MIRA
INFORM REPORT
|
Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHILPA MEDICARE LIMITED (w.e.f. 12.02.2003) |
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Formerly Known
As : |
SHILPA ANTIBIOTICS LIMITED SHILPA ANTIBIOTICS PRIVATE LIMITED |
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Registered
Office : |
Plot No.10, Shop
No.80, 1st Floor, Rajendra Gunj, Raichur – 584 102, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.11.1987 |
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Com. Reg. No.: |
08-008739 |
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Capital
Investment / Paid-up Capital : |
Rs.49.048 Millions |
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CIN No.: [Company Identification
No.] |
L85110KA1987PLC008739 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS12858G |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of bulk drugs and intermediates like oncology products, active pharmaceutical ingredients, fine chemicals, herbal products, and specialty chemical products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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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 13231000 |
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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 part of “SHILPA GROUP”. It is a well established company having a good track record.
Financially company has performed well. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of strong holding the company can be considered for normal
business dealings at usual trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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 |
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 |
CRISIL |
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Rating |
Long Term Rating: A- |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
February 28, 2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating: A2+ |
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Rating Explanation |
Strong degree of safety low credit risk. |
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Date |
February 28, 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.
LOCATIONS
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Registered Office : |
Plot No.10, Shop
No.80, 1st Floor, Rajendra Gunj, Raichur – 584 102, Karnataka, India
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Tel. No.: |
91-8532-235006/ 235704 |
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Fax No.: |
91-8532-235876 |
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E-Mail : |
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Website : |
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PLANT LOCATIONS |
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Plant 1 : |
Plot Nos.1A, 1B, 2, 2A, 3A to 3E and 4A to 4C, 5A, 5B, Deosugur Industrial Area, Deosugur , District Raichur – 584 170, Karnataka, India |
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Plant 2 (100% Export
Oriented Unit) : |
33-33A, 40 to 47, Raichur Industrial Growth Center, Wadloor Road, Chicksugur Cross, Chicksugur, District Raichur – 584 134, Karnataka, India |
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Plant 3 (Vizag R
& D Unit) : |
Survey No.207, Modavalasa Village, Denkada Mandalam, District, Vizayanagaram – 531 162, Andhra Pradesh, India |
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Plant 4 (SEZ
Unit) : |
Plot No.S-20 to
S-24/A, Pharma SEZ, APIIC Green Industrial Park, Pollepally Village,
Jadcherla Mandal, District – Mahaboobnagar – 509 301, Andhra Pradesh, India |
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Wind Mills : |
Machine-No.1 Madkaripura, District Chitradurga, Karnataka, India Machine-No.2 Jogimatti, District Chitradurga, Karnataka, India Machine-No. 3 Vanivilas Sagar, District Chitradurga, Karnataka, India Machine-No.4 Kodameedipalli, District Kurnool, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Omprakash Inani |
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Designation : |
Chairman |
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Date of
Birth/Age : |
57 Years |
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Qualification : |
B. Com |
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Experience and Nature of expertise in specific
functional Areas : |
Being the Chairman
of the Company since its formation he got very good knowledge of all the
functional areas. He is one of the key persons in the management decisions,
having very good experience in the field of business and functional aspects
of the Company. |
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Date of
Appointment : |
23.03.1988 |
|
Names of other companies in which directorship
held : |
a) Bhakara
Investments (Private) Limited b) Srinidhi
Cottons (Private) Limited c) Mansarovar
Health Club (Private) Limited |
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Name : |
Mr. Vishnukant C. Bhutada |
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Designation : |
Managing Director |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B. Pharm |
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Experience : |
26 Years |
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Date of
Appointment : |
20.11.1987 |
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Name : |
Mr. Ajeet Singh Karan |
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Designation : |
Independent Director |
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Name : |
Carlton Felix Pereira |
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Designation : |
Independent Director |
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Name : |
Mr. Pramod Kasat |
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Designation : |
Independent Director |
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Date of Birth/Age : |
43 Years |
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Qualification : |
MBA |
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Date of Appointment
: |
16.03.2010 |
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Name : |
Mr. Venugopal Loya |
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Designation : |
Independent Director |
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Date of
Birth/Age : |
48 Years |
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Qualification : |
Commerce Graduate |
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Date of
Appointment : |
07.10.2002 |
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Name : |
Mr. Rajender Sunki Reddy |
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Designation : |
Independent Director |
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Date of
Birth/Age : |
49 Years |
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Qualification : |
PG in Pharma |
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Experience and Nature of expertise in specific
functional Areas : |
Having rich exposure
in the field of Pharma and Medical Education. He is the founder secretary of
Navodaya Educational Trust, Raichur which is running several institutions of
Medical, Engineering, Dental, Pharmacy, Para-Medical, Nursing and a host of
other educational institutions. |
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Date of
Appointment : |
30.06.2008 |
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Names of other companies in which directorship
held : |
a) Raichem
Medicare (Private) Limited b) Nu
Therapeutics (Private) Limited c) Prass Agro
Farms (Private) Limited d) Sri Navodaya Super
Specialty Hospitals (Private) Limited e) Sri Navodaya
Institute of Medical Sciences (Private) Limited |
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Name : |
Mr. N.P.S. Shinh |
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Designation : |
Independent Director |
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Date of
Birth/Age : |
67 Years |
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Qualification : |
B. Com, LLB and MBA
from Delhi University |
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Experience and Nature of expertise in specific
functional Areas : |
Expert in the
art of turning around the sick/ loss making companies into profitable. He has
the quality of managing the companies in difficult times and bringing them
out of problems. He is an able administration and resolving critical issues. |
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Date of
Appointment : |
30.06.2008 |
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Names of other companies in which directorship
held : |
a) Bakelite
Hylam Limited b) National
Standard (India) Limited c) Avaya Holding
and Trading (Private) Limited d) Mountain
Holdings and Trading (Private) Limited e) Ezra Trading
and Finance Company Limited f) Bakelite
Coatings and Paints (Private) Limited g) National
Standard Tyre Moulds (India) Limited h) Mountain Dew
Properties Limited i) Bakelite
Properties (Private) Limited j) Mystic Woods
Holdings and Trading (Private) Limited k) Blitzkrieg
Trading (Private) Limited l) Adamas
Trading (Private) Limited m) Strawberry
Trading (Private) Limited |
KEY EXECUTIVES
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BOARD COMMITTEES : |
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Audit Committee : |
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Name : |
Mr. Venugopal Loya |
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Designation : |
Chairman |
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Name : |
Mr. Omprakash Inani |
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Designation : |
Member |
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Name : |
Mr. Pramod Kasat |
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Designation : |
Member |
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Name : |
Mr. Rajender Sunki Reddy |
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Designation : |
Member |
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Remuneration
Committee : |
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Name : |
Mr. Pramod Kasat |
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Designation : |
Chairman |
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Name : |
Mr. Venugopal Loya |
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Designation : |
Member |
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Name : |
Mr. Omprakash Inani |
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Designation : |
Member |
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Investor Grievances
Committee : |
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Name : |
Mr. Omprakash Inani |
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Designation : |
Chairman |
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Name : |
Mr. Venugopal Loya |
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Designation : |
Member |
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Name : |
Mr. Vishnukant C. Bhutada |
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Designation : |
Member |
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Name : |
Nagalakshmi Popuri |
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Designation : |
Company Secretary |
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Name : |
V.K. Shrawat |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Janak Kastia |
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Designation : |
GM-Marketing Business Development (USA and Global Generic Cos.) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
13704441 |
55.88 |
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13704441 |
55.88 |
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Total shareholding of Promoter and Promoter Group (A) |
13704441 |
55.88 |
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(B) Public Shareholding |
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|
500 |
0.00 |
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2441104 |
9.95 |
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|
2441604 |
9.96 |
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|
1898333 |
7.74 |
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|
2297813 |
9.37 |
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|
1979533 |
8.07 |
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|
2202441 |
8.98 |
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|
56014 |
0.23 |
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|
2568 |
0.01 |
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|
138059 |
0.56 |
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|
2000000 |
8.16 |
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|
5300 |
0.02 |
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|
500 |
0.00 |
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|
8378120 |
34.16 |
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Total Public shareholding (B) |
10819724 |
44.12 |
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Total (A)+(B) |
24524165 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
24524165 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of bulk drugs and intermediates like oncology products, active pharmaceutical ingredients, fine chemicals, herbal products, and specialty chemical products. |
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Products : |
· Oncology Products · Non-Oncology API’s · Under Development Oncology API’s · Under Development- Non Oncology |
PRODUCTION STATUS [AS ON 31.03.2011]
Annual capacities (as certified by the Management and relied upon by the
Auditors being technical matter)
|
Particulars |
2010-2011 |
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Wind Energy |
3.86 MW |
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Particulars |
2010-2011 |
|
Bulk Drugs |
In view of multiple products and processes individual annual
capacities cannot be quantified, hence not applicable |
|
Intermediates |
|
Particulars |
Actual
Production |
|
Bulk Drugs (Kgs) |
90037.86 |
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Intermediates (Kgs) |
257398.04 |
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Wind Energy (Units) |
6431895.00 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· The Lakshmi Vilas Bank Limited · ICICI Bank Limited · Standard Chartered Bank Limited · Axis Bank Limited · State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bohara Bhandari Bung and Associates Chartered Accountants |
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Address : |
Amar Complex, M.G. Road, Raichur – 584 101, Karnataka, India |
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Associates : |
Reva Pharmachem Private Limited |
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Subsidiaries : |
· Zatortia Holdings Limited · Loba Feinchemie GmbH · Raichem Medicare Private Limited · Nu- Therapeutics Private Limited, Hyderabad |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42500000 |
Equity Shares |
Rs.2/- each |
Rs.85.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24524165 |
Equity Shares |
Rs.2/- each |
Rs.49.048 Millions |
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|
Reconciliation of the number of shares
|
Particulars |
As at 31.03.2013 |
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|
Number |
Amount (Rs. in millions) |
|
|
Shares outstanding at the beginning of the year |
24524165 |
49.048 |
|
Shares Issued during the year on conversion of warrants |
-- |
-- |
|
Shares
outstanding at the end of the year |
24524165 |
49.048 |
Rights,
Preferences and restrictions attached to each class of Shares:
Equity Shares: The Company has
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.
Shareholders
holding more than 5% shares in the Company
|
Particulars |
As at 31.03.2013 |
|
|
No. of Shares |
% |
|
|
1) Vishnukant C. Bhutada |
2903034 |
11.84 |
|
2) Baring India Private Equity Fund III |
2000000 |
8.16 |
|
3) Dharmavati Bhutada |
1380922 |
5.63 |
|
4) Kantabai Inani |
1279880 |
5.22 |
|
5) Kamal Kishore Inani |
1256276 |
5.12 |
Details of equity shares
allotted as fully paid-up pursuant to contracts without payment being received
in cash during the period of five years immediately preceding the balance sheet
date is give below:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Class of Shares
(Equity) 3916664 shares of Rs.2/- fully paid issued pursuant to Amalgamation of
Shilpa Organics (Private) Limited, with the Company to its erstwhile
shareholders without payment being received in cash. |
-- |
-- |
-- |
3916664 |
-- |
On 22.03.2012, 500000 equity shares of Face value of Rs.2/- each were
issued at a premium of Rs.348/- per share upon conversion of share warrants
which were issued by the Company in the year 2010-2011.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
49.048 |
49.048 |
48.048 |
|
(b) Reserves & Surplus |
3258.813 |
2823.945 |
2260.309 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
43.750 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3307.861 |
2872.993 |
2352.107 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
432.186 |
50.749 |
111.625 |
|
(b) Deferred tax liabilities (Net) |
206.302 |
191.077 |
152.619 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
3.124 |
7.583 |
5.999 |
|
Total Non-current
Liabilities (3) |
641.612 |
249.409 |
270.243 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
389.233 |
357.315 |
278.590 |
|
(b)
Trade payables |
488.484 |
531.346 |
239.955 |
|
(c)
Other current liabilities |
203.973 |
182.768 |
142.700 |
|
(d) Short-term
provisions |
37.998 |
26.000 |
22.411 |
|
Total Current Liabilities
(4) |
1119.688 |
1097.429 |
683.656 |
|
|
|
|
|
|
TOTAL |
5069.161 |
4219.831 |
3306.006 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
1512.859 |
1408.027 |
1270.683 |
|
(ii)
Intangible Assets |
12.699 |
0.387 |
0.266 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Tangible assets under development |
1141.790 |
552.655 |
12.550 |
|
(v)
Intangible assets under development |
0.925 |
0.000 |
0.000 |
|
(b) Non-current Investments |
370.073 |
331.129 |
280.841 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
203.906 |
175.203 |
27.562 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3242.252 |
2467.401 |
1591.902 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
502.816 |
680.217 |
0.000 |
|
(b)
Inventories |
661.296 |
598.695 |
374.435 |
|
(c)
Trade receivables |
318.768 |
331.870 |
336.341 |
|
(d) Cash
and cash equivalents |
105.255 |
19.490 |
837.475 |
|
(e)
Short-term loans and advances |
230.927 |
116.651 |
159.576 |
|
(f) Other
current assets |
7.847 |
5.507 |
6.277 |
|
Total
Current Assets |
1826.909 |
1752.430 |
1714.104 |
|
|
|
|
|
|
TOTAL |
5069.161 |
4219.831 |
3306.006 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from
operations |
3281.959 |
2797.594 |
2575.435 |
|
|
|
Other Income |
50.064 |
77.860 |
53.125 |
|
|
|
TOTAL (A) |
3332.023 |
2875.454 |
2628.560 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
1990.950 |
1863.899 |
1424.231 |
|
|
|
Purchases of
stock-in trade |
26.310 |
56.272 |
29.998 |
|
|
|
Change in
inventory of finished goods, work-in-progress and stock-in trade |
37.077 |
(170.117) |
88.398 |
|
|
|
Employee
benefits expense |
255.986 |
195.108 |
153.494 |
|
|
|
Other expenses |
323.420 |
294.339 |
151.390 |
|
|
|
Extraordinary
Income/ Expense |
1.037 |
(6.272) |
0.000 |
|
|
|
Prior Period
Expense |
0.000 |
0.000 |
0.431 |
|
|
|
TOTAL (B) |
2634.780 |
2233.229 |
1847.942 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
697.243 |
642.225 |
780.618 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.594 |
14.920 |
18.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
683.649 |
627.305 |
762.144 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
127.536 |
114.384 |
104.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
556.113 |
512.921 |
657.934 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
96.517 |
115.445 |
149.111 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
459.596 |
397.476 |
508.823 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1451.476 |
1132.152 |
714.792 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
52.500 |
52.500 |
52.500 |
|
|
|
Provision for Proposed Dividend and dividend tax |
37.053 |
25.652 |
22.411 |
|
|
BALANCE CARRIED
TO THE B/S |
1821.519 |
1451.476 |
1148.704 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Total Direct Export (FOB) |
2451.705 |
2279.175 |
1974.171 |
|
|
TOTAL EARNINGS |
2451.705 |
2279.175 |
1974.171 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
18.74 |
16.54 |
22.08 |
|
|
|
Diluted |
18.74 |
16.54 |
21.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.79 |
13.82
|
19.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.94 |
18.33
|
25.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.64 |
15.38
|
21.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.18
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.25 |
0.14
|
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.60
|
2.51 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) 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 |
No |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10342554 |
21/03/2012 |
200,000,000.00 |
STANDARD CHARTERED
BANK |
RAHEJA TOWERS,
NO.26/27, M.G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B35156108 |
|
2 |
10342571 |
20/04/2012 * |
300,000,000.00 |
STANDARD
CHARTERED BANK |
RAHEJA TOWERS,
NO.26/27, M.G.ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
B38083663 |
|
3 |
10278062 |
20/04/2012 * |
150,000,000.00 |
STANDARD
CHARTERED BANK |
RAHEJA TOWERS,
NO.26/27, M.G.ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
B38088308 |
|
4 |
10262236 |
27/06/2013 * |
650,000,000.00 |
STANDARD
CHARTERED BANK |
NO.112, SERENITY,
KORAMANGALA. INDUSTRIAL AREA, KORAMANGALA, 5TH BLOCK, BANGALORE, KARNATAKA -
560092, |
B78913100 |
|
5 |
90195033 |
04/04/1991 |
500,000.00 |
KARNATAKA STATE
FINANCIAL CO. |
NO.25 MAHATMA
GANDHI ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
- |
|
6 |
90189334 |
02/11/1990 |
686,000.00 |
KARNATAKA STATE
FINANCIAL CO. |
NO.25; MAHATMA
GANDHI ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
- |
* Date of charge modification
REVIEW OF
OPERATIONS:
The Company maintained
its growth with sales registering a growth of 17.31%. Despite competition,
material cost increases and significant investments in expansion, Profit before
Tax grew by 8.42%, and Profit before Interest, Depreciation, Exchange
fluctuation and Tax grew by 2.15% over previous year. Cash generation from
Operations continued favorable, driven by business performance and management
of working capital. The Company continues to concentrate on better working
capital management and fund raising to meet its future expansion plans.
During the year,
the Company has continued to export to various countries and earned valuable
foreign exchange of Rs.2451.705 millions (PY Rs.2279.175 millions)
KEY ACHIEVEMENTS
FOR THE FINANCIAL YEAR 2012-13
With Subject’s rapid expanding
R&D activities in the last few years, Year 2012-13 has generated extensive
intangible assets (as patent/ trademark) to align its upcoming Key Business
Strategies in the Pharma domain successfully.
In view of
maintaining its leading role in Pharma business, particularly focusing on
ONCOLOGY APIs and Formulations, R&D centres at RAICHUR and VIZAG have
generated significant amount of patentable work, which expectedly may have
meaningful impact on their future business aiming for affordable healthcare.
Patents filed in
the FY 2012-2013:
• 18 Patent
Applications –Filed in INDIA
• 02Trademark
Applications –Filed in INDIA
• 4 Patent
Applications –Filed in USA
• 3 Patent
Applications –Filed in Europe (EPO)
• 1 Patent
Application –Filed in Japan
• 7 International
Patent Applications –Published as PCT
• 2 New
International Patent Applications –Filed as PCT
DMFs filed in the
FY 2012-2013
ImatinibMesylate: China
BendamustineHCl: Austria, Cyprus, Denmark, Finland,
Iceland, Ireland, Norway, Poland, Slovakia, Spain
Busulfan: TGA-Australia
Irinotecan: Hungery, Romania, Slovania,
Temozolomide: KFDA-Korea, Swedan.
Capecitabine: TGA-Australia, Zoledronic Acid -
Swedan.
Product Transfer
during from April 2012 to March 2013 for commercial production.
1. Azacytidine
2. Decitabine
3. Letrozole USP
4. Docetaxel (open
side chain) EP
5. Gabapentin
USP/EP
6. Imatinib
Mesylate (New ROS)
The Company has
implemented the energy Efficient technologies and utilised renewable energy for
its energy requirements and has established biomass based steam Generation unit
which has reduced the emission of green house gases per year, that produce
Thermal Energy for it’s process Requirements which is qualified as Clean
Development Methods (CDM) Project under Kyoto protocol and Registered this
project with UNFCC under CDM, with the project identification No. 3926 on 25th
Dec 2010,
The project
activity was undertaken as a CDM (Clean Development Mechanism) under Kyoto
Protocol in 2008. Reputed validation firm DNV (Det Norske Veritas) was
appointed for carrying out the CDM validation and finally the project was
finally with UNFCCC on 25th December 2010
The Monitoring
Report from 1st January 2011 to October 2012 was prepared for
Verification and DNV has verified the figures as quoted in the monitoring
report and finally the project has been submitted to UNFCCC for issuance of the
CER’s. The Company has earned 24900 CER’s during this period
Apart From the
above the Company has Implemented other Energy saving Measures and has
conserved both Electrical and Thermal Energy as given below:
|
Sl. No |
Description |
UOM |
2010-11 |
2011-12 |
|
1 |
Specific Electrical Energy Consumption |
KWH/MT |
18349 |
15122 |
|
2 |
Specific Thermal Energy Consumption |
KWH/MT |
70.30 |
66 |
The Company has
Secured National Energy Conservation award-2012, First prize in Pharmaceutical
Sector from Government of India, Ministry of Power and the award was conferred
by President of India
The Company is committed
to being a responsible steward of the environment for the well being their
employees, stakeholders and the community at large. In this process the company
was certified for ISO14001.
EXPANSION AND NEW
PROJECTS
With the merger of
Raichem Life Sciences Private Limited the operations will be expanded into
formulations. Testing of machinery and other equipment is in progress and other
work is as per the schedule. Commercial operations of formulations plant are
expected to be commenced by middle of the current financial year.
Other expansion
projects of the Company are also progressing as per the schedule including
R&D Projects.
CERTIFICATES AND
AWARDS:
During the year,
the Company received following important approvals/awards beside state award
for Best Exporter:
Shilpa: i) Certificate of
GMP compliance of manufacturer from “Freie Und Hansestadt- Hamburg” for
Deosugur and EOU sites;
ii) National
Energy Conservation Award for the year 2012 in “Drugs and Pharmaceuticals
Sector”.
Loba Feinchemie,
Subsidiary Company became one of the 100 Companies of Austria, which were
certifi ed for quality as per ISO-9000 Standards for longest period i.e.
20(Twenty) continuous years.
MERGER OF RAICHEM
LIFE SCIENCES PRIVATE LIMITED
With the approval
of High Court of Andhra Pradesh vide its order dated 31st August,
2012 Raichem Life Science Private Limited (RLSPL), a 100% subsidiary Company,
has been merged with the Company w.e.f. 01-04-2011 being the appointed date for
merger.
WOS COMPANIES’
OPERATIONS
During the year
LOBA Feinchemie GmbH, Austria has posted a profit of Rs.16.102 millions. Slowly
the operations are stabilizing and it is expected to improve the margins and
sales. Nu Therapeutics Private Limited (NTPL), a subsidiary Company has posted
a profit of Rs.0.306 million for the year ended 31st March, 2013.
Installation of new packing machine has been completed. Land has been acquired
for expansion plans. NTPL is awaiting for the approval of Government for its
new products. Raichem Medicare Private Limited (RMPL), a joint venture company
with Italian Company, has earned a profit of Rs.2.268 millions from investment
of surplus funds. Company started the civil construction works of plant at
Raichur, Karnataka after obtaining the necessary approvals and also placed
orders for major equipments and machineries.
MANAGEMENT
DISCUSSION AND ANALYSIS
Pharmaceutical
Industry Overview:
Global Industry
Overview:
The outlook for
the global pharmaceutical industry will remain stable over the next 12-18
months, reflecting the expectation of the sector returning to earnings growth
in 2013. The Global Pharmaceuticals and Medicine Manufacturing industry has
enjoyed steady growth despite a number of changes to the industry’s landscape.
Industry revenue has grown on the back of increased access to more
comprehensive healthcare in emerging countries and demographic shifts
necessitating more healthcare expenditure. The growing number of middle-class
people around the world has also translated into a dramatic increase in demand
for pharmaceuticals.
However, growing
price pressures from governments and health insurance organizations throughout
the world has also strained the industry. During the five years to 2013, it is
estimated that Global Pharmaceuticals and Medicine Manufacturing industry
revenue will grow at an average annual rate of 3.7% to total $1.1 trillion. In
2013, the industry will continue to be challenged by key patent expirations and
continued pricing pressures amid changing healthcare access and funding issues.
At the same time, emerging markets, such as China, India and Brazil, continue
driving sales of pharmaceuticals. Growth from these markets is significantly
exceeding growth rates in more mature markets, such as the United States and
Western Europe, which have to contend with increased regulation and significant
changes in healthcare policy due to various austerity measures and healthcare
reforms,” adds Son. Overall, revenue is forecast
to grow 3.4% in 2013.
Indian Industry
Overview:
India is now among
the top five pharmaceutical emerging markets. The Indian pharma industry has
been growing at a compounded annual growth rate (CAGR) of more than 15 per cent
over the last five years and has significant growth opportunities. It is
expected that the domestic drug market could grow between 11% and 13% in 2013
and as per the projections of Department of Pharmaceuticals (DoP) the Indian
pharmaceutical sector is expected to grow five-fold to reach Rs.5 lakh crore
(US$ 91.45 billion) by 2020. The industry, particularly, has been the front
runner in a wide range of specialties involving complex drugs’ manufacture,
development, and technology. With the advantage of being a highly organized
sector, the number of pharmaceutical companies is increasing their operations
in India.
The pharmaceutical
industry in India is an extremely fragmented market with severe price
competition and government price control. The industry meets around 70 per cent
of the country’s demand for bulk drugs, drug intermediates, pharmaceutical
formulations, chemicals, tablets, capsules, orals, and injectables.
Sector Structure/
Market Size/ Exports and Government Initiatives
The domestic
pharmaceutical market is expected to register a strong double-digit growth of
13-14 per cent in 2013 on back of increasing sales of generic medicines,
continued growth in chronic therapies and a greater penetration in rural
markets. The cumulative drugs and pharmaceuticals sector has attracted foreign
direct investments (FDI) worth US$ 10,308.75 million during April 2000 to
February 2013, according to the latest data published by Department of
Industrial Policy and Promotion (DIPP).
The Ministry of
Commerce has targeted Indian pharma sector exports at US$ 25 billion by 2014 at
an annual growth rate of 25 per cent.FDI, up to 100 per cent, under the
automatic route, would continue to be permitted for Greenfield investments in
the Pharmaceuticals sector.
Oncology will be a
key area of growth in India’s healthcare sector. With increase in emphasis on
health coverage both by central and state governments, spending on coverage of
medicines for oncology will see substantial rise in 3-5 years.
OUTLOOK ON
OPPORTUNITIES, THREATS, RISKS AND CONCERNS:
Increasing
urbanisation, rising life expectancy and adoption of a sedentary way of living
has resulted in a growing prevalence of lifestyle diseases such as cancer,
cardiovascular ailments and diabetes. There is also a change in disease pattern
from acute to chronic although the acute segment continues to play a dominant
role. Consequently, there is increased demand for products to treat these
medical conditions.
An unpredictable
product patent regime with the grant of the first compulsory license for a
pharmaceutical product and uncertainties related to government pricing policies
continue to create an unpredictable environment for the pharmaceutical
industry.
The Company has in
place proven risk management measures and mechanisms that mitigate operational
and business risks. The Company has put in place forecasting systems and a
framework that helps tackle financial and other risks and enables proactive
decision making to put in place strategies to counter them. The Company’s continued
focus on developing new process systems and a pipeline of generic products on
the expiry of their patent will create an edge over other market players.
Revenue
Expenditure on R&D increased to Rs.161.756 millions at 4.93% of net sales,
which is an indicator of their continued investments in research to improve
their future earnings quality. They plan to maintain R&D spend at current
levels and focus on further developing drugs and new process systems. They
believe that these areas are going to be the future drivers of growth and would
enable the Company to create a long term and differentiated value proposition.
FINANCIAL
PERFORMANCE:
Prudent financial
planning, effective resource allocation and tight financial control have
ensured that the cash flows of the Company remain healthy. The ability of the
Company to raise credit remains unimpaired. There is good improvement in the
net operating working capital. The Company continues to invest in manufacturing
and building new technologies/ process systems and during the year capital
expenditure is Rs.708.141 millions along with a healthy debt equity ratio.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
a) Foreign
letter of credit |
130.413 |
95.216 |
|
b) Bank
guarantees. / Corporate guarantee |
1.090 |
1.154 |
|
c) Letter of
comfort. |
Nil |
68.340 |
|
d) Claims
against the Company not acknowledge as debts. |
44.297 |
14.290 |
|
e) Estimate amount
of contract remain to be executed on account of capital commitments not
provided for (net of advance) |
219.970 |
380.079 |
|
Total |
395.770 |
559.079 |
FIXED ASSETS:
Tangible Assets
Owned
·
Borewell
·
Building
·
Canteen Equipment
·
Computer
·
Electrical Installation
·
Empty Cylinders
·
ETP Building
·
ETP Machinery
·
Furniture
·
Generator
·
Lab Equipments
·
Office Equipment
·
P/M (Power Generation Unit)
·
Pipeline
·
Plant and Machinery
·
Pollution Control Equipment
·
R & D Equipments
·
Storage Tank
·
Transformer
·
Unit-II Land and Building
·
Vehicle
·
Weigh Bridge
·
Xerox Machine
·
Land
Leased
·
Leasehold Land and Green Field
Intangible Assets
·
Goodwill
·
Computer Software
·
Technical Know How
·
DMF/Patents Fees
WEBSITE DETAILS:
PROFILE:
Established in 1987, subject has carved a niche for itself in the
exceedingly competitive and quality-conscious sphere of pharmaceuticals
manufacturing. It produce and export consistently high-quality Active
Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and
speciality chemical products using sophisticated technology, meticulously
following international specifications.
The company has earned its spurs as a successful and reliable partner
within the pharmaceutical industry. Buyers within the country and from across
the borders count on its fast track integrated process development and finely
honed expertise of its skilled and experienced personnel. The Company is
already exporting to USA, Canada, Australia, Japan and European Countries viz.,
Germany, Switzerland, Netherlands, Belgium, Spain, Greece, Cyprus, Italy,
United Kingdom etc., South American Countries like Mexico, Brazil, Columbia
etc. African Countries like Kenya, Nigeria and West Indies etc., Asian
Countries like Singapore, Taiwan, China, Malaysia, Thailand.
Subject is synergizing strength through tie-ups for manufacturing
products and co-marketing rights, for it believes in working together and
sharing success.
Being proactive in approach, the company continually seeks out enquiry’s for
development of new products drawing from the extensive knowledge-base of its
qualified and experienced people as well as sophisticated facilities.
ACHIEVEMENTS
· Their EOU unit certified by ISO 14001:2004
· Their R&D Centre is approved by DSIR, Government of India on 19.01.2011
· Their facility is audited and approved by PMDA-Japan on 25.01.2011
· Government of India 'Best Entrepreneur Award'.
· Karnataka State Government 'Best Entrepreneur Award'.
· ‘Star Export House’ Status from Ministry of Commerce and Industry, Government of India
· 'cGMP' Certificates from W.H.O. for 20 API's
· 'Outstanding Industrial Award' from Indian Junior Chamber.
· APIs Registered in Taiwan, Russia, Ukraine and Japan.
· 'Certificate of Suitability' obtained from EDQM for Ambroxol HCl, Ticlopidine HCl, Buflomedil HCl, Carboplain, Oxaliplatin and Gemcitabine HCl.
· An improved process for the preparation of Irinotecan HCl Trihydrate (WO/2006/016203)
· Novel intermediates for the preparation of Camptothecin analogues (WO/2008/035377)
· Process and intermediates of 2,2' Difluoronucleosides (WO/2008/026222)
· Improved process for high purity Anastrozole (WO/2007/105231)
· Process and intermediate of Letrozole (WO/2009/078036)
· Design, Synthesis and Intermediates of substituted 1,2,4-Triazole [3,4-B]-1,3,4-Thiadiazoles (2313/CHE/2009)
· Novel Polymorphic Form of Bortezomib (160/CHE/2010)
· Filed ASMF/EDMF of Gemcitabine HCl over 27 EU countries and DMF filed in TGA, Medsafe, Swissmedic, Health Canada, etc.
· Filed ASMF/EDMF of Irinotecan HCl Trihydrate HCl over 27 EU countries and DMF filed in TGA, Medsafe, Swissmedic, Health Canada, etc.
· Filed ASMF/EDMF of Oxaliplatin HCl over 11 EU countries and also filed DMF in TGA, Australia
· Filed ASMF/EDMF of Temozolomide in EMEA, TGA, Health Canada, Swissmedic and Medsafe
· ‘Best District Export Award’ obtained from FKCCI, Bangalore for the year 2005-2010
· ‘Star Export Excellence Award’ obtained from VITC, Bangalore for the year 2005-2010
· Korean FDA Approved for Gemcitabine HCl and Ambroxol HCl
· Filed USDMF for Anastrozole, Temozolomide, Oxaliplatin, Irinotecan HCl Trihydrate and Oxaliplatin
· Ambroxol MF Holder and Site Registered with PMDA, Japan
· Obtained EU GMP and GMP Certifications from Afssaps, France, BSG, Hamburg, Infarmed, Portugal, TGA, Australia and Health Canada.
NEWS/ PRESS RELEASES:
SHILPA MEDICARE IN
PACT WITH MEDICINES PATENT POOL FOR ENTERING HIV SPACE
Mumbai, June 26,
2013:
The United Nations-backed Medicines Patent Pool, Shilpa Medicare and Gilead Sciences have entered into an agreement to increase the access to medicines for HIV/AIDS treatment.
The Karnataka-based Shilpa Medicare will now be able to produce five key HIV medicines for sale in over 100 countries depending on the medicine.
The agreement covers tenofovir, emtricitabine, cobicistat, elvitegravir and a combination of the four known as “the Quad”, Medicines Patent Pool (MPP) said.
“There is a 3-5 per cent royalty payable by Shilpa to the patent-holder, Gilead, depending on the medicine,” an MPP spokesperson said, adding that MPP did not receive royalties from such agreements.
Four-medicines-in-one
The technology transfer, as a result of the agreement, will allow Shilpa to make its chemically similar version of these drugs at a lower price. The four-medicines-in-one Quad, is an important drug that simplifies treatment delivery, MPP pointed out.
Quad had received approval from the US Foods and Drug Administration in August 2012.
However, there is no commitment on price, the spokesperson said, adding, “The price is set by the market.” But experience over the last 10 years in HIV medicines shows that competition is the best way to reduce prices on HIV medicines, and increase availability.
In the past, five other generic manufacturers — Aurobindo, Shasun, Laurus, Hetero and Emcure have tapped into the pool, producing medicines licensed to MPP by Gilead Sciences.
In an agreement earlier this year, Aurobindo tapped the pool for HIV medicines for children. Aurobindo was the first generic company to take a licence from MPP for the paediatric product, licensed to MPP by ViiV Healthcare in February.
How it works
MPP negotiates licences into the “pool’’ from patent holders, and in turn licenses out to generic companies to make and sell HIV medicines to people who need it and at affordable prices.
“The in licence from Gilead has now been licensed out 6 times (Shilpa is the 6th). The in licence from ViiV, which concerns medicines for children, has now been licensed out once, to Aurobindo. Aurobindo has taken two sets of licences from the MPP — and now, through us, can manufacture both medicines patented by Gilead and medicines patented by ViiV,” the spokesperson said.
New entrants
Shilpa Medicare’s associate company,RevaPharma, will assist in marketing Shilpa’s anti-AIDS products.
On Shilpa not being a known producer of HIV/AIDS medicines, the MPP spokesperson said: “Shilpa is a new player that has decided to enter the field of HIV production. Encouraging new players to the HIV medicines field is one of the MPP’s mandates — having more players in the HIV space helps increase the production of needed HIV medicines, and stimulates competition that keeps prices affordable.” Shilpa could not be reached for comment.
After companies express interest on tapping into the patent pool, they are evaluated on different criteria, particularly quality, the spokesperson explained.
The pool works with generic manufacturers who have been approved by a stringent regulatory authority, such as the US FDA, or the WHO pre-qualification programme. There is also a licence management process that helps ensure MPP licences result in impact, through quarterly reviews, for instance, he said.
The patent pool involves voluntary participation of patent-holders, such as large drug makers. Depending on the medical need, generic drug companies are allowed access to the patent of a particular medicine, on the payment of a royalty to the patent-holder.
TANO CAPITAL INCREASES
ITS STAKE INSHILPA MEDICARE
23 May 2012
Tano Capital has bought additional stake in Karnataka based Shilpa Medicare Limited through bulk deal on exchanges. It has invested around Rs.100.000 millions by purchasing shares on BSE and NSE.
It has bought 144315 shares on BSE for Rs.245 a share, while purchased 251508
on NSE for Rs.244.97 a piece, aggregating to Rs.96.900 millions.
Last week, Tano Capital invested Rs.97.900 millions through bulk deal on exchanges.
The fund purchased 2 lakhs shares each on BSE for Rs.244.99 a piece and on NSE
for Rs.245 a piece, aggregating to Rs.97.900 millions.
Before that in March, the fund acquired 1.5% stake in Shilpa Medicare for
Rs.78.700 millions through bulk deal from ICICI Prudential Mutual Fund.
Last year, Shilpa Medicare acquired a controlling stake in Hyderabad-based Nu Therapeutics Private Limited to penetrate niche formulation markets across the globe.
It has formed a 50:50 joint venture with IndustriaChimica SRL, Italy (ICE) and
ProdottiChiniAlimetariSpA, Italy (PCA) for undertaking contract manufacturing.
Recently, ChrysCapital invested additional Rs.3000.000 millions in Intas
Pharmaceuticals increasing its stake from 11.3% to over 15%.
SHILPA MEDICARE BUYS
CONTROLLING STAKE IN NU THERAPEUTICS
20 July, 2011
Shilpa Medicare Limited has acquired a controlling stake in
Hyderabad-based Nu Therapeutics
Private Limited.
The acquisition will help Shilpa penetrate niche formulation markets across the
globe.
Last year, Shilpa had initially invested around Rs.1.75 Cr in Nu Therapeutics.
Nu
Therapeutics was established to manufacture oral fast dissolving thin strip
dosage jointly with others.
Nu Therapeutics has filed several patents, technical designs and expects to
commence production shortly.
Established in 1987, Shilpa Medicare Limited is a Raichur, Karnataka-based
pharma company engaged in the manufacturing of API, fine chemicals,
intermediates, herbal products and specialty chemical products.
It has formed as a 50:50 joint venture with Industria Chimica SRL, Italy (ICE)
and Prodotti Chini Alimetari SpA, Italy (PCA) for undertaking contract
manufacturing.
Last year, Baring Private Equity Partners India invested Rs.70 Cr for 8.32%
stake in Medicare. It bought 2 Mn shares for around Rs.350 per share.
Strategic Ventures Fund Limited (SVF), a PE managed by Frontline Strategy,
exited Shilpa Medicare in Jan last year with 4x returns. It sold 1.7 Mn shares
representing 7.72% stake it held in Shilpa Medicare till Deceber 2009 through
open market sales. SVF invested in Shilpa Medicare in 2005.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.61.12 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.