|
|
|
MIRA INFORM REPORT
|
Report No. : |
507532 |
|
Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
ZIM LABORATORIES LIMITED |
|
|
|
|
Formerly Known
As : |
ZIM LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sadoday Gyan (Ground Floor), Opposite, NADT, Nelson Square
Nagpur-440013, Maharashtra |
|
Mobile No.: |
91-8007389421 (Mr. Mukesh Kabra) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.02.1984 |
|
|
|
|
Com. Reg. No.: |
11-032172 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 80.291 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1984PLC032172 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
0399005374 |
|
|
|
|
TIN No.: |
27460004545 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACZ0200E1ZZ |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ0200E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Marketing and Selling of Bulk Drugs
(Pellets, DC Granules) and Formulations (Tablets and Capsules). [Registered activity and also
confirmed by management] |
|
|
|
|
No. of Employees
: |
500 (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 |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1984 and it is having good track. For the financial year 2017, the company has registered decrease in its revenue from operations as compared to previous year but maintained average profitability margin of 7.91%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its established track record of business operation including in formulations, pelletisation, taste-masking, and granulation segments and improvement in the profitability profile during the year. However, rating strength is partially offset by working capital intensive operations and highly fragmented and competitive industry. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular. In view of the 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 |
CRISIL |
|
Rating |
Long term rating: BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
31.10.2017 |
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 05.05.2018
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Mukesh Kabra |
|
Designation : |
Account Manager |
|
Contact No.: |
91-8007389421 |
|
Date : |
04.05.2018 |
LOCATIONS
|
Registered Office : |
Sadoday Gyan (Ground Floor), Opposite, NADT, Nelson Square
Nagpur-440013, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-8007389421 (Mr. Mukesh Kabra) 91-9764442122 (Mr. Ashish Bhoyar) 91-9860596848 (Mr. Roshan Gathibandhe) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Manufacturing Facility: |
Plot No. B-21/22, MIDC Industrial Area, Kalmeshwar, District Nagpur-441501, Maharashtra, India |
|
Tel. No.: |
91-7118-271480/271990/271330 |
|
Fax No.: |
91-7118-271470/ |
|
|
|
|
Note: The Company
has three units all located at Nagpur. |
|
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Anwar Siraj Daud |
||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||
|
Address : |
Opposite Husamia High School Shantinagar, Nagpur - 440002,
Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
31.12.1959 |
||||||||||||||||
|
Qualification: |
M.Pharm |
||||||||||||||||
|
Date of Appointment : |
01.04.2009 |
||||||||||||||||
|
DIN No.: |
00023529 |
||||||||||||||||
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PAN No.: |
ABHPD8385K |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Riyaz Ahmed Kikabhai Kamal |
||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||
|
Address : |
167.C Beside MSEB Sub Station, Shantinagar Nagpur -440002,
Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
19.05.1951 |
||||||||||||||||
|
Qualification: |
BSC |
||||||||||||||||
|
Date of Appointment : |
01.01.1998 |
||||||||||||||||
|
DIN No.: |
00023562 |
||||||||||||||||
|
PAN No.: |
AEIPK9855R |
||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Zulfiquar Murtaza Kamal |
||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||
|
Address : |
Mig-8 S.A. Road, Nagpur -440022, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
27.08.1960 |
||||||||||||||||
|
Qualification: |
CA |
||||||||||||||||
|
Date of Appointment : |
19.10.2012 |
||||||||||||||||
|
DIN No.: |
01786763 |
||||||||||||||||
|
PAN No.: |
AASPK1812E |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Prakash Pralhadrao Sapkal |
||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||
|
Address : |
204, Nandanwan Colony Nagpur - 440009, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
18.02.1968 |
||||||||||||||||
|
Qualification: |
B. Pharm, MBA |
||||||||||||||||
|
Date of Appointment : |
22.11.2013 |
||||||||||||||||
|
DIN No.: |
02007385 |
||||||||||||||||
|
PAN No.: |
AIKPS6288E |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Niraj Pukhraj Dhadiwal |
||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||
|
Address : |
10, Itwari, Tanga Stand Nagpur - 440002, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
07.05.1967 |
||||||||||||||||
|
Qualification: |
B. Pharm |
||||||||||||||||
|
Date of Appointment : |
22.11.2013 |
||||||||||||||||
|
DIN No.: |
02007428 |
||||||||||||||||
|
PAN No.: |
AENPD0677B |
||||||||||||||||
|
Name : |
Mr. Naresh Janardan Gaikwad |
|
Designation : |
Director |
|
Address : |
A2-104, Mhada Colony Amravati Road, Nagpur -440001, Maharashtra, India |
|
Date of Birth/Age : |
22.12.1954 |
|
Qualification: |
M. Pharm |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
02185462 |
|
PAN No.: |
ABMPG7950J |
|
|
|
|
Name : |
Mr. Veerendra Vinaykumar Parashar |
|
Designation : |
Director |
|
Address : |
13-P, Bharat Nagar, Nagpur - 440033, Maharashtra, India |
|
Date of Birth/Age : |
04.11.1940 |
|
Qualification: |
P H D in Pharmaceutical Industry |
|
Date of Appointment : |
19.07.2008 |
|
DIN No.: |
02456416 |
|
PAN No.: |
ABGPP2793J |
|
|
|
|
Name : |
Mr. Suprakash Shivamoy Chakravarty |
|
Designation : |
Director |
|
Address : |
1101, Caviana - A, Hiranandani Estate, Ghodbunder Road, Thane -
400607, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1949 |
|
Qualification: |
Msc in Chemistry |
|
Date of Appointment : |
19.10.2012 |
|
DIN No.: |
03010382 |
|
PAN No.: |
AAYPC3261B |
|
|
|
|
Name : |
Kavita Loya |
|
Designation : |
Additional Director |
|
Address : |
Plot No. 261, West High Court Road, Bajaj Nagar, Nagpur - 440010,
Maharashtra, India |
|
Date of Appointment : |
21.09.2017 |
|
DIN No.: |
07943519 |
|
Name : |
Padmakar Shrinivas Joshi |
|
Designation : |
Additional Director |
|
Address : |
Flat No.D-1001,Opposite Shankar Maharaj Math Panchavati Housing Society,
Chavan Nagar, Pune - 411043, Maharashtra, India |
|
Date of Appointment : |
21.09.2017 |
|
DIN No.: |
07944709 |
KEY EXECUTIVES
|
Name : |
Mr. Piyush Siddheshwar Nikhade |
|
Designation : |
Company Secretary |
|
Address : |
325/E, Mahalaxmi Appartment, West Central Road, Dhantoli, Nagpur -
440012, Maharashtra, India |
|
Date of Appointment : |
01.09.2017 |
|
PAN No.: |
AKQPN1260K |
|
|
|
|
Name : |
Mr. Mukesh Kabra |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 16.09.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
52.15 |
|
Public/Other than promoters- Individual/Hindu Undivided Family- Indian |
15.82 |
|
Public/Other than promoters- Individual/Hindu Undivided Family |
1.98 |
|
Public/Other than promoters- Individual/Hindu Undivided Family |
2.69 |
|
Foreign institutional investors |
22.20 |
|
Public/Other than promoters - Body corporate |
5.16 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Marketing and Selling of Bulk Drugs
(Pellets, DC Granules) and Formulations (Tablets and Capsules). [Registered activity and also
confirmed by management] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw material |
||||
|
Countries : |
China |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Credit and Others (RTGS) |
||||
|
|
|
||||
|
Purchasing : |
L/C and Others (RTGS) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
End Users
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company LLP Chartered Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai – 400 013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFW4298E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary company: |
|
CAPITAL STRUCTURE
AS ON 16.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
INR 10/- each |
INR 110.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8029145 |
Equity Shares |
INR 10/- each |
INR 80.291 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 |
80.291 |
79.985 |
79.985 |
|
(b) Reserves and Surplus |
1101.028 |
904.275 |
862.514 |
|
(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) |
1181.319 |
984.260 |
942.499 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
278.870 |
347.511 |
375.878 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
278.870 |
347.511 |
375.878 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
466.991 |
562.999 |
514.159 |
|
(b) Trade
payables |
450.490 |
469.651 |
641.153 |
|
(c) Other
current liabilities |
184.992 |
172.337 |
170.815 |
|
(d) Short-term
provisions |
31.384 |
24.725 |
5.586 |
|
Total Current
Liabilities (4) |
1133.857 |
1229.712 |
1331.713 |
|
|
|
|
|
|
TOTAL |
2594.046 |
2561.483 |
2650.090 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
873.472 |
906.495 |
851.188 |
|
(ii)
Intangible Assets |
12.554 |
15.431 |
19.897 |
|
(iii) Tangible assets
capital work-in-progress |
27.075 |
29.325 |
56.242 |
|
(iv)
Intangible assets under development |
11.169 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.918 |
0.913 |
0.913 |
|
(c) Deferred tax assets (net) |
48.547 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
72.836 |
63.883 |
37.175 |
|
(e) Other
Non-current assets |
1.559 |
4.564 |
2.174 |
|
Total Non-Current
Assets |
1048.130 |
1020.611 |
967.589 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
354.652 |
377.189 |
460.990 |
|
(c) Trade
receivables |
886.715 |
885.313 |
812.876 |
|
(d) Cash and
bank balances |
55.833 |
63.587 |
75.435 |
|
(e)
Short-term loans and advances |
247.313 |
208.889 |
332.617 |
|
(f) Other
current assets |
1.403 |
5.894 |
0.583 |
|
Total
Current Assets |
1545.916 |
1540.872 |
1682.501 |
|
|
|
|
|
|
TOTAL |
2594.046 |
2561.483 |
2650.090 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2350.131 |
2682.801 |
2663.303 |
|
|
Other Income |
48.381 |
39.077 |
24.825 |
|
|
TOTAL |
2398.512 |
2721.878 |
2688.128 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
934.036 |
1430.454 |
1562.675 |
|
|
Purchases of
Stock-in-Trade |
251.511 |
128.952 |
240.916 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
14.136 |
13.073 |
13.435 |
|
|
Employee benefit expense |
333.278 |
307.001 |
232.557 |
|
|
CSR expenditure |
0.500 |
0.400 |
0.000 |
|
|
Other expenses |
504.304 |
510.491 |
399.465 |
|
|
Exceptional items |
0.000 |
53.303 |
330.188 |
|
|
TOTAL |
2037.765 |
2443.674 |
2779.236 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
360.747 |
278.204 |
(91.108) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
96.703 |
136.532 |
103.255 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
264.044 |
141.672 |
(194.363) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
90.057 |
87.569 |
71.290 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
173.987 |
54.103 |
(265.653) |
|
|
|
|
|
|
|
Less |
TAX |
(12.002) |
2.648 |
(49.971) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
185.989 |
51.455 |
(215.682) |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
413.539 |
371.778 |
589.542 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
0.000 |
7.999 |
0.000 |
|
|
Corporate Dividend Tax |
0.000 |
1.695 |
0.340 |
|
|
Balance
Carried to the B/S |
599.528 |
413.539 |
371.778 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
1034.698 |
795.977 |
|
|
TOTAL EARNINGS |
0.000 |
1034.698 |
795.977 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
23.16 |
6.43 |
(26.97) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
63.391 |
49.183 |
39.972 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
253.601 |
100.026 |
(23.657) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
320.811 |
220.499 |
54.823 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
137.72 |
120.45 |
111.40 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.65 |
3.03 |
3.28 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
138.69 |
109.93 |
129.75 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.02 |
0.74 |
(0.20) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.39 |
0.29 |
(0.10) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.57 |
0.63 |
0.66 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.69 |
0.98 |
0.99 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.96 |
1.25 |
1.41 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.78 |
0.97 |
0.98 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.73 |
2.04 |
(0.88) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
7.91 |
1.92 |
(8.10) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.17 |
2.01 |
(8.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.74 |
5.23 |
(22.88) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.36 |
1.25 |
1.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.05 |
0.95 |
0.92 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.46 |
0.38 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.08 |
12.00 |
11.63 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.36 |
1.25 |
1.26 |
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 |
79.985 |
79.985 |
80.291 |
|
Reserves & Surplus |
862.514 |
904.275 |
1101.028 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
942.499 |
984.260 |
1181.319 |
|
|
|
|
|
|
Long-term borrowings |
375.878 |
347.511 |
278.870 |
|
Short term borrowings |
514.159 |
562.999 |
466.991 |
|
Current maturities of
long-term debts |
39.972 |
49.183 |
63.391 |
|
Total
borrowings |
930.009 |
959.693 |
809.252 |
|
Debt/Equity
ratio |
0.987 |
0.975 |
0.685 |
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 |
2663.303 |
2682.801 |
2350.131 |
|
|
|
0.732 |
(12.400) |
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 |
2663.303 |
2682.801 |
2350.131 |
|
Profit/ (Loss) |
(215.682) |
51.455 |
185.989 |
|
|
(8.10
%) |
1.92
% |
7.91
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
80.291 |
79.985 |
|
(b) Reserves and Surplus |
|
1099.360 |
909.639 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1179.651 |
989.624 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
278.870 |
347.511 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
278.870 |
347.511 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
466.991 |
562.999 |
|
(b) Trade
payables |
|
450.490 |
469.651 |
|
(c) Other
current liabilities |
|
186.643 |
167.055 |
|
(d) Short-term
provisions |
|
31.384 |
24.725 |
|
Total Current
Liabilities (4) |
|
1135.508 |
1224.430 |
|
|
|
|
|
|
TOTAL |
|
2594.029 |
2561.565 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
873.472 |
906.495 |
|
(ii)
Intangible Assets |
|
12.554 |
15.431 |
|
(iii) Tangible assets
capital work-in-progress |
|
27.075 |
29.325 |
|
(iv)
Intangible assets under development |
|
11.169 |
0.000 |
|
(b) Non-current Investments |
|
0.515 |
0.510 |
|
(c) Deferred tax assets (net) |
|
48.547 |
0.000 |
|
(d)
Long-term loans and advances |
|
72.836 |
63.883 |
|
(e) Other
Non-current assets |
|
1.559 |
4.564 |
|
Total Non-Current
Assets |
|
1047.727 |
1020.208 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
354.652 |
377.189 |
|
(c) Trade
receivables |
|
886.715 |
885.313 |
|
(d) Cash and
bank balances |
|
56.125 |
63.940 |
|
(e)
Short-term loans and advances |
|
247.313 |
208.889 |
|
(f) Other
current assets |
|
1.497 |
6.026 |
|
Total
Current Assets |
|
1546.302 |
1541.357 |
|
|
|
|
|
|
TOTAL |
|
2594.029 |
2561.565 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
2350.131 |
2685.130 |
|
|
Other Income |
|
48.381 |
39.077 |
|
|
TOTAL |
|
2398.512 |
2724.207 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
934.036 |
1430.454 |
|
|
Purchases of
Stock-in-Trade |
|
251.511 |
131.289 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
14.136 |
13.073 |
|
|
Employee benefit expense |
|
333.278 |
307.001 |
|
|
CSR expenditure |
|
0.500 |
0.400 |
|
|
Other expenses |
|
505.111 |
510.963 |
|
|
Exceptional items |
|
0.000 |
53.303 |
|
|
TOTAL |
|
2038.572 |
2446.483 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
359.940 |
277.724 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
96.703 |
136.532 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
263.237 |
141.192 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
90.057 |
87.569 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
173.180 |
53.623 |
|
|
|
|
|
|
|
Less |
TAX |
|
(12.002) |
2.648 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
185.182 |
50.975 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
23.06 |
6.37 |
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 |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject is a
public limited company domiciled in India. The Company is engaged in the
manufacturing of formulation drugs and pre formulation ingredients in India and
marketing and selling these within and outside India.
The Company has
received notice from BSE Limited (BSE) whereby company has been provided an
option to either complete the procedure for listing of its equity shares on
nationwide stock exchange or provide exit to public shareholders by aquirirng
their equity shares at rates determined by baluer. Pursuant to receipt of such
notice, the company has initiated the procedures for listing of its equity
shares on BSE.
THE STATE OF
COMPANY’S AFFAIRS
The company
continues to progress in the direction of its strategy to emerge as an
innovative drug delivery solution provider with differentiated products in the
pharmaceutical market. It’s recently developed proprietary and patented orally
disintegrating film technology Thinoral has elevated the company to market
leadership in the OTS technology and business in India. The company is now
developing pharmaceutical and nutraceutical products using its Thinoral drug
delivery platform for manufacture and supplies globally particularly in the developed markets. Company
has commercialized 13 OTF products.
The company is
also in the process of examining and developing other technology platforms to
create new differentiated formulations targeting patient convenient and
adherence.
The company is
foraying into emerging and developed markets for supply of semi-finished
formulations which are already being developed and marketed in ROW markets. Its
export business especially with respect to its (New Drug Delivery Systems) and
its Differentiated Products portfolio have shown a quantum leap.
The finished
branded formulations export strategy for increasing company geographical
footprint is taking shape and the company registered 56 products in 6 ROW and
emerging markets during the year.
The company has as
a part of long term strategy and to serve domestic market decided to
selectively participate in Government tender business for differentiated
generics that have higher margins and has also initiated entry into private
domestic institutional market.
The R&D centre
of company recognised by Department of Scientific and Industrial Research,
employs more than 90 R&D Personnel working on developing proprietary
innovative processes and platform technologies to overcome complex formulation
challenges resulting in uniquely differentiated formulation products. It has filed
during this period patents globally and registered several products in various
geographies.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
Deferred payment liabilities |
2.866 |
3.732 |
|
Borrowing from government semi-government bodies |
2.640 |
3.960 |
|
Total |
5.506 |
7.692 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G84973510 |
100171905 |
BANK OF INDIA |
19/04/2018 |
- |
40000000.0 |
NAGPUR
MID-CORPORATE BRANCHS V PATEL MARGNAGPURMH400001IN |
|
2 |
G77716843 |
100156377 |
THE SHAMRAO VITHAL
CO-OP. BANK LTD. |
02/02/2018 |
- |
20000000.0 |
SVC TOWER, NEHRU
ROAD, VAKOLA,SANTACRUZ (EAST),MUMBAIMH400055IN |
|
3 |
G08888117 |
100042878 |
ICICI BANK LIMITED |
11/05/2016 |
- |
1500000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGU390015IN |
|
4 |
G08889339 |
100042880 |
ICICI BANK LIMITED |
16/03/2016 |
- |
1000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGU390015IN |
|
5 |
C64868631 |
10592368 |
ICICI BANK LIMITED |
23/09/2015 |
- |
120000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
6 |
C37382702 |
10537375 |
ICICI BANK LIMITED |
29/11/2014 |
- |
30000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
7 |
C03667680 |
10495660 |
THE SHAMRAO VITHAL
CO-OPERATIVE BANK LIMITED |
26/03/2014 |
- |
70000000.0 |
YAMUNA SADAN, SAKI
VIHAR ROAD,SAKINAKA, ANDHERI (EAST)MUMBAIMH400072IN |
|
8 |
B88214192 |
10456796 |
ICICI BANK LIMITED |
17/10/2013 |
- |
170000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
9 |
C52081403 |
10412179 |
BANK OF INDIA |
01/02/2013 |
20/04/2015 |
1206700000.0 |
NAGPUR
MID-CORPORATE BRANCHS V PATEL MARGNAGPURMH440001IN |
|
10 |
B32159568 |
10335637 |
ICICI BANK LIMITED |
17/01/2012 |
- |
160200000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Vehicles
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 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
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.