10.753 |
|
|
|
|
|
|
|
Less |
TAX |
8.644 |
(13.129) |
(3.359) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(276.322) |
77.781 |
14.112 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1949.094 |
2849.587 |
2601.925 |
|
|
TOTAL EARNINGS |
1949.094 |
2849.587 |
2601.925 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.214 |
1.600 |
722.534 |
|
|
Components and Stores
parts |
0.480 |
0.161 |
6.363 |
|
|
Capital Goods |
0.000 |
0.000 |
0.302 |
|
|
TOTAL IMPORTS |
0.694 |
1.761 |
729.199 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(40.61) |
11.43 |
2.07 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
303.325 |
237.088 |
245.353 |
|
Net cash flows from (used in) operations |
299.912 |
233.781 |
348.826 |
|
Net cash flows from (used in) operating activities |
295.410 |
228.797 |
344.743 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
67.46 |
74.46 |
58.83 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.41 |
4.90 |
6.20 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
248.72 |
150.76 |
149.32 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.19 |
1.24 |
1.02 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.03 |
0.14 |
0.11 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.79 |
0.72 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
1.81 |
1.56 |
1.46 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.76 |
1.21 |
1.20 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
2.52 |
2.15 |
2.23 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.45 |
2.18 |
2.04 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(13.37) |
2.60 |
0.52 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(6.59) |
1.74 |
0.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(25.01) |
5.59 |
1.05 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.67 |
0.84 |
0.74 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.46 |
0.64 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.26 |
0.31 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
29.41 |
31.83 |
28.76 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.67 |
0.84 |
0.74 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
68.040 |
68.040 |
68.040 |
|
Reserves & Surplus |
1273.579 |
1323.782 |
1036.964 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1341.619 |
1391.822 |
1105.004 |
|
|
|
|
|
|
long-term borrowings |
1197.114 |
1319.917 |
1080.684 |
|
Short term borrowings |
514.317 |
608.842 |
617.315 |
|
Current maturities of
long-term debts |
245.353 |
237.088 |
303.325 |
|
Total
borrowings |
1956.784 |
2165.847 |
2001.324 |
|
Debt/Equity
ratio |
1.459 |
1.556 |
1.811 |
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 |
2695.127 |
2995.021 |
2067.093 |
|
|
|
11.127 |
(30.982) |
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 |
2695.127 |
2995.021 |
2067.093 |
|
Profit |
14.112 |
77.781 |
(276.322) |
|
|
0.52% |
2.60% |
(13.37)% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
68.040 |
68.040 |
|
(b) Reserves &
Surplus |
|
993.153 |
1319.463 |
|
(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) |
|
1061.193 |
1387.503 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1080.685 |
1319.919 |
|
(b) Deferred tax
liabilities (Net) |
|
31.322 |
42.859 |
|
(c) Other long term
liabilities |
|
0.000 |
27.399 |
|
(d) long-term provisions |
|
7.905 |
8.494 |
|
Total Non-current
Liabilities (3) |
|
1119.912 |
1398.671 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
617.315 |
608.842 |
|
(b) Trade payables |
|
802.513 |
687.602 |
|
(c) Other current
liabilities |
|
530.928 |
375.880 |
|
(d) Short-term provisions |
|
6.030 |
11.381 |
|
Total Current Liabilities
(4) |
|
1956.786 |
1683.705 |
|
|
|
|
|
|
TOTAL |
|
4137.891 |
4469.879 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2686.424 |
2830.624 |
|
(ii) Intangible Assets |
|
32.335 |
15.076 |
|
(iii) Capital
work-in-progress |
|
0.000 |
9.106 |
|
(iv) Intangible assets
under development |
|
72.828 |
144.059 |
|
(b) Non-current
Investments |
|
0.029 |
0.030 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
17.647 |
17.090 |
|
(e) Other Non-current
assets |
|
28.858 |
38.478 |
|
Total Non-Current Assets |
|
2838.121 |
3054.463 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
441.037 |
333.805 |
|
(c) Trade receivables |
|
340.443 |
610.958 |
|
(d) Cash and cash
equivalents |
|
61.334 |
100.795 |
|
(e) Short-term loans and
advances |
|
393.953 |
366.909 |
|
(f) Other current assets |
|
63.003 |
2.949 |
|
Total Current Assets |
|
1299.770 |
1415.416 |
|
|
|
|
|
|
TOTAL |
|
4137.891 |
4469.879 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
2026.277 |
2995.022 |
|
|
Other Income |
|
44.373 |
23.487 |
|
|
TOTAL |
|
2070.650 |
3018.509 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1164.468 |
1663.901 |
|
|
Purchases of Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(35.764) |
20.122 |
|
|
Employees benefits
expense |
|
303.371 |
294.051 |
|
|
Other expenses |
|
614.196 |
630.065 |
|
|
TOTAL |
|
2046.271 |
2608.139 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
24.379 |
410.370 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
176.252 |
189.482 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(151.873) |
220.888 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
171.722 |
159.935 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(323.595) |
60.953 |
|
|
|
|
|
|
|
Less |
TAX |
|
(15.057) |
(13.847) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(308.538) |
74.800 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(45.35) |
10.99 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
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 |
Yes |
|
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF BUSINESS
OPERATIONS AND FUTURE PROSPECTS
The review of operations for the year :Semi regulated markets:During the year company achieved exports turnover to Rest of the World (RoW) markets remained stable at INR 1097.500 million. Regulated markets: Apart turnover from the contract manufacturing, sales of own products, through acquired Market Authorization, had started during the year . Exports in this category achieved to INR 910.900 million, contributed by Taloja and Nanded Plants. However, due to delayed renewal of Philippines license for some of the main products and paucity of Working Capital, Company could not executed its sales orders flow on time, that resulting sub optimal capacity utilization of Taloja and Nanded plants which has impacted the overall operation and earnings of the company. The facilities at OSD unit were approved by US FDA. During the year, The company has received ANDA approval for Metronidazole and Piroxicam from US FDA, by this company have entered in to US markets, which is a significant milestone in The company’s history
The company intends to file more ANDA for beta and non-beta products, with a view to widen the product basket and reach in the US markets.
During the year , the Company has commercialized the Market Authorizations for 3 molecules acquired for the UK market through its wholly owned subsidiary and also expected to commercialize 4 molecules shortly, in the current financial year, companies management is very confident that initiative taken by company will boost operation and growth of the company in coming years.
The company has strong presence in UK and EU through products exported out of contract manufacturing arrangements. By leveraging on this strength, the company has chalked out a plan to market its own products. In this pursuit, ~ 20 products have been identified for development and IP filing, initially with UK regulatory authorities and later, with the EU authorities. The market potential for these products is more than INR 30000.000 million The filling of other products are in pipeline which are likely to be completed in couple of months, the benefits of which will be available for exploitation in the coming years. These efforts are expected to insulate the company from the vagaries of contract manufacturing business.
Future Prospects With the infrastructure at Nanded and Taloja plants already qualified by the regulatory authorities for exports to advanced countries, the company’s focus has been to improve its own product portfolio and along with it, the capacity utilization of these plants.
The company is already investing in product development and IP filings. Product approvals have started flowing beginning that of first ANDA, with many in pipeline. The management is also aware of the need to set up offices abroad to propel the marketing efforts for these products.
The directors are confident that the initiatives taken by the management will bear fruits in the near future.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Pharmaceutical industry Global position:Indian pharmaceutical sector accounts for about 2.4% of the global pharmaceutical industry in value terms and 10% in volume terms. India accounts for 20% of the global exports in generics. In FY 2015, Indian pharma industry exported products worth US$ 15 bn., which is expected to touch US$ 40 bn. By 2020. Structure:
Pharma industry can broadly be divided in to following segments :a) Active Pharmaceutical Ingredients (APIs) b) Contract Research and Manufacturing Services (CRAMS)c) Formulations) d)Bio similar Growth drivers: Domestic: The IPM is growing at a CAGR of ~ 17% in 2015 and is expected to grow to US$ 55 bn. by 2020 at a CAGR of ~16%. India is likely to be top 3 markets by incremental growth and sixth largest market globally in absolute size by 2020. This growth will be influenced by increase in the size of middle class households coupled with improvement in medical infrastructure and increase in penetration of health insurance in the country. Export: India’s pharmaceutical export market is thriving due to strong presence in generics space. Exports are estimated to reach US$ 18.02 bn. in 2016. Multinational companies are collaborating with Indian pharma firms to develop new drugs. Cost advantage, skilled manpower in India and the government inclination, globally, to use generics to bring down healthcare costs coupled with increasing health insurance coverage are key drivers for the Indian pharma exports. India, as a major hub for manufacturing generics, is recognized as a dependable source for pharmaceutical products. India has the second largest number of US FDA manufacturing plants with over 500 approved sites and more than 2500 approved products. Prospects: Growth opportunities come from many drugs going off-patent in US and other countries. Strict government regulations and long gestation periods act as entry barriers for new players. Hence, the existing plants are likely to get larger share of business. Focusing on entering new markets such as Latin America, Russia and other East European countries present new opportunities.
The company’s position: Most of the revenue of The company is derived from export business, which is present in following segments :i) Manufacturing and exports of branded generics to semi regulated markets, which are third world countries and emerging markets. Government of India is giving focused attention to developing these markets. ii) Contract manufacturing generics for international customers in regulated marketsiii) Development of own products, creating/owning IPRs, licensing them and entering in to firm long term supply contracts.
With the export growth momentum expected to be maintained, The company will benefit from its presence in these important segments, equipped by approved manufacturing facilities and ably supported by experienced R&D and regulatory team of personnel.
In order to conform to regulatory norms, The company has employed specialists in regulatory affairs and technical compliances.Human Resources:Company has been focusing on training workers and employees to adapt to the changing business environment, more particularly customer centric servicing, in quality assurance and in regulatory and ethical compliances. The Company provides employees with a fair and equitable opportunities and support to develop their skills and capabilities. Overall, the relations between the employees and the Company remained cordial and healthy at all it’s Manufacturing Units. IT InitiativesThe Company has successfully implemented SAP system across all its functions, including in the areas of production planning, quality control and plant maintenance. It is focusing on improving its IT systems so that they can help the management in meaningful decision making. Cautionary Statement: Statement in the Management Discussion and Analysis describing the Company's objectives, projections, expectations and estimates regarding future performance may be ‘forward looking statements' and are based on currently available information. The Management believes these to be true to the best of its knowledge at the time of preparation of this report. However, these statements are subject to certain future events and uncertainties, which may cause actual results to differ materially from those indicated in such statements.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG-TERM
BORROWINGS |
|
|
|
Deposits |
89.350 |
89.350 |
|
Loans and advances from related parties |
55.650 |
55.650 |
|
|
|
|
|
Total |
145.000 |
145.000 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G12207809 |
100050636 |
HERO FINCORP LIMITED |
06/08/2016 |
- |
- |
200000000.0 |
34, COMMUNITY CENTRE, BASANT LOKVASANT VIHAR, NEW DELHI - 110057, INDIA |
|
2 |
G07876873 |
100039809 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
07/05/2016 |
- |
- |
53500000.0 |
ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
3 |
G03335874 |
100026279 |
LAKSHMI VILAS BANK LIMITED |
29/03/2016 |
- |
- |
50000000.0 |
FORT BRANCH, BHARAT HOUSE, 104, BS MARG, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
4 |
G01235654 |
100018750 |
SIEMENS FINANCIAL SERVICES PRIVATE |
19/02/2016 |
- |
- |
12244176.0 |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA |
|
5 |
C68942812 |
10600162 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
09/10/2015 |
- |
- |
50000000.0 |
SMALL AND MEDIUM ENTERPRISES BRANCH,PRABHAT BHAVAN, BLOCK B, 96 LBS MARG, VIKHROLI (WEST), MUMBAI – 400083, MAHARASHTRA, INDIA |
|
6 |
C68941541 |
10600160 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
29/09/2015 |
- |
- |
300000000.0 |
SMALL AND MEDIUM ENTERPRISES BRANCH,PRABHAT BHAVAN, BLOCK B, 96 LBS MARG, VIKHROLI (WEST), MUMBAI – 400083, MAHARASHTRA, INDIA |
|
7 |
C68943539 |
10600167 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
28/09/2015 |
- |
- |
300000000.0 |
SMALL AND MEDIUM ENTERPRISES BRANCH, PRABHAT BHAVAN, BLOCK B, 96 LBS MARG, VIKHROLI (WEST), MUMBAI – 400083, MAHARASHTRA, INDIA |
|
8 |
C08055766 |
10504887 |
AXIS TRUSTEE SERVICES LIMITED |
18/06/2014 |
- |
- |
800000000.0 |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI – 400025, MAHARASHTRA, INDIA |
|
9 |
G44467264 |
10504882 |
AXIS TRUSTEE SERVICES LIMITED |
18/06/2014 |
28/04/2017 |
- |
1205000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI, MUMBAI – 400025, MAHARASHTRA, INDIA |
|
10 |
B68999895 |
10406540 |
ICICI BANK LIMITED |
14/02/2013 |
- |
- |
70000000.0 |
LANDMARKRACE COURCE CIRCLE, ALKAPURI – 390015, GUJARAT, INDIA |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Factory building
·
Plant and equipment
·
Factory equipment’s
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
Intangible Assets
·
Computer Software
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 65.06 |
|
UK Pound |
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.