MIRA
INFORM REPORT
|
Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
WANBURY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.08.1988 |
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Com. Reg. No.: |
11-48455 |
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Capital
Investment/ Paid-up Capital: |
Rs. 146.893
Millions |
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CIN No.: [Company
Identification No.] |
L51900MH1988PLC048455 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP12825B /
VPNW00073D |
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PAN No.: [Permanent
Account No.] |
AABCP5939P |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange. |
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Line of Business : |
Manufacturer of
Pharmaceuticals, Medicines, Organic Chemicals and Bulk Drugs such as Acyclovir,
Metformin and Salsalate |
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No. of Employees: |
Approximately 116
persons -- 18 persons in office and 98 persons in factory |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7400000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is satisfactory. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Girish Juneja |
|
Designation : |
Chief Finance Officer |
|
Date : |
21.07.2011 |
LOCATIONS
|
Registered Office/ Corporate Office : |
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Tel. No.: |
91-22-67942222 |
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Fax No.: |
91-22-67942111/ 333 |
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E-Mail : |
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Website : |
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Head Office : |
Plot No. 28, 1st
Floor, Kopri Road, Sector – 19 C, Vashi, Navi Mumbai – 400 703, Maharashtra |
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Tel. No.: |
91-22-27668938/27668939/27668958/27668959 |
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Fax No.: |
91-22-27663944 |
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E-Mail : |
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Factory 1 : |
A-15, MIDC
Industrial Area, Patalganga, Taluka -
Khalapur, District Raigad - 410 220, |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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E-Mail : |
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Area : |
Leased -- 7,595 sq. mtrs. |
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Factory 2 : |
Plot No. J – 17,
MIDC Industrial Area, Tarapur, |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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Factory 3 : |
Plot No. 24, M.I.D.C Tarapur, |
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Factory 4 : |
Plot No. D-312, ITC Industrial Area, MIDC Turbhe, Navi Mumbai, |
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Factory 5: |
K. |
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Overseas Office: |
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E mail: |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. A L Bongirwar |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. N.K. Puri |
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Designation : |
Non-Executive Independent Director |
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Qualification : |
MSC (Physics) |
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Expertise in Specific Area : |
Banking |
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Date of Appointment : |
09.03.2005 |
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Name : |
Dr. P.L Tiwari |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. P R Dalal |
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Designation : |
EXM Bank Nominee |
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Name : |
Mr. K Chandra |
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Designation : |
Whole-time Director |
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Qualification : |
Graduate |
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Experience: |
28 Years |
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Expertise in Specific Area : |
Pharmaceutical Industry |
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Date of Appointment : |
23.01.2001 |
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Other Directorship : |
Doctors Organic Chemicals Limitedj |
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Name : |
Mr. K R N Moorthy |
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Designation : |
Joint Managing Director |
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Experience: |
30 Years |
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Name : |
Mr. A N Shinkar |
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Designation : |
Executive Director |
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Name : |
Mr. S Bhattacharyya |
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Designation : |
EXIM Bank Nominee |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj B Gupta |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1,471,551 |
10.02 |
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1,471,551 |
10.02 |
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3,024,000 |
20.59 |
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|
3,024,000 |
20.59 |
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Total shareholding of Promoter and Promoter Group (A) |
4,495,551 |
30.60 |
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(B) Public Shareholding |
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|
10,117 |
0.07 |
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7,360 |
0.05 |
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5,000 |
0.03 |
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750,880 |
5.11 |
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773,357 |
5.26 |
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2,632,497 |
17.92 |
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4,997,497 |
34.02 |
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|
981,804 |
6.68 |
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|
241,580 |
1.64 |
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|
44,353 |
0.30 |
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|
94,680 |
0.64 |
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|
102,547 |
0.70 |
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8,853,378 |
60.27 |
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Total Public shareholding (B) |
9,626,735 |
65.54 |
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Total (A)+(B) |
14,122,286 |
96.14 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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|
567,000 |
3.86 |
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|
567,000 |
3.86 |
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Total (A)+(B)+(C) |
14,689,286 |
100.00 |
(1)
Indian
Bodies
Corporate
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceuticals,
Medicines, Organic Chemicals and Bulk Drugs such as Acyclovir, Metformin and
Salsalate |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Bulk Drugs |
M.T |
|
9654 p.a. |
7330 |
|
Formulation - Tablets |
No. in Lacs |
|
5400 p.a. |
Nil |
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Capsules |
No. In Lacs |
|
2100 p.a. |
Nil |
|
Dry Syrup ( 60 ML) |
No. of Bottles
in Lacs |
|
60 p.a. |
Nil |
|
Sachets ( 3 and 5 gm) |
No. in Lacs |
|
72 p.a. |
Nil |
|
Sachets ( 22 gm) |
No. in Lacs |
|
60 p.a. |
Nil |
Notes :
1) In terms of Press Note No. 4 (1994 series) Dated 25.10.1994 issued by
the Dept of Industrial Development, Ministry of Industry, Government of India,
industrial licensing has been abolished in respect of bulk drugs and formulations.
Hence, there is no registered / licensed capacity for these bulk drugs and
formulations.
2) Production excludes manufactured for others on job work basis.
3) Installed capacities, being a technical matter, have not been
verified by the Auditors.
GENERAL INFORMATION
|
No. of Employees : |
Approximately 116
persons -- 18 persons in office and 98 persons in factory |
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Bankers : |
·
Bank of ·
EXIM Bank ·
State Bank of ·
State Bank of ·
State Bank of ·
Axis Bank ·
Andhra Bank ·
IDBI Bank ·
Dhanalakshmi Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kapoor an Parekh Associates Chartered Accountant |
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Address : |
Mumbai |
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Associates: |
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Subsidiaries : |
Address: Leliegracht 10, 1015DE,
Address:
Address: Room No. 5-2, Building No. 2,
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
|
2000000 |
Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
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Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14689286 |
Equity Shares |
Rs. 10/-
each |
Rs. 146.893
Millions |
Note:
1.
Out of the Above Equity
Shares:
a)
8908283 Equity Shares were
allotted as fully paid-up without payment being received in cash, pursuant to
the Scheme of Merger with erstwhile Wander Private Limited
b)
567000(Previous Year
648000) Equity Shares are represented by 296000 (Previous Year 606000) global
Depository Receipts
2.
1125236 warrants of the
face value of Rs. Nil have been allotted to the shareholders of the
Erstwhile PPIL as per the BIFR order. Then warrant holders have the right to
subscribe to one equity shares of Rs. 10/- each at the premium of Rs. 125/- per
share which is exercisable within fiver years from 27th June, 2007,
being the date of allotments of the warrants.
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 |
146.893 |
146.893 |
146.893 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
1702.448 |
1019.205 |
1422.251 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1849.341 |
1166.098 |
1569.144 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
2632.693 |
1999.002 |
1728.261 |
|
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2] Unsecured Loans |
579.134 |
958.513 |
997.179 |
|
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TOTAL BORROWING |
3211.827 |
2957.515 |
2725.440 |
|
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DEFERRED TAX LIABILITIES |
3.194 |
5.325 |
5.544 |
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|
|
|
|
|
|
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TOTAL |
5064.362 |
4128.938 |
4300.128 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
2204.886 |
1809.054 |
1810.408 |
|
|
Capital work-in-progress |
150.132 |
147.242 |
153.465 |
|
|
|
|
|
|
|
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INVESTMENT |
1017.231 |
1243.229 |
851.135 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
323.561
|
360.885 |
438.005 |
|
|
Sundry Debtors |
872.268
|
835.270 |
967.878 |
|
|
Cash & Bank Balances |
104.220
|
251.755 |
112.839 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1446.579
|
857.199 |
1082.588 |
|
Total
Current Assets |
2746.628
|
2305.109 |
2601.310 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
665.108
|
650.970 |
661.307 |
|
|
Other Current Liabilities |
238.491
|
250.084 |
313.652 |
|
|
Provisions |
150.916
|
474.642 |
141.231 |
|
Total
Current Liabilities |
1054.515
|
1375.696 |
1116.190 |
|
|
Net Current Assets |
1692.113
|
929.413 |
1485.120 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5064.362 |
4128.938 |
4300.128 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3511.082 |
1676.556 |
3839.198 |
|
|
|
Other Income |
247.665 |
43.967 |
188.662 |
|
|
|
TOTAL (A) |
3758.747 |
1720.523 |
4027.860 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
1467.940 |
842.419 |
1926.282 |
|
|
|
Personnel Cost |
515.917 |
204.468 |
443.750 |
|
|
|
Other Expenses |
1139.953 |
849.723 |
1056.082 |
|
|
|
Transfer from Revaluation Reserve |
[32.441] |
[54.388] |
[60.254] |
|
|
|
TOTAL (B) |
3091.369 |
1842.222 |
3365.860 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
667.378 |
[121.699] |
662.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
233.720 |
93.656 |
198.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
433.658 |
[215.355] |
463.408 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
118.235 |
94.978 |
159.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
315.423 |
[310.333] |
304.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.208 |
2.517 |
6.426 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
299.215 |
[312.850] |
297.760 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
311.082 |
623.933 |
376.474 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Tax on Dividend |
2.440 |
0.000 |
1.248 |
|
|
|
Proposed Dividend |
14.689 |
0.000 |
7.345 |
|
|
|
Short provision of Dividend of Earlier
year |
0.000 |
0.001 |
0.413 |
|
|
|
Tax on Dividend of Earlier year Rs. 175 |
0.000 |
0.000 |
0.070 |
|
|
|
Transfer to Debentures Redemption Reserve |
0.000 |
0.000 |
41.225 |
|
|
BALANCE CARRIED
TO THE B/S |
593.168 |
311.082 |
623.933 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1373.194 |
864.236 |
1781.107 |
|
|
TOTAL EARNINGS |
1373.194 |
864.236 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
324.373 |
206.165 |
497.251 |
|
|
|
Capital Goods |
2.248 |
1.815 |
6.699 |
|
|
TOTAL IMPORTS |
326.621 |
207.980 |
503.950 |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
20.37 |
(21.30) |
20.54 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
895.300 |
895.580 |
657.830 |
708.700 |
|
Total Expenditure |
774.560 |
836.900 |
703.110 |
756.670 |
|
PBIDT (Excl OI) |
120.740 |
58.680 |
[45.280] |
[47.970] |
|
Other Income |
10.190 |
0.000 |
2.380 |
0.000 |
|
Operating Profit |
130.940 |
58.680 |
[42.900] |
[47.970] |
|
Interest |
51.440 |
56.060 |
56.470 |
66.520 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
79.500 |
2.620 |
[99.370] |
[114.490] |
|
Depreciation |
21.990 |
22.480 |
22.700 |
23.400 |
|
Profit Before Tax |
57.510 |
[19.860] |
[122.070] |
[137.890] |
|
Tax |
0.030 |
0.050 |
0.200 |
0.080 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
57.480 |
[19.910] |
[122.270] |
[137.980] |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
57.480 |
[19.910] |
[122.270] |
[137.980] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.96
|
[18.18] |
7.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.98
|
[18.51] |
7.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.09
|
[7.54] |
6.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
[0.27] |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
3.72 |
2.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
1.68 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
665.108
|
650.970 |
661.307 |
|
Total |
665.108
|
650.970 |
661.307 |
History:
Incorporated as Pearl Distributors Private Limited in Aug.'88, Pearl
Organics (POL), changed its name to Pearl Organics Private Limited in Jan.'91 and
acquired its present name subsequent to its becoming a public limited company
in Aug.'91. POL was promoted by K Chandran along with his associates. The
company manufactures and sells pharmaceuticals, medicines, drugs and organic
chemicals, a substantial portion of which is intended for exports.
POL entered the capital market in Feb.'92 to part-finance its Rs 40.500
Millions project to manufacture pharmaceutical formulations, consisting of
tablets, capsules, injectables and liquid orals and commence commercial
production of sodium lauryl sulphate (SLS). POL commissioned its bulk drug
project at Tarapur in Nov.'93. The company is planning an expansion project at
Patalganga plant to manufacture bulk drugs which will be financed by a rights
issue of shares.
The Company has completed the major portion of the expansion programme
during the year 1997-98.
The company has expanded the installed capacity of Bulk Drugs during the
year 2003-04 by 300 MT and with this expansion, the total capacity has risen to
1400 MT.
The name of the company has been changed during January 2005 from Pearl
Organics Limited to Wanbury Limited
OPERATIONAL
REVIEW:
The
figures given above are not strictly comparable because the current financial
year covers12 months against the previous financial year of 6 months. However
the highlights are as under:
The Total Income for the financial year was Rs. 3758.747 Millions as
against Rs. 1720.523 Millions in the previous year. The Total Expenditure was
Rs. 3443.324 Millions as against Rs. 2030.856 Millions.
The Profit before Tax for the Financial Year was Rs.315.423 Millions as
against a loss of Rs.310.333 Millions.
The Profit after Tax for the Financial Year was Rs.299.215 Millions as
against a loss of Rs.312.850 Millions.
Exports of the Company during the year were Rs. 1393.884 Millions and
were Rs. 875.060 Millions for the 6 Months period ended as on 31st March, 2009.
The Company has been exporting its products to approx. 50 Countries.
MERGER OF THE PHARMACEUTICAL PRODUCTS
OF INDIA LIMITED (PPIL) WITH THE COMPANY:
The Hon’ble Board for Industrial and Financial Reconstruction (BIFR) is
considering the Rehabilitation and Revival cum Merger of the Pharmaceutical
Products of India Limited (PPIL) with the Company afresh, pursuant to the Order
of Hon’ble Supreme Court of India dated 16th May, 2008.
The PPIL has submitted proposal for rehabilitation cum merger of PPIL
with Wanbury Limited, with Operating Agency, IDBI and after considering the same
in the joint meeting of all concern, Operating Agency, IDBI has submitted
“Draft Rehabilitation Proposal” with Hon’ble BIFR for their consideration. The
Hon’ble BIFR is considering the “Draft Rehabilitation Proposal” submitted by
the IDBI, Operating Agency and we expect that the “Draft Rehabilitation
Proposal” will be circulated by Hon’ble BIFR shortly for the consideration of
the all concerns.
FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs) ISSUE:
The Company had issued Foreign Currency Convertible Bonds (FCCB) aggregating
EURO 15 Million (EURO Fifteen Million only) on 20th April, 2007, in two parts.
First part consists of 800 nos. Foreign Currency Convertible “A” Bonds
{FCCB(A)} of face value of EURO 10,000 each i.e. size of Bond A was EURO 8
Million and second part consists of 700 nos. Foreign Currency Convertible “B”
Bonds {FCCB(B)} of face value of EURO 10,000 each i.e. size of Bond B was EURO
7 Million, in accordance with the terms and conditions mentioned in the
offering circular dated 25th April, 2007.
During the year the Company has not received any application for
conversion of FCCB into equity shares of the Company. However till date
5,29,085 fully paid equity shares of face value of Rs. 10/- each have been
issued at a conversion price of Rs. 138.43 per equity share upon conversion of
128 Foreign Currency Convertible A Bonds of face value of EURO 10,000 each.
During the year the Company has bought back 424 Foreign Currency
Convertible “A” Bonds of face value of EURO 10,000 each at 90% of their face
value.
The book value of 424 Foreign Currency Convertible “A” Bonds bought back
by the Company was approx. EURO 5.07 Million, which were bought back by the
Company at EURO 3.82 Million. The Company has saved EURO 1.25 Million i.e.
approx. Rs. 84.000 Millions by buying back of aforesaid FCCB.
Total numbers of FCCB(A) outstanding as on 31st March, 2010 were 248 and
Total No. of FCCB(B) outstanding as on 31st March, 2010 were 700.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry: Development
and Opportunities:
As per ORG IMS, the global pharmaceutical market grew by 7% to reach US$
837 billion in 2009 and it is expected to grow by 4-6% in 2010 exceeding $870
billion, driven by stronger near term growth in the
Despite economic conditions significantly affecting some markets notably
Indian GDP growth
over the period (%)
Patent-protected drugs worth nearly US$ 116 billion will go off-patent
(including 30 of the best selling
Consequently, the generics industry in
Company Outlook:
Domestic
Formulations Business:
The Company is set to win the ‘Best Launch of the Year’ award by ORG IMS
for the third year in a row for its Calcium brand Cdense. The product entered
the market as the 234th calcium brand in the pharmaceutical industry, but due
to its unique mechanism of mineral transportation (which directly deposits the
calcium in to the bone) has reached the 7th position in a very short time.
The Company continues to be the fastest growing pharmaceutical Company
in
CPink – An iron supplement based on Ferrous ascorbate preparation is a
Rs. 280.000 Millions (ORG MAT Apr 2010) brand and ranked 2nd in Ferrous
ascorbate category. CPink has revolutionised Iron therapy by introducing the
formulation prepared through patented IIC (Integrated Iron Complexation)
technology. CPink with IIC technology maximizes Iron absorption and prevents GI
irritation.
Adtrol Plus - A combination of Calcitriol, Calcium Carbonate,
Methylcobalamin, folic acid and Pyridoxine is a 2,000 lac brand, ranked 3rd in
the Calcitriol Combinations market. It’s a comprehensive solution for the
management of osteoporosis. Adtrol Plus can be used in all osteoporosis
patients; all women above age of 40 yrs and men above 50 yrs. Rabiplus - The
brand of Rabiprazole is Rs 200.000 Millions brand and ranked among top 5 brands
in this category. Rabiplus is prepared through Optimally Stabilized Trilayered
Enteric coated pallet technology. The benefit of this technology is 100%
availability of drug at the site of absorption thus offers faster onset of
action as compare to competitors. Pallet technology is being used for the first
time in
Folinine is a Rs. 120.000 Millions brand, growing at 57% with second
rank in Rs 1030.000 Millions folic acid market. Folinine is a nutritional
supplementation during pregnancy and contains Methylcobalamin, Folic Acid and
Pyridoxine. The combination controls pregnancy complications and is recommended
throughout the nine months of pregnancy. According to NIN 1998, more than 60 %
young women suffer from folic acid deficiency, and over 25% women suffer from
pyridoxine deficiency and thus there is huge potential in this area.
Growth has largely been fuelled by the two new divisions, WOW and
Wellbone, launched by the Company in FY 2010. WOW and Wellbone, now contribute
23% of sales of the formulation division. Not only are these divisions
contributing significant amount of sales to Formulations division as a whole,
these divisions have the lowest Cost of Goods Sold compared to Formulations
division as a whole. Products contributing significantly to the sales of these
two divisions include: Folinine, Bonansa, Productiv M, Productiv F and
Wellbone.
The Company launched 23 new products during the year. The key products
are as follows:
Productiv-M and
Productiv-F
According to the World Health Organisation (WHO) 50 to 80 million
couples will be affected by infertility at some stage of their reproductive
life. Low sperm count, decreased motility, or abnormal shape of the sperm is
responsible for (male) infertility in about 40% of couples. Female causes
account for 40% of infertility cases, and 20% are attributed to a combination
of both. To cater to this growing market the Company has launched two new
products.
Productiv-F targeted at the female infertility market is a
unique blend of Anti-oxidant, Multi-mineral, Vitamins and Amino acids along
with Chaste berry and Green tea extract. Latest evidences show a 160% increase
in the pregnancy rate with the use of a blend of Antioxidant, Multi-mineral,
Vitamins and Amino acids.
Similarly, Productiv-M is a comprehensive formula containing a
kit of multi-mineral and multi-vitamins tablets along with Clomiphene Citrate
tablets for Male infertility market.
Bonansa
Wanbury has become the first Company in
Bonansa is a completely natural product, derived from a sea alga, Algas
calcareas which contains in addition to calcium (in form of calcium carbonate)
12 multiminerals (Boron, Copper, Magnesium, Manganese, Phosphorus, Potassium,
Selenium, Silicon, Strontium, Vanadium and Zinc).
While conventional Calciums only arrest bone loss, Bonansa is the only
Calcium shown to build upon bone loss as proved by the osteoblast studies.
Chymonac
Introduced as part of the Company’s Surglife division, Chymonac is a
combination of Trypsin Chymotrypsin, Aceclofenac and paracetamol for
inflammation and pain management. The Product has generated a Sales of Rs.
4.500 Millions in the very second month of the launch.
API (Active
Pharmaceutical Ingredients)
The Company continues to remain the largest manufacturer of Metformin in
the world with over 30% market share. The Company registered a near 10% growth
in Sales in terms of quantity. However, a significant decline in the market
prices of its key product “Metformin” led to a marginal decline in Sales in
value terms in FY 10. Though the Company continued to face challenge in the
The Company has 2 U.S.FDA approved multi-product Active Pharmaceutical
Ingredients (API) facilities and one dedicated Metformin manufacturing facility
for semi-regulated markets. It sells to 7 out of the top 10 generic players in
the world including Apotex, Teva, Sandoz and Mylan.
CRAMS (Contract
Research and Manufacturing Services)
The Company has a well established CRAMS business. The Company’s USFDA
approved plant Tanuku is being continuously audited by some of the largest
Pharma companies in the world, which would result in potential orders going
forward. The Company’s initiative of opening a Swiss office has paid rich
dividend with everyday enquires and site inspections by a number of European
Pharma majors.
The CRAMS business is about customised solutions – providing
advance intermediates, fine chemicals and APIs to customers after understanding
their requirements. Presently the Company has a very strong pipeline with more
than 30 products and 8 out of these being already on lab development stage and
10 ready for plant scale.
International
Formulations Business / European Generics: Cantabria Pharma
Last year has been tough for the European markets and
Business
Development / New Product Launches
As part of the new strategic initiative, the Company launched Picasum, a
skin ointment targeted at the pain management segment having potential annual
sales of Euro 4 million in FY 10. The product enjoys gross margin of 67%.
The Company has launched 2 new branded generic products Ilufren
(Quetiapine), Panproton (Pantoprazole) in the financial year 2009-2010.
- Ilufren (Quetiapine),
launched in May´09 is targeted at the Schizophrenia market and adds to the
basket of Epilmax (an anti-epilepsy product launched in June-2008) and
Flaxen (antidepressant launched in Feb´09). The product enjoys gross
margin of 68%.
- Panproton (Pantoprazole),
targeted at the Anti-ulcerant market is the 12th brand to be launched in
the segment. The gross margin of the product is nearly 70%
In addition the Company has launched licensed product – Nidol under a
Semi Exclusive licensing arrangement with Farmasiera group. The other license
holder of this product is Abbot
The Company has also entered in co-promotion arrangement with UCB for
Stopcold. The sales of this brand in 2009-2010 was 3 million Euros.
The Company is planning to enter the Oral Mucositis, Migraine, Laxatives
Dental pain, Central Nervous System and Osteoporosis segments in 2011.
Exploring
In-licensing Opportunities
The Company focuses on creating brands from pharmaceutical generic
products and either purchases or enters into contract for dossiers (marketing
rights) from third parties. It also in-licenses products from innovators like
Wyeth, SMB, etc. The Company shall explore with European Companies who would
like to partner with it for marketing their products in the Spanish markets by
providing the marketing license to Cantabria to sell in Spanish markets. The
Company has a wide marketing network and covers entire
Financial Review:
The Company had a 12 months accounting period in the financial year 2010
as against a 6 months period for the financial year 2009; hence the results are
not strictly comparable. However on an annualised basis the Company registered
a strong performance in FY10.
The Company has generated Net Sales of Rs. 3511.100 Millions and Exports
Sales of Rs. 1393.900 Millions (accounting for nearly 39% of the Total Net
Sales) for the 12 months period ended March, 2010. Total Income for the period
was Rs. 3758.7001 Millions
The API business generated Net Sales of Rs. 1847.600 Millions and
accounted for 39% of the Consolidated Net Sales (Rs. 4725.900 Millions) in FY10
as against 45% during FY09. On an annualised basis the Formulations business
registered a 34% growth, thereby registering a Net Sale of Rs. 1665.500
Millions led by new product launches and a significant growth in the new
products introduced during the last fiscal. The Formulation business now
accounts for nearly 35% of the consolidated Sales as against 24% in FY09. The
Spanish business represented by Cantabria Pharma had a Net Sales of Rs.
1214.800 Millions and accounted for nearly 26% of the Total Consolidated Sales
of the Company.
The Company generated an EBIDTA of Rs. 634.900 Millions in FY10 as
against a loss of Rs. 176.100 Millions in FY09. The EBITDA margin in FY10 was
18% and was led by a strong margin improvement in the API business.
The PBT for the 12 months period ended was Rs. 315.400 Millions as
against a loss of Rs. 310.300 Millions in FY09. The Company had a loss in FY09
largely on account of the Rs. 350.000 Millions Derivatives provision and
Exchange Fluctuation Losses of Rs. 140.600 Millions. Thus for FY10 the Company
utilised the Derivative provision made in FY09 to write-off the Derivative loss
incurred during the financial year FY10. The Rs. 350.000 Millions Derivatives
provision was based on the MTM position for contracts maturing in 2010. At the
time of provision the USD/INR exchange rate was 47, however over the last year
there have been significant fluctuations in dollar with rupee going strong. As
on 31st March 2010, the MTM position for the derivatives contract that matured
in FY 2010 was at Rs. 220.600 Millions, which meant that the Company was able
to write back an amount of Rs. 127.400 Millions which helped increase its
profits. Further, there is no negative derivative exposure for the Company as
on 31st March 2010 and no provision needs to be made for Derivatives positions
held by the Company.
The Company had a consolidated Debt of Rs. 4689.200 Millions as of 31st
March, 2010.The break-up of the Total Debt as of arch 31, 2010 is as follows:
The Company has undertaken FCCB (Foreign Currency Convertible Bonds)
Buyback Program and has therefore raised US$ 10 million ECB (External
Commercial Borrowing) from a public sector bank. As of 31st March, 2010 the
Company has bought back Bonds worth Euro 4.24 million (Book value Euro 5.07
million) at a flat 10% discount on the Face Value and nearly 25% discount on
Book Value.
The average maturity of the Domestic Term Loans is 3-5 years and the
maturity of its overseas borrowings is 5-6 years. The Company continues to
generate healthy cash from operations to repay the debt. The remaining FCCBs
have a maturity of 3 years with a conversion price of Rs.138.43 and a mandatory
conversion option at a market price of 30%-50% premium to Conversion Price. The
Company stock had 52 week high of Rs. 96 as on 31st March, 2010 and is
confident of redeeming the bonds on maturity.
Contingent Liabilities:
a) Bank Letter of Credit outstanding at the year-end, Rs. 395.022
Millions (Rs. 219.739 Millions).
b) Bank Guarantees issued Rs. 1.918 Millions (Rs. 0.418 Million).
c) Disputed demands by Income Tax Authorities Rs. 4.043 Millions (Rs.
1.685 Millions). Amount paid there against and included under the head Loans
and Advances Rs. 4.043 Millions
(Rs.1.685 Millions).
Disputed demands by Sales Tax Authorities Rs.3.327 Millions (Rs.3.327
Millions) paid under protest Rs. 1.332 Millions (Rs. 1.332 Millions).
d) Claims against the Company not acknowledged as debts Rs.86.021
Millions (Rs.82.984 Millions).
e) Estimated amounts of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs. 6.516 Millions (Rs. 2.397
Millions).
f) Guarantees given to banks/financial institutions for loans given to
subsidiaries Rs 24,22.400 Millions (Rs. 2699.200 Millions). Loans outstanding
at the period end Rs. 1477.371 Millions (Rs.1786.867 Millions).
g) Guarantees given to banks/financial institutions for loans given to
Associate Company Rs 2,70.000 Millions(Rs. 270.000 Mildions). Loans outstanding
at the period end Rs. 171.929 Millions (Rs. 2,41.646 Millions).
h) Future cashflows in respect of liability under clause (c) and (d) is
dependent on decisions by relevant authorities of respective disputes and in
respect of clause (e) the liability is dependent on terms agreed upon with the
parties .
Fixed Assets:
·
·
·
Development Expenses
·
·
Plants, Machineries and Equipments
·
Furniture and Fixture
·
Vehicles
·
Office Equipments
·
Electrical Installations
·
Computers
·
Office Premises
·
R and D Building
·
Brands
·
Software
·
Technical Know-how
AS PER WEBSITE
History:
2008
- Wanbury Limited
opened an office in
- Wanbury
Limited incorporated Wanbury Global FZE in
- Wanbury
Limited achieved consolidated turnover of Rs. 6300.000 Millions for 18
months period ended 30th September 2008.
- Rabiplus was
awarded ‘Best Brand Launch’ by ORG-IMS as it did sales of Rs.138.000
Millions in launch Year.
- Wanbury
Limited is the fastest growing company among top 100 companies in
2007
·
Doctor’s Organics Chemicals Limited merged with
Wanbury Limited.
·
Wanbury Limited entered into a strategic
association with Bravo Healthcare Limited.
·
Wanbury Limited incorporated Ningxia Wanbury Fine
Chemicals Co. Limited to source raw materials from
·
Wanbury Limited approved as preferred Vendor by
Pfizer (US) for Contract Research and Manufacturing Services (CRAMS).
·
Cpink was awarded ‘Best Brand Launch’ by ORG-IMS as
it did sales of Rs. 110.000 Millions in launch year.
·
Wanbury Limited is the fastest growing company
among top 100 companies in
2006
·
Wanbury Limited achieved 1000.000 Millions
turnover.
·
Pharmaceutical Products of India Limited (PPIL)
merged with Wanbury Limited pursuant to BIFR order.
·
Wanbury Limited acquired Cantabria Pharma S.L. with
presence in ethical branded formulations in the Spanish market.
·
Wanbury Limited crossed 1000 employees mark.
·
Wanbury Limited became the world’s largest producer
of Metformin with production of 4500 MT.
2005
·
Wanbury Limited acquired Doctor’s Organics and
Chemicals Limited, having a US FDA approved facility for manufacturing
multi-product API’s.
2004
·
Wander Limited merged with Pearl Organics Limited
and Pearl Organics Limited renamed as Wanbury Limited.
·
Wanbury Limited set up its R and D center in Navi
Mumbai for API.
·
Wanbury Limited started using SAP as a business
transaction system.
2002
·
Pearl Organics Limited got US FDA approval for
Patalganga plant.
1996
·
Pearl Organics Limited entered into a strategic
alliance with Wyckoff Chemicals (US) to market its API in US.
1995
·
Pearl Organics Limited acquired plant of Brij
Chemicals Private Limited at Patalganga (
1992
·
Pearl Organics Limited established its first plant
in Tarapur for manufacturing API’s.
1991
·
Pearl Distributors Private Limited went public and
was renamed as Pearl Organics Limited .
1990
·
Incorporated as Pearl Distributors Private Limited
Profile:
Wanbury Limited the fastest growing pharma company amongst top 100
companies in
Formulations :
Fastest growing company amongst top 100 companies in the domestic market
as per ORG IMS.
·
Ranks 47th as per ORG-IMS (Jan-2009)
·
Has three divisions namely Main division, Osteolife
and Surglife.
·
Strong presence in Gynaecology, Orthopedics,
Surgery and Gastro-intestinal.
·
Cpink, one of the key brands of Wanbury was awarded
"Best Brand Launch" by ORG-IMS in
·
Rabiplus, another key brand of Wanbury, was awarded
“Best Brand Launch” by ORG-IMS in
·
Cpink, Rabiplus, Folinine and Adtrol Plus are among
the ‘Top 4’ brands in their respective segments
API :
·
World’s largest manufacturer of Metformin.
·
Largest US market share in Tramadol and Salsalate,
besides Metformin.
·
Over 27 DMFs (Drug Master Files) filed.
·
2 approved product patents. 5 product patents and 1
process patent applied.
·
Over 17 actively marketed products including
Clopidogrel, Levetiracetam, Telmisartan,Carvedilol, Sertraline, Losartan etc.
·
Exports to over 50 countries, 65% of which is to
the regulated markets.
·
3 API manufacturing facilities including 2 US FDA
approved multi-product API facilities for regulated markets.
PRESS RELEASE:
Wanbury launches
Cdense – for osteoporosis and gynaecology related calcium deficiency
November 13, Mumbai: Wanbury Limited, one of the fastest growing pharma
companies in the domestic market, has entered into the osteoporosis and
gynaecology related calcium deficiency market with the launch of Cdense -
Calcium Orotate, a mineral transporter. Cdense will be available in tablet form
of 740 mg dosage.
Wanbury is the only company in the country to use Calcium Orotate as a
base to make the calcium supplement. The available calcium brands mainly use
calcium carbonate as base. Global studies have shown that Calcium Orotate
(Cdense) is the only calcium that directly deposits in the bone and ensures
optimum bone mineralization.
Cdense, which will be a 100% prescription-based product, will be
predominantly targeted at patients with Osteoporosis, low back pain,
postmenopausal women,and for calcium deficiency related to pregnancy, lactation
and postpartum care.
“Wanbury’s Cdense is the only once-a-day dosage product, which ensures
95% absorption, powerful recalcification of the bone, reverses bone loss,
relieves pain and has excellent gastro-intestinal (GI) tolerance leading to
maximum patient compliance. The calcium brands that are currently available in
the market have to be taken twice or thrice a day, leading to GI irritation,”
said Dr. Rajaram Samant, Director, Marketing and Sales, Wanbury. The available
calcium brands are less absorbed, as they get dissociated in the stomach and
their intestinal absorption is dependent on Vitamin D3, he said.
Orotate – the mineral transporter used in Cdense is approved by USFDA
and DGEC (Directorate General of European Commission).
Currently, the size of the calcium market is Rs. 2660.000 Millions, growing
annually at 15%. “Wanbury is targeting Rs.150.000 Millions in the first year of
launch of Cdense and intends to make it among the top ‘five’ brands by March
2009 in the calcium segment.,” said Dr. Samant.
Four of Wanbury’s formulation brands – Cpink, Rabiplus, Folinine and
Adtrol Plus are in the ‘top three’ brands in their respective segments.
Wanbury ranks 52nd as per ORG-IMS and is growing at 87%. It has a
successful track record of brand launches as its products are need based with
unique advantage catering to needs of the patients.
UNAUDITED
FINANCIAL RESULTS FRO THE QUARTER ENDED 30TH SEPTEMBER, 2010
(Rs.
in Millions)
|
Sr. No. |
Particulars |
For
the Qtr ended |
For
the 6 months |
|
30.09.2010 |
period
ended |
||
|
|
30.09.2010 |
||
|
(Unaudited) |
(Unaudited) |
||
|
1) |
Net Sales/Income from Operations |
884.779 |
1764.230 |
|
|
Foreign Exchange Gain (Net) |
- |
5.405 |
|
|
Other Operating Income |
10.798 |
26.645 |
|
|
Total Income |
895.577 |
1796.280 |
|
2) |
Expenditure |
|
|
|
|
a. (Increase)/Decrease in Stocks of |
|
|
|
|
WIP & Finished/Traded Goods |
4.835 |
(11.315) |
|
|
b. Cost of Materials |
290.046 |
591.541 |
|
|
c. Purchase of Traded Goods |
119.525 |
235.464 |
|
|
d. Staff Cost |
145.346 |
275.626 |
|
|
e. Depreciation/Amortisation |
22.477 |
44.465 |
|
|
f. Foreign Exchange Loss(Net) |
4.789 |
- |
|
|
g. Other Expenditure |
271.361 |
515.354 |
|
|
Total Expenditure |
859.379 |
1651.135 |
|
3) |
Profit from Operations before Other Income, |
36.198 |
145.145 |
|
|
Interest & Exceptional Items (1-2) |
|
|
|
4) |
Other Income |
- |
- |
|
5) |
Profit before Interest & Exceptional Items |
36.198 |
145.145 |
|
6) |
Interest (Net) |
56.058 |
107.498 |
|
7) |
Profit after Interest but before Exceptional Items |
(19.860) |
37.647 |
|
8) |
Exceptional Items |
- |
- |
|
9) |
Profit / (Loss) from Ordinary Activities before |
(19.860) |
37.647 |
|
|
Tax |
|
|
|
10) |
Tax Expense |
0.047 |
0.073 |
|
11) |
Net Profit /(Loss) from Ordinary Activities after Tax |
(19.907) |
37.574 |
|
12) |
Extraordinary Item (Net of Tax Expense ) |
- |
- |
|
13) |
Net Profit /(Loss) for the Period |
(19.907) |
37.574 |
|
14) |
Paid - up Equity Share Capital (Face value of Rs.10/- |
146.893 |
146.893 |
|
|
each) |
|
|
|
15) |
Reserves & Surplus (excluding Revaluation Reserve) |
|
|
|
16) |
EPS (Rs.) - Basic & Diluted before and after |
(1.36) |
2.56 |
|
|
extraordinary items ( not annualised ) |
|
|
|
17) |
Public Shareholding:- |
|
|
|
|
- Number of shares |
9,075,399 |
9,075,399 |
|
|
- Percentage of shareholding |
61.78% |
61.78% |
|
18) |
Promoters and Promoter Group Shareholding:- |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
1,913,500 |
1,913,500 |
|
|
- Percentage of shares (as a % of the total |
34.09% |
34.09% |
|
|
shareholding of promoter and promoter group) |
|
|
|
|
- Percentage of shares (as a % of the total share |
13.03% |
13.03% |
|
|
capital of the company) |
|
|
|
|
b) Non - Encumbered |
|
|
|
|
- Number of shares |
3,700,387 |
3,700,387 |
|
|
- Percentage of shares (as a % of the total |
65.91% |
65.91% |
|
|
shareholding of promoter and promoter group) |
|
|
|
|
- Percentage of shares (as a % of the total share |
25.19% |
25.19% |
|
|
capital of the company) |
|
|
1) Statement of Assets and Liabilities
|
Particulars |
As
at 30th |
|
September,
2010 |
|
|
(Unaudited) |
|
|
Share holders Funds |
|
|
a) Share Capital |
146.893 |
|
b) Reserves and Surplus |
1704.998 |
|
Sub Total |
1851.891 |
|
Loan Funds |
3326.782 |
|
Deferred Sales Tax Liability |
2.534 |
|
TOTAL |
5181.207 |
|
Fixed Assets |
2348.919 |
|
Investments |
1042.580 |
|
Current Assets , Loans and Advances |
|
|
a) Inventories |
342.479 |
|
b) Sundry Debtors |
853.274 |
|
c) Cash & Bank Balances |
115.768 |
|
d) Loans & Advances |
1713.125 |
|
Less - Current Liabilities and Provisions |
|
|
a) Liabilities |
1074.862 |
|
b) Provisions |
160.076 |
|
TOTAL |
5181.207 |
2) The above financial results have been reviewed by the Audit Committee
and have been taken on record at the meeting of the Board of Directors of the
Company held on 29th October, 2010.
3) The Company has only one segment of activity namely
"Pharmaceuticals".
4) The market price of the equity shares of the Company being less than
the exercise price in respect of various outstanding options to subscribe to
equity shares, the aforesaid options are considered to be anti dilutive.
5) Erstwhile The Pharmaceutical Products of India Limited (PPIL) merged
with the Company pursuant to the Scheme of Revival cum Merger (the Scheme)
approved vide order dated 24th April, 2007 by the Board for Industrial and
Financial Reconstruction(BIFR) u/s 18 and other applicable provisions of the
Sick Industrial Companies (Special Provisions) Act, 1985(SICA) w.e.f. 1st
April, 2006, being the appointed date.
Subsequently in response to a suit filed by one of the unsecured
creditors of erstwhile PPIL, challenging the Scheme, the Hon'ble Supreme Court
vide its order dated 16th May, 2008, has set aside the above referred BIFR
order and remitted the matter back to BIFR for considering afresh as per the
provisions of SICA.
The matter is now under consideration of the BIFR. In the meanwhile, the
Company has sought legal opinion and has been advised to maintain status quo
ante with respect to the merger under the said Scheme and that it should take
further steps only on the basis of the fresh BIFR order.
In view of the above, the Company has maintained a status quo. However,
all actions taken by the Company pursuant to the sanctioned scheme shall remain
subject to and without prejudice to the orders that may be passed by the BIFR
while considering the case afresh pursuant to the directions of the Hon'ble
Supreme Court in its order dated 16th May, 2008.
6) As on 30th September, 2010, the balance liability on account of
oustanding euro denominated FCCB issued by the Company has been restated at an
exchange rate of Rs 61/- and amounts to Rs. 578.280 Millions. The FCCB issue
terms stipulate conversion of the Bonds at the pre determined exchange rate of
Rs 57.22 at which rate the liability amounts to Rs 542.445 Millions
7) Pro rata premium on outstanding FCCB amounting to Rs 11.297 Millions
and exchange loss of Rs 8.131 Millions have been charged to the Securities
Premium Account for the quarter ended 30th September, 2010.
8) The Company has equity investments of Rs. 390.771 Millions in two
wholly owned subsidiaries and other company and amount recoverable of
Rs.1380.780 Millions from them and step down subsidiary. The Company's
involvement in the aforesaid entities being of strategic importance and for
long term, no provision is considered necessary at this stage in respect of its
investments and amounts recoverable as stated above.
This is matter of reference in the Limited Review report of the
Statutory Auditor for the quarter ended 30.09.2010 and the Statutory Audit
report for the year ended 31.03.2010
9) During the Quarter, the Company had received and resolved 13
complaints. There was no investor complaint pending at the beginning and at the
end of the quarter.
10) The figures for the previous periods have been regrouped, wherever
necessary, to corrospond with the figures of the current period.
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.44.43 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.