1. Summary Information
|
|
|
Country |
India |
|
Company Name |
SURYA
PHARMACEUTICAL LIMITED |
Principal Name 1 |
Mr. Rajiv Goyal |
|
Status |
Moderate |
Principal Name 2 |
Ms. Alka Goyal |
|
|
|
Registration # |
55-227186 |
|
Street Address |
1596,
1st Floor, Bhagirath Palace, Chandni Chownk, Delhi – 110006, India
|
||
|
Established Date |
25.03.1992 |
SIC Code |
-- |
|
Telephone# |
Not Available |
Business Style 1 |
Development |
|
Fax # |
Not Available |
Business Style 2 |
Manufacturing |
|
Homepage |
Product Name 1 |
Pharmaceutical Products |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 202,752,380/- |
Product Name 3 |
-- |
|
Shareholders |
Total shareholding of Promoter and Promoter Group = 26.21% Total Public shareholding = 73.79% |
Banking |
State
Bank of India |
|
Public Limited Corp. |
YES |
Business Period |
21 Years |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
B
(31) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Related
Party |
USA |
Surya Pharmaceutical Inc., USA |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,447,131,000 |
Current Liabilities |
2,210,117,000 |
|
Inventories |
8,122,548,000 |
Long-term Liabilities |
16,557,751,000 |
|
Fixed Assets |
7,278,865,000 |
Other Liabilities |
33,892,000 |
|
Deferred Assets |
1,013,641,000 |
Total Liabilities |
18,801,760,000 |
|
Invest& other Assets |
414,372,000 |
Retained Earnings |
2,272,045,000 |
|
|
|
Net Worth |
2,474,797,000 |
|
Total Assets |
21,276,557,000 |
Total Liab. & Equity |
21,276,557,000 |
|
Total Assets (Previous Year) |
21,658,278,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
16,229,491,000 |
Net Profit |
(2,725,000,000) |
|
Sales(Previous yr) |
16,004,175,000 |
Net Profit(Prev.yr) |
1,001,579,000 |
MIRA
INFORM REPORT
|
Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SURYA PHARMACEUTICAL LIMITED |
|
|
|
|
Registered
Office : |
1596, 1st Floor, Bhagirath Palace, Chandni
Chownk, Delhi – 110006 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.03.1992 |
|
|
|
|
Com. Reg. No.: |
55-227186 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.202.752 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232DL1992PLC227186 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLS14220D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS3001K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Development, Manufacturing and Marketing of Pharmaceutical Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
company has incurred heavy loss during current year. External borrowings appear to be huge an increasing over previous
years. The rating also take into consideration the current delay in meeting
term loan obligations as well as the working capital intensive operations in
the intensely competitive generics market. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term =D |
|
Rating Explanation |
Default or are expected to be in default |
|
Date |
11.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term =D |
|
Rating Explanation |
Default or are expected to be in default |
|
Date |
11.09.2013 |
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 BY
|
Name : |
Mr. Rajiv Goyal |
|
Designation : |
Chairman and Managing Director |
|
Contact No.: |
91-72-5005000 |
|
Date : |
29.10.2013 |
LOCATIONS
|
Registered/ Administrative
Office : |
1596, 1st Floor, Bhagirath Palace, Chandni
Chownk, Delhi – 110006, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office 1/ Head Office : |
SCO 164-165,
Sector 9-C, Madhya Marg, Chandigarh – 160009, Punjab, India |
|
Tel. No.: |
91-172-500-5000/1/2/3/4/5/ 2779635 |
|
Fax No.: |
91-172-507-6000/1/2/3 |
|
Email: |
pkjain@suryapharma.com careers@suryapharma.com |
|
Websites: |
|
|
Location : |
Leased |
|
|
|
|
Corporate Office 2: |
5190 Neil Road, Suite 430 Reno, NV 89502 |
|
|
|
|
|
911, 9th Floor, Surya Kiran
Building, 19, K.G Marg, New Delhi, India |
|
Tel No.: |
91-11-23733021 |
|
Fax No.: |
91-11-43561955 |
|
|
|
|
Factory/Plant : |
· Plot No. 85, HPSIDC Industrial Area, Baddi, Solan – 173205, Himachal Pradesh, India Tel
No.: 91-172-2779635 (8 Lines) /
91-1795-245350 Fax No.: 91-172-2779639/ 91-1795-245350 Area: 80,000 sq. ft. · Plot No. 87, HPSIDC Industrial Area, Baddi - 173205, District Solan, Himachal Pradesh, India Tel.No.: 91-1795-246050 Fax: 91-1795-245350 Location : Owned · Plot No.50-51, EPIP, Phase – I, Jharmajiri, District. Solan (Himachal Pradesh), Baddi. Area : 3870 Sq. Mtrs. Location : Leased · Plot No.383, Industrial Area, Phase I, Panchkula, Haryana, India Tel.: 91-172-2565222/ 5011319 Fax: 91-172-2573130 Area: 1400000 sq. ft. Location : Owned
· Village Banur, Tehsil Rajpura, District Patiala, Punjab, India Tel.No.: 91-1762-507131-32/ 91-172-5005000 Fax: 91-1762-507130/ 91-172-5076000 Area: 20,000 sq. ft. Location : Owned
· Industrial Growth Centre II, Samba (District Jammu), Jammu and Kashmir, India Area: 80 Kanals Location: Leased |
|
|
|
|
International
Offices : |
7, Kaki Bukit Road 1, #
02-10, Singapore (415937) |
|
Tel No.: |
+65 6844 8134 |
|
Fax No.: |
+65 6749 7302 |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. Rajiv Goyal |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth : |
08.07.1963 |
|
Date of Appointment : |
25.03.1992 |
|
|
|
|
Name : |
Ms. Alka Goyal |
|
Designation : |
Executive director |
|
|
|
|
Name : |
Dr. Shiv Kumar Yadav |
|
Designation : |
Additional Director |
|
Date of Birth : |
16.01.1962 |
|
Date of Appointment : |
27.04.2012 |
|
|
|
|
Name : |
Mr. Dharam Pal Singhal |
|
Designation : |
Additional Director |
|
Date of Birth : |
18.08.1941 |
|
Date of Appointment : |
12.11.2011 |
KEY EXECUTIVES
|
Name : |
Mr. B. B. Jain |
|
Designation : |
Company
Secretary and Compliance Officer |
|
Address : |
SCO 164-165,
Sector 9-C, Madhya Marg, Chandigarh – 160009, Punjab, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3353915 |
2.04 |
|
|
39684809 |
24.17 |
|
|
43038724 |
26.21 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
43038724 |
26.21 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1500 |
0.00 |
|
|
1500 |
0.00 |
|
|
|
|
|
|
45836444 |
27.92 |
|
|
|
|
|
|
57344015 |
34.93 |
|
|
12711565 |
7.74 |
|
|
5251132 |
3.20 |
|
|
4730343 |
2.88 |
|
|
520789 |
0.32 |
|
|
121143156 |
73.79 |
|
Total Public shareholding (B) |
121144656 |
73.79 |
|
Total (A)+(B) |
164183380 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
38569000 |
0.00 |
|
|
38569000 |
0.00 |
|
Total (A)+(B)+(C) |
202752380 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Development, Manufacturing and Marketing of Pharmaceutical Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Bulk Drug |
MT |
NA |
2866 |
1873.01 |
|
Formulation– Tablets & Capsules (No in Lacs) |
Nos in Lacs |
NA |
16020 |
2527.48 |
|
Formulation - Dry Syrup (No in lacs) |
NA |
180 |
|
|
|
Menthol & Mint Derivatives |
MT |
NA |
5400 |
7387.06 |
|
Phyto Chemicals |
MT |
NA |
900 |
5.99 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Punjab National Bank · IDBI Bank · Bank of Baroda · Punjab and Sind Bank · Export and Import Bank of India · Allahabad Bank · Corporation Bank · The Federal Bank · Central Bank of India · Catholic Syrian Bank · State bank of Bikaner and Jaipur · Syndicate Bank · Axis Bank · Small Industries Development Bank of India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
AAD and Associates Chartered Accountant |
|
Address : |
# 1595, Sector 33D, Chandigarh – 160020, Punjab, India |
|
|
|
|
Subsidiaries: |
·
Surya Healthcare Limited · Surya Pharmaceutical Inc, USA · Surya Pharmaceutical (Singapore) Pte Limited · Surya Bio Pharma USA Inc. |
|
|
|
|
Entities over which key management personnel/ their relatives
are able to exercise significant influence: |
·
Surya Healthcare Limited ·
Surya Pharmaceutical Inc., USA ·
Ess Ess Exim Private Limited · Surya Healthway Limited · Surya Mediwell Limited · Surya Trade Wings Private Limited · Mediwell Healthcare Limited · Surya Softedge Limited · Emsons Organics Limited · Emm Bee Fincap Private Limited · Futuristics Garments Private Limited · Value Edutech Limited · Surya pharmaceutical (Singapore) INC · Surya Bio Pharma. INC · Raja Forgings and Gears Limited · Surya Automotives Limited · Surya World Educational and Research Charitable Initiative (SWERCI) |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Share |
Rs.1/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
202752380 |
Equity Share |
Rs.1/- each |
Rs.202.752 Millions |
|
|
|
|
|
NOTE:
|
Details of Shareholding More than 5% |
As on 31.03.2012 |
|
|
Equity
Shares |
No.
of Shares |
%age
of Shares |
|
|
|
|
|
Alka Goyal |
20804570 |
10.26% |
|
Futuristics Garments Private Limited |
24787180 |
12.23% |
|
Dynamic Finvest Services Private Limited |
21250000 |
10.48% |
|
Creative Capital Services Limited |
15830000 |
7.81% |
|
Reconciliation of Shares Capital |
As on 31.03.2012 |
|
|
|
|
Equity Shares at the beginning of the year |
192752380 |
|
Add; shares issued on conversion of share warrants |
10000000 |
|
Add: Issue of GDR |
-- |
|
Equity shares at the end if the period |
202752380 |
|
Particulars |
01.04.2011-31.03.2012 |
|
|
|
|
Opening outstanding warrants |
3750000 |
|
Warrants converted on 07.04.2011 |
(1000000) |
|
Balance as on 28.10.2011 |
2750.000 |
During the year
10,000,00 warrants were converted into 100,00,000 equity shares on 07.04.2011. Meanwhile
an appeal was filled before the SEBI to convert equity shares more than 5%of
the total share capital without making open offer under Regulation 3(2) of SEBI
Regulation 3(2) of SEBI (Substantial Acquisition of shares and takeover)
Regulations - 2011.SEBI vide its order dated 09.01.2012 refused to allow any
exemption. As on 31.03.2012 appeal was still pending before the SAT for
exemption under Regulation 3(2) of SEBI (Substantial Acquisition of shares and
Takeover) Regulations -2011 and for extension of exercisable date
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
202.752 |
192.752 |
|
(b) Reserves & Surplus |
|
2272.045 |
4941.097 |
|
(c) Money
received against share warrants |
|
0.000 |
65.625 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2474.797 |
5199.474 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2195.305 |
2650.819 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
193.604 |
|
(c) Other long term liabilities |
|
211.839 |
446.477 |
|
(d) long-term provisions |
|
24.481 |
21.879 |
|
Total Non-current Liabilities (3) |
|
2431.625 |
3312.779 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
14362.446 |
11074.180 |
|
(b) Trade payables |
|
463.394 |
686.788 |
|
(c) Other current
liabilities |
|
1534.884 |
1346.476 |
|
(d) Short-term provisions |
|
9.411 |
38.581 |
|
Total Current Liabilities (4) |
|
16370.135 |
13146.025 |
|
|
|
|
|
|
TOTAL |
|
21276.557 |
21658.278 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
7162.472 |
4029.573 |
|
(ii) Intangible Assets |
|
116.393 |
14.291 |
|
(iii) Capital
work-in-progress |
|
74.000 |
2320.612 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
338.326 |
205.996 |
|
(c) Deferred tax assets (net) |
|
1013.641 |
0.000 |
|
(d) Long-term Loan and Advances |
|
858.730 |
9.061 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
9563.562 |
6579.533 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
2.046 |
52.146 |
|
(b) Inventories |
|
8122.548 |
10406.325 |
|
(c) Trade receivables |
|
2362.109 |
2908.487 |
|
(d) Cash and cash
equivalents |
|
98.831 |
154.802 |
|
(e) Short-term loans
and advances |
|
761.615 |
707.364 |
|
(f) Other current assets |
|
365.846 |
849.621 |
|
Total Current Assets |
|
11712.995 |
15078.745 |
|
|
|
|
|
|
TOTAL |
|
21276.557 |
21658.278 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
144.683 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2887.202 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3031.885 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6805.091 |
|
|
2] Unsecured Loans |
|
|
276.004 |
|
|
TOTAL BORROWING |
|
|
7081.095 |
|
|
DEFERRED TAX LIABILITIES |
|
|
132.172 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10245.152 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4279.800 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
54.953 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6572.584
|
|
|
Sundry Debtors |
|
|
1530.802
|
|
|
Cash & Bank Balances |
|
|
179.076
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1226.523
|
|
Total
Current Assets |
|
|
9508.985
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2618.146
|
|
|
Other Current Liabilities |
|
|
979.356
|
|
|
Provisions |
|
|
21.703
|
|
Total
Current Liabilities |
|
|
3619.205
|
|
|
Net Current Assets |
|
|
5889.780
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
20.619 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10245.152 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
16229.491 |
16004.175 |
11575.314 |
|
|
|
Other Income |
(379.813) |
26.728 |
104.982 |
|
|
|
TOTAL (A) |
15849.678 |
16030.903 |
11680.296 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
15971.537 |
15042.511 |
-- |
|
|
|
Changes in Inventories of FG, WIP and
stock-in-trade |
573.545 |
(2732.609) |
-- |
|
|
|
Increase/(Decrease) in Finished Goods |
-- |
-- |
8.787 |
|
|
|
Raw Material |
-- |
-- |
8850.571 |
|
|
|
Selling Expenses |
-- |
-- |
157.605 |
|
|
|
Other Manufacturing Expenses |
387.192 |
408.978 |
|
|
|
|
Administration Expenses |
-- |
-- |
95.973 |
|
|
|
Excise Duty |
-- |
-- |
233.963 |
|
|
|
Employee Benefits Expenses |
409.111 |
403.599 |
-- |
|
|
|
Other Expenses |
435.881 |
347.986 |
311.264 |
|
|
|
TOTAL (B) |
17777.266 |
13470.465 |
9946.496 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1927.588) |
2560.438 |
1733.801 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1658.484 |
977.807 |
623.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3586.072) |
1582.631 |
1110.183 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
346.174 |
265.470 |
205.548 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(3932.246) |
1317.161 |
904.635 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1207.246 |
315.582 |
144.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(2725.000) |
1001.579 |
760.606 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend (Including DDT) |
|
32.518 |
21.703 |
|
|
|
Dividend Distribution Tax |
|
|
2.951 |
|
|
|
Income Tax |
-- |
12.460 |
5.162 |
|
|
BALANCE CARRIED
TO THE B/S |
-- |
956.601 |
730.790 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3177.201 |
4227.806 |
3412.195 |
|
|
TOTAL EARNINGS |
3177.201 |
4227.806 |
3412.195 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2699.494 |
3295.863 |
2099.806 |
|
|
|
Capital Items |
2.152 |
284.645 |
138.446 |
|
|
TOTAL IMPORTS |
2701.646 |
3580.508 |
2238.252 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(13.44) |
5.13 |
5.26 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.12.2013 |
30.06.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
312.500 |
152.500 |
100.200 |
38.200 |
38.200 |
|
Total Expenditure |
540.300 |
339.100 |
189.000 |
1104.900 |
1104.900 |
|
PBIDT (Excl OI) |
(227.800) |
(186.500) |
(88.800) |
(1066.700) |
(1066.700) |
|
Other Income |
9.400 |
0.300 |
0.300 |
(186.400) |
(186.400) |
|
Operating Profit |
(218.400) |
(186.200) |
(88.500) |
(1253.100) |
(1253.100) |
|
Interest |
567.100 |
503.700 |
589.000 |
377.200 |
377.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(785.500) |
(689.900) |
(677.400) |
(1630.300) |
(1630.300) |
|
Depreciation |
92.600 |
90.100 |
102.000 |
340.000 |
340.000 |
|
Profit Before Tax |
(878.100) |
(780.000) |
(779.400) |
(1970.300) |
(1970.300) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(878.100) |
(780.000) |
(779.400) |
(1970.300) |
(1970.300) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
(179.300) |
(179.300) |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(878.100) |
(780.000) |
(779.400) |
(2149.600) |
(2149.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(17.19)
|
6.25
|
6.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(24.23)
|
8.23
|
7.82
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.81)
|
6.88
|
6.56
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.59)
|
0.25
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.69
|
2.64
|
2.34
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72
|
1.15
|
2.63
|
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
LITIGATIONS DETAILS
IN THE HIGH COURT OF
DELHI AT NEW DELHI
CO.PET. 533/2013
ZIGMA DISTRIBUTORS PRIVATE LIMITED. ..... Petitioner
Through: Ms. Saman Ahsan, Advocate.
Versus
SURYA PHARMACEUTICAL LIMITED. ..... Respondent
Through: None.
CORAM:
HON’BLE MR. JUSTICE R.V.EASWAR
ORDER
11.10.2013
The learned counsel for the petitioner seeks a short accommodation that the arguing counsel is in some difficulty.
Renotify on 12.02.2014.
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Deferred payment liabilities Deferred payment for acquisition of fixed assets |
60.754 |
0.000 |
|
Other loans and advances |
1.054 |
0.000 |
|
Deposits Deposits from others |
92.777 |
0.000 |
|
Other Unsecured borrowings |
154.500 |
106.162 |
|
|
|
|
|
Total |
309.085 |
106.162 |
CORPORATE RESULTS
During the year
2011-12, the net revenue of the Company was Rs.16229.500 Millions as compared
with Rs.16599.100 Millions during the previous year.
Loss before interest,
depreciation and taxes was Rs (1927.500) Millions as compared with profit of
Rs.2560.500 Millions during the previous year. Further, the company reported a
Net Loss of Rs.(2725.000) Millions, after tax as compared with PAT of
Rs.1001.600 Millions last year.
The company has
faced various operational and financial problems in the recent past. Some of
them are:-
1) Steep fall in
prices of cephalosporins and the slowdown in the industry.
2) Time and Cost
overrun in commissioning of plant at Jammu due to changes in the regulatory
framework and the change in product profile owing to competition from Chinese
players resulted into increased fixed costs.
3) The menthol
business could not do as per the expectation due to volatility in prices of
menthol products.
4) The company has
borrowed funds for financing its rapid expansion in business and formation of
subsidiaries which resulted in disproportionate increase in debt as compared to
the revenues.
5) The Company
incurred a forex exchange loss during the FY 2012 on account of huge volatility
in the price of rupee against dollar.
EXPANSION /GROWTH
PLANS AND OUTLOOK
At company, a
number of initiatives will deliver superior returns from 2012-13 onwards. The
company's mature verticals will capitalize on emerging opportunities; new
business verticals will report their full years of operations. They will
increase their product offerings in US markets and other regulated markets
leveraging over strength of Action. Soon Surya will be one of the very few
companies in the world to have an exclusive set up for Carbapenem
manufacturing.
With all these as
well similar other initiatives, the Company expects to graduate from domestic
pharmaceutical player to global pharmaceutical brand strengthening its value
for share holders.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
Global
Pharmaceutical Industry:
The global
pharmaceutical industry has grown by of 6.6% in 2011 as compared to 4.5% in 2010
reaching a market size of $880 Billion. The transformation of the global
pharmaceutical market continues unabated, with focus steadily shifting from
patented drugs to generics. The overall pharmaceutical market is anticipated to
reach $ 1.1 Trillion by 2014.
The industry is
dominated by private sector players with high end technologically
sophistication.
Major Markets
In Pharmaceutical
market space, USA had been eternally maintaining their top position in sales by
value term followed by Europe. These two markets are classified as home of
global major Pharmaceutical companies. These markets are also driven by
technology innovation and high end Pharmaceutical research.
Indian
Pharmaceutical Industry
The Indian
pharmaceutical industry has grown rapidly over the last few decades. Prior to
2005, the Indian regulatory system recognised only process patents, which
helped to build the basis of a strong and competitive domestic pharmaceutical
industry. The evolution of Indian Pharmaceutical industry happened in two major
phases, pre-patent and post-patent phase.
Pre-patent regime
The first
Pharmaceutical Company in India was started in 1930 named as Bengal Chemicals
and Pharmaceutical Works. This Company still exists as one of the 5 government-owned
drug manufacturers. During 1930-60, most of the drugs in India were imported by
multinationals either in fully-formulated or in bulk form. The government
started encouraging the growth of drug manufacturing by Indian companies in the
early 1960s and with the advent of Patents Act in 1970, Indian industry stated
thriving.
Post-Patent regime
In 1970 the
government introduced two landmark regulations to speed up the process of
indigenization namely the Indian Patent Act and the Drug Price Control Order
(DPCO). These two regulations laid the platform for the domestic industry to
flourish and grow.
Indian Patent Act
encourages domestic producers to manufacture drugs in order to ensure
self-sufficiency of the Country. As per the Act, patents are granted only for
the method and process of manufacturing the substances by chemical processes
which can be used as food, medicine and drugs. As a result, a number of Indian
players began manufacturing products based on internationally popular bulk drugs
but by varying the production processes.
FINANCIAL REVIEW
During the F.Y
2011-12, the company has posted a slight increase in the revenue by 1.41% and
there has been fall in API prices due to competition from china which has resulted
in lower revenue and profit due to downward revision of inventory stock.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Foreign/ Inland Letter of Credit |
-- |
211.700 |
|
Bank Guarantees |
25.400 |
141.400 |
|
Corporate Guarantee (Subsidiaries) |
1773.200 |
1136.500 |
|
Bills Discounted (FOBN) |
74.600 |
232.700 |
|
|
|
|
|
Claims against the Company not
acknowledged as debt as on 31.03.2012 in respect of: |
||
|
Income Tax matters, pending decisions on various appeals
made by the company and by the department |
|
|
|
Cases for A.Y. 2000-01, 2001-02, 2004-05 and 2005-06 are
remanded back by ITAT to Assessing Officer for reframing the case. |
No Demand Pending |
No Demand Pending |
|
|
|
|
|
Cases for A.Y. 2006-07 are pending with Tribunal. |
Appeal Pending at ITAT |
Appeal Pending at ITAT |
|
|
|
|
|
Case for A.Y. 2007-08 is under processing with ITAT. |
Appeal
Pending at ITAT |
CIT(A) has allowed their appeals and company has applied for appeal affect asking for refund of (Rs 55.561
Millions) |
|
Excise matters, under dispute |
203.950 |
73.450 |
|
Sales Tax matters, under dispute |
-- |
-- |
|
Service Tax, under dispute |
20.180 |
17.390 |
|
Customs Act |
31.330 |
31.330 |
UNAUDITED FINANCIAL
RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2013
Rs. In Millions
|
Sr.No. |
Particulars |
Quarter Ended |
Year Ended |
||
|
|
|
30.06.2013 |
31.03.2013 |
30.06.2012 |
31.03.2013 |
|
|
|
Unaudited |
Audited |
Unaudited |
Audited |
|
1 |
Net Sales/Income from Operators (Net of Excise Duty) |
57.405 |
38.148 |
312.446 |
603.304 |
|
|
Total |
57.406 |
38.148 |
312.446 |
603.304 |
|
2 |
Expenditure |
|
|
|
|
|
|
a. (Increase/Decrease in Stock in Trade and W1P .FG |
63.059 |
1014.942 |
(260.952) |
909.301 |
|
|
b, Consumption of Raw Materials |
2.198 |
27.325 |
660.458 |
919.261 |
|
|
c. Purchase of Traded Goods |
- |
- |
- |
- |
|
|
d Employees' benefits expense |
4.972 |
3.679 |
41.540 |
88.451 |
|
|
e. Depreciation |
156.665 |
339.997 |
92.630 |
624.651 |
|
|
f. Other Expenditure |
18.012 |
58.910 |
119.200 |
256.140 |
|
|
g. Total |
244.926 |
1444.853 |
632.876 |
2797.804 |
|
3 |
Profit from Operations
before Other Income, Finance Costs & Exceptional Items (1 -2) |
(187.521) |
(1406.705) |
(320.430) |
(2194.500) |
|
4 |
Other Operating Income |
- |
(186.409) |
9.385 |
(176.391) |
|
5 |
Profit before
Finance Costs & Exceptional Items (3+4) |
(187.521) |
(1593.114) |
(311.045) |
(2370.891) |
|
6 |
Finance Costs |
618.021 |
377.158 |
567.088 |
2036.894 |
|
7 |
Profit after
Finance Costs but before Exceptional Items (5-6) |
(805.542) |
(1970.272) |
(878.133) |
(4407.785) |
|
8 |
Exceptional Items |
- |
- |
- |
- |
|
9 |
Profit from
Ordinary Activities before tax (7+8) |
(805.542) |
(1970.272) |
(878.133) |
(4407.785) |
|
10 |
Tax expenses-Current Tax 8 Deferred Tax |
- |
- |
- . |
1441.904 |
|
11 |
Net Profit from
Ordinary Activities after tax (9-10) |
(805.542) |
(1970.272) |
(878.133) |
(2965.881) |
|
12 |
Extraordinary Kerns |
- |
179.295 |
- |
179.295 |
|
13 |
Net Profit for the
period (11-12) |
(805.542) |
(2149.567) |
(878.133) |
(3145.176) |
|
14 |
Paid-up Equity Share Capital (Face Value of Rs.1/-per Share) |
202.752 |
202.752 |
202.752 |
202.752 |
|
15 |
Reserves excluding Revaluation Reserves |
|
- |
- |
(746.051) |
|
16 |
Earnings Per Share (EPS) |
|
|
|
|
|
|
a Basic and diluted EPS before Extraordinary items |
(3.97) |
(10,60) |
(4.33) |
(15.51) |
|
|
b: Basic and diluted EPS after Extraordinary items |
(3.97) |
(10,60) |
(4.33) |
(15.51) |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
|
- Number of Shares |
159713656 |
159713656 |
142204998 |
159713656 |
|
|
- Percentage of Shareholding |
78.77 |
78.77 |
70.14 |
78.77 |
|
2 |
Promoter and
Promoter Group Shareholding: |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
-No. of Shares |
41869974 |
41869974 |
59378632 |
41869974 |
|
|
- Percentage of Shares (as a % of the total shareholding of Promoter and Promoter Group) |
97.28 |
97.28 |
98.07 |
97.28 |
|
|
- Percentage of Shares (as a % of the total share Capital of the Company) |
20.65 |
20.65 |
29.29 |
20.65 |
|
|
b) Non-Encumbered |
|
|
|
|
|
|
-No. of Shares |
1168750 |
1168750 |
1168750 |
1168750 |
|
|
- Percentage of Shares (as. a % of the total shareholding of Promoter and Promoter Group) |
2.72 |
2.72 |
1.93 |
2.72 |
|
|
- Percentage of Shares (as a % of the total share Capital of the Company) |
0.58 |
0.58 |
0.58 |
0.58 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
|
Received during the quarter |
0 |
|
|
|
|
|
Disposed of during the quarter |
0 |
|
|
|
|
|
Ram a in in a unresolved at the end of the Quarter |
0 |
|
|
|
NOTES:
1 The above results have not been reviewed by the Audit Committee as the said Committee does not consist of any Member as on date. The Board of Directors of the Company presently consists of two persons, which is less than the minimum number of Directors statutorily required in case of a public company. The above results have been taken on record by the two Directors of the Company i.e., Managing Director and Executive Director on September 12, 2013. The present Directors of the Companvarein discussion with persons for induction as Director of the Board of Directors of the Company. The Whole time Secretary mandatorily required to hold office in case of a public company is not in office.
2, The Company has filed Reference under the Sick Industrial Companies (Special Provisions) Act 1985 before the Hon'ble Board for Industrial and Financial Reconstruction for reasons of its accumulated tosses as at March 31, 2013 exceeding its net worth.
3 Certain creditors of the Company to whom amounts are due for payment (including certain claims wherein the amounts are partly or wholly disputed by the Company) have initiated proceedings for winding up of the Company before the jurisdictional High Court, i.e., Hon'ble Delhi High Court and/or proceedings for arbitration, interalia, seeking interim relief from jurisdictional courts. The Company is contesting the above proceedings.
There exist orders for restrain issued by certain courts against the Company whereby disposal of assets / specified assets is not permitted by the Company and there also some orders of attachment of assets of the Company issued by the Income Tax Department.
4 Restructuring of debts of the Company carried by the lenders of the Company under Corporate Debts Restructuring forum has been unilaterally recalled by certain lenders, which has been followed up by in some cases by notice issued by lenders u/s 13(2) of the Seciiritisatlon and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002. The Company is aggrieved against these notices and will be taking action as may be advised by its counsel.
5 The above results have not been reviewed by the Statutory Auditors of the Company as the Board of Directors of the Company consists of two Directors, which does not constitute a valid quorum to review and approve the above accounts.
6 The Company operates in only one segment
7 Figures have been regrouped/rearranged wherever considered necessary.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
R and D Assets
·
Miscellaneous Assets
·
Electrical and Fittings
·
Computers
·
Pollution Control
Equipment
·
Furniture and Fixtures
·
Motor Vehicle
AS PER WEBSITE
PRESS RELEASE
GLOOMY TIMES FOR
SURYA PHARMACEUTICAL AS FIRM CLOSES PLANTS IN JAMMU, HARYANA
New Delhi/
Chandigarh April 26, 2012
Surya Pharmaceutical Limited, the flagship company of Rs 17000.000 Millions Surya Corp, has closed two of its units namely Jammu plant, which was still under trial production and one at Panchkula (Haryana) unit. As far as the other manufacturing facilities are concerned, the company is curtailing and consolidating the operations for now as a part of restructuring, Surya said in an e-mail. The company has also submitted its case for debt restructuring.
The company has six units spread across Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir according to the annual report 2010-11 and manufacture API, fine intermediates, formulations, herbal products, and menthol/mint derivatives and having a client base spread across 90 countries across the globe.
Surya cited that two plants have been closed due to the paucity of working capital. On being asked about the reason behind closure of units and where the strategy went wrong, the company said that recently it got into cash flow problem because of the delay in commissioning and cost over-run of the Jammu plant. It was also constrained to raise the required capital from the financial market due to high interest rates, tight monetary conditions and adverse global economy and consequently could not get the desired support from bankers. There have also been some foreign exchange losses and delay in receipt of export payments, which further tightened the cash flow situation.
However, insiders mentioned that the company executed massive expansion which includes acquisition and diversification during the last two-three years which led to cash flow problem. They also mentioned that qualified and very good talent are needed to manage the operations since the company has diversified interests, as the attrition level was very high at senior positions, things couldn’t be managed properly.
In December 2010, the company had acquired ActivOn, a leading OTC analgesic drug brand in the USA, with global marketing rights. The brand comes with the acquisition of Ameshire Investment Corp, USA through its 100 per cent subsidiary based out of Singapore.
The company had funded the investment of $22 million through a mix of internal accrual and debt financing from EXIM Bank. Besides that it has also diversified in pharmacy retail through its subsidiary, Surya Healthcare Ltd under Viva brand in Delhi, NCR, Punjab, Haryana, Maharashtra, Andhra Pradesh, Uttar Pradesh, Chandigarh etc.
The company had also bought Hyderabad-based Medimart Pharmacy, which runs 42 drug retail outlets in Andhra Pradesh, for Rs 105.000 Millions in 2010-11.
Despite cash flow problem, the company is hopeful that it can be revived post restructuring and it has submitted its case for Corporate Debt Restructuring (CDR). According to an e-mail sent to Business Standard, it states that the company was referred by the State Bank of India as the leading bank of the consortium of its bankers for debt restructuring and the case has already been admitted by CDR cell with the support of majority of lenders.
In view of the confidence reposed by the bankers and the company having very good manufacturing assets compliant to USFDA and other international standards, it is confident of reviving back post restructuring, it stated further.
On being asked about the reason behind top management people who left the organisation the company stated that some team members have left the Company for greener pastures which is quite common in the corporate sector.
The Rs 17000.000 Millions group, Surya Corp is an integrated group of companies, with diversified interests in pharmaceuticals, healthcare, education, pharmacy retail and beverages.
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]
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.23 |
|
|
1 |
Rs.100.18 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.