1. Summary Information
|
|
|
Country |
|
|
Company Name |
PLETHICO PHARMACEUTICALS LIMITED |
Principal Name 1 |
Mr. Shashikant Patel |
|
Status |
Moderate |
Principal Name 2 |
Mr. Chirag Patel |
|
|
|
Registration # |
10-006801 |
|
Street Address |
A. B. Road, Manglia, Indore - 452003, Madhya Pradesh |
||
|
Established Date |
04.12.1991 |
SIC Code |
-- |
|
Telephone# |
91-22-66988301 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-731. 2420938 |
Business Style 2 |
-- |
|
Homepage |
www.plethico.com |
Product Name 1 |
Pharmaceutical |
|
# of employees |
Not Available |
Product Name 2 |
Allied Healthcare |
|
Paid up capital |
Rs. 3,40,670,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter -77.70% Public Shareholding -22.30% |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
YES |
Business Period |
22 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
B (32) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
Company |
UAE |
Plethico International Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6730,210,000 |
Current Liabilities |
308,960,000 |
|
Inventories |
223,280,000 |
Long-term Liabilities |
8941,960,000 |
|
Fixed Assets |
1328,720,000 |
Other Liabilities |
450,950,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
9701,870,000 |
|
Invest& other Assets |
8070,590,000 |
Retained Earnings |
6110,260,000 |
|
|
|
Net Worth |
6650,930,000 |
|
Total Assets |
16352,800,000 |
Total Liab. & Equity |
16352,800,000 |
|
Total Assets (Previous Year) |
13466,670,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
4958,650,000 |
Net Profit |
253,620,000 |
|
Sales(Previous yr) |
4332,280,000 |
Net Profit(Prev.yr) |
442,170,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PLETHICO PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
A. B. Road, Manglia, Indore - 452003, Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
04.12.1991 |
|
|
|
|
Com. Reg. No.: |
10-006801 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 340.670
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232MP1991PLC006801 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLP00659B |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer Marketing and Distribution of Pharmaceutical and Allied Healthcare Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 26000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a moderate track record. There appears a huge dip in the net profitability of the company
during 2012. The short term loans have increased tremendously. The company
has reported a delay in servicing of debt obligations. However, trade relations are fair. Business is active. Payments are
reported as slow. The company can be considered normal for business dealings with great
caution. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based and term loans: D |
|
Rating Explanation |
Default or are expected to be in default
soon. |
|
Date |
September 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based: D |
|
Rating Explanation |
Default or expected to be in default on
maturity. |
|
Date |
September 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.
LOCATIONS
|
Registered Office : |
A. B. Road, Manglia, Indore - 452003, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2422881/ 85 |
|
Fax No.: |
91-731. 2420938 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Administrative Office : |
37/37-A, Industrial Estate, Pologround, Indore-452015, |
|
Tel. No.: |
91-731-2422881/6/6 |
|
Fax No.: |
91-731-2420938/2421309 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Shabnam House, Ground Floor, Plot No. A/15-16, Central Cross Road B, Behind
MIDC Police Chowki, Andheri (East), Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-66988301/ 66988302 |
|
Fax No.: |
91-22-66988300/ 66988330 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Village Dharawa, Post Kalaria, Dhar, |
|
|
|
|
Factory 2 : |
Shed No. 347/348, A-II Types, Sector IV, Kandla Special Economic Zone,
Gandhidham, Kanchachh-370230, |
DIRECTORS
As on: 31.12.2011
|
Name : |
Mr. Shashikant Patel |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. Chirag Patel |
|
Designation : |
Whole-time Director and Chief Executive Officer |
|
|
|
|
Name : |
Mrs. Gauravi Parikh |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. G N Qazi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pramod K Shrivastava |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Abhay Suhane |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amrish Kumar Chourasia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
26471045 |
77.70 |
|
|
26471045 |
77.70 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
26471045 |
77.70 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2860880 |
8.40 |
|
|
1956434 |
5.74 |
|
|
4817314 |
14.14 |
|
|
|
|
|
|
1367695 |
4.01 |
|
|
|
|
|
|
641305 |
1.88 |
|
|
688546 |
2.02 |
|
|
80762 |
0.24 |
|
|
18164 |
0.05 |
|
|
62598 |
0.18 |
|
|
-- |
|
|
|
2778308 |
8.16 |
|
Total Public shareholding (B) |
7595622 |
22.30 |
|
Total (A)+(B) |
34066667 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer Marketing and Distribution of Pharmaceutical and Allied Healthcare Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity In Millions |
Installed
Capacity In Qty (Nos.)(Production) |
|
Tablets / Lozenges |
Qty |
1255.000 |
653311055 |
|
Capsules |
Qty |
255.000 |
45383778 |
|
Dry Susp. / Syrup |
Qty |
131.400 |
6759228 |
|
Ampoule / Vials |
Qty |
68.000 |
20285556 |
|
Ointment / Tube / Drops |
Qty |
1.025 |
433159 |
|
Powder / Granules |
Kg |
4.775 |
45696 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Bank of Baroda ·
IDBI Bank Limited ·
Exim Bank ·
State Bank of India ·
Punjab national Bank ·
Allahabad Bank |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.P. Gabndhi and Company Chartered Accountants |
|
Address : |
10, Radh Chambers, Level 3, Telli Park Lane, Andheri (East), Mumbai –
400069, Maharashtra, India |
|
Tel. No.: |
91-22-26839105 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors: |
|
|
Name : |
Rajesh Runwal and Associates Chartered Accountant ( Cost and Works Accountants) |
|
|
|
|
Related Parties : |
·
Plazma Laboratories Private Limited, India ·
Plethico Laboratories Private Limited, India ·
Plethico Products ·
Wiscon Pharmaceuticals Private Limited, India · Rezcom Realty Private Limited, India |
|
|
|
|
Wholly Owned Subsidiaries : |
·
Plethico Global Holdings BV, Netherlands ·
Plethico International Limited, UAE ·
Plethico US Holdings KFT, Hungary ·
Natrol INC, USA ·
Natrol Global FZ-LLC, UAE |
CAPITAL STRUCTURE
As on: 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34066667 |
Equity Shares |
Rs. 10/- each |
Rs. 340.670
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
340.670 |
340.670 |
340.670 |
|
|
2] Share Application Money |
200.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6110.260 |
6651.700 |
6440.570 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6650.930 |
6992.370 |
6781.240 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2207.630 |
1557.500 |
1762.750 |
|
|
2] Unsecured Loans |
6734.330 |
4253.080 |
4126.310 |
|
|
TOTAL BORROWING |
8941.960 |
5810.580 |
5889.060 |
|
|
DEFERRED TAX LIABILITIES |
159.590 |
155.140 |
144.600 |
|
|
|
|
|
|
|
|
TOTAL |
15752.480 |
12958.090 |
12814.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1328.720 |
1362.500 |
1052.850 |
|
|
Capital work-in-progress |
0.000 |
30.750 |
302.250 |
|
|
|
|
|
|
|
|
INVESTMENT |
8065.580 |
7755.710 |
7384.980 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
223.280
|
159.570 |
177.470 |
|
|
Sundry Debtors |
5960.580
|
3528.890 |
3354.950 |
|
|
Cash & Bank Balances |
275.320
|
124.320 |
184.120 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
494.310
|
520.930 |
690.200 |
|
Total
Current Assets |
6953.490
|
4333.710 |
4406.740 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
186.120
|
150.380 |
196.070 |
|
|
Other Current Liabilities |
122.840
|
96.100 |
62.340 |
|
|
Provisions |
291.360
|
292.850 |
107.460 |
|
Total
Current Liabilities |
600.320
|
539.330 |
365.870 |
|
|
Net Current Assets |
6353.170
|
3794.380 |
4040.870 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
5.010 |
14.750 |
33.950 |
|
|
|
|
|
|
|
|
TOTAL |
15752.480 |
12958.090 |
12814.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
4958.650 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
4958.650 |
4332.280 |
4694.860 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
2615.950 |
2339.410 |
2379.040 |
|
|
|
Personal Cost |
353.950 |
310.920 |
258.420 |
|
|
|
Manufacturing and Other Expenses |
778.920 |
675.920 |
796.550 |
|
|
|
TOTAL (B) |
3748.820 |
3326.250 |
3434.010 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1209.830 |
1006.030 |
1260.850 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
771.880 |
293.050 |
288.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
437.950 |
712.980 |
972.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
82.380 |
74.560 |
61.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
355.570 |
638.420 |
910.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
101.950 |
196.250 |
3.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
253.620 |
442.170 |
906.940 |
|
|
|
|
|
|
|
|
|
Less / Add |
Extra Ordinary
Income / (Expenses) |
(630.000) |
136.88 |
163.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2986.640 |
2756.580 |
2035.460 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
250.000 |
250.000 |
|
|
|
Dividend |
0.000 |
85.170 |
85.170 |
|
|
|
Tax on Dividend |
0.000 |
13.820 |
14.150 |
|
|
BALANCE CARRIED
TO THE B/S |
2610.260 |
2986.640 |
2756.580 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2744.550 |
2623.450 |
3084.890 |
|
|
TOTAL EARNINGS |
2744.550 |
2623.450 |
3084.890 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
496.130 |
|
|
|
Capital Goods |
NA |
NA |
21.290 |
|
|
|
Others |
960.220 |
168.780 |
NA |
|
|
TOTAL IMPORTS |
960.220 |
168.780 |
517.420 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.44 |
12.98 |
26.62 |
|
QUARTERLY /
SUMMARISED RESULTS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2012 UnAudited |
30.06.2012 UnAudited |
30.09.2012 UnAudited |
31.03.2012 UnAudited |
31.03.2013 UnAudited |
|
Net Sales |
907.400 |
1648.500 |
953.500 |
1596.900 |
1657.500 |
|
Total Expenditure |
1183.100 |
1036.400 |
914.800 |
1690.300 |
1527.300 |
|
PBIDT (Excl OI) |
(275.700) |
612.100 |
38.700 |
(93.500) |
130.200 |
|
Other Income |
0.100 |
0.200 |
0.100 |
1.600 |
1.200 |
|
Operating Profit |
(275.600) |
612.300 |
38.800 |
(91.900) |
131.300 |
|
Interest |
98.400 |
129.000 |
125.200 |
146.800 |
121.100 |
|
Exceptional Items |
375.000 |
0.000 |
|
0.000 |
(24.900) |
|
PBDT |
1.000 |
483.300 |
(86.400) |
(238.700) |
(14.700) |
|
Depreciation |
21.900 |
22.100 |
21.800 |
22.300 |
17.000 |
|
Profit Before Tax |
(20.800) |
461.200 |
(108.200) |
(260.900) |
(31.700) |
|
Tax |
33.400 |
20.000 |
5.100 |
(50.000) |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(54.200) |
441.200 |
(113.200) |
(210.900) |
(31.700) |
|
Extraordinary Items |
167.300 |
(355.500) |
207.000 |
(160.500) |
53.300 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
113.100 |
85.700 |
93.800 |
(371.400) |
21.600 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
5.11 |
10.21 |
19.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29 |
11.21 |
16.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.09 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.34 |
0.83 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.58 |
8.03 |
12.04 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Unsecured Loan
(Rs.
In Millions)
|
Particulars |
As on 31.12.2011 |
As on 31.12.2010 |
|
Loan From Directors |
152.050 |
0.400 |
|
Inter Corporate Deposits |
103.290 |
0.000 |
|
Public Deposits |
1057.410 |
0.000 |
|
Foreign Currency Convertible Bonds |
2970.750 |
2970.750 |
|
Premium Payable on Redemption of FCCB |
1438.280 |
898.260 |
|
Foreign Currency Fluctuation on outstanding FCCB |
1012.130 |
382.130 |
|
Sales Tax Deferred Liability |
0.420 |
1.540 |
|
Total |
6734.330 |
4253.080 |
OVERVIEW
The company's performance on consolidated basis registered modest growth in terms of top line. During the year, the turnover has grown up slightly by 1.42% to Rs.15570.41 MN. whilst profit before tax has declined by 24% to Rs.1941.90 MN. On standalone basis, there was also significant dip in the Turnover and profitability. This happened because of strategic shifting of business during the year to subsidiaries abroad resulting in growth in consolidated performance.
The Global meltdown, turbulent economy, high foreign currency volatility, increasing debt cost are the major factors amidst others that severally affected Company's overall performance during 2011.
However, their aim through the year was to provide world-class healthcare services to all the customers throughout the world while increasing both their customer base and ability to provide blockbuster products at affordable prices to this growing customer base. Along the way, they received accolades for their work from within the country an internationally. They are proud to say that company's Kandla SEZ Unit has been awarded highest export award for the year 2009-10.
Today, company has transformed business globally to leverage Plethico's financial and technical skills, open new vistas for the enterprise and the energetic talent and to create new values worldwide. And during this process, Plethico has nurtured relationship across the entire range of customers, business partners, techno-economic consultants, stakeholders, which helps the company to understand pertinent issues, develop business, enhance shareholders values and manage risks better. It is the relationship and trust that make the Plethico more robust, resilient and sustainable.
SUBSIDIARY AND
OTHER BUSINESS ALLIANCES
The company has
adopted a completely different path of acquisition and buyouts to carve a
unique niche in highly
growth-ended
regulated and semi regulated markets worldwide. The recent acquisitions enabled
the company to ride on new opportunities that would have taken years to start
from scratch. Such acquisitions have begun yielding benefits in different ways
that go beyond size and scale.
Apart from subsidiaries and step-down subsidiaries, the Rezlov Group of
Companies in which company currently hold 45%equity stake, also contributed
significantly in the growth of the organization. Tricon, a Dubai based retail
pharmacy chain in which company holds 20% stake also strengthened Company's
clench in pharmaceutical and nutraceutical markets of the CIS.
The tax-efficient
structure of subsidiaries, step-down subsidiaries and business alliances
created by the company worldwide has given a strong foothold to the company
across the globe.
COMPANY PROFILE
Plethico Pharmaceuticals Limited is a leading global healthcare / pharmaceutical company with a strong emphasis on the herbal and nutraceuticals segments.
The company which was established in 1991 is focused on manufacturing, marketing and distribution of pharmaceutical and allied healthcare products in the nutraceuticals and herbal segments in both domestic and global markets. Plethico operates in the segments of sports nutrition, confectionary and OTC in India. It is also a leading player in the Commonwealth of Independent States (CIS), Africa, South East Asia, Latin America and in the GCC for its Travisil range of products.
In 2008, Plethico acquired Natrol, a leading manufacturer and nonmarketer of branded nutritional products in the United States. The consolidated revenue of Plethico in CY 2011 was USD 309 337 million, an annual decrease of 8%. The nutraceuti segment's share of revenue was 49% while the herbal segment's contribution was 41%. The balance 10% was accounted by allopathic segment which included trading sales.
As per the market research form Euro Monitor, Plethico is globally the 11th largest firm in USD 5 billion sports nutrition product market. The group today has a portfolio of over 200 branded products sold in more than 60 countries.
VISION
To be amongst the top 10 international herbal / nutraceutical player by creating a 'global Plethico healthcare brand', drawing upon the rich heritage of the Indian system of herbal medicine.
INDUSTRY OVERVIEW
NUTRACEUTICAL MARKET
Nutraceuticals can be broadly categorised as products, extracted from natural sources (nature-like) or manufactured synthetically (man-made), which supplement the diet to provide nutrition over and above regular food and help prevent nutrition related disorders. Nutraceuticals are products that provide health and medicinal benefits, including the prevention and treatment of diseases in addition to the basic nutritional value found in foodstuff. Nutraceuticals are particularly of interest to the present generate because they have the potential to substantially reduce the expensive, high-tech, disease treatment approaches presently being employed in Western healthcare. Primarily used in functional foods and dietary supplements, nutraceutical ingredients are natural bioactive, chemical compounds that have health promoting, disease preventing or medicinal properties.
Since the early 1990s, there has been a considerable shift in consumers' (especially consumers from developed countries) perspective toward nutraceuticals and functional foods. Currently, consumers are much more conscious and aware about health and many share the perception that the onset of many chronic diseases can be prevented with the proper intake of nutritious diet. Food supplements are not only being consumed for just meeting the recommended dietary allowance but also as a mechanism for performance enhancement and disease prevention.
In addition to the above-mentioned changes, consumers' preference has now undergone a paradigm shift from synthetic ingredients toward natural and organic foods, beverages and supplements. Present day's consumers are more informed, and this could be attributed to current day media, which keeps consumers abreast of the latest scientific developments in health and wellness. Consumers are now moving towards food products that are obtained from natural non-GMO (genetically modified organism) extracts.
Although the term nutraceuticals is in vogue, there is no universally accepted definition of the term. Broadly put, nutraceuticals can be defined as foods or food derived substances in extracted form, which claim to provide medicinal and health benefits. In fact, the term is so broad that functional foods/beverages, dietary supplements, and any other type of food that provides health benefits fit into the nutraceutical category. However, the term becomes too broad and needs to be differentiated. Thus, for the purpose of this report, the term nutraceutical is restricted to functional foods and beverages and dietary supplements.
The global nutraceutical market has seen maximum growth in the last decade. While, nutraceuticals as an industry emerged in the early 1990s, 2002-2010 has been the key growth period for the industry. From 1999 to 2002, the nutraceutical industry grew at an Annual Average Growth Rate (AAGR) of 7.3 percent, while from 2002 to 2010, the AAGR doubled to 14.7 percent. The industry is expected to maintain comparable growth till 2015 driven by growth from India, China and Brazil.
OVERVIEW OF BRANDS/
PRODUCTS
Plethico group has two major lines of business- Nutraceutical and Herbal finished formulations. The Company also engages in Allopathic finished formulation and Allopathic API trading as well as contract manufacturing/ toll manufacturing.
Plethico has its own brands in the herbal wellness space like Travisil, Mountain Hebz, Actifresh, Travopassit selling mostly in the emerging markets like CIS, SEA, Africa. Similarly it has a large portfolio of Nutraceutical wellness brands like MRI, Prol;ab, Coach's formula in the sports nutrition making it the 11th largest sports nutrition company globally coupled with Natrol brand making it the 77th largest Vitamin, Mineral and Supplement player globally.
Natrol and its subsidiaries (collectively referred to as "Natrol") manufacture and market branded, high-quality dietary supplements, herbal teas, and sports nutrition products under seven primary brands: Natrol, MRI, Laci Le Beau, NuHair, ShenMin, Promensil, and Prolab.
The majority of Natrol's dietary supplements are sold under the Natrol brand. The Natrol brand focuses on supplements that are in high demand as well as specialty niche and proprietary formulations. These supplements include vitamins, minerals, herbal products and specialty combination formulas that contribute to an individual's physical and mental well-being.
Natrol's second largest brand umbrella is MRI. MRI develops, markets, and distributes sports nutrition products including NO2, Black Powder, CE2, Pro - Nos, HSP Active, WAR, and Anabolic Switch.
The Prolab sports nutrition line of products is targeted at body builders and health conscious individuals seeking a high degree of physical fitness. Prolab's products include supplements designed to help these individuals gain and lose weight as well as improve muscle mass and muscle definition.
FINANCIAL PERFORMANCE
The financial statements have been prepared in compliance with the requirement of Companies Act 1956 and Generally Accepted Accounting Principles (GAAP) in India.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(Rs. In Millions)
|
Particulars |
As on 31.12.2011 |
As on 31.12.2010 |
|
i) Pending Bank
Guarantee |
17.920 |
0.000 |
|
ii) Corporate
Guarantee against third party loan |
2150.000 |
125.000 |
|
iii) Pending Letter of Credit |
69.970 |
97.120 |
|
iv) Estimated amount of contract remaining unexecuted on capital account and not provided for (Advance given Rs. 1.26 million) (Previous Year Rs. 1.03 million). |
3.760 |
2.100 |
AUDITED FINANCIAL RESULTS FOR
THE QUARTER AND FINANCIAL YEAR ENDED 31.12.2012
|
Sr. No. |
Particular |
Audited |
Unaudited |
Audited |
|
|
|
Quarter
ended 31.12.2012 |
Quarter
ended 31.09.2012 |
Year
ended 31.12.2012 |
|
1.20.0 |
Income from Operations |
|
|
|
|
|
Net Sales/ Income from Operations |
1380.667 |
1184.901 |
4750.597 |
|
|
b. Other Operating Income |
216.182 |
(231.444) |
355.586 |
|
|
Total Income from operations
(1+2) |
1596.850 |
953.457 |
5106.184 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a) Cost of Material Consumed |
755.078 |
680.725 |
2515.550 |
|
|
b) Purchase of Finished goods |
702.623 |
61.708 |
1531.145 |
|
|
c) (Increase ) / Decrease in Stock in trade and work in progress |
(8.835) |
(5.084) |
(9.314) |
|
|
d) Employee Cost |
23.908 |
85.409 |
289.151 |
|
|
e) Depreciation/ Amortization |
22.266 |
21.801 |
88.024 |
|
|
f) Other Expenditure |
217.572 |
92.027 |
498.088 |
|
|
Total Expenses |
1712.611 |
936.586 |
4912.643 |
|
|
Profit / (Loss)
from operation before other income, finance costs and exceptional items (1-2) |
(115.762) |
16.871 |
193.540 |
|
|
Other income |
1.567 |
0.132 |
2.006 |
|
|
Profit (+)/ Loss
(-) from Ordinary Activities before finance costs and exceptional items (3+4) |
(114.195) |
17.004 |
195.546 |
|
|
Finance Costs |
146.748 |
125.155 |
499.262 |
|
|
Profit / Loss from Ordinary
Activities after finance costs but before exceptional items (5+6) |
(260.943) |
(108.151) |
(303.716) |
|
|
Exceptional items |
0.000 |
0.000 |
374.948 |
|
|
Profit / Loss from
Ordinary Activities before tax (7+8) |
(260.943) |
(108.151) |
71.232 |
|
|
Tax expense |
(50.000) |
5.058 |
8.405 |
|
|
Net Profit / Loss
from Ordinary Activities after lax (9+10) |
(210.943) |
(113.209) |
62.827 |
|
|
Extra- Ordinary Items (net of tax expense) |
(160.500) |
207.000 |
(141.750) |
|
|
Net Profit /Loss for
the period (11 + 12) |
(371.443) |
93.791 |
(78.923) |
|
|
Share of profit / ( Loss) of associates |
|
|
|
|
|
Minority interest |
|
|
|
|
|
Net Profit / Loss
after taxes, minority interest and share of profit / (Loss) of associates
(13+14+15) |
(371.443) |
93.791 |
(78.923) |
|
|
Paid-up equity share capital (Nominal Value - Rs. 10/-each) |
340.667 |
340.667 |
340.667 |
|
|
Reserves excluding Revaluation reserves as per balance sheet of previous accounting year |
-- |
-- |
5132.921 |
|
|
Earning per share ( before Extra-Ordinary items ) (not to be annualized) (Rs.) |
|
|
|
|
|
Basic Diluted |
(6.19) (6.19) |
(3.32) (2.79) |
1.84 1.84 |
|
|
Earning per share ( After-Ordinary items) (not to be annualized) (Rs.) Basic Diluted |
(10.90) (10.90) |
(2.75 2.31 |
(2.32) (2.32) |
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
5892622 |
5782622 |
5892622 |
|
|
- Percentage of Shareholding |
17.30% |
16.97% |
17.30% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
27564950 |
27875450 |
27564950 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
97.84% |
98.56% |
97.84% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
80.91% |
81.83% |
80.91% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
609095 |
408395 |
609095 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
2.16% |
1.44% |
2.16% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
1.79% |
1.20% |
1.79% |
Disclosure of Balance
Sheet Items as per Clause 41 (V) (h) of the Listing Agreement for the year
Ended 31.12.2012
|
Sr. No. |
Particulars |
As on 31.12.2012 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders* funds |
|
|
|
a) Share Capital |
340.667 |
|
|
b) Reserves and Surplus |
5132.921 |
|
|
c) Money received against share warrants |
0.000 |
|
|
|
5473.587 |
|
|
|
|
|
2 |
Share application
money pending allotment |
0.000 |
|
|
|
|
|
3 |
Minority interest |
0.000 |
|
|
|
|
|
4 |
Non-current
liabilities |
|
|
|
a) Long-term borrowings |
1302.087 |
|
|
b) Deferred tax liabilities (net) |
167.998 |
|
|
c) Other long term liabilities |
125.752 |
|
|
d) long term provisions |
|
|
|
|
1595.837 |
|
5 |
Current liabilities |
|
|
|
a) Short-term borrowings |
2189.388 |
|
|
b) Trade payable |
228.820 |
|
|
b) Other current liabilities |
6942.957 |
|
|
d) Short term provisions |
611.358 |
|
|
|
9972.521 |
|
|
TOTAL-EQUITY AND
LIABILITIES |
17041.945 |
|
B |
ASSETS |
|
|
6 |
Non-current assets |
|
|
|
al Tangible Assets |
1282.123 |
|
|
b) Intangible Assets |
|
|
|
b) Goodwill on consolidation |
0.000 |
|
|
c) Non-current investments |
8065.591 |
|
|
d) Deferred tax assets (Net) |
0.000 |
|
|
e) Long term loans and advances |
|
|
|
f) Other non-current assets |
|
|
|
|
9347.714 |
|
7 |
Current assets |
|
|
|
a) Current investments |
0.000 |
|
|
r) Inventories |
225.369 |
|
|
c) Trade Receivables |
6729.517 |
|
|
d) Cash and cash equivalents |
260.438 |
|
|
e) Short term loans and advances |
478.907 |
|
|
f) Other current assets |
0.000 |
|
|
|
7694.231 |
|
|
TOTAL ASSETS |
17041.945 |
NOTE:
1) The above Audited Financial Results fertile quarter and financial year ended on 31st Dec, 2012 were approved at the adjourned meeting of the Board of Directors held on 01st March, 2013, after being approved and recommended by the Audit Committee.
2) The Company is engaged in a single segment via. Pharmaceuticals which is governed by the same set of risks and returns, therefore the Accounting Standard (AS-17) on "Segment Reporting" issued by ICA1, is not applicable.
3) The EPS has been computed in accordance, with the accounting standars (AS-20) issued by the 1CAI.
4) Figures of the previous quarter/year wherever necessary have been regrouped and reclassified to confirm to those of the current quarter/ Year.
5) The cost of Packing materials has been included in Material cost, whereas Directors' remuneration has been included in the employees cost.
6) The consolidated financial results comprise results of its wholly owned subsidiary Plethico International Limited and Plethico Global Holdings B.V., Netherlands having different step-down subsidiaries particularly Plethico US Holding KFT Hungary, Natrol Inc., USA. and Natrol Global UAE., The financial results of subsidiary companies have been regrouped and / or rearranged wherever necessary due to indian GAPP audit conducted.
7) Consequent to non-exercise of option of conversion of warrants into equity and non-receipt balance consideration within the stipulated lime, the Securities Issue and Allotment Committee of the Board has forfeited the said 20,00,000 Warrants and the upfront amount of Rs 20crore received against said warrants, which has been directly credited lo the General Reserves of the Company. As a results said warrants stand cancelled and lapsed.
8) Extra-ordinary items is related ro unrealized exchange
gain of Rs. (141.750) millions arising on account of restatement of outstanding
Foreign Currency Convertible Bonds (FCCB) at the rate prevailing at the end of
quater. The said FCCBs issued by the Company had fallen due on October 23, 2012
and the Company is in the process of sceking approval for restructuring of said
FCCBs from the Bondholders and-concerned
authorities. RBI has approved elongation of maturity period in respect of said
FCCBs up to 23rd April, 2013.
9) Provision for Income Tax liability for earlier Assessment Years is Rs. 320.000 millions.
PRESS REALESE
Talk Show Host
Encourages Audiences to Start the New Year on the Right Nutritional Path by
Featuring Supplements such as Melatonin, AcaiBerry, and "Easy‐C(R)".
CHATSWORTH, Calif., Jan 04, 2012 (BUSINESS WIRE) ‐‐ The "Year of the Supplement" has officially begun, as leading celebrity talk show host Ellen DeGeneres has chosen products from Natrol, Inc. ‐ a global leader in the nutrition industry, and a premier marketer, manufacturer and distributor of nationally branded nutritional products ‐ as one of her top five "12 Days of Giveaways" bonus items.
The Natrol products were gifted to the studio audience as a surprise along with a package from Whole Foods, one of Natrol's nationwide retailers, on the talk show, which aired Tuesday, January 3rd.
"Ellen is a shining example of the type of customers we stand for as a company ‐ a successful, fast-paced person who values a healthy lifestyle and wants to ensure that the nutritional products they trust to use are as safe, natural, fast‐acting and effective as possible," said Lisa Sheppard, Natrol's Senior Director of Marketing. "We were delighted to see her making Natrol her choice amongst supplement providers, and loving them enough to want to share their benefits with others."
About the products featured on the "Ellen" show:
Melatonin: 1 out of 5 Americans
have trouble sleeping, and Melatonin helps establish normal sleep patterns to
promote a more restful, relaxing sleep and better overall health +.Natrol
offers Melatonin in a controlled release technology, a liquid as well as a
delicious, fast‐dissolving strawberry‐flavored tablet. Natrol's Melatonin is available in a 1mg, 3mg,
5mg and 10mg dose.
AcaiBerry: Studies have shown that this little purple berry
is one of the most nutritious and powerful antioxidant foods in the world. When
compared to other Super Fruits, Acai has the strongest antioxidant capacity (ORAC).
It helps protect the body against oxidative stress, commonly associated with
the aging process+. Natrol's AcaiBerry is an extra strength blend, gently
extracted with water to protect its activity, and in a process that has been
deemed Rain Forest Safe. The product is available in both a 1000mg and 1200 mg
of a 4:1 extract in the form of easy‐to‐swallow vegetarian capsules.
Easy‐C(R) is a high potency antioxidant that contains esterified Vitamin C, so it's gentle on the stomach. Easy‐C(R) is both water and fat soluble, so it gets to all of the cells of your body that need the protection of this powerful antioxidant. Easy‐C(R) is 100 percent vegetarian. Natrol Easy‐C(R) contains citrus bioflavonoids that help provide antioxidant support, and its calcium ascorbate and ascorbyl palmitate make it easy on the stomach formula and less acidic than other Vitamin C products that use ascorbic acid+. The product is available in 500mg and 1000mg capsules.
Later this month, Natrol will be making a debut appearance at the 2012 Sundance Film Festival in Park City, Utah by featuring several products including nutritional supplements, enhancements and health shakes along with their subsidiary brands MRI and Prolab. The Natrol Zone will be held at the SkyLodge Retreat on the corner of Park City's Main St. and Heber Ave., from January 20‐22, the festival's opening weekend. At Sundance, Natrol will demonstrate methods by which people of all types, shapes and sizes can effectively enhance their daily routines (whether at home or "on the go") via a simple regimen of the most healthy, organic and safest supplements on the market.
Recently in 2011, Natrol announced a partnership with Bikram Choudhury ‐ the world‐renowned yoga guru who developed the unique brand of yoga known as "Bikram Yoga" ‐ to offer a new line of ayurvedic supplements called Vedic Mantra(TM). Based on the five key principles of yoga ‐‐ nutrition, relaxation, breathing (pranayama), meditation and exercise (asana) ‐‐ the unique Vedic Mantra line was developed to work in conjunction with the body to support the positive results of a healthy lifestyle, which yoga promotes. The Vedic Mantra supplement line will also be on display at the Sundance RE:treat.
Natrol products are available in health food stores, drug
and grocery stores, mass‐market retailers, Natrol.com, and
other online retailers. More information is available at www.Natrol.com, or by
calling 1‐800‐2‐NATROL (1‐800‐262‐8765), or emailing Customer‐Service@Natrol.com.
ABOUT NATROL‐‐CONSUMER.
TECHNOLOGY. NUTRITION.
Natrol, Inc., headquartered in Chatsworth, California, is a wholly owned subsidiary of Plethico Pharmaceuticals Limited. Plethico Pharmaceuticals Limited (bse: 532739.BO), an herbal/ nutraceutical‐focused Indian Company, engages in the manufacture, marketing, and distribution of pharmaceutical and allied healthcare products in India and internationally. Natrol products are made in the USA.
Natrol, Inc. has a portfolio of health and wellness brands representing quality nutritional supplements, functional herbal teas, and sports nutrition products. Established in 1980, Natrol's portfolio of brands includes: Natrol(R), MRI, Prolab(R), Laci Le Beau(R), NuHair(R), Shen Min(R), Promensil(R), and Trinovin(R). The company also manufactures supplements for its own brands and on behalf of third parties.
Natrol distributes products nationally through more than 54,000 retailers, as well as internationally in over 40 other countries through distribution partners and its UK subsidiary.
Consumer needs are central to Natrol's focus. The company pledges to deliver nutritional products with uncompromised service, quality, and innovation through the best that science, nature, and technology can offer. For more information, call 1‐800‐2‐NATROL (1‐800‐262‐8765) or visit www.Natrol.com.
FIXED ASSETS
· Land and Building
· Plant and Machinery
· Furniture and Fixture
· Computer
· Agriculture Equipments
· Vehicles
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. 56.42 |
|
|
1 |
Rs. 86.53 |
|
Euro |
1 |
Rs. 73.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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.