MIRA INFORM REPORT
|
Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SANOFI INDIA LIMITED [w.e.f. 11.05.2012] |
|
|
|
|
Formerly Known
As : |
AVENTIS PHARMA
LIMITED |
|
|
|
|
Registered
Office : |
Aventis House,
54/A, Sir Mathuradas Vasanji Road, Andheri (East), Mumbai - 400 093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
02.05.1956 |
|
|
|
|
Com. Reg. No.: |
11-009794 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.230.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1956PLC009794 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH00271F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2736F |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Distributor of Drugs and Pharmaceutical Laboratory
Chemicals. |
|
|
|
|
No. of Employees
: |
3164 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 48160000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is now subsidiary of Aventis Pharma Holding GmbH, It is a well established and reputed company having good track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
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.
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
|
Registered Office : |
Aventis House, 54/A, Sir Mathuradas Vasanji Road, Andheri (East),
Mumbai - 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-22830607/ 22831189/ 22844562/ 28216622 (Ext. 811)/ 28242260/
28278000 |
|
Fax No.: |
91-22-22829532/ 22046188/ 22850435/ 28242261/ 28370939/ 28278110/
28360862 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
3501-15, 6310, B-14, GIDC Estate, Post Box 136, Ankleshwar - 393 002,
District Bharuch, |
|
Tel. No.: |
91-2646-220812/ 221113 |
|
Fax No.: |
91-2646-251968/ 251679 |
|
|
|
|
Factory 2 : |
GIDC, Plot No.L-121, Phase III, Verna Industrial Estate, Verna, Goa –
403 722, |
|
Tel. No.: |
91-832-2883200 |
|
Fax No.: |
91-832-2783591 |
|
|
|
|
Zonal Office : |
Located At: v Mumbai v v Chennai v Kolkata |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Dr. Vijay Mallya |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Shailesh Ayyangar |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
57 Years |
|
Qualification : |
B.V.
FC and A.H., PG.D.M. IIM (Ahmedabad) |
|
Experience : |
32
Years |
|
Date of Appointment : |
25.10.2005 |
|
|
|
|
Name : |
Mr. F. Briens |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Virginie Boucinha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.M. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.M. Georges |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.R. Gupte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.K.R. Nedungadi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Ortoli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.G. Rao |
|
Designation : |
Director (Alternate to Mr. J.M. Georges) |
KEY EXECUTIVES
|
Name : |
Mr. K. Subramani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
13909587 |
60.40 |
|
|
13909587 |
60.40 |
|
Total shareholding of Promoter and Promoter Group (A) |
13909587 |
60.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2394799 |
10.40 |
|
|
18302 |
0.08 |
|
|
537401 |
2.33 |
|
|
3292547 |
14.30 |
|
|
6243049 |
27.11 |
|
|
|
|
|
|
1492190 |
6.48 |
|
|
|
|
|
|
1066763 |
4.63 |
|
|
108098 |
0.47 |
|
|
210935 |
0.92 |
|
|
480 |
0.00 |
|
|
198572 |
0.86 |
|
|
80 |
0.00 |
|
|
7566 |
0.03 |
|
|
3737 |
0.02 |
|
|
500 |
0.00 |
|
|
2877986 |
12.50 |
|
Total Public shareholding (B) |
9121035 |
39.60 |
|
Total (A)+(B) |
23030622 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23030622 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Drugs and Pharmaceutical Laboratory
Chemicals. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
A)
License capacity is not applicable.
B)
Installed capacity (as certified by management and relied upon by auditors) and
actual production:
|
Particulars |
Units |
Installed Capacity |
Products |
|
1. Basic drugs: |
|
|
|
|
Pharmaceuticals |
Tonnes |
253.00 |
142.93 |
|
II.
Formulations: |
|
|
|
|
Liquid Injectibles# |
KL |
-- |
546.43 |
|
Tablets/Dragees |
Mio Nos. |
7600.00* |
6994.56 |
|
Capsules# |
Mio Nos. |
-- |
224.17 |
|
Ointments# |
Tonnes |
-- |
815.41 |
|
Granules # |
Tonnes |
-- |
-- |
|
Drops, syrup and other liquids# |
KL |
-- |
756.54 |
Production
figures include goods manufactured at third party facilities and captive
consumptions.
* Includes installed capacity of granules.
# Represents produced only at third
party locations
GENERAL INFORMATION
|
No. of Employees : |
3164
[Approximately] |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Solicitors : |
Crawford Bayley and Company |
|
|
|
|
Holding Company : |
Hoechst
GmbH, Germany (holds 60.38% of the equity share capital as at December 31,
2011) |
|
|
|
|
Ultimate Holding Company: |
Sanofi
S.A., France |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23500000 |
Equity Shares |
Rs.10/- each |
Rs.235.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23030622 |
Equity Shares |
Rs.10/- each
|
Rs.230.300
Millions |
NOTES:
TERMS/RIGHTS ATTACHED TO EQUITY SHARES:
The Company has only
one class of equity shares having a face value of Rs. 10 per share. Each holder
of equity shares is entitled to one vote per share. The final Dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During the year
ended 31 December 2012, the amount of per share dividend (including interim
dividend of Rs. 4
(Dec 2011: Rs. 4).
Recognized as distributions to equity shareholders was Rs 33 (Dec 2011: Rs.
33). In the event of liquidation of the company, the holders of equity shares
will be entitled to receive remaining assets of the company. The distribution
will be in proportion to the number of equity shares held by the shareholder.
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:
|
Particular |
As on 31.12.2012 |
|
|
|
No. of Shares |
% of Holding |
|
Hoechst GmbH, Germany |
13904722 |
60.38 |
|
Reliance Capital Trustee Company Limited |
1780804 |
7.73 |
|
Aberdeen Global Indian Equity Fund (Mauritius) Limited |
1338883 |
5.81 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
230.300 |
230.300 |
|
(b) Reserves & Surplus |
|
11810.900 |
10935.900 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
12041.200 |
11166.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
212.800 |
84.600 |
|
(c)
Other long term liabilities |
|
0.000 |
10.000 |
|
(d)
long-term provisions |
|
192.800 |
195.600 |
|
Total
Non-current Liabilities (3) |
|
405.600 |
290.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
1541.700 |
1476.400 |
|
(c)
Other current liabilities |
|
849.900 |
709.000 |
|
(d)
Short-term provisions |
|
1474.700 |
1383.600 |
|
Total
Current Liabilities (4) |
|
3866.300 |
3569.000 |
|
|
|
|
|
|
TOTAL |
|
16313.100 |
15025.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1942.500 |
1673.600 |
|
(ii)
Intangible Assets |
|
5051.100 |
5696.100 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Tangible assets |
|
406.300 |
205.100 |
|
(v) Intangible assets under
development |
|
28.400 |
23.500 |
|
(b)
Non-current Investments |
|
3.600 |
3.600 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
581.800 |
749.800 |
|
(e)
Other Non-current assets |
|
26.400 |
6.300 |
|
Total
Non-Current Assets |
|
8040.100 |
8358.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
2724.500 |
2542.700 |
|
(c)
Trade receivables |
|
986.000 |
1040.900 |
|
(d)
Cash and cash equivalents |
|
4288.500 |
2342.300 |
|
(e)
Short-term loans and advances |
|
233.000 |
677.300 |
|
(f)
Other current assets |
|
41.000 |
64.200 |
|
Total
Current Assets |
|
8273.000 |
6667.400 |
|
|
|
|
|
|
TOTAL |
|
16313.100 |
15025.400 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
230.306 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9911.196 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10141.502 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10141.502 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1710.477 |
|
|
Capital work-in-progress |
|
|
133.028 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3.631 |
|
|
DEFERREX TAX ASSETS |
|
|
98.510 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2384.703
|
|
|
Sundry Debtors |
|
|
604.352
|
|
|
Cash & Bank Balances |
|
|
6553.502
|
|
|
Other Current Assets |
|
|
28.504
|
|
|
Loans & Advances |
|
|
2567.437
|
|
Total
Current Assets |
|
|
12138.498 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1241.229
|
|
|
Other Current Liabilities |
|
|
495.828
|
|
|
Provisions |
|
|
2205.585
|
|
Total
Current Liabilities |
|
|
3942.642
|
|
|
Net Current Assets |
|
|
8195.856
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10141.502 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15730.400 |
13013.400 |
10849.521 |
|
|
|
Other Income |
411.700 |
678.900 |
1134.839 |
|
|
|
TOTAL (A) |
16142.100 |
13692.300 |
11984.360 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
5591.100 |
4915.500 |
|
|
|
|
Purchases of traded goods |
1853.100 |
1353.800 |
|
|
|
|
Employee benefits expenses |
2136.000 |
1764.200 |
9418.047 |
|
|
|
Other expenses |
3121.400 |
2604.500 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and traded goods |
(89.300) |
(101.200) |
|
|
|
|
TOTAL (B) |
12612.300 |
10536.800 |
9418.047 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3529.800 |
3155.500 |
2566.313 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.000 |
4.200 |
28.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3515.800 |
3151.300 |
2537.411 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
898.700 |
311.500 |
197.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2617.100 |
2839.800 |
2340.054 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
850.500 |
928.000 |
789.906 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1766.600 |
1911.800 |
1550.148 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEM (NET OF
TAX) |
0.000 |
0.000 |
757.375 |
|
|
|
|
|
|
|
|
|
|
PROFIT
AFTER TAXATION AND EXCEPTIONAL ITEM |
1766.600 |
1911.800 |
2307.523 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8426.500 |
7584.500 |
6983.372 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
92.100 |
92.100 |
92.122 |
|
|
|
Proposed Final Dividend |
667.900 |
667.900 |
1174.562 |
|
|
|
Tax on Interim/ Proposed Final Dividend |
123.200 |
118.700 |
208.915 |
|
|
|
Transfer to General Reserve |
176.700 |
191.100 |
230.753 |
|
|
BALANCE CARRIED
TO THE B/S |
9133.200 |
8426.500 |
7584.543 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
2446.700 |
2195.300 |
2066.941 |
|
|
|
Income from services rendered |
49.100 |
49.800 |
15.626 |
|
|
|
Reimbursement of expenses & Market Support |
707.500 |
804.700 |
729.944 |
|
|
|
|
0.000 |
0.000 |
1007.507 |
|
|
TOTAL EARNINGS |
3203.300 |
3049.800 |
3820.018 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw and Packing Materials |
1924.500 |
1871.900 |
1705.196 |
|
|
|
Components, Spares and Auxiliary |
2.100 |
4.000 |
5.478 |
|
|
|
Capital Goods |
87.700 |
54.100 |
9.622 |
|
|
|
Finished Goods |
2311.300 |
1902.800 |
1589.805 |
|
|
TOTAL IMPORTS |
4325.600 |
3832.800 |
3310.101 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
76.71 |
83.01 |
100.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2013 |
30.06.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
3881.000 |
4351.000 |
|
Total Expenditure |
|
3161.000 |
3477.000 |
|
PBIDT (Excl OI) |
|
720.000 |
874.000 |
|
Other Income |
|
162.000 |
145.000 |
|
Operating Profit |
|
882.000 |
1019.000 |
|
Interest |
|
03.000 |
01.000 |
|
PBDT |
|
879.000 |
1018.000 |
|
Depreciation |
|
223.000 |
227.000 |
|
Profit Before Tax |
|
656.000 |
791.000 |
|
Tax |
|
213.000 |
279.000 |
|
Profit After Tax |
|
443.000 |
512.000 |
|
Net Profit |
|
443.000 |
512.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.94
|
13.96 |
12.93
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.64
|
21.82 |
21.57
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.49
|
19.19 |
16.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.25 |
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
1.87 |
3.08
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90229711 |
20/09/2001 |
197,500,000.00 |
HDFC LIMITED |
RAMON HOUSE;
H.T. PAREKH MARG, 169; BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA,
INDIA |
- |
|
2 |
90228690 |
30/11/1992 * |
50,000,000.00 |
ICICI LIMITED |
163; BACKBAY
RECLAMATION, BOMBAY- 400020, MAHARASHTRA, INDIA |
- |
|
3 |
90228611 |
31/12/1992 |
400,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRNACH, JUSTICE G.N.VAIDYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
4 |
90228604 |
21/10/1993 * |
400,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRNACH,
JUSTICE G.N.VAIDYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
5 |
90228576 |
11/09/1992 |
32,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRNACH, JUSTICE G.N.VAIDYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
6 |
90228519 |
23/03/1992 |
43,000,000.00 |
GRINDLAYS BANK |
90; M.G ROAD,
BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
7 |
90228502 |
14/02/1992 |
43,000,000.00 |
GRINDLAYS BANK |
90; M.G ROAD,
BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
8 |
90228499 |
05/02/1992 |
20,000,000.00 |
HDFC LIMITED |
RAMON HOUSE,
169; BACKBAY RECLAMATION, BOMBAY- 400020, MAHARASHTRA, INDIA |
- |
|
9 |
90228492 |
22/01/1992 |
6,500,000.00 |
ICICI LIMITED |
163; BACKBAY
RECLAMATION, BOMBAY- 400020, MAHARASHTRA, INDIA |
- |
|
10 |
90228477 |
05/12/1991 |
17,500,000.00 |
AMERICAN EXPRESS
BANK LTD. |
OEIENTAL
BUILDING, D.N. ROAD, BOMBAY- 400001, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
MANAGEMENT
DISCUSSION AND ANALYSIS:
PHARMACEUTICAL MARKET:
Total Indian Pharmaceutical
Market during the year ended 31st December 2012 was estimated at Rs. 712
billion. The retail market has slowed down and grew by 11.4% over the previous
year. (Source: IMS, Total sales Audit, MAT December 2012). Key drivers have
been volumes (4.1%) and new introductions (5.3%). Prices contributed only 2% to
the growth. Six brands of the Company, Combiflam®, Cardace®, Lantus®, Clexane®,
Amaryl® and Allegra™ continue to feature in the top 100 brands of the Indian
pharmaceutical market.
SALES AND PROFITABILITY:
During the year
ended 31st December 2012, the Company had total net sales of Rs. 14938.500
Millions as against Rs. 12297.500 Millions in the previous year, representing a
growth of 21.5%. Profit before Tax decreased from Rs. 2839.800 Millions to Rs.
2617.100 Millions and Net Profit decreased from Rs. 1911.800 Millions to Rs.
1766.600 Millions.
Decline in profit was mainly due to:
(i) Amortization
of brands acquired in 2011 from Universal Medicare Private Limited and lower interest
income as a result of the investment. Depreciation and amortization expense
increased from Rs. 311.500 Millions in 2011 to Rs. 898.700 Millions in 2012 and
Other Income declined from Rs. 678.900 Millions to Rs. 411.700 Millions.
(ii) Change in accounting
policy - The Company decided to amortize goodwill on acquisition of business
over a period of 10 years from date of acquisition as against its earlier
policy of testing for impairment. Due to the change, Net Profit for the year
was lower by Rs. 99.000 Millions.
DOMESTIC SALES REVIEW:
Domestic sales,
which constituted 83% of total net sales, increased from Rs. 10020.300 Millions
in 2011 to Rs. 12408.000 Millions in 2012, reflecting a growth of 23.8%.
MAJOR BRAND PERFORMANCE REVIEW:
Cardace® Group
grew by 16%. Cardace® continues to be No. 1 ACE inhibitor prescribed by
cardiologists, diabetologists and consulting physicians.
Cardace® Meto, a
fixed dose combination of Cardace® + Metoprolol was launched. Initial feedback
from doctors has been encouraging. Although there has been a therapy shift to
Angiotensin Receptor Blockers (ARB), Cardace® and its line extensions continue
to grow in terms of prescriptions.
Lantus® grew by
25% in value terms. It has a market share of 11.9% and continues to be the 2nd
leading brand in insulins in terms of value. The Company successfully launched
AllStar™ - an indigenously manufactured reusable insulin pen. It is custom made
for patients in India and will help improve both insulin initiation and
compliance and bring ease and reassurance to the lives of patients, giving them
convenience of international standards at an affordable price. A campaign
“Sanofi Diabetes Blue Fortnight - Every Voice One Future” was done in
association with the Ministry of Health and a social advocacy group and was
able to reach out to multiple stakeholders in an effort to curb the rising
incidence of diabetes in India and improving the lives of diabetics.
Insuman® grew by
39% in value terms. Insuman® cartridges are well differentiated with unique 3
bullet technology. Cartridges are driving the growth in the human insulin
market.
Apidra® sales
declined due to non-availability of stocks in Q1 2012.
Amaryl® group grew
by 21% in value terms. It has a market share of 4.6% in the oral antidiabetic
(OAD) market. Cetapin® group grew by 31%. Cetapin®XR has achieved a market
share of 8.4% in the metformin market. It continues to be the largest brand in
the metformin market by differentiating itself from other metformin brands with
the help of its unique patented technology.
Cetapin® V has
become the 5th largest brand in the metformin + voglibose category with a
market share of 6.7%.
Clexane® grew by
8% and continues to be the No. 1 in the injectable anti coagulant market. The
Company is ranked No. 1 in the thrombosis market.
Targocid®, which
has a market share of 40%, is the No. 1 injectable antibiotic against resistant
gram positive bacteria.
Allegra™ grew by
15%. It has a market share of nearly 12%. It continues to be ranked No. 1 in
the total market and solids market. Allegra™ Suspension is ranked No. 1 in the
liquid anti histaminic market.
Frisium® grew by
19%. It is one of the fastest growing anti epileptics and ranks No. 3 in the
highly competitive AED market.
Rejusite™ was launched
to neurologists in May 2012.
At the beginning
of the year, the Consumer Healthcare OTC division was formed to market the old
heritage brands of the Company and OTC products - Seacod® and Combiflam® Cream.
TV and media campaigns were run for promoting Seacod®. A line extension,
Seacod® 60 ml has been launched in December 2012.
Combiflam® group
grew by 15%. Combiflam® group (tablets + suspension) has a market share of 5%
and is ranked 2nd in the NSAID market.
Combiflam® Tablets
is ranked No. 1 in units and 1.6 billion tablets were sold in 2012. Combiflam®
Suspension has a market share of nearly 15% and continues to be ranked 2nd
among NSAID oral liquids.
Soframycin® Skin
Cream had a growth of 12%. It continues to be the 4th largest brand among topical
antiseptics. Avil® had a growth of 11% in terms of value. It continues to have
volume leadership in the anti histaminic market and has a market share of 6.3%.
Sales of the
nutraceutical brands acquired from Universal Medicare Private Limited in 2011 grew
significantly. Line extensions of Multivite®, CoQ® and Triomega® were launched.
Three brands - Ferrohext™, BerryCran™ and Amino-fit® Forte were also launched
to strengthen the nutraceutical portfolio.
EXPORT SALES:
Export sales for
2012, which constituted 17% of total net sales, were Rs. 2530.500 Millions,
representing a growth of 11.1% over 2011. This was the highest ever export
turnover achieved.
Volumes
contributed 8.1% to the growth. New markets, particularly Australia and
Germany, contributed significantly as a consequence of which the contribution
of the traditional markets of Russia, Ukraine and CIS states came down from 55%
in 2011 to 44% in 2012.
The Company now
exports to over 30 countries.
Exports to Russia
declined by 19% due to low secondary sales of some products. Exports to Ukraine
grew by 32% as part of a stock building exercise to mitigate impact of new
regulations which can affect exports of some of the Company's products. Exports
of Panamax (paracetamol) tablets to Australia which commenced in 2011
contributed handsomely to growth in exports. New line extensions of paracetamol
+ codeine tablets also contributed substantially to the growth. Exports to the
United Kingdom declined due to high pipeline inventories. The Company obtained
a large tender in Germany for metformin tablets.
Exports to Sri
Lanka grew by 38%. This included exports of nutraceutical products. Exports of
active pharmaceutical ingredients and intermediates grew by 33%.
MANUFACTURING OPERATIONS:
An extension of
the manufacturing facility in Ankleshwar was carried out. It will help to
increase the capacity of the pharmaceutical plant from 5 billion to 6 billion
tablets. With the successful completion of this state of art, HSE and GMP
compliant facility, the Ankleshwar plant will be able to fulfill market demand
in the coming years. An upgrade of the dry granulation facility was also
completed in Ankleshwar. Two new granulation lines, a high speed compression
machine, a large quantity dispensing system, HVAC to cater to very low humidity
requirements and a new blister packing line were installed and commissioned in
Goa. An expansion project has also been started in Goa. This is to cater to the
additional requirements for the Indian and export markets. A set of motorized
racks to increase the capacity of the existing warehouse has already been
commissioned as a first step of the project. The Goa site was re-accredited by
several global regulatory authorities. New pharma and nutraceutical products
were manufactured in own and external manufacturing sites. The waste water
treatment plant was commissioned in Ankleshwar to treat 200 m3 of effluent on a
daily basis. Conservation of natural resources is made feasible with the
commissioning of this plant.
FIXED ASSETS:
Intangible Assets
- Goodwill
- Brand
- Software
- Marketing and technical rights for formulations
- Technical know-how
Tangible Assets
- Freehold Land
- Leasehold Land
- Buildings
- Leasehold Improvement
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment
- Computers
- Motor Vehicles
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Year Ended |
|
|
|
31.03.2013 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
3629.000 |
|
|
Other Operating
Income |
252.000 |
|
|
Total Income From Operations (Net) |
3881.000 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
1552.000 |
|
|
Purchase
of stock in trade |
772.000 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(576.000) |
|
|
Employee
benefits expenses |
564.000 |
|
|
Depreciation
and amortization expenses |
223.000 |
|
|
Other
expenses |
849.000 |
|
|
Total Expenses |
3384.000 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
497.000 |
|
|
|
|
|
4. |
Other
Income |
163.000 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
659.000 |
|
|
|
|
|
6. |
Interest |
3.000 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
656.000 |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
656.000 |
|
|
|
|
|
10. |
Tax
Expense |
213.000 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
443.000 |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
443.000 |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
230.000 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
a) Basic
and diluted EPS before extraordinary items |
19.28 |
|
|
b)
Basic and diluted EPS after extraordinary items |
19.28 |
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
9121035 |
|
|
-
Percentage of Shareholding |
39.60 |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
13909587 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
60.40 |
|
Particulars |
3 Months ended on March 31, 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
30 |
|
Disposed of during the quarter |
30 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
- The above Results were approved by the Board of Directors of the Company at its Meeting held on April 30, 2013.
- In accordance with Clause 41 of the Listing Agreement with the Stock Exchanges, the Company's Statutory Auditors have conducted a 'Limited Review' of the Financial Results for the quarter ended March 31, 2013.
- The Board of Directors had, at its Meeting held on February 25, 2013, recommended a Final dividend of Rs.29 per Equity share of Rs.10 for the year ended December 31, 2012 .The said dividend, if declared at the Annual General Meeting to be held on April 30, 2013, will be paid on May 6 , 2013.
- The Company has a single business segment namely ‘Pharmaceutical Business’.
- The figures for the previous periods have been re-grouped, wherever necessary.
- The figures for the quarter ended December 31, 2012 are the balancing figures between audited figures in respect of the full financial year up to December 31, 2012 and the unaudited published year-to-date figures up to September 30, 2012, which was subject to limited review, being the date of the end of the third quarter of the said financial year.
PRESS RELEASE:
SANOFI INDIA LAUNCHES COMBIFLAM® PLUS
- A TARGETED, FAST
AND EFFECTIVE OTC SOLUTION FOR HEADACHES
February 14,
2013: Sanofi India Limited
(previously known as Aventis Pharma Limited) announced today the launch of Combiflam®
Plus, a targeted1, fast and effective solution for headaches, which is also
gentle on the stomach2. Combiflam® Plus is a combination of paracetamol and
caffeine. A line extension of one of Sanofi India’s flagship brands Combiflam®,
the launch of this new product marks the company’s foray into the OTC headache
segment in India.
While announcing the
launch, Anindya Chowdhury, Senior Director- Consumer Healthcare, Sanofi
India said, “Today’s hectic and stressful lifestyles are impacting
the quality of life and productivity of people. Data suggests that over 70% of
men and women experience an episode of headache every month, and 36% suffer
from it weekly3.
‘We are pleased to
introduce Combiflam® Plus (a paracetamol and caffeine combination) to our
consumers which is a targeted solution for headaches. This combination is shown
to have 89% incremental analgesic effect (in terms of total pain relief) when
compared with paracetamol monotherapy4".
Caffeine has been
shown to have a synergistic and well documented adjuvant action when combined
with analgesics (painkillers). Research shows that adding caffeine to an
analgesic for e.g. paracetamol, increases the potency of the analgesic by
approximately 40%5.
In a first of its kind
‘Pack of 4s’ packaging in the headache category, Combiflam® Plus is priced at
Rs 9.50/-(MRP) and will be available in the states of Uttar Pradesh,
Maharashtra, Tamil Nadu, West Bengal, Punjab and Haryana.
Combiflam® Plus
is a line extension of Combiflam®, which has been a trusted brand in
the Indian pharmaceutical market for over 25 years, and is present in ‘1 in
every 3 households across India’6.
ABOUT SANOFI:
Sanofi, a global and diversified healthcare leader,
discovers, develops and distributes therapeutic solutions focused on patients’
needs. Sanofi has core strengths in the field of healthcare with seven growth
platforms: diabetes solutions, human vaccines, innovative drugs, rare diseases,
consumer healthcare, emerging markets and animal health. Sanofi is listed in
Paris (EURONEXT: SAN) and in New York (NYSE: SNY).
In India, Sanofi
operates through five entities − Sanofi India Limited (previously known
as Aventis Pharma Limited), Sanofi-Synthelabo (India) Limited, Sanofi Pasteur
India Private Limited, Shantha Biotechnics Limited and Genzyme India Private
Limited.
AVENTIS PHARMA
LIMITED RENAMED ‘SANOFI INDIA LIMITED’
Mumbai, May 16, 2012: Sanofi Group’s listed entity in
Commenting on the name change, Dr. Shailesh Ayyangar, Managing Director,
stated, “Just like Sanofi Group, the Company in
The decision to change the name of the Group’s listed entity in
Dr. Shailesh Ayyangar further added that “the change in name of the
listed entity to Sanofi India Limited will also provide a common identity to
the Sanofi Group across the world.”
In
ABOUT SANOFI:
Sanofi, a global and diversified healthcare leader, discovers, develops
and distributes therapeutic solutions focused on patients’ needs. Sanofi has
core strengths in the field of healthcare with seven growth platforms: diabetes
solutions, human vaccines, innovative drugs, rare diseases, consumer
healthcare, emerging markets and animal health. Sanofi is listed in
Sanofi currently operates through five entities in
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.61.43 |
|
|
1 |
Rs.95.07 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.