MIRA INFORM
REPORT
|
Report
Date : |
03.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
RANBAXY LABORATORIES LIMITED |
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Registered
Office : |
A-11, Industrial Area, Sahibzada Ajit Singh Nagar,
District Ropar - 160 055, |
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Country
: |
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Financials
(as on) : |
31.12.2006 |
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Date
of Incorporation : |
27.11.1968 |
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Com.
Reg. No.: |
16-3747 |
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CIN
No.: [Company
Identification No.] |
L24231PB1961PLC003747 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
DELR01481E DELR09731B |
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PAN
No.: [Permanent
Account No.] |
AAACR0127N |
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Legal
Form : |
Public
Limited Liability Company. The company's shares are listed on the Stock
Exchanges. |
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Line
of Business : |
Manufacturing and Selling of Pharmaceuticals in Dosage
forms of Tablets, Capsules, Liquids, Drops, Dry syrups / Powders, Ampoules,
Vials, Liquids and Drops, etc. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
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Maximum
Credit Limit : |
USD
94000000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established, respectable and reputed company
in its field. Available information indicates high financial responsibility
of the company and it's directors. Their trade relations are fair. It has established satisfactory track. Business is on sound principles. General reputation is favourable. Banking relations are good. The company's payments are always correct
and as per commitments. Due to company’s huge expansion, isolated complaints are
reported for slow payments in domestic market. However, overseas suppliers
are paid as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
A-11, Industrial Area, Sahibzada Ajit Singh Nagar,
District Ropar - 160 055, |
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Tel.
No.: |
91-172-2271450 |
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Fax
No.: |
91-172-2226925 |
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E-Mail
: |
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Website
: |
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Head
Office : |
12th
Floor, Devika tower, 6, |
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Tel.
No.: |
91-11-26452666 |
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Fax
No.: |
91-11-26225987 |
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E-Mail
: |
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Corporate
Office : |
Plot
No.90, Sector 32, Gurgaon-122001, |
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Tel.
No.: |
91-124-4135000 |
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Fax
No.: |
91-124-4135001 |
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Regional
Head Quarters: |
Located
at: New
Delhi, London, Singapore, New Jersey (USA), Rio de Janerio (Brazil),
Johansberg (South Africa) |
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Marketing
Offices |
Located
at: Doula
(Cameroon), Kiev (Ukraine), Moscow (Russia), Ho Chi Minh City (Vietnam),
Kaunas (Lithuania), Bucharest (Romania), Nairobi (Kenya), Abidjan (Ivory
Coast), Warsaw (Poland) and Yangon (Myanmar), Almaty (Kazakhstan) |
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Plants: |
A-8, A-9,
A-10 & A-11, Industrial Area, Phase III, Sahibzada Ajit Singh Nagar,
Mohali – 160 055, |
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Plants: |
Village Toansa, P. O. Railmajra, District Nawansahar – 144
533, |
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Plants: |
Industrial
Area – 3, |
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Plants: |
Village
& PO Ganguwala, Tehsil Paonta Sahib, District Sirmour – 173 025, |
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Plants: |
E-47/9,
Okhla Industrial Area, Phase II, Okhla, |
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Plants: |
E-2 &
E-3, MIDC, Jejuri, District Pune – 412 303, |
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Plants: |
Plot No.
B-2, Madkaim Industrial Estate, Ponda, |
DIRECTORS
|
Name : |
Mr. Tejendra Khanna |
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Designation
: |
Chairman (upto 08.04.2007) |
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Name : |
Mr. D.S. Brar |
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Designation
: |
Director |
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Name : |
Mr. V.K. Kaul |
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Designation
: |
Additional Director |
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Name : |
Dr. Brian W. Tempest |
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Designation
: |
Chief Mentor and Executive Vice Chairman |
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Name : |
Dr. P. S. Joshi |
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Designation
: |
Director |
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Name : |
Mr. J. W. Balani |
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Designation
: |
Director |
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Name : |
Mr. Vivek Bharat Ram |
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Designation
: |
Director |
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Name : |
Mr. Nimesh N. Kampani |
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Designation
: |
Director |
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Name : |
Mr. Vivek Mehra |
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Designation
: |
Director |
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Name : |
Mr. Harpal Singh |
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Designation
: |
Director |
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Name : |
Mr. Surendra Daulet Singh |
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Designation
: |
Director |
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Name : |
Mr. Malvinder Mohan Singh |
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Designation
: |
Managing Director & Chief Executive Officer |
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Name : |
Mr. Gurcharan Das |
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Designation
: |
Additional Director |
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Name : |
Mr. Shivinder Mohan Singh |
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Designation
: |
Director |
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Name : |
Mr. Ramesh L Adige |
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Designation
: |
Executive Director – Corporate Affairs and Global
Corporate Communications |
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Name : |
Mr. Ravi Mehrotra |
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Designation
: |
Director |
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Name : |
Mr. Atul Sobti |
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Designation
: |
Chief Operating Officer and Whole time Director |
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OTHER
PERSONNEL: |
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Name : |
Mr. S. K. Patawari |
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Designation
: |
Company Secretary |
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Name : |
Dr. O P Sood |
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Designation
: |
Member – Governing Council, Ranbaxy Science Foundation |
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Name : |
Mr. Raghu Kochar |
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Designation
: |
Director Corporate Communications |
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Name : |
Mr. Krishnan Ramalingam |
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Designation
: |
Senior Manager – Corporate Communications |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
129936214 |
34.86 |
|
Mutual
funds and UTI |
11964598 |
3.21 |
|
Banks,
Financial Institutions, Insurance Companies |
59169082 |
15.88 |
|
FIIs |
68912220 |
18.49 |
|
Private
Corporate Bodies |
5790475 |
1.55 |
|
Indian
Public |
70682801 |
18.97 |
|
Foreign
Nationals |
-- |
-- |
|
NRIs/
OCBs |
7800582 |
2.09 |
|
GDR’s |
18430991 |
4.95 |
|
Total |
372686964 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Selling of Pharmaceuticals in Dosage
forms of Tablets, Capsules, Liquids, Drops, Dry syrups / Powders, Ampoules,
Vials, Liquids and Drops, etc. |
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Products
: |
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Exports
to : |
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Imports
from : |
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PRODUCTION STATUS
|
Class of Goods |
Units |
Installed Capacity |
Actual Production |
|
Dosage Forms |
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|
|
|
Tablets |
Nos/Millions |
6518.00 |
5236.71 |
|
Capsules |
Nos/Millions |
2540.00 |
1970.14 |
|
Dry Syrups/Powders |
Bottles/Millions |
27.20 |
41.11 |
|
Ampoules |
Nos/Millions |
74.40 |
100.11 |
|
Vials |
Nos/Millions |
39.00 |
33.80 |
|
Liquids |
Kilolitres |
-- |
1266.27 |
|
Drops |
Kilolitres |
-- |
40.60 |
|
Active Pharmaceuticals Ingredients and drug
intermediates |
Tonnes |
2014.23 |
1517.58 |
|
Ointments |
Tonnes |
* |
327.48 |
* in different
denominations than actual production
GENERAL INFORMATION
|
Suppliers
: |
v
Anasthetic Gases Private Limited v
Bhasin Packwell Private Limited v
Kejariwal Industries v
Medicamen Biotech Limited v
Niranjan Containers Private Limited v
Ranq Pharmaceuticals and Excipients Private Limited v
Sidmak Laboratories ( v
Tatva Chintan Pharma Private Limited v
Ankur Drugs and Pharma Limited v
Everest Industrial Corporation v
Laxon Drugs v
Metakaps Engineering Company v
Orchid Healthcare v
Real Gas and Chemicals v
Srikem Laboratories Private Limited v
Vevek Pharmachem ( v
Askas Platic Private Limited v
Imperial Packaging Company v
Mahabir Industries v
National Electronic Corporation v
Packs and Packaging v
Sampre Nutrition v
Sukkan Industries v
Autofits v
Kallin Industries v
Mayura Offset v
NBZ Pharma Limited v
Ramesh Industries ( v
Saurav Chemicals v
Tauras Chemicals Private Limited v
Zenna Plastics Limited |
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No. of
Employees : |
11343 |
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Bankers
: |
v
ABN Amro Bank NV v
Standard Chartered Grindlays Bank Limited v
Bank of v
Citibank NA v
Deutsche Bank AG v
The HongKong & Shanghai Banking Corporation Limited (Hongkong
Bank), Mercantile House, 15, Kasturba Gandhi Marg, v
Punjab National Bank v
Calyon Bank v
ANZ Grindlays Bank PLC, Vereinigtes Konigreich |
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Facilities
: |
Secured Loans : Loans
from Banks Secured
against stocks, book debts and receivables both present and future :
Rs.2242.900 millions Unsecured Loans : (Rs. In millions)
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Banking Relations : |
Good |
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Auditors
: |
Statutory Auditors Walker,
Chandiok & Company Chartered
Accountants 41-L,
Connaught Circus, Independent Auditors Grant
Thornton Chartered
Accountant 41-L,
Connaught Circus, |
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Joint
Ventures Overseas : |
Nihon
Pharmaceuticals Industry Company Limited, |
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Subsidiaries
: |
Domestic Ranbaxy
Drugs and Chemicals Company (a public
company with unlimited liability! Solus
Pharmaceuticals Limited # Ceased
to be a subsidiary during the year Overseas Ranbaxy [ Ranbaxy
(Hong Kong) Limited, Ranbaxy
Inc., Ranbaxy Ranbaxy ( Ranbaxy
Farmaceutica Limited, Ranbaxy
Signature, Ranbaxy
Panama SA, Ranbaxy
PRP ( Ranbaxy
Australia Pty Limited, Lapharma Ranbaxy
Unichem Company Limited, Ranbaxy
USA, inc. Ranbaxy
Italia S.p.A Ranbaxy ( Terapia Rexcei
Pharmaceuticals Limited Ran Air
Services Limited # Vidyut
Investments Limited Ranbaxy
NANV, The Ranbaxy ( Ranbaxy
Nigeria Limited, Ranbaxy
Europe Limited, Ranbaxy ( Basics ZAO Unichem
Distributors Limited, Office
Pharmaceutique Industrial et Hospitalier SARL Unichem
Pharmaceuticals Limited, Ranbaxy
Pharmaceuticals, Inc., Ranbaxy
Laboratories Inc., Ohm
Laboratories, Ranbaxy Mundogen
Farma S.A., Spam # Ranbaxy Ranbaxy
Drugs Limited Gufic
Pharma Limited Ranbaxy Ranbaxy
Ireland Limited, Ranbaxy ( Ranbaxy
Holdings [ Ranbaxy
Do Brazil Limited, Laboratories
Ranbaxy, S.L., Ranbaxy
Vietnam Company Limited-, Ranbaxy
Pharmacie Generiques SAS. Ranbaxy
Pharmaceuticals Canada Inc., Sonke
Pharmaceuticals [Pty) Limited, Bounty
Holdings Company Limited, Ranbaxy Ranbaxy Farmaceuticos
Ranbaxy
Beligium N.V., # New
entities in 2006 * Under
liquidation during the year |
|
|
|
|
Associates
: |
Fortis
Healthcare Limited SRL
Ranbaxy Limited International
Hospitals Limited Religare
Securities Limited Fortis
Clinical Research Limited [Formerly Oscar Research Limited] |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
598000000 |
Equity Shares |
Rs. 5/- each |
Rs.2990.000 millions |
|
100,000 |
Cumulative Preference Shares |
Rs. 100/- each |
Rs. 10.000 millions |
|
|
GRANT
TOTAL |
|
Rs.3000.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
372686964 |
Equity Shares |
Rs. 5/- each |
Rs.1863.430 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
1863.430 |
1862.210 |
1858.900 |
|
|
2] Share
Application Money |
8.790 |
2.780 |
0.000 |
|
|
3]
Reserves & Surplus |
21627.910 |
21907.980 |
23207.900 |
|
NETWORTH
|
23500.130 |
23772.970 |
25066.800 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
2242.900 |
3534.920 |
1333.700 |
|
|
2]
Unsecured Loans |
29543.100 |
6763.120 |
24.900 |
|
TOTAL
BORROWING
|
31786.000 |
10298.040 |
1358.600 |
|
|
DEFERRED
TAX LIABILITIES |
1502.380 |
1165.810 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
56788.510 |
35236.820 |
26425.400 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
14340.310 |
11999.680 |
8775.800 |
|
Capital work-in-progress
|
3018.790 |
4328.430 |
2641.600 |
|
|
|
|
|
|
|
INVESTMENT
|
26799.450 |
7627.750 |
6790.700 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
9549.120
|
8909.330
|
8963.400
|
|
|
Sundry Debtors
|
10137.450
|
8066.180
|
7846.900
|
|
|
Cash & Bank Balances
|
711.510
|
1165.930
|
372.600
|
|
|
Other Current Assets
|
780.850
|
1179.160
|
0.000
|
|
|
Loans & Advances
|
3911.010
|
3383.080
|
6486.000
|
Total Current Assets
|
25089.940
|
22703.680
|
23668.900
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
7233.300
|
7282.800
|
10143.500
|
|
|
Provisions
|
5226.680
|
4139.920
|
5308.100
|
Total Current Liabilities
|
12459.980
|
11422.720
|
15451.600
|
|
Net
Current Assets
|
12629.960
|
11280.960
|
8217.300
|
|
|
|
|
|
|
|
TOTAL
|
56788.510 |
35236.820 |
26425.400 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
39777.680 |
|
40501.500 |
|
|
Other Income |
381.910 |
904.800 |
|
|
|
Total
Income |
40159.590 |
36602.490 |
40501.500 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4429.760 |
2013.630 |
6283.400 |
|
|
Provision for Taxation |
624.330 |
(223.350) |
998.700 |
|
|
Profit/(Loss) After Tax |
3805.430 |
2236.980 |
5284.700 |
|
|
|
|
|
|
|
|
Earnings
in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
25891.780 |
22243.380 |
NA |
|
|
Other Earnings |
1666.890 |
1334.020 |
NA |
|
Total
Earnings |
27558.670 |
23577.400 |
NA |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Raw Materials |
5212.370 |
5382.140 |
NA |
|
|
Stores & Spares |
82.33 |
93.580 |
NA |
|
|
Capital Goods |
343.16 |
1041.180 |
MA |
|
Total
Imports |
5637.860 |
6516.900 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
Manufacturing Expenses |
1997.090 |
|
|
|
|
Administrative Expenses |
8582.780 |
8741.760 |
|
|
|
Raw Material Consumed |
16323.820 |
15048.920 |
|
|
|
Salaries, Wages, Bonus, etc. |
3310.850 |
3016.520 |
3421.810 |
|
|
Interest |
584.440 |
264.110 |
|
|
|
Depreciation & Amortization |
1067.500 |
1013.330 |
|
|
|
Other Expenditure |
3863.350 |
4863.600 |
|
|
Total
Expenditure |
35729.830 |
34701.150 |
3421.810 |
|
QUARTERLY
RESULTS
|
Particulars |
|
|
31.03.2007 (1st Qtr.) |
|
Sales Turnover |
|
|
9881.700 |
|
Other Income |
|
|
952.000 |
|
Total Income |
|
|
10833.700 |
|
Total Expenditure |
|
|
8855.700 |
|
Operating Profit |
|
|
1978.000 |
|
Interest |
|
|
157.100 |
|
Gross Profit |
|
|
1820.900 |
|
Depreciation |
|
|
287.700 |
|
Tax |
|
|
380.400 |
|
Reported PAT |
|
|
1152.800 |
200703 Quarter 1
Notes
Gross Sales Includes - Domestic Rs 3276.70 million - Exports
Rs 6714.40 million Other Income Includes - Other Operating Income Rs 257.40
million - Interest and Other Income Rs 21.30 million Expenditure Includes
(Increase)/Decrease in Stock in Trade Rs 59.20 million Consumption of Material
Rs 4487.20 million Staff Cost Rs 904.30 million Other Expenses Rs 2609.30
million R & D Expenditure Rs 795.70 million Foreign Exchange (Gain)/Loss Rs
(582.60) million Depreciation indicates Depreciation & Amortisation
Extraordinary Items indicates Provisions relating to subsidiary company (net)
EPS is Basic 1. Other Operating Income mainly includes export benefits, forex
(gain)/Ioss (other than those relating to foreign currency borrowings) and
share ofrevenue from Bayer on Ciprofloxacin OD. 2. Staff cost related to R
& D is included under the head 'R & D Expenditure'. 3. Foreign exchange
(Gain)/Loss represent the exchange differences arising during the period from
foreign currency borrowings including Foreign Currency Convertible Bonds. 4.
Exceptional items represent: (i) Reversal of provision for doubtful loans to a
subsidiary company - Rs 329.9 million (ii) Provision for diminution in the
value of long term investment in the subsidiary company - Rs 239.2 million. 5.
The Company has received demand notices aggregating to Rs 1343 million for alleged
overcharged amount for Ciprofloxacin, Norfloxacin etc. from NPPA and Ministry
of Chemicals and Fertilizers. The Company has challenged these demands before
various high courts and currently the matters are sub judice. The Company in
the interim, in compliance with orders of the respective courts has deposited
Rs 298 million as part payment against the alleged overcharged amount without
admitting the liability. 6. On exercise of stock optJOns, 81,658 Equity Shares
have been allotted on April 13, 2007. 7. The total number of Employee Stock
Options outstanding as at March 31, 2007 are 6,672,285 of which 4,216,155 have
vested. 8. The entitlement of shares on exercise of stock options granted on or
before October 03, 2002 would increase in the proportion of 3:5, keeping in
view issue of Bonus shares on October 11, 2002. 9. 2nd Interim Dividend @ Rs 6
per share of par value of Rs 5 each for the year ended December 31, 2006 as
approved by the Board of Directors has been paid on April 17, 2007. 10. The
Company operates solely in the Pharmaceutical business and hence has only one
reportable segment. 11. Figures for previous periods have been regrouped and
recasted wherever necessary to make them comparable with those for quarter
ended March 31, 2007. 12. The above results have been taken on record by the
Board of Directors at their meeting held on April 27, 2007.
KEY
RATIOS
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
Debt-Equity Ratio |
0.89 |
0.24 |
0.04 |
|
Long Term Debt-Equity Ratio |
0.50 |
0.03 |
0.00 |
|
Current Ratio |
1.06 |
1.21 |
1.63 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.12 |
2.29 |
2.95 |
|
Inventory |
4.52 |
4.10 |
4.72 |
|
Debtors |
4.58 |
4.60 |
5.97 |
|
Interest Cover Ratio |
8.58 |
6.66 |
58.23 |
|
Operating Profit Margin(%) |
14.22 |
6.88 |
18.51 |
|
Profit Before Interest And Tax
Margin(%) |
12.02 |
4.81 |
16.91 |
|
Cash Profit Margin(%) |
11.33 |
6.79 |
15.58 |
|
Adjusted Net Profit Margin(%) |
9.12 |
4.71 |
13.98 |
|
Return On Capital Employed(%) |
11.22 |
5.82 |
25.59 |
|
Return On Net Worth(%) |
16.10 |
7.07 |
21.90 |
STOCK PRICES
|
Face
Value |
Rs.5/- |
|
High |
Rs.369.50 |
|
Low |
Rs.366.10 |
LOCAL AGENCY FURTHER
INFORMATION
History:
Incorporated in June 1961 as a private limited
company, Ranbaxy Laboratories (RLL) manufactures and markets pharmaceutical
dosage forms (for human health care), animal health care products, bulk drugs
and intermediates, diagnostics, laboratory chemicals and reagents. It is the
largest exporter of bulk drugs and pharmaceutical dosage forms in
RLL has three successful overseas joint ventures in
In 1997-98, it entered into a 50:50 joint venture with the New Jersey-based
Schein Pharmaceuticals Inc, the generics arm of Bayer AG,
It went public in October 1993 to part-finance manufacturing facilities of bulk
fluoroquinolones at Dewas, MP; and dosage forms at Paonta Sahib, Himachal
Pradesh. For easier access to the European markets, RLL bought a drug firm in
In June 2001, Ranbaxy Laboratories Netherlands B.V, a wholly owned subsidiary
of Ranbaxy Laboratories (RLL) and Vectura (
In May 2002, the company has filed an Investigational New Drug (IND)
application of its molecule, RBx 7644 (Ranbezolid), an extended spectrum
Oxazolidinone, with the Drugs Controller General of India (DCGI). Worldwide,
this is the second anti-bacterial molecule of oxazolidinone class of compounds;
but is the first going into clinical investigations with an extended spectrum
of activity both in solid and injectable form. The company has completed the
developmental activates for its 3 key products Cifran DD,Zanocin OD and Riomet
OD.
Ranbaxy Pharmaceuticals Inc., a wholly-owned subsidiary of the company has
received approval from US FDA to sell a version of the antibiotic amoxicillin
in the
For several years, it has consistently been winning export awards, the last one
being the top Trishul award from CHEMEXCIL in Nov.'92. The company has bagged
the prestigious National Safety Award for the year 2001 & 2002 and the same
has received during the September 2003. Also Ranbaxy received the Economic
Times Award for Corporate Excellence-for the 'Company of the year' during the
October 2003.
The company has signed an agreement during the year 2003 to acquire RPG
(Aventis) SA along with its fully owned subsidiary, OPIH SARL, in
The company was the first to launch prescription products under its own label
in the
In
The Company has increased its installed capacity of Tablets by 336.70
Nos./Millions, Capsules by 20.00 Nos./Millions, Dry Syrups/Powders by 3.00
Nos./Millions, Active Pharmaceuticals indegredients & drug intermediates by
180.67 Tonnes. With this expansion, the total installed capacity of Tablets,
Capsules, Dry Syrups/Powders, API has increased upto 4098.00 Nos/Millions,
1630.00 Nos/Millions, 27.20 Nos/Millions, 2058.02 Tonnes respectively.
After RLL's recent foray into the Italian market, the company has launched its
operations in
Milestone:
January
2003:
v
The
Company launched Co-Amoxyclav (Enhancin/Moxclav) in the
v
Bayer,
the licensing collaborator for Cipro once-a-day product, launched its 500mg
dosage forms in the
February 2003:
v The Company launched a high and
advanced Cephalosporin, Cefprozil, under the brand name Refzil O (Cefprozil).
v The Company launched its second
branded product, Sotret (Isotretinoin), in the
April 2003:
v The Company rolled-out the company’s
vision for 2012.
June 2003:
v
The
Company entered into Collaborative Research with ‘Medicines for Malaria
venture’ (MMV),
September 2003:
v
Bayer,
the company’s licensing collaborator for Cipro once-a-day product (developed by
Ranbaxy), launched the 1 gm dosage form in the
v
The
Company launched high-end Anti-Infective Injectable, Cilanem, for the first
time in
v
The
Company gained USFDA approval for commercialization of Riomet (Metformin HCL)
oral solution 100 mg/ml.
v
The
Company launched the latest Cholestrol Reducing Agent, Rosuvas (Rosuvastatin)
in
v
The
Company received prestigious National Safety Awards for the Year 2001 &
2002.
October 2003:
v The Company receives The Economic
Times Award for Corporate Excellence for the “Company of the Year”.
v The Company and GlaxoSmithkline PLC
(GSK) entered into a drug discovery and clinical development collaboration
covering a wide range of therapeutic areas signifying the recognition of
Ranbaxy’s research capabilities.
v The Company signed an agreement with
The William Jefferson Clinton Foundation to supply HIV/AIDS drugs to millions
of people in developing countries at a significantly reduced price.
v The Company and
November 2003:
v President Bill Clinton visited
Company’s R&D centre to thank Ranbaxy and the other four partner companies
of the Clinton Foundation who had signed an agreement to supply HIV/AIDS drugs.
December 2003:
v
The
Company signed an agreement to acquire RPG (Aventis) SA along with its fully
owned subsidiary, OPIH SARL, in
Business:
The company is engaged in manufacturing and selling of
pharmaceuticals in dosage forms of tablets, capsules, liquids, drops, dry
syrups / powders, ampoules, vials, liquids, drops and bulk pharmaceutical
substances including intermediates, laboratory reagents - solids, liquids,
medical aids and pop bandages / medicated and non medicated tapes.
Generic Names of the Principal Products of the company are
as under:
|
Item
Code No. |
Product Description |
|
|
|
|
294190 |
Cefaclor |
|
294200 |
Cephalexin |
|
294110 |
Amoxycillin |
OPERATIONS
The year under review witnessed an improved performance of
the Company on all parameters and as a result the Company's overall financials
rebounded significantly as compared to the previous year. Consolidated net
sales at Rs. 60,652 Million, recorded an increase of 17% while net profits at
Rs. 5,154 Million were up 95% over the previous year. The key contributors to
this improved performance were the 180 days marketing exclusivity of
Simvastatin 80 mg in
The Company's international markets accounted for 79% of the
overall Company's revenues (76% in 2005), whereas the Dosage form sales
constituted 91% of total revenues (86% in 2005).
During the year, the Company initiated a focused program to
optimize the cost structure and these efforts yielded significant results.
R&D costs during the year were significantly lower than
the previous year, without affecting the overall R&D deliverables.
Similarly,
Selling, General & Administration (SG&A) expenditure
recorded significant improvement as a percentage to sales. However, the performance
for the year was impacted due to delay in new product launches in
In February 2007, Federal officials conducted a search at
the
The Company continued with its growth strategy through a mix
of organic and inorganic initiatives. A robust product flow across key markets
coupled with a number of value enhancing and strategic acquisitions in the year
is expected to provide a sound platform for the sustained growth in the coming
years.
SUBSIDIARIES AND JOINT
VENTURES
(A)
(B)
The Company formed a Joint Venture (JV) in
(C) Sweden
With a view to further expand its direct presence in the
Nordic countries, the Company established a wholly owned subsidiary in
MERGER &
ACQUISITIONS
The generic industry continued to witness a spate of M&A
deals signifying the increasing consolidation in the industry. The dynamic landscape
is fuelling inorganic growth opportunities whereby more and more companies are
focusing on the need to gain size and scale in large generic markets, enhancing
their presence across newer and more domplex therapeutic segments and
broadening their market presence in branded generics. The Company was also
active in M&A, having completed the following transactions
during the year:
(1) Terapia S.A. (
Post approval from the Romanian Competition Council, the
acquisition of Terapia SA has been successfully concluded in June 2006.
Ethimed [
The acquisitions of
(3) Be-Tabs Pharmaceuticals (Proprietary) Limited (
Be-Tabs Pharmaceuticals (Proprietary) Limited (Be-Tabs) is
the 5th-largest branded generics company in
[4.) Mundogen (
Mundogen S.p.A constituted the generics business of Glaxo
SmithKline in
(5)
(i) Zenotech
Laboratories,
(ii) Krebs Biochemicals & Industries &
(iii) Cardinal Drugs (
In order to enhance its manufacturing competitiveness, the
Company acquired -
li) 6.94% Equity stake in M/s Zenotech Laboratories Limited,
(ii) 14.9% Equity stake in M/s Krebs Biochemicals &
Industries Limited,
(iii) Active pharmaceutical ingredients based manufacturing
facility of M/s Cardinal Drugs Limited.
(6) The Company has acquired Senetek PLC's proprietary
technology to gain access to such niche patented technologies. Senetek PLC's
proprietary disposable autoinjector technology is for self-administration of
parenteral drugs used in emergency treatment for anaphylactic shocks.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
& DEVELOPMENTS
The Global Pharmaceutical market audited sales grew by 7%
(at constant exchange rates) to reach US $ 608 Billion in 2006.
North America, Europe and
The North American pharmaceutical sales grew by 8.0% to
reach US $ 290 Billion, constituting 48% of the global sales in 2006.
Growth was fuelled by the Medicare Part D prescription
benefit, the increased utilization of generics within new therapy classes and
the launch of drugs targeted at specific diseases, e.g. cancer and diabetes.
The Top 10 products in the market contributed approximately
10% to Global Pharmaceutical Sales in 2006, with combined sales of US $ 60 Billion.
Atorvastatin (Lipitor US $ 14 Billion) followed by Esomeprazole (Nexium US $ 7 Billion)
and Fluticasone - Salmeterol combination (Seretide/Advair US $ 6 Billion) were
the 3 top-selling products worldwide. Lipid Regulators, Oncologies and
Respiratory Agents held the top three positions in terms of therapeutic classes
worldwide. Lipid Regulators grew by 7.5% to US $ 35 Billion, while Oncologies
was the fastest growing therapeutic class at US $ 34 Billion, a growth of
20.5%. Respiratory agents were the third largest therapy class with 10.4%
growth in sales to US $ 25 Billion.
Generics
The Generic segment growth continued to outpace the global
pharmaceutical market growth fuelled by the fundamental drivers of growth, that
is, the increasing ageing population and government's efforts to reduce their
healthcare expenditures.
Generic medicines are increasingly being prescribed by
general practitioners as more affordable alternatives to higher-priced originator
brand-name drugs. In 2006, generics represented more than half of the volume of
pharmaceutical products sold in 7 key world markets viz. US,
The year witnessed pricing pressure in certain key
geographies, led by a mix of market factors and government led healthcare policy
changes. The pricing pressure in the
The trend towards consolidation was a key highlight in the
year with several mergers and acquisitions taking place across the developed and
emerging markets. Indian companies have actively taken part in the
consolidation drive, led by a need to broad base their presence, enhance their
competitive advantages and widen their product portfolio.
The three largest markets for Ranbaxy are
over 60% of all prescriptions dispensed and 20% of all prescription
dollars spent in 2006.
According to the baseline forecast of IMS Health, the
Europe : The key markets in
Key developments in the Indian Pharmaceutical Sector are as
under:
• 55% of industry growth was driven by the therapeutic areas
of Anti-infectives, Cardio Vascular & Diabetes, Gastro-intestinal &
Orthopedics.
• The rural segment is increasingly demanding access to
western medicine and was a prominent growth driver in the acute therapy
segment. The growth rate of the Rural and Semi-Urban segment was at 23.2% (Town
Class II and below).
• 84% of the overall market growth was driven by volumes of
existing products, 12% due to new product introductions and 4% due to pricing
and other factors.
OUTLOOK ON
OPPORTUNITIES
The fundamental growth drivers of generics remain strong.
Ranbaxy today is amongst the top 10 global generic companies, with an expanding
global presence and a well spread marketing infrastructure. With its
capabilities in vertical integration, a robust product pipeline and an
In
With high uptake of lower-cost therapies replacing branded
products in classes such as lipid regulators, antidepressants, respiratory
agents, the increasingly active role of patients demanding greater access to
lower cost products, and the large value of branded drugs going off-patent,
generics will assume a more important role going forward. Mounting efforts on
the part of insurers and employers to encourage use of generics to control
healthcare costs, will also be an important growth driver for the segment.
They believe that
Today, the Company is present in 23 of the 27 EU countries,
signifying its expanding footprint in EU. With the front end infrastructure in
place, the Company is well geared to capitalize on the growing opportunities in
the market.
The outlook on the Indian Pharma market continues to be
positive, with volume consumption driving the market (only 32% of Indians as of
now use allopathy medicines and drug consumption at US $ 7 per head is one of
lowest in the world). With
SEGMENT-WISE
PERFORMANCE
Ranbaxy recorded global sales of US $ 1,339 Million, a 17%
growth over last year. Dosage form sales constituted 91% of global sales. The
sales in overseas market constituted 79% of the total sales of the Company, as
compared to 76% last year.
FINANCIAL PERFORMANCE
For the year, the Company recorded consolidated global sates
of Rs. 60,652 Million (US $ 1,339 Million), 17% higher than the prior year.
Profit before interest, depreciation and amortization, and exceptional items
was Rs. 9,390 Million (US $ 207 Million), higher than the prior year by 152%.
Profit before tax before extra-ordinary items at Rs. 6,510 (US $ 144 Million)
was higher by 304%, while profit after tax was Rs. 5,154 Million (US $ 114 Million),
95% higher than last year.
Company’s fixed assets include Land, Building, Plant and
machinery, Furniture and fixtures and Vehicles
Operating Joint
Ventures:
v Ranbaxy Farmaceutics Limiteda.
v Ranbaxy (
v Ranbaxy Egypt Limited
v Ranbaxy
v Basics GmbH
v Ranbaxy (
v Ranbaxy Fine Chemicals Limited
v Rexcel Pharmaceuticals Limited
v Solus Pharmaceuticals Limited
v Vorin Laboratories Limited
v Vidyut Travel Services Limited
v Ranbaxy Ireland Limited
v Ranbaxy (
The
v Ranbaxy (
v Ranbaxy Pharmaceuticals B.V.
v Ranbaxy (
v Ranbaxy
v Ranbaxy PRP (
v Ranbaxy Poland Sp. zoo.
v Ranbaxy (SA) (Pty.) Limited
v Ranbaxy Unichem Company Limited
v Unichem Distributors Limited, Part.
v Unichem Pharmaceuticals Limited
v Ranbaxy (
v Ranbaxy Europe Limited
v Ohm Laboratories Inc.
v Ranbaxy Pharmaceuticals Inc.
v Ranbaxy Schein Pharma, LLC
v Ranbaxy Vietnam Company Limited
The company is in trade terms with:
v Askas Plastic Private Limited
v Bhasin Packwell Private Limited
v Ankit Glass Industries Private
Limited
v Symbiotech Steroids Private Limited
v Zenna Plastics Limited
v Srikem Laboratories Private Limited
v Excipients Private Limited
v NBZ Pharma Limited
v Kejariwal Industries
v Time Cap Pharma Private Limited
The company’s fixed assets of important value include
Goodwill, trade marks and product licenses, land, building, plant &
machinery, furniture & fixtures and vehicles.
Memberships:
·
Confederation
of Indian Industry
Press Clippings:
RANBAXY GAINS WHO PRE-QUALIFICATION
FOR FOUR MORE ARVS
Ranbaxy
Laboratories Limited (Ranbaxy) announced today that the World Health
Organisation, Geneva (WHO), has included four additional Anti Retroviral (ARV)
products of the Company in its pre-qualification list. The products approved by
the WHO are:
Efavirenz 600mg tablets
Efavirenz 200mg capsules
Stavudine 30mg capsules
Stavudine 40mg capsules
With
these inclusions, the Company now has a total of 12 ARVs on the WHO
pre-qualification list. The Company also has three approvals from USFDA for
ARVs, making it eligible for making supplies to the
Commenting
on the new WHO listings, Ranbaxy’s CEO &MD, Mr. Malvinder Mohan Singh said,
“This is a significant development. They strongly feel that Generic ARVs are
essential in fighting the worldwide struggle against HIV/AIDS and are committed
to providing high quality, cost effective generics.” He further added,
“Efavirenz is rapidly becoming a preferred drug in HIV treatment program in
developing countries. The other newly listed drug, Stavudine, is also being
widely used as a first line of therapy against AIDS. Both products increase
customer choice enabling patients to access therapy easily, at affordable
prices.”
Ranbaxy’s
ARVs, including the recently approved WHO pre-qualified products, are
manufactured at the Company’s state-of-the-art manufacturing facilities,
inspected and approved by some of the most stringent agencies in the world.
These include the USFDA and the WHO.
Since
2001, Ranbaxy has been providing high quality ARV medicines, at affordable
prices, to countries and patients afflicted by HIV/AIDS who might not otherwise
have been able to gain access to this therapy. The Company's ARVs have been
used as mainstays in various large treatment programs, both National and
NGO/Institutional with good results. Ranbaxy is committed to supporting the
global fight against HIV/AIDS through high quality, affordable medicines.
Ranbaxy
Laboratories Limited, headquartered in
RANBAXY IN-LICENCES NDDS ANALGESIC MOLECULE FROM ETHYPHARM-FRANCE, FOR
Adds muscle to its strategic portfolio of Novel drugs
Ranbaxy
Laboratories Limited (Ranbaxy) announced today that the Company has entered
into a strategic in-licensing agreement for the Indian market, with Ethypharm
LL India (Ethypharm), a wholly-owned subsidiary of a leading French drug
delivery company, for the Novel Drug Delivery System (NDDS) analgesic, Tramadol
50 mg Flashtab®. The product will be supplied from Ethypharm's manufacturing
facility near Mumbai, and marketed and distributed by Ranbaxy under its brand
name 'Trambax'.
Tramadol
is a drug of choice for severe to moderately severe pain in trauma cases and is
currently one of the four most commonly prescribed analgesics worldwide. It is
also used as an adjunct therapy in the treatment of cancer patients. Tramadol
Flashtab® tablets melt rapidly in the mouth without water and combine several
benefits in terms of acceptability, accuracy of dosing and safety. This
inherent property of a Flashtab® is an advantage in the treatment of pain,
since it can be consumed without water and hence can be used anywhere, anytime.
Ranbaxy and Ethypharm aim to respond to the needs of patients and health
authorities' for convenient medication by utilising the unique Flashtab®
technology.
Commenting
on the agreement, Mr. Sanjeev I. Dani, Regional Director,
"The
Indian market of Tramadol is approximately Rs 15 Crores annually and is
expected to grow significantly with the addition of this Novel Drug Delivery
System, making the administration of the product easier and more convenient to
the patient", said Mr Ajey Kumar, Chief Executive Officer of Ethypharm LL
India.
Today
Ranbaxy is a clear market leader in
This
year, with the introduction of the NDDS product Trambax, Ranbaxy has so far
launched 2 in-licenced products and has 5 more such products in the pipeline,
for launch during the year.
It
is Ranbaxy's strategic intent to in-licence other value added NDDS products for
the Indian market to supplement its own significant portfolio in this area.
Ranbaxy's strong marketing and distribution network coupled with its own
expertise in NDDS makes it a partner of choice for companies evaluating similar
collaborative go-to-market arrangements.
Ethypharm
is a pharmaceutical laboratory specialized in controlled release systems of
medical products for the oral route. Its principal therapeutic areas concern
pain, cardio-vascular and the central nervous system. The Company has more than
50 products launched by business partners of international repute in
approximately 70 countries. Ethypharm develops and manufactures its products in
compliance with the current pharmaceutical norms worldwide. The Company has
developed a large range of technology platforms for the administration of
products by the oral route, including controlled release, orally disintegrating
taste-masked formulations and systems for the improvement of the solubility of
active substances of low solubility. Ethypharm is present on the principal
world health markets with plants and Research & Development centres in
Europe, in North America (
Ranbaxy
Laboratories Limited, headquartered in
RANBAXY IN-LICENCES NEW ASTHMA DRUG FROM EURODRUG LABORATORIES,
Product to be marketed in
Ranbaxy
Laboratories Limited (Ranbaxy) announced today that the Company has entered
into an in-licensing agreement for the Indian domestic market, with the
The product developed in collaboration with many European
medical centers, will be introduced for the first time in
Commenting on the development, Mr. Sanjeev I. Dani, Regional
Director -India & Middle East-, Ranbaxy, said "Synasma (Doxophylline)
is yet another innovative asthma drug to be introduced in
Reflecting the commitment of Ranbaxy in continuing to launch
new molecules with unique action mechanisms, Mr. Dani further added, "
Doxophylline will build on the oral asthma franchise of Ranbaxy, which is
already a leader in the montelukast market."
The Eurodrug Laboratories Group is a
Ranbaxy Laboratories Limited, headquartered in
RANBAXY IN-LICENSES NDDS CARDIOVASCULAR DRUG FROM
ETHYPHARMA FOR INDIAN MARKET
Gurgaon (Haryana),
Ranbaxy
Laboratories Limited (Ranbaxy) announced today that the Company has entered
into a strategic in-licensing agreement for the Indian market, with Ethypharm
LL India (Ethypharm), a wholly-owned subsidiary of a leading French drug
delivery company, for a Fixed Dose Combination of Fenofibrate micronized 160 mg
and Atorvastatin 10 mg
Ranbaxy
will market the product under its brand name STORFIB(tm). Introduction of
STORFIB will address the need for effective management of Mixed Dyslipidemia,
which is very common amongst the Indian population. The product will be
manufactured by Ethypharm, at its facility located near Mumbai.
Commenting on the agreement, Mr.
Sanjeev I. Dani, Regional Director,
Combinational
products are growing very fast in
Fenofibrate is a drug prescribed to lower triglycerides in cases of
Hyperlipidemia while Atorvastatin is a cholesterol lowering drug. Ethypharm's
enhanced absorption technologies serve to increase bioavailability of drugs
like Fenofibrate thereby making it more efficacious, effective and safe
medicine.
Earlier in May 2006, Ranbaxy had entered into a similar in-licensing agreement
with
Ethypharm is a French company, present on the principal world health markets
with manufacturing and R & D sites in Europe, North America,
Ranbaxy
Laboratories Limited, headquartered in
RANBAXY PRESENTS
SPECIAL AWARD IN PUBLIC HEALTH TO PROFESSOR K. SRINATH REDDY
Ranbaxy Science Foundation, a non-profit organization set-up
by Ranbaxy Laboratories Limited (RLL) to encourage and reward Indian scientists
around the world, today, presented its 3rd ‘Ranbaxy Special Award in Public
Health’ to Professor K. Srinath Reddy, Professor of Cardiology, AIIMS, and
President Public Health Foundation of India, for his research contributions in
public health in the field of epidemiology and prevention of cardio vascular
diseases. The Foundation confers this special award on a person whose work or
action has had a strong and lasting impact on public health issues. The award
was presented by Dr. Nitya Anand, Chairman, Ranbaxy Science Foundation. On the
occasion, Prof. Reddy delivered a lecture on the topic “Promoting Heart Health
in
Prof. Reddy has been awarded with the Ranbaxy Special Award
for distinguished services to public health in recognition of his outstanding
national and global contributions to health promotion and prevention of
cardiovascular and other chronic diseases. His illustrious career as a
cardiologist and epidemiologist till recently as a faculty member of the AIIMS
and presently as the President of the Public Health Foundation of India, is
replete with rich and varied contributions to public health. Prof. Reddy has,
through his research, helped to identify the nature and extent of risk factors
contributing to the rapid rise of heart diseases in
Prof. Reddy has also created several new initiatives for
health promotion and disease prevention. Through HRIDAY-SHAN, a school and
college based network for promoting health awareness and informed health advocacy
among youth, thousands of students have been mobilized into health action in
Prof. Reddy has also been globally acclaimed for his role in
championing tobacco control. As a member of the Indian delegation to the
inter-governmental negotiations on the global Framework Convention on Tobacco
Control, his articulate advocacy has made him a spokesperson for the developing
countries. He was awarded with the WHO Director General’s Award for
‘Outstanding Contributions To Global Tobacco Control’ at the World Health
Assembly of 2003.
Professor K. Srinath Reddy was awarded PADMA BHUSHAN by the
President of India in 2005. He has brought honour to
The Ranbaxy Special Award in Public Health has earlier been
conferred on Mr. S. R. Rao former Commissioner of Surat and Dr. Justice K.
Narayana Kurup former Acting Chief Justice and Judge of the Madras High court
in recognition of their dynamic contributions towards improving the sanitation
system in the aftermath of plague and imposing ban on smoking in public places
respectively.
Ranbaxy Science Foundation is a non-profit organisation and
was set up as an independent society in 1985 with the mission of providing
impetus to the scientific endeavour in the country by encouraging and rewarding
excellence in medical and pharmaceutical research. So far the Foundation has
honoured 104 scientists for their outstanding Research and Scientific
contributions in the fields of Medical and Pharmaceutical Sciences.
Ranbaxy Laboratories Limited, headquartered in
RANBAXY LAUNCHES PRAVASTATIN SODIUM
80 MG TABLETS IN
RANBAXY TO BENEFIT FROM 180 DAY
EXCLUSIVITY
Gurgaon (Haryana),
Ranbaxy Laboratories Limited (RLL), announced today that the
Company’s wholly owned subsidiary, Ranbaxy Pharmaceuticals Inc. (RPI), has launched
Pravastatin Sodium 80 mg Tablets in the U.S. healthcare system.
Being the first-to-file, Ranbaxy will enjoy a 180 day
exclusivity for Pravastatin 80mg and benefit from the commercial gains during
this period. The annual sales for Pravastatin 80mg are $ 209 Million (IMS: MAT
- Dec. 2006).
“They will make Pravastatin Sodium 80 mg Tablets available
to all classes of trade immediately, and their Ranbaxy Sales and Distribution
Teams will be doing everything to have product in the hands of their customers
as quickly as possible. They are delighted to have this product formulation as
an addition to their ever expanding product portfolio of affordable generic
alternatives,” said Jim Meehan, Vice President of Sales and Marketing for
Pravastatin is indicated in the treatment of primary
prevention of coronary events such as in hypercholesterolemic patients without
clinically evident coronary heart disease. Pravastatin is also indicated to
reduce the risk of myocardial infarction, reduce the risk of undergoing
myocardial revascularization procedures and reduce the risk of cardiovascular
mortality with no increase in death from non-cardiovascular causes. It is also
indicated for treatment in the secondary prevention of cardiovascular events
such as in patients with clinically evident coronary heart disease to reduce
the risk of stroke and stroke/transient ischemic attack (TIA), and slow the
progression of coronary atherosclerosis
Ranbaxy Pharmaceuticals Inc. (RPI) based in
Ranbaxy Laboratories Limited, headquartered in
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.58 |
|
|
1 |
Rs. 81.89 |
|
Euro |
1 |
Rs. 55.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT
LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
|
|
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 |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background
(20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for
credit transaction. It has above average (strong) capability for payment of
interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory capability
for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not recommended |