MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
AVENTIS PHARMA
LIMITED |
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Registered Office : |
Aventis House, 54/A,
Sir Mathuradas Vasanji Road, Andheri (East), Mumbai- 400093, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.05.1956 |
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Com. Reg. No.: |
11-009794 |
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CIN No.: [Company
Identification No.] |
L24239MH1956PLC009794 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH00271F |
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PAN No.: [Permanent
Account No.] |
AAACH2736F |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturing and
Marketing of Allopathic Pharmaceutical Preparations such as Cardiovascular, Antibiotics,
Anti-Diabetic, Vaccines, Diuretic, Analgesic and Anti-Histamine Segments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 37000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is now subsidiary of Aventis Pharma Holding Gmbh, 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-Operative.
LOCATIONS
|
Registered Office : |
Aventis House,
54/A, Sir Mathuradas Vasanji Road, Andheri (East), Mumbai- 400 093, |
|
Tel. No.: |
91-22-22830607/
22831189/ 22844562/ 28216622 (Ext. 811)/ 28242260/ 28278000 |
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Fax No.: |
91-22-22829532/
22046188/ 22850435/ 28242261/ 28370939/ 28278110 |
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E-Mail : |
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Website : |
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Factory 1 : |
3501-15, 6310,
B-14, GIDC Estate, Ankleshwar – 393 002, |
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Factory 2 : |
GIDC, Plot No. L-121,
Phase III, Verna Industrial Estate, Verna, Goa – 403 722, |
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Regional
Offices : |
Located at : ·
Mumbai ·
·
Chennai ·
Kolkata ·
·
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DIRECTORS
As On: 31.12.2009
|
Name : |
Dr. Vijay Mallya |
|
Designation : |
Chairman |
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Name : |
Mr. J M Gandhi |
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Designation : |
Director |
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Name : |
Mr. S R Gupte |
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Designation : |
Director |
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Name : |
Mr. A K R
Nedungadi |
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Designation : |
Director |
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Name : |
Dr. Shailesh Ayyangar |
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Designation : |
Managing Director |
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Name : |
Mr. O .Charmeil |
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Designation : |
Director |
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Name : |
Mr. M.
Dargentolle |
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Designation : |
Director
(Alternate to Mr. O/ Charmeil) |
KEY EXECUTIVES
|
Name : |
Mr. K Subramani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
13,909,587 |
60.40 |
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|
13,909,587 |
60.40 |
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Total shareholding of Promoter and Promoter Group (A) |
13,909,587 |
60.40 |
|
(B) Public Shareholding |
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|
|
|
|
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|
3,384,321 |
14.69 |
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|
1,395 |
0.01 |
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|
830,169 |
3.60 |
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|
2,105,232 |
9.14 |
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|
6,321,117 |
27.45 |
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|
|
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|
1,313,345 |
5.70 |
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|
|
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|
1,206,069 |
5.24 |
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|
72,490 |
0.31 |
|
|
208,014 |
0.90 |
|
|
390 |
- |
|
|
841 |
- |
|
|
206,783 |
0.90 |
|
|
2,799,918 |
12.16 |
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Total Public shareholding (B) |
9,121,035 |
39.60 |
|
Total (A)+(B) |
23,030,622 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
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Total (A)+(B)+(C) |
23,030,622 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Allopathic Pharmaceutical Preparations such as Cardiovascular,
Antibiotics, Anti-Diabetic, Vaccines, Diuretic, Analgesic and Anti-Histamine
Segments. |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2009)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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I. Basic Drugs: |
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|
|
|
Pharmaceuticals |
Tonnes |
253.00 |
173.92 |
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|
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II.
Formulations: |
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|
|
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Liquid Injectibles |
KL |
- |
386.39 |
|
Tables and dragees |
Mio Nos. |
7600.00* |
5998.43 |
|
Capsules |
Mio Nos. |
- |
215.49 |
|
Oinments |
Tonnes |
- |
727.62 |
|
Granules |
Tonnes |
- |
1.26 |
|
Drops, syrup and other liquids |
KL |
- |
544.99 |
Note :
Production figures include goods manufactured
at third party facilities
* Includes installed capacity of granules.
#
Represents produced only at third
party locations.
GENERAL INFORMATION
|
No. of Employees : |
2106 (Approximately) |
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|
|
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Bankers : |
v
Bank
of v
BNP
Paribas, Mumbai v
Citibank
N A, Mumbai v
Deutsche
Bank, Mumbai v
Hongkong
and Shanghai Banking Corporation Limited, Mumbai v
State
Bank of v
HDFC Bank Limited |
|
Banking
Relations : |
- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered
Accountants Solicitors: Crawford Bayley and Company Chartered Accountant |
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Holding Company: |
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Ultimate Holding Company : |
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Fellow Subsidiaries : |
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Joint Venture : |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23,500,000 |
Equity shares |
Rs.10.00/- each |
Rs.235.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23,030,622 |
Equity shares |
Rs.10.00/- each |
Rs.230.306 millions |
Note:
Of the above:
a)
18,376,831 ( 2008 :
18376831) Equity Share were issued as fully paid bonus shares by capitalization
of reserve and security premium
b)
11538342 (2008 : 11538342)
Equity Shares are held by Hoechst Gmbh,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
230.306 |
230.306 |
230.306 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9087.632 |
8060.741 |
6838.225 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9317.938 |
8291.047 |
7068.531 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9317.938 |
8291.047 |
7068.531 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1448.909 |
1428.246 |
1356.667 |
|
|
Capital work-in-progress |
271.444 |
62.532 |
93.198 |
|
|
|
|
|
|
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INVESTMENT |
51.866 |
51.866 |
53.088 |
|
|
DEFERREX TAX ASSETS |
145.720 |
153.169 |
126.166 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2311.387
|
1725.536
|
1807.985
|
|
|
Sundry Debtors |
527.351
|
895.022
|
575.052
|
|
|
Cash & Bank Balances |
5859.521
|
4973.724
|
3906.161
|
|
|
Other Current Assets |
0.000
|
0.000
|
77.918
|
|
|
Loans & Advances |
1437.171
|
1363.214
|
1159.332
|
|
Total
Current Assets |
10135.430
|
8957.496
|
7526.448
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1273.974
|
1133.118
|
1133.506
|
|
|
Sundry Creditors |
307.740
|
251.251
|
0.000
|
|
|
Provisions |
1153.717
|
977.891
|
953.530
|
|
Total
Current Liabilities |
2735.431
|
2362.262
|
2087.036
|
|
|
Net Current Assets |
7399.999
|
6595.234
|
5439.412
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9317.938 |
8291.047 |
7068.531 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9744.057 |
9832.731 |
8735.403 |
|
|
|
Other Income |
1111.272 |
925.629 |
739.468 |
|
|
|
TOTAL |
10855.329 |
10758.360 |
9474.871 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
4819.609 |
4762.567 |
4225.203 |
|
|
|
Personnel Expenses |
1439.521 |
1192.045 |
1037.205 |
|
|
|
Operating and other Expenses |
2007.420 |
2022.743 |
1797.589 |
|
|
|
TOTAL |
8266.550 |
7977.355 |
7059.997 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2588.779 |
2781.005 |
2414.874 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.743 |
3.405 |
1.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2588.036 |
2777.600 |
2412.95 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
173.441 |
182.142 |
184.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2414.595 |
2595.458 |
2228.411 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
840.449 |
933.463 |
784.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1574.146 |
1661.995 |
1444.246 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6105.542 |
5040.867 |
4177.741 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
157.420 |
166.200 |
150.000 |
|
|
|
Dividend |
80.609 |
80.609 |
80.611 |
|
|
|
Tax on Dividend |
78.282 |
62.626 |
62.626 |
|
|
|
Proposed final Dividend |
380.005 |
287.885 |
287.883 |
|
|
BALANCE CARRIED
TO THE B/S |
6983.372 |
6105.542 |
5040.867 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2770.000 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
68.35 |
72.16 |
NA
|
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2010 |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2683.000 |
2905.000 |
2936.000 |
3072.000 |
|
Total Expenditure |
2150.000 |
2280.000 |
2331.000 |
2658.000 |
|
PBIDT (Excl OI) |
533.000 |
625.000 |
605.000 |
414.000 |
|
Other Income |
57.000 |
63.000 |
133.000 |
136.000 |
|
Operating Profit |
590.000 |
688.000 |
738.000 |
550.000 |
|
Interest |
0.0000 |
0.000 |
0.000 |
29.000 |
|
PBDT |
590.000 |
688.000 |
738.000 |
521.000 |
|
Depreciation |
43.000 |
47.000 |
53.000 |
54.000 |
|
Profit Before Tax |
547.000 |
641.000 |
685.000 |
467.000 |
|
Tax |
186.000 |
217.000 |
212.000 |
175.000 |
|
Profit After Tax |
361.000 |
424.000 |
473.000 |
292.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
757.000 |
|
Net Profit |
361.000 |
424.000 |
473.000 |
1049.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
14.50
|
15.44
|
15.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.78
|
26.40
|
25.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.58
|
24.37
|
25.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.31
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.28
|
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.70
|
3.79
|
3.61 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
31.12.2007 (Rs. in millions) |
|
Sundry Creditors |
307.740
|
251.251
|
NA
|
MANAGEMENT DISCUSSION
AND ANALYSIS:
PHARMACEUTICAL
MARKET:
Total pharmaceutical market in
The Company has a market share of 1.63% in the Pharma market. Five brands of the Company, Cardace®, Combiflam®, Amaryl®, Lantus® and Allegra® feature in the top 100 brands of the Indian pharmaceutical market. Cardace® is the 23rd largest brand and Combiflam® is the 28th largest brand.
SALES AND
PROFITABILITY:
During the year ended 31st December 2009, the Company had net sales of
Rs.9744.000 millions as against Rs.9833.000 millions during the previous year.
This represents a decline of 0.9%.
The
decline was due to the discontinuance of distribution of the anti rabies
vaccine, Rabipur from 19th February 2009. Excluding the impact of Rabipur
distribution, comparable sales growth for the year under review was 11.5%.
Profit before Tax increased by 6.97% from Rs.2596.000 millions to Rs.
2415.000 millions. Excluding Rabipur, the growth would have been 7.9%.
MAJOR BRAND PERFORMANCE
REVIEW
Cardace®
touched the coveted Rs.1000.000 millions mark in sales in the
fifteenth year of its launch. It is only the second brand in chronic therapy to
achieve this distinction in the Indian pharmaceutical market. It continues to be
the No.1 cardiovascular brand. It had a growth of 13.3% over the previous year.
Lantus®
had a sales growth of 38.6%. It has a market share of 8.7%. It
has become the third largest insulin brand in the last quarter of 2009.
Amaryl®
celebrated 10 years of its launch in
Apidra®,
in its first full year of launch, has achieved a market share of
2% in the rapid acting insulin analogue segment.
Cetapin®
group grew at 64%. Within three years of its launch it has
become the No. 4 metformin brand and has a 6% market share.
Clexane®
grew at 3.4%. It continues to rank No.1 in the injectable
anti-coagulant market with a market share of 31.4% in the retail and hospital
market. It continues to face challenge from low priced generics.
Targocid®
registered a growth of 19%. It ranks No.1 in its defined market
and has a market share of 46.5% in the retail and hospital market.
Allegra®
group registered a growth of 18.4%. It has a market share of
7.8%. Allegra® is ranked No.1 in the oral market and solids market. Allegra®
Suspension is ranked No. 3 in the liquid anti-histaminic market.
The
Company received the prestigious OPPI Marketing Excellence Award for Allegra®.
With this, the Company has received the highest number of marketing excellence
awards in the Pharma industry.
Combiflam®
celebrated 25 years of its launch by recording a turnover of
nearly Rs.100 crores, a growth of 19.5%. Combiflam® group has a market
share of 4.6%. It ranks second in the NSAID combinations market.
Combiflam®
Cream, a line extension, was launched in the first quarter of
2009 and has surpassed expectations. It has generated a market share of 1.5% in
the heavily crowded topical anti-rheumatics market.
Soframycin®
recorded a marginal sales decline of 1.3%. A mailer campaign was
undertaken to revive the prescription base.
Avil®
recorded a growth of 6%. It continues to have volume leadership
in the anti histaminic market and enjoys a market share of 6.2%.
Daonil®
group recorded a growth of 2.9%.
Cosavil®
Flu which was launched in the rest of
Festal®,
Hostacyline® and Novalgin® registered growth rates between 13.8%
and 15%.
Baralgan®
D which was launched in 2008 in U.P. was launched in the rest of
the country in 2009.
Baralgan®
group (Baralgan® M, Baralgan® D and Baralgan® DM)
recorded a growth of 70%.
Sofradex®
recorded a marginal decline in sales of 2%.
Frisium®
recorded a growth of 22%. It is the No.1 anti-epileptic drug
(AED) in the uncontrolled epilepsy segment and the fourth ranked brand in the
AED market.
Taxotere®
had a growth of 4.5%. As part of your Company’s access programme
to make life saving drugs available to patients, the unit sales price of Taxotere®
was significantly reduced. The resultant unit sales increased more than 2.5
times and it was gratifying to observe that significantly more number of
patients were put on Taxotere®.
MANUFACTURING
OPERATIONS
The Ankleshwar plant achieved a record production of 4
billion tablets. New products were manufactured and launched in the domestic
Tier II markets. Supplies of Panadeine, Metformin granules and Glibenclamide
granules commenced from the
JOINT VENTURE WITH
NOVARTIS VACCINES And DIAGNOSTICS INC. (formerly called Chiron Corporation)
The
Company stopped distributing Rabipur, anti-rabies vaccine from 19th February
2009 following the award of the Arbitrator holding that the Distribution
Agreement between the Company and Chiron Behring Vaccines Private Limited
(CBVPL) for distribution of the said product was not renewed. CBVPL thereafter
appointed a new distributor.
As
there was nothing in the Joint Venture Agreement with Novartis Vaccines &
Diagnostics Inc. (NVD) or in law to prevent the Company from marketing and
distributing any other anti-rabies vaccine, the Company decided to market and
distribute the anti-rabies vaccine Verorab® of
NVD
filed an Arbitration Petition in the Bombay High Court against the Company
seeking an interim order restraining the Company from distributing Verorab®.
NVD also referred the dispute for arbitration before the International Court of
Arbitration of the International Chamber of Commerce (ICC).
The
Bombay High Court has passed an order restraining the Company from distributing
Verorab® until constitution of the Arbitral Tribunal by the ICC and for a period
of eight weeks thereafter. The Company has, therefore, stopped distributing
Verorab® which is now distributed directly by Sanofi Pasteur India Private
Limited.
The Company continues to hold 49% of the share capital of
CBVPL.
PROSPECTS FOR
2010:
The prospects for 2010 are expected to be reasonable barring
the risks of an unfavourable Drug Price Control Order. Export turnover is
likely to stay at current levels. New products will be launched in the Tier II
market and the Company will continue to invest in market expansion. The Company
also plans to launch line extensions of some existing products and also some
new products for sale in the domestic market. Cepacol and Cepasat lozenges are
planned to be exported to
Fixed Assets:
· Software
· Marketing and technical rights for formulations
· Technical know-how
·
·
· Building and Waterworks
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Motor Vehicles
Unaudited financial results for the Quarter and Nine months ended
September 30, 2010
(Rs. in millions)
|
Particulars |
Quarter Ended 30.09.2010 (Unaudited) |
Nine Months Ended 30.09.2010 (Unaudited) |
|
Net Sales |
2756.000 |
7985.000 |
|
Other
Operating Income |
180.000 |
539.000 |
|
Total |
2936.000 |
8524.000 |
|
Expenditure |
|
|
|
(Increase)/decrease
in stock in trade and work-in Progress |
(238.000) |
(68.000) |
|
Consumption
of raw materials |
943.000 |
2588.000 |
|
Purchase of
Traded Goods |
618.000 |
1432.000 |
|
Employee Cost |
394.000 |
1178.000 |
|
Depreciation |
53.000 |
143.000 |
|
Other
Expenditure |
614.000 |
1631.000 |
|
Total
Expenditure |
2384.000 |
6904.000 |
|
Profit from
Operations before Other Income and Interest |
552.000 |
1620.000 |
|
Other Income |
133.000 |
253.000 |
|
Profit Before
Interest |
685.000 |
1873.000 |
|
Interest |
0.000 |
0.000 |
|
Profit before
Tax |
685.000 |
1873.000 |
|
Tax Expenses |
212.000 |
615.000 |
|
Net Profit for the period |
473.000 |
1258.000 |
|
Paid- up Equity Share Capital (Face value of the share – Rs. 10) |
230.000 |
230.000 |
|
Reserves excluding revaluation reserves (as per
last audited balance sheet) |
---- |
---- |
|
Basic and diluted Earnings per share for the
period, for the year to date (not annualized) and for the previous year – Rs. |
20.57 |
54.70 |
|
Public shareholding |
|
|
|
Number of Shares |
9121035 |
9121035 |
|
Percentage of
Shareholding |
39.60% |
39.60% |
|
Promoters and promoter group shareholding |
|
|
|
Non - encumbered Number of Shares Percentage of Shares (as a % of the total shareholding of promoter and promoter group) Percentage of Shares (as a % of the total share capital of the company) |
13909587 100.00% 60.40% |
13909587 100.00% 60.40% |
NOTES :
- The above results were approved by the Board
of Directors of the Company at its Meeting held on October 25, 2010.
- In accordance with Clause 41 of the
Listing Agreement with the Stock Exchanges, the Company's Statutory
Auditors have conducted a 'Limited Review' of the Financial Results
for the nine months ended September 30, 2010.
- The Board of Directors had declared an
Interim Dividend of Rs. 4 per Equity share of Rs 10 for the year
ending December 31, 2010. The dividend (including Dividend Distribution
Tax) amounted to Rs.107 million. The said dividend was paid on
August 9 ,2010 through National Electronic Clearing
Service /Dividend Warrants.
4. The break up of Net Sales is as follows:
Rs.
in Millions
|
|
Quarter ended |
Quarter ended |
Growth % |
Nine Months ended Sept 30, 2010 |
Nine Months ended Sept 30, 2009 |
Growth % |
|
Domestic Sales-Others |
2320.000 |
2025.000 |
14.6% |
6469.000 |
5534.000 |
16.9% |
|
Domestic Sales-Rabipur |
0.000 |
0.000 |
-- |
0.000 |
92.000 |
-100.0% |
|
Export Sales |
436.000 |
560.000 |
-22.1% |
1516.000 |
1734.000 |
-13.2% |
|
Total Sales |
2756.000 |
2585.000 |
6.6% |
7985.000 |
7373.000 |
8.3% |
Excluding the impact of discontinuation of Rabipur distribution, comparable sales
growth for the nine months ended September 30, 2010 is 9.7%.
5. Throughout 2010, the Company will incur
planned expenditure in two critical projects-slated to be growth drivers
:
1. a) “Prayas”- a project to deliver high
quality low cost healthcare to the rural population ;and
2. b) Entering the Over The Counter
(OTC) market
- The Company
has a single business segment namely ‘Pharmaceutical Business’.
7. Information on investor complaints is
furnished below:
|
Pending as on |
Received during the quarter |
Disposed of during the quarter |
Pending as on |
|
Nil |
2 |
2 |
Nil |
|
|
|
|
|
- The figures
for the previous periods have been re-grouped, wherever
necessary.
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 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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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.