MIRA INFORM REPORT
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Report Date : |
22.09.2012 |
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IDENTIFICATION DETAILS
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Name : |
SHASUN PHARMACEUTICALS LIMITED (w.e.f. 11.08.2010) |
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Formerly Known
As : |
SHASUN CHEMICALS AND DRUGS LIMITED |
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Registered Office
: |
3rd and 4th Floor, The Batra Centre, Old No. 28,
Sardar Patel Road, Guindy Chennai-600032, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.04.1976 |
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Com. Reg. No.: |
18 – 7122 |
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Capital
Investment/ Paid-up Capital: |
Rs.110.250 Millions |
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CIN No.: [Company Identification
No.] |
L24117TN1976PLC007122 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Ibuprofen, Anti – inflammatory Drug and
Anti – Ulcerative Drug. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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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 105000000 |
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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 fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Long Term Rating) |
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Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation It carry moderate |
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Date |
25.02.2011 |
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Rating Agency Name |
ICRA |
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Rating |
A3 (Short term Rating) |
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Rating Explanation |
It is considered to have moderate degree of
safety regarding timely payment of financial obligation it carry higher
credit risk |
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Date |
25.02.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered/ Corporate Office : |
3rd and 4th Floor, The Batra Centre, Old No. 28,
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Tel. No.: |
91-44-24316700 |
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Fax No.: |
91-44-24348924 and 22350278 |
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E-Mail : |
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Web Site: |
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Research Office: |
No.27, Vandalur –Keambakkam Raod, Keezhakkottaiyur, Village, Chennai –
600048, |
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Tel. No.: |
91-44-47406100 |
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Fax No.: |
91-44-47406190 |
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E-Mail : |
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API Facility – Puducherry : |
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Tel. No.: |
91-413-2655156/ 2655157 |
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Fax No.: |
91-413-655154 |
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E-Mail : |
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Finished Dosage Facility : |
Pharmaceutical Division |
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Tel. No.: |
91-413-2655946 / 2655697 / 2655698 |
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Fax No.: |
91-413-2656052 |
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Multi Product Facility – Cuddalore |
A1/B SIPCOT Industrial Estate, Kudikadu, Cuddalore-607005, |
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Tel. No.: |
91-4142-239701/ 239702/ 239703/ 239704 |
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Fax No.: |
91-4142-239709 |
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Branch Office : |
165 A, |
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Tel. No.: |
+ 44 20 8560 9711 |
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Fax No.: |
+ 44 20 8560 9455 |
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E-Mail : |
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Shasun
Pharmaceuticals Ltd., |
1-701, ishimiyahara-1 Chome 8 Yodogawa-ku,
Osaka-City, |
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Tel. No.: |
81-(0) 6
6842-7361 |
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Fax No.: |
81-(0) 6
6842-7362 |
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E-Mail : |
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Shasun USA
Inc. & Shasun Pharma Solutions Inc. |
197, Rt 18
South, |
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Tel. No.: |
1-732-465-0700
* 116 |
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Fax No.: |
1-732-465-0710 |
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E-Mail : |
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SVADS
Holding SA |
Rue
Fritz-Courvoisier 40 2300 La Chaux-De-Fonds Suisse, Switzerlnd |
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41 32 967
95 95 |
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Shasun
Pharma Solutions Ltd |
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Tel. No.: |
+44 191
250 0471 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr R
Kannan |
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Designation : |
Chairman |
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Name : |
Mr.
Sundara Rajan |
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Designation : |
Independent
Director |
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Date of birth |
28.04.1948 |
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Qualifications |
B.E.
Mech., PGDM-IIMA, Chartered Engineer and Associate of Insurance Institute of |
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Specialized Expertise |
Pharmaceutical
Industry |
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No. of shares held in SPL |
Nil |
|
Directorships in Companies |
Public
Companies: Take
Solutions Limited. Manipal
Acunova Limited. Shriram
EPC Limited. Ramball
Limited. Shriram
Fortune Solutions Limited. Shriram
Credit Company Limited. Shriram
Asset Management Company. Limited. Shriram
Wealth Advisors Limited. Orient
Green Power Company. Limited. Shasun
Pharmaceuticals Limited Private
Companies : Namo
Technology Ventures Visionary
RCM Infotech CMNK
Consultancy and Services Private. Limited. Prochem
Holdings Pte Limited. Hamon
Shriram Cottrell Private. Limited. Foreign
Companies : Shasun
Pharma Solutions Limited, |
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|
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Committee positions held |
Take
Solutions Limited : Audit
Committee - Chairman Shareholder
and Investor Grievance Committee - Member Compensation
Committee - Member Shriram
EPC Limited: Audit
Committee - Member Shareholder
and Investor Grievance Committee - Member Compensation
Committee - Member Orient
Green Power Company. Limited : Audit
Committee – Member Shareholder
and Investor Grievance Committee – Member Compensation
Committee – Member Ramball
Limited: Audit Committee - Member |
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|
Name : |
Dr. N
Subramanian |
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Designation : |
Independent
Director |
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Date of birth |
March 17,
1954 |
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Qualifications |
B.Sc., F.C
A., A.C.S |
|
Specialized Expertise |
Chartered Accountant |
|
No. of shares held in SPL |
Nil |
|
Committee positions held |
Shasun
Pharmaceuticals Limited Audit
Committee - Member Compensation
Committee - Member |
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|
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|
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Name : |
Mr. Sunny
Sharma |
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Designation : |
Independent
Director |
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Date of birth |
August 31,
1974 |
|
Qualifications |
M.B.A.,
M.B.B.S |
|
Specialized Expertise |
Life
Sciences, Venture Capital, Investment Banking and Clinical Practice |
|
No. of shares held in SPL |
Nil |
|
Directorships in Companies |
Public
Companies: Shasun
Pharmaceuticals Limited - Additional Director Manipal
Acunova Limited - Director Bharat
Serums and Vaccines Limited - Director KIMS
Healthcare Management Limited - Nominee Director Condis
India Healthcare Limited - Nominee Director KIMS
Healthcare and Research Center Limited - Nominee Director Private
Companies : Orbimed
Advisor India Private Limited - Director KIMS
Pinnacle Cancer Care and Research Center Private Limited - Nominee Director Foreign
Companies : |
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|
|
|
Name : |
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Designation : |
Managing
Director |
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Date of birth |
23.12.
1953 |
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Qualifications |
B.Tech |
|
Specialized Expertise |
General
Management |
|
No. of shares held in SPL |
1,452,750 |
|
Directorships in Companies |
Public
Companies Shasun
Pharmaceuticals Limited. Shasun
Pharma Limited. General
Optics ( Private
Companies Shasun
Life Sciences Private Limited Devendra
Estates Private Limited Abusha
Investments and Management Services Private Limited. Sony
Pictures Image Works ( Lifecell
International Private Limited. Quantum
MedPro Solutions Private Limited Tricell
Therapeutics Private Limited. Visionary
RCM Infotech ( Frame Flow
India Private Limited. Foreign
Companies Shasun
Pharma Solutions Limited - |
|
Committee positions held |
Member: Investor
Grievance Committee - Shasun Pharmaceuticals Limited |
|
|
|
|
Name : |
Mr Dr S
Devendra |
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Designation : |
Whole time
Director |
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Date of birth |
November
09, 1951 |
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Qualifications |
M.B.B.S |
|
Specialized Expertise |
Marketing Management |
|
No. of shares held in SPL |
452,072 |
|
Directorships in Companies |
Public
Companies Shasun
Pharmaceuticals Limited. Shasun
Pharma Limited. Private
Companies Shasun
Leasing and Finance Private. Limited. Devendra
Estates Private Limited Shasun
Life Sciences Private Limited Foreign
Companies Shasun
Pharma Solutions Limited - |
|
Committee positions held |
Member: Nomination
Committee - Shasun Pharmaceuticals Limited |
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|
|
|
Name : |
Mr S Vimal
Kumar |
|
Designation : |
Whole time
Director |
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Date of birth |
26.07.1956 |
|
Qualifications |
Chartered
Accountant |
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Specialized Expertise |
Finance |
|
No. of shares held in SPL |
21,04,584 |
|
Directorships in Companies |
Public
Companies Shasun
Pharmaceuticals Limited. Shasun
Pharma Limited. Private
Companies Shasun
Leasing and Finance Private. Limited. Shasun
Life Sciences Private Limited Inca
Hanmocks Manufacturing and Export Co (P) Limited Foreign
Companies Shasun
Pharma Solutions Limited - SVADS
Holding SA |
|
Committee positions held |
Member: Audit
Committee - Shasun Pharmaceuticals Limited |
|
|
|
|
Name : |
1,452,750 |
|
Designation : |
Whole time
Director |
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Date of birth |
06.01.1972 |
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Qualifications |
B.Tech
Chemical |
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Specialized Expertise |
Pharmaceutical
Industry |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
15274716 |
27.71 |
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|
7303439 |
13.25 |
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|
22578155 |
40.96 |
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Total shareholding of Promoter and Promoter Group (A) |
22578155 |
40.96 |
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(B) Public Shareholding |
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|
4069193 |
7.38 |
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|
26250 |
0.05 |
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|
400950 |
0.73 |
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|
22180856 |
4.02 |
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Foreign Venture Capital
Investors |
6578947 |
11.93 |
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|
33256196 |
24.11 |
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|
2923674 |
5.30 |
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|
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|
10475695 |
19.00 |
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|
5409901 |
9.81 |
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|
443031 |
0.80 |
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|
4000 |
0.01 |
|
|
439031 |
0.80 |
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|
19252301 |
34.93 |
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Total Public shareholding (B) |
3254697 |
59.04 |
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Total (A)+(B) |
55123852 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
55123852 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ibuprofen, Anti – inflammatory Drug and
Anti – Ulcerative Drug. |
GENERAL INFORMATION
|
No. of Employees : |
Not available |
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Bankers : |
·
State
Bank of Travancore ·
The
Royal Bank of ·
State
Bank of ·
ICICI
Bank Limited ·
State
Bank of ·
Standard
Chartered Bank ·
State
Bank of ·
Axis
Bank Ltd ·
DBS ·
Canara
Bank ·
IDBI
Bank |
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Facilities : |
Rs.
In Millions
1. External Commercial Borrowing from
Standard Chartered 2. External Commercial Borrowing from
DBS, Singapore, amounting to Rs. 206.12 (Previous year: Rs. 178.40) is
secured by way of pari passu charge of equitable mortgage on 45.47 acres of
leasehold land at Pharma City, SEZ, Visakhapatnam. Th loan is repayable in 8
semi-annual installments of USD 0.5 million after an initial moratorium
period of 18 months. 3. External Commercial Borrowing from
ICICI Bank Ltd, ·
Land,
Building, Plant and machinery in Formulation Unit situated at ·
Land
and Building situated in Cuddalore Units ·
Land
and Building situated in API Unit in The loan is repayable in 16 equal quarterly
installments of USD 0.38 million after an initial moratorium period of 15
months . The
aforesaid external commercial borrowings carry interest ranging from 3.25% to
3.65% p.a. 4 Foreign currency loan (converted
from a Rupee loan to foreign currency loan in financial year 2010-11) from
State Bank of India amounting to Rs. 158.16 (Previous year: Rs. 217.69) is secured
by first charge on the moveable and immoveable fixed assets at Shasun
Research Centre (SRC) located at Vandalur and on the unencumbered immoveable
assets at Plot No. A1/A, measuring 5.01 acres located in SIPCOT Complex in
Kudikadu village near Cuddalore. The loan carries interest ranging from 7.22%
to 9.50% p.a. and is repayable in 33 monthly installments of USD 0.15
million. 5 Standby Line of Credit availed by
Shasun Pharma Solutions Limited, UK (a wholly owned subsidiary) from Axis
Bank Ltd amounting to GBP 2.00 million is secured by: ·
Exclusive
charge on Land (approx 3.13 acres) situated at Kumarapettai, Cuddalore ·
Second
charge on Plant and machinery situated at Cuddalore Units and ·
Hypothecation
by way of subservient charge on current assets of the Company. 6 Standby
Line of Credit availed by Shasun Pharma Solutions Limited, UK (a wholly owned
subsidiary) from State Bank of India amounting to GBP 5.5 million is secured
by: ·
First
charge on land (approx 1 acre 98 cents) and the Guest House constructed at ·
Second
Charge on the moveable and immoveable fixed assets at Shasun Research Centre
(SRC) located at Vandalur. ·
Pledge
of 2,415,000 Shares of the Company held in the name of M/s Devendra Estate Private
Limited ·
Personal
Guarantee from Mr. S. Vimal Kumar, Wholetime Director and ·
Corporate
Guarantee from M/s Devendra Estate Private Limited. 7 Rupee Term loan from State Bank of
Hyderabad amounting to Rs. Nil (Previous year: Rs. 59.86) was secured by way
of pari passu charge of equitable mortgage on 45.47 acres of leasehold land
at Pharma City, SEZ, Visakhapatnam. The loan carrries interest ranging from
14.50% to 15.75% p.a. and is repayable in 10 quarterly installments of Rs. 20
million after an initital moratorium period of 2 quarters. SECURITY
DETAILS AND TERMS OF RE-PAYMENT FOR LOANS: 1. Working capital facility sharing
under Consortium arrangement from bankers (namely State Bank of Travancore,
State Bank of India, State Bank of Mysore, State Bank of Hyderabad, Canara
Bank, Axis Bank Ltd, ICICI Bank Ltd and IDBI Bank Ltd) aggregating to Rs.
2,800 (including non-fund based) and Standby line of credit Rs. 50 provided
by State Bank of Travancore are secured by : ·
Hypothecation
of entire current assets on a pari passu basis with other members of the
Consortium ·
Pari
passu first charge on land, building of API Unit, Pilot plant and Biotech
plant at ·
Pari
passu first charge on land (approx 11.05 acres) and building at Cuddalore
Units ·
Pari
passu first charge on land (approx 14.04 acres) and entire assets of
Formulation unit, ·
Second
charge on all other fixed assets of the Company. 2. Packing credit facility from Bank of
Nova Scotia amounting to Rs. Nil (Previous year: Rs. 145.17) was secured by
way of hypothecation of the plant and machinery at Pilot plant and Active
Pharmaceutical Ingredient plant, located in |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountant |
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Address : |
No.10, |
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Tel. No.: |
91-44-3914 5000 |
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Fax No.: |
91-44-3914 5999 |
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E-Mail : |
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Wholly owned subsidiaries: |
·
Shasun
USA Inc., ·
Shasun
Life Sciences Private Limited, ·
SVADS
Holding SA, |
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|
Wholly owned step down
subsidiaries |
·
Shasun
Pharma Solutions Limited, ·
Shasun
Pharma Solutions Inc., |
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Joint venture: |
·
Shasun
NBI |
|
|
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|
Entities where Directors have
control or signified cant influence: |
·
Shasun
Finance Limited ·
Shasun
Leasing & Finance Private Limited ·
Devendra
Estate Private Limited ·
Neutra
Specialities Private Limited (until November 21, 2010) ·
Shasun
Foundation Trust |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Share |
Rs.2/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55123852 |
Equity Share |
Rs.2/- each |
Rs.110.250
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
110.250 |
97.090 |
96.630 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2486.490 |
1617.810 |
1985.570 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Money received against share warrants |
28.130 |
0.000 |
0.000 |
|
|
6]ESOP Outstanding |
0.000 |
0.000 |
5.180 |
|
|
NETWORTH |
2624.870 |
1714.900 |
2087.380 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1830.200 |
1728.540 |
1968.880 |
|
|
2] Unsecured Loans |
312.840 |
230.980 |
154.080 |
|
|
TOTAL BORROWING |
2143.040 |
1959.520 |
2122.960 |
|
|
DEFERRED TAX LIABILITIES |
15.030 |
129.840 |
115.920 |
|
|
|
|
|
|
|
|
TOTAL |
4782.940 |
3804.260 |
4326.260 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1943.290 |
1661.740 |
1471.960 |
|
|
Capital work-in-progress |
308.090 |
49.340 |
312.810 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
438.120 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1106.880
|
1048.740 |
545.650 |
|
|
Sundry Debtors |
1970.550
|
1379.200 |
1872.770 |
|
|
Cash & Bank Balances |
58.390
|
106.500 |
102.960 |
|
|
Other Current Assets |
254.310
|
170.600 |
0.000 |
|
|
Loans & Advances |
1481.710
|
1230.810 |
766.800 |
|
Total
Current Assets |
4871.840
|
3935.850 |
3288.180 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1598.760
|
1176.180 |
838.460 |
|
|
Other Current Liabilities |
465.110
|
351.160 |
252.310 |
|
|
Provisions |
276.410
|
315.330 |
94.040 |
|
Total
Current Liabilities |
2340.280
|
1842.670 |
1184.810 |
|
|
Net Current Assets |
2531.560
|
2093.180 |
2103.370 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4782.940 |
3804.260 |
4326.260 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7359.090 |
5671.260 |
5473.500 |
|
|
|
Other Income |
409.640 |
160.040 |
50.350 |
|
|
|
TOTAL (A) |
7768.730 |
5831.300 |
5523.850 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
4655.130 |
3812.790 |
|
|
|
|
Purchase of Traded Goods |
42.920 |
11.830 |
|
|
|
|
Employees benefit expense |
595.240 |
516.460 |
|
|
|
|
Other Expense |
1562.020 |
1245.930 |
|
|
|
|
|
6855.310 |
5587.010 |
|
|
|
|
Changes in inventories |
(11.400) |
(304.800) |
|
|
|
|
TOTAL (B) |
6843.910 |
5282.210 |
4901.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
924.820 |
549.090 |
622.350 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
304.810 |
223.350 |
159.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
620.010 |
325.740 |
463.160 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
247.280 |
242.150 |
260.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
372.730 |
83.590 |
202.980 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(157.850) |
34.820 |
[17.660] |
|
|
|
|
|
|
|
|
|
|
Mark to Market
loss option contracts relating to
prior periods |
0.000 |
(405.320) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
530.580 |
(356.550) |
220.640 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
1026.620 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
|
22.040 |
|
|
|
Dividend on Equity Shares |
NA |
NA |
48.310 |
|
|
|
Tax on Distributed Profits |
|
|
8.210 |
|
|
BALANCE CARRIED TO
THE B/S |
|
|
1168.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4981.450 |
3901.450 |
69.212 |
|
|
|
Other Earnings – Product Development |
54.940 |
63.820 |
3.180 |
|
|
|
Contract research fees |
29.610 |
3.640 |
0.000 |
|
|
|
Interest and Dividend |
16.630 |
41.590 |
0.732 |
|
|
TOTAL EARNINGS |
5082.63 |
4010.500 |
73.124 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1362.260 |
1115.730 |
810.040 |
|
|
|
Capital Goods |
172.850 |
30.840 |
16.400 |
|
|
TOTAL IMPORTS |
1535.110 |
1146.570 |
826.44 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
10.92 |
(7.34) |
4.57 |
|
|
|
Dilutes |
10.76 |
(7.34) |
4.54 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2012 |
|
Net Sales |
|
|
1781.100 |
|
Total Expenditure |
|
|
1670.500 |
|
PBIDT (Excl OI) |
|
|
110.600 |
|
Other Income |
|
|
25.100 |
|
Operating Profit |
|
|
135.700 |
|
Interest |
|
|
67.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
68.000 |
|
Depreciation |
|
|
67.500 |
|
Profit Before Tax |
|
|
0.500 |
|
Tax |
|
|
0.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
0.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
0.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.83 |
(6.11) |
3.99
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.06 |
1.47 |
3.71
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.47 |
1.49 |
4.26
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.05 |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71 |
2.22 |
1.58
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08 |
2.14 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
MANAGEMENT DISCUSSION AND ANALYSIS
COMPANY
PERFORMANCE
The company
is cognizant of the various emerging trends in the Global Pharmaceutical
Landscape and has taken a lot of initiatives to ensure that it is well
positioned to leverage the opportunities that arise out of such trends. The
following section discusses such initiatives on a divisional basis
API BUSINESS
On a
consolidated basis, API and its intermediate business contributed close to 55%
of the turnover of the company. On a standalone basis, they contributed close
to 79% of the total sales.
The
Company's strategy with respect to this SBU is to enhance sales and
profitability. This could be achieved through
·
Capacity
enhancement of the existing products to meet the growing demand
·
Commercializing
new products which are under development
·
New
products development to improve pipeline of products Process Improvement
initiatives
Shasun's
current API portfolio consists of Ibuprofen, Ranitidine, Nizatidine, Gabapentin
and Cycloserine amongst others.
The company
is the largest manufacturer of Ibuprofen in the world. Ibuprofen is a
non-steroidal anti -inflammatory drug .Sales of Ibuprofen and its derivatives
grown by 10% to Rs 2530.000 Millions from Rs 2310.Millins Cr in the previous year. Ranitidine is a widely
used anti-ulcerant. During the year under review, sales of this product
increased by 4% during the year mainly on account of improved off take in key
regulated markets.
Nizatidine
is also an anti-ulcerant drug and this product commands a much lower global
demand in volume terms. Shasun is one of the largest producers of this active
bulk and enjoys major share in the global market. The sale of this product
decreased by 4%.mainly due to lower off take in Japanese market.
Gabapentin
is used for the treatment of epilepsy and neuropathic pain. This molecule has
become a significant driver of growth for the Company, both in terms of volume
and value. The company registered a growth of 50% during the year in sales of
Gabapentin. The company has undertaken various initiatives to enhance its
capacity and competitiveness.
Cycloserine
is used to cure 2nd stage tuberculosis and this year the Company has been able
to gain better market share of the Global need.
Over all the
API business grown by 25% on consolidated basis
OUTLOOK OF
API BUSINESS
The company
continues to enjoy significant traction in its core APIs. With respect to
Ibuprofen, the company intends to maintain its volume and focus on higher value
addition through more sales of Ibuprofen derivatives. Key focus for FY13 is
increasing the capacity of the Ibuprofen derivatives to cater to new customers
and increased demand from existing customers
Also the
company has taken up with Government of India to increase the domestic
Ibuprofen base selling price.
New products
introduction is major initiative in FY 13 to enhance the sales and
profitability.
This year
the Company has plan to invest in new facilities to manufacture three new API's
which are to be launched in FY14.This will bring significant volume and value
to the Company. The USDMF's filed by the company has been triggered by various
customers
This year
the Company has plan to invest in Vizag SEZ to create manufacturing capacities
for API business segment
While North
America and Europe continue to be key markets for the Company, other markets
such as
Contract
Research and Manufacturing Services Business
The Company
has an active presence in CRAMS in both APIs and Formulations
API CRAMS
includes
·
Shasun
Pharma Solutions Limited,
·
CRAMS
SBU in
Formulations
CRAMS includes
Finished
Dosages facility in
During FY12,
CRAMS consolidated business registered the revenue of Rs 4,753 Mn, comprising
45% of the total consolidated revenue of Shasun and registering a growth of 33%
over previous year.
SHASUN
PHARMA SOLUTIONS LIMITED,
OPERATIONS-SPSL
During FY12,
SPSL has continued to focus on its core strengths of safety and quality
compliance, continuous improvement and innovation.
Safety
performance and compliance were maintained at an industry leading level and
during the period successful completion of several major hazard regulatory
inspections on key risk control system. In addition, their safety performance
and commitment to protecting their people was externally recognized when the
site received the Chemicals Industry Association Diamond award for continued
improvement in safety performance over a 10 year period. REACH compliance was
maintained and expert support and advise continues to be provided to their
customer base as part of their service offering.
Compliance
with cGMP standards was acknowledged through 16 successful customer quality
audits at their facility, in addition to a successful facility inspection by
the FDA in May 2011 and successful audit by Japanese authorities in July 2011
Record performance of Process Right First Time of 100% The company has invested
around GBP 3 Million at Dudley facility to capacity enhancement and to
infrastructure upgrades.
SALES-SPSL
Market
interest continues to be driven by their key strengths - technical expertise
and capability, speed of response, good facilities, their people and
reliability.
SPSL has a
unique ability to handle both highly complex and hazardous projects. A world class
hazard evaluation capability which is fully integrated into their process
development group and project management process allows early understanding and
appropriate measures to ensure safe execution. This approach is seen as an
advantage over their competitors by several of their customers.
SPSL Uk has
achieved sales GBP 42.64 Million -13% growth in sales over last year and posted
record PAT of GBP 5.64 million .
In 2011,
SPSL hosted 60 customer visits to the
Science and
technology –SPSL
Over the
past year they have continued to focus on science and technology as a key
initiative to differentiate their offering.
SPSL have
observed good progress in the development of their HKR (Hydrolytic Kinetic
Resolution) technology and in 2011 a key milestone was achieved with the
commercialisation of their 4th generation Salen catalyst and novel synthesis
for Hyperzine A (natural product).
This
achievement has received external recognition through the 2011 North East
Process Industry Cluster Award for Innovation (Winner).
Outlook of
SPSL
The SPSL
portfolio has grown to 28 launched products. The pre-launch pipeline remains
strong with 24 live projects spanning clinical phases. In the financial year
one phase 3 projects graduated to launch phase.
CRAMS SBU in
On the
Contract Manufacturing front in
Also during
current year the Company has integrated
Finished
Dosages Business - Formulations CRAMS
The company
offers the services of development and manufacture of Finished Dosages to both
Innovator and Generic Companies worldwide. The division achieved sales of Rs.
841 Mn during FY 12, a substantial growth of 62% over the previous year.
The Finished
Dosages facility has undergone successful inspections by various regulatory
bodies such as US FDA, MHRA (U.K) and TPD Health,
With
WHO-Geneva inspection, Formulation Division is now looking at newer emerging
geographies
During FY12,
the Finished Dosage Facility utilised its capacity to maximum and capacity to 5
Bn tablets per annum. The expansion was completed in October 2011 and
manufacturing has commenced since then.
During
FY-12, the Finished Dosage Facility has filed nine Products for registration
with various Regulatory Agencies and also has received seven approvals for the
products filed for registration during earlier period.
OUTLOOK OF
FORMULATION CRAMS
Finished
Dosages Business remains a major opportunity for Shasun to increase and
diversify its revenue base. With the increased expansion capacity and expected
approvals on newer Products, the Formulation Division is planning to increase
its revenues from FY12. The development work on ANDA's have commenced with a
goal to file atleast FIVE (5) ANDA's in FY 13. Outlook for Formulation Division
is robust and the Company is preparing plans to initiate work for Phase-III
expansion later part of this year to double the capacity from 4Bn to 8Bn to
meet the growing needs of its existing customers and preparation for new
Product approvals.
The service
levels to their existing customers have improved with the changing need which
brings their partnership with customers to newer heights. Customers have
started adding new products from their formulation facility.
BIOTECH
During FY
12, the Company has relocated the Biotech manufacturing from Velacherry to
Puducherry . The biotech unit has focussed on improving production efficiencies
for its recombinant streptokinase product and penetrating the domestic market
with tie-ups with reputed companies. The Product has recently secured registration
for COPP which will enable company to export to various countries. It has also
made progress for venturing into the export market. A second bio similar
product under development has also progressed close to completing pre-clinical
testing.
NANOTECHNOLOGY
- JOINT VENTURE
The company
has formed a new 50:50 joint venture company "Shasun NBI LLC" in
The
preclinical studies underway with successful completion of toxicity study in
swine. Efficacy study in dogs being carried out and additional tox study
planned in rodents and dogs. The new joint venture company will continue
research and pre-clinical testing work that is required for the treatment to
receive approval for human use
FINANCIAL
REVIEW
The Company
consolidated Gross revenue has registered growth of 29%.
Raw material
cost as a proportion of total net income increased to 52.60% in FY12 from
51.70% in FY11. This is mainly due to increase in raw material prices in tune
with global price trends in petro chemical products.
Other
operating expenses increase in line with increase in sales growth.
The Company
has achieved substantial EBITDA in FY 12 Rs. 1,480 Mn compared to Rs. 872 Mn
There has
been increase in the Interest outflow in line with borrowings. The Company has
gained Rs. 272 Mn on sale of Velacherry land and building The deferred tax
liability of Rs. 15.28 Mn during the year mainly on account of timing
difference between book depreciation compared to depreciation under Income tax
The Company
has achieved mile stone profit after tax of Rs.1,006 Mn during FY 12
UNAUDITED RESULTS
FOR THE QUARTER ENDED ON JUNE 30,2012
|
Particulars |
Quarter Ended |
|
|
30.06.2012 (Unaudited) |
|
Net Sales/ Income from Operations |
1635.400 |
|
1. (b) Other Operating Income |
145.700 |
|
Total Income
From operations |
1781.100 |
|
2. Expenditure |
|
|
a. Cost of Raw Materials consumed |
1133.400 |
|
b. Purchases of stock in trade |
1.400 |
|
c. Changes in inventories of finished goods , work in progress and
stock in trade |
(74.500) |
|
d. Employee benefit expenses |
177.800 |
|
e. Depreciation and amortisation expense |
67.500 |
|
f. foreign exchange loss |
83.100 |
|
g. Other Expenditure |
349.300 |
|
Total
Expenditure |
1738.000 |
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
43.100 |
|
4. Other Income |
25.100 |
|
5. Profit before Interest and Tax
|
68.200 |
|
6. Interest |
67.200 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
0.500 |
|
8. Exceptional items |
0.000 |
|
9. Profit from Ordinary Activities
before Tax but before exceptional
items |
0.500 |
|
10. Tax Expenses |
(0.100) |
|
11. Net profit/(loss) for the
period |
0.400 |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
110.300 |
|
13. Reserves excluding revaluation reserve as per balance sheet of
previous accounting year |
NA |
|
14. Earning Per Share |
-- |
|
a. Basic |
0.01 |
|
b. Diluted |
0.01 |
|
|
|
|
15. Public shareholding |
|
|
- No. of shares |
32545697 |
|
- % of holding (to total shareholding) |
59.04 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
-Number of Shares |
367500 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
16.28 |
|
-% of Shares (as a % of the total share capital of the Company) |
6.67 |
|
b) Non Encumbered |
|
|
- Number of Shares |
18903155 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
83.72 |
|
-% of Shares (as a % of the total share capital of the Company) |
34.29 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed if during the quarter |
Nil |
|
Remaining unresolved the end of the quarter |
Nil |
1 The above results of the Company were reviwed by the Adult Committee and approved by the
Board of Direction at their respective meetings held on August 2 2012. The statutory auditors have
carried out s IlmRod mviw of the results for tho quarter ended June 30, 2012. An
unqualified report has been issues by them
there on
2 The Company has
Identified 'Pharmaceuticals' as itr
single reportable business segment. 'Pharmaceuticals segment comprises manufacture
of active 'Pharmaceuticals (API),
Intermediates and Formulations.
3.
Figures for the three months ended 31 March 2012 are the balancing figures
between audited figures In
respect of full financial year and the published year to date up to the third qurter ended 31 December
201 1. Also. the figures
up to lhs end of the third quarter ended 31 December 2011 were only
reviewed and not subjected to audit
4.
Tax (expense) I benefit for the quarter and year
ended March 31, 2012 comprise
current tax including
Minimum alternate tax, deferred tax charge or banand including those in
raspect of carry forward of losses I unabsorbed depreciation arising from
earlier periods.
5.
Other home for he quarter and year ended March 31,2012 including profit on
sale of land and building at Velachery, Chennai amounting to Rs. 271.200 Millions
6.
The figures of the earlier periods have been
regrouped to be in conformity with the new forma prescribed under clause 41 of
the listing agreement
COMMITMENTS AND
CONTINGENT LIABILITY
|
|
31.03.2012 |
31.03.2011 |
|
Income
tax |
318.14 |
312.31 |
|
Sales
tax |
13.27 |
0.48 |
|
Excise
/ customs |
83.53 |
37.43 |
|
Service
tax |
- |
0.48 |
|
Estimated
amount of contracts remaining to be executed on capital account and not provided
for (net of advances) |
598.67 |
128.39 |
|
Counter
guarantees given by the company to the bankers for bank guarantee |
126.52 |
55.81 |
|
Obligations
in respect of letter of credit outstanding |
416.46 |
130.79 |
|
Corporate
guarantee given by the Company to bankers in respect of loan taken by Shasun
Pharma Solutions Limited, |
949.67 |
1,542.84 |
|
Out of the
above corporate guarantee utilized in connection with loans availed by Shasun
Pharma Solutions Limited, |
454.14 |
1,267.64 |
FIXED ASSETS:
- Land
- Buildings -
Factory
- Building Non
Factory
- Machinery
- Electrical
installations
- Lab
Equipments
- Office
Equipments
- Factory
Equipments
- R and D
Equipments
- Fixtures and
fittings
- Vehicles
- Computers
Software
AS PER WEB SITE
DETAILS
PROFILE
Subject (Formerly known as 'Shasun Chemicals and
Drugs Limited.,') was incorporated in 1976 and is headquartered in
Today, Shasun is one of the largest producers of Ibuprofen worldwide.
The company offers derivatives of Ibuprofen like Ibuprofen Sodium, Ibuprofen
Lysinate and S+Ibuprofen. It is also one of the major producers of Ranitidine
and Nizatidine in the world. Its products are exported to countries across
North America, Europe, Asia and
Shasun in its endeavour to become a true one-stop shop for global pharma
companies, is evolving its business model to become a complete service
provider, offering services right from the discovery stage to manufacturing
formulations. The company has recently added finished formulations capability
as forward integration, and has invested in large facility to cater to the
international regulated market. It has tied up with multinational companies in
the formulations space wherein it will be developing and supplying products for
the
By integrating its facilities in
PRESS RELEASE
Shasun
turnover crosses Rs. 10000.000 Millions as it celebrates its 35 years of
service
to the pharmaceutical industry
Chennai, 18 April,
2012
Established with a meager capital of Rs. 0.500 Million in 1977 by the
first Generation entrepreneur brothers, Dr Devendra a medical doctor, Abhaya
Kumar a chemical Engineer and Vimal Kumar a chartered Accountant to manufacture
pharmaceutical Product, the company has today grown into a multinational;
multi-product; multi-location employing 1800 people worldwide with a turnover
of Rs. 10000.000 Millions as it celebrates its 35 years of service to the
pharmaceutical industry.
Shasun's key
achievements till date:
·
First pharmaceutical company in Tamil Nadu and
Puducherry to have USFDA approval
·
Pioneer of CRAMS business in lndia for API and
Formulations
·
World's largest producer of Ibuprofen API and its
derivatives
·
Supplier of its key Products to the Innovator
Pharmaceutical Companies
·
Only manufacturer of MDR TB drug ~~closer inine l
ndia
·
Established Joint Venture in
·
First to have successfully launched recombinant
protein biologic drug Streptokinase in the Indian market
·
Shasun acquired a loss making company in
·
Possess a large tool box of cutting edge
technologies supported by a portfolio of 50 Patents
·
90% of its Global Revenue are generated from
exports
·
Exporting to more than 40 countries
·
Its client list includes both Big Pharma and
Emerging Pharma Companies
·
Large exporter of Pharma products from Tamil Nadu
and Puducherry.
·
All its manufacturing sites, four in India and one
in UK, are compliant with various International Regulatory agency like USFDA;
UK MHRA; TGA Australia;
·
Shares listed in BSE and NSE
·
UK Plant possesses state of the art facility for
Hazard evaluation.
·
Research centers located in the outskirt of
Chennai, Puducherry and
·
Company's late stage pipeline include more than 50
products.
·
Marketing offices in
·
Awarded the 2012 NEPlC
The acquisition of the business and facilities of Rhodia Pharma
Solutions by Shasun's wholly owned subsidiary Shasun Pharma Solutions Ltd
(SPSL),
New facility ,
The company is setting up a multi-product facility at Vizag, Andhra
Pradesh, focusing on Contract Manufacturing Services business.
Existing
Facilities
API Facility - Puducherry
The Puducherry API facility established in 1986 is a dedicated plant for
the manufacture of Ibuprofen. Excellent product quality has helped Shasun grow
over the years to become one of the largest manufacturers of Ibuprofen in the
world. ,
Mullti Product facility - Cuddalore
The multipurpose facility plant established in 1991 manufactures API
such as Nizatidine, Ranitidine, Cycloserine and Gabapentin. It also serves as
the main manufacturing site for the CRAMS activities
It is a state-of-the-art research and development center established in
the year 2005 at Keelakottaiyur, around 35 km from Chennai.
Formulation-Puducherry
The Formulation facility established in 2006 mainly focus on oral solid dosage
with a capacity of more than five billion units.
Biotech Facility
-Puducherry
Shasun recognizes the role of biotechnology as the future of the global
pharmaceutical industry in enhancing therapeutic effectiveness, improving
lifestyle quality and strengthening corporate profitability
The new facility has been commissioned in 2011 in Puducherry to
manufacture Streptokinase.
..
Corporate Social
Responsibility
·
With a significant presence in Puducherry and
Cuddalore the company is running a Primary health day care centre providing
medical facility at subsidized costs to local community at both its location.
·
Regular health camps conducted on a monthly basis
for the benefit of the nearby communities
·
Company supports many charitable events for the
welfare of the community.
·
As their commitment to the women education welfare
and upliftment they have started the
Relief
work at Cuddalore after Thane Cyclone
·
Rice bags distributed by Shasun employees to the
nearby villages affected by the THANE Cyclone
·
The company's biological treatment plant treats
effluents of nearby industries in very cost effective manner and protects the
environment. The company supports local schools for science and technology
development in the area
Vision
The company aims to achieve Rs. 20000.000 Millions global turnover by
2015 with focus on new product development, formulation and CRAMS sales growth
The company envisages investment of Rs. 2500.000 Millions in FY '13 in
various facilities which will
increase the employment opportunities
Mr. Abhaya Kumar - CEO and Managing Director
"As I look back to our humble beginning, I am thrilled to be
celebrating our 35 years of glorious growth. Over 35 years we have married our
ambition with our capabilities, coupled with passionate employees, satisfied
customers and supportive stakeholders and have reached our first milestone of
Rs. 10000.000 Millions. I remain convinced that, with this committed focus we
will scale even greater heights"
Mr. S. Abhaya Kumar
CEO and Managing Director
Shasun Pharmaceutical Limited
About Shasun
Shasun Pharmaceuticals Limited was incorporated in 1976 and is
headquartered in
Today, Shasun is one of the largest producers of lbuprofen worldwide.
The company offers derivatives of lbuprofen like lbuprofen Sodium, lbuprofen
Lysinate and S+ Ibuprofen. It is also one of the major producers of Ranitidine
and Nizatidine in the world. Its products are exported to countries across
North America, Europe, Asia and
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.91 |
|
|
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.