MIRA
INFORM REPORT
|
Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
IPCA LABORATORIES LIMITED |
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Registered
Office : |
48, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400067, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.10.1949 |
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Com. Reg. No.: |
11-007837 |
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Capital
Investment / Paid-up Capital : |
Rs.251.400 millions |
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CIN No.: [Company Identification
No.] |
L24239MH1949PLC007837 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05234F |
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PAN No.: [Permanent Account No.] |
AAACI1220M |
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Legal Form : |
A Public Limited Liability Company. The Company Shares are Listed on
the Stock Exchange |
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Line of Business
: |
Manufacturing and Selling of Pharmaceutical Products such as Tablets/Capsules,
Orals/Liquids, Injectables, Basic Drugs/Intermediates and Psyllium Husk. |
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|
|
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No. of
Employees: |
6269 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 42000000 |
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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 an old and well established company having good track.
Financial of the company appears to be good. Trade relations are fair.
Business is active. Directors are reported to be experienced and respectable
businessmen. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings under
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 PARTED BY
|
Name : |
Mr. Prakash Nayak |
|
Designation : |
Deputy General Manager – finance |
|
Contact No.: |
91-22-66474444 |
LOCATIONS
|
Registered Office/ International Marketing : |
48, Kandivli Industrial Estate, Kandivali (West), Mumbai- 400067, |
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Tel No.: |
91-22-66474444 |
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Fax No.: |
91-22-28686613 |
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E-Mail : |
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Website : |
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Corporate Office : |
142 AB, Kandivli Co-operative Industrial Estate Limited,
Kandivli (West), Mumbai-400067, |
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Tel No.: |
91-22- 66474747 |
|
Fax No.: |
91-22- 6647 4757/28686954 |
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Domestic Marketing : |
IPCA House, 63-E, Kandivli Co-operative Industrial Estate Limited,
Kandivli (West), Mumbai – 400067, Maharashtra, India |
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Te. No. : |
91-22-66474222 |
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Fax. No. : |
91-22-66474114 |
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Research and development center : |
123-AB, 125 and
126, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400 067, |
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Tel No.: |
91-22-28684787/
2867/ 28683589/ 28674518/ 66474755 |
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Fax No.: |
91-22-28683589/
66474757 |
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Plant : |
P. O. Sejavata, Ratlam – 457002, Madhya Pradesh, India Tel: -91-7412-278000 Fax:-91-7412-279083 Plot No. 89-A-D/90/91, Industrial Estate, Pologround, Tel: -91- 731-24211 72/2081 Fax:-91-731- 2422082 Plot No, 69 to 72 (B), Sector II, Kandla Free Trade Zone,
Gandhidham - 370 230, Tel: 91-2836-252385/389 Fax:-91-2836-252313 Plot No, 255/1, Village Athal, Sllvassa - 396 230, Dadra
and Nagar Haveli (U.T.), Tel : -91-260-2640301 Fax- 91-260-2640303 Plot No. 65 and 99, Danudyog Industrial Estate, Silvassa -
396 230, Dadra and Nagar Haveli (U.T.), Tel:-91-260-2640850 Fax:-91-260-2640646 H-4, MIDC, Waluj,
Aurangabad-431 136, Tel: -91-240- 2564993 Fax:-91-240-2564113 C-6, Sara Industrial Estate, Tel: -91-135-6542228 Fax:-91-135- 2728766 1, Pharma Zone, SEZ Tel: -91-7292-256084 Fax:-91-7292-256085 Plot No. 393/394, Melli Jorethang Road, Gom Block, Bharikhola, South
District Sikkim - 737121 Tele: 91-3595-276372 Fax: 91-03595-276372 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. R. S. Hugar |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Premchand
Godha |
|
Designation : |
Managing Director |
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|
Name : |
Mr. M. R.
Chandurkar |
|
Designation : |
Director |
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Name : |
Mr. Babulal Jain |
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Designation : |
Director |
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Qualification |
C. A. |
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Profile |
He is practicing
Chartered Accountant by profession. He is also the Chairman of the Audit
Committee of the Company. He has professional experience of over 25 years in
the field of Audit, Finance, Company Law and Taxation. His professional
knowledge and vast experience will be of immense benefit to the Company. |
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|
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|
Name : |
Dr. V. V. Subba
Rao |
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Designation : |
Director |
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Qualification |
Science Post
Graduate in Chemistry and Ph.D. |
|
Other
Directorship |
Pratista
Industries Limited |
|
Profile |
He has also
carried out post doctoral research in surface Chemistry in |
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|
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Name : |
Mr. A. T. Kurse |
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Designation : |
Director |
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Name : |
Mr. Pranay Godha |
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Designation : |
Executive
Director |
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Name : |
Mr. A. K. Jain |
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Designation : |
Joint Managing
Director |
KEY EXECUTIVES
|
Name : |
Mr. Harish P.
Kamath |
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Designation : |
Company Secretary
and Vice President – Legal |
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|
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|
Name : |
Mr. J. L. Nagori |
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Designation : |
President –
Operation |
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|
Name : |
Dr. Ashok Kumar |
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Designation : |
President - R and
D Chemicals |
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Name : |
Mr. M. D. Sharma |
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Designation : |
President –
Domestic Marketing |
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Name : |
Mr. Y. K. Bansal |
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Designation : |
President – R and
D (Formulations) |
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|
Name : |
Mr. Prakash
Shanware |
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Designation : |
President – HR |
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|
Name : |
Mr. N. Guhaprasad |
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Designation : |
President - International Marketing |
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|
Name : |
Dr. Anil Pareek |
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Designation : |
President –
Medical Affairs and Clinical Research |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10,667,946 |
8.48 |
|
Bodies Corporate |
47,219,480 |
37.53 |
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Sub Total |
57,887,426 |
46.01 |
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|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
57,887,426 |
46.01 |
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|
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(1) Institutions |
|
|
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|
27,871,111 |
22.15 |
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|
28,000 |
0.02 |
|
Insurance Companies |
39,384 |
0.03 |
|
Foreign Institutional Investors |
11,815,076 |
9.39 |
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|
39,753,571 |
31.59 |
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|
|
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Bodies Corporate |
12,817,118 |
10.19 |
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|
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Individuals |
|
|
|
|
11,906,441 |
9.46 |
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Individual shareholders holding nominal
share capital in excess of Rs. 0.100 Million |
2,105,946 |
1.67 |
|
|
|
|
|
Any Others
(Specify) |
1,357,153 |
1.08 |
|
Clearing Members |
172,039 |
0.14 |
|
Market Maker |
4,684 |
- |
|
|
718,654 |
0.57 |
|
Non Resident Indians |
461,776 |
0.37 |
|
Sub Total |
28,186,658 |
22.4 |
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|
|
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|
Total Public
shareholding (B) |
67,940,229 |
53.99 |
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|
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Total (A)+(B) |
125,827,655 |
100 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
(2) Public |
- |
- |
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Sub Total |
- |
- |
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|
|
|
Total (A)+(B)+(C) |
125,827,655 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Pharmaceutical Products such as Tablets/Capsules, Orals/Liquids,
Injectables, Basic Drugs/Intermediates and Psyllium Husk. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Tablets/
Capsules |
Lacs |
166090 |
129086 |
|
Orals/Liquids |
Lacs |
238 |
420 |
|
Injectables |
Lacs |
138 |
582 |
|
Basic Drugs/
Intermediates |
Tones |
4380 |
3814 |
NOTES
a)
As the industrial licensing in respect of drugs and
pharmaceuticals produced by the Company has been abolished under the Industrial
Policy, the particulars of licensed capacity are not stated.
b)
Installed capacity, being of a technical nature is
not verified by the Auditors.
c)
Production of basic drugs/intermediates includes
1459 tonnes (Previous year 1088 tonnes) used for captive consumption.
d)
Production includes production under contract
manufacturing.
e)
Previous year’s figures are given in bracket.
GENERAL INFORMATION
|
No. of Employees : |
6269 (Approximately) |
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Bankers : |
·
Canara Bank ·
Corporation Bank ·
ICICI Bank ·
HDFC Bank ·
HSBC Bank ·
Standard Chartered Bank ·
UBS AG ·
BNP Paribas ·
Bank of Baroda ·
DBS Bank Limited ·
Citi Bank ·
Kotak Mahindra Bank ·
Barclays Bank PLC |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Natvarlal Vepari and Company Chartered Accountants |
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Associates: |
·
Paschim Chemicals Private Limited ·
Tonira Pharma Limited ·
Makers Laboratories Limited |
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Joint Venture Company: |
· Activa Pharmaceuticals (FZC), UAE. (Liquidated on 09.03.2010) |
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Subsidiaries : |
·
Laboratories Ipca Do Brasil Limited, Brazil ·
Ipca Pharmaceuticals, Inc., USA ·
Ipca Laboratories U.K. Limited, United Kingdom ·
Ipca Pharma (Australia) Pty Limited, Australia ·
Ipca Pharma Nigeria Limited, Nigeria ·
National Druggists (Pty) Limited South Africa ·
Ipca Pharmaceuticals (Shanghai) Limited ·
Ipca Pharmaceuticals Limited. SA de CV, Mexico ·
Ipca Traditional Remedies Private Limited |
|
|
|
|
Step-down
Subsidiaries: |
·
Ipca Pharma (NZ) Pty Limited, New Zealand. |
CAPITAL STRUCTURE
AS ON 28.07.2011
Authorised Capital : Rs.450.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.251.655
Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
225000000 |
Equity Shares |
Rs.2/- Each |
Rs.450.000 millions |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126987500 |
Equity Shares |
Rs.2/- Each |
Rs.254.000
millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125706405 |
Equity Shares |
Rs.2/- Each |
Rs.251.400
millions |
|
|
|
|
|
Of the above:
(i) 48,200 Equity Shares of Rs. 10 each have been issued as fully paid for consideration other than cash
(ii) (a) 84,00,000 Equity Shares of Rs.10/- each fully paid have been issued as Bonus Shares by capitalisation of General Reserve
(b) 1,25,00,000 Equity Shares of Rs.10/- each fully paid have been issued as Bonus Shares by capitalisation of Share Premium
(iii) Aggregate Shares issued under Employees Stock Option Scheme (ESOS): 19,87,500 Equity Shares of Rs.2/- each (Previous year 15,08,750 Equity Shares)
(iv) 2,56,219 Equity Shares of Rs.10 each have been extinguished under Buy back Scheme
NOTE:
Equity Share of Rs.10 each have been sub-divided into five equity shares of Rs.2/- each pursuant to the resolution passed by the shareholders at the Extra Ordinary General Meeting held on 25th February, 2010
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
251.400 |
250.400 |
249.900 |
|
|
2] Share Application Money |
0.000 |
0.100 |
0.300 |
|
|
3] Reserves & Surplus |
10287.200 |
8498.200 |
6135.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10538.600 |
8748.700 |
6385.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4272.500 |
3790.800 |
3316.200 |
|
|
2] Unsecured Loans |
1035.600 |
749.000 |
1191.300 |
|
|
TOTAL BORROWING |
5308.100 |
4539.800 |
4507.500 |
|
|
DEFERRED TAX LIABILITIES |
807.300 |
793.100 |
651.100 |
|
|
|
|
|
|
|
|
TOTAL |
16654.000 |
14081.600 |
11544.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6978.200 |
6364.700 |
5630.300 |
|
|
Capital work-in-progress |
1131.500 |
382.800 |
166.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
489.400 |
494.200 |
570.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4625.100
|
3708.400
|
2998.300 |
|
|
Sundry Debtors |
4663.100
|
3919.100
|
3427.700 |
|
|
Cash & Bank Balances |
84.400
|
82.900
|
64.200 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1159.900
|
1215.400
|
821.800 |
|
Total
Current Assets |
10532.500
|
8925.800
|
7312.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
934.600
|
697.500
|
654.600 |
|
|
Other Current Liabilities |
1123.000
|
1141.700
|
1281.100 |
|
|
Provisions |
420.000
|
246.700
|
199.800 |
|
Total
Current Liabilities |
2477.600
|
2085.900
|
2135.500 |
|
|
Net Current Assets |
8054.900
|
6839.900
|
5176.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16654.000 |
14081.600 |
11544.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18659.200 |
15455.500 |
12653.200 |
|
|
|
Other Income |
236.200 |
134.000 |
102.500 |
|
|
|
TOTAL (A) |
18895.400 |
15589.500 |
12755.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material
Cost and Inventory Adjustments |
7675.700 |
6409.500 |
4981.800 |
|
|
|
Personal cost |
2615.900 |
2163.800 |
1842.900 |
|
|
|
Manufacturing and Other Expenses |
4734.500 |
3604.900 |
3230.400 |
|
|
|
Foreign Exchange Transaction |
(433.400) |
(57.900) |
756.900 |
|
|
|
Provision for Diminution in value of investments |
0.000 |
30.300 |
0.500 |
|
|
|
TOTAL (B) |
14592.700 |
12150.600 |
10812.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4302.700 |
3438.900 |
1943.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
311.400 |
258.300 |
303.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3991.300 |
3180.600 |
1639.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
554.300 |
463.300 |
392.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3447.000 |
2717.300 |
1246.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
893.300 |
625.400 |
334.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2553.700 |
2091.900 |
912.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1527.000 |
1519.500 |
1497.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture
Redemption Reserve |
150.000 |
150.000 |
50.000 |
|
|
|
General
Reserve |
2000.000 |
1525.400 |
517.200 |
|
|
|
Interim
Dividend |
251.300 |
224.900 |
176.000 |
|
|
|
Proposed
Final Dividend |
150.800 |
125.200 |
99.900 |
|
|
|
Proposed
Dividend of previous year reversed on
Shares bought back |
0.000 |
(0.100) |
0.000 |
|
|
|
Tax
on dividend |
66.200 |
59.000 |
46.900 |
|
|
BALANCE CARRIED
TO THE B/S |
1462.400 |
1527.000 |
1519.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
9829.000 |
7833.200 |
6574.000 |
|
|
|
Dividend
and interest |
5.400 |
10.700 |
0.000 |
|
|
|
Proceeds
received on disposal of Joint Venture |
0.00 |
2.300 |
0.400 |
|
|
|
Other Services charges |
31.100 |
11.000 |
35.600 |
|
|
TOTAL EARNINGS |
9865.500 |
7857.200 |
6610.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2210.200 |
1897.100 |
1495.700 |
|
|
|
Packing Material |
26.600 |
57.000 |
43.300 |
|
|
|
Trade goods |
118.000 |
89.000 |
12.900 |
|
|
|
Capital Goods |
381.700 |
409.600 |
209.400 |
|
|
|
Stores and machine component |
237.000 |
8.900 |
6.200 |
|
|
TOTAL IMPORTS |
2973.500 |
2461.600 |
1767.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.16 |
16.75 |
8.08 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5299.000 |
6235.000 |
6148.300 |
|
Total Expenditure |
4347.200 |
4926.100 |
5034.400 |
|
PBIDT (Excl OI) |
951.800 |
1308.900 |
1113.900 |
|
Other Income |
117.500 |
26.400 |
39.400 |
|
Operating Profit |
1069.300 |
1335.300 |
1153.300 |
|
Interest |
83.300 |
117.600 |
108.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
986.000 |
1217.700 |
1045.000 |
|
Depreciation |
154.100 |
175.800 |
181.200 |
|
Profit Before Tax |
831.900 |
1041.900 |
863.800 |
|
Tax |
215.200 |
262.300 |
224.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
616.700 |
779.600 |
639.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
616.700 |
779.600 |
639.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.42
|
7.15 |
13.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.58
|
9.85 |
16.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.07
|
9.63 |
17.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.20 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.33 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.28
|
3.42 |
3.83 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
No |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
BUSINESS DESCRIPTION
Subject
is an India-based pharmaceutical company with a thrust on exports. The Company's formulations business in India consists of 13 marketing divisions focusing on therapeutic segments, including two new divisions: Ipca Pain Management and Ipca Dynamix, which started operations from April 2011. As of March 31, 2011, the Company’s top 10 brand included Zerodol (Aceclofenac and Combinations), Lariago (Chloroquine), HCQS (Hydroxychloroquine), Perinorm (Metoclopramide), Rapither (Artemotil), Tenoric (Chlorthalidone + Atenolol), Lumerax (Artemether + Lumefantrine), Etova (Etodolac), Malirid (Primaquine) and Folitrax (Methotrexate). The dosage forms include tablets, capsules, oral liquids, dry powders for suspension, and injectables (liquid and dry). For the fiscal year ended 31 March 2010, IPCA Laboratories Limited's revenues increased 21% to RS15.69 B. Net income totaled RS2.05M, up from RS1.01B. Revenues reflect an increase in income from operations and higher other income. Net income also reflects a significant decrease in financial cost, the presence of foreign exchange gain vs. a loss and higher gross and operating profit margins of the company.
MANAGEMENT
DISCUSSION AND ANALYSIS
a)
Industry Structure
and Development
The global pharmaceutical market is now estimated to be US
$800 billion and is growing at a rate of about 5% per annum. US, Japan and
Europe constitute about 85% of the global pharmaceutical market and are growing
at a slower annual rate of about 4% mainly due to loss of exclusivity, lesser
new product approvals and price erosions due to generics competition.
In contrast, pharmaceutical market of emerging economies
like India, Brazil, Mexico, etc. are growing at a much faster rate of 12% – 16%
per annum driven by improved per capita income, increased access and rising
awareness of modern medicines and strengthening of healthcare infrastructure.
b)
Outlook, Risks and
Concerns
Though in the world pharmaceutical market, India has a share
of about 3% by value, India is recognized as one of the leading global players
with large number of drug master files and dossier registrations for Active
Pharmaceutical Ingredients (APIs) and formulations with manufacturing
facilities approved by regulatory authorities of the developed countries.
Indian companies are focusing on global generic and API business, R and D
activities and contract research and manufacturing alliances. India is also
fast emerging as a preferred pharmaceuticals manufacturing location.
Several multi billion dollar drugs going off patent over
next few years and increasing use of pharmaceutical generics in developed
markets to reduce healthcare cost will provide attractive growth opportunities
to generics manufacturers and thus Indian pharmaceutical industry is poised for
an accelerated growth in the coming years.
However, poor public healthcare funding and infrastructure,
low per capita consumption of medicines in developing and under developed
countries including India as well as currency fluctuations are a few causes of
concern.
c)
Financial
Performance and Operations Review
The Company had another successful financial year with a net
total income of Rs. 18895.400 Millions as against Rs. 15655.000 Millions in the
previous year, a growth of 21%.
The Company’s focus on formulations business resulted into
increase in overall formulation sales to Rs. 13881.200 Millions, an increase of
28% over previous year formulations sales of Rs. 10869.900 Millions.
The company further expanded its therapeutic coverage into Nephrology,
Urology and Neutraceuticals with introduction of new formulations, both in the
domestic and export markets, especially in the fast growing life style related
segments. The Active Pharmaceutical Ingredient (API) business also increased by
4% to Rs. 4778.000 Millions.
During the financial year, the Earnings before interest,
depreciation and foreign exchange translation gain increased by 12% to Rs.
3869.300 Millions as against Rs. 3446.500 Millions in the previous financial
year. The operations have resulted in a net profit of Rs. 2553.700 Millions
during the financial year as against Rs. 2091.900 Millions in the previous
financial year, an increase of 22%.
d)
International
Business
The products of the Company are now exported to over 110
countries across the globe. During the financial year, the international
business increased by 27% to Rs. 10251.800 Millions as against Rs. 8060.800
Millions in the previous year. Formulation exports of the Company increased by
41% to Rs. 6917.100 Millions and exports of APIs and Drug Intermediates
increased by 5% to Rs. 3334.700 Millions.
Europe
The Company achieved export sales of Rs. 3879.900 Millions
during the financial year as against sales of Rs. 3659.000 Millions in the
previous year, a growth of 6% from this continent.
The Company has developed and submitted 54 generic
formulation dossiers for registration in Europe out of which 42 dossiers are
already registered. The Company has also obtained certificate of suitability
(COS) of 34 APIs from European Directorate for Quality Medicines.
The Company has also stepped up the activity of registering
products in main EU markets. The Company has started exporting formulations to
few more European countries during the financial year.
Americas
The Company mainly exports its APIs to USA, Canada and South
American countries and formulations to USA, Panama, West Indies and few South
American countries in this sub-continent. The Company achieved sales of
Rs.2109.800 Millions in this continent as against Rs. 1551.700 Millions in the
previous year, a growth of 36%.
The Company is working on a list of formulations for
development and filing of ANDAs with US FDA. Most of these formulations are
from own APIs for which the Company has filed/ in the process of filing Drug
Master File (DMF). The Company has currently signed agreements with 3 marketing
partners for sale / distribution of generic formulations on a profit sharing
arrangement in the US market. 22 ANDA applications in respect of generic
formulations developed by the Company are filed with US FDA out of which 12
ANDA applications are granted till date.
The formulations manufacturing facility of the Company at
Indore SEZ, which is commercially ready since December 2008, is awaiting US FDA
inspection and approval. Once this facility is inspected and approved by US
FDA, the Company will be in a position to substantially scale up its US generic
business. The Company has signed agreements with marketing partners for sale/
distribution of generic formulations in Canadian market and under these
agreements, the Company has developed and filed few formulation dossiers for
registration in Canada and the formulations business from this country is
expected to commence in the ensuing financial year.
The Company’s wholly owned subsidiary in Mexico has started
activities of filing the formulation dossiers for registration in the said
country. The Company has started marketing its branded formulations in
Venezuela, Columbia and Peru in the Latin American market with a few product
registrations. Several more formulations dossiers are in the process of being
registered / submitted for registration in all these markets of Latin America.
Confederation of Independent States (CIS) The
Company’s CIS business recorded a sales of Rs. 779.400 Millions as against Rs.
687.600 Millions in the previous year, a growth of 13%. Most of the business is
from branded formulations sales in Russia, Ukraine and Belarus. The Company’s
branded formulations are marketed by its own field force appointed through its
non-trading offices. The Company is continuously expanding its product range
and geographical reach in the CIS market.
Asia
The Asian business (excluding India) recorded a sales of Rs.
1115.700 Millions as against Rs. 944.100 Millions in the previous year, a
growth of 18%. The Company exports formulations as well as APIs to several
Asian countries. In countries like Nepal, Srilanka, Myanmar, Philippines and
Vietnam, the Company markets its branded formulations through dedicated field
force. The field force and product range of the Company in Asian market is also
being expanded.
Africa
The Company achieved export sales of Rs. 2045.500 Millions
to Africa during the financial year as against Rs. 1064.600 Millions in the
previous year, a growth of 92%.
WHO pre-qualification of anti-malarial formulation of
Artemether + Lumefantrine helped the Company in increasing its anti-malarial
formulations business in the African market. The Company exports branded and
generic formulations as well as APIs to 20 African countries. The Company
markets branded formulations in countries like Uganda, Ghana, Ivory Coast,
Burkina Faso, Zimbabwe, Sudan, Tanzania, Kenya, Ethiopia and Nigeria through
dedicated field force.
The Company is expanding its branded formulations business
across this continent through expansion of field force and geographical
coverage and increase in the number of branded formulations marketed. Australasia The Company exports APIs to Australia and formulations to
Australia and New Zealand in this sub-continent. The business from this
continent was Rs. 321.500 Millions during the financial year as against Rs.
153.800 Millions in the previous year, a growth of 109%.
The Company is focusing on registering more formulation
dossiers in Australia and New Zealand through its wholly owned subsidiary
Company Ipca Pharma (Australia) Pty Limited, Australia and its wholly owned
subsidiary Ipca Pharma (NZ) Pty Limited, New Zealand.
e)
Domestic
Formulations Business
The Company’s formulations business in India now comprises
of thirteen marketing divisions focusing on key therapeutic segments including
2 new divisions – Ipca Pain Management and Ipca Dynamix which started
operations from April 2011. The brand
building was in evidence especially in chronic therapy segments such as
cardio-vasculars, anti-diabetics, newer anti-malarials and non steroidal
anti-inflammatory drugs (NSAID). During the year, the Company introduced 25 new
products in the domestic market. During the financial year, the domestic
formulations business recorded a growth of 16% at Rs. 6964.100 Millions as
against Rs. 5978.400 Millions in the previous year.
f)
Active
Pharmaceutical Ingredients (APIs) and Intermediates Business
During the financial year, the APIs and Intermediates
business recorded sales of Rs. 4778.000 Millions as against Rs. 4585.600
Millions in the previous financial year. Nearly 70% of the APIs and
Intermediates business is from exports. The Company exported APIs/Intermediates
to 95 countries across the globe. Most of the international customers of the
Company are end user formulations manufacturers including several multinational
companies (MNCs). 17 new APIs were commercialized during the financial year.
The Ratlam API manufacturing facility of the Company is
approved by regulatory agencies of US, Canada, Japan, Australia, UK and many
other European countries. The Company has also stepped up Drug Master File
(DMF) registration activities. 57 DMFs (previous year - 49 DMFs) of the Company
are currently filed with US FDA. The Company has also obtained Certificate of
Suitability (COS) for 34 APIs from European Directorate for Quality Medicines
(EDQM) for EU countries.
g)
Intellectual
Property Protection
The company has created intellectual property management
group within the Research and Development centers to deal with management and
protection of intellectual property. The company has filed as many as 196
patent applications till date as against 192 patent applications filed a year
ago in India, USA and other countries. These applications relate to novel and
innovative manufacturing processes for the manufacture of APIs and
pharmaceutical formulations.
The directors have pleasure in informing you that 75 patent
applications of the Company are since registered, 58 in India, 11 in US and 6
in the European Union.
h)
Manufacturing
Facilities
The Company’s new formulations manufacturing unit at Special
Economic Zone (SEZ) Indore meeting current Good Manufacturing Practices (cGMP) and
regulatory requirements of developed countries though commercialized in
December 2008, recently inspected and approved by UK-MHRA and small quantities
of generic formulations are currently manufactured from this plant and exported
to U.K.
The Company’s new formulations manufacturing unit at Sikkim
is expected to start commercial production in June 2011. The API manufacturing
facility at Ratlam was further expanded by adding new manufacturing blocks to
cater to growing manufacturing needs of APIs. The Company has taken effective
steps for setting up a new green field API manufacturing facility at Village
Ranu, Tehsil Padra, District –Vadodara (Gujarat).
i)
Internal Control
Systems
The Company has adequate internal control systems including
suitable monitoring procedures commensurate with its size and the nature of the
business. The internal control systems provide for all documented policies,
guidelines, authorisation and approval procedures. The Company has an internal
audit department which carries out audits throughout the year. The statutory
auditors while conducting the statutory audit, review and evaluate the internal
controls and their observations are discussed with the Audit committee of the
Board.
FIXED ASSETS
A.
Tangible Assets
- Land
- Buildings
- Plant and Machinery
- Effluent Treatment Plant
- Furniture
and Fixtures
- Vehicles
- Equipments
- Furniture
B.
Intangible
Assets
- Software
- Know-how
- Brands and Trademarks
UNAUDITED
FINANCIAL RESULTS
(RS. IN MILLIONS)
|
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2011 (Unaudited) |
30.09.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
Gross
Sales |
6189.800 |
6369.300 |
17983.600 |
|
Less: Excise Duty and sales Tax |
172.000 |
189.100 |
522.300 |
|
Net Sales |
6017.800 |
6180.200 |
17461.300 |
|
Other Operating Income |
130.500 |
54.800 |
221.000 |
|
Total Income |
6148.300 |
6235.000 |
17682.300 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
(41.900) |
(52.200) |
(207.500) |
|
b) Purchase of Traded Goods |
249.300 |
215.100 |
6395.800 |
|
c) Employees Cost |
249.300 |
215.100 |
691.600 |
|
d) Depreciation |
803.800 |
728.000 |
2367.500 |
|
e) Manufacturing and Other Expenditure |
181.200 |
175.800 |
511.100 |
|
f) Material Consumption |
2134.200 |
2271.700 |
6395.800 |
|
g) Total |
4816.800 |
4830.400 |
14148.500 |
|
|
|
|
|
|
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
1331.500 |
1404.600 |
3533.800 |
|
|
|
|
|
|
Other Income |
39.400 |
26.400 |
92.300 |
|
|
|
|
|
|
Profit Before Interest and Exceptional Items (3+4) |
1370.900 |
1431.000 |
3626.100 |
|
|
|
|
|
|
Interest |
108.300 |
117.600 |
309.200 |
|
Foreign Exchange Transactions / Translations (Gain) / Loss |
398.800 |
271.500 |
579.300 |
|
|
|
|
|
|
Profit After Interest but before Exceptional Items (5-6) |
863.800 |
1041.900 |
2737.600 |
|
|
|
|
|
|
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
Profit from Ordinary Activities before Tax (7+8) |
863.800 |
1041.900 |
2737.600 |
|
|
|
|
|
|
Tax Expense |
224.500 |
262.300 |
702.000 |
|
|
|
|
|
|
Net Profit from Ordinary Activities after Tax (9-10) |
639.300 |
779.600 |
2035.600 |
|
|
|
|
|
|
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
Net Profit for the period (11-12) |
639.300 |
779.600 |
2035.600 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
251.400 |
251.400 |
251.400 |
|
|
|
|
|
|
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
5.09 |
6.20 |
16.19 |
|
b) Basic and diluted EPS after extraordinary items |
5.08 |
6.20 |
16.18 |
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
-Number of Shares |
67818979 |
67818979 |
67818979 |
|
- Percentage of Shareholding |
53.95% |
53.95% |
53.95% |
|
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
7520400 |
7647900 |
7520400 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
12.99% |
13.21% |
12.99% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
5.98% |
6.08% |
5.98% |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
- Number of Shares |
50367026 |
50239526 |
50367026 |
|
- Percentage of Shares (as a % of the Total Shareholding of
Promoter and Promoter Group) |
87.01% |
86.79% |
87.01% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
40.07% |
39.97% |
40.07% |
NOTES:
1.
The above unaudited financial
results as reviewed by the Audit Committee, were approved and taken on record
by the Board of Directors in their meeting held on January 31, 2012.
2.
The Auditors of the
Company have carried out the limited review of the above unaudited financial results
in terms of clause 41 of the Listing Agreement.
3.
The Board has declared 2nd
interim dividend of Rs. 1/- per share (50%) for the financial year 2011-12 for
which 8th February, 2012 has been fixed as the record date for members’
entitlement of interim dividend.
4.
Subject to necessary
approvals, the board has decided to merge M/s. Tonira Pharma Limited with the
Company w.e.f. 1st April, 2011. The shares exchange ration fixed for
the merger is 6 Equity shares of the Company for every 100 equity shares of
M/s. Tonira Pharma Limited. No effect for the merger is given in the accounts
pending the necessary approval.
5.
The entire operations of
the Company relate to only one segment viz. ‘Pharmaceuticals.’
6.
Previous year’s figures have
been regrouped, wherever necessary.
7.
During the quarter, 9
investor grievances were received and all disposed off. No grievances were
pending either at the beginning or at the end of the quarter.
WEB SITE DETAILS
PROFILE
For more than 60 years, Subject has been partnering
healthcare globally in over 110 countries and in markets as diverse as Africa,
Asia, Australia, Europe and the US.
Subject is a fully-integrated Indian pharmaceutical company
manufacturing over 350 formulations and 80 APIs for various therapeutic
segments.
They are one of the world's largest manufacturers and
suppliers of over a dozen APIs. These are produced right from the basic stage
at manufacturing facilities endorsed by the world's most discerning drug
regulatory authorities like US-FDA, UK-MHRA, EDQM-Europe, WHO-Geneva and many
more.
Subject is a therapy leader in India for anti-malarials with
a market-share of over 34% with a fast expanding presence in the international
market as well. They also lead in DMARDs (Disease Modifying Anti-Rheumatic
Drugs) treatment for rheumatoid arthritis. They have leading brands in 5
therapeutic areas, with 4 of their branded formulations being ranked among the
Top-300 Indian brands by ORG-IMS.
Their international client roster includes global pharmaceutical
giants like AstraZeneca, GlaxoSmithKline, Merck, Roche and Sanofi Aventis; most
of whom we have been partnering over the years.
At Subject, quality assurance is an attitude of seeking
sustainable betterment in every aspect of their work. The results show in their
financials as well as work ethic. Net income for the financial year ended 31st
March 2010 was
Rs. 15590.000 Millions. Net profit was Rs. 2090.000 Millions.
What's more, Subject was awarded as 'Among the 100 Best
Companies to Work in India 2010' in a study conducted by Great Place to Work®
- India in joint collaboration with The Economic Times.
DIRECTOR
Ramappa S. Hugar
Director
Mr. R. S. Hugar has joined the Board of Directors as non-executive Chairman with effect from June 2002. He is a postgraduate in Econometrics from Pune University, having an experience of 35 years in Banking and Finance.
Mr. Hugar was earlier associated in various capacities with Bank of Maharashtra. He was also a Director of Institute of Banking Personnel Selection, Chairman and Managing Director of Corporation Bank and Global Trust Bank.
During his tenure in the Banking industry, he was conferred with various meritorious awards nationally and internationally.
Premchand Godha
Chairman and
Managing Director
Mr. Premchand Godha, is a Chartered Accountant and a first generation entrepreneur. He was in professional practice for five years before joining the company.
Mr. Godha is a Director on the Board of the Company since 1975 and is the Managing Director of the company since 1983.
Under his leadership, the company has made tremendous growth in all spheres of activities and has brought Ipca to the forefront of the Indian Pharmaceutical industry.
Ajit Kumar Jain
Jt. Managing
Director
Mr. A. K. Jain was first appointed on the Board of Directors of the Company as an Executive Director in August 1994. The Board of Directors at their meeting held on 29th July 2010, re-designated Mr. Jain as the Joint Managing Director of the Company.
Mr. Jain, who is a Chartered Accountant and a Science Graduate, is with the Company since 1981. He joined as Financial Controller. He has over 30 years of experience including 29 years in the pharmaceutical industry in the field of Finance, Accounts, Information Technology, Legal, R&D and General Administration.
Pranay Godha
Executive Director
Mr. Pranay Godha has done his B.Sc. from University of Bombay and has also obtained a degree in M.B.A from the New York Institute of Technology, USA. He has nearly 12 years experience in the field of Marketing and General Management.
Mr. Pranay Godha was appointed as the Business Development Manager of the Company w.e.f 16th April, 2003 and was subsequently promoted as Vice President - Generics Business of the Company w.e.f. 1st November, 2004.
He was further promoted as President - Generics Business of the Company in May, 2006 and subsequently appointed as the Executive Director of the Company with effect from 11th November, 2008.
Madhukar R. Chandurkar
Director
Mr. M. R. Chandurkar, promoter of the Company is a graduate in commerce and a first generation entrepreneur. He is a Director on the Board of Directors of the Company since 31st October, 1975 and has been the Managing Director of the Company from March, 1983 till 31st March, 2008.
He has over 3 decades of experience in the pharmaceutical industry.
Babulal Jain
Executive Director
Mr. Babulal Jain is a non-executive independent Director of the Company since 1988. He is a practicing Chartered Accountant.
He is also the Chairman of the Audit Committee, Remuneration Committee and Investors Grievance Committee of the Board of Directors of the Company.
He has professional experience of nearly 33 years in the field of Audit, Finance, Company Law and Taxation. His professional knowledge and vast experience will be of immense benefit to the Company.
Dr. V. V. Subba Rao
Director
Dr. V. V. Subba Rao has been an independent Director on the Board of the Company since September, 2000. A Science Postgraduate in Chemistry from Andhra University and PhD in Chemistry from University of Pune. He has also carried out post doctoral research in surface Chemistry in USA.
He has rich experience of over 4 decades in the field of science and technology. He retired as Advisor to the Ministry of Science and Technology (DSIR), Government of India. His technical knowledge and vast experience will be of immense benefit to the Company.
Anand T. Kusre
Director
Mr. Anand T. Kusre has been inducted as a non-executive independent Director of the Company on January 21, 2010. Mr. Kusre is a M. Tech in Chemical Engineering from Indian Institute of Technology (IIT), Mumbai. He is currently working as a Professor at Shailesh J. Mehta School of Management, IIT Mumbai. Prior to this, he worked with ICICI Bank for about 30 years with leadership roles in several important functions.
Mr. Kusre has nearly three decades of experience in designing and managing programmes aimed at development and commercialization of technologies. He has also supported many companies and technology institutions for development of innovative products.
He is also actively associated with industry associations and leading academic and professional Institutes. He was earlier a nominee Director of ICICI Limited on the Board of Directors of the Company from 3rd November, 1993 to 26th March, 1997.
NEWS
PRESS RELEASE
Ipca Laboratories FY 2010-11 Audited Results (May 24, 2011)
Ipca FY 2010-11 Audited Results
Net Total Income at Rs.
18895.400 Millions, up by 21%
EBITDA at Rs. 3784.900 Millions,
up by 14%
Net Profit at Rs. 2553.700
Millions, up by 22%
Final Dividend of Re. 1.20 per
share (60%) recommended
Mumbai,
India, May 24, 2011: Ipca Laboratories Limited today announced its audited
financial results for the financial year ended 31st March, 2011.
Key Highlights of FY11:
Net Total Income at
Rs. 18895.400 Millions in FY11 as against Rs. 15655.000 Millions in FY10,
growth of 21%.
Export Income at Rs.
10251.800 Millions in FY11 as against Rs. 8060.800 Millions in FY10, growth of
27%.
EBITDA at Rs.
3784.900 Millions in FY11 as against Rs. 3318.900 Millions in FY10, growth of
14%.
EBITDA margin @
20.12% in FY11 as against 21.37% in FY10.
Net Profit at Rs.
2553.700 Millions in FY11 as against Rs. 2091.900 Millions in FY10, growth of
22%.
Earnings per share of
Rs. 2 /- each at Rs. 20.36 in FY11 as against Rs. 16.75 in FY10.
Revenue Break-up - FY11
Formulations:
Revenue from Indian
formulations business at Rs.6964.100 Millions in FY11 as against RS. 5978.004
Millions in FY10, growth of 16%.
Revenue from export
formulations business at Rs 6917.100 Millions in FY11 as against Rs. 4891.500
Millions in FY10, growth of 41%.
Total Revenue from
formulations business at Rs.13881.200 Millions in FY11 as against Rs. 10869.900
Millions in FY10, growth of 28%.
Formulations business
now constitute 74% of the Company's net sales.
Active Pharmaceutical Ingredients (APIs)
Revenues from Indian Active Pharmaceutical Ingredients (APls) business at Rs. 1443.300 Millions in FY11 as against Rs. 1416.300 Millions in FY10, growth of 2%.
Revenue from export Active Pharmaceutical Ingredients (APls) business at Rs. 3334.700 Millions in FY11 as against Rs. 3169.300 Millions in FY10, growth of 5%.
Total Revenues from Active Pharmaceutical Ingredients (APls) business at Rs. 4778.000 Millions in FY11 as against Rs. 4585.600 Millions in FY10, growth of 4%.
About Ipca
Ipca is a fast
growing pharmaceutical major, with a strong thrust on exports. Exports to over
110 countries, now account for 54% of Company's income. Ipca is vertically
integrated and produces finished dosage forms and Active Pharmaceutical
Ingredients.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.29 |
|
|
1 |
Rs. 86.60 |
|
Euro |
1 |
Rs. 68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 and 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.