MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARABOLIC DRUGS LIMITED |
|
|
|
|
Registered
Office : |
SCO 99-100 Sector, 17-B, Chandigarh – 160017, Chandigarh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.02.1996 |
|
|
|
|
Com. Reg. No.: |
53-017755 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 618.920
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231CH1996PLC017755 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (API)
and API intermediates. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 17100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
January 23, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
January 23, 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 : |
SCO 99- 100, Sector 17-B, Chandigarh – 160 017, Chandigarh
India |
|
Tel. No.: |
91-172-5087671 / 5087672 / 28471234/ 3914646/ 647 |
|
Fax No.: |
91-172-2721096/ 3914645 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
9 AB, Taimoor Nagar, Second Floor, New Friends Colony, New
Delhi, India |
|
Tel No.: |
91-11-64510543/ 26332660 |
|
Fax No.: |
91-22-26332660 |
|
|
|
|
USA Office : |
119 Watersedge Drive, Toms River, New Jersey - 08753 |
|
Tel No.: |
+1-732-288-0851/ +1-848-333-8249/ +1-732-678-6362 |
|
|
|
|
Factory 1 : |
Village Sundhran, P.O Mubarakpur, Tehsil Derabassi, District Mohali,
Punjab, India |
|
Telefax No.: |
91-1762-280305 |
|
|
|
|
Factory 2 : |
Plot No. 45, Industrial Area, Phase-II, Panchkula, Haryana, India |
|
Tel No.: |
91-172-5057773 |
|
|
|
|
Factory 3 : |
Village : Chachrauli, Tehsil : Derabassi, Distt.: Mohali, Punjab, India |
|
|
|
|
R and D Centre : |
Plot No. 280-281, Phase - 1, Block -1, HSIIDC, Tehsil
Barwala, District Pachkula, Haryana, India |
|
|
|
|
Sales Depot : |
Ø Godown No. 11, Baldev Estate, Opposite M.P Pandya
High School, Jetpur (Aslali), Ahmedabad, Gujarat, India Ø Unit No. B-116, Shree Raj Laxmi Commercial Complex,
Agra Road, Kalher Village : Bhiwandi, District: Thane, Maharashtra, India Ø
Safex Cargo Complex, Village Kishanpura Nalagarh
Road, Baddi, District: Solan, Himachal Pradesh, India Ø 35 Feet Road, Near Cipla Warehouse, Zirakpur, District: Mohali, Punjab, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Inder
Bir Singh Passi |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pranav
Gupta |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
45 years |
|
Qualification : |
B. Tech(Mechanical), M.B.A. |
|
Experience : |
22 years |
|
|
|
|
Name : |
Mr. Vineet
Gupta |
|
Designation : |
Whole
-Time Director |
|
Date of Birth/Age : |
43 years |
|
Qualification : |
B. Tech (Mechanical) |
|
Experience : |
21 years |
|
|
|
|
Name : |
Mr.
Gurpreet Singh Sandhu |
|
Designation : |
Whole -Time
Director (Business Promotion) |
|
|
|
|
Name : |
Mr. Arun
Mathur |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ram
Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Manmohan Lai Sarin |
|
Designation : |
Director |
|
Date of Birth/Age : |
53 years |
|
Qualification : |
B.Sc., MBA |
|
Experience : |
26 years |
|
|
|
|
Name : |
Mr. Nikhil
Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Koppisetty Srinivas |
|
Designation : |
Nominee
Director (M/s. BTS
India Private Equity Fund Limited) |
KEY EXECUTIVES
|
Name : |
Mr. Yatish Kumar Bansal |
|
Designation : |
President (Technical) |
|
|
|
|
Name : |
Mr. R.C.
Goyal |
|
Designation : |
Senior Vice-President (Finance) |
|
|
|
|
Name : |
Mr. Sameer
Madan |
|
Designation : |
Vice-President (Business Finance) |
|
|
|
|
Name : |
Mr. Vipin
Gupta |
|
Designation : |
Vice-President and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1652250 |
2.67 |
|
|
20126627 |
32.52 |
|
|
|
|
|
|
713400 |
1.15 |
|
|
525150 |
0.85 |
|
|
|
|
|
|
|
|
|
|
450000 |
0.73 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
556504 |
0.90 |
|
|
1487323 |
2.40 |
|
|
8637938 |
13.96 |
|
|
|
|
|
|
|
|
|
|
4384014 |
7.08 |
|
|
|
|
|
|
8164662 |
13.19 |
|
|
6473155 |
10.46 |
|
|
|
|
|
|
527931 |
0.85 |
|
|
679253 |
1.10 |
|
|
7513807 |
12.14 |
|
|
|
|
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
|
|
Total |
61892014 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (API) and
API intermediates. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
6-APA/ Semi Synthetic Penicillin |
MT |
N.A. |
720 |
1693.78 |
|
Cephalosporin |
MT |
N.A. |
818 |
431.17 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø State Bank of India
(Specialised Commercial Branch), S.C.O.103-106, Bank Square, Sector 17 B, Chandigarh, India Ø ICICI Bank Limited, S.C.O. 129-130, Madhya Marg, Sector 9,
Chandigarh, India Ø UCO Bank, S.C.O. 55-57, Bank Square, Sector 17 B,
Chandigarh, India Ø State Bank of Patiala, S.C.O. 103-107, Sector 8 C, Chandigarh, India Ø Union Bank of India, 4/14-A, Asaf Ali Road, New Delhi, India Ø Central Bank of India, S.C.O. 58-59, Bank Square, Sector 17 B,
Chandigarh, India Ø Bank of Baroda, S.C.O. 62-63, Bank Square, Sector 17 B,
Chandigarh, India Ø IDBI Bank Limited, S.C.O. 72-73, Bank Square, Sector 17 B,
Chandigarh, India Ø Canara Bank, S.C.O. 117-119, Sector 17 C, Chandigarh, India Ø Export-Import Bank of India, First Floor, PHD House, Sector 31 A, Dakshin
Marg, Chandigarh, India Ø
State Bank of Hyderabad, S.C.O. 62-63, Sector 34 A, Chandigarh, India |
|||||||||||||||||||||||||||||||||||||||||||||
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|
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Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.K. Bansal and Company Chartered Accountants |
|
Address : |
Kothi No. 3193,Sector 28 D, Chandigarh, India |
|
|
|
|
Subsidiary with
whom transactions have taken place during the Year : |
Ø Parabolic
Research Lab Limited Ø Ziven Life Sciences
Limited |
|
|
|
|
Associates with
whom transactions have taken place during the Year : |
Ø PNG Trading
Private Limited Ø Parabolic
Infrastructure Private Limited Ø Vineet Packaging
Industries Ø Parabolic
Estates Private Limited Ø Saj Infrastructure
Private Limited Ø Trackball
Technology Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62000000 |
Equity Shares |
Rs. 10/- each |
Rs. 620.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61892014 |
Equity Shares |
Rs.10/- each |
Rs. 618.920
Millions |
|
|
|
|
|
(a) Reconciliation
of Number of Shares Outstanding
|
Particulars |
31.03.2012 |
|
|
Equity Shares |
Number |
Amount |
|
Shares outstanding at the beginning of current reporting period |
61892014 |
618.920 |
|
Shares Issued & Subscribed during the Period |
-- |
-- |
|
Shares Bought Back |
-- |
-- |
|
Shares outstanding
at the end of current reporting period |
61892014 |
618.920 |
(b) Terms/ Rights Attached to Equity Shares
The Company has
only One Class of Equity Shares having par value of Rs. 10 each. Each holder of
Equity share is entitled to one vote per share with a right to receive per
share dividend declared by the company. The company declares and pays dividend
in Indian rupees. The Dividend proposed by Board of Directors is subject to the
approval of the Shareholders in the ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holder of Equity Shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in the proportion to the number of Equity
shares held by the Shareholders.
(c) Detail of
Shareholders Holding more than 5% Shares in the Company
|
Particulars |
31.03.2012 |
|
|
|
Number |
% Holding |
|
PNG Trading Private Limited |
14171836 |
22.90 |
|
Parabolic Infrastructure Private Limited |
5935891 |
9.59 |
|
BTS India Private Equity Fund Limited |
5467484 |
8.83 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
618.920 |
618.920 |
372.510 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3665.220 |
3171.080 |
1213.650 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4284.140 |
3790.000 |
1586.160 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4693.640 |
3903.250 |
3945.350 |
|
|
2] Unsecured Loans |
530.240 |
610.390 |
261.580 |
|
|
TOTAL BORROWING |
5223.880 |
4513.640 |
4206.930 |
|
|
DEFERRED TAX LIABILITIES |
116.940 |
97.530 |
76.320 |
|
|
|
|
|
|
|
|
TOTAL |
9624.960 |
8401.170 |
5869.410 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1878.920 |
1629.530 |
1708.930 |
|
|
Capital work-in-progress |
1872.880 |
1122.540 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
35.660 |
56.730 |
19.920 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4517.320
|
3406.480 |
2401.140 |
|
|
Sundry Debtors |
2217.560
|
2751.580 |
1930.510 |
|
|
Cash & Bank Balances |
346.200
|
256.570 |
176.090 |
|
|
Other Current Assets |
1810.920
|
1078.580 |
0.000 |
|
|
Loans & Advances |
464.310
|
370.500 |
289.640 |
|
Total
Current Assets |
9356.310
|
7863.710 |
4797.380 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2841.940
|
1773.780 |
878.920 |
|
|
Other Current Liabilities |
495.130
|
303.540 |
78.680 |
|
|
Provisions |
181.740
|
194.020 |
74.830 |
|
Total
Current Liabilities |
3518.810
|
2271.340 |
1032.430 |
|
|
Net Current Assets |
5837.500
|
5592.370 |
3764.950 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
375.610 |
|
|
|
|
|
|
|
|
TOTAL |
9624.960 |
8401.170 |
5869.410 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9243.440 |
6198.440 |
5138.930 |
|
|
|
Other Income |
40.770 |
153.450 |
48.660 |
|
|
|
TOTAL (A) |
9284.210 |
6351.890 |
5187.590 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
8004.480 |
5410.890 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(1041.330) |
(897.820) |
|
|
|
|
Employee benefit expenses |
225.160 |
169.300 |
|
|
|
|
Other expenses |
481.590 |
398.070 |
|
|
|
|
TOTAL (B) |
7669.900 |
5080.440 |
4308.850 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1614.310 |
1271.450 |
878.740 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
641.370 |
407.600 |
382.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
972.940 |
863.850 |
496.540 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
308.530 |
177.030 |
56.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
664.410 |
686.820 |
440.310 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
152.290 |
166.570 |
144.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
512.120 |
520.250 |
295.440 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
15.470 |
30.950 |
-- |
|
|
|
Corporate Dividend Tax |
2.510 |
5.140 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
494.140 |
484.160 |
295.440 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B) |
1212.460 |
1736.170 |
1300.460 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1785.340 |
2592.230 |
2059.000 |
|
|
|
Capital Goods |
54.950 |
22.850 |
15.850 |
|
|
TOTAL IMPORTS |
1840.290 |
2615.080 |
2074.850 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.27 |
9.43 |
17.91 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Sales Turnover |
3073.200 |
2516.500 |
1522.500 |
|
Total Expenditure |
2639.500 |
2484.500 |
1456.700 |
|
PBIDT (Excl
OI) |
433.700 |
32.000 |
65.800 |
|
Other Income |
0 |
0 |
0 |
|
Operating
Profit |
433.700 |
32.000 |
65.800 |
|
Interest |
178.200 |
171.000 |
181.500 |
|
Exceptional
Items |
0 |
0 |
0 |
|
PBDT |
255.500 |
(139.000) |
(115.700) |
|
Depreciation |
120.900 |
139.800 |
130.200 |
|
Profit
Before Tax |
134.600 |
(278.800) |
(245.900) |
|
Tax |
37.000 |
(26.300) |
(10.000) |
|
Provisions and Contingencies |
0 |
0 |
0 |
|
Reported PAT |
97.600 |
(252.500) |
(255.900) |
|
Extraordinary Items |
0 |
0 |
0 |
|
Prior Period Expenses |
0 |
0 |
0 |
|
Other Adjustments |
0 |
0 |
0 |
|
Net Profit |
97.600 |
(252.500) |
(255.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.52 |
8.19 |
5.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.19 |
11.08 |
8.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.91 |
7.23 |
6.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.18 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.04 |
1.79 |
3.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66 |
3.46 |
4.65 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL ECONOMY AND INDIAN SCENARIO
Over the past
couple of years, the economic development across the globe has been volatile;
it may have been a result of natural disasters, a volatile belief of investors,
the crisis with the global giants or the changing global environment. The year
2011 in particular has really been weak. Despite all these adversities, the
economic news during the first half of 2012 has been positive. Significant
structural, fiscal and monetary steps in Europe during the first half of 2012
have contributed to improvements in the marketing sentiment. On an assumption
that the conditions in the European Union will not worse further, as per the
world bank, global GDP is projected to increase 2.5 percent in 2012, with
growth accelerating to 3.0 and 3.3 percent in 2013 and 2014.Output in the Euro
Area is projected to contract by 0.3 percent in 2012, GDP in developing
countries is projected to expand 5.3 percent in 2012.
However, in the
global economy, India is projected to see a faster growth of 6-7 per cent this
fiscal, on the back of higher savings and investment rates, even as most of the
Asia-Pacific economies are likely to expand at a slower pace.
In the FY 12,
India witnessed a tough time to achieve its growth targets and control on
inflation. The Economic growth slightly declined to 6.9% in FY 12, although it
remained one of the fast growing global economies.
The Pharma Industry
The Indian
Pharmaceutical space is gaining its position across the globe, as per a report
by PWC, the pharma market in India is likely to cross USD 70 billion in sales
by 2020(current size of USD 11 billion). The country is is likely to bank on
the opportunity of domestic growth. The domestic pharmaceutical market (IPM)
grew 21.9 per cent to record sales of Rs 53690.000 Millions (US$ 1.01 billion)
in March 2012, as compared to the previous year, according to an analysis by a
market research firm. Amongst the export markets, India is likely to push Japan
for further opening of the pharmaceutical sector. This would help the domestic
industry to leverage Comprehensive Economic Partnership Agreement (CEPA) and
increase its share in the Japanese market. Indian pharmaceutical industry would
gain significantly from the pact as Japan, the world's second largest market,
had agreed to cut duties on imports of Indian generic drugs. India has also
looked into joint ventures (JV) with Russian pharmaceutical companies to
manufacture 500 drugs in Russia and to supply them in markets of Russia,
Belarus and Kazakhstan. The growth will also be driven by the largest number of
merger and acquisitions (M&A) in the pharmaceutical and healthcare sector.
The drugs and pharmaceuticals sector has attracted foreign direct investments
(FDI) worth US$ 9,173.50 million between April 2000 to February 2012, according
to the latest data published by Department of Industrial Policy and Promotion
(DIPP).
India tops the
world in exporting generic medicines worth US$ 11 billion. The Generics will
continue to dominate the market while patent-protected products are likely to
constitute 10 per cent of the pie till 2015, according to McKinsey report
'India Pharma 2015 - Unlocking the potential of Indian Pharmaceuticals market'.
Indian generics
constitute nearly a fifth of global supplies, as per a press release dated
December 28, 2011. India has world renowned capacity in producing low cost,
high quality bulk and generic drugs.
The Ministry of
Commerce has proposed an ambitious Strategy Plan to double pharmaceutical
exports from US$ 10.4 billion in 2009-10 to US$ 25 billion by 2013-14. The
Government has also planned a 'Pharma India' brand promotion action plan
spanning over a three-year period to give an impetus to generic exports
Key Drivers to Indian Growth
Competent
workforce: India has a pool of personnel with high managerial and technical
competence. It has an educated work force fluent in English. Professional
services are easily available.
Cost-effective
chemical synthesis: Its track record of development, particularly in the area
of improved cost-beneficial chemical synthesis for various drug molecules is
excellent. It provides a wide variety of bulk drugs and exports sophisticated
bulk drugs.
Legal &
Financial Framework: India has an old democracy and hence has a solid legal
framework and strong financial markets.
There is already
an established international industry and business community. Consolidation:
The international pharmaceutical industry is finding great opportunities in
India. The process of consolidation, which has become a generalized phenomenon
in the world pharmaceutical industry, has started taking place in India.
Way forward
The Indian
pharmaceutical industry's emergence on the global landscape as a strong
generics player is largely due to the Indian Patents Act-1970, which allowed
only process patents in pharmaceutical space. The process patent regime has
since then enabled pharmaceutical companies to keep the cost of medicines at
affordable levels, therefore resulting in further cost reduction by reverse
engineering. Although India shifted to the product patent regime in 2005, the
capabilities developed during the past two decades became a competitive
advantage for the Indian pharma industry in the 1990s, when the rising
healthcare costs in many developed countries forced them to seek the cheaper
generic drug option. Thus, the Indian pharma industry was able to exploit the
enormous generic opportunity that was spawned.
Ø In the near-term,
the generic opportunity will continue to lure more companies. And, with
competition intensifying, generic drugs will see greater price erosion.
Ø For sustaining
growth, Indian drug-makers will look at newer avenues such as entering niche
segments, building relationships with global pharma for joint research and
development and widening distribution networks through marketing alliances.
Other potential thrust areas include biopharmaceuticals, contract research and
manufacturing, and new drug research.
Ø The low cost of
manufacturing renders India as an attractive destination for contract research,
and the availability of a large patents pool makes it appealing for clinical
trials, which contributes the most, in terms of revenue, to the contract
research segment. An increased presence in contract research will also help
them build expertise to move up the value chain and engage in new drug
development.
Ø Indian industry's
R&D capabilities currently lie in reverse engineering drugs and in process
chemistry
Ø The high-risk
high-return field of new drug research holds tremendous potential for Indian
players.
Company perspective
Established in
1996, Parabolic Drugs started its operations in 1998 as a small manufacturer
producing for few of the clients in the region. From being a pharmaceutical ancillary
in the initial years to a leading pharmaceutical company in 2012, Parabolic has
emerged as a preferred partner and supplier to global innovators and generic
companies in the antibiotic and nonantibiotic segments.
Over the years,
the company has strengthened its competitive position in the antibiotics and
non-antibiotic APIs, Research and Development, and CRAMS space. It has
registered a five year CAGR of over 35% while establishing a basket of over 50
APIs and various intermediates being serviced to about 800 customers. The
company has also created a pipeline of 20 generic drugs across the niche
therapies.
In the year 2011,
the company has stepped up in the value chain by foraying into the formulations
segment. The Company has a clear vision to be a fully integrated Pharmaceutical
Company providing world class pharmaceutical products and services, from
development of API intermediates to API contract manufacture to supplying
finished formulations, for both generic and Innovator companies across the globe.
The company is
going ahead with the vision of being a fully integrated pharma company having
backward and forward integration, world class infrastructure, R&D
strengths, diversified product basket across different therapeutic segments and
Intellectual Property Rights in the form of DMFs, and Patents for novel
processes. Parabolic continues to build on its strengths and is fundamentally
prepared for the challenges from the changing business and global economics.
Intellectual Property Research (IPR)
PDL is fully
equipped to encounter the challenges of patent infringements in Pharmaceutical
Industry. PDL has a well qualified and experienced team to facilitate the
development of intellectual wealth and support to identify new potential
markets for API and formulations across the globe. So far, the Company has
filed has twenty four Process patents.
IPR Vision of the company
Ø To ensure
non-infringing process for the future Grid molecules in different
Ø Therapeutic areas IP
Generation by filing new process, new polymorphic form of different molecules
Ø Trace out business
potential/market for the Grid molecules IPR Capabilities
Ø Patent analysis
via prior art search
Ø Technology
assessment
Ø Patentability
assessment
Ø Patent application
drafting and filing
Ø Licensing support
Ø IP overlap
analysis
Ø Competitor
analysis and IP monitoring
Active Pharmaceutical Ingredients
The Active
Pharmaceutical Ingredients manufacturing division for the company plays the
fundamental role in the revenues. The company drives its API business through
its large scale manufacturing facilities dedicated for different verticals and
covering therapeutic segments. Besides, the in-house location, the company also
has strategic alliances with different world class facilities for catering to
the demand of its customers.
Over the years,
the company has invested in shaping a world class infrastructure that enables
it to produce best in category products with superior quality and excellence.
The company today operates out of four in-house locations that comply with
international regulatory standards and are duly approved by International
regulatory agencies.
Manufacturing Facilities for APIs
Ø Cephalosporin
Facility at Derabassi (PDL I)
Ø A 27 acre site
with nine manufacturing plants that enables it to produce wide range of latest
generation cephalosporin APIs and intermediates.
Ø A dedicated
quality control and quality assurance unit, Solvent recovery units, three
R&D laboratories, a pilot plant for scale-up of new technologies developed
by our in-house R&D, three boilers and utilities, two warehouses and in
house healthcare centre
Ø Regulated
Approvals: EU GMP, WHO GMP, Japanese PMDA, Korean FDA, OHSAS 18001-2004, ISO 14001-2004
Penicillin Facility at Panchkula (PDL II)
Ø Two dedicated
blocks for the manufacturing of wide range of oral penicillin products
including niche penicillin APIs such as Bacampicillin, Sultamycillin and
Pivampicillin
Ø Complies with all
GMP requirements and has complete utility support with ETP, an in-house liquid
nitrogen tank, and a GMP compliant water systems and chillers
Ø Regulated
Approvals: WHO GMP, USFDA for 6-APA R&D Centre at Barwala (PDL III)
Ø Equipped with
specialized laboratories of International standard following cGLP
Ø Six chemical
research lab, each lab having 12 fuming hood
Ø Dedicated
Analytical lab with instruments like HPLC, Prep. HPLC, XRD, GC with Head space,
GC, LC-MS, IR Spectrophotometer,
UV-Visible Spectrophotometer, Polarimeter, Auto Titrator and Lypholizer Non-
Antibiotic Facility at Chachrauli (PDL IV)
Ø Pilot plant
commissioned for manufacturing non-antibiotic APIs in the new therapies such as
CVS, CNS, oncology, antithrombotic, anti-diabetic and pain management.
Ø Includes QA/QC
block, pilot plant, manufacturing plant with five production streams, separate
finished goods processing section, solvent recovery, utilities, effluent
treatment plant, canteen, stores, warehouses, hazardous reaction block and
engineering and project sections.
BUSINESS OUTLOOK FOR FY 13
The company shall
drive its topline and bottom-line thorough its sustainable business model
comprising of the active pharmaceuticals, contract research and finished dosage
business. The company shall continue to build growth momentum through its
partner in the strategic alliances. The commissioning of new sterile and
amorphous facility completes the API expansion that was started some years
back. With over 1000 Tons annual capacity, backed by the international regulatory
approvals, the company looks to build its turnover on exports, preferably the
regulated exports. FY 13 may also bring some achievements to the company with
the approvals from Japanese PMDA and the USFDA
With a foothold in
over 50 countries, the company looks to develop its market presence and
strengthen its revenues from the markets of Japan, Korea, China, CIS and the
European markets
With over 20
molecules to be launched in the life style space, the non-antibiotic facility at
Lalru is likely to contribute and add value to the topline and bottomline. This
adds to the
The company would
continue its research on identified life style therapies as to expand its
basket of products in the new segments.
The custom
synthesis, contract research activity based on literature search, novel route
scouting, Small scale synthesis, characterization of molecules to drive the
revenues for CRAMS Developments in the
process R&D projects related to route selection and optimization, method
Development and Validation and synthesis of GMP /Non GMP material Catering to
innovators needs of large scale contract manufacturing
PDL shall continue
to explore new opportunities in the offpatent pharmaceutical regime through its
ambitious filing plans.
In the
formulations space, the company looks to add revenues from the formulations out
of its three pronged strategy of domestic formulations, International
formulations and branded generics (Ziven Life Science)
REVIEW OF FINANCIAL PERFORMANCE
Owing to the volatile
global economic environment, the year 2011-12 has been challenging for the
company. The company has accomplished the gross turnover of INR 10123.08
million (a growth of 49.91%) for the year 2011-12. However due to the high
interest rates, the depreciated Indian rupee, the company recorded the net
profits of INR 512.12 million, short by 150 bps over previous year. The size of
the balance sheet has gone up to
INR 13143.77
million
FINANCIAL
RESULTS FOR THE QUARTER/ HALF YEAR ENDED 30th SEPTEMBER, 2012
(Rs.
in millions)
|
Particular |
Three months ended 30.09.2012 |
Preceeding three months ended 30.06.2012 |
Six months ended 30.09.2012 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
2493.400 |
3052.000 |
5545.400 |
|
Other Operating Income |
23.100 |
21.200 |
44.300 |
|
Total Income from
operations (net) |
2516.500 |
3073.200 |
5589.700 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Materials Consumed |
2363.500 |
2714.900 |
5078.400 |
|
(b) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(79.200) |
(248.700) |
(327.900) |
|
(c) Employee benefit expenses |
69.300 |
51.000 |
120.300 |
|
(d) Depreciation and amortization expenses |
139.800 |
120.900 |
260.700 |
|
(e) Other Expenses |
130.900 |
122.300 |
253.200 |
|
Total Expenses |
2624.300 |
2760.400 |
5384.700 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
(107.800) |
312.800 |
205.000 |
|
Other Income |
-- |
-- |
-- |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
(107.800) |
312.800 |
205.000 |
|
Finance costs |
171.000 |
178.200 |
349.200 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(278.800) |
134.600 |
(144.200) |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
(278.800) |
134.600 |
(144.200) |
|
Tax Expenses |
(26.300) |
37.000 |
10.700 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(252.500) |
97.600 |
(154.900) |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
(252.500) |
97.600 |
(154.900) |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
618.900 |
618.900 |
618.900 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
(4.08) |
1.58 |
(2.50) |
|
- Diluted |
(4.08) |
1.58 |
(2.50) |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
(4.08) |
1.58 |
(2.50) |
|
- Diluted |
(4.08) |
1.58 |
(2.50) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
37610687 |
37610687 |
37610687 |
|
Percentage of Shareholding |
60.77 |
60.77 |
60.77 |
|
2. Promoters and
promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
24281327 |
24281327 |
24281327 |
|
- 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) |
39.23 |
39.23 |
39.23 |
|
|
Particulars |
Quarter Ended
30.09.2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
in millions)
|
Particulars |
30.09.2012 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
618.900 |
|
|
b] Reserves and Surplus |
3509.800 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
1430.700 |
|
|
b] Deferred Tax Liabilities |
127.700 |
|
|
c] Long term provisions |
37.100 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
3830.400 |
|
|
b] Trade Payables |
3041.300 |
|
|
c] Other Current Liabilities |
758.900 |
|
|
d] Short Term Provision |
-- |
|
|
TOTAL - EQUITY
AND LIABILITIES |
13354.800 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
3822.500 |
|
|
b] Non-current investment |
60.900 |
|
|
c]
Other non-current assets |
1899.600 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
4566.100
|
|
|
Trade Receivables |
2021.000
|
|
|
Cash & Bank Balances |
386.100
|
|
|
Short Term loans and advances |
450.600
|
|
|
Other Current Assets |
148.000
|
|
|
|
|
|
TOTAL - ASSETS |
13354.800 |
|
Notes:
1. The above
quarterly results have been reviewed by the Audit Committee and taken on record
by the Board of Directors in their meeting held on 10th November 2012 and the same
have been subjected to Limited Review by the Statutory Auditors, as required
under Clause 41 of the Listing Agreement.
2. The company has
suffered losses during the period under reference, due to erosion of margins
and slowdown in exports due to adverse global economic conditions.
3. During the year
2010-11, the Company brought an initial Public Offer “IPO” of 2,66,66,667
equity shares of Rs.10/ each at a premium of Rs.65/- per share aggregating to
Rs.2000.000 Millions including Offer for sale from the Selling Shareholders of
2025702 equity shares aggregating to Rs.151.928 Millions The shares of the
Company got listed on the Bombay Stock Exchange Ltd. and the National Stock
Exchange of India Limited on Ist July, 2010.
The Proceeds from
the IPO of equity shares have been utilized as under:
(Rs.
in millions)
|
|
Amount |
|
Share Issue Proceeds (
excluding Offer for sale) |
1848.072 |
|
Deployment of Funds
Received from the IPO: |
|
|
IPO Expenses |
128.395 |
|
Utilized as per objects
stated in Prospectus |
1028.027 |
|
|
|
|
Utilized in objects other
than that stated in Prospectus as per approval of the Members in their
General Meeting |
606.157 |
|
Funds Temporarily Parked
in Working Capital |
85.493 |
Note:
Members in their Annual
General Meeting held on 29th September, 2011 have passed a Special resolution
authorizing the Board of Directors to alter, amend, vary, revise and
re-finalise the terms and conditions pertaining to utilization of IPO proceeds
mentioned in the Prospectus dated 24th June, 2010 filed by the Company with the
Registrar of Companies, Himachal Pradesh, Chandigarh and Punjab in a manner
which are more beneficial to the Company.
In pursuance to above
authorization, the Board of Directors in its meetings held on 14th August, 2012
approved the utilization of IPO proceeds to the extent of Rs. 120.489 Millions,
which were marked to be utilised for making investment in the subsidiary
Company as per the terms of the Prospectus- towards investment in up gradation
of Company’s existing facility situated at Village Sundhran.
4. The above financials
results are on standalone basis.
5. There is not more than
one reportable segment; hence, information as per AS-17 is not required to be
disclosed.
6. Figures of the previous
year / period have been rearranged/ regrouped wherever necessary.
CONTINGENT
LIABILITIES
(Rs.
in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Letter of Credit (Foreign/ Inland) * |
2540.400 |
1451.410 |
|
Bank Guarantees |
29.990 |
30.810 |
|
Custom Duty # |
21.700 |
21.700 |
* Out of above
material valuing Rs. 2413.880 Million (Previous year Rs 1232.210 million) has
been received by 31.03.2012 and credited to respective Creditor Account.
# The Company has received
show clause notices from the Jt. Director General of Foreign Trade towards the
non-fulfilment of export obligation against the Advance Licences obtained for
import of duty free raw material. Though the company has taken up the matter
with appropriate authority for the extension of export obligation period. In
this regard the estimated contingent liability is Rs. 21.700 million towards
the custom duty.
FIXED ASSETS:
Tangible Assets:
Ø Land & Site
Development
Ø Factory Building
Ø Non Factory
Building
Ø Plant &
Machinery
Ø Furniture &
Fixture
Ø Tubewell
Ø Vehicles
Ø Computers &
Peripherals
Ø Research &
Development
Intangible Assets:
Ø Computer Software
WEBSITE DETAILS:
PROFILE:
Subject is a vertically integrated, research based, Pharmaceutical manufacturer and exporter, specializing in development and manufacturing of Active Pharmaceutical Ingredients (API) and API intermediates. The Company has dedicated facilities for Custom Research and API manufacturing at its 4 locations, 2 in Haryana (India) and 2 in Punjab (India) and exporting to over 51 countries across the globe from its WHO-GMP facilities. In the accredititation, the company is also approved by European Union Good Manufacturing Practice (EUGMP),Korean FDA, Accreditated by Japanese PMDA, OHSAS 18001-2007 and ISO 14001-2004
Parabolic has a wide Product basket, ranging from Oral and Sterile Semi Synthetic Penicillin API, Oral and Sterile Cephalosporin API in antibiotic segment to non-antibiotic API in the Cardiovascular, NSAID, Anti-Hypertensive and Osteoporosis segments.
The Company has a clear vision to be a fully integrated Pharmaceutical Company providing world class pharmaceutical products and services, from development of API intermediates to API contract manufacture to supplying finished formulations, for both generic and Innovator companies across the globe. The Company has a very strong IPR and Regulatory Wing for all kinds of DMF and dossier support and is committed to highest standards of quality in all its operations.
Its core strength lies in its edge in complex chemistry reactions with rich experience in organic chemistry, consistent quality in output, timely deliveries and strong documentation support.
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. 54.09 |
|
|
1 |
Rs. 82.46 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.