MIRA
INFORM REPORT
|
Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SURYA PHARMACEUTICALS LIMITED |
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Registered Office : |
Plot No. 85, HPSIDC Industrial Area, Baddi, The Nalagarh –
173 205, Himachal Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.03.1992 |
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Com. Reg. No.: |
06-23861 |
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CIN No.: [Company
Identification No.] |
L24232HP1992PLC023861 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLS14220D |
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PAN No.: [Permanent
Account No.] |
AABCS3001K |
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Legal Form : |
A Public Limited Liability Company. Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Manufacture, Exporter and Importer of Pharmaceutical Products. |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 12000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. General Financial position is satisfactory. Payments are reported as regular. The company can be considered normal for business dealings at usual trades 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 |
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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 |
LOCATIONS
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Registered Office/
Factory/Plants : |
Plot No. 85, HPSIDC Industrial Area, Baddi-173205,
District Solan, |
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Tel. No.: |
91-172-2779635 (8 Lines) / 91-1795-245350 |
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Fax No.: |
91-172-2779639 / 91-1795-245350 |
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91-9216345663 |
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E-Mail : |
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Website : |
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Area : |
80000 sq. ft./ 80,000 sq. ft.[Plant] |
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Location : |
Owned by company |
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Corporate
Office : |
SCO 164-165,
Sector 9-C, Madhya Marg, |
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Tel. No.: |
91-172-500-5000/1/2/3/4/5 |
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Fax No.: |
91-172-507-6000/1/2/3 |
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Email: |
pkjain@suryapharma.com |
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Websites: |
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Location : |
Leased |
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Corporate
Services Department : |
SCO-25, Sector-7, |
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Accounts Department : |
Accounts Deptt. 1232, Sector 18-C,
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Liason Office: |
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911, 9TH Floor, |
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D-168, Okhla Phase-1, |
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Factory/Plant : |
Tel.: 91-172-2565222 / 5011319 Fax: 91-172-2573130 Area : 14,00,000 sq. ft. Location : Owned
Tel.No.: 91-1795-246050 Fax: 91-1795-245350 Location : Owned
Tel.No.: 91-1762-507131-32 / 91-172-5005000 Fax: 91-1762-507130 / 91-172-5076000 Area: 20,000 sq. ft. Location : Owned
(Area: 80 Kanals , Location Leased)
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International
Offices : |
211,Bedok South Avenue 1,
01-01 SHANGHAI
OFFICE Room No-1408,14/F Surya Pharmaceutical,INC.,
44378 South Grimmer Boulevard, |
DIRECTORS
As On 31.03.2010
|
Name : |
Mr. Rajeev Goyal |
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Designation : |
Chairman and Managing Director |
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Address : |
H .no. 64,
Sector 9-A, |
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Date of Birth/Age: |
45 years |
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Qualification: |
Graduate |
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Experience: |
16 years |
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Address: |
64, Sector 9A, |
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Name : |
Mrs. Alka Goyal |
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Designation : |
Executive Director |
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Address : |
H .no. 64,
Sector 9-A, |
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Date of Birth/Age: |
42 years |
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Qualification: |
Post Graduate |
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Experience: |
16 years |
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Address: |
64, Sector 9A, |
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Name : |
Mr. Uday Shantaram Karnik |
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Designation : |
Director-Marketing |
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Date of Birth/Age: |
60 years |
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Qualification: |
M.Sc. |
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Experience: |
30 years |
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Address: |
Prashant , 34, |
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Name : |
Mr. S. M. Singla |
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Designation : |
Director Finance |
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Date of Birth/Age: |
35 years |
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Qualification: |
FCA |
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Experience: |
12 years |
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Address: |
Flat 402, GH 27, Sector 20, Panckula (Haryana) |
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Name : |
Mr. Deepak Arya |
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Designation : |
Nominee Director of IDBI |
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Name : |
Mr. S. M. Jain |
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Designation : |
Director |
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Date of Birth/Age: |
66 years |
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Qualification: |
FCWA |
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Experience: |
40 years |
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Address: |
475, Sector- 14, Gurgaon |
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Name : |
Mr. Anil Kumar Arya |
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Designation : |
Director |
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Address : |
G-7, Model Town III, |
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Date of Birth/Age: |
56 years |
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Qualification: |
Dip. Ayurveda |
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Experience: |
25 years |
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Address: |
G-7, Model Town-III, |
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Name : |
Mr. Abhey Kumar Jain |
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Designation : |
Director |
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Date of Birth/Age: |
70 years |
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Qualification: |
M.Sc.(Tech) Pharma |
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Experience: |
45 years |
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Address: |
158, Sector 18 A, |
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Name : |
Mr. Harish Dalmia |
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Designation : |
Director |
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Name : |
Mr. S. C. Popli |
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Designation : |
Director |
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Name : |
Mr. Kamal Kant Upadhyay |
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Designation : |
Nominee (IDBI) |
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Address : |
1502B, Sector 38-B, |
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Date of Birth/Age : |
42 years |
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Qualification: |
Graduate |
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Name : |
Mr. Abhishek Arya |
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Designation : |
Additional Director |
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Address : |
475, Sector 14, Gurgaon |
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Date of Birth/Age: |
32 years |
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Qualification: |
Graduate |
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Name : |
Dr. H.B.L Vohra |
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Designation : |
Additional
Director |
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Name : |
Dr. M.L Sharma |
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Designation : |
Additional
Director |
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Name : |
Mr. S.P. Sharma |
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Designation : |
Additional
Director |
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Name : |
Mr. Devinder Pal |
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Designation : |
Additional
Director |
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KEY EXECUTIVES
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Name : |
Mr. Rajansh Thukral |
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Designation : |
Company Secretary and Compliance Officer |
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Address : |
Surya Pharmaceutical Limited, SCO 164-165, Sector 9-D,
Madhya Marg, |
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Name : |
Mr. Sanjiv Sachdev |
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Designation : |
President |
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Name : |
Mr. P K Jain |
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Designation : |
VP- Finance and Accounts |
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Name : |
Mr. Hari Om Bhatia |
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Designation : |
President Corporate Finance |
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Name : |
Mr. M.M.S
Raju |
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Designation : |
Sr. Vice
President - Projects |
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Qualification: |
B.Tech, BE (Mechanical), PG Diploma in Industrial
Management. |
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Experience: |
26 years |
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Name : |
Mr. A K Behl |
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Designation : |
VP- Operations |
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Qualification: |
B.Tech (Chemical) |
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Experience: |
39 years |
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Name : |
Mr. Atul
Mehrotra |
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Designation : |
VP - Operations |
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Qualification: |
B.Pharma |
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Experience: |
31 Years |
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Name : |
Mr. Anurag
Kastwar |
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Designation : |
VP - Marketing (Formulations) |
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Qualification: |
M.Pharma, MBA |
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Experience: |
18 Years |
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Name : |
Mr. Arvind
Mouliah |
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Designation : |
VP - Marketing |
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Qualification: |
B.Sc. |
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Experience: |
30 Years |
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Name : |
Mr. Anil
Bansal |
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Designation : |
VP - Supply Chain Management, Plant Head (Banur) |
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Qualification: |
BE (Production) |
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Experience: |
23 Years |
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Name : |
Mr. Sanjay
Grover |
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Designation : |
VP - Strategy and Operations |
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Qualification: |
Bachelor of Business Administration |
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Experience: |
20+ |
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Name : |
Mr. Pramod
Kumar Jain |
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Designation : |
VP - Accounts and Finance |
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Qualification: |
M.Com, L.L.B, Co. Secretary |
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Experience: |
25 Years |
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Name : |
Mr. Jagjeet
Kaur |
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Designation : |
VP - HR and Admin |
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Qualification: |
MBA |
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Experience: |
14 Years |
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Name : |
Mr. Manjit
Singh Walia |
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Designation : |
AVP – Operations |
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Qualification: |
MBA (Marketing) |
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Experience: |
30+ years |
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Name : |
Mr. Arvind Mahajan |
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Designation : |
AVP - Finance |
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Qualification: |
CAIIB, MBA (Finance) |
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Experience: |
28 Years |
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Name : |
Mr. Raman
Goud |
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Designation : |
AVP - Business Development |
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Qualification: |
MEP |
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Experience: |
28 Years |
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Name : |
Mr. Kumar
Hari Bhushan |
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Designation : |
Sr. GM - RandD |
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Qualification: |
MSc(Organic chemistry), Ph.D (Organic Chemistry) |
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Experience: |
17 Years |
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Name : |
Mr. Vittal
Babu Adusumilli |
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Designation : |
Sr. GM - Business Development |
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Qualification: |
MBA ( Marketing) |
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Experience: |
29 + |
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Name : |
Mr. Rakesh
Vij |
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Designation : |
GM - Manufacturing |
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Qualification: |
M.Sc ( Analytical Chemistry), M.Phil and M.Tech |
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Experience: |
31 Years |
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Name : |
Mr. Naresh
Palta |
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Designation : |
GM - Purchase |
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Qualification: |
B.Sc Owners, Diploma in Pharmacy, PGDBA |
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Experience: |
18 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
32452550 |
16.84 |
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34811080 |
18.06 |
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|
67263630 |
34.90 |
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Total shareholding of Promoter and Promoter Group (A) |
67263630 |
34.90 |
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(B) Public Shareholding |
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|
47090 |
0.02 |
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|
47090 |
0.02 |
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|
46338244 |
24.04 |
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|
31797532 |
16.50 |
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|
5877649 |
3.05 |
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|
2859235 |
1.48 |
|
|
2645203 |
1.37 |
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|
1000 |
-- |
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|
213032 |
0.11 |
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|
83872660 |
45.07 |
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Total Public shareholding (B) |
86919750 |
45.09 |
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Total (A)+(B) |
154183380 |
79.99 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
38569000 |
20.01 |
|
Total (A)+(B)+(C) |
192752380 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
BUSINESS DETAILS
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Line of Business : |
Manufacture, Exporter and Importer of Pharmaceutical Products. |
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Products with ITC Code : |
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ITC CODE |
Product Description |
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294110-02 |
Ampicillin Trihydrate |
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294110-03 |
Amoxycillin Trihydrate |
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294110-04 |
Cloxacillin Sodium |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
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PRODUCTION STATUS as on 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Bulk Drug |
MT |
|
2340.00 |
2119.43 |
|
Formulation |
Nos in Lacs |
|
16020.00 |
1438.41 |
|
Menthol |
|
5400.00 |
6832.50 |
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Dry Syrup |
Nos in Lacs |
|
180.00 |
- |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Around 1000 |
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Bankers : |
Credit Limit: Rs.124.500 millions
Credit limit: Rs. 64.500 millions
Tel No. 91-161-2701699 Credit Limit: Rs.43.000 millions
· ICICI
Bank, 9-C, Credit limit: Rs.89.000 millions
· Federal
Bank, Sector 8, Credit limit: Rs.100.000 millions
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Facilities : |
Particular |
31.03.2010 (Rs. In Millions) |
|
SECURED LOAN Term Loan Working Capital Limit Vehicle Loan Interest Accrued and Due |
2887.129 3893.829 7.346 16.787 |
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Total |
6805.091 |
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||
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Particular |
31.03.2010 (Rs. In Millions) |
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UNSECURED LOAN Short Term loan from Banks Others |
274.842 1.162 |
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Total |
276.004 |
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||
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Banking
Relations : |
-- |
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Auditors : |
Bansal Mittal and Company |
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Chartered Accountants |
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Address : |
SCO 2935-36, 1st Floor, Sector 22-C, |
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Tel. No.: |
91-172-2707065 |
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Auditors : |
Aad and Associates |
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Chartered Accountant |
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Address : |
#1595, Sector 33D, |
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Subsidiaries: |
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Associates : |
(Unit of Surya Pharmaceuticals Limited)
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CAPITAL STRUCTURE
AS ON (31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,00,000 |
Equity Share |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,44,68,338 |
Equity Share |
Rs.10/- each |
Rs.144.683 Millions |
NOTE:
Out of which 675000 shares @ Rs.10/- each
issued as bonus shares and 70 shares @10/- each issued for consideration other
than cash
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 |
144.683 |
144.683 |
144.683 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2887.202 |
2156.412 |
1640.304 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3031.885 |
2301.095 |
1784.987 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6805.091 |
4665.766 |
2609.439 |
|
|
2] Unsecured Loans |
276.004 |
341.511 |
569.784 |
|
|
TOTAL BORROWING |
7081.095 |
5007.277 |
3179.223 |
|
|
DEFERRED TAX LIABILITIES |
132.172 |
141.841 |
134.648 |
|
|
|
|
|
|
|
|
TOTAL |
10245.152 |
7450.213 |
5098.858 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4279.800 |
3007.786 |
1919.013 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
54.953 |
2.535 |
2.527 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6572.584
|
3731.804
|
2368.964
|
|
|
Sundry Debtors |
1530.802
|
1373.123
|
832.306
|
|
|
Cash & Bank Balances |
179.076
|
82.293
|
337.211
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1226.523
|
1282.564
|
742.636
|
|
Total
Current Assets |
9508.985
|
6469.784
|
4281.117
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2618.146
|
1774.619
|
872.735
|
|
|
Other Current Liabilities |
979.356
|
246.323
|
92.594
|
|
|
Provisions |
21.703
|
17.362
|
144.668
|
|
Total
Current Liabilities |
3619.205
|
2038.304
|
1109.997
|
|
|
Net Current Assets |
5889.780
|
4431.480
|
3171.120
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
20.619 |
8.412 |
6.198 |
|
|
|
|
|
|
|
|
TOTAL |
10245.152 |
7450.213 |
5098.858 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11575.314 |
7515.259 |
5129.743 |
|
|
|
Other Income |
104.982 |
47.578 |
50.116 |
|
|
|
TOTAL (A) |
11680.296 |
7562.837 |
5179.859 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material |
8850.571 |
5574.637 |
3640.622 |
|
|
|
Selling Expenses |
157.605 |
113.415 |
74.324 |
|
|
|
Administration Expenses |
95.973 |
57.838 |
34.626 |
|
|
|
Excise Duty |
233.963 |
286.018 |
264.633 |
|
|
|
Personnel Expenses |
288.332 |
173.055 |
110.347 |
|
|
|
Other Expenses |
311.264 |
202.879 |
140.134 |
|
|
|
Increase/(Decrease) in Finished Goods |
8.787 |
(58.022) |
(0.725) |
|
|
|
TOTAL (B) |
9946.495 |
6349.820 |
4263.961 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1733.801 |
1213.017 |
915.898 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
623.618 |
411.583 |
260.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1110.183 |
801.434 |
655.309 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
205.548 |
160.450 |
93.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
904.635 |
640.984 |
561.741 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
144.029 |
79.692 |
144.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
760.606 |
561.292 |
417.145 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
21.703 |
17.362 |
14.468 |
|
|
|
Dividend Distribution Tax |
2.951 |
2.459 |
0.000 |
|
|
|
Income Tax |
5.162 |
25.364 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
730.790 |
516.107 |
402.677 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3412.195 |
2129.683 |
1652.124 |
|
|
TOTAL EARNINGS |
3412.195 |
2129.683 |
1652.124 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2099.806 |
1340.516 |
1318.826 |
|
|
|
Capital Goods |
138.446 |
48.899 |
NA |
|
|
TOTAL IMPORTS |
2238.252 |
1389.415 |
3627.667 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
52.57 |
38.79 |
31.07 |
|
QUARTERLY RESULTS
(UNAUDITED)
|
PARTICULARS |
30.06.2010 (Rs. In
Millions) |
30.09.2010 (Rs. In
Millions) |
31.12.2010 (Rs. In
Millions) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3577.560 |
3966.500 |
3980.890 |
|
Total Expenditure |
3038.710 |
3372.370 |
3313.790 |
|
PBIDT (Excl OI) |
538.850 |
594.130 |
667.100 |
|
Other Income |
25.040 |
15.550 |
13.980 |
|
Operating Profit |
563.890 |
609.680 |
681.080 |
|
Interest |
197.310 |
212.950 |
253.610 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
366.580 |
396.730 |
427.470 |
|
Depreciation |
75.010 |
75.180 |
77.540 |
|
Profit Before Tax |
291.570 |
321.550 |
349.930 |
|
Tax |
58.110 |
64.080 |
69.740 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
233.460 |
257.470 |
280.190 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
|
Net Profit |
233.460 |
257.470 |
280.190 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.51
|
7.42
|
8.05
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.82
|
8.52
|
10.95
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.56
|
6.76
|
13.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.27
|
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.53
|
3.06
|
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.63
|
3.17
|
3.86 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Punjab National Bank, State Bank of India, The Federal Bank
Limited, The Hongkong and Shanghai Banking Corporation Limited, Standard
Chartered Bank, Industrial Development Bank of India Limited and all other
Banks and Financial Institutions have directly or indirectly supported the
Company for meeting short term or Long Term and Working Capital financial needs
of the Company's expanding operations.
HISTORY
Subject is a Chandigarh-based pharmaceutical company with
four manufacturing facilities spread across three states of Himachal Pradesh,
Haryana and
The Company can be considered predominantly a bulk drug or Active
Pharmaceutical Ingredient (API) manufacturer, as formulations constituted less
than 4% of revenues in FY 2002-03, while the balance was contributed by API,
intermediaries and others. Subject is relatively a very small player in the current
context. Nevertheless, it has found a space in both domestic and overseas
market. In the domestic market, it has opted to become preferred supplier of
APIs to domestic pharma majors. In the overseas market, it has been focussing
on Far East, Middle East and
The company has offered 3.000 Millions equity shares of Rs.10 each at a premium
of Rs.35 each, aggregating Rs.135 millions. The issue proceeds will be
utilised, predominantly to augment working capital requirements at Rs.104.700
millions Plant and machinery for R and D amounting to Rs.23.300 millions and
for preliminary and public issue expenses of Rs.7.000 millions.
Rajeev Goal, who is currently the company's Managing Director, has promoted the company. The core promoters hold 36.41% stake in the company, which will come down to 25.98% post issue. The promoters friends and associates hold 63.58% stake in the company, which will come down to 45.34% post issue.
Over the past three yeas, the company's plant has been
operating around 60% capacity utilisation, due to paucity of working capital.
Of the proposed issue proceeds of Rs135.000 millions (including premium),
nearly 78% amounting to Rs.104.8 millions is towards augmenting working
capital. On successful completion of the issue, the company is hopeful of
scaling up the capacity utilisation of bulk drugs, intermediates as well as
formulations to 85% in 2003-04, 90% in 2004-05 and to 95% in 2005-06.
The company is presently fetching significant revenues from products like
Ampicillin, Amoxicillin, which have very low margins, but have significant
growth potential in terms of volume. While the company will optimally
capitalise on the growth potential and scale up volumes to improve capacity
utilisation and profitability, it has also planned to move up the value chain.
The company's strategy to move up the value chain is multifold. It plans to (a)
Increasing the share of higher margin compounds like Cephalexin, Cefadroxyl,
Loratadine, Dicloxacillin etc (b) develop new molecules in other therapeutic
areas like anti-ulcerants, anti-diabetes (c) Progressively shift to third
generation penicillin based cephalosporins like cefixime, cefuroxime, cefdinir,
cefporgyl etc, which are already ready for commercial launch (d) Increase the
share of regulated markets in the export revenues.
The company is focussed on manufacture of tablets and capsules for Pencilling G
based products, wherein it has strong presence in API segment. Given the
current relatively low level of activity, the company is supplying the
formulations on loan license basis to Indswift. This ensures that the company
does not end up spending huge amounts on promotion, distribution etc, which may
not be justified for current volumes. Further, the company plans to expand its
formulation business through tie-ups with few other major pharma companies.
The company has been funding its expansion projects predominantly through debt,
augmented by internal accruals. As a result, its interest and finance costs as
a percentage of year-end debt were very high at 22% in 2001-02, 17.3% in
2002-03 and 19.0% in the six months ended Sept'03. Given the low interest
regime prevailing in the country and the availability of the funds from the
current IPO, its interest costs can come down significantly, thereby powering
the bottomline.
EXPANSION/GROWTH PLANS AND OUTLOOK
During the year, Subject and its Group Companies continued its expansion
and growth spree to achieve new heights in Pharmaceutical segment. The Company
also continued to strengthen its global positioning in line with the vision of
the Company. The Company commissioned its API and sterile Plant at Sambha in J
and K in 2010. This would be the most advanced and state-of-art facilities and
infrastructure to manufacture APIs and sterile products as per USFDA norms. The
Company's next milestone lies in obtaining USFDA certification as early as
possible which will add another feather in there Cap and strenghten there
position further in Global Market.
The Company has already moved an application to the regulator. The
Company is also upgrading the infrastructure at the existing manufacturing
set-ups as well so as to make them USFDA compliant and gradually acquire the
certification for the same as well. During the year, the Company has started
its DMO processing Unit and a new division of Phytochemicals at Banur. The
Company also commenced its State-of-art process R and D Laboratory and CRAMS
unit at Banur. The Unit has been accorded recognition by the Deptt. of Science
and Technology, Govt. -of
During the current year, Surya Healthcare Limited, the subsidiary
Company of Subject has increased its number of Pharmacy Retail Stores to 52.
Starting from NCT of Delhi, the Company is opening its Pharmacy Retail Stores
in Punjab, Haryana and Tricity of Chandigarh, Panchkula, Mohali and Mumbai and
During the year, the Company has launched its own 12 brands of
formulations. The Company has started its Formulation divisions named Alexus,
Diagnostics and Devices Division named Altair and Generic Divison named Aegis.
The OTC Division will cover the private label products in Healthcare and FMCG
category. First Aid Kit in 3 variants, Milk Feeding Bottles,
INFORMATION TECHNOLOGY
The Company is continuously strengthening its IT department by making
investments in IT in strategic areas and simplifying processes with the
objective to reduce costs, leveraging quality information to enhance decisions
effectiveness and to achieve enhanced efficiencies in supply chain management.
CONSOLIDATED FINANCIAL RESULTS
The Consolidated Financial Results in terms of Clause 32 of the
Listing Agreement and prepared in accordance with Accounting Standard 21
asspecified in Companies (Accounting Standards)
MANAGEMENT
DISCUSSION AND ANALYSIS
Statements in the Management's Discussion and Analysis Report which seek
to describe the Company's objectives, projections, estimates, expectations or
predictions may be considered to be 'forward-looking statements' and are stated
as required by applicable laws and regulations. Actual results may differ
materially from those expressed or implied. Many factors including global and
domestic demand-supply conditions, prices, raw materials availability,
technological changes, changes in Government regulations, tax laws and other
statutes may affect the actual results, which could be differentfrom whatthe
Directors' envisage in terms offuture performance and outlook. Market data and
product analysis contained in this Report have been obtained from internal
Company reports and industry publications, but their accuracy and completeness
are not guaranteed and their reliability cannot be assured.
VISION
SPL endeavours to emerge as a leader in the integrated Pharmaceuticals
business by continually achieving and surpassing the highest standards in
quality driven manufacturing and sustainable development through environment
friendly practices. Surya Pharmaceutical will continuously provide value to all
stakeholders of the organization with a focus on innovation and core values
towards achieving excellence across all operations. SPL shall operate to become
world class multi product and multi-locational research based pharmaceutical
organization.
INDUSTRYOVERVIEW
The Indian pharmaceutical industry was estimated to be around US$13.2
billion in 2006-07. Of this, domestic consumption of Pharmaceuticals accounted
for nearly 57 percent while the rest 43 per cent was constituted by exports.
The total industry in 2010 will be approx. US$20 billion consisting of 59% of
domestic market and 41 % of the exports. In 2006, the market witnessed an
accelerated growth of more than 1 7 per cent, primarily on account of increased
clarity on tax reforms especially the Value Added Tax (VAT) implementation. The
country's pharmaceutical market is expected to maintain a healthy growth rate
of 12-13 percent and expected to cross the US$10 billion mark by 2010 and reach
approximately, US$12to 13 billion by 2012.
Furthermore,
During the current year 2009-10, Pharma was among the few sectors that
managed to expand its revenues despite global recession and financial crises.
Strong domestic demand, growing preference for generics worldwide and
favourable rupee-dollar exchange rate helped the Indian Pharmaceutical sector.
Aggregate income of the drugs and Pharmaceuticals companies for the first two
quarters of the current year grew by 13 percent and 7.8 percent respectively as
compared to previous year. As per Centre for Monitoring Indian Economy (CMIE),
the estimated growth in aggregate income for the next two quarters is 9.5
percent and 10.2 percent respectively.
GLOBAL SCENARIO
The
According to IMS, the Chinese market will rise from its current pharmaceutical
market world ranking of fifth to third by 2013, while
Over the next few years, approximately 50-60 new chemical biological
products are expected to be launched. About two-thirds of these products will
be specialist-driven, and manyofthem are aimed at niche indications and new
patient populations. In 2009, patients can expect new treatment options for
diabetes, rheumatoid arthritis, psoriasis, insomnia, thrombi's, acute coronary
syndrome, various types of cancer and meningitis. Potential launches in 2010
include therapies for resistant hypertension, osteoporosis, asthma, COPD and
pneumococcal disease. Some of these products are first-in-class with novel
mechanisms of action, while others offer different modes of treatment likely to
improve efficacy and patient compliance. There are 6-10 potential blockbusters
among expected launches in 2010 and2011.
INDIAN PHARMACEUTICAL MARKET
The domestic Pharma Industry has recently achieved some historic
milestones through a leadership position and global presence as a world class
cost effective generic drugs' manufacturer of AIDS medicines. Many Indian
companies are part of an agreement where major AIDS drugs based on Lamivudine,
Stavudine, Zidovudine, Nevirapine will be supplied to
Many Indian companies maintain highest standards in Purity, Stability
and International Safety, Health and Environmental (SHE) protection in
production and supply of bulk drugs even to some innovator companies. This
speaks of the high quality standards maintained by a large number of Indian
Pharma companies as these bulk actives are used by the buyer companies in
manufacture of dosage forms which are again subjected to stringent assessment
by various regulatory authorities in the importing countries. More of Indian
companies are now seeking regulatory approvals in
(ANDAs) in
BUSINESS OVERVIEW
The Company was incorporated in the year 1992 to set up a pharmaceutical
unit and initially a project to manufacture 3 MT per month of semi Synthetic
Penicillin i.e. Ampicillin, Amoxycillin and Cloxacillin was conceived and
commissioned in a record period of 4 months. SPL decided to expand
inorganically by acquiring the facilities of a sick unit located at Industrial
zone of Baddi in Himachal Pradesh. The unit was acquired from Himachal Pradesh
Financial Corporation and Himachal Pradesh State Industrial Development
Corporation.
The unit resumed commercial production in four months after complete
revamp and added capacity of 203 TPA thereby doubling it to 406 TPA at a total
cost of Rs. 74.900 million. The synergy of large capacity offered better-cost
efficiency and enabled the Company to strengthen its position in the
competitive market. The successes in the domestic market led to the need to
explore and tap the export potential. SPL started exports in 1995 in a very
small way and adopted exports, formally, as the thrust area and was accredited,
in 2001, the status of Export house for excellent export performance. The years
that followed, evidenced broad basing the geographical spread and this day SPL
exports to over 100clients in 90 countries and now SPL enjoys the status of a
Trading House. In the year 1997, SPL employed the services of Value Engineers
to study the process optimization and on their advice carried out
de-bottlenecking of capacity. The exercise resulted in better operational
efficiency besides enhancing the capacity to 703 TPA from 406 TPA.
In 1997, SPL carried out another backward integration and added the
capability to manufacture D-Phenyl Glycine Dane Salt for captive consumption.
In 1997, SPL realized the value of investments in R and D and as a matter of
policy set out a mission to apportion a fixed percentage of its revenue for
ongoing and continuous improvements in the process engineering, development of
non infringing new processes to manufacture products of high value addition and
to crack the new molecules. The further growth of Surya is largely premised on
the development of molecules developed by the in house R and D. In the year
2000, SPL acquired and merged the bulk drug facilities of Sam Biotech Limited
from Modi Group. The unit stands on 140000 sq. meters of land on
In the year 2000, SPL entered into formulation business by setting up of
state of the art manufacturing facility designed as per WHO-GMP with a capacity
to produce 90 million capsules per annum at another location at Baddi. The
capacity has since been enhanced to 972 million capsules, 630 million tablets
and 18 million bottles of dry syrups perannum. The Company kept up its
expansion spree and expanded the Banur unit Capacity in 2003. In 2003, the
Company made its initial public offer of 3 million equity shares of Rs.10 each
at a price of Rs.45 per share aggregating Rs.135 million in December, 2003.
Further, the Company issued FCCBs aggregating US$12 million in September, 2005
which were redeemed in September, 2008. During the financial year 2008-09, they
outsourced some of the intermediates like Dane Salt and utilised the capacity
for the manufacture of Bulk Drugs.
The company added another manufacturing facility of 4,500 tons in
processing of crude menthol oil to produce menthol and mint derivatives. The
plant currently enjoys ISO 22000:2005 certification from Alberk QA Teknik
Limited. Its current capacity is 5,400 tons per year. All the pharmaceutical
manufacturing units in 2009- 10 were accorded the 9001:2008 certification by
SGS. To take the advantage of growing pharmaceutical market and to facilitate
its entry in the regulated markets, SPL decided to embark upon the
cephalosporin manufacturing
During the year, Surya Healthcare Limited, the subsidiary Company of
Subject has increased its number of Pharmacy Retail Stores to 52. Starting from
NCT of Delhi, the Company has its Pharmacy Retail Stores in
During the year, the Company has launched its own 12 brands of
formulations. The Company has started its Formulation divisions named Alexus,
Diagnostics and Devices Division named Altair and Generic Divison named Aegis.
The OTC Division will cover the private label products in Healthcare and FMCG
category. First Aid Kit in 3 variants, Milk Feeding Bottles,
FINANCIAL REVIEW
The Gross income for the year ended 31.03.2010 was Rs. 11671.508
millions as compared to Rs. 7620.859 millions for the year ended
31.03.2009. The increase in turnover is around 53.15% mainly attributable
to shift from volume to value. The total expenditure for the year ended 31.03.2010
also increased by 54.25% as compared to the expenditure during the
previous year. Interest cost of the Company as a percentage of sales was
4.88% during the year against 4.78%
during the year 2008-09. As most of the projects, for which Term Loans
were availed went on stream during the period and are expected to achieve
the optimum performance in the current year and years thereafter, the
interest cost viz a viz sales is expected to be lower in the years to
come. The Net Profit for the year ended March, 2010 stands at Rs.
752.493 millions after providing for taxation against Rs. 533.469
millions during the previous year, hence recording a net increase of 41.05%.
INTERNAL CONTROL SYSTEMS
The Company has in place sound internal control systems commensurate to
its size, scale of business and complexity of operations. Clearly defined
policies and procedures and inbuilt checks and controls, supplement the
Internal Control procedures. A Well established and empowered system of
internal audits and control procedures independently reviews the financial and
operational controls and reports deviations, if any, and further enables course
correction, as and when required. The Company is constantly engaged in
practicing the best financial and operational control systems, as per
international practices and standards. The Company's Internal Audit team
carries out extensive audits throughout the year, across all functional areas
and submits its report to the Audit Committee of the Board of Directors. The
Audit Committee addresses significant issues raised bythe Internal and
Statutory Auditors.
CONTRIBUTION TO SOCIETY
The Company made its modest beginning in year 1993 with total turnover
of Rs. 50.000 Millions and export to one Country. In the financial Year
2009-10, the turnover is Rs. 11570.000 Millions with exports to more than 90
countries. The Company has been earning huge Foreign Exchange for the country.
During the year 2009-10, the Company earned Foreign Exchange of over Rs.
3412.195 millions hence contributing significant Foreign Exchange to the Govt.
of India Treasury, The Company has employed over 1500 persons. The Company has
developed various processes through its consistent R and D which has resulted
into economization. The Company has developed various products in
OTHER
INFORMATION:
Amalgamation
Pursuant to the Scheme of Amalgamation of the Sam Biotech Limited with the company, as approved by the shareholders and sanctioned by the Hon'ble Punjab and Haryana High Court on 26.07.2001 and by the Hon'ble Himachal Pradesh High Court on 14.08.2001, the assets and liabilities of Sam Biotech Limited stand transferred to and vested in the company with retrospective effect from 01.04.2000 being the effective date.
The amount standing to the credit of capital suspense accounts represents shares of Subject to be allotted to the original subscribers of Sam Biotech Limited after transfer date.
The company maintained the pace of sustained growth, reported to increase in turnover by 30% and the profits increased by 5%.
The year 2002 was momentous for the company’s operations. A number of landmarks achievements during the year had laid the foundation for future growth. Some of these accomplishments include:
- Development of new molecules i.e. Desloratadine by own R and
D. Desloratadine is advanced
version of Loratadine (a non sedative anti histamine and is among the
highest selling over counter drugs in
- Development and Commercialisation of D-PHPG base by own R and D. This is a raw material / intermediate required for the production of Amoxycillin, Cefadroxil which are also produced by the company.
- Export House, ISO 9002
Contingent Liabilities:
(Rs. In Millions)
|
Sr. No |
Particulars |
|
31.03.2010 |
|
i |
Foreign/ Inland Letter of Credit |
|
357.689 |
|
ii |
Bank Guarantees |
|
8.892 |
|
iii |
Corporate Guarantee (SHL) |
|
108.582 |
|
iv |
Bills Discounted (FOBN) |
|
341.327 |
|
v |
Claims against the Company not
acknowledged as debt as on 31.03.2010 in respect of : |
||
|
a |
Income Tax matters, pending decisions on
various appeals made by the company and by the department. |
||
|
i) Cases for A.Y.
2000-01, 2001-02, 2003-04,2004-05 & 2005-06 are remanded back by ITAT to Assessing Officer for reframing the case. |
|
No Demand |
|
|
ii) Case for A.Y.
2006-07 is pending with Tribunal. |
|
Demand Notice 8.972 Millions |
|
|
iii) Case for A.Y.
2007-08 is under processing with CIT(A). |
|
Demand Notice 64.947 Millions (Rs. 0.125 Millions deposited under protest, till 31.03.2010.) |
|
|
b |
Excise matters, under dispute |
|
159.148 |
|
c |
Sales Tax matters, under dispute |
|
15.581 |
|
d |
Service Tax, under dispute |
|
2.488 |
|
e |
Customs Act |
|
31.327 |
TRADE REFERENCE:-
- Sultan Chand Bimalprakas Limited
Darya Ganj,
- Hindustan Max-GB Limited
Hal Complex, Pimpri, Pune – 411
018,
Tel No. 91-20-7425342
Contact Person : Mr. M. L. Sharma
- Cleo Singapore Pte Limited,
- Daurala Organics Limited,
Tel No. 91-11-23354061
Contact Person : Mr. P. K.Khanna
- Marsing and Company Limited,
- Chemphar,
- Siemsgluss and Sohn GmbH and Company,
- Helm Hong Kong,
- Summit Chemicals Asia Pte Limited,
- Delcray Cables (Private) Limited
- Glacier Irons and Gases Limited
- Hari Orgo Chem Private Limited
- Kedia Chemicals Industries Limited
- Real Gas and Chemicals Private Limited
- Chemplast Sanmar Limited
Harsha Bhawan, II Floor, 'E' Block,
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2009
|
Particulars |
|
Quarter ended 30.06.2010 (Unaudited) |
|
Net Sales / Income from Operations |
|
3577.560 |
|
Total |
|
3577.560 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
|
(676.740) |
|
(b) Consumption of Raw Materials |
|
3462.630 |
|
(c) Employees Cost |
|
90.140 |
|
(d) Depreciation |
|
75.010 |
|
(e) Other Expenditure |
|
162.680 |
|
Total Expenditure |
|
3113.720 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
|
463.840 |
|
Other Income |
|
25.04 |
|
Profit/(Loss) before Interest and Exceptional items |
|
488.880 |
|
Interest |
|
197.310 |
|
Profit / (Loss) after interest before Exceptional items |
|
291.570 |
|
Exceptional Items |
|
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
|
291.570 |
|
Tax expenses |
|
58.110 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
|
233.460 |
|
Extraordinary Items |
|
-- |
|
Net Profit/(Loss) for the period |
|
233.460 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
|
144.680 |
|
Reserves (Excluding Revaluation Reserves) |
|
-- |
|
Public Share
Holding |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic |
|
16.14 |
|
-Diluted |
|
16.14 |
|
After Extraordinary Items |
|
|
|
-Basic |
|
16.14 |
|
-Diluted |
|
16.14 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
|
8691975 |
|
- Percentage of shareholding |
|
60.07 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
|
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
|
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
|
Nil |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
|
5776363 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
|
100 |
|
- Percentage of Share (as a % of the total share capital of the company) |
|
39.92 |
Notes:
1 The above results have been
reviewed by the Audit Committee
on 14.08.2010 and taken on record by the Board of Directors at its meeting held on 14.08.2010.
2 The above
results have undergone Limited Review by the Statutory Auditors of the Company.
3 There was no
pending Investors Complaints on 30.06.2010.
4 Provision for
Deferred tax liability as per AS 22 will be made in the audited Results.
5 The Company
operates in only one segment.
6 Surya Healthcare
Limited, company’s subsidiary has set up
52 Pharmacy Retail Stores under brand name of VIVA" on the date of
meeting.
7 During the
Quarter , the Company commissioned one
of its Plants at its Greenfield Project at
8 Figures have been regrouped/rearranged wherever considered necessary.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- R and D Assets
- Miscellaneous Assets
- Electrical and Fittings
- Computers
- Pollution Control Equipment
- Furniture and Fixtures
- Motor Vehicle
AS PER WEB SITE DETAILS:
PROFILE:
Subject was established in 1992, with a vision towards
Empowering Life and well being, and has rapidly emerged as the premier
integrated pharmaceutical company in
The company is one of the largest manufacturers and exporters of Mint / Menthol derivatives and also manages state of the art research and development centres that offer the highest quality of Contract Research and Manufacturing Services. Over the years, Subject has established a global footprint in fulfilling the requirements of clients across 90 countries.
At Surya Pharmaceutical, they believe that if they take care of the present, they inspire a better future. It is this vision towards a disease-free world, a sustainable natural environment and a healthy global population, that supports there commitment to ensure the highest quality of products and services towards offering unparalled care to there clients, and to the larger community.
Subject is the flagship company of Surya Corp which has
business interests in Healthcare, Education, Infrastructure and Communications.
The company is an ISO 9001-2008, WHO GMP certified organization with six
state-of-the-art manufacturing units positioned in multiple locations across
the northern region in
The company currently supports a personnel base of more than
2500 employees in locations across
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. 44.38 |
|
|
1 |
Rs. 73.88 |
|
Euro |
1 |
Rs. 65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
60 |
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.