MIRA
INFORM REPORT
|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNICHEM LABORATORIES LIMITED |
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Registered
Office : |
Unichem Bhavan, Prabhat Estate, Off S. V. Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.08.1962 |
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Com. Reg. No.: |
11-012451 |
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Capital
Investment / Paid-up Capital : |
Rs. 180.913 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1962PLC012451 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEU05493F |
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PAN No.: [Permanent Account No.] |
AAACU0551B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (APIs). |
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No. of Employees
: |
4592 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 32500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-esatablished company having good track record. The financial position of the company appears to be good. Fundamental
are strong and healthy. Trade relations are are reported to be fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered for business dealing 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 |
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Risk Category |
ECGC
Classification |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short term debt: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
October, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66888333)
LOCATIONS
|
Registered / Corporate Office : |
Unichem Bhavan, Prabhat Estate, Off S. V. Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra, India |
|
Tel. No.: |
91-22-26780643 / 66888333 / 26785616 |
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Fax No.: |
91-22-26784391/ 26794089 / 26788665 |
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E-Mail : |
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Website : |
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Head Office : |
Mahalaxmi Chambers, 2nd Floor, |
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Factory 1: |
Plot No. 17 and
18, Pilerne Industrial Estate, Pilerne Bardez, Goa – 403515, |
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Tel. No.: |
91-832-2407202/ 6 |
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Factory 2 |
Bhatauli Kalan District, Solan, Baddi – 173 205, |
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Tel. No.: |
91-1795-246701/ 6 |
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Factory 3 : |
C-31-32,
Industrial Area, |
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Tel. No.: |
91-120-2750039/
46 |
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Factory 4: |
99, MIDC Area,
Roha, District Raigad – 402116, |
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Tel. No.: |
91-2194-263561/263549 |
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Factory 5 : |
Pithampur, Plot
No 197, Sector – I, Pithampur –454775, Madhya Pradesh, India |
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Tel. No.: |
91-729-2503127/ 2500941 |
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Factory 6: |
NH – 31A, Bagheykhola, Majithar, Rangpo, East Sikkim – 737138, India |
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Factory 7: |
Plot Nos. 11, 12 & 13 Pharma Zone, Phase II, Sector 3, Pithampur, District Dhar-454775, Madhya Pradesh, India |
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Representative Offices
1: |
St. Bolshaya Yakimanka Hno 31/18, Moscow, Russia |
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Tel. No.: |
+ 7 095 2302380 |
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Fax No.: |
+ 7 095 2387934 |
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E-Mail : |
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Representative
Offices 2: |
2/1, Kruglouniversityskya, Office # 3 Ukraine, Kiev - 012024 |
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Tel. No.: |
+ 380 44 235 24 05 / 4280160 |
DIRECTORS
As on 31.03.2013
|
Name : |
Dr. Prakash A. Mody |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. Prafull
Anubhai |
|
Designation : |
Independent
Director |
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|
Name : |
Mr. Ramdas Gandhi |
|
Designation : |
Independent
Director |
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Name : |
Mr. Nasser Munjee |
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Designation : |
Independent
Director |
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Name : |
Mr. Prafull D.
Sheth |
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Designation : |
Independent
Director |
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Name : |
Mr. Anand Mahajan |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Audit Committee : |
·
Mr. Prafull Anubhai - Chairman ·
Mr. Ramdas Gandhi ·
Mr. Nasser Munjee |
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Shareholders’ Grievance Committee: |
· Mr. Ramdas Gandhi - Chairman Dr.
Prakash A. Mod |
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Compensation Committee : |
·
Mr. Prafull D. Sheth - Chairman ·
Mr. Prafull Anubhai ·
Mr. Ramdas Gandhi |
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Name : |
Mr. K. Subharaman |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
45378350 |
50.09 |
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|
132200 |
0.15 |
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|
132200 |
0.15 |
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|
45510550 |
50.24 |
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Total shareholding of Promoter and Promoter Group (A) |
45510550 |
50.24 |
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(B) Public Shareholding |
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|
6564366 |
7.25 |
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|
182010 |
0.20 |
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|
3013679 |
3.33 |
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|
3344145 |
3.69 |
|
|
500 |
0.00 |
|
|
500 |
0.00 |
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|
13104700 |
14.47 |
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|
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|
8617182 |
9.51 |
|
|
|
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|
17934860 |
19.80 |
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|
2652166 |
2.93 |
|
|
2767143 |
3.05 |
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|
964870 |
1.07 |
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|
134855 |
0.15 |
|
|
723880 |
0.80 |
|
|
52315 |
0.06 |
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|
866223 |
0.96 |
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|
16250 |
0.02 |
|
|
8750 |
0.01 |
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|
31971351 |
35.29 |
|
Total Public shareholding (B) |
45076051 |
49.76 |
|
Total (A)+(B) |
90586601 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
90586601 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (APIs). |
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Products : |
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Brand Name: |
· LOSAR AMPOXIN UNIENZYME TELSAR TRIKA
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GENERAL INFORMATION
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No. of Employees : |
4592 (Approximately) |
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Bankers : |
·
Bank of The
Sakura Bank Limited Bank of Baroda |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B D Jokhakar and Company Chartered Accountant |
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Address : |
8 Ambalal Doshi Marg, Fort, Mumbai – 400001, |
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Subsidiaries : |
· Niche Generics Limited Unichem
SA Pty Ltd. Unichem
Farmaceutica Do Brasil
Ltda Unichem
Pharmaceuticals (USA)
Inc Unichem
Laboratories Limited (Incorporated in Ireland) |
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Enterprises under
significant influence of key management personnel: |
· Chevy Capital Services Private Limited* PM
Capital Services Private Limited * AVM
Capital Services Private Limited * Pranit
Trading Private Limited * Viramrut
Trading Private Limited * Uni
Distributors Private Limited * Scheme of amalgamation becoming effective from 01.04.2011 (appointed date) consequent upon sanction from Hon'ble High court of Mumbai, shares in the name of said companies were cancelled and new shares were issued to the shareholders of respective companies. However considering the fact that Dividend was paid before effective date, the transactions are reflected hereunder in spite of cancellation of the shares w.e.f. 01.04.2011. |
CAPITAL STRUCTURE
As on 19.07.2013
Authorised Capital : Rs. 500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
181.194 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
|
50,000,000 |
Unclassified Shares |
Rs.2/- each |
Rs.100.000 Millions |
|
5,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90,321,502 |
Equity Shares |
Rs.2/- each |
Rs.180.643
Millions |
|
|
|
|
|
Note:
|
Particulars |
31.03.2013 |
|
|
Reconciliation of Number of Shares (Equity) |
Number of shares |
Rs. in millions |
|
Number of Shares outstanding as at the beginning of the
year* |
90,321,501 |
180.643 |
|
Add: Number of Shares allotted under ESOP during the
year |
134,937 |
0.270 |
|
Number
of Shares outstanding as at the end of the year* |
90,456,438 |
180.913 |
* Excluding effect of amalgamation
Rights, preferences and restrictions attached to Equity Shares.
The company has one class of equity shares having a par value of Rs. 2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Shareholders
holding more than 5 per cent of total Equity Shares of company
|
Name of the
Shareholders |
31.03.2013 |
|
|
Number of shares |
Rs. in millions |
|
|
|
|
|
|
Dr. Prakash Amrut Mody** |
39,845,639 |
44.05 |
|
|
|
|
As per the of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest , the above shareholding represents both legal and beneficial ownership of shares.
** Scheme of amalgamation becoming effective from 01.04.2011
(appointed date) consequent upon sanction from Hon'ble High court of Mumbai ,
new shares were issued to the shareholders of respective companies the effect
of which was not included in shareholding as of 31st March , 2012
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 |
180.913 |
180.643 |
180.479 |
|
(b) Reserves & Surplus |
7948.615 |
7119.527 |
6599.760 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.345 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
8129.528 |
7300.515 |
6780.239 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
227.156 |
|
(b) Deferred tax liabilities (Net) |
389.743 |
384.743 |
378.143 |
|
(c) Other long term liabilities |
252.576 |
234.882 |
0.000 |
|
(d) long-term provisions |
91.868 |
102.392 |
79.020 |
|
Total Non-current Liabilities (3) |
734.187 |
722.017 |
684.319 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
57.205 |
248.729 |
84.727 |
|
(b) Trade payables |
1590.860 |
1367.850 |
1069.163 |
|
(c) Other current
liabilities |
298.668 |
292.296 |
226.888 |
|
(d) Short-term provisions |
516.696 |
333.000 |
311.256 |
|
Total Current Liabilities (4) |
2463.429 |
2241.875 |
1692.034 |
|
|
|
|
|
|
TOTAL |
11327.144 |
10264.407 |
9156.592 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4147.030 |
3708.096 |
3556.443 |
|
(ii) Intangible Assets |
115.148 |
144.014 |
0.000 |
|
(iii) Capital
work-in-progress |
1292.905 |
1113.424 |
628.716 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1072.030 |
916.193 |
788.547 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
83.781 |
260.225 |
162.914 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6710.894 |
6141.952 |
5136.620 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
330.604 |
145.000 |
212.888 |
|
(b) Inventories |
1316.339 |
1411.311 |
1354.183 |
|
(c) Trade receivables |
2122.764 |
1848.247 |
1839.423 |
|
(d) Cash and cash
equivalents |
166.600 |
138.612 |
104.412 |
|
(e) Short-term loans and
advances |
639.142 |
534.990 |
479.118 |
|
(f) Other current assets |
40.801 |
44.295 |
29.948 |
|
Total Current Assets |
4616.250 |
4122.455 |
4019.972 |
|
|
|
|
|
|
TOTAL |
11327.144 |
10264.407 |
9156.592 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10052.169 |
8031.873 |
7647.374 |
|
|
|
Other Income |
140.670 |
93.947 |
79.622 |
|
|
|
TOTAL (A) |
10192.839 |
8125.820 |
7726.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2612.792 |
1942.855 |
1773.866 |
|
|
|
Purchase of Stock -in-Trade |
1078.443 |
1029.078 |
1016.127 |
|
|
|
Employee benefits expenses |
1280.150 |
1048.840 |
930.663 |
|
|
|
Other expenses |
2762.206 |
2377.682 |
2168.426 |
|
|
|
Research & Development Expenses |
361.073 |
379.402 |
366.832 |
|
|
|
Changes in inventories of Finished goods, Work-in-progress
and Stock -in-Trade |
100.731 |
(20.258) |
(222.376) |
|
|
|
TOTAL (B) |
8195.395 |
6757.599 |
6033.538 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1997.444 |
1368.221 |
1693.458 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.816 |
32.985 |
19.482 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1972.628 |
1335.236 |
1673.976 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
348.165 |
282.881 |
272.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1624.463 |
1052.355 |
1401.799 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
328.503 |
227.722 |
316.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1295.960 |
824.633 |
1084.978 |
|
|
|
|
|
|
|
|
|
Add |
Addition on
Amalgamation |
0.000 |
0.162 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4783.652 |
4424.220 |
3909.169 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
407.116 |
271.344 |
252.671 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
108.283 |
|
|
|
Tax on Proposed Dividend |
69.189 |
44.019 |
40.989 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
17.984 |
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5453.307 |
4783.652 |
4424.220 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods calculated on FOB Basis |
3215.711 |
2236.201 |
1458.551 |
|
|
|
Insurance, Freight and other charges recovered |
135.125 |
93.123 |
46.060 |
|
|
TOTAL EARNINGS |
3350.836 |
2329.324 |
1504.611 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
387.807 |
355.575 |
310.674 |
|
|
|
Packing Materials |
23.239 |
31.891 |
14.541 |
|
|
|
Stores & Spares |
2.199 |
1.176 |
6.129 |
|
|
|
Capital Goods |
83.163 |
262.336 |
192.768 |
|
|
TOTAL IMPORTS |
496.408 |
650.978 |
524.112 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
14.33 |
9.13 |
12.03 |
|
|
|
Diluted |
14.29 |
9.09 |
11.95 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2655.800 |
2695.700 |
|
Total Expenditure |
|
2147.200 |
2193.600 |
|
PBIDT (Excl OI) |
|
508.600 |
502.100 |
|
Other Income |
|
76.100 |
77.000 |
|
Operating Profit |
|
584.700 |
579.200 |
|
Interest |
|
6.200 |
6.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
578.500 |
572.700 |
|
Depreciation |
|
106.800 |
109.800 |
|
Profit Before Tax |
|
471.700 |
462.900 |
|
Tax |
|
110.700 |
100.800 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
361.000 |
362.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
361.000 |
362.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.71
|
10.15 |
14.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.16
|
13.10 |
18.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.13
|
12.78 |
18.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.03 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87
|
1.84 |
2.38 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans in Foreign Currency from Banks |
0.000 |
153.815 |
|
Total |
0.000 |
153.815 |
CASE DETAILS
|
Lodging No.:- |
CHSL/88/2008 |
Filing Date:- |
18/01/2008 |
Reg. No.:- |
CHS/88/2008 |
Reg. Date:- |
18/01/2001 |
|
Lodging No.:- |
ITXAL/2126/2006 |
|
Petitioner:- |
The commissioner of Income Tax – 5, |
Respondent:- |
M/S Unichem Laboratories Limited |
|
Petn.Adv.:- |
R. Asokan (0) |
|
|
|
District:- |
Bombay |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
Category: |
NOTICE OF MOTION (APPEAL) |
SCHEME OF
AMALGAMATION
The Hon’ble High Court of Mumbai, on July 12, 2012 sanctioned the scheme of amalgamation under Section 391 to394 of the Companies Act,1956 of five Investment Companies (the primary assets of which comprise of equity shares in the Company) namely AVM Capital Services Private Limited (ACSPL), Chevy Capital Services Private Limited (CCSPL) , PM Capital Services Private Limited (PCSPL), Pranit Trading Private Limited (PTPL), Viramrut Trading Private Limited (VTPL), (collectively herein after referred to as ‘Transferor Companies’) with the Company. The Scheme was earlier approved by the shareholders in the court–convened meeting held on November 3, 2011. The Company filed the Court Order with the Registrar of Companies on 6th August, 2012 to make the scheme effective in terms of said order dated 12th July 2012. ULL has given effect for the said Scheme in its books of accounts with effect from the appointed date i.e. 1st April 2011. In accordance with the Scheme, the Company has accounted for the Amalgamation based on the “Pooling of Interest” method as under:
(i) all assets and liabilities appearing in the books of accounts of Transferor Companies have been transferred to & vested in and have been recorded by the Company at their respective book values
(ii) the investments in equity share capital of the Company as it appeared in the books of account of the Transferor Companies is cancelled
(iii) the excess of net assets value of the Transferor Companies as reduced by the face value of shares issued by
the Company, adjusted for cancellation of equity share capital as mentioned above and net of all expenses in relation to the Scheme, amounting to Rs. 0.162 Millions has been credited to Surplus in the Profit and Loss Account
(iv) all inter-company transactions have been eliminated on incorporation of the accounts of Transferor Companies in the books of Company
(v) in consideration of the above, the Company issued and allotted equity shares, credited as fully paid up, to the extent indicated below, to all the members of the Transferor Companies in the following proportion:
(a) 46,72,552 fully paid up equity shares of Rs. 2 each of the Company for every 1,000 paid up equity shares of Rs. 100 each held in ACSPL
(b) 78,43,811 fully paid up equity shares of Rs. 2 each of the Company for every 1,000 paid up equity shares of Rs. 100 each held in CCSPL
(c) 46,70,186 fully paid up equity shares of Rs. 2 each of the Company for every 1,000 paid up equity shares of Rs. 100 each held in PCSPL
(d) 1,09,36,087 fully paid up equity shares of Rs. 2 each of the Company for every 1,000 paid up equity shares of Rs. 100 each held in PTPL
(e) 17,13,547 fully paid up equity shares of Rs. 2 each of the Company for every 1,000 paid up equity shares of Rs. 100 each held in VTPL
Accordingly, 2,82,93,991 fully paid up equity shares of Rs. 2 each of the Company were issued to the shareholders of the Transferor Companies, which is equivalent to the shares cancelled, vide (ii) above; these shares, aggregating to Rs. 56.588 Millions, pending allotment were shown as “Share Capital pending allotment” under Share Capital, thus resulting in no change in the total issued and paid up Share Capital of the Company. The new equity shares issued as above rank pari-passu with the existing equity shares of the Company. As per the scheme of amalgamation, the said shares were issued and allotted to the shareholders of the transferor companies as per register of members of the transferor companies as on the effective date i.e. 6th August, 2012.
REVIEW OF OPERATIONS
During the year, Sales/Income from operations (Net) increased to Rs. 10052.169 Millions in 2012-13 from Rs. 8031.873 Millions in 2011-12, registering a growth of 25.15%. Consolidated Sales/Income from operations (Net) stood at Rs. 10808.028 Millions as compared to Rs. 8754.630 Millions registering an increase of 23.45%. Appropriations The Company has transferred Rs. 150.000 Millions to the General Reserve during the year. An amount of Rs. 5453.307 Millions is proposed to be carried forward from the Profit and Loss Account.
REVIEW OF
SUBSIDIARIES
NICHE GENERICS
LIMITED
Niche Generics Limited is a wholly-owned subsidiary of the Company. It is engaged in manufacturing formulations and dossier filing in European markets. It recorded sales of GBP 107.68 Lacs for the year ended March 31, 2013 as compared to GBP 103.20 Lacs for the previous year ended March 31, 2012. The profit for the year ended March 31, 2013 stood at GBP 0.99 Lacs compared to the loss of GBP 1.90 lacs for the year ended March 31, 2012.
UNICHEM
PHARMACEUTICALS (USA) INC.
Unichem Pharmaceuticals (USA) Inc., a wholly-owned subsidiary of the Company in USA, has been set up for business development, filing of ANDA's and exploring the opportunities for marketing alliances in North American markets. The subsidiary recorded sales of USD 82.48 Lacs for the year ended March 31, 2013 as compared to USD 52.13 Lacs for the previous year ended March 31, 2012 and incurred loss of USD 6.23 Lacs for the same period compared to the loss of USD 7.48 lacs for the year ended March 31, 2012.
Unichem Farmaceutica Do Brasil Ltda Unichem Farmaceutica Do Brasil Ltda., is a wholly- owned subsidiary of the Company in Brazil. This subsidiary has been set-up to own product registrations, launch generic and branded generics products in the Brazilian market. The subsidiary plans to have marketing alliances for promoting, warehousing and distribution. The entity suffered a loss of Brazilian Reals 29.61 Lacs in the current year as against Brazilian Reals 24.80 lacs during the previous year.
UNICHEM SA
(PROPRIETARY) LIMITED
Unichem SA (Proprietary) Limited is a wholly-owned subsidiary of the Company in South Africa. This subsidiary has been set-up for business development and to own product registrations. The subsidiary has suffered a marginal loss of SA Rand 72 in the current year as compared to loss of SA Rand 6,113 for the previous year ended March 31, 2012.
UNICHEM LABORATORIES
LIMITED IRELAND
Unichem Laboratories Ltd, Ireland is a wholly-owned subsidiary of the Company in Ireland. This subsidiary was incorporated last year for business development and to own product registrations. The subsidiary during the current year has suffered a loss of Euro 2.95 lacs as compared to loss of Euro 0.09 lacs for the previous year ended March 31, 2012
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
(i) Claims not acknowledged as debts*. |
179.099 |
141.600 |
|
(ii) In respect of the Guarantees given to Bank on behalf
of : |
|
|
|
- Subsidiaries |
210.210 |
239.715 |
|
(iii) Other money for which the company is Contingently liable |
49.591 |
51.893 |
|
TOTAL |
438.900 |
433.208 |
* includes Rs. 9.644 Millions (Previous Year Rs. 8.820 Millions) paid under protest/deposit pending adjudication under Income tax Act,1961 and Central Excise Act 1944.
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR
ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
|
Particulars |
Quarter Ended |
|||||
|
|
Three months ended 30.09.2013 |
Three months ended 30.06.2013 |
Half year ended 30.09.2013 |
||||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||
|
1 |
a. Net Sales/Income from operations (Net of excise duty) |
2661.875 |
2622.046 |
5283.921 |
|||
|
|
b. Other Operating Income |
33.837 |
33.742 |
67.579 |
|||
|
|
Total Income from Operations (Net) |
|
|
|
|||
|
2 |
EXPENSES |
|
|
|
|||
|
|
a. Cost of Materials Consumed |
666.156 |
655.238 |
1321.394 |
|||
|
|
b. Purchase of Stock-in-Trade |
332.103 |
351.027 |
683.130 |
|||
|
|
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(56.227) |
(46.712) |
(102.939) |
|||
|
|
d. Employee Benefits Expenses |
414.491 |
413.181 |
827.672 |
|||
|
|
e. Depreciation and amortisation Expense |
109.797 |
106.818 |
216.615 |
|||
|
|
f. Other Expenses |
837.073 |
774.481 |
1611.554 |
|||
|
|
Total Expenses |
2303.393 |
2254.033 |
4557.426 |
|||
|
3 |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
392.319 |
401.755 |
794.074 |
|||
|
4 |
Other Income |
77.042 |
76.099 |
153.141 |
|||
|
5 |
Profit/ (Loss) Before Finance Costs & Exceptional Items (3+4) |
469.361 |
477.854 |
947.215 |
|||
|
6 |
Finance Costs |
6.488 |
6.167 |
12.655 |
|||
|
7 |
Profit/ (Loss) after Finance Cost but before exceptional items (5-6) |
462.873 |
471.687 |
934.560 |
|||
|
8 |
Exceptional Items |
-- |
-- |
-- |
|||
|
9 |
Profit/ (Loss) ordinary activities before Tax (7-8) |
462.873 |
471.687 |
934.560 |
|||
|
10 |
Tax Expenses (Including Deferred tax) |
100.800 |
110.700 |
211.500 |
|||
|
11 |
11 Net profit from ordinary activities after tax ( 9 -10 ) |
362.073 |
360.987 |
723.060 |
|||
|
12 |
Prior period Expenses / (Income) |
-- |
-- |
-- |
|||
|
13 |
Excess / (Short) provision for taxation pertaining to earlier years. |
-- |
-- |
-- |
|||
|
14 |
Net profit from ordinary activities after tax and prior period items ( 11-12-13) |
362.073 |
360.987 |
723.060 |
|||
|
15 |
Extraordinary items (net of tax expense) |
-- |
-- |
-- |
|||
|
16 |
Net profit for the period (14-15) |
362.073 |
360.987 |
723.060 |
|||
|
17 |
Paid up Equity Share Capital (Face Value Rs. 2 per share) |
181.173 |
180.940 |
181.173 |
|||
|
18 |
Reserves & Surplus excluding Revaluation Reserve as per balance sheet of previous accounting year. |
-- |
-- |
-- |
|||
|
19 |
a) Basic Earnings per share-not annualized before & after extraordinay items - Rs. |
4.00 |
3.99 |
7.99 |
|||
|
|
b) Diluted earnings per share after Employees Stock Options before & after extraordinay items - Rs. |
3.99 |
3.98 |
7.97 |
|||
|
|
|
|
|
|
|||
|
PART - II |
|||||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|||
|
1 |
Public shareholding |
|
|
|
|||
|
|
a. |
Number of shares |
4,50,76,051 |
4,52,17,748 |
4,50,76,051 |
||
|
|
b. |
Percentage of shareholding |
49.76% |
49.98% |
49.76% |
||
|
2 |
Promoters and promoter group shareholding |
|
|
|
|||
|
|
a. |
Pledged/Encumbered |
|
|
|
||
|
|
Number of shares |
Nil |
Nil |
Nil |
|||
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
||
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
||
|
|
b. |
Non-encumbered |
|
|
|
||
|
|
Number of shares |
4,55,10,550 |
4,52,52,440 |
4,55,10,550 |
|||
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
||
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
50.24% |
50.02% |
50.24% |
||
|
Particulars |
Quarter ended 30.09.2013 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes :
1 The above results have been subjected to Limited Review by the Statutory Auditors, reviewed by the Audit Committee and taken on record by the Board of Directors of the Company in its meeting held on 19th October, 2013.
2 Segment Reporting: Primary Segment
The Company has only one segment i.e. 'Pharmaceuticals'
Secondary Segment (By
Geographical Segment)
(Rs. In Millions)
|
Net Sales and
Operating IncomeNet Sales and Operating Income |
Three months ended 30.09.2013 |
Three months ended 30.06.2013 |
Half year ended 30.09.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Within India |
1809.025 |
1810.376 |
3619.401 |
|
Outside India |
886.687 |
845.412 |
1732.099 |
|
Total |
2695.712 |
2655.788 |
5351.500 |
|
Total |
|
|
|
In view of the interwoven / intermix nature of the business and manufacturing facility, other segmental information is not ascertainable.
3 Other Income / Other
expenses includes exchange gain / loss as under:
|
Exchange Difference |
Three months ended 30.09.2013 |
Three months ended 30.06.2013 |
Half year ended 30.09.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Exchange gain included in Other Income |
40.801 |
52.518 |
93.019 |
|
Exchange loss included in Other Expenses |
-- |
-- |
-- |
4 Unaudited Statement
of Assets and Liabilities as on 30.09.2013
(Rs. In Millions)
|
Particular |
30.09.2013 |
|
EQUITY AND LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
181.173 |
|
(b) Reserves and surplus |
8678.686 |
|
Sub-total
- Shareholders' funds |
8859.859 |
|
|
|
|
Share
Application Money pending allotment |
-- |
|
|
|
|
Non-current liabilities |
|
|
(a) Long-term borrowings |
254.852 |
|
(b) Deferred Tax Liabilities (Net) |
401.743 |
|
(c) Long term provisions |
135.270 |
|
Sub-total
- Non-current liabilities |
791.865 |
|
|
|
|
Current
liabilities |
|
|
(a) Short term borrowings |
141.807 |
|
(b) Trade payables |
1577.723 |
|
(c) Other current liabilities |
297.920 |
|
(d) Short -term provisions |
8.165 |
|
Sub-total - Current
liabilities |
2025.615 |
|
TOTAL - EQUITY AND
LIABILITIES |
11677.339 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i) Tangible assets |
4974.716 |
|
(i) Intangible assets |
100.676 |
|
(i) Capital wok-in-progress |
603.653 |
|
|
5679.045 |
|
|
|
|
(b) Non-current investments |
|
|
(c) Long-term loans and advances |
|
|
Sub-total
- Non-current assets Current assets |
|
|
Current assets |
|
|
(a)Current Investments |
60.000 |
|
(b) Inventories |
1453.106 |
|
(c) Trade receivables |
2299.858 |
|
(d) Cash and cash equivalents |
187.417 |
|
(f) Short-term loans and advances |
787.257 |
|
(g) Other current assets |
37.270 |
|
Sub-total
- Current assets |
4824.908 |
|
TOTAL
- ASSETS |
11677.339 |
FIXED ASSETS
v
Tangible Assets
Land
Plant and Equipments
Furniture and Fixtures
Vehicles
Office Equipments
v
Intangible Assets
Brands / trademarks
PRESS RELEASE
UNICHEM LABORATORIES RECEIVES ANDA APPROVAL FROM USFDA FOR AMLODIPINE
BESYLATE TABLETS
Mumbai, Thursday,
October 24, 2013
Unichem laboratories Limited are pleased to announce that it has received ANDA approval from the United States Food and Drug Administration (U.S. FDA) for Amlodipine Besylate Tablets.
Amlodipine Besylate Tablets USP 2.5mg, 5mg and 10mg are therapeutically equivalent to NORVASC® Tablets 2.5mg, 5mg and 10mg from Pfizer Inc.
Amlodipine Besylate Tablet USP is a calcium channel blocker indicated for the treatment of hypertension, to lower blood pressure. Lowering blood pressure reduces the risk of fatal and nonfatal cardiovascular events, primarily strokes and myocardial infarctions. The product will be commercialized from Unichem’s Goa plant. Active pharmaceutical ingredient i.e., Amlodipine Besylate used for this ANDA is also made in house at Roha plant.
Currently, there are 6-7 companies are dominating the US market. The current market size is around US$ 45~50 Million.
About Unichem
Laboratories Limited
Unichem Laboratories Limited is an International, integrated, speciality pharmaceutical Company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world. In India, the Company is a leaded in niche areas of cardiology, neurology and other orthopadics and anti-infectives. The Company has strong skills in product development, process chemistry and manufacturing of complex API as well as dosage forms.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90238025 |
29/01/1993 * |
375,000,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, N.S. PATKAR MARG, MUMBAI - 400036, MAHARASHTRA, INDIA |
- |
|
2 |
90234683 |
14/08/2001 * |
150,000,000.00 |
ICICI LIMITED |
ICICI TOWER,
BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
3 |
90237983 |
30/04/2001 * |
100,000,000.00 |
BIRLA SUNLIFE
ASSET MANAGEMENT CO. LTD. |
AHURA CENTRE
TOWER A, ANDHERI, MUMBAI - 400093, MAHARASHTRA, INDIA |
- |
|
4 |
90237977 |
14/01/2000 |
253,690,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, N.S. PATKAR MARG, MUMBAI - 400036, MAHARASHTRA, INDIA |
- |
|
5 |
90234504 |
23/02/1999 |
253,690,000.00 |
BANK OF INDIA |
CUMBALLA HILL BRANCH,
N.S. PATKAR MARG, MUMBAI - 400036, MAHARASHTRA, INDIA |
- |
|
6 |
90237911 |
18/06/2002 * |
104,294,000.00 |
BANK OF INDIA |
NIRMALCUMBALLA
HILL BRANCH, NARIMAN POINT, MUMBAI - 400036, MAHARASHTRA, INDIA |
- |
|
7 |
90234023 |
13/07/1994 |
6,000,000.00 |
THE SAKURA BANK
LTD. |
MITTAL COURT,
NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA , INDIA |
- |
|
8 |
90233819 |
17/03/1992 |
15,000,000.00 |
I.D.B.I. |
IDBI TOWER,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
9 |
90233781 |
01/10/1991 |
18,200,000.00 |
THE MITSUI TALYO
KOBE BANK LTD. |
NARIMAN POINT,
MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
10 |
90233735 |
12/04/1991 |
14,200,000.00 |
THE MITSUI TAIYO
KOBE BANK LTD. |
NARIMAN POINT,
MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
11 |
90233636 |
13/01/1990 |
13,100,000.00 |
THE MITSUI BANK
LTD. |
NARIMAN POINT,
MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
12 |
90233530 |
15/05/1989 * |
5,000,000.00 |
BANK OF BARODA |
CUMBALLA HILL BRANCH,
N.S. PATKAR MARG, MUMBAI - 400036, MAHARASHTRA, INDIA |
- |
|
13 |
90233528 |
06/12/1989 * |
5,000,000.00 |
BANK OF BARODA |
CUMBALLA HILL
BRANCH, N.S. PATKAR MARG, MUMBAI - 400036, MAHARASHTRA, INDIA |
- |
|
14 |
90233499 |
27/03/1988 |
5,000,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, N.S. PATKAR MARG, MUMBAI - 400036, MAHARASHTRA, INDIA |
- |
|
15 |
90233405 |
29/01/1987 |
496,340.00 |
HINDUSTAN
PETROLEUM CORP. LTD. |
PETROLEUM HOUSE,
TATA ROAD, MUMBAI - |
- |
|
16 |
90233289 |
25/01/1988 * |
10,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVEST. CORP. OF INIDA L |
163; BACKBAY
RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
17 |
90237816 |
29/12/1981 |
96,900.00 |
GOVERNOR OF U.P. |
U. P. FINANCIAL CORPORATION,
U. P. FINANCIAL COR, |
- |
|
18 |
90233099 |
21/11/1980 |
2,500,000.00 |
LIFE INSURANCE
CORP. OF INDIA |
YOGAKSHEMA,
JEEVAN BIMA MARG, BOMBAY, MAHARASHTRA |
- |
|
19 |
90232979 |
04/01/1975 |
1,500,000.00 |
THE PRADESHIYA
INDUSTRIAL AND INVEST; CORP. OF U.P . LTD. |
VIVEKANAND MARG,
LUCKNOW - 226001, UTTAR PRADESH, |
- |
|
20 |
90232970 |
14/03/1974 |
15,100,000.00 |
GOVERNOR OF U.P. |
U. P. FINANCIAL
CORPORATION, U. P. FINANCIAL COR, |
- |
|
21 |
90237795 |
27/12/1973 |
360,000.00 |
UTTAR PRADESH
FINACIAL CORP. |
KANPUR, KANPUR,
UTTAR PRADESH, INDIA |
- |
|
22 |
90237788 |
03/11/1970 |
315,000.00 |
UNICHEM
LABORATORIES LTD. |
S.V. ROAD, FORT,
MUMBAI - 400060, MAHARASHTRA, INDIA |
- |
|
23 |
90237787 |
27/10/1969 |
750,000.00 |
UTTAR PRADESH
FINANCIAL CORP. |
KANPUR, KANPUR,
UTTAR PRADESH, INDIA |
- |
|
24 |
90232926 |
18/11/1966 |
100,000.00 |
THE BANK OF
INDIA |
JANPATH, NEW
DELHI, DELHI, INDIA |
- |
|
25 |
90232916 |
27/05/1963 |
1,500,000.00 |
BANK OF INDIA |
M.G. ROAD, FORT,
BOMBAY, MAHARASHTRA, INDIA |
- |
* Date of charge modification
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
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 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.