MIRA
INFORM REPORT
|
Report Date : |
13.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.03.2006 |
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Com. Reg. No.: |
04-047837 |
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Capital
Investment / Paid-up Capital : |
Rs. 236.599 Millions |
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CIN No.: [Company Identification
No.] |
L73100GJ2006PLC047837 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Pharmaceuticals Research and Development |
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No. of Employees
: |
248 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Sun Pharmaceutical Industries Limited’. It
is an established company having a satisfactory track record. The company has recorded losses from its operation activities during
the financial year 2013. However, the company has received strong financial support from its
parent company. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. In view of strong holding company, the subject can be considered for
business dealing at usual trade terms and conditions. S |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-28212010)
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-265-2330815 |
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Fax No.: |
91-265-2354897 |
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E-Mail : |
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Website : |
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Mumbai Office / Research
Centres 1 : |
17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Research Centres 2 : |
· F.P.27, Part Survey No. 27, C.S. No. 1050, T.P.S. No. 24, Village Tandalja, District Vadodara 390 020, Gujarat, India · 907/4, GIDC, Makarpura, Vadodara 390 010, Gujarat, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Dilip S. Shanghvi |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Dr. T. Rajamannar |
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Designation : |
Whole time Director and Executive Vice President, R&D |
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Name : |
Mr. Sudhir V. Valia |
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Designation : |
Director |
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Name : |
Prof. Dr. Andrea Vasella |
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Designation : |
Director |
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Name : |
Prof. Dr. Goverdhan Mehta |
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Designation : |
Director |
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Name : |
Mr. S. Mohanchand Dadha |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Meetal Sampat |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
35470143 |
14.98 |
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|
123275262 |
52.08 |
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|
147791 |
0.06 |
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|
147791 |
0.06 |
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|
158893196 |
67.13 |
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Total shareholding of Promoter and Promoter Group (A) |
158893196 |
67.13 |
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(B) Public Shareholding |
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|
|
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|
6136325 |
2.59 |
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|
980 |
0.00 |
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|
229144 |
0.10 |
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|
9885561 |
4.18 |
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|
16252010 |
6.87 |
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|
|
|
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|
13231416 |
5.59 |
|
|
|
|
|
|
28680251 |
12.12 |
|
|
17615772 |
7.44 |
|
|
2031802 |
0.86 |
|
|
1265038 |
0.53 |
|
|
753554 |
0.32 |
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|
3610 |
0.00 |
|
|
9600 |
0.00 |
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|
61559241 |
26.01 |
|
Total Public shareholding (B) |
77811251 |
32.87 |
|
Total (A)+(B) |
236704447 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
236704447 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Pharmaceuticals Research and Development |
GENERAL INFORMATION
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No. of Employees : |
248 (Approximately) |
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Bankers : |
·
ICICI Bank Limited ·
IndusInd Bank Limited ·
Citibank N. A.
·
Bank of Baroda ·
Kotak Mahindra Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Enterprise under
significant Influence of Key
Management Personnel (with whom transactions are entered) |
· Sun Pharmaceutical Industries Limited · Sun Pharma Global FZE · Sun Pharmaceutical Industries Inc. (Upto 28th February, 2013) · Caraco Pharmaceutical Industries Limited · Sun Pharmaceutical Industries (Since Converted into Part IX Company w.e.f. 31st August, 2012) · Sun Pharma Sikkim (Since Converted into Part IX Company w.e.f. 31st August, 2012) · Sun Pharma Medication Private Limited (w.e.f. 31st August, 2012) · Sun Pharma Drugs Private Limited (w.e.f. 31st August, 2012) · Taro Pharmaceuticals Inc. · Sun Petrochemicals Private Limited |
CAPITAL STRUCTURE
As on 30.07.2013
Authorised Capital : Rs.266.500
Millions
Issued, Subscribed & Paid-up Capital : Rs.236.660 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
266500000 |
Equity Shares |
Rs.1/- each |
Rs.266.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
236704447 |
Equity Shares |
Rs.1/- each |
Rs.236.704 Millions |
|
|
Less: Calls unpaid |
|
Rs. 0.105 Million |
|
|
|
|
Rs.236.599 Millions |
Rights, Preferences
and Restrictions attached to Equity Shares
The Company has only one class of shares referred to as equity shares having a par value of Rs.1 per share. Each holder of equity shares is entitled to one vote per share however, shareholder who has not paid call money on his/her shares shall not be entitled to vote either personally or by proxy in respect of any of such partly paid shares.
Equity Shares held by each
shareholder holding more than 5 percent Equity Shares in the Company are as
follows:
|
Name of the
Shareholder |
No of Equity Shares held |
% of Holding |
|
Dilip Shantilal Shanghvi |
26,809,395 |
11.33% |
|
Viditi Investment Private Limited |
23,555,458 |
9.95% |
|
Tejaskiran Pharmaceutical Industries Private Limited |
23,122,598 |
9.77% |
|
Quality Investments Private Limited |
22,735,998 |
9.61% |
|
Family Investments Private Limited |
22,578,841 |
9.54% |
|
Virtuous Share Investment Private Limited |
11,968,080 |
5.06% |
Reconciliation of the
number of Shares and amount outstanding at the beginning and at the end of the
reporting period
|
Particular |
No of Equity Shares |
Rs. In Millions |
|
Equity Shares of Rs.1 each |
|
|
|
Opening Balance |
207,116,391 |
207.116 |
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Add: Shares Issued during the year |
29,588,056 |
29.483 |
|
Closing Balance |
236,704,447 |
236.599 |
During the year, the Company has allotted 29,588,056 equity shares of Rs.1 each, to its equity shareholders on rights basis in the ratio of 1 equity share of Rs.1 each for every 7 equity shares of Rs.1 each held, at a premium of Rs.66 per equity share. On 261,504 equity shares, calls has remained unpaid towards equity shares capital @ Rs. 0.40 per equity share aggregating to Rs. 105 Thousand reduced from Share Capital in Note 1 above and towards security premium @ Rs. 26.60 per equity share aggregating to Rs. 6,956 Thousand.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
236.599 |
207.116 |
207.116 |
|
(b) Reserves & Surplus |
847.707 |
(873.202) |
(150.881) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1084.306 |
(666.086) |
56.235 |
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.618 |
57.420 |
63.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
2.358 |
2.505 |
1.219 |
|
(d) long-term provisions |
17.255 |
12.380 |
10.585 |
|
Total Non-current Liabilities (3) |
63.231 |
72.305 |
74.804 |
|
|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
759.655 |
619.419 |
2.915 |
|
(b) Trade payables |
127.932 |
162.350 |
103.150 |
|
(c) Other current
liabilities |
37.929 |
660.645 |
531.674 |
|
(d) Short-term provisions |
16.872 |
7.865 |
8.862 |
|
Total Current Liabilities (4) |
942.388 |
1450.279 |
646.601 |
|
|
|
|
|
|
TOTAL |
2089.925 |
856.498 |
777.640 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
655.492 |
639.299 |
629.305 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1.631 |
11.398 |
12.557 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34.160 |
18.187 |
9.982 |
|
(e) Other Non-current assets |
8.507 |
5.203 |
0.843 |
|
Total Non-Current Assets |
699.790 |
674.087 |
652.687 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
969.059 |
0.000 |
24.673 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
250.564 |
42.642 |
26.296 |
|
(d) Cash and cash
equivalents |
67.237 |
65.050 |
51.548 |
|
(e) Short-term loans and
advances |
100.489 |
73.634 |
21.637 |
|
(f) Other current assets |
2.786 |
1.085 |
0.799 |
|
Total Current Assets |
1390.135 |
182.411 |
124.953 |
|
|
|
|
|
|
TOTAL |
2089.925 |
856.498 |
777.640 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
872.790 |
289.765 |
583.478 |
|
|
|
Other Income |
16.169 |
11.457 |
12.394 |
|
|
|
TOTAL (A) |
888.959 |
301.222 |
595.872 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
93.054 |
74.155 |
76.823 |
|
|
|
Employee Benefits Expense |
365.537 |
304.279 |
256.715 |
|
|
|
Other Expenses |
581.854 |
610.737 |
316.271 |
|
|
|
TOTAL (B) |
1040.445 |
989.171 |
649.809 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(151.486) |
(687.949) |
(53.937) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.506 |
2.749 |
1.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(190.992) |
(690.698) |
(55.217) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.955 |
31.623 |
29.859 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(224.947) |
(722.321) |
(85.076) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(0.069) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(224.947) |
(722.321) |
(85.007) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1212.968) |
(490.647) |
(405.640) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1437.915) |
(1212.968) |
(490.647) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Products - Technology / Know-how |
699.080 |
160.444 |
421.474 |
|
|
|
Sale of Services - License Fees / Royalty on Technology |
42.043 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
741.123 |
160.444 |
421.474 |
|
|
|
|
741.123 |
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials Consumed |
20.759 |
21.349 |
22.760 |
|
|
|
Consumption of Stores and Spare Parts |
7.113 |
7.808 |
4.979 |
|
|
|
Capital Goods |
19.442 |
26.724 |
27.238 |
|
|
TOTAL IMPORTS |
47.314 |
55.881 |
54.977 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) ssPer Share (Rs.) |
(1.03) |
(3.43) |
(0.41) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2d
Quarter |
|
Net Sales |
|
356.700 |
258.400 |
|
Total Expenditure |
|
250.700 |
335.600 |
|
PBIDT (Excl OI) |
|
106.000 |
(77.200) |
|
Other Income |
|
22.000 |
30.400 |
|
Operating Profit |
|
128.000 |
(46.800) |
|
Interest |
|
24.100 |
20.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
103.900 |
(67.500) |
|
Depreciation |
|
08.800 |
09.000 |
|
Profit Before Tax |
|
95.100 |
(76.500) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
95.100 |
(76.500) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
95.100 |
(76.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(25.30)
|
(239.80) |
(14.27) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(25.77)
|
(249.28) |
(14.58) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.77)
|
(85.47) |
(11.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
1.08 |
(1.51) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74
|
(1.02) |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
0.13 |
0.19 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL PHARMACEUTICAL
RESEARCH AND DEVELOPMENT INDUSTRY
The growth in R&D spending of the global pharmaceutical industry has been reducing over the past few years after decades of persistent increases. This can be attributed to fall in research productivity over the last few years in terms of quality of new products. While the number of new drug approvals by the US FDA have improved in last one year, fewer drugs are becoming blockbusters, i.e., fewer drugs have the potential of annual revenues of over US$1 billion.
The lower R&D productivity has led to more in-licensing of drugs directly from small upcoming biotech/pharmaceutical companies as compared to in-house research and development. Global innovator companies are becoming more collaborative and may involve the use of technologies across companies (including specialty pharma or large generics firm) to maximise productivity.
There are several companies specializing in pharmaceutical research and development including some biopharmaceutical companies which are into drug research, discovery, development and commercialization of pharmaceutical products.
Large pharmaceutical companies are expected to continue to invest in research and development over the next 5 years, albeit at a slower rate compared to historic levels. Large pharmaceutical companies are overhauling their research and development operations lately, including a much greater use of outsourcing especially for clinical trials and also through in-licensing deals with smaller local companies while the importance of spending big on research remain unchanged.
INDIAN PHARMACEUTICAL
RESEARCH and DEVELOPMENT INDUSTRY
The Indian innovative pharmaceutical research and development industry is still in the early stages of evolution. Modest yet serious investments have been made and the initial projects are moving through different phases of research, some have even reached Phase III; and the initial delivery system based-projects based on India-developed technology have reached the market.
In recent times several large pharmaceutical companies in India have increased their research and development spending. CARE Research estimates that the cost of developing a new molecule in India is likely to be 1/5th of the American cost and this may work to the advantage of Indian companies.
Although Indian companies are benefiting from the Contract Research Outsourcing (“CRO”) opportunity, innovation of new drugs is the only way to carve niche in pharmaceutical industry. In the present scenario, Indian companies may need to master several research areas/skills before successfully discovering a molecule based on their in-house research efforts.
OUTLOOK
Being an R&D company, it is imperative for SPARC to strike a reasonable balance between risks and rewards that such a business necessitates. Over the past few years, SPARC has attempted to balance out between medium-term and long-term R&D projects. Broadly, our New Drug Delivery System (NDDS) projects are directed at potential commercialization in the medium-term while their New Chemical Entity (NCE) projects will potentially get commercialized in the long-term.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
Borrowings |
|
|
|
Term Loan from
Department of Science and
Technology (DST), Government of India
under the "Drug and Pharmaceutical Research Program" |
43.618 |
57.420 |
|
Short-term
Borrowings |
|
|
|
Bank Overdraft Facility |
16.925 |
8.170 |
|
From Other Parties |
0.000 |
610.000 |
|
Loans from a Related Party |
738.410 |
0.000 |
|
Total |
798.953 |
675.590 |
|
[Repayable in 1 installment of Rs.6.380 Millions and 9 annual installments of Rs.5.452 Millions (Previous Year 10 Annual Installments of Rs.6.380 Millions) commencing from 1st August, 2012. Last installment is due on 1st September, 2021]s |
||
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
|
Guarantees given by the bankers against Advance License Scheme |
52.651 |
49.900 |
|
|
|
|
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.59 |
|
|
1 |
Rs.101.56 |
|
Euro |
1 |
Rs.85.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.