MIRA INFORM REPORT

 

 

Report Date :

03.08.2013

 

IDENTIFICATION DETAILS

 

Name :

PIRAMAL ENTERPRISES LIMITED (w.e.f. 31.07.2012)

 

 

Formerly Known As :

PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008)

 

NICHOLAS PIRAMAL INDIA LIMITED

 

 

Registered Office :

Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

26.04.1947

 

 

Com. Reg. No.:

11-005719

 

 

Capital Investment / Paid-up Capital :

Rs.345.100 Millions

 

 

CIN No.:

[Company Identification No.]

L24110MH1947PLC005719

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMN07675D

 

 

PAN No.:

[Permanent Account No.]

AAACN4538P

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The Subject is engaged in pharmaceutical business including its research and development.

 

 

No. of Employees :

2976  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

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

 

Maximum Credit Limit :

USD 422000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having a good track record. There appears some loss during 2013 recorded by the company.

 

However, general financial strength seems to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to regular and as per commitment.

 

The company can be considered for normal 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

A1+(Short Term)

Rating Explanation

Having very strong degree of safety regarding timely payment of financial obligation. It carry lowest credit risk.

Date

June 2013

 

 

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.

 

INFORMATION DENIED

 

MANAGEMENT NON CO-OPERATIVE (91-22-30466666)

 

 

LOCATIONS

 

Registered Office :

Nichola Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India

Tel No.:

Not Available

Fax No.:

Not Available

Email :

sectdept@pel.co.in 

secretarial.department@piramal.com

corporate.secretarial@piramal.com

Website :

http://www.piramalhealthcare.com

 

 

Head Office :

100, Centrepoint, Dr. Ambedkar Road, Parel, Mumbai – 400012, Maharashtra, India

Tel. No.:

91-22-66636666/24134653/24102082

Fax No.:

91-22-24163787/24172861/24163787/24144687/24902363

E-Mail :

spiramal@giasbm01.vsnl.net.in 

spiramal@giasbm01.vsnl.net.in

Website :

http://www.nicholaspiramal.com 

 

 

Administrative Office :

Morarjee Mills Compound, Administrative Building, Dr.. Ambedkar Road, Parel, Mumbai - 400012, Maharashtra, India

Tel. No.:

91-22-66636666

Fax No.:

91-22-66636416

E-Mail :

vidula@bom3.vsnl.net.in

Website :

http://piramalhealthcare.com

 

 

Plant 1:

Plot No. 67-70, Sector II, Pithampur - 454 775, Madhya Pradesh, India

 

 

Plant 2 :

Plot No. K-I, Additional MIDC, Mahad, District Raigad, Maharashtra, India

 

 

Plant 3:

Ennore Express Highway, Chennai - 600 057, Tamilnadu, India

 

 

Plant 4:

Digwal Village, Medak District - 502321, Andhra Pradesh, India

 

 

Plant 5:

C-301/1 T.T.C. Industrial Area, Pawne Mahape, Navi Mumbai - 400705, Maharashtra, India 

 

 

Plant 6:

Plot No. 6505 /3, Sachin – 394 230, Surat, Gujarat, India

 

 

Plant 7:

Plot No.19 - PHARMEZ, Village Matoda, Sarkhej bawala, NH 8A, Taluka Sanand, Ahmedabad - 382 213, Gujarat, India

 

 

Plant 8:

Shirish Research Campus, Plot No – 18, PHARMEZ, Special Economic Zone, Taluka Sanand, Ahmedabad, Gujarat, India 

 

 

Overseas Plant Location

 

Plant 1:

Piramal Healthcare UK Limited

Morpeth, Northumberland, UK

 

 

Plant 2:

Piramal Healthcare UK Limited

Grangemouth, Stirlingshire, UK

 

 

Plant 3:

Piramal Healthcare (Canada) Limited

110, Industrial Parkway North, Aurora, Ontario, L4G 3H4, Canada

 

 

Plant 4:

Piramal Healthcare (Canada) Limited

475, Boul, Armand-Frappier, Laval, Quebec, H7V 4B3, Canada

 

 

Plant 5:

Piramal Critical Care Inc.

Bethlehem, PA 18017, 3950 Schelden Circle, Pennsylvania State, USA.

 

 

Plant 6:

Piramal Critical Care Inc.

50 Cobham Dr, Orchard Park, New York - 14127

 

 

DIRECTORS

 

As on: 31.03.2013

 

Name :

Mr. Ajay G. Piramal

Designation :

Chairman

Qualification :

B. Sc, M.M.S., A.M.P.

Date of Appointment :

01.04.1997

 

 

Name :

Dr. (Mrs.) Swati A. Piramal

Designation :

Vice Chairperson

Qualification :

M.B.B.S, D.I.M., M.P.B. (Harvard)

Date of Joining :

01.10.1994

 

 

Name :

Mr. Gautam Banerjee

Designation :

Director (w.e.f. April 1, 2013)

 

 

Name :

Mr. Amit Chandra

Designation :

Director

 

 

Name :

Mr. Keki Dadiseth

Designation :

Director

 

 

Name :

Mr. R.A. Mashelkar

Designation :

Director

 

 

Name :

Mr. Goverdhan Mehta

Designation :

Director

 

 

Name :

Mr. Siddharth Mehta

Designation :

Director (w.e.f. April 1, 2013)

 

 

Name :

Ms. Nandini Piramal

Designation :

Executive Director

 

 

Name :

Mr. S. Ramadorai

Designation :

Director

 

 

Name :

Mr. Deepak Satwalekar

Designation :

Director

 

 

Name :

Mr. Vijay Shah

Designation :

Executive Director and Chief Operating Officer

 

 

Name :

Mr. N. Vaghul

Designation :

Director

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.06.2013

 

Category of Shareholder

Number of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

330753

0.19

http://www.bseindia.com/include/images/clear.gifBodies Corporate

88689976

51.40

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

2436218

1.41

http://www.bseindia.com/include/images/clear.gifAny Other

2436218

1.41

http://www.bseindia.com/include/images/clear.gifSub Total

91456947

53.00

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

91456947

53.00

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

928889

0.54

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

5450309

3.16

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

213

0.00

http://www.bseindia.com/include/images/clear.gifInsurance Companies

1601602

0.93

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

43843039

25.41

http://www.bseindia.com/include/images/clear.gifSub Total

51824052

30.03

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3551733

2.06

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

18913537

10.96

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1785445

1.03

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

5031386

2.92

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

560508

0.32

http://www.bseindia.com/include/images/clear.gifClearing Members

148730

0.09

http://www.bseindia.com/include/images/clear.gifTrusts

660

0.00

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

3946

0.00

http://www.bseindia.com/include/images/clear.gifForeign Nationals

631

0.00

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

4316911

2.50

http://www.bseindia.com/include/images/clear.gifSub Total

29282101

16.97

Total Public shareholding (B)

81106153

47.00

Total (A)+(B)

172563100

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

172563100

0.00

 

Shareholding belonging to the category "Promoter and Promoter Group"

 

Sl. No.

Name of the Shareholder

Details of Shares held

No. of Shares held

As a % of grand total (A)+(B)+(C)

1

Ajay G. Piramal

1044

0.00

2

Swati A. Piramal

1167

0.00

3

Anand Piramal

95653

0.06

4

Nandini Piramal

96406

0.06

5

Lalita G. Piramal

604

0.00

6

Anya Piramal DeYoung

28000

0.02

7

Ajay G. Piramal (Karta of Ajay G Piramal HUF)

5221

0.00

8

Ajay G. Piramal (Karta of Gopikishan Piramal HUF)

102658

0.06

9

PHL Holdings Private Limited (formerly known as Piramal International Private Limited)

84092879

48.73

10

The Ajay G. Piramal Foundation

956250

0.55

11

The Swastik Safe Deposit and Investments Limited.

1240

0.00

12

Ajay G Piramal Trustee Piramal Healthcare Limited - Senior Employee Option Scheme (Formerly: NPIL SENIOR EMPLOYEES OPTION SCHEME)

2341277

1.36

13

Ajay G Piramal - Trustee Piramal Life Sciences Limited Senior Employee Stock Option Trust

94941

0.06

14

Piramal Enterprises Limited Trustee of the Piramal Enterprises Executive Trust

3603532

2.09

15

Piramal Management Services Private Limited (corporate trustee of the Sri Krishna Trust)

36075

0.02

 

Total

91456947

53.00

 

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Aberdeen Global Fund

16302711

9.45

9.45

 

2

LIC

5444709

3.16

3.16

 

3

Indiahold Limited

4176468

2.42

2.42

 

4

Third Avenue Trust On Behalf of Third Avenue International Value Fund Series

2187704

1.27

1.27

 

5

Vanguard Emerging Markets Stock Index Fund A Series of Vangurad International Equity Index Fund

1791758

1.04

1.04

 

6

Macquarie Bank Limited

2113221

1.22

1.22

 

 

Total

32016571

18.55

18.55

 

 

 

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

 

Sl. No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Aberdeen Global Indian Equity Fund Mauritius Limited

11355997

6.58

6.58

 

 

Total

11355997

6.58

6.58

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Subject is engaged in pharmaceutical business including its research and development.

 

 

Products :

Product Descriptions

Item Code No.

Phensedyl

30044030

Rch Kit A

30049099

Haemaccel

30049092

 

PRODUCTION STATUS (As on 31.03.2011)

 

Particulars

Unit

Installed Capacity

Actual Production

Tablets

Mios

7975.0

6373.5

Capsules

Mios

270.0

180.7

Liquids

KLs

9801.4

7340.1

Powders, creams and ointments

MTs

--

32.9

Bulk drug and intermediates

MTs

2090.3

1430.7

Vitamin A in various forms and combinations

mmu

276.0

136.8

 

Notes:

 

1. Includes products processed by third parties.

 

2. Includes production for captive consumption of Bulk Drugs 98328 kgs (PY 91850 kgs) and Vitamins 110.27 mmu (PY 138.33 mmu)

 

3. Stocks are net of breakages and unsalable stock.

 

4. Opening stocks, production, purchases and closing stocks are net of physician samples.

 

5. Licensed Capacity is not indicated as Industrial Licensing for all Bulk Drugs, Intermediates and their Formulations stands abolished in terms of Press Note No.4 (1994 series) dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry Government of India.

 

6. Excludes free samples issued.

 

7. Variation in quantity/value is on account of change in product mix.

 

8. In terms of Press Note No. 4 (1994 series) dated October 25, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India, and Notification No. S.O 137 (E) dated March 1, 1999 issued by the Department of Industrial Policy and Promotion, Ministry of Industry, Government of India, industrial licensing has been abolished in respect of Bulk Drugs and Formulations.

 

9. The Pharmaceuticals business comprises of Manufacturing and trading of bulk drugs and formulations.

 

10. Installed capacities of the formulation factories of the Company (except where continuous processes are involved) are on a triple shift basis are certified by the Management and have not been verified by the Auditors, this being a technical matter.

 

 

GENERAL INFORMATION

 

No. of Employees :

2976  (Approximately)

 

 

Bankers :
  • Allahabad Bank
  • Australia and New Zealand Banking Group Limited
  • BNP Paribas
  • Citibank N.A.
  • Credit Agricole Corporate and Investment Bank
  • HDFC Bank Limited
  • Kotak Mahindra Bank Limited
  • The Hongkong and Shanghai Banking Corporation Limited
  • Yes Bank Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWINGS

 

 

12.10% - Secured Redeemable Non Convertible Debentures

(Redeemable at par at the end of 5th year from the date of allotment - December 15, 2008)

0.000

1500.000

Term Loan From Banks

3500.000

0.0000

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand - from banks

1542.600

754.500

 

 

 

Total

5042.600

2254.500

 

Notes:

 

1. The Non-Convertible Debentures are secured on the movable properties of the Company (excluding current assets and intangible assets) and on the immovable properties of the Company situated at Mehsana, Mahad, Pithampur, Digwal and Bangalore.

 

2. The Term Loan of Axis Bank and Bank of Maharashtra is to be secured by mortgage and charge on the movable properties of the Company (excluding current assets and intangible assets) and on all the immovable properties, both present and future, of the Company. Of these, charge on the said movable properties and on the Mehsana immovable property has been created and charges on the remaining properties are in the process of being created.

 

3. Satisfaction of charges in respect of certain repaid loans are still awaited.

 

4. Terms of repayment and rate of interest for secured borrowings (other than debentures)

 

 

As at March 31, 2013

 

Terms of Repayment

Rate of Interest

Loan from Axis Bank

Repayable in 10 semi

annual installments

from July 2014

Interest to be paid

monthly @ Bank Rate

plus 0.6% p.a.

Loan from Bank of Maharashtra

Repayable in 10 semi

annual installments

from July 2014

Interest to be paid

monthly @ Bank Rate

plus 0.6% p.a.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountant

 

 

Solicitors:

 

Name :

Crawaford Bayely and Company

 

 

Controlling Companies :
  • The Swastik Safe Deposits and Investments Limited
  • The Ajay G. Piramal Foundation*
  • Paramount Pharma Private Limited* (upto October 30, 2012)
  • BMK Laboratories Private Limited (upto October 30, 2012)
  • Cavaal Fininvest Private Limited* (upto October 30, 2012)
  • PHL Holdings Private Limited (formerly Known as Piramal International Private Limited)
  • Piramal Healthcare Limited – Senior Employee Option Scheme
  • Piramal Enterprises Limited - Trustees of Piramal Enterprises Executive Trust
  • Piramal Life Sciences Limited - Senior Employees Stock Option Trust

 

 

Subsidiary Companies/ step down Subsidiaries :

Located in India

 

  • PHL Fininvest Private Limited (PHL Fininvest)
  • Piramal Pharmaceutical Development Services Private Limited (PPDSPL)
  • Oxygen Bioresearch Private Limited
  • PHL Capital Private Limited (PHL Capital)
  • PHL Finance Private Limited (PHL Finance)
  • PHL Infrastructure Finance Company Private Limited (PHL Infra)
  • Indiareit Fund Advisors Private Limited
  • Piramal Systems and Technologies Private Limited (Piramal Systems)

 

Located Outside India

 

  • Piramal International
  • Piramal Holdings (Suisse) SA (Piramal Holdings)
  • Piramal Pharma Inc (Formerly known as NPIL Pharma Inc, USA)
  • Piramal Healthcare Inc.
  • Piramal Investment Holdings (Canada) Inc.
  • Piramal Life Sciences (UK) Limited
  • Piramal Healthcare UK Limited (Piramal Healthcare UK)
  • Piramal Healthcare Pension Trustees Limited
  • Piramal Healthcare (France) Limited (upto August 7, 2012)
  • Piramal Healthcare (Canada) Limited (Piramal Healthcare, Canada)
  • Oxygen Healthcare Limited, UK (Oxygen Healthcare)
  • Piramal Critical Care Italia, SPA
  • Piramal Critical Care Inc (PCCI) *
  • Minrad EU
  • Indiareit Investment Management Company, Mauritius $
  • Piramal Technologies SA
  • Piramal Imaging SA
  • Piramal Imaging GmbH (formerly known as “Piramal Molecular Imaging Development GmbH”)
  • Piramal Dutch Holdings N.V. (w.e.f October 17, 2012)
  • Piramal Critical Care Deutschland GmbH (w.e.f April 16, 2012)
  • Piramal Resources Inc. (w.e.f. May 22, 2012)
  • DRI Holdco Inc (w.e.f. June 7, 2012)
  • AMR/Arlington Medical Resources LLC (w.e.f. June 7, 2012)
  • Arlington Medical International Inc (w.e.f. June 7, 2012)
  • Biotrends Research Group LLC (w.e.f. June 7, 2012)
  • Decision Resources Inc (w.e.f. June 7, 2012)
  • Decision Resources LLC (w.e.f. June 7, 2012) (DRL)
  • Decision Resources International Inc. (w.e.f. June 7, 2012)
  • Decision Resources Group UK Limited (w.e.f. November 21, 2012)
  • DR/ Decision Resources LLC (w.e.f. June 7, 2012)
  • DR/MRG Holdings LLC (w.e.f. June 7, 2012)
  • DRG UK Holdco Limited (w.e.f. November 21, 2012)
  • Fingertip Formulary LLC (w.e.f. June 7, 2012)
  • Healthleaders LLC (w.e.f. June 7, 2012)
  • Manhattan Research LLC (w.e.f. June 7, 2012)
  • Pharmastrat LLC (w.e.f. June 7, 2012) *
  • Millenium Research Group (w.e.f. June 7, 2012)
  • Sigmatic Limited (w.e.f. December 03, 2012)

 

 

Other related parties where common control exists :
  • Piramal Glass Limited (PGL)
  • Piramal Life Sciences Limited (PLSL)
  • Piramal Corporate Services Private Limited (formerly known as “Piramal Enterprises Limited”) (PCSPL)
  • Piramal Estates Private Limited (formerly known as Piramal Realty Limited) (Piramal Estates)
  • India Venture Advisors Private Limited (India Venture)
  • Allergan India Private Limited (Allergan)
  • Piramal Foundation for Educational Leadership (PFEL)
  • Health Management and Research Institute (HMRI)

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250000000

Equity Shares

Rs.2/- each

Rs.500.000 Millions

3000000

Preference Shares

Rs.100/- each

Rs.300.000 Millions

24000000

Preference Shares

Rs.10/- each

Rs.240.000 Millions

105000000

Unclassified Shares

Rs.2/- each

Rs.210.000 Millions

 

 

 

 

 

Total

 

Rs.1250.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

172563100

Equity Shares

Rs.2/- each

Rs.345.100 Millions

 

 

 

 

 

1    Reconciliation of number of shares

 

Equity Shares

 

Particulars

No. of shares

Rs. In Millions

At the beginning of the year

172563100

345.100

Less: Shares bought back during the year

-

-

Add: Issued during the year

-

-

At the end of the year

172563100

345.100

 

2   Details of shareholders holding more than 5% shares in the Company

 

Particulars

No. of shares

% Holding

PHL Holdings Private Limited (formerly known as Piramal International Private Limited)

84092879

48.73%

Aberdeen Global Indian Equity Fund Mauritius Limited

12401000

7.19%

Paramount Pharma Private Limited

-

-

BMK Laboratories Private Limited

-

-

Cavaal Fininvest Private Limited

-

-

 

3   Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding reporting financial year;

 

particulars

Financial Year

No. of shares

i. Equity Shares allotted as fully paid-up pursuant to demerger of R&D NCE division of Piramal Life Sciences Limited (PLSL) into the Company

2011-12

5352585

ii.  Equity shares bought back by the Company

2011-12

705529

iii. Equity shares bought back by the Company

2010-11

41097100

 

 

4 Rights, preferences and restrictions attached to shares

 

Equity Shares

 

The Company has one class of equity shares having a par value of ` 2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

345.100

345.100

335.800

(b) Reserves & Surplus

105214.000

111062.700

116649.300

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

105559.100

111407.800

116985.100

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7333.300

2166.700

2392.000

(b) Deferred tax liabilities (Net)

0.000

1005.300

923.300

(c) Other long term liabilities

763.100

1328.400

1889.800

(d) long-term provisions

198.500

199.700

155.100

Total Non-current Liabilities (3)

8294.900

4700.100

5360.200

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

37292.600

9754.500

470.700

(b) Trade payables

3316.300

3126.100

2761.300

(c) Other current liabilities

5326.300

4856.000

3473.400

(d) Short-term provisions

3634.800

3599.500

2404.400

Total Current Liabilities (4)

49570.000

21336.100

9109.800

 

 

 

 

TOTAL

163424.000

137444.000

131455.100

 

 

 

 

ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6541.700

6319.000

5331.600

(ii) Intangible Assets

1191.300

1285.200

1331.300

(iii) Capital work-in-progress

454.400

230.300

292.500

(iv) Intangible assets under development

1204.900

1434.800

5.900

(b) Non-current Investments

88212.800

67636.000

4825.300

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4323.000

1170.300

598.500

(e) Other Non-current assets

21737.100

41255.800

57854.600

Total Non-Current Assets

123665.200

119331.400

70239.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

8018.200

3466.900

11007.200

(b) Inventories

2617.100

2667.100

2302.000

(c) Trade receivables

2430.300

2424.800

2090.900

(d) Cash and cash equivalents

242.400

132.400

17540.300

(e) Short-term loans and advances

14106.700

8579.600

9169.300

(f) Other current assets

12344.100

841.800

19105.700

Total Current Assets

39758.800

18112.600

61215.400

 

 

 

 

TOTAL

163424.000

137444.000

131455.100

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

14031.900

11534.800

8144.400

 

 

Other Income

3760.100

5344.300

4722.900

 

 

TOTAL                                     (A)

17792.000

16879.100

12867.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of raw and packing materials consumed

6333.300

5389.500

3545.200

 

 

Purchases of stock-in-trade

792.600

809.600

807.800

 

 

Changes in inventories of finished goods, work-in progress and stock-in-trade

(20.400)

(125.100)

(377.600)

 

 

Employee benefits expense

1594.900

1517.500

1449.200

 

 

Other Expenses

6592.500

5312.500

3986.600

 

 

Exceptional Items

0.000

0.000

(162099.000)

 

 

TOTAL                                     (B)

15292.900

12904.000

(152687.800)

 

 

 

 

 

Less

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

2499.100

3975.100

165555.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

4199.700

1999.000

800.600

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

(1700.600)

1976.100

164754.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

778.200

763.900

589.900

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                 (G)

(2478.800)

1212.200

164164.600

 

 

 

 

 

Less

TAX                                                                  (H)

(163.200)

(95.000)

35195.500

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

(2315.600)

1307.200

128969.100

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

51974.000

57683.000

4606.000

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

 

Proposed dividend

 

 

 

 

 

– Equity Shares

3020.000

3020.000

2007.000

 

 

- Dividend Distribution Tax thereon

513.000

490.000

326.000

 

 

Transfer to General Reserve

0.000

131.000

73986.000

 

 

Transfer from Debenture Redemption Reserve

0.000

0.000

500.000

 

 

Transfer to Debenture Redemption Reserve

0.000

75.000

75.000

 

 

P&L Debit balance of Demerged R&D NCE Unit

0.000

3300.000

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

46126.000

51974.000

57682.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

7987.100

6515.300

4286.300

 

 

Interest on Loans

772.100

334.300

284.400

 

 

Other Earnings

131.500

196.100

63.200

 

TOTAL EARNINGS

8890.700

7045.700

4633.900

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

3116.400

2285.000

1823.600

 

 

Capital Goods

277.900

287.400

76.500

 

 

Traded Goods / reagents

271.400

278.900

221.500

 

TOTAL IMPORTS

3665.700

2851.300

2121.600

 

 

 

 

 

 

Earnings Per Share (Rs.)

(13.40)

7.70

572.80

 

 

QUARTERLY RESULTS

 

Particular

 

 

30.06.2013

Type

 

 

1st Quarter

Net Sales

 

 

4556.400

Total Expenditure

 

 

3990.200

PBIDT (Excl OI)

 

 

566.200

Other Income

 

 

1146.100

Operating Profit

 

 

1712.300

Interest

 

 

2561.700

Exceptional Items

 

 

0.000

PBDT

 

 

(849.400)

Depreciation

 

 

188.100

Profit Before Tax

 

 

(1037.500)

Tax

 

 

0.000

Provisions and contingencies

 

 

0.000

Profit After Tax

 

 

(1037.500)

Extraordinary Items

 

 

0.000

Prior Period Expenses

 

 

0.000

Other Adjustments

 

 

0.000

Net Profit

 

 

(1037.500)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)

(13.01)

7.74

1002.30

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

(17.67)

10.51

2015.67

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(3.37)

1.78

129.95

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.02)

0.01

1.40

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.42

0.11

0.02

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.80

0.85

6.72

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. In Millions)

Particular

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

Current maturities of long-term debt

1833.300

1350.900

NA

 

 

 

 

Total

1833.300

1350.900

NA

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

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 (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

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

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOAN

(Rs. In Millions)

Particular

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWINGS

 

 

9.66% - Unsecured Redeemable Non Convertible Debentures

(Redeemable at par at the end of 5th year from the date of allotment - February 26, 2013)

3500.000

0.000

Term Loan From Banks

333.300

666.700

SHORT-TERM BORROWINGS

 

 

Commercial Papers

33500.000

9000.000

Loans repayable on demand - from banks

2250.000

0.000

 

 

 

Total

39583.300

9666.700

 

Note:

 

Terms of repayment and rate of interest for secured borrowings (other than debentures)

 

 

As at March 31, 2013

 

Terms of Repayment

Rate of Interest

Loan from Central Bank of India

Repayable in 12

equal Quarterly

installments from

June 2012

Interest to be paid monthly @ Bank Prime Lending Rate minus 2% p.a upto February 8, 2013.

 

Interest to be paid monthly @ Bank Rate (floating) plus 1% p.a from February

9, 2013.

 

 

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2013:

 

Acquisition of Decision Resources Group (US) and Abacus International (UK)

 

Decision Resources Group (DRG), a US based provider of high quality, web-enabled research, predictive analytics via proprietary databases and consulting services to the global healthcare industry, was acquired in June 2012 for a consideration of approximately US$ 635 million (~Rs. 34000.000 Millions). It is one of the fastest growing companies with a CAGR of 20% for the last five years. It has 48 of the top 50 global pharmaceutical companies as its customers. The Company has retained 94% of its customers of 2012. DRG reported revenue of Rs. 6500.000 Millions in FY2013 since its acquisition. Abacus International, UK was acquired in December 2012 to help expand in the European markets.

 

Acquisition of Bayer’s Molecular Imaging Development Portfolio

 

Piramal Enterprises Limited (‘PEL’), through its newly established subsidiary – Piramal Imaging SA, acquired the molecular imaging research and development portfolio, including rights to Florbetaben, of Bayer Pharma AG in April 2012. Florbetaben, a PET tracer for the detection of beta-Amyloid plaque deposition in the brain, is the pathological hallmark of disease in probable Alzheimer’s disease patients. The molecule has been accepted for review by the European Medicines Agency (EMA) and the US Food and Drug Administration (USFDA) in March 2013.

 

Expansion of Financial Services Business

 

PEL has started lending to the education sector and has explored new geographies like Bhopal, Coimbatore and NCR this year. The loan book for the Real Estate and Education Sector has increased to Rs. 15910.000 Millions as on March 31, 2013 from Rs. 3510.000 Millions as on March 31, 2012. PEL invested Rs. 4250.000 Millions in Optionally Convertible Debentures of Navayuga Road Projects Private Limited in March 2013. INDIAREIT, which manages funds for investments in real estate sector has Rs. 42570.000 Millions under management as on March 31, 2013. INDIAREIT raised Rs. 4000.000 Millions for Mumbai Redevelopment Fund during FY2013 and is currently raising a new domestic fund with targeted fund size of Rs. 7500.000 Millions along with green shoe option of Rs. 2500.000 Millions.

 

 

OPERATIONS REVIEW:

 

Total Operating Income on a standalone basis for the year grew by 15% to Rs. 16200.000 Millions against Rs. 14082.000 Millions in FY2012. EBIDTA on a standalone basis was lower at Rs. 2499.000 Millions against Rs. 3975.000 Millions in FY2012 due to increase in R and D expenses and lower foreign exchange gain. Loss for the year was at Rs. 2316.000 Millions as against profit after tax of Rs. 1307.000 Millions in FY2012. This is on account of an increase of 110.1% in interest cost due to increase in loans taken to fund the DRG acquisition and to fund the lending operations of the NBFC business. Earnings per share were Rs. (13.4) for the year.

 

 

Merger of PHL Holdings Private Limited into PEL

 

The Scheme of Amalgamation and Arrangement between PHL Holdings Private Limited and Piramal Enterprises Limited and their respective shareholders and creditors (“Scheme”), which was approved by the shareholders on March 13, 2013, is awaiting approval of the Hon’ble High Court of Judicature at Bombay. The Appointed Date of the Scheme is January 1, 2013. The Scheme inter alia provides for merger of PHL Holdings Private Limited into PEL and thereby cancellation of shares held by PHL Holdings Private Limited in PEL and consequent reissue of equivalent number of shares of PEL to the shareholders of PHL Holdings Private Limited.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

FY2013 KEY HIGHLIGHTS:

 

Acquisition of Decision Resources Group, Inc. (US) and Abacus International (UK)

 

Piramal Enterprises Limited (PEL) completed acquisition of Decision Resources Group (DRG), a US based provider of high quality, web-enabled research, predictive analytics via proprietary databases and consulting services to the global healthcare industry, for a consideration of approximately US$ 635 million (~ Rs. 3,400 Millions) in June 2012. With 20% revenue CAGR for the last five years, it is one of the fastest growing companies in the US$ 5.7 billion global healthcare information industry. It has 48 of the top 50 global pharmaceutical companies as its customers. The overall customer retention rate is 94%. The company, now a subsidiary of PEL, generated revenues of Rs. 6496.000 Millions in FY2013. In December 2012, DRG acquired Abacus International, a UK based pioneer in evidence-based global market access solutions for many of the world’s leading healthcare companies.

 

 

Acquisition of Bayer’s Molecular Imaging Development Portfolio

 

PEL acquired worldwide rights to the molecular imaging research and development portfolio of Bayer Pharma AG through its newly created subsidiary – Piramal Imaging SA in April 2012. The portfolio includes rights to Florbetaben amongst a pipeline of other molecules. Florbetaben is a PET tracer for the detection of beta-Amyloid plaque deposition in the brain, which is the pathological hallmark of disease in probable Alzheimer’s disease patients. Phase III trial showed that PET imaging with Florbetaben reliably detects beta-Amyloid in the brain during life with great accuracy and thus shows value as a potential tool to aid in the diagnosis and assessment of Alzheimer’s disease. The molecule has been accepted for review by the US Food and Drug Administration (FDA) in March 2013 and by the European Medicines Agency (EMA) in January 2013.

 

 

Expansion of Financial Services Business

 

During this year, PEL started lending to the education sector and has explored new geographies like Bhopal, Coimbatore and NCR. The loan book to Real Estate and Education Sectors has increased to Rs. 15910.000 Millions as on March 31, 2013 from Rs.3510.000 Millions as on March 31, 2012. PEL has also made two structured investments aggregating to Rs. 9250.000 Millions. The first investment of Rs. 4250.000 Millions was made in March 2013 through Optionally Convertible Debentures in Navayuga Road Projects Private Limited (NRPL), the road subsidiary of the Rs. 30000.000 Millions Navayuga Engineering Company (NECL). Another investment of Rs. 5000.000 Millions was made in April 2013 through Optionally Convertible Debentures in Green Infra Limited., one of the largest clean energy Independent Power Producers (IPPs) in the country funded by IDFC Private Equity.

 

INDIAREIT, which manages funds for investments in real estate sector, has Rs. 42570.000 Millions under management as on March 31, 2013. INDIAREIT raised Rs. 4000.000 Millions for Mumbai Redevelopment Fund during FY2013 and is currently raising a new domestic fund with targeted fund size of Rs. 7500.000 Millions along with green shoe option of Rs. 2500.000 Millions.

BUSINESS PERFORMANCE

 

Pharmaceuticals Businesses

 

Pharma Solutions

 

The market for Global Outsourcing is expected to grow to US$ 45 Bn by 2015 at a compounded annual growth rate of 12% per year (*Source: Scrip Insights 2012). The global outsourcing trend is likely to continue, driven by the rising healthcare costs in developed countries and reducing profitability of pharmaceutical companies due to patent expiry of various blockbuster drugs. Long term prospects for the industry are backed by cost pressures for innovative companies and increasing genericisation. Established relationships and trust with innovators, quality infrastructure, good regulatory track record and low production and R and D costs should place PEL in a good position to take advantage of this trend.

 

In the context of this market outlook, PEL’s revenues from Pharma Solutions business grew by 14.7% to Rs. 15533.000 Millions in FY2013 as compared with Rs. 13545.000 Millions in FY2012. The revenues from both Indian assets and assets outside India grew by 14.7% to Rs. 9185.000 Millions against Rs. 8008.000 Millions in FY2012 and to Rs. 6348.000 Millions against Rs. 5537.000 Millions in FY2012, respectively.

 

Increase in demand for existing products was seen during the year. Order booking for the late phase commercial business increased in FY2013 as compared with FY2012. Long term commercial contracts were signed at Morpeth in FY2013. Their relationship with PEL’s key partner, Pfizer, at Morpeth, continued to grow. The year saw a strong pipeline of enquiries, especially for the ADCs business at Grangemouth. In October 2012, PEL entered into a strategic alliance with Fujifilm Diosynth Biotechnologies, whereby the two parties intend to offer seamless contract development and manufacture of ADCs, a growing niche in the development of biopharmaceuticals.

 

 

Critical Care

 

Revenue from Critical Care business was Rs. 6161.000 Millions as compared with Rs. 4126.00 Millions in FY2012, registering a growth of 49.3%. The high growth rate is on account of gaining greater share of the Sevoflurane market in the US and some other emerging markets. PEL’s market share in terms of volume for Sevoflurane in US has increased from 25% in March 2012 to 30% in March 2013. Major Group Purchasing Organization (GPO) contracts have been renewed for next two years in the US. PEL has more than 50% market share in some of the emerging markets. There has been a meaningful increase in market share in countries such as Turkey and Indonesia. Several tenders were won this year in emerging markets including Mexico, Peru, Kazakhstan and South Africa. Sevoflurane was also launched in the European markets this year. The product will be marketed by direct field force in some countries while association with marketing partners will continue in most of the other countries. Isoflurane sales volumes were also higher as compared with last year.

 

OTC and Ophthalmology

 

Sales from OTC and Ophthalmology business grew by 23.3% to Rs. 2712.000 Millions in FY2013 as compared with Rs. 2200.000 Millions in FY2012. The OTC sales force and distribution network now covers 400,000 retailers in 485 ‘one-lakh+ towns’ in India. New products and brands were launched through FY2013 – Lacto Calamine Reneu, Lacto Calamine Sun Screen, Polycrol+, extensions of Jungle Magic brand of perfumes and Jungle Magic Mosquito Bandtiz. ‘Lacto Face wash’ was awarded the ‘Star 2012’ for excellence in packaging by Indian Institute of Packaging.We launched several new OTC products and brands in FY13,viz. Lacto Calamine Reneu, Lacto Calamine Sun Screen, Polycrol+, extensions of Jungle Magic brand of perfumes and Jungle Magic Mosquito Bandtiz.

 

Allergan India Limited (AIL) is a 51:49 Joint Venture for Ophthalmic products between Allergan Inc., USA and PEL. Total revenues of AIL were Rs. 2054.000 Millions (FY2012 Total Revenue: Rs. 1686.000 Millions). The Operating Profit for FY2013 was Rs. 456.000 Millions as compared with Rs. 403.000 Millions in FY2012. Profit after Tax for FY2013 was Rs. 292.000 Millions as compared with Rs. 256.000 Millions for FY2012.

 

Life Sciences

 

PEL is working on discovering and optimizing compounds to meet important unmet medical needs in the target markets of cancer, diabetes and inflammation. Spend on R and D expenses for FY2013 was Rs. 2867.000 Millions vis-ŕ-vis Rs. 2331.000 Millions in FY2012.

 

NBFC Operations

 

During the year, PEL expanded its NBFC operations and started lending to the education sector along with the Real Estate Sector. The lending operations are currently focused in Mumbai, Pune, Bengaluru, Chennai, Bhopal, Coimbatore and NCR. A highly experienced and knowledgeable team, well defined systems and processes and robust credit approval and monitoring policies are in place. As of March 31, 2013, the total loan book for real estate and education sector stood at Rs. 15910.000 Millions as compared with Rs. 3510.000 Millions as on March 31, 2012. PEL also invested Rs. 4250.000 Millions in Optionally Convertible Debentures of Navayuga Road Projects Private Limited (NRPL) in March 2013. Similarly, another investment of Rs. 5000.000 Millions was made in Optionally Convertible Debentures of Green Infra Limited in April 2013. PEL is exploring opportunities either in yield assets (e.g. toll roads) or as mezzanine financing for a portfolio of cash generating and under execution projects.

 

 

BOARD OF DIRECTORS

 

Mr. N. Vaghul

 

Mr. N. Vaghul is a B. Com. (Hons.) from the University of Madras. He joined the State Bank of India in 1957 as a

Probationary Officer. He became a Director in the National Institute of Bank Management, Mumbai in 1976, before assuming charge as Executive Director in Central Bank of India in 1978. He became Chairman of Bank of India in 1981 and had the distinction of being the youngest ever Chairman in a Public Sector Bank. He joined ICICI Bank Limited as Chairman and CEO in 1985 and continued to head the group till April 2009. During his tenure in ICICI, he created several new institutions laying the foundation for the development of Universal Banking model (which he pioneered). He was also instrumental in setting up ICICI Securities, an Investment Banking company. He also pioneered the concept of Credit Rating in India by setting up CRISIL. He was the founder Chairman of CRISIL for close to ten years and helped in evolving the best practices of credit rating in the country.

 

He was the Chairman of “Pratham”, a leading NGO. He is associated with several foundations dedicated to the cause of primary education. He is also deeply committed to the cause of science and technology and was responsible for setting up the first Science and Technology Park in the country known as ICICI Knowledge Park. He is associated with the Institute of Technology in Jaipur. He has also been the Chairman of IFMR, a Business School with an array of research centers engaged in a variety of economic and social research.

 

Mr. Vaghul is the recipient of numerous awards and honours. He was chosen as the Business Man of the Year by ‘Business India’ in 1992. He received the Lifetime Achievement Award from Economic Times in 2006 and also the “Ernst and Young Entrepreneur of the Year Award Program” in 2009. He also received an award for his contribution to Corporate Governance from the Institute of Company Secretaries in 2007. He was awarded ‘Padma Bhushan’ by the Government of India in 2009. He was awarded Life Time Achievement Award by Bombay Management Association in March 2013.

 

Mr. Deepak Satwalekar

 

Mr. Deepak Satwalekar received a B. Tech. in Mechanical Engineering from IIT, Bombay, and a M.B.A. from The American University, Washington D.C.

 

He retired as the Managing Director and Chief Executive Officer (MD and CEO) of HDFC Standard Life Insurance Company Limited. in November 2008. Before taking on the responsibility of setting up and running the new Insurance company in the year 2000, he was the Managing Director of HDFC, the country’s largest mortgage lender. He has consulted for the World Bank, the Asian Development Bank and other bilateral and multilateral agencies in several countries.

 

Besides being a recipient of the “Distinguished Alumnus Award” from IIT, Bombay, he is on the Advisory Council of the IIT, Bombay. He has been a member of/chaired several industry, Reserve Bank of India and government expert groups. Inter alia, he has been/is a member of the Technical Advisory Committee of the RBI, the Committee for Policyholder Protection/Intermediaries, etc. of the Insurance Regulatory and Development Authority, Committee for Restructuring the NPS set up by the PFRDA. He also serves as an independent director on the boards of some large companies in India.

 

He serves on the India Advisory Board of a large European Bank and is currently active on the Board of Trustees of Isha Vidhya Gyan Prakash Foundation and Teach to Lead, which are engaged in the field of primary education for the low income and socially disadvantaged members of society in rural and urban India respectively. In the field of higher education, he is on the board of the Indian Institute for Human Settlements. He is on the Board of Trustees of the Infosys Science Foundation. He is an advisor to Private Equity and Venture Capital firms as also on the Board of Society for Innovation and Entrepreneurship, an early funding vehicle set up at IIT, Bombay. He is also advising a company which is establishing a network of BPO centers in rural areas across the country.

 

Dr. R.A. Mashelkar

 

Dr. R.A. Mashelkar is a B.E., Ph.D (Chemical Engineering) from the Institute of Chemical Technology, Mumbai. He is a National Research Professor and presently the President of Global Research Alliance, a network of publicly funded R and D institutes from Asia-Pacific, Europe and USA with over 60,000 scientists.

 

Dr. Mashelkar is only the third Indian engineer to have been elected (1998) as Fellow of Royal Society (FRS), London in the twentieth century. He was elected Foreign Associate of National Academy of Science (USA) in 2005, Associate Foreign Member, American Academy of Arts and Sciences (2011), Foreign Fellow of US National Academy of Engineering (2003), Fellow of Royal Academy of Engineering, U.K. (1996), Foreign Fellow of Australian Technological Science and Engineering Academy (2008) and Fellow of World Academy of Art and Science, USA (2000).

 

Thirty universities have honoured him with honorary doctorates, which include Universities of London, Salford, Pretoria, Wisconsin and Delhi.

 

The President of India honoured Dr. Mashelkar with Padmashree (1991) and with the Padmabhushan (2000), which are two of the highest civilian honours, in recognition of his contribution to nation building.

 

As Chairman of the Standing Committee on Information Technology of the World Intellectual Property Organization (WIPO), a member of the International Intellectual Property Rights Commission of the UK Government and as Vice Chairman of the Commission in Intellectual Property Rights, Innovation and Public Health (CIPIH) set up by World Health Organization (WHO), he brought new perspectives on the issue of IPR and the developing world concerns. He was a member of the Scientific Advisory Council to the Prime Minister and also of the Scientific Advisory Committee to the Cabinet set up by successive governments. He has chaired twelve high powered committees set up to look into diverse issues of higher education, national auto fuel policy, overhauling the Indian drug regulatory system, dealing with the menace of spurious drugs and reforming Indian agriculture research system, amongst others. Dr. Mashelkar has won over 50 awards and medals, which include S.S. Bhatnagar Prize (1982), Pandit Jawaharlal Nehru Technology Award (1991), G.D. Birla Scientific Research Award (1993), Material Scientist of Year Award (2000), IMC Juran Quality Medal (2002), HRD Excellence Award (2002), Lal Bahadur Shastri National Award for Excellence in Public Administration and Management Sciences (2002), World Federation of Engineering Organizations (WFEO) Medal of Engineering Excellence by WFEO, Paris (2003), Lifetime Achievement Award by Indian Science Congress (2004), the Science medal by the Academy of Science for the Developing World (2005) and Ashutosh Mookherjee Memorial Award by Indian Science Congress (2005).

 

Prof. Goverdhan Mehta

 

Prof. Goverdhan Mehta is a FRS, Ph.D., (D.Sc. h.c), National Research Professor and Bhartia-Jubilant Chair at the University of Hyderabad. He is an internationally acclaimed researcher in organic chemistry with wide ranging research interests. He has held faculty position at the Indian Institute of Technology, Kanpur and is a former Vice Chancellor of the University of Hyderabad. He was the Director of the Indian Institute of Science, a premier institution of the country and was a CSIR Bhatnagar Fellow at I. I. Sc, Bangalore. He has made many notable contributions in the area of organic synthesis. He has been exceptionally prolific in his scientific contributions, publishing more than 450 original research papers in international Journals of high repute and presented over 200 lectures in different parts of the world. He is on the Editorial Boards of many leading international journals in Chemical Sciences/Organic Chemistry and mentored over a hundred doctoral and post-doctoral students/scientists. He has also contributed to science education, science policy and planning and RandD efforts in India and abroad in many ways.

 

Professor Mehta has over fifty awards and honors to his credit, notable among these being the Humboldt Research Prize of Germany, Medals from the Third World Academy of Sciences, Trieste and Science Academies in India. He has been conferred ‘Chevalier de la Legion d’Honneur’ and Officier dans I’ordre Palmes Academiques by the President of France and Padma Shri by the President of India. He is a Fellow of Royal Society (FRS), Third World Academy of Sciences and other Science Academies. He has been President of the Indian National Science Academy (INSA) and of the Paris based International Council for Science (ICSU) as well as co-Chair of the Inter Academy Council.

 

Mr. Siddharth Mehta

 

Mr. Siddharth Mehta has an undergraduate degree from the London School of Economics and MBA from the University of Chicago. He is a director and the former President and Chief Executive Officer of TransUnion. He was also the Chief Executive Officer of HSBC Finance Corporation and HSBC North America Holdings, Inc. Prior to HSBC, he served as a Senior Vice President at the Boston Consulting Group in Los Angeles and as co-leader of the Boston Consulting Group’s Financial Services Practice where he developed retail, insurance and investment strategies for a variety of financial service clients. He also serves on the board of directors of TransUnion LLC, DataCard Group, The Chicago Public Education Fund, The Field Museum and the Myelin Repair Foundation. He has executive level experience and extensive knowledge of the banking industry and financial markets.

 

Mr. Mehta does not hold any directorship in any public limited companies or subsidiaries of public limited companies in

India.

 

Mr. Gautam Banerjee

 

Mr. Gautam Banerjee is a graduate from the University of Warwick, England and is a member of the Institute of Chartered Accountants in England and Wales and also a member of the Institute of Certified Public Accountants, Singapore. Mr. Banerjee is currently a Senior Advisor with Blackstone Group, Singapore. Mr. Banerjee has been associated with Pricewaterhouse Coopers (“PwC”), one of the Big 4 Auditing Firms worldwide, from 1982 to 2012, holding various positions in PwC during his long association. He was Chairman of PwC Singapore and the COO for PwC’s Eastern Cluster and a member of PwC Global Firm’s Strategy Council from October 2008 to December 2012. He was also the Interim Chairman of PwC India from December 2009 to December 2010.

 

Mr. Banerjee has been a member of various statutory boards / committees of the Government of Singapore and also a member of several Industry Associations in Singapore. Presently, he is a member of the Economic Development Board of Singapore and Vice Chairman of the Singapore Business Federation. He is also an Independent Director of Singapore Airlines Limited, The Government of Singapore Investment Company Limited. and the Straits Trading Company Limited. Mr. Banerjee has extensive knowledge and skills in the realm of finance, accounting and management. He was a nominated Member of Parliament in Singapore from 2007 to 2009.

 

Mr. Banerjee does not hold any directorship in any public limited companies or subsidiaries of public limited companies in India.

 

 

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular

31.03.2013

31.03.2012

1 Claims against the Company not acknowledged as debt:

 

 

Demand dated June 5, 1984 the Government has asked for payment to the credit of the Drugs Prices Equalisation Account, the difference between the common sale price and the retention price on production of Vitamin ‘A’ Palmitate (Oily Form) from January 28, 1981 to March 31, 1985 not accepted by the Company. The Company has been legally advised that the demand is untenable.

6.100

6.100

2 Guarantees issued to Government authorities and limited companies including guarantees issued on behalf of subsidiaries and performance guarantees.

36441.400

10893.600

3 Others

 

 

i. Appeals filed in respect of disputed demands:

 

 

Income Tax

 

 

- where the Company is in appeal

3597.700

4207.100

- where the Department is in appeal

1384.300

1710.800

Sales Tax

123.600

143.700

Central / State Excise

116.900

110.500

Labour Matters

3.300

2.900

Stamp Duty

40.500

40.500

Legal Cases

70.700

70.700

ii. Bills Discounted

539.400

240.000

iii. Unexpired Letters of Credit

77.500

132.100

 

Note: Future cash outflows in respect of 1 and 3(i) above are determinable only on receipt of judgments/decisions pending with various forums/authorities.

 

 

FIXED ASSETS

Tangible Assets

  • Land Leasehold
  • Land Freehold
  • Building
  • Plant and Equipment
  • Furniture and Fixtures
  • Vehicles/Ships/Helicopter
  • Office Equipment

 

Intangible Assets

  • Brands and Trademarks
  • Copyrights, Know-how and Intellectual Property Rights
  • Computer Software

 

 

AS PER WEBSITE DETAILS

 

News

 

Piramal Enterprises: Updates on scheme of amalgamation and arrangement

 

July 03, 2013

 

Piramal Enterprises has informed that the Order of the Court sanctioning the scheme of Amalgamation and Arrangement between PHL Holdings and Piramal Enterprises and their respective shareholders and creditors has been filed with the Registrar of Companies on July 02, 2013 and accordingly, the Scheme has become effective.

 

With reference to the earlier announcement dated May 16, 2013, about the Hon'ble Bombay High Court sanctioning the scheme of Amalgamation and Arrangement between PHL Holdings Private Limited and Piramal Enterprises Limited and their respective shareholders and creditors (“the Scheme”) Piramal Enterprises Limited has informed BSE that the Order of the Court sanctioning the Scheme has been filed with the Registrar of Companies on July 02, 2013 and accordingly, the Scheme has become effective. The Appointed Date of the Scheme is January 1, 2013.In terms of the Scheme, 84092879 Equity Shares of the Company held by the Transferor i.e. PHL Holdings Private Limited (PHPL) stands cancelled and equivalent number of equity shares credited as fully paid up are to be issued and allotted by the Company to the equity shareholder of PHPL in lieu thereof. The Company is in the process of submitting necessary applications to the Stock Exchanges for seeking approval for listing of the 84092879 Equity Shares to be issued and allotted to the equity shareholders of PHPL.

 

 

PRESS RELEASE

 

Piramal Enterprises Limited receives IND approval from the US FDA for its GPR40 agonist P11187; an anti-diabetic molecule

 

  • P11187 Investigational New Drug (IND) dossier receives US FDA regulatory approval

 

  • Piramal's first US FDA approved Diabetes Phase I clinical trial; trials in the US to be initiated shortly

 

  • P11187's anti-diabetic action is in a glucose-dependent manner, thus decreasing the potential risks of hypoglycemia

 

 

Mumbai, May 14, 2013: Piramal Enterprises Limited "PEL" (NSE: PEL, BSE: 500302) announced today that it has received approval from the US FDA for its Investigational New Drug (IND) P11187. This approval will enable PEL to initiate a Phase I clinical trial of P11187 in healthy volunteers in the US.

 

P11187 is an orally active, small molecule New Chemical Entity (NCE), discovered and developed by the NCE Research Division of PEL. P11187 selectively acts on GPR40; a potential therapeutic target for Type 2 Diabetes Mellitus (T2DM). T2DM is an emerging worldwide health crisis with an incidence rate of 300 million by 2025 as predicted by the WHO and accounts for about 90% of the diabetic population.

 

P11187 will be tested for safety and its glucose-lowering properties for the first time in humans; both properties having been well-established in our preclinical studies. Currently, the T2DM treatment space has limitations in terms of efficacy and adverse side-effect profiles. The advantage of P11187; as a GPR40 agonist, is the stimulation of insulin secretion in a glucose-dependent manner, thus reducing the potential risk of excess insulin production.

 

Dr. Swati Piramal, Vice Chairperson, Piramal Enterprises Limited said, "The NCE Research division of PEL is dedicated to finding new cures for metabolic disorders. It focuses upon nurturing innovation and break-through thinking to impact the lives of millions of people. P11187's IND approval by the US FDA; recognizes our untiring efforts to identify candidates that would translate into more efficacious drugs for the effective management of diabetes."

 

About NCE Research

 

The NCE Research Division of Piramal Enterprises Limited focuses on the discovery and development of innovative small molecule medicines to improve the lives of patients suffering from cancer, metabolic disorders and inflammatory conditions. The key elements of our strategy include capitalizing on Piramal's strengths, in particular the India advantage, and leveraging external partnerships to achieve high levels of RandD productivity. Piramal's state-of-the-art Research Centre in Mumbai has comprehensive capabilities spanning target identification all the way through clinical development. Our robust pipeline, including 9 compounds in clinical development, bears testimony to our innovative and rigorous drug discovery process.

 

Piramal Enterprises Limited

 

Piramal Enterprises is one of India's largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors. Piramal Enterprises had consolidated revenues of over $ 650 million in FY2013. In the pharmaceutical space, PEL is one of leading custom manufacturing player globally, has presence in the global critical care segment with a portfolio of inhalation and injectable anesthetics and its OTC business is ranked no. 7 in India. PEL is also engaged in drug discovery and research and has strong pipeline of development products. In the financial services space, PEL has a real estate focused PE fund - Indiareit and a NBFC that is focused on lending to real estate and education sector. PEL's information management business, Decision Resources Group is a leading provider of information based services to the healthcare industry.

 

 

PIRAMAL ENTERPRISES ANNOUNCES Q1FY2014 RESULTS

 

Total Operating Income for Q1FY2014 up by 29.8% to Rs. 9702.000 Millions, Operating Profit was higher at Rs. 1461.000 Millions while net loss was Rs. 1467.000 Millions

 

Mumbai, July 25, 2013: Piramal Enterprises Limited (formerly Piramal Healthcare Limited) ('PEL', NSE: PEL, BSE: 500302) today announced results for Q1FY2014.

 

For the quarter ended June 30, 2013, the Total Operating Income grew by 29.8% to Rs. 9702.000 Millions against Rs. 7472.000 Millions in Q1FY2013. Operating Profit (OPBITDA) for the quarter was Rs. 1461.000 Millions as compared with Rs. 785.000 Millions during the same period last year. Net loss for the quarter was Rs. 1467.000 Millions as compared with a net profit of Rs. 41.000 Millions during Q1FY2013. Interest Expenses for Q1FY2014 are higher by 279.9% at Rs. 3325.000 Millions as against Rs. 875.000 Millions in Q1FY2013 as the company raised funds to invest in its NBFC operations and in shares of Shriram Transport Finance Company. The interest expenses for the quarter include one-time financing charges of Rs. 1628.000 Millions. Excluding these one-time financing charges, the PAT would have been a profit of Rs. 161.000 Millions instead of a loss of Rs. 1467.000 Millions.

 

During the quarter, PEL invested Rs.5000.000 Millions in Green Infra Limited through Optionally Convertible Debentures. The Company also acquired a minority stake of ~10% in Shriram Transport Finance Company Limited for Rs. 16340.000 Millions in May 2013.

 

FY2013 results also include the financial results of Decision Resources Group that was acquired in June 2012, Piramal Imaging operations in Germany acquired from Bayer in April 2012 and Abacus International acquired in December 2012.

 

 

THE CENTERS FOR MEDICARE AND MEDICAID SERVICES (CMS) DRAFT DECISION COULD LIMIT PATIENT ACCESS TO NEW TECHNOLOGY THAT MAY HELP IN DIAGNOSING DEMENTIA

 

Piramal Imaging Urges Public Participation During the CMS Public Comment Period on the use of Beta-Amyloid Imaging in Dementia

 

Berlin/Boston/Mumbai, July 25, 2013 - On Wednesday, July 3, 2013, the Centers for Medicare and Medicaid Services (CMS) released its proposed decision memorandum regarding the use of beta-amyloid imaging in dementia and neurodegenerative disease.1

 

Piramal Imaging is concerned about CMS' proposal, which appears to take an overly cautious approach to expanding Medicare coverage for positron emission tomography (PET) tracers to include beta-amyloid imaging agents. Limiting Medicare coverage only to patients enrolled in CMS-approved clinical trials imposes restrictions that reduce patient access to long-awaited diagnostic tools.

 

"We are concerned that the CMS draft coverage decision is too restrictive and, if finalized in its current form, will place an undue burden on physicians, patients and caregivers by delaying the definitive diagnosis of certain types of dementia and neurodegenerative disease, including Alzheimer's," said Dr. Ludger Dinkelborg, Director of the Board, Piramal Imaging SA.

 

In Piramal Imaging's view, the CMS decision needs to be reviewed for the following reasons:

 

The draft decision does not reference the Appropriate Use Criteria (AUC) that was developed by the Society for Nuclear Medicine and Molecular Imaging (SNMMI) and the Alzheimer's Association. The taskforce was comprised of a cross-section of experts including radiologists, nuclear medicine specialists and neurologists.2

It lacks clear guidance on clinical trial designs that should be practical and provide CMS with the requested evidence in a reasonable timeframe.

There is general disagreement with the relevance of autopsy as an appropriate endpoint to demonstrate clinical utility in the intended population.

The use of new beta-amyloid imaging agents should help to reduce uncertainties in the diagnosis of Alzheimer's disease and related dementias, which is of importance for patients and their caregivers. Piramal Imaging is hopeful that CMS will moderate its position when it renders its final decision by finding less restrictive ways to gather the information it seeks regarding health outcomes.

 

CMS is accepting public comments on its proposed decision from all stakeholder groups and is accepting public comments now through August 2, 2013. Comments can be posted at:

 

"We urge anyone concerned with Alzheimer's disease—patients, caregivers, healthcare professionals, patient advocacy groups and the general public—to share opinions on the value of beta-amyloid PET imaging during the initial 30-day public comment period," said Dr. Dinkelborg. "Every letter will have an impact on CMS' final decision in September."

 

About the value of beta-amyloid PET imaging

 

Today, Alzheimer's disease is usually diagnosed after a person with a cognitive impairment undergoes an extensive clinical examination which typically includes family and medical history, physical and neurological examinations, laboratory tests, and imaging procedures such as computed tomography (CT) and magnetic resonance imaging (MRI) scans. Still, a definitive diagnosis of Alzheimer's disease can only be made after death where an autopsy can reveal the presence of beta-amyloid plaques and neurofibrillary tangles in the brain. However, post-mortem studies looking for accumulations of beta-amyloid in the brain have shown that 10 to 30 percent of diagnoses based on clinical examinations are incorrect.

 

Beta-amyloid PET imaging holds the promise to detect beta-amyloid plaques in live patients. Because beta-amyloid progresses in the brain for as long as a decade before classic signs and symptoms Alzheimer's disease become clear to diagnosticians, early detection of the pathophysiology in symptomatic patients is crucial to a more accurate assessment of the patient's condition, which may lead to a targeted and accurate therapeutic approach for those affected.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         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.60.80

UK Pound

1

Rs.91.95

Euro

1

Rs.80.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

VRN

 

 

SCORE & 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

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

63

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.