1. Summary Information
|
|
|
Country |
|
|
Company Name |
Orchid
Chemicals And Pharmaceuticals Limited |
Principal Name 1 |
Mr. R. Narayanan |
|
Status |
Good |
Principal Name 2 |
Mr. K. Raghavendra
Rao |
|
|
|
Registration # |
-- |
|
Street Address |
|
||
|
Established Date |
01.07.1992 |
SIC Code |
-- |
|
Telephone# |
91-44-28251532
/ 28251547 |
Business Style 1 |
Manufacturers and Sellers of Pharmaceutical Products and
Bulk Drugs. |
|
Fax # |
91-44-28284983 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
704,420,000 |
Product Name 3 |
-- |
|
Shareholders |
Individuals/Hindu Undivided
Family -25.35 |
Banking |
Bank
of Canara
Bank |
|
Public Limited Corp. |
-- |
Business Period |
18 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
A
(62) |
|
Related
Company |
|||
|
Relation
Associates / Subsidiaries: |
Country
|
Company
Name |
Orchid Research Laboratories Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
13,300,700,000 |
Current Liabilities |
9,574,500,000 |
|
Inventories |
4,025,270,000 |
Long-term Liabilities |
16,471,190,000
|
|
Fixed Assets |
14,634,140,000 |
Other Liabilities |
2,038,090,000 |
|
Deferred Assets |
-- |
Total Liabilities |
28,083,780,000 |
|
Invest& other Assets |
5,920,020,000 |
Retained Earnings |
9,091,930,000 |
|
|
|
Net Worth |
9,796,350,000 |
|
Total Assets |
37,880,130,000 |
Total Liab. & Equity |
37,880,130,000 |
|
Total Assets (Previous Year) |
42,219,110,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
22,651,380,000 |
Net Profit |
3,313,400,000 |
|
Sales(Previous yr) |
11,914,400,000 |
Net Profit(Prev.yr) |
(521,750,000) |
MIRA
INFORM REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
ORCHID CHEMICALS AND PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
‘ |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
01.07.1992 |
|
|
|
|
Com. Reg. No.: |
18-22994 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24222TN1992PLC022994 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEO03079G CHEO00121C |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturers and Sellers of Pharmaceutical Products and Bulk Drugs. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 39000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Corporate : |
‘ |
|
Tel. No.: |
91-44-28251532 / 28251547 / 28284776/ 28211000/ 28230000 |
|
Fax No.: |
91-44-28284983/ 28211002 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
‘ |
|
|
|
|
Factory 1 API FACILITIES : |
Alathur
Works Plot Nos. 85-87, 98-100, 126-131, 138-151 and 159-164, SIDCO
Industrial Estate, Alathur, Kancheepuram Dist. – 603110, Tamilnadu, India |
|
Tel. No.: |
91-44-27446402/ 403/205/ 206/ 320 |
|
Fax No.: |
91-44-27446321 |
|
|
|
|
Factory 2 API FACILITIES : |
L-8 and L-9, MIDC Industrial Area, Waluj, Aurangabad District – 431136, |
|
Tel. No.: |
91-240-2554992/ 993/ 994 |
|
Fax No.: |
91-240-2554968 |
|
|
|
|
Factory 3 FORMULATIONS : |
B3 and B4, B11 to B14, SIDCO Industrial Estate, Alathur, Kancheepuram
Dist. – 603 110, |
|
Tel. No.: |
91-44-27156793/ 94 |
|
Fax No.: |
91-44-27156816 |
|
|
|
|
Factory 4 ENGINEERING MARKETS : |
Plot Nos. A-10, A-11, SIDCO Industrial Estate, Alathur, Kancheepuram
Dist. – 603 110, |
|
Tel. No.: |
91-44-27446909 |
|
Fax No.: |
91-44-27446657 |
|
|
|
|
|
|
|
Factory 6 : |
Plot Nos. B3-B6, B11 and B14 |
|
|
|
|
Factory 7 : |
Vinay Bhavya Complex, No. 159A, I Floor, ‘A’ Wing, C S T Road, Kalina,
Santacruz, Mumbai – 400 098, Maharashtra |
|
|
|
|
R and D Centre : |
Plot No. 476 / 14, |
|
Tel No.: |
91-44-24503137/ 1474/ 1477/ 2246 |
|
Fax No.: |
91-44-24501396/ 1650 |
|
|
|
|
R and D Centre : |
Plot No. B21-B23 and B31-B33, |
|
|
|
|
Marketing Office |
Orchid
Helathcare |
|
Tel. No.: |
007495-5141032/ 33 |
|
Fax No.: |
007495-5141034 |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. R. Narayanan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. K.
Raghavendra Rao |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
44 years |
|
Qualification : |
B.Com., PGDM
(IIM-A), ACS, AICWAI |
|
Experience : |
24 years |
|
Date of Appointment : |
13.07.1992 |
|
Previous Employment : |
Al Buraimi Group,
Sultanate of |
|
|
|
|
Name : |
Dr. C.
Bhaktavatsala Rao |
|
Designation : |
Deputy Managing
Director |
|
Date of Birth/Age : |
53 years |
|
Qualification : |
B.E., M. Tech.,
Ph. D. |
|
Experience : |
29 years |
|
Date of Appointment : |
19.08.1998 |
|
Previous Employment : |
Ashok Leyland
Limited, Deputy General Manager – Corporate Planning |
|
|
|
|
Name : |
Mr. M R Girinath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deepak Vaidya |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. I. Seetharam
Naidu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subramanian
Andi |
|
Designation : |
Director (IDBI
Nominee) |
|
|
|
|
Name : |
Mr. Anil Thadani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Francis Pinto |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Raj Rajkumar |
|
Designation : |
Alternate
Director |
|
|
|
|
Name : |
Mr. S. Jeyakumar |
|
Designation : |
Nominee Director
(IDBI) |
|
|
|
|
Name : |
Mr. Henry Simon |
|
Designation : |
Alternate Director
|
|
|
|
|
Name : |
Mr. Sanjay Sehgal |
|
Designation : |
Alternate
Director |
|
|
|
|
Name : |
Mr. John Cheesmondwas |
|
Designation : |
Alternate
Director |
KEY EXECUTIVES
|
Name : |
Mr. L. Chandrasekar |
|
Designation : |
Company Secretary |
|
|
|
|
Management Team: |
|
|
Name : |
Mr. D S Bhaskara Raju |
|
Designation : |
President - Finance and Business Planning |
|
|
|
|
Name : |
Dr. Gautam Kumar Das |
|
Designation : |
President - Active Pharmaceutical
Ingredients |
|
|
|
|
Name : |
Dr. Sumant Baukhandi |
|
Designation : |
President - Regulatory Affairs and Quality
Assurance |
|
|
|
|
Name : |
Ms. Edna Braganza |
|
Designation : |
Senior Vice President - International Marketing
and Procurement |
|
|
|
|
Name : |
Mr. Kalidindi V Raju |
|
Designation : |
Senior Vice President - Manufacturing |
|
|
|
|
Name : |
Mr. S Mani |
|
Designation : |
Senior Vice President - Manufacturing |
|
|
|
|
Name : |
Mr. Ashutosh Ojha |
|
Designation : |
Country Head (Domestic Formulations) |
|
|
|
|
Name : |
Mr. L Chandrasekar |
|
Designation : |
Vice President - Internal Audit and
Company Secretary |
|
|
|
|
Name : |
Mr. P N Deshpande |
|
Designation : |
Vice President - Production and Technical |
|
|
|
|
Name : |
Mr. C R Dwarakanath |
|
Designation : |
Vice President - Corporate Safety, Health
and Environment |
|
|
|
|
Name : |
Mr. Imtiyaz Basade |
|
Designation : |
Vice President - Regulatory Affairs |
|
|
|
|
Name : |
Mr. S Krishnan |
|
Designation : |
Vice President - Finance |
|
|
|
|
Name : |
Dr. S Mahender Rao |
|
Designation : |
Vice President - Chemical Development |
|
|
|
|
Name : |
Mr. Makarand M Deshpande |
|
Designation : |
Vice President - International Marketing |
|
|
|
|
Name : |
Mr. S Nammalvar |
|
Designation : |
Vice President - Projects and Engineering
Services |
|
|
|
|
Name : |
Mr. K C Pathak |
|
Designation : |
Vice President - PPIC and Outsourcing |
|
|
|
|
Name : |
Dr. Praveen Reddy |
|
Designation : |
Vice President - Pharma Research |
|
|
|
|
Name : |
Mr. K Ramesh |
|
Designation : |
Vice President - Analytical Development |
|
|
|
|
Name : |
Mr. M S Rangesh |
|
Designation : |
Vice President - Human Resources |
|
|
|
|
Name : |
Mr. Satish Haribhau Joshi |
|
Designation : |
Vice President - Quality Assurance |
|
|
|
|
Name : |
Dr. U P Senthil Kumar |
|
Designation : |
Vice President - Chemical Development |
|
|
|
|
Name : |
Mr. Umesh D Kapre |
|
Designation : |
Vice President - Manufacturing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.12.2010
|
Names of Shareholders |
Total No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17.856292 |
25.35 |
|
|
3646324 |
5.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1006550 |
1.50 |
|
|
137100 |
0.20 |
|
|
3414405 |
5.08 |
|
|
7874085 |
11.71 |
|
|
|
|
|
|
|
|
|
|
11888838 |
17.69 |
|
|
|
|
|
|
|
|
|
|
11293530 |
16.80 |
|
|
9544482 |
14.20 |
|
|
|
|
|
|
|
|
|
|
538482 |
0.80 |
|
|
300 |
-- |
|
|
15000 |
0.02 |
|
|
|
|
|
Total |
67215388 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Sellers of Pharmaceutical Products and Bulk Drugs. |
PRODUCTION STATUS (As on 31.03.2008)
|
Particulars |
Unit |
|
Licensed
Capacity |
Installed
Capacity |
|
Bulk Drugs and Intermediates |
|
|
|
|
|
Oral and Sterile |
MT |
|
900 |
800 |
GENERAL INFORMATION
|
Bankers : |
v Bank of v Canara Bank v Citibank N. A. v Export-Import
Bank of v ICICI Bank Limited v IDBI Bank Limited v Indian Bank v Punjab National Bank v State
Bank of v Union
Bank of v Bank of v Allahabad Bank v Federal Bank v State
Bank of v Axis Bank Limited v Bank of v ABN Amro Bank v ECO Bank v JS ATF Bank v Industrial Investment Bank |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
STATUTORY AUDITORS SNB Associates Chartered Accountants No. 12, 3rd Floor, Gemini Parsn Complex, 121, Anna Salai, Chennai – 600006, Tamil Nadu
COST AUDITORS Mr. V. Kalyanaraman Cost Accountants No. 4 (Old No. 12),
INTERNAL / Deloitte Haskins and Sells Chartered Accountants 476, |
|
|
|
|
Associates /
Subsidiaries: |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs. 10/- Each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70442076 |
Equity Shares |
Rs. 10/- Each |
Rs.704.420
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
704.420 |
704.420 |
658.508 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9091.930 |
5997.730 |
6222.445 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9796.350 |
6702.150 |
6880.953 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10217.600 |
16950.100 |
9624.614 |
|
|
2] Unsecured Loans |
6253.590 |
9017.440 |
9909.818 |
|
|
TOTAL BORROWING |
16471.190 |
25967.540 |
19534.432 |
|
|
DEFERRED TAX LIABILITIES |
2038.090 |
1294.920 |
1157.755 |
|
|
|
|
|
|
|
|
TOTAL |
28305.630 |
33964.610 |
27573.140 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14634.140 |
18663.470 |
14138.067 |
|
|
Capital work-in-progress |
4684.370 |
5457.860 |
6163.261 |
|
|
|
|
|
|
|
|
INVESTMENT |
1235.650 |
1223.680 |
1138.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4025.270
|
7436.880 |
6331.864
|
|
|
Sundry Debtors |
7162.330
|
6590.360 |
5225.638
|
|
|
Cash & Bank Balances |
3249.090
|
415.200 |
228.484
|
|
|
Other Current Assets |
42.040
|
50.880 |
1.318
|
|
|
Loans & Advances |
2847.240
|
1544.990 |
1464.267
|
|
Total
Current Assets |
17325.970
|
16038.310 |
13251.571 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
5976.160
|
7288.770 |
7117.959
|
|
|
Provisions |
3598.340
|
965.730 |
0.000
|
|
Total
Current Liabilities |
9574.500
|
8254.500 |
7117.959
|
|
|
Net Current Assets |
7751.470
|
7783.810 |
6133.612
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
835.790 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28305.630 |
33964.610 |
27573.140 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22651.380 |
11914.400 |
12389.162 |
|
|
|
Other Income |
98.000 |
901.540 |
725.087 |
|
|
|
TOTAL (A) |
22749.380 |
12815.940 |
13114.249 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
4622.650 |
5377.540 |
|
|
|
|
Power and fuel cost |
664.350 |
734.460 |
|
|
|
|
Employee cost |
1592.920 |
1228.840 |
|
|
|
|
Other manufacturing expenses |
1690.000 |
1501.420 |
|
|
|
|
General and administration expenses |
1151.390 |
690.320 |
|
|
|
|
Selling and distribution expenses |
422.430 |
469.960 |
|
|
|
|
Miscellaneous expenses |
1387.220 |
978.120 |
|
|
|
|
Increase or decrease in stock |
2694.510 |
(647.830) |
|
|
|
|
TOTAL (B) |
14225.470 |
10332.830 |
8940.895 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8523.910 |
2483.110 |
4173.354 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2412.330 |
1551.860 |
811.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6111.580 |
931.250 |
3362.091 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1511.040 |
1299.730 |
976.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4600.540 |
(368.480) |
2385.413 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1287.140 |
153.270 |
540.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3313.400 |
(521.750) |
1845.361 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
283.220 |
815.750 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3596.620 |
294.000 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
10085.560 |
|
|
|
Other Earnings |
NA |
NA |
412.310 |
|
|
TOTAL EARNINGS |
NA |
NA |
10497.870 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
1959.804 |
|
|
|
Stores & Spares |
NA |
NA |
417.466 |
|
|
|
Capital Goods |
NA |
NA |
706.407 |
|
|
TOTAL IMPORTS |
NA |
NA |
3083.677 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
28.02 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3309.28 |
3817.97 |
4462.990 |
|
Total Expenditure |
2471.51 |
3040.17 |
3246.070 |
|
PBIDT (Excl OI) |
837.77 |
777.80 |
1216.920 |
|
Other Income |
0 |
26.41 |
0.300 |
|
Operating Profit |
837.77 |
804.22 |
1217.220 |
|
Interest |
227.13 |
251.12 |
267.900 |
|
Exceptional Items |
-46.99 |
38.22 |
78.430 |
|
PBDT |
563.65 |
591.32 |
1027.750 |
|
Depreciation |
322.60 |
311.78 |
315.050 |
|
Profit Before Tax |
241.05 |
279.53 |
712.700 |
|
Tax |
24.91 |
39.38 |
187.040 |
|
Profit After Tax |
216.14 |
240.15 |
525.660 |
|
Net Profit |
216.14 |
240.15 |
525.660 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.56
|
(4.07) |
14.07
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.31
|
(3.09) |
19.25
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.39
|
(1.06) |
8.71
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
(0.05) |
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.66
|
5.11 |
3.87
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.94 |
1.86
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is a globally recognized, integrated pharmaceutical company
with core competencies in the development and manufacture of Active
Pharmaceutical Ingredients (APIs) and Finished Dosage Forms as well as in drug
discovery, which was incorporated on 1st July 1992 as a 100% Export Oriented
Unit (EOU). Subject has two manufacturing sites for APIs (at Alathur near
Chennai and at Aurangabad, near Mumbai) and three manufacturing sites for
Dosage forms (at Irungattukottai and Alathur in Chennai), besides two R and D
centres (at Sholinganallur and Irungattukottai, Chennai), all are
state-of-the-art and have several international regulatory approvals, including
the US FDA and UK MHRA. Subject's API facilities are ISO certified for their
quality, environmental management and operational health and safety systems.
Subject has a Joint Venture in
The Company commenced its operation in the year 1994, also in the same year;
Subject had entered into an agreement with SBD Laboratories Italy for
technology for keeping production in sterile condition. Subject became the
youngest Indian pharmaceutical company to be awarded the ISO 9002 certification
in 1997. During the same year of 1997, the company made a tie-up with
Technology Innovative Industry of Italy and also launched a range of new products
in the steriles category. In 1998, Subject, along with Cipla and Ranbaxy, had
received approval from the Drug Controller of India (DCI) for the manufacture
and export of sildenafil citrate, the main ingredient in Viagra, the drug
developed by Pfizer to treat human male erectile dysfunction; by the way it had
entered into the formulation market.
The Trophy for Excellent Performance in Exports was awarded to the company as
part of the National Export Awards Programme for the year 1998-99. The initial
range of products was launched by the company in 1999, which includes three
injectable cephalosporin formulations and two coprescription analgesics of the
NSAID category. These are Tax-O-bid (Cefotaxime injection), Cefogram
(Ceftriaxone injection), Orzid (Ceftazidime injection), Orchidol (Tramadol
tablets) and N-Limited (Nimesulide dispersible tablets. In the year 2000,
Orchid had signed a Memorandum of Understanding (MoU) with the Mumbai-based
Ajanta Pharma Limited to acquire the latter's bulk drugs manufacturing plant
located at
During the year 2003, the company had acquired Mano Pharmaceuticals for a
consideration of Rs.260 millions and also in the same year received a formal
approval from US Food and Drug Administration for Cephalaxin. Subject signed a
pact with Par Pharmaceuticals Inc in 2004 to market oral cephalosporin
formulations in
In April 2008, Subject formed a wholly owned subsidiary Orchid Pharma Japan K K
(Orchid Japan) to foray into the high potential Japanese generics market and in
August of the same year 2008 received approvals of its marketing authorization
(MA) for piperacillin and tazobactam for injection for marketing in the EU
countries. The Company made a strategic research collaboration and license
agreement with Merck and Co in September 2008 focused on the discovery,
development and commercialization of novel agents for the treatment of
bacterial and fungal infections.
Performance
During 2009-10, The Company
achieved a turnover and operating income of Rs 12498.300 Millions compared to
Rs 11914.400 Millions in 2008-09. The other income of Rs 10165.800 Millions
included consideration arising out of the sale and transfer of the Company’s
Generic Injectable Formulations Business. The gross earnings before interest,
depreciation and taxes stood at Rs 8438.700 Millions compared to Rs 1810.000
Millions of last fiscal. After providing
for interest expenses of Rs 2412.300 Millions (Rs 1551.900 Millions previous
fiscal) and depreciation of Rs 1511.000 Millions (Rs 1299.700 Millions previous
fiscal), the profit before tax of the Company was Rs 4600.500 Millions,
compared to the previous year’s loss before tax of Rs 36.85 Millions. The net profit after tax
stood at Rs 3313.400 Millions, compared
to the net loss after tax of Rs 521.700 Millions in the previous fiscal. The profitability figures reflect the
impact of adoption of the modified AS 11
accounting treatment and the impact of buyback (and cancellation) of Foreign Currency Convertible
Bonds (FCCBs) of the face value of USD
19.778 million of the 2012 Bonds and the sale transaction effected during the last quarter.
PHARMACEUTICALS
BUSINESS
A highlight of the performance this year was the approval from the
US Food and Drug Administration (US
FDA) for the Company’s Abbreviated
New Drug Applications (ANDAs) for
Piperacillin and Tazobactam for
Injection. The US FDA also determined that Orchid is the ‘first applicant’ for the products and accordingly
granted 180-day generic drug
exclusivity, under applicable provisions.
Orchid launched this product in marketing and distribution
partnership with Apotex in the
In the NPNC (Non-Penicillin,
Non-Cephalosporin) segment, the Company geared up to meet the increase in
demand by dedicating a separate
manufacturing line at the formulations facility. The Company is of
the opinion that significant improvement
in the manufacturing process and a dedicated manufacturing line supported by
higher levels of API manufacturing will lead to the desired results in the
ensuing quarters.
SUBSIDIARIES
Orchid Research Laboratories Limited, India (ORLL) ORLL continued its
research in the anti-infectives, anti- inflammation, anti-cancer and metabolic
disorder areas and has achieved progress. Developmental candidates in
anti-cancer and anti-inflammation areas have reached the stage of regulatory
toxicological & safety studies. In the
anti-metabilic disorders area the Company is exploring possibilities of
repositioning of a molecule which has multiple efficacy indications. Under the
collaborative research program which relates to the anti-infectives area
certain NCEs have been designed, synthesised and screened and the Company is
confident of making good progress going forward.
Bexel Pharmaceuticals Inc.,
Orchid Pharmaceuticals Inc., USA Orchid Pharmaceuticals, Inc., is a
wholly owned
Orchid Europe Limited, United Kingdom The principle activity of The Company’s subsidiary in Europe namely Orchid
Europe Limited (OEL) is to support the generic foray into the EU market and
provision of regulatory support as well as business development support to the
parent company. The entity is already
active in the field of generics registrations and in identifying business
partnerships and is well established on the path of supporting the generics
plans of Orchid in
Orchid Pharmaceuticals (
The Company’s wholly owned
subsidiary, Orchid Pharmaceuticals (
Orchid Pharma
The Company has made noteworthy progress during the year. Through this subsidiary company the various
capabilities which include manufacture and supply of API, formulation and CRAMS
capabilities of the parent company Orchid Chemicals & Pharmaceuticals
Limited have been presented to various companies in
Change in IDBI
Nominee
IDBI Bank Limited withdrew the nomination of Shri S. Jeyakumar and
nominated Shri T A Ganesh as its nominee in his place, with effect from May 10,
2010. The Board places on record its appreciation for the contribution made by
Shri S Jeyakumar and welcomes Shri T A Ganesh.
Retirement of Directors by rotation
In accordance with the provisions of the Companies Act, 1956, and the
Articles of Association of the Company, Shri. Deepak Vaidya and Shri. Anil
Thadani retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment.
FIXED
ASSETS:
- Building
- Plant
and Machinery
- Factory
Equipment
- Laboratory
Equipment
- Office
Equipment
- Furniture
and Fitting
- Vehicles
WEBSITE DETAILS:
PROFILE:
Subject was established in 1992 as a 100% Export Oriented Unit (EOU). Commencing operations in 1994, Orchid has achieved amazing and consistent growth, quantitatively and qualitatively to emerge among the Top-15 companies in the Indian pharmaceutical industry in a short span of fifteen years of operations. Subject employs over 4000 people, of which over 700 are scientists, technologists and other professionals.
Subject’s growth and positioning in the global pharmaceutical industry are
indeed distinctive. A robust leadership position in the antibiotics space, a
core competence in oral and sterile manufacturing, a broad-based
multi-therapeutic coverage and an end-to-end connectivity over the
pharmaceutical value chain, from discovery to delivery, have positioned
Subject uniquely.
Subject has two manufacturing sites for APIs (at Alathur
near Chennai and at
Subject ’s scientific and technical strengths have made it a partner of choice
for several multinational corporations. Subject
has long-term exclusive marketing alliances with reputed global
companies for distribution of its products in the advanced markets.
Subject has an established end-to-end
connected infrastructure for drug discovery and development which are channeled
through its subsidiaries, Subject
Research Laboratories in Chennai and Bexel Pharmaceuticals in the
Subject is a leader in the use of environment friendly technologies. Subject has invested substantially in zero-discharge manufacturing processes at its facilities and is considered a national show-case in environmental friendliness.
Unaudited
Financial Results for the Quarter / Half Year Ended September 30, 2010
Rs.
in Millions
|
Particular |
3
Months Ended |
6
Months Ended |
|
|
30.09.2010 |
30.09.2010 |
|
|
|
|
|
Net Sales/ Income
form operation |
3683.234 |
6718.234 |
|
Other Operating
Income |
134.738 |
409.022 |
|
Total Income |
3817.972 |
7127.256 |
|
Expenditure |
|
|
|
Increase /
Decrease in stock |
(526.325) |
(745.568) |
|
Consumption of
raw material / purchase |
2123.908 |
3746.360 |
|
Purchase of
traded goods |
121.306 |
217.442 |
|
Employees cost |
323.438 |
626.723 |
|
Depreciation |
311.783 |
634.386 |
|
Other expenditure
|
997.840 |
1666.713 |
|
Total expenditure
|
3351.950 |
6146.056 |
|
Profit from operation
before other income, interest and exceptional items |
466.022 |
981.200 |
|
Other income |
26.411 |
26.411 |
|
Profit before
interest and exceptional items |
492.433 |
1007.611 |
|
Interest |
251.121 |
478.249 |
|
Profit after interest
but before exceptional items |
241.312 |
529.362 |
|
Exceptional items |
38.220 |
(8.766) |
|
Profit / Loss
from ordinary activities before tax |
279.532 |
520.596 |
|
Tax expenses |
39.383 |
64.299 |
|
Net profit/ Loss from
ordinary activities after tax |
240.149 |
456.297 |
|
Extra ordinary
items |
-- |
-- |
|
Net profit / Loss
for the period |
240.149 |
456.297 |
|
Paid up equity
share capital (face value of equity shares of Rs. 10/- each) |
704.421 |
704.421 |
|
Reserves
excluding revaluation reserves |
-- |
-- |
|
Earning per
shares (in Rs) Basic |
3.41 |
6.48 |
|
Earning per
shares (in Rs) Diluted |
2.71 |
5.16 |
|
Public
shareholding |
|
|
|
Number
of Shares |
48696460 |
48696460 |
|
% of
Shareholding |
69.13 |
69.13 |
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
-
Number of Shares |
15122883 |
15122883 |
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
69.54 |
69.54 |
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
21.47 |
21.47 |
|
b)
Non Encumbered |
|
|
|
-
Number of Shares |
6622733 |
6622733 |
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
30.46 |
30.46 |
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
9.40 |
9.40 |
Note:
- The above unaudited financial results were approved by the Board of Directors
at its meeting held on Thursday, October 28, 2010 and have been subjected
to limited review by the Statutory Auditors. The Company is operating in
single segment (i.e.) Pharmaceuticals.
- During the quarter, the Company formed a new subsidiary namely
Orchid Pharma, mc, in the
- During the quarter under review, Diakron Pharmaceuticals mc,
- The Company has exercised the option provided under the Companies
(Accounting Standards) Amendment Rules, 2006 dated 31st March, 2009 in
respect of AS 11. The amount remaining to be amortized in the financial
statements as on September 30, 2010 on account of exercising the above
option is Rs.(155.605) millions (previous period Rs. 26t4.955 millions).
- Exceptional items represents exchange gain / (loss) on FCCBs.
- The Company received 10 complaints during the quarter ended 30th
September, 2010 from the shareholders and no complaints were pending as
Oft 30th September, 2010.
- The Current period figures do not reflect the sales relating to
generic injectable formulation business transferred to Hospira Healthcare
India Pvt. Ltd., on March 30, 2010.
- Previous period figures have been regrouped wherever necessary.
Media Release:
ORCHID REGISTERS STRONG TOPLINE GROWTH OF 21% DURING Q2 FY11
NET PROFIT JUMPS TO RS 240.100
MILLIONS DURING Q2 FY11
Q2 earnings (for the quarter
ended September 30, 2010) – Standalone
The Chennai-based
global Pharma major, Orchid Chemicals & Pharmaceuticals Ltd. (Orchid)
achieved a turnover and operating income of Rs 381.80 crore for the quarter
ended September 30, 2010 (Q2 FY 2010-11) in comparison to Rs 314.41 crore
registered during the corresponding quarter of the last fiscal. Earnings before
Interest & Tax (EBIT) stood at Rs 49.24 crore compared to Rs 49.64 crore of
the corresponding quarter of last year. The Profit before Tax (PBT) for the
second quarter (Q2) was at Rs 27.95 crore compared to a loss of Rs 11.58 crore
during the corresponding Q2 of the last fiscal. During the quarter, the net
profit of the company grew to Rs 24.01 crore compared to a loss of Rs 13.20
crore of the corresponding Q2 of the last fiscal. Earnings per share increased
to Rs 3.41 during this period.
H1 earnings (for the
half year ended September 30, 2010) – Standalone
Orchid’s revenues for
the half-year (H1) ended September 30, 2010 rose by 14% to Rs 712.72 crore
compared to Rs 623.24 crore registered during the corresponding period of last
fiscal. Earnings before Interest & Tax (EBIT) grew to Rs 100.76 crore
compared to Rs 77.24 crore registered during the corresponding H1 of the last
fiscal. Profit/(loss) after tax stood at Rs 45.63 crore as compared to a loss
of Rs 42.96 crore of the corresponding half-year of last fiscal.
H1 earnings (for the
half year ended September 30, 2010) – Consolidated
On a consolidated
basis, Orchid’s revenues for the half-year (H1) ended September 30, 2010 rose
by 15% to Rs 767.02 crore compared to Rs 668.41 crore registered during the
corresponding period of last fiscal. Earnings before Interest, Depreciation
& Tax (EBIDTA) stood at Rs 161.37 crore compared to Rs 151.10 crore registered
during the corresponding H1 of the last fiscal. Profit after tax stood at Rs
40.86 crore as compared to a loss of Rs 40.49 crore of the corresponding
half-year of last fiscal.
From the Managing
Director
“The second quarter
of this fiscal has witnessed strong growth which was primarily driven by the
enhancement in supply of niche APIs to global generic majors. We are currently
harvesting the benefits of several investments / strategies that we had
embarked on earlier. We will continue to deliver robust performance in the
quarters to come and create sustainable value for our stakeholders”, said Mr K
Raghavendra Rao, Managing Director, Orchid Chemicals & Pharmaceuticals Ltd.
Generics update
During the Q2 of this
fiscal, Orchid’s regulated generics business continued to post robust earnings.
The earlier launched products in both the Oral Cephalosporins segment and the
Non-penicillin, Non-cephalosporin (NPNC) segment have maintained their market
shares and market positions.
With several launches
across varied spectrum of markets and product segments lined up in the coming
quarters, Orchid’s revenues from the regulated generics business is poised to
grow significantly going forward.
Regulatory update
Filings
API
In the API (Active Pharmaceutical
Ingredients) space, Orchid increased its cumulative filings of its US DMFs to
83. The break-up of the total filings is 32 in the Cephalosporin space, 39 in
NPNC space, 3 in the Betalactam segment and 9 in the Carbapenems segment.
The cumulative
filings of COS (Certificate of Suitability) for the European market stood at 21
which includes 14 in Cephalosporin space, 6 in NPNC space and 1 in the
Betalactam segment.
Finished Dosage Forms (FDF)
Orchid’s cumulative
ANDA filings for the
In the EU region the
cumulative count of Marketing Authorizations filings stood at 16. The break-up
of the total MA filings is 10 in Cephalosporin space and 6 in the NPNC space.
Approvals
During the second
quarter, Orchid received the final ANDA approval for Levetiracetam Tabs 1000
mg. With this, the total count of ANDAs approved stand at 21. The break-up of
the total ANDAs approved comprise 11 in the Cephalosporin space and 10 in NPNC
space.
In the EU region, the
cumulative count of Marketing Authorizations (MA) approved stand at 9. The
break-up of the total MAs approved is 5 in the Cephalosporin space and 4 in the
Oral NPNC space.
With a strong product
pipeline under development, Orchid’s filing and approval count is poised to
increase going forward.
Management confident
of maintaining strong growth trajectory
Revenue jumps by 33%
& PAT zooms by 400%
Business highlights
for Q3 FY11 (Earnings on consolidated basis)
- Revenue jumps by 33%, Rs 4785.000 Millions (US$ 107.06 million) in Q3 FY11 versus Rs 360.45 crore (US$ 80.64 million) in Q3 FY10
- Strong EBITDA of Rs 1349.500 Millions (US$ 30.19 million) in Q3 FY11 versus Rs 75.9 crore (US$ 16.98 million) in Q3 FY10
- Profit before Tax (PBT) rises by 542% to Rs 756.100 Millions (US$ 16.91 million) in Q3 FY11 compared to loss of Rs 171.200 Millions (US$ 3.8 million) during Q3 FY10
- Net Profit after Tax (PAT) zooms by 399 % to Rs 566.200 Millions (US$ 12.67million) in Q3 FY11 compared to loss of Rs 189.100 Millions (US$ 4.23 million) during Q3 FY10
- EPS growth of 400% to Rs 8.04 Redemption of Foreign Currency Convertible Bonds (FCCBs) due in November 2010 aggregating to USD 25.69 million
Earnings
(Consolidated) for the quarter ended December 31, 2010 (Q3 FY11)
Chennai-based global Pharma major Orchid Chemicals and Pharmaceuticals Limited (Orchid) achieved a consolidated turnover and operating income of Rs 4785.000 Millions for the quarter ended December 31, 2010 (Q3 FY10-11) in comparison to Rs 3604.500 Millions registered during the corresponding third quarter of last fiscal, representing a strong growth of 33%.
Earnings before Interest, Depreciation and Tax (EBITDA) grew by 78% to Rs.1349.500 Millions compared to Rs.759.000 Millions during the corresponding quarter of last year.
Profit before Tax (PBT) rose by 542% to Rs.756.100 Millions compared to loss of Rs.171.200 Millions registered during the corresponding period of last fiscal.
The net profit (PAT) of the company grew strongly by 400% to Rs.566.200 Millions compared to a loss of Rs.189.100 Millions of the corresponding Q3 of the last fiscal. EPS rose to Rs.8.04 for the period compared to a negative EPS of Rs.2.69 registered during the corresponding period of last fiscal.
Earnings
(Consolidated) for the nine months ended December 31, 2010
Orchid’s turnover and operating income for the nine months ended December 31, 2010 rose by 21% to Rs.12455.900 Millions compared to Rs.10293.400 Millions of the corresponding period of last fiscal.
Earnings before Interest, Depreciation & Tax (EBITDA) grew by 31% to Rs.2963.200 Millions compared to Rs.2267.600 Millions registered during the corresponding period of the previous fiscal.
During the period, the Profit before Tax (PBT) grew by 334% and stood at Rs.1233.000 Millions compared to loss of Rs.527.800 Millions registered during the same period of last fiscal.
At the net (PAT) level, the company registered a strong profit of Rs.974.800 Millions as compared to a loss of Rs582.600 Millions of the corresponding nine months of the last fiscal, registering a growth of 267%.
The EPS for the period stood at Rs 13.84 compared to a negative EPS of Rs 7.49 of the corresponding period of the last year.
Performance of Key
Business Segments
Global API business
During Q3 FY11, Orchid’s API (Active Pharmaceutical Ingredients) business gained traction and achieved a strong growth of 203%. The API division registered revenues of Rs.3392.700 Millions (US$ 75.90 million) as compared to Rs.1118.000 Millions (US$ 25.01 million), registered during the corresponding period of last fiscal.
The long-term exclusive API supply arrangements with Hospira and other majors have aided an increased API off take.
Global Generics
business (Formulations)
Orchid’s finished dosage forms business (both regulated and emerging markets) maintained a steady growth rate during the quarter under review. With a healthy product pipeline and anticipated regulatory approvals / registrations, the business will gain traction in the further quarters.
The formulations segment achieved a sale (global, including
Among the commercialized products
in the Oral Cephalosporins segment, products like Cefdinir Capsules,
Cephalexin Capsules and Oral suspension, Cefadroxil Capsules, Cefprozil Tablets
and Oral suspension and Cefuroxime Axetil Tablets
continued to show steady growth. The more recently launched products in the
Non-Penicillin, Non-cephalosporin (NPNC) segment also continued to deliver
steady sales.
Regulatory Update
API (Active
Pharmaceutical Ingredient) segment
Orchid’s
cumulative filings of US DMFs stood at 81. The break-up of the total filings is
28 in the Cephalosporin space, 40 in NPNC
space, 2 in the Betalactam segment and 11 in the Carbapenems segment.
The cumulative filings of COS
(Certificate of Suitability) for the European market stood at 21 which includes
14 in Cephalosporin space, 6 in NPNC space
and 1 in the Betalactam segment.
Finished Dosage Forms (Formulations) segment
Orchid’s
cumulative ANDA filings for the
The break-up of the total ANDA
filings is 13 in Cephalosporins space and 26 in NPNC (Non-penicillin,
Non-cephalosporin) space.
In the EU region the cumulative
count of Marketing Authorizations (MA) filings stood at 16. The break-up of the
total MA filings is 10 in Cephalosporin space
and 6 in the NPNC space. Few more dossiers have been lined up for filing during
2011, based on the DCP slots allotted by the respective RMS (Reference Member
States) countries in the EU.
The final approved ANDAs count
stood at 21 at the end of the 3rd quarter of FY 10-11. During this
quarter, Orchid has also received 1 tentative
ANDA approval for Rivastigmine Capsules.
The final ANDA approval is expected in due course on patent expiration. The
total final ANDA approval count comprises of 11 in Cephalosporin space
and 10 in NPNC space.
In the EU region the cumulative
count of Marketing Authorizations (MA) approval stands at 9. The break-up of
the total MA approval count is 5 in the Oral Cephalosporin space
and 4 in the Oral NPNC space.
Orchid’s
filing and approval count is poised to increase in the coming months and
quarters.
From the Chairman and Managing Director
“Our business has arrived at a
strong earnings platform that will see sustainable robust growth from here on.
This is despite transferring our Injectable formulations business to Hospira. We have firmed up supply arrangements and have put in
place a model that enables robust revenue growth with stable margins going
forward. We are confident of registering strong double-digit growth coupled
with more than proportionate profitability year-on-year going forward”, said
Mr. K Raghavendra Rao, Chairman and Managing Director, Orchid Chemicals and Pharmaceuticals Limited.
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.45.20 |
|
|
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.61.41 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.