1. Summary Information
|
Country |
|
||
|
Company Name |
UNICHEM LABORATORIES LIMITED |
Principal Name 1 |
Dr. Prakash A. Mody |
|
Status |
Good |
Principal Name 2 |
Mr. Prafull
Anubhai |
|
Registration # |
11-012451 |
||
|
Street Address |
Unichem Bhavan, Prabhat Estate, Off |
||
|
Established Date |
22.08.1962 |
SIC Code |
-- |
|
Telephone# |
91-22-26780643 / 66888333 / 26785616 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-26784391/ 26794089 / 26788665 |
Business Style 2 |
Sale |
|
Homepage |
Product Name 1 |
Pharmaceutical Products |
|
|
# of employees |
4200 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.180,643,000 /- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group- 50.01 % Public- 49.99% |
Banking |
Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
51 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A
(63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
-- |
Niche Generics
Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,826,369,000 |
Current Liabilities |
1,660,146,000 |
|
Inventories |
1,411,311,000 |
Long-term Liabilities |
483,611,000
|
|
Fixed Assets |
3,852,110,000 |
Other Liabilities |
820,135,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,963,892,000 |
|
Invest& other Assets |
2,174,617,000 |
Retained Earnings |
7119,527,000 |
|
|
|
Net Worth |
7300,515,000 |
|
Total Assets |
10,264,407,000 |
Total Liab. & Equity |
10,264,407,000 |
|
Total Assets (Previous Year) |
9,156,592,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
8,031,873,000 |
Net Profit |
824,633,000 |
|
Sales(Previous yr) |
7,647,374,000 |
Net Profit(Prev.yr) |
1,087,130,000 |
MIRA INFORM REPORT
|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNICHEM LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
Unichem Bhavan, Prabhat Estate, Off S. V. Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.08.1962 |
|
|
|
|
Com. Reg. No.: |
11-012451 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.180.643 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1962PLC012451 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEU05493F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0551B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Sale of Pharmaceutical Products such as formulations in
forms of Tablets/ Capsules, Syrups, Injections, Eyemides, Ointments and
Power, Transfusions, Protein Foods, Bulk Drugs and Chemicals. |
|
|
|
|
No. of
Employees: |
4200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 29200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track record. There appears
slight dip in the profitability from last two years. However, general
financial position of the company appears to be good. Fundamental are healthy
and strong. Creditworthiness of the company is good Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for business dealing at usual trade
terms and conditions |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short term debt: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
October, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
Unichem Bhavan, Prabhat Estate, Off S. V. Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra, India |
|
Tel. No.: |
91-22-26780643 / 66888333 / 26785616 |
|
Fax No.: |
91-22-26784391/ 26794089 / 26788665 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Mahalaxmi Chambers, 2nd Floor, |
|
|
|
|
Factory 1: |
Plot No. 17 and 18,
Pilerne Industrial Estate, Pilerne Bardez, Goa – 403515, |
|
Tel. No.: |
91-832-2407202 /
6 |
|
|
|
|
Factory 2 |
Bhatauli Kalan District, Solan, Baddi – 173 205, |
|
Tel. No.: |
91-1795-246701-6 |
|
|
|
|
Factory 3 : |
C-31-32,
Industrial Area, |
|
Tel. No.: |
91-120-2750039-46 |
|
|
|
|
Factory 4: |
99, MIDC Area,
Roha, District Raigad – 402116, |
|
Tel. No.: |
91-2194-263561/263549 |
|
|
|
|
Factory 5 : |
Pithampur, Plot
No 197, Sector – I, Pithampur –454775, Madhya Pradesh, India |
|
Tel. No.: |
91-729-2503127/ 2500941 |
|
|
|
|
Factory 6: |
NH – 31A, Bagheykhola, Majithar, Rangpo, East Sikkim – 737138, India |
|
|
|
|
Factory 7: |
Plot Nos. 11, 12 & 13 Pharma Zone, Phase II, Sector 3, Pithampur, District Dhar-454775, Madhya Pradesh, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Dr. Prakash A. Mody |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Prafull Anubhai |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Ramdas Gandhi |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Prafull D.
Sheth |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Anand Mahajan |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Audit Committee : |
·
Mr. Prafull Anubhai - Chairman ·
Mr. Ramdas Gandhi ·
Mr. Nasser Munjee |
|
|
|
|
Shareholders’ : |
·
Mr. Ramdas Gandhi - Chairman |
|
|
·
|
|
Grievance Committee : |
·
Dr. Prakash A. Mody |
|
|
·
|
|
Compensation Committee : |
·
Mr. Prafull D. Sheth - Chairman ·
Mr. Prafull Anubhai ·
Mr. Ramdas Gandhi |
|
|
|
|
Name : |
Mr. K. Subharaman |
|
Designation : |
Company Secretary and Compliance Officer |
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 |
|
|
|
|
|
|
|
|
44973847 |
49.72 |
|
|
262393 |
0.29 |
|
|
262393 |
0.29 |
|
|
45236240 |
50.01 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
45236240 |
50.01 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
6023865 |
6.66 |
|
|
38426 |
0.04 |
|
|
3013679 |
3.33 |
|
|
3485861 |
3.85 |
|
|
500 |
0.00 |
|
|
500 |
0.00 |
|
|
12562331 |
13.89 |
|
|
|
|
|
|
9666032 |
10.69 |
|
|
|
|
|
|
17764012 |
19.64 |
|
|
2594106 |
2.87 |
|
|
2633717 |
2.91 |
|
|
964870 |
1.07 |
|
|
118105 |
0.13 |
|
|
690382 |
0.76 |
|
|
17879 |
0.02 |
|
|
826231 |
0.91 |
|
|
16250 |
0.02 |
|
|
32657867 |
36.10 |
|
Total Public
shareholding (B) |
45220198 |
49.99 |
|
Total (A)+(B) |
90456438 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
90456438 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sale of Pharmaceutical Products such as formulations
in forms of Tablets/ Capsules, Syrups, Injections, Eyemides, Ointments and
Power, Transfusions, Protein Foods, Bulk Drugs and Chemicals. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS(AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tablets/Capsules |
No. in Lacs |
58070 |
28903 |
|
Syrups |
Litres |
960000 |
83293 |
|
Injections |
Litres |
90000 |
5515 |
|
Eyemides, Ointments and Dry and sterile powder |
Kilograms |
197520 |
64880 |
|
Bulk Drugs and
Chemicals |
Kilograms |
731074 |
467837 |
GENERAL INFORMATION
|
No. of Employees : |
4200 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
·
Bank
of ·
The
Sakura Bank Limited |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
Note: Cash
credit and Packing credit of Rs. 94.914 Millions from Bank of India and Bank
of Baroda are secured against hypothecation of Inventories, Book debts and mortgage
of immovable properties located at
Jogeshwari, Roha, Ghaziabad on first pari passu charge and on
immovable properties at Goa and Baddi Unit I on a second and subservient
charge. Short Term unsecured borrowings represent Packing / Buyers credit in
Foreign currency availed from various banks against Export receivables and
Import Letter of Credit. Maximum tenor of such borrowings is 6 months from
the date of availment. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B D Jokhakar and Company Chartered Accountant |
|
Address : |
8 Ambalal Doshi Marg, Fort, Mumbai – 400001, |
|
|
|
|
Subsidiaries of the Company: |
·
Niche
Generics Limited ·
Unichem
SA Private Limited ·
Unichem
Farmaceutica Do Brasil Limited ·
Unichem
Pharmaceuticals (USA) Inc ·
Unichem Laboratories Limited, Ireland |
|
|
|
|
Enterprises under significant influence of key management personnel: |
·
Chevy
Capital Services Private Limited* ·
PM Capital
Services Private Limited* ·
AVM
Capital Services Private Limited* ·
Pranit
Trading Private Limited* ·
Viramrut
Trading Private Limited* · Uni Distributors Private Limited * Scheme of amalgamation becoming effective from 01.04.2011(appointed date) consequent upon sanction from Hon'ble High Court of Mumbai, shares in the name of said companies will get cancelled and new shares will be issued to the shareholders of respective companies. (Refer Note no. 2) However considering the fact that Dividend was paid before effective date, the transactions are reflected hereunder in spite of cancellation of the shares on 01.04.2011. |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
|
50,000,000 |
Unclassified Shares |
Rs.2/- each |
Rs.100.000 Millions |
|
5,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90,321,502 |
Equity Shares |
Rs.2/- each |
Rs.180.643
Millions |
|
Less: |
Share capital Cancelled on Amalgamation |
|
Rs.56.588
Millions |
|
Add: |
Share Capital pending allotment |
|
Rs.56.588
Millions |
|
|
|
|
Rs.180.643 Millions |
|
Particulars |
31.03.2012 |
|
|
Reconciliation of Number of Shares (Equity) |
Number of shares |
Rs. in millions |
|
Number of Shares outstanding as at the beginning of the
year* |
90239500 |
180.479 |
|
Add: Number of Shares allotted under ESOP during the
year |
82002 |
0.164 |
|
Number
of Shares outstanding as at the end of the year* |
90321502 |
180.643 |
* Excluding effect of amalgamation as referred to in Note
No. 2
Rights, preferences and restrictions attached to Equity
Shares.
The
company has one class of equity shares having a par value of Rs.2/- per share.
Each shareholder is eligible for one vote per share held. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
Shareholders holding
more than 5 per cent of total Equity Shares of company
|
Particulars |
31.03.2012 |
|
|
Name of the Shareholders |
Number of shares |
% held |
|
Dr. Prakash Amrut Mody |
11,100,984 |
12.29 |
|
Pranit Trading Private Limited |
8,252,673 |
9.14 |
|
Viramrut Trading Private Limited |
5,452,506 |
6.04 |
|
Chevy Capital Services Private Limited |
5,246,074 |
5.81 |
|
PM Capital Services Private Limited |
4,670,186 |
5.17 |
|
AVM Capital Services Private Limited |
4,672,552 |
5.17 |
As
per the of the company, including its register of shareholders / members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of shares.
*Scheme
of amalgamation becoming effective from 01.04.2011 (appointed date) consequent
upon sanction from Hon'ble High Court of Mumbai, shares in the name of said
companies will get cancelled and new shares will be issued to the shareholders
of respective companies.
**Scheme
of amalgamation becoming effective from 01.04.2011 (appointed date) consequent
upon sanction from Hon'ble High Court of Mumbai, New shares will be issued to
the shareholders of respective companies
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 |
180.643 |
180.479 |
180.315 |
|
|
2] Share Application Money |
0.345 |
0.000 |
0.264 |
|
|
3] Reserves & Surplus |
7119.527 |
6599.760 |
5926.129 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7300.515 |
6780.239 |
6106.708 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
94.914 |
84.727 |
24.808 |
|
|
2] Unsecured Loans |
388.697 |
227.156 |
204.835 |
|
|
TOTAL BORROWING |
483.611 |
311.883 |
229.643 |
|
|
DEFERRED TAX LIABILITIES |
384.743 |
378.143 |
346.843 |
|
|
|
|
|
|
|
|
TOTAL |
8168.869 |
7470.265 |
6683.194 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3852.110 |
3556.443 |
3149.207 |
|
|
Capital work-in-progress |
1113.424 |
628.716 |
636.308 |
|
|
|
|
|
|
|
|
INVESTMENT |
1061.193 |
1001.435 |
1283.144 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1411.311
|
1354.183 |
976.413
|
|
|
Sundry Debtors |
1848.247
|
1839.423 |
1624.344
|
|
|
Cash & Bank Balances |
138.612
|
104.412 |
190.640
|
|
|
Other Current Assets |
44.295
|
29.948 |
0.000
|
|
|
Loans & Advances |
795.215
|
642.032 |
426.968
|
|
Total
Current Assets |
4237.680
|
3969.998 |
3218.365 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1367.850
|
1069.163 |
1134.041
|
|
|
Other Current Liabilities |
292.296
|
226.888 |
113.400
|
|
|
Provisions |
435.392
|
390.276 |
356.389
|
|
Total
Current Liabilities |
2095.538
|
1686.327 |
1603.830 |
|
|
Net Current Assets |
2142.142
|
2283.671 |
1614.535 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8168.869 |
7470.265 |
6683.194 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8031.873 |
7647.374 |
6905.967 |
|
|
|
Other Income |
93.947 |
79.622 |
65.836 |
|
|
|
TOTAL (A) |
8125.820 |
7726.996 |
6971.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1942.855 |
1773.866 |
|
|
|
|
Purchase of Stock -in-Trade |
1029.078 |
1016.127 |
|
|
|
|
Employee benefits expenses |
1048.840 |
930.663 |
|
|
|
|
Other expenses |
2377.682 |
2168.426 |
|
|
|
|
Research & Development Expenses |
379.402 |
366.832 |
|
|
|
|
Changes in inventories of Finished goods,
Work-in-progress and Stock -in-Trade |
(20.258) |
(222.376) |
|
|
|
|
TOTAL (B) |
6757.599 |
6033.538 |
5111.455 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1368.221 |
1693.458 |
1860.348 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.985 |
19.482 |
5.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1335.236 |
1673.976 |
1855.251 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
282.881 |
272.177 |
214.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1052.355 |
1401.799 |
1640.566 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
227.722 |
316.821 |
304.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
824.633 |
1084.978 |
1336.266 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior
Period Items |
0.000 |
0.000 |
(0.086) |
|
|
|
|
|
|
|
|
|
Less/ Add |
Excess/Short
Provision for Taxation pertaining to previous year |
0.000 |
0.000 |
3.263 |
|
|
|
|
|
|
|
|
|
Add |
Addition on
Amalgamation |
0.162 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4424.220 |
3909.169 |
3140.711 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
271.344 |
252.671 |
0.000 |
|
|
|
Interim Dividend |
0.000 |
108.283 |
360.665 |
|
|
|
Tax on Proposed Dividend |
44.019 |
40.989 |
0.000 |
|
|
|
Tax on Interim Dividend |
0.000 |
17.984 |
60.320 |
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4783.652 |
4424.220 |
3909.169 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods calculated on FOB Basis |
2236.201 |
1458.551 |
1231.823 |
|
|
|
Other |
33.693 |
46.060 |
29.501 |
|
|
TOTAL EARNINGS |
2269.894 |
1504.611 |
1261.324 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
355.575 |
310.674 |
200.104 |
|
|
|
Packing Materials |
31.891 |
14.541 |
1.351 |
|
|
|
Stores & Spares |
1.176 |
6.129 |
0.778 |
|
|
|
Capital Goods |
262.336 |
192.768 |
12.962 |
|
|
TOTAL IMPORTS |
650.978 |
524.112 |
215.195 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
9.13 |
12.03 |
14.86 |
|
|
|
Diluted |
9.09 |
11.95 |
14.77 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2648.610 |
2642.470 |
2325.800 |
2435.300 |
|
Total Expenditure |
2170.580 |
2113.170 |
1922.300 |
2017.100 |
|
PBIDT (Excl OI) |
478.030 |
529.300 |
403.500 |
418.200 |
|
Other Income |
68.530 |
21.860 |
46.500 |
31.500 |
|
Operating Profit |
546.560 |
551.160 |
450.000 |
449.700 |
|
Interest |
8.580 |
6.640 |
05.400 |
04.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
537.980 |
544.520 |
444.600 |
445.600 |
|
Depreciation |
82.760 |
82.090 |
85.400 |
97.900 |
|
Profit Before Tax |
455.220 |
462.430 |
359.200 |
347.600 |
|
Tax |
123.80 |
111.700 |
55.700 |
37.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
331.420 |
350.730 |
303.500 |
310.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
331.420 |
350.730 |
303.500 |
310.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.15 |
14.04
|
19.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.10 |
18.33
|
23.76
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.01 |
18.62
|
25.76
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.21
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.05
|
0.04
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02 |
2.35
|
2.01
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
Yes |
REVIEW OF OPERATIONS
During the year, Sales/Income from operations (Net) increased to Rs. 8031.873 Millions in 2011-12 from Rs. 7647.374 Millions in 2010-11, registering a growth of 5.0%.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
GLOBAL PHARMA MARKET:
The global pharmaceutical market after experiencing a slowing growth during the past two years, is now poised to rebound from low 3-4 percent growth in 2012 to 5-7 percent in 2016 according to a new forecast issued by the IMS Institute for Healthcare Informatics
The annual global spending on medicines will rise from $956 billion in 2011 to nearly $1.2 trillion in 2016, representing a compound annual growth rate of 3-6 percent. Growth in annual global spending is forecast to more than double by 2016 to as much as $70 billion, up from a $30 billion pace this year, driven by volume increases in the pharmerging markets and an uptick in spending in developed nations (IMS - The Global Use of Medicines: Outlook through 2016).
The future
level of global spending on medicines will have implications for existing
healthcare systems and policy makers across the developed and emerging markets.
It is expected that the health systems in developed economies experience slow
growth in medicines, while the pharmerging markets to drive spending in the
next five years. With declining spending on medicines in US and
Biologics are expected to account for about 17 percent of total global spending on medicines by 2016, as important clinical advances continue to emerge from research Seven of the top ten global medicines by spending will be a biologic within five years. Adoption of biosimilars as low-cost alternatives to the original biologic medicines will remain limited, as biologics remain protected by patents or market exclusivity in many countries (IMS - The Global Use of Medicines: Outlook through 2016).
INDIA
One of the drivers behind this potential growth expectation
is a favorable macro environment with higher real GDP growth. While this was
true for the last three fiscal years, the GDP growth is expected to slow down
to 6.9% in 2012, which is a cyclical response to higher interest rates and
lower external demand, policy uncertainty and supply bottlenecks are playing a
role and will need to be tackled in the near term to ensure that potential
growth does not decline (IMF World Economic Outlook April, 2012). Therefore,
Pharma industry’s growth depends upon country’s GDP growth and Government’s
propensity to spend more on healthcare The favourable demographics such as
rising population increased disposable incomes both in rural and urban
UNICHEM’S PERFORMANCE
Financial Highlights
· Consolidated Sales/Income from operations (Net) stood at Rs. 8754.630 Millions as compared to Rs. 8240.381 Millions in the previous year, registering an increase of 6.24%.
· Standalone Sales/Income from operations (Net) stood at Rs. 8031.873 Millions as compared to Rs. 7647.374 Millions in the previous year, registering an increase of 5.03%.
·
Sales outside
Other Highlights
· Completion of expansion at Goa Factory enhancing tablet / capsulation capacities
· Acceleration of construction at SEZ Pithampur for dosage formulations
·
Construction of new research facility at
· Sharpened focus on API business
Sales and Income from operations (Net) for the year stood at Rs. 8031.873 Millions as compared to Rs. 7647.374 Millions recorded last year. Out of this, Formulations contributed 87% with Active Pharmaceutical Ingredients (APIs) 87% with Active Pharmaceutical Ingredients (APIs) contributing 13%.
Domestic business accounts for 64% of consolidated revenues, while 30% is accounted by regulated developed markets and 6% by emerging markets.
DOMESTIC FORMULATIONS
Unichem Laboratories is predominately dosage Formulations Company and manufactures a wide range of pharmaceutical formulations. Formulations business continues to be a major contributor to the revenues of the Company. The Company continued to focus on transformation initiatives undertaken in F Y 2010 – 11 to accelerate growth of domestic formulation business These include portfolio prioritization and resource allocation, and sales force alignment and effectiveness essentially to streamline and drive efficiency, and improve internal standards for a variety of business practices to enhance process improvements and streamlining channel inventories. Year 2011-12 was a difficult year in terms of domestic growth, since transformation initiatives have taken little longer period than their estimation to deliver value.
The Company has strong presence in niche therapy areas of cardiology, neurology, and anti-infectives. Currently the top 25 brands contribute approximately 67% of the company’s domestic revenues. The Company’s domestic formulations’ portfolio revenues comprise of 63% from chronic therapies and 37% from acute therapies. During the year the Company entered into two new therapeutic segments i.e., Hospital products and Gynecology.
Cardiology continues to be the dominant segment for the company. Approximately 75% of the company’s revenues come from Cardiology, Anti-Infectives and Neurology therapeutic formulations
The top 10 brands of the company are Ampoxin, Losar Losar H, Linox, Serta, Telsar, TG-Tor, Trika, Unienzyme and Vizylac. The last financial year saw company launching 12 new products in various therapeutic segments like Cardiology and Neurology
ACTIVE PAHRMACEUTICAL
INGREDIENTS (API)
Their twin focus in API business is focusing on contract development and manufacturing at reasonable margins and backward integration with their formulation business through cost effective processes. There are strategies to expand customer base in new geographies, which should drive growth in the coming years.
INTERNATIONAL
BUSINESS
Unichem has made significant investments in building
infrastructure to support international business. The increasing number of
products getting off patent in international markets offers substantial revenue
opportunities. The Company is positioning itself to seize these opportunities
by addressing the challenges by focusing on larger and profitable markets in
Unichem has wholly-owned subsidiaries in
Strategic Alliances are in place for distribution and
marketing of branded generics in SAARC countries South East Asia,
European presence is through 100% subsidiary Niche Generics,
OUTLOOK
Growing the business exponentially would require investing
in infrastructure, in people and consolidating their strengths. The Company is
confident to create value by entering into new therapeutic segments and
launching new products across therapeutic segments and making them power brands
of the Company in their respective segments. Continued investments in
manufacturing marketing, research and development, product portfolio
prioritization and resource allocation are a testimony to their commitment to
growth.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2012 Rs. in Millions |
31.03.2011 Rs. in Millions |
|
(i) Claims not acknowledged as debts*. |
141.600 |
68.403 |
|
(ii) In respect of the Guarantees given to Bank on behalf
of : |
|
|
|
- Subsidiaries |
239.715 |
253.560 |
|
- Others |
22.376 |
21.806 |
|
(iii) Letters of Credit |
37.682 |
51.844 |
|
TOTAL |
471.373 |
395.613 |
* includes Rs.8.820 millions (Previous Year Rs.8.820
millions) paid under protest/deposit pending adjudication.
Claims made by the employees whose services have been terminated are not acknowledged as debts, the exact liability, whereof is not ascertainable
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM BORROWINGS |
|
|
Working capital loans in Foreign Currency from Banks |
234.882 |
|
SHORT TERM BORROWINGS |
|
|
Loans and Advances from Others |
153.815 |
|
Total |
388.697 |
|
Particulars |
31.03.2011 (Rs.
In Millions) |
|
Loans and Advances form others |
227.156 |
|
Total |
227.156 |
STATEMENT OF AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED
31ST MARCH,
2013
PART
I
(Rs. In
millions)
|
Particulars |
Standalone Unaudited |
Standalone Audited |
|
|
|
Three
months ended 31.03.2013 (Unaudited) |
Three months ended 31.12.2012 (Unaudited) |
Accounting Year ended 31.03.2013 (Audited) |
|
INCOME FROM
OPERATIONS |
|
|
|
|
1
a) Net Sales/Income from operations (Net of
excise duty) |
2412.310 |
2311.633 |
9968.595 |
|
b) Other Operating
Income |
22.990 |
14.158 |
83.574 |
|
TOTAL INCOME FROM
OPERATIONS (NET) |
2435.300 |
2325.791 |
10052.169 |
|
2 EXPENSES |
|
|
|
|
a) Cost of Material
Consumed |
657.673 |
622.378 |
2612.792 |
|
b) Purchases of
stock-in-trade |
216.312 |
243.680 |
1078.443 |
|
c) Changes in
inventories of finished goods, work-in-progress and |
|
|
|
|
stock-in-trade |
86.932 |
(32.220) |
100.731 |
|
d) Employee
benefits' expense |
347.006 |
367.247 |
1411.473 |
|
e) Depreciation and
amortisation expense |
97.915 |
85.402 |
348.165 |
|
f) Other expenses |
709.169 |
721.184 |
2991.956 |
|
TOTAL EXPENSES |
2115.007 |
2007.671 |
8543.560 |
|
3
Profit/(Loss) from operations before other income , finance |
|
|
|
|
costs and
exceptional items (1-2) |
320.293 |
318.120 |
1508.609 |
|
4
Other Income |
31.515 |
46.485 |
140.670 |
|
5
Profit/(Loss) from ordinary activities before finance costs |
|
|
|
|
and exceptional
items (3+4) |
351.808 |
364.605 |
1649.279 |
|
6
Finance costs |
4.166 |
5.435 |
24.816 |
|
7
Profit/(Loss) from ordinary activities after finance costs |
|
|
|
|
but before
exceptional items (5-6) |
347.642 |
359.170 |
1624.463 |
|
8
Exceptional Items |
- |
- |
- |
|
9
Profit/(Loss) from ordinary activities before tax (7-8) |
347.642 |
359.170 |
1624.463 |
|
10 Tax Expenses ( Including Deferred
tax ) |
38.300 |
55.700 |
329.500 |
|
11 Net profit from ordinary
activities after tax ( 9 -10 ) |
309.342 |
303.470 |
1294.963 |
|
12 Prior period Expenses / ( Income
) |
- |
- |
- |
|
13 Excess / ( Short ) provision for
taxation pertaining to earlier years. |
0.997 |
- |
0.997 |
|
14 Net profit from ordinary
activities after tax and prior period items ( 11-12+13) |
310.339 |
303.470 |
1295.960 |
|
15 Extraordinary items ( net of tax
expense) |
- |
- |
- |
|
16 Net profit for the period ( 14-15
) |
310.339 |
303.470 |
1295.960 |
|
17 Paid up Equity Share Capital (
Face Value Rs. 2 per share) |
180.913 |
180.896 |
180.913 |
|
18 Reserves & Surplus excluding
Revaluation |
|
|
|
|
Reserve as per
balance sheet of previous accounting year. |
- |
- |
7948.615 |
|
19 a) Basic Earnings per share-not
annualised before and after extraordinay items - Rs. |
3.43 |
3.36 |
14.33 |
|
b) Diluted earnings
per share after Employees Stock Options before and after extraordinay items -
Rs. |
3.42 |
3.35 |
14.29 |
|
PART II |
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1
Public Shareholding |
|
|
|
|
Number of Shares |
45,220,198 |
45,651,886 |
45,220,198 |
|
Percentage of
Shareholding |
49.99% |
50.47% |
49.99% |
|
2
Promoters and Promoters group shareholding |
|
|
|
|
a) Pledged
/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of shares ( as a % of the total
shareholding of |
Nil |
Nil |
Nil |
|
promoter and
promoter group) |
|
|
|
|
- Percentage of shares ( as a % of the total
share capital of the company ) |
Nil |
Nil |
Nil |
|
b) Non- encumbered |
|
|
|
|
- Number of Shares |
45,236,240 |
44,796,240 |
45,236,240 |
|
- Percentage of shares ( as a % of the total |
100.00% |
100.00% |
100.00% |
|
shareholding of
promoter and promoter group) |
|
|
|
|
- Percentage of shares ( as a % of the total
share capital of the company ) |
50.01% |
49.53% |
50.01% |
|
Particulars |
Quarter
Ended 31.03.2013 (No.) |
|
B. INVESTOR COMPLAINTS |
|
|
Pending at the
beginning of the quarter |
NIL |
|
Received during the
quarter |
16 |
|
Disposed of during
the quarter |
16 |
|
Remaining
unresolved at the end of the quarter |
NIL |
Notes :
1
The above audited results have been reviewed by the Audit Committee and taken on
record by the Board of Directors of the Company in its meeting held on 11th
May, 2013
2
Segment Reporting: Primary Segment
The
Company has only one segment i.e. 'Pharmaceuticals'.
Secondary Segment (By
Geographical Segment)
|
Net Sales
and Operating Income |
Three months ended |
Three months ended |
Accounting Year ended |
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
Within
India |
1469.657 |
1569.644 |
6576.055 |
|
Outside
India |
965.643 |
756.147 |
3476.114 |
|
Total |
2435.300 |
2325.791 |
10052.169 |
In
view of the interwoven / intermix nature of the business and manufacturing
facility, other segmental information is not ascertainable.
3 Other expenses / Other income includes
exchange gain / loss as under:
|
|
Three months ended |
Three months ended |
Accounting Year ended |
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
Exchange gain included in Other Income |
- |
29.258 |
54.933 |
|
Exchange loss included in Other Expenses |
6.710 |
- |
- |
4 Audited Statement of Assets and Liabilities
as on 31st, March 2013
(Rs. In millions)
|
Particulars |
Standalone Unaudited |
|
|
31.03.2013 |
|
I. EQUITY AND LIABILITIES (1)
Shareholders' Fund (a) Share
Capital |
180.913 |
|
(b)
Reserve & Surplus |
7948.615 |
|
|
8129.528 |
|
(2) Share
Application Money pending allotment |
- |
|
(3) Non
Current Liabilities |
|
|
(a) Long
term borrowings |
- |
|
(b)
Deferred tax liabilities (Net) |
389.743 |
|
(c) Other
Long term liabilities |
252.576 |
|
(d )Long
term provisions |
91.868 |
|
|
734.187 |
|
(4)
Current Liabilities (a) Short term borrowings (b) Trade payables (c) Other current liabilities |
57.205 1590.860 298.668 |
|
(d) Short
-term provisions |
516.696 |
|
|
2463.429 |
|
TOTAL
EQUITY AND LIABILITIES |
11327.144 |
|
II. ASSETS |
|
|
(I)
Non-current assets |
|
|
(a) Fixed
assets |
|
|
(i)
Tangible assets |
4147.030 |
|
(ii)
Intangible assets |
115.148 |
|
(iii)
Capital wok-in-progress |
1292.905 |
|
|
5555.083 |
|
(b)
Non-current Investment |
1072.030 |
|
(c) Long
term loans and advances |
83.781 |
|
(2)
Current assets |
|
|
(a)
Current Investments |
330.604 |
|
(b)
Inventories |
1316.339 |
|
(c) Trade
receivables |
2122.764 |
|
(d) Cash
and Bank Balances |
166.600 |
|
(e) Short
term Loans and advances |
639.142 |
|
(f) Other
current assets |
40.801 |
|
|
4616.250 |
|
TOTALASSETS |
11327.144 |
5 The Board has recommended a dividend of Rs. 4.50/- per share (225%) on Rs. 2/- each for the financial year 2012-2013 (previous year : final dividend of Rs. 3/- per share (150%) on face value of Rs. 2/- per share )
6 Figures for the last quarter ,are balancing figures between audited figures in respect of the full Financial year and unaudited published year to date figures upto the third quarter of the said financial year.
7 The Statutory Auditors of the Company have conducted Audit of the above results for the year ended 31st March, 2013.
PRESS RELEASE
UNICHEM LABORATORIES RECEIVES ANDA APPROVAL FROM USFDA FOR TIZANIDINE
TABLETS
MUMBAI, NOVEMBER 29, 2012
Unichem laboratories Limited are pleased to announce that it has received ANDA approval from the United States Food and Drug Administration (U.S. FDA) for Tizanidine Tablets.
Tizanidine Tablets USP 2mg and 4mg are therapeutically equivalent to ZANAFLEX® Tablets 2mg and 4mg from Acorda Therapeutics.
Tizanidine tablets belong to a group of medicines called skeletal muscle relaxants. Tizanidine Tablets is used to help relieve, although not cure, muscle spasms caused by medical conditions such as multiple sclerosis or injuries to the brain or spine.
The product will be commercialized from Unichem’s Goa plant. Active pharmaceutical ingredient i.e., Tizanidine Hydrochloride used for this ANDA is also made in house at Roha plant.
Currently, there are 9 generic approvals, while only 3 companies are dominating the market. The current market size is US$ 70 Million growing at 5% in value terms and 10% in volume.
About Unichem
Laboratories Limited.
Subject is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world. In India, the company is a leader in niche therapy areas of cardiology, neurology, orthopedics and anti-infectives. The company has strong skills in product development, process chemistry and manufacturing of complex API as well as dosage forms. More information about the company
UNICHEM
LABORATORIES RECEIVES ANDA TENTATIVE APPROVAL FROM USFDA FOR MEMANTINE
HYDROCHLORIDE TABLETS
MUMBAI, OCTOBER
26, 2012
Unichem
laboratories Limited are pleased to announce that it has received ANDA
tentative approval from the United States Food and Drug Administration (U.S.
FDA) for Memantine Hydrochloride Tablets. Final approval will be received after
the patent expires on April 11, 2015.
Memantine
Hydrochloride Tablets 5mg and 10mg are therapeutically equivalent to NAMENDA®
Tablets 5mg and 10mg of Forest Laboratories Inc.,
Memantine
Hydrochloride is used to treat moderate to severe dementia of the Alzheimer's
type. Further, it reduces the actions of chemicals in the brain that may
contribute to the symptoms of Alzheimer's disease.
The product will
be commercialized from Unichem’s GOA plant. Active pharmaceutical ingredient
i.e. Memantine Hydrochloride used for this ANDA is also made in house at
Pithampur plant.
The market size is
US$ 1.5 billion as of March, 2012 at brand price.
UNICHEM LABORATORIES RECEIVES ANDA TENTATIVE APPROVAL FROM USFDA FOR
IRBESARTAN TABLETS
MUMBAI, OCTOBER 17, 2012
Unichem laboratories Limited is pleased to announce that it has received ANDA tentative approval from the United States Food and Drug Administration (U.S. FDA) for Irbesartan. Final approval will be received after the patent expires on Dec 7, 2015.
Irbesartan Tablets 75mg, 150mg and 300mg are therapeutically equivalent to AVAPRO® Tablets 75mg, 150mg and 300mg from Sanofi Aventis US, LLC.
Irbesartan is indicated for the treatment of hypertension. It may be used alone or in combination with other antihypertensive agents.
The product will be commercialized (after the final approval) from Unichem’s Ghaziabad plant. Active pharmaceutical ingredient i.e. Irbesartan used for this ANDA is also made in house at Pithampur plant.
The current market size is US$ 450 Million.
FIXED ASSETS
·
Freehold
·
Leasehold
·
Buildings
·
Plant and Machinery
·
Furniture Fixtures and Equipments
·
Cars and Vehicles
·
Patents and Trademarks
CMT REPORT (Corruption, Money Laundering and 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.55.74 |
|
|
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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 and 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.