MIRA
INFORM REPORT
|
Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IPCA LABORATORIES LIMITED |
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Registered Office : |
48, Kandivali
Industrial Estate, Kandivali (West), Mumbai - 400 067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.10.1946 |
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Com. Reg. No.: |
11-7837 |
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CIN No.: [Company
Identification No.] |
L24239MH1949PLC007837 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI05234F |
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PAN No.: [Permanent
Account No.] |
AAACI1220M |
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Legal Form : |
Subject is a 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 Pharmaceutical Products such as Tablets/Capsules, Orals/Liquids, Injectables,
Basic Drugs/Intermediates and Psyllium Husk. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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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 19440800 |
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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 and reputed pharmaceutical company. Famous Cine Artist
Amitabh Bachchan disinvested in the company sometime back and now majority shares
are held by Mr. Premchand Godha and Mr. M. R. Chandurkar (both Managing
Directors of the company). Available information indicates high financial
responsibility of the company. General financial position of the company is
satisfactory. Payments are usually correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
48, Kandivali Industrial
Estate, Kandivali (West), Mumbai - 400 067, Maharashtra, India |
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Tel. No.: |
91-22-66474444/
28682270 / 28682253 / 28682271 / 28682275 / 28682030 / 4241 / 28688566 |
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Fax No.: |
91-22-28682279 /
28686613 / 28686954 |
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E-Mail : |
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Website : |
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Corporate
Office : |
142-AB, Kandivali
Industrial Estate, Kandivali (West), Mumbai - 400 067, Maharashtra, India |
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Tel. No.: |
91-22-28688566 /
4848 / 28684241 / 28687074 / 66474444 |
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Fax No.: |
91-22-28686954 /
2875 / 28686613 |
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Domestic marketing Division : |
IPCA House, 63-E,
Kandivali Industrial Estate, Kandivali (West), Mumbai - 400 067, Maharashtra,
India |
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Tel. No.: |
91-22-8687678 /
2869 / 28683868 / 28684790 / 28686613/ 66474222 |
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Fax No.: |
91-22-66474114/28688561/28686613 |
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Research & development center : |
123-AB, Kandivali
Industrial Estate, Kandivali (West), Mumbai – 400 067, Maharashtra, India |
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Tel. No.: |
91-22-28684787 /
2867 / 28683589 / 28674518 / 66474755 |
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Fax No.: |
91-22-28683589 /
66474757 |
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Plant locations: |
Registered office: Sejavata, Ratlam - 457 002, Madhya
Pradesh Tel.
91-7412-279079 Fax.
91-7412-279083 · Plot No. 89 A-D/90/91, Industrial Estate, Pologround, Indore - 452 003, Madhya Pradesh Tel. 91-731-2421172/422081 Fax. 91-731-2422082 · Plot No. 69 to 72 (B), Sector II, Kandla Free Trade Zone, Gandhidham - 370 230, Gujarat Tel. 91-2836-252385/252389 Fax. 91-2836-2523213 · Plot No. 255/1, Village Athal, (Silvassa) - 396 230, Dadra & Nagar Haveli, Union Territory Tel. 91-260-2640301/0309 Fax. 91-260-2640303 · Plot No. 65 & 99, Danudyog Industrial Estate, Piparia (Silvassa), Dadra & Nagar Haveli (Union Territory) Tel. 91-260-2640850/894 Fax. 91-260-2640646 · H-4, MIDC, Waluj, Aurangabad-431 136, Maharashtra Tel: 91-240-2564993 Fax: 91-240-2564113 · C-6, Sara Industrial Estate, Chakrata Road, Rampur, Dehradun – 248197, Uttaranchal Tel:
91-135-3255544 Fax:
91-135-2728766 |
DIRECTORS
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Name : |
Mr. R. S. Hugar |
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Designation : |
Chairman |
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Name : |
Mr. Premchand
Godha |
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Designation : |
Managing Director |
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Name : |
Mr. M. R.
Chandurkar |
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Designation : |
Managing Director |
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Name : |
Mr. A. K. Jain |
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Designation : |
Executive
Director |
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Name : |
Mr. T.
Ramachandran |
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Designation : |
Executive
Director |
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Qualification |
B. Com. |
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Date of
Appointment |
21.08.1994 |
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Other
Directorships :- |
1.
Haysinth
Investments & Traders Private Limited 2.
IPCA Pharma
Nigeria Limited, Nigeria 3.
Solway
Investments Limited, Mauritius 4.
Sundridge
Management Limited, Mauritius 5.
National
Druggists (Pty) Limited, South Africa |
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Name : |
Mr. Babulal Jain |
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Designation : |
Director |
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Qualification |
C. A. |
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Profile |
He is practicing
Chartered Accountant by profession. He is also the Chairman of the Audit Committee
of the Company. He has professional experience of over 25 years in the field
of Audit, Finance, Company Law and Taxation. His professional knowledge and
vast experience will be of immense benefit to the Company. |
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Name : |
Dr. V. V. Subba
Rao |
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Designation : |
Director |
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Qualification |
Science Post
Graduate in Chemistry and Ph.D. |
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Other
Directorship |
Pratista
Industries Limited |
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Profile |
He has also
carried out post doctoral research in surface Chemistry in USA. He has rich experience
of nearly 35 years in the field of science and technology. He retired as
Advisor of the Ministry of Science & Technology (DSIR), Government of
India. He technical knowledge and vast experience will be of immense benefit
to the company. He had been a independent Director on the Board of the
Company since September, 2000. |
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Name : |
Mr. V. A. Gore |
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Designation : |
Director –
Nominee ICICI |
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Qualification |
B. Com. |
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Date of
Appointment |
16.04.2003 |
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Other
Directorships:- |
1.
Apar Industries 2.
Gujarat
Borosil Limited |
KEY EXECUTIVES
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Name : |
Mr. Harish P.
Kamath |
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Designation : |
Company Secretary
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Name : |
Mr. J. L. Nagori |
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Designation : |
Vice
President & Head - Bulk Drugs Business |
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Name : |
Dr. Ashok Kumar |
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Designation : |
Vice President -
R & D Chemicals |
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Name : |
Mr. M. D. Sharma |
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Designation : |
Vice President –
Domestic Marketing |
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Name : |
Mr. Y. K. Bansal |
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Designation : |
Vice President –
R & D (Formulations) |
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Name : |
Mr. Prakash
Shanware |
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Designation : |
Vice President –
HR |
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Name : |
Mr. B. G. Kini |
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Designation : |
Vice President -
Quality |
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Name : |
Mr. Rajesh
Srivastava |
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Designation : |
Vice President –
Commercial |
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Name : |
Mr. N. Guhaprasad |
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Designation : |
Sr. Vice President - International Marketing |
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Name : |
Mr. Pranay Godha |
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Designation : |
Vice President - Generics |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007):- |
No. of Shares |
Percentage of
Holding |
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Indian Promoters |
13059135 |
52.24% |
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Mutual Funds |
5520393 |
22.08% |
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Banks, Financial Institutions, insurance Companies (Central / state
Government Institutions,/ Non Government Institutions) |
200 |
-- |
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FIIs |
1768212 |
7.07% |
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Public / others |
4652060 |
18.61% |
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Total |
25000000 |
100.00% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Pharmaceutical Products such as Tablets/Capsules, Orals/Liquids,
Injectables, Basic Drugs/Intermediates and Psyllium Husk. |
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Products : |
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Exports : |
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Countries : |
Australia,
Canada, Ethiopia, Germany, Italy, Japan, Sri Lanka, USA, UK, Yemen |
PRODUCTION STATUS
|
Particulars |
Unit |
Basis |
Installed Capacity |
Actual Production |
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Tablets/Capsules |
Millions |
Single Shift |
6072.000 |
10519.300 |
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Orals/Liquids |
Kilo Ltrs. |
Single Shift |
16.320 |
29.300 |
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Injectables |
Millions |
Single Shift |
-- |
60.800 |
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Basic Drugs/
Intermediates |
Tonnes |
Triple Shift |
303.700 |
275.900 |
GENERAL
INFORMATION
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No. of
Employees : |
4361 |
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Bankers : |
· Canara Bank · Corporation Bank · State Bank of India · ICICI Bank · Exim Bank of India |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Natvarlal Vepari
& Company Chartered
Accountants, |
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Associates: |
· Kaygee Investments Private Limited · Chandurkar Investments Private Limited · Halewood Laboratories Private Limited ·
Harleystreet Pharmaceuticals Private Limited · Ipca Surgical Specialities Private Limited · Makers Laboratories Limited · Mexin Medicaments Private Limited · Paschim Chemicals Private Limited · Win Laboratories Private Limited |
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Subsidiaries : |
· Solway Investments Limited, Mauritius · Sundridge Management Limited, Mauritius · Laboratories Ipca Do Brasil Limited · IPCA Pharmaceuticals, Inc. USA · IPCA Laboratories U.K. Limited · IPCA Pharma Nigeria Limited Nigeria · National Druggists (Pty) Limited South Africa · Exon Laboratories Private Limited · CCPL Software Private Limited |
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Other Related Parties: |
· Nipra Industries Private Limited · Oasis Packaging Private Limited · Orbit Packaging Private Limited · Keymed · Oscar Industries · Priti Packaging Private Limited · Mr.Pranay Godha · Mrs. Usha R Godha · Kaygee Papers Private Limited · Trimurthi Developers · Vandhara Resorts Private Limited · Jain Packaging Private Limited · Great Heights Trade lines Private Limited |
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Joint Venture Company : |
Active
Pharmaceuticals [FZC] |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs. 10/- each |
Rs. 450.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
250.000 |
250.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4610.200 |
3608.900 |
3125.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4860.200 |
3858.900 |
3375.900 |
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LOAN FUNDS |
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1] Secured Loans |
2153.900 |
1732.300 |
2198.000 |
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2] Unsecured Loans |
235.500 |
236.700 |
9.400 |
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TOTAL BORROWING |
2389.400 |
1969.000 |
2207.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7249.600 |
5827.900 |
5583.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3744.800 |
3438.000 |
2942.900 |
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Capital work-in-progress |
570.000 |
297.200 |
281.700 |
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INVESTMENT |
249.200 |
139.300 |
102.900 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2322.100
|
1833.200 |
1738.700 |
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Sundry Debtors |
1809.800
|
1429.400 |
1571.500 |
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Cash & Bank Balances |
55.700
|
36.700 |
41.700 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
433.400
|
340.700 |
306.100 |
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Total
Current Assets |
4621.000
|
3640.000 |
3658.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1761.200
|
1556.400 |
1287.600 |
|
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Provisions |
174.200
|
130.200 |
114.600 |
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Total
Current Liabilities |
1935.400
|
1686.600 |
1402.200 |
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Net Current Assets |
2685.600
|
1953.400 |
2255.800 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7249.600 |
5827.900 |
5583.300 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
Sales Turnover |
9744.900 |
8098.900 |
7211.300 |
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Other Income |
275.200 |
140.900 |
204.400 |
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Stock Adjustments |
204.000 |
[1.600] |
230.500 |
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Total Income |
10224.100 |
8238.200 |
7646.200 |
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Profit/(Loss) Before Tax |
1511.900 |
783.400 |
1044.800 |
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Provision for Taxation |
289.600 |
143.600 |
237.700 |
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Profit/(Loss) After Tax |
1222.300 |
639.800 |
807.100 |
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Export Value
|
0.000 |
3857.659 |
3909.674 |
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Import Value
|
0.000 |
115029.900 |
865.246 |
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Expenditures : |
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Raw material |
4309.800 |
3550.000 |
3230.400 |
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Excise duty |
342.400 |
400.200 |
261.900 |
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Power and Fuel |
324.100 |
296.300 |
252.100 |
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Other manufacturing expenses |
354.600 |
299.100 |
292.800 |
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Employee cost |
1027.400 |
895.800 |
812.300 |
|
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Selling and Administration Expenses |
1845.500 |
1581.200 |
1358.200 |
|
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Miscellaneous Expenses |
17.400 |
65.300 |
121.000 |
|
|
Interest and financial Charges |
243.400 |
157.100 |
121.000 |
|
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Depreciation |
247.600 |
209.800 |
151.700 |
|
Total Expenditure |
8712.200 |
7454.800 |
6601.400 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
2466.100 |
3001.100 |
2817.900 |
|
Other Income |
6.100 |
3.400 |
5.800 |
|
Total Income |
2472.200 |
3004.500 |
2823.700 |
|
Total Expenditure |
1909.400 |
2275.300 |
2202.400 |
|
Operating Profit |
562.800 |
729.200 |
621.300 |
|
Interest |
47.900 |
51.700 |
55.100 |
|
Gross Profit |
514.900 |
677.500 |
566.200 |
|
Depreciation |
76.200 |
79.800 |
81.300 |
|
Tax |
81.500 |
91.000 |
82.500 |
|
Reported PAT |
347.200 |
454.200 |
383.400 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Debt-Equity Ratio |
0.50 |
0.58 |
0.61 |
|
|
Long Term Debt-Equity Ratio |
0.26 |
0.32 |
0.28 |
|
|
Current Ratio |
1.45 |
1.48 |
1.51 |
|
|
Fixed Assets |
2.03 |
1.94 |
2.25 |
|
|
Inventory |
4.69 |
4.53 |
4.45 |
|
|
Debtors |
6.02 |
5.40 |
4.87 |
|
|
Interest Cover Ratio |
7.21 |
5.99 |
9.63 |
|
|
Operating Profit Margin(%) |
20.55 |
14.20 |
18.27 |
|
|
Profit Before Interest And Tax
Margin(%) |
18.01 |
11.61 |
16.17 |
|
|
Cash Profit Margin(%) |
15.08 |
10.49 |
13.30 |
|
|
Adjusted Net Profit Margin(%) |
12.54 |
7.90 |
11.19 |
|
|
Return On Capital Employed(%) |
26.84 |
16.48 |
23.58 |
|
|
Return On Net Worth(%) |
28.04 |
17.69 |
26.32 |
|
LOCAL AGENCY FURTHER
INFORMATION
MANAGEMENT
DISCUSSION AND ANALYSIS:
Industry
Structure and Development, Opportunities, threat and concerns:
The Indian pharmaceutical industry today is amongst the
front ranks of the country's science based industries with wide ranging
capabilities in the complex field of drug manufacture and technology. India is
fast emerging as a preferred manufacturing location. Attractive opportunities
are also emerging for Indian pharma companies in the generics markets of
developed economies.
Strong low cost Active Pharmaceutical Ingredients (APIs)
manufacturing capabilities, large number of Drug Master File Registrations and
Regulatory approved manufacturing facilities for APIs and formulations are
driving the growth in the international business of Indian pharma
companies.
Though Indian pharmaceutical market is growing at a healthy growth rate of
around 14%, poor public healthcare funding and infrastructure, poor public
healthcare insurance schemes, low per capita consumption of medicines and drug
price control regime are a few causes of concern.
Financial Performance and Operations
Review:
The Company had another successful financial year with a net
total income of Rs.9212.400 millions as against Rs.7528.200 millions in the
previous year, a growth of 22%.
The Company's focus on formulations business resulted into increase in the
overall formulation sales to Rs.6272.400 millions, an increase of 25% over
previous year formulations sales of Rs.5012.900 millions.
The overall increase in the formulation sales is mainly on account of
aggressive brand building activities undertaken by the Company in the
promotional markets of India, CIS, Africa and South East Asia. Substantial
improvement in generic formulations business in the United Kingdom also
contributed to the growth in the formulations business.
The company further expanded its therapeutic coverage with
introduction of new formulations, both in the domestic and export markets,
especially in the fast growing life style related segments such as
cardiovasculars, pain management, CNS and dermatology.
The Directors are pleased to inform that the Company's formulation brand
Zerodol which was launched in the financial year 2003-04 achieved net sales of
over Rs.250.000 millions in the domestic market during the year under report.
The company is aggressively promoting this brand in several countries of Africa
and South East Asia.
The business operations have resulted in substantial improvement in net profit
at Rs.1222.300 millions during the financial year under report as against a net
profit of Rs.639.800 millions in the previous financial year, a growth of
91%.
OTHER INFORMATION:
Its’ products
range includes:-
·
Antimalarials
·
Antiemetics
·
Antibiotics
·
Analgesics
·
Antidiabetics
·
Cardiac Care
Products
·
Cough and Cold
Therapy Products
Subject is a
Government Recognized Trading House.
The company imports
raw materials, capital goods, traded goods, hospital products and machine
components from Europe and Far East against L/C terms.
The Athal
plant's total land area is approximately 103200 sq.mtrs. It has also been recommended by SGS-IGS for
ISO 9001 certification.
The company is
in trade terms with:
- Adam
Fibrepack Industries
- Atlas
Fibrepack Industries
- Blue Circle
Speciality Chemicals
- Budhraja
Containers
- Daman
Polymers
- D. M.
Printers
- Excelarts
Private Limited
- Gemini Data
Loggers (India) Private Limited
- Hiral
Chemical Industries
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FIXED ASSETS:
· Freehold and Leasehold Land,
· Buildings,
· Plant and Machinery,
· Effluent Treatment Plant,
· Furniture and Fixtures,
· Vehicles
· R and D Assets: Building,
· Equipments and Furniture
WEBSITE DETAILS:
PROFILE
Subject is a fully integrated, rapidly growing Indian pharmaceutical company
with a strong thrust on exports. Ipca's APIs and Formulations produced
at worldclass manufacturing facilities are approved by leading drug regulatory
authorities including the US-Food and Drug Administration (FDA), UK-Medicines
and Healthcare products Regulatory Agency (MHRA), South Africa-Medicines
Control Council (MCC), Brazil-Brazilian National Health Vigilance Agency
(ANVISA) and Australia-Therapeutic Goods Administration (TGA). With operations
in over 100 countries, exports account for over 53% of the
company's income.
Forbes, a leading US business magazine, selected Ipca
in 2003 among its top 200 successful, rising companies outside USA, with sales
under USD 1 Billion. Over 19,000 companies were considered by Forbes,
and of the 18 companies from India that figured in this list, only four were
from the 'Indian Pharmaceutical Sector'. Ipca happens to be one
of them. Subsequently, Ipca was selected by FORBES in this
prestigious list for two consecutive years; 2004 and 2005.
From a modest income of Rs. 5.400 millions
in 1975-76, the net income has soared to Rs. 9212.400 millions in 2006-07 with
exports accounting for Rs. 4844.600 millions. The net profit for the
year ending 31st March, 2007 stood at Rs. 1222.300 millions.
Formulations constitute 69 percent of the total income for 2006-07.
Today, Ipca is one of the biggest manufacturers in the world of
APIs Atenolol (Antihypertensive), Chloroquine Phosphate (Antimalarial),
Furosemide (Diuretic) and Pyrantel Salts (Anthelmintic) right from the basic
stage. Ipca is also one of the largest suppliers of these APIs and their
intermediates world over.
News:
IPCA’S FOURTH
CLINICAL TRIAL GETS PUBLISHED IN A PEER REVIEWED JOURNAL
Hydroxychloroquine
– a drug used in the treatment of arthritis was tested for its efficacy in a
newer indication - Polymorphic light eruption, which is characterized by
lesions on the skin after exposure to UV light.
This was a comparative study of efficacy and safety of
hydroxychloroquine vs chloroquine in polymorphic light eruption.
The trial was conducted at leading medical institutions in the country; Seth G S Medical College and KEM Hospital, Mumbai
under Dr. Uday Khopkar – Head of Department of Dermatology, and Bangalore Medical College and Victoria Hospital,
Bangalore, under Dr. S. Sacchidanand – Head of Department of Dermatology.
The study included 117 patients suffering from polymorphic light
eruption and found hydroxychloroquine
to be significantly more effective than chloroquine
in the treatment of polymorphic light eruption and concluded that it can be
used safely in such patients with little risk of ocular toxicity.
This trial was published in the
January – February 2008 issue of the Indian Journal of Dermatology, Venereology
and Leprology.
MILESTONES:-
·
2005
Merger of Innotech
Pharma Limited with IPCA
Laboratories Limited in August, 2005.
IPCA enters in to
Joint Venture with Holley Group of China for marketing Artemisinin based API
and Formulation.
Joint Venture setup in SAIF Zone, Sharjah, U.A.E. and named as ACTIVA
Pharmaceuticals FZC. Acquires Cardiac brand ISORDIL from Wyeth Limited.
Forbes Asia, a
leading US business magazine selected IPCA, for the third consecutive year as one among the first 200
'Best under a Billion Company' in Asia.
·
2006
Subject launches
fixed dose ACT combination and stops manufacturing of single ingredient Oral
Artemisinin derivatives.
Subject enters into
strategic alliance with Ranbaxy Pharmaceuticals Inc. for the U.S market.
Ipca's new plant at
Dehradun commenced operation on 5th May, 2006.
· September 14, 2007: Ipca's anti-malarial product - Artesunate tablets 50 mg pre-qualified by WHO
The company has
received approval for its Anti-malarial finished product formulation,
Artesunate Tablets 50mg under WHO's Prequalification Programme. The product is
now listed in the WHO Pre-qualification product list, dated 30 August, 2007.
Artesunate 50 mg
Tablets is an artemisinin based formulation which is recommended by WHO to be
used in combination with other Anti-malarials, such as:
1.
Amodiaquine;
2. Mefloquine;
or
3. Sulfadoxine
+ Pyrimethamine
The Prequalification
Programme was created by the World Health Organisation in 2001. It aims to
increase access to priority medicinal products that meet unified standards of
acceptable quality, safety and efficacy, currently focusing on those medicines
used, for treatment of diseases such as Malaria.
The list of
prequalified medicinal products is used principally by United Nations agencies
- including UNAIDS and UNICEF - to guide their procurement decisions. But, the
list has become a vital tool for any agency or organisation involved in bulk
purchasing of medicines, be this at country level, or at international level,
as demonstrated by the Global Fund, to fight diseases such as Malaria.
|
1st Quarter
at a glance |
|||
|
(Rs. Millions) |
|||
|
1st Quarter
ended |
30.06.2006 |
30.06.2005 |
Growth |
|
Net Total
Income |
2221.8 |
2074.8 |
7% |
|
Export Income |
1048.3 |
1050.9 |
- |
|
Profit before
tax |
299.4 |
349.8 |
(14%) |
|
Net Profit |
243.4 |
258.6 |
(6%) |
|
Earnings per
share (Rs.) |
97.4 |
103.4 |
(6%) |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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. 40.12 |
|
UK Pound |
1 |
Rs. 79.95 |
|
Euro |
1 |
Rs.62.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 EXPLANATIONS
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|