1. Summary Information
|
Country |
|
||
|
Company Name |
BILCARE LIMITED |
Principal Name 1 |
Mr. Mohan Harakchand Bhandari |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rajendra Bhagirath Tapadia |
|
Registration # |
11-043953 |
||
|
Street Address |
Gat No. 1028, At Village Shiroli, Taluka Khed, Rajgurunagar, Pune –
410505, Maharashtra, India |
||
|
Established Date |
01.07.1987 |
SIC Code |
-- |
|
Telephone# |
91-20-24456111/ 24456333 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-20-24456333 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Specialty Pharmaceutical Packaging Barrier Films |
|
|
# of employees |
2000 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.235,452,310/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group - 35.82% Public shareholding - 64.18% |
Banking |
Axis
Bank Limited |
|
Public Limited Corp. |
YES |
Business Period |
26 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
Bilcare Singapore Pte. Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,320,420,000 |
Current Liabilities |
2,352,011,000 |
|
Inventories |
1,387,253,000 |
Long-term Liabilities |
13,667,122,000
|
|
Fixed Assets |
6,366,716,000 |
Other Liabilities |
1,170,206,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
17,189,339,000 |
|
Invest& other Assets |
14,795,011,000 |
Retained Earnings |
9,444,609,000 |
|
|
|
Net Worth |
9,680,061,000 |
|
Total Assets |
26,869,400,000 |
Total Liab. & Equity |
26,869,400,000 |
|
Total Assets (Previous Year) |
18,846,849,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
7,274,304,000 |
Net Profit |
65,782,000 |
|
Sales(Previous yr) |
7,525,969,000 |
Net Profit(Prev.yr) |
747,526,000 |
MIRA INFORM REPORT
|
Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BILCARE LIMITED (w.e.f. 01.10.2003) |
|
|
|
|
Formerly Known
As : |
BI LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 1028, At Village Shiroli, Taluka Khed, Rajgurunagar, Pune –
410505, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.07.1987 |
|
|
|
|
Com. Reg. No.: |
11-043953 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.235.452 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28939PN1987PLC043953 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02448F |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing of specialty pharmaceutical packaging barrier films, also provides pharmaceutical research services, clinical services and packaging systems and material. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38720000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Bilcare Singapore Pte Limited. It is an
established company having satisfactory track record. There appears sharp dip in profit of the company in 2013. However, overall financial position of the company appears to be
sound. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A (Withdrawn): Long Term Bank Facilities |
|
Rating Explanation |
Adequate credit quality and average credit
risk. |
|
Date |
October 17, 2011 |
Reason for Withdrawal: At the request of the
company.
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 DENIED
Management Non-Cooperative (91-20-30257700)
LOCATIONS
|
Registered Office/ Factory 1 : |
Gat No. 1028, At Village Shiroli, Taluka Khed, Rajgurunagar, Pune – 410505,
Maharashtra, India |
|
Tel. No.: |
91-20-24456111/ 24456333 91-2135-304200 |
|
Fax No.: |
91-20-24456333 91-2135-224068 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
601, |
|
Tel. No.: |
91-20-30257700 |
|
Fax No.: |
91-20-30257701 |
|
E-Mail : |
|
|
|
|
|
Head Office: |
6th Floor, |
|
Tel. No. |
91-20-30257700 |
|
Fax No.: |
91-20-30257700 |
|
|
|
|
Factory 2 : |
25, MWDC, Chakan, Pune-410501, |
|
|
|
|
Overseas Office : |
Located at |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Mohan Harakchand Bhandari |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
604, Mantri Lawan, Anand Park, Behind Anand Ban Club, Aundh, Pune –
411008, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
14.11.1959 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.07.1987 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00052777 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rajendra Bhagirath Tapadia |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Mauli, Plot No.1, Bhosle Nagar, Pune – 411007, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.10.1959 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.12.1994 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00508894 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Praful Ramachandra Naik |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
D 101, Kasturkunj, ICS Colony, Off Ganeshkhind Road, Bhosale Nagar,
Pune – 411020, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.03.1964 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.06.2004 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00133420 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Anil Anant Tikekar |
|
Designation : |
Secretary |
|
Address : |
106, Saurabh Co-Operative Housing Society, Karvenagar, Pune – 411052,
Maharashtra, India |
|
Date of Birth/Age : |
20.01.1957 |
|
Experience : |
30.04.2002 |
|
Date of Appointment : |
AAGPT1883J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
7678611 |
35.82 |
|
|
7678611 |
35.82 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
7678611 |
35.82 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
306686 |
1.43 |
|
|
345038 |
1.61 |
|
|
2500 |
0.01 |
|
|
654224 |
3.05 |
|
|
|
|
|
|
1507310 |
7.03 |
|
|
|
|
|
|
4723374 |
22.04 |
|
|
4232507 |
19.75 |
|
|
2639397 |
12.31 |
|
|
52540 |
0.25 |
|
|
1866065 |
8.71 |
|
|
7995 |
0.04 |
|
|
636322 |
2.97 |
|
|
76200 |
0.36 |
|
|
275 |
0.00 |
|
|
13102588 |
61.13 |
|
Total Public
shareholding (B) |
13756812 |
64.18 |
|
Total (A)+(B) |
21435423 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2109808 |
0.00 |
|
|
2109808 |
0.00 |
|
Total (A)+(B)+(C) |
23545231 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of specialty pharmaceutical packaging barrier films, also provides pharmaceutical research services, clinical services and packaging systems and material. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. L. Rathi and Company Chartered Accountants |
|
Address : |
Pune, |
|
|
|
|
Costs Auditors : |
|
|
Names : |
Parkhi Limaye and Company Chartered Accountants |
|
|
|
|
Names of related
parties and related party relationship Related parties where control exists : |
Ultimate Holding
Company
Holding Company
Subsidiaries
Holding Company
Subsidiaries
|
|
|
|
|
Joint Venture |
International Labs LLC. USA (50% holding) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23545231 |
Equity Shares |
Rs.10/- each
|
Rs.235.452
Millions |
|
|
|
|
|
a. Reconciliation of
the shares outstanding
|
|
(No. of shares) |
|
At the beginning of the period |
23545231 |
|
Add / (Less) : Movement during the year |
-- |
|
At the end of the period |
23545231 |
b. Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs.. NIL (31 March 2012 : Rs. 2).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferencial amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Details of
Shareholders holding more than 5% shares in the Company
|
Equity shares of
Rs. 10/- each fully paid |
No. of Shares |
% Holding in the
Class |
|
i. Mohan H. Bhandari |
6253489 |
26.56 |
|
ii. Deutsche Bank Trust Company Americas (Custodian of shares against GDR's have been issued) |
2109808 |
8.96 |
|
iii. Monument Pte. Limited |
1761620 |
7.48 |
|
iv. Rakesh R. Jhunjhunwala |
1735425 |
7.37 |
|
v. Nutan M. Bhandari |
1425122 |
6.05 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
235.452 |
|
(b) Reserves & Surplus |
|
|
9444.609 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
9680.061 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
11529.271 |
|
(b) Deferred tax liabilities (Net) |
|
|
1174.851 |
|
(c)
Other long term liabilities |
|
|
0.000 |
|
(d)
Long-term provisions |
|
|
12.725 |
|
Total
Non-current Liabilities (3) |
|
|
12716.847 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
2137.851 |
|
(b)
Trade payables |
|
|
647.967 |
|
(c)
Other current liabilities |
|
|
1704.044 |
|
(d)
Short-term provisions |
|
|
(17.370) |
|
Total
Current Liabilities (4) |
|
|
4472.492 |
|
|
|
|
|
|
TOTAL |
|
|
26869.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
6009.200 |
|
(ii)
Intangible Assets |
|
|
357.516 |
|
(iii)
Capital work-in-progress |
|
|
7851.342 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
6943.669 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan
and Advances |
|
|
52.432 |
|
(e)
Other Non-current assets |
|
|
545.097 |
|
Total
Non-Current Assets |
|
|
21759.256 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
1387.253 |
|
(c)
Trade receivables |
|
|
2754.754 |
|
(d)
Cash and cash equivalents |
|
|
324.041 |
|
(e)
Short-term loans and advances |
|
|
644.096 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
5110.144 |
|
|
|
|
|
|
TOTAL |
|
|
26869.400 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
235.452 |
235.452 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
9312.941 |
8768.341 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
9548.393 |
9003.793 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
6251.411 |
5311.601 |
|
|
2] Unsecured Loans |
|
238.297 |
115.616 |
|
|
TOTAL BORROWING |
|
6489.708 |
5427.217 |
|
|
DEFERRED TAX LIABILITIES |
|
1125.381 |
1017.659 |
|
|
|
|
|
|
|
|
TOTAL |
|
17163.482 |
15448.669 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
5746.773 |
5058.551 |
|
|
Capital work-in-progress |
|
335.129 |
52.472 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
6793.520 |
6571.031 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1291.282
|
929.459
|
|
|
Sundry Debtors |
|
3460.804
|
2392.418
|
|
|
Cash & Bank Balances |
|
267.870
|
684.323
|
|
|
Other Current Assets |
|
496.804
|
0.000
|
|
|
Loans & Advances |
|
454.667
|
721.051
|
|
Total
Current Assets |
|
5971.427
|
4727.251
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
234.907
|
807.636
|
|
|
Other Current Liabilities |
|
1169.851
|
66.110
|
|
|
Provisions |
|
278.609
|
86.890
|
|
Total
Current Liabilities |
|
1683.367
|
960.636
|
|
|
Net Current Assets |
|
4288.060
|
3766.615
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17163.482 |
15448.669 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7274.304 |
7525.969 |
6585.945 |
|
|
|
Other Income |
(7.855) |
62.599 |
43.077 |
|
|
|
TOTAL (A) |
7266.449 |
7588.568 |
6629.022 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4777.817 |
4611.168 |
-- |
|
|
|
Cost of Goods Sold |
-- |
-- |
3974.601 |
|
|
|
Payments to & provision for employees |
-- |
-- |
246.669 |
|
|
|
Over Heads |
-- |
-- |
412.443 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock in trade |
(32.270) |
51.716 |
(8.532) |
|
|
|
Employee benefits expense |
263.700 |
250.074 |
-- |
|
|
|
Other expenses |
434.871 |
386.864 |
-- |
|
|
|
TOTAL (B) |
5444.118 |
5299.822 |
4625.181 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1822.331 |
2288.746 |
2003.841 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1024.944 |
796.938 |
448.437 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
797.378 |
1491.808 |
1555.404 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
419.953 |
359.924 |
296.928 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
377.434 |
1131.884 |
1258.476 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
314.652 |
384.358 |
388.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
65.782 |
747.526 |
870.437 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3168.300 |
2575.468 |
2537.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
100.000 |
150.000 |
|
|
|
Dividend |
0.000 |
47.100 |
70.600 |
|
|
|
Tax on Dividend |
0.000 |
7.600 |
11.500 |
|
|
|
Debenture Redemption Reserve |
0.000 |
0.000 |
600.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3234.100 |
3168.294 |
2575.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
584.933 |
746.695 |
433.270 |
|
|
|
Lease Rent |
262.500 |
0.000 |
70.000 |
|
|
|
Dividend (from joint venture) |
27.560 |
48.775 |
0.000 |
|
|
|
Other |
0.000 |
0.000 |
0.654 |
|
|
TOTAL EARNINGS |
874.993 |
795.470 |
503.924 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1801.134 |
1492.409 |
1591.405 |
|
|
TOTAL IMPORTS |
1801.134 |
1492.409 |
1591.405 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.79 |
31.75 |
36.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.91
|
9.85
|
13.13
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.19
|
15.04
|
19.11
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.13
|
9.66
|
12.86
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.12
|
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.41
|
0.68
|
0.60
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
3.55
|
4.92
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
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 |
UNSECURED LOAN
(Rs.
in Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Deferred sales tax loans |
116.576 |
117.008 |
|
Term Loan from Banks |
981.819 |
0.000 |
|
Others |
80.496 |
0.000 |
|
SHORT-TERM BORROWINGS |
|
|
|
Fixed deposits from public |
1637.054 |
1.289 |
|
Loans and advances from related parties |
50.000 |
50.000 |
|
Loans and advances from others |
0.000 |
70.000 |
|
|
|
|
|
Total
|
2865.945 |
238.297 |
Notes:
- Deferred sales tax loan is interest free and is repayable in yearly installments till 2023.
- The other unsecured loan carries interest @ 3 % p.a. and repayable in 10 annual equal instalments starting from 2014
- Fixed deposits from
public carries interest @ 11% to 12% p.a.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10381902 |
24/09/2012 |
70,000,000.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B60228418 |
|
2 |
10340125 |
07/02/2012 |
3,500,000,000.00 |
Axis Trustee Services Limited |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B34099549 |
|
3 |
10340325 |
07/02/2012 |
10,798,900,000.00 |
Axis Trustee Services Limited |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B34190553 |
|
4 |
10329545 |
19/12/2011 |
500,000,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
A-17 RING ROAD, LAJPAT NAGAR- IV, NEW DELHI, DELHI - 110024, INDIA |
B29817624 |
|
5 |
10237031 |
10/08/2010 |
600,000,000.00 |
Axis Trustee Services Limited |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A93411619 |
|
6 |
10132244 |
31/01/2013 * |
2,750,000,000.00 |
Axis Bank Limited |
2ND FLOOR, E AXIS HOUSE, BOMBAY DYING MILL, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B71495782 |
|
7 |
10132241 |
04/12/2008 |
7,250,000,000.00 |
Axis Bank Limited |
CENTRAL OFFICE, CAPITAL MARKETS DEPARTMENT, 11TH FLOOR, "F" WING, MAKER TOWERS, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A51972222 |
* Date of charge modification
HISTORY
Subject is a research-based organization primarily engaged in manufacturing specialty pharmaceutical packaging barrier films. The company provides pharmaceutical research services, clinical services and packaging systems and material. The company's key products include packaging films, aluminum foils, wrap systems, cold formed blisters, closures and containers, and paper composites. They also offer research services, including preformulation studies, formulation development, analytical research, stability studies, packaging audit and packaging development and design. Subject was incorporated on July 1987 as Bhandari Paper Products Private Limited and converted into a public limited company on Oct. 27, 1994. The name of the company was changed to BI Limited in the year 2001 and further the name was changed to Subject on October 1, 2003. The company's plant at Rajgurunagar in Pune is one of its kinds in Asia and the eighth plant of its kind in the world. During the year 1997-98, company completed the project of Paper Tube Plant at Patalganga in Maharashtra. During the year 1999-2000, German Investment and Development company namely DEG - Deutsche Investitions - Und Entwicklungsgesellschaft MBH has subscribed to 21% of the share capital of PT Bhandari Mishindo, a subsidiary of the company. During the year 2002-03, the company introduced seven new unique products for the pharma sector namely Nova, Patina, Ultra, Excel, Super Zing and Venus. During the year 2003-04, the company hived off their Biltube Division in order to focus their core business of manufacture of pharma packaging and research. Also, PT Bhandari Mishindo, a subsidiary company in Indonesia which was formed as an integral part of the Biltube Division was ceased to be a subsidiary of the company. Also, the company promoted Bilcare Singapore Pte Limited as a wholly owned subsidiary of the company during the year. In July 2005, Bilcare Singapore Pte Limited, a wholly owned subsidiary of the company acquired pharma research and clinical services business in USA. Thus Bilcare Inc became a subsidiary of the company. In October 2005, the company unveiled their clinical services facility in Pune. This facility will support the pharma companies in packaging and distribution of their clinical supplies and integrate their global clinical trial requirements efficiently. In September 2006, the company acquired DHP Limited, a UK-based Clinical Trials Services provider through Bilcare (UK) Limited, a wholly owned subsidiary of Bilcare Singapore Pte Limited. In May 2007, Bilcare Research announced the launch of the Bilcare Research Academy in partnership with Association of Clinical Research Professionals (ACRP), US. The academy shall open 25 centers in India and other parts of Asia by 2010. In January 2008, Bilcare Singapore has bought 100% of Singular ID, the provider of integrated high technology enterprise brand security system, for a consideration of Singapore Dollar 19.58 million. Bilcare Singapore is a wholly owned subsidiary of the company. In July 2008, Subject and USA based MeadWestvaco Corp jointly acquired the pharmaceutical packaging Company International Labs of St. Petersburg, Florida, USA.
FINANCIALS
The Company’s Standalone revenue for the year FY 2013-stood at Rs. 7270.000 Millions as against Rs. 7590.000 Millions of FY 2012 due to break down of coating line in India for a month amounting to loss of Rs. 750.000 Millions. There was also severe shortage of working capital in India resulting to further loss.
Being a Company parented out of India, most of its debt is raised in Indian currency, with relatively shorter tenure which is a big disadvantage considering the current global business scenario. This has resulted in severe stress on operations, cash flows and creditor’s commitment delays. Meanwhile, as a corrective measure, Company has initiated a comprehensive restructuring and financial consolidation exercise.
MANAGEMENT AND
DISCUSSION ANALYSIS
Global Pharmaceutical
packaging market landscape
The global pharmaceutical packaging market continues to grow at a CAGR of 8% in the next five years as projected by pharmaceutical packaging market report. Further, the market is expected to be fueled by off-patenting of drugs and expanding the generics market. The global pharmaceutical industry is presently undergoing swift expansion, a lot of technology innovations and rapid advancements in manufacturing processes and integrations. These factors are foretelling growth of the pharmaceutical packaging industry globally. Due to increasing generic and contract manufacturing activities in Asian countries especially India and China, the emerging geographies are expected to register maximum growth.
The increasing demand for biologics will strengthen demand for innovative product packaging solutions in the global pharma packaging market. All these factors, along with the growing pharma industry, will continue to drive demand for packaging. However, the packaging industry will have to overcome challenges, such as the availability and price volatility of raw materials and changing health regulations, in order to meet increasing demand from the growing pharma industry.
The pharmaceutical packaging industry, as a provider of contract services, is not surprisingly experiencing a corresponding market growth. As with the pharma industry, packagers are challenged to grow through innovation, by providing formats which satisfy pharma’s expectation of enhanced drug integrity, safety and stability while delivering the convenience demanded by today’s consumer.
Such growth is a clear indicator of the significant role pharmaceutical packaging will play in the pharmaceutical industry’s quest for growth through innovation. Beyond that, pharma looks to packagers to improve bottom lines and brand distinction, a core focus of Bilcare 5 C offerings to the pharma sector worldwide.
Global Clinical
Services
Bilcare Global Clinical Supplies is a leading provider of Clinical Trial Materials (CTM) services to the pharmaceutical and biotechnology industries. From pre-formulation to global logistics and distribution, their integrated offerings are aimed at establishing critical success factor – speed-to-market. Their services bridge drug discovery with the manufacture of Clinical Trial Material with the speed and precision to accelerate market entry and drive profitability of large and midsized Pharma, Biotechs, Institutions and CROs.
Bilcare this year sold its Global Clinical Supplies (GCS) businesses in the US and the UK, to United Drug plc, a 1.7 billion revenue, a leading provider of healthcare services. As result of the sale, United Drug has acquired Bilcare’s Global Clinical Supplies (GCS) businesses in the US and the UK for USD 61 million while Bilcare has retained its GCS business in Asia. Going forward, United Drug and Bilcare GCS Asia will work together to use their complementary resources to meet the needs of their global customers across US, Europe and Asia.
The business of GCS Asia for the year has grown by 46% and has acquired few more global customers for clinical services.
Bilcare Technology
Focus of Bilcare Technology for the year was to find inroads in both Government and private sector for implementation of trackn-trace and nciD™ solutions. This unique technology has seen positive traction from various Government sectors.
This year, they implemented a pilot project for fertilizer sector and embarked on CSIR new millennium Indian technology leadership initiative. Similarly, their trackn-trace Technology was implemented for exports products of major pharmaceutical and biotech companies, complying with DGFT norms. Bilcare nciD™ Technology also made inroads to Bangladesh the one of most affected counterfeit markets in the world.
Highlights of
Financials
India Standalone revenue for the year FY 2013-stood at Rs. 7270.000 Millions as against Rs. 7590.000 Millions of FY 2012. The Asian business suffered a severe setback on sales and margin during later part of the year. This was further aggravated due to cash flow crunch and working capital shortage amounting to loss of Rs. 750.000 Millions. As a consequence PBT reduced by 56% at Rs. 330.000 Millions as against Rs. 750.000 Millions of last year.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against the Company, not acknowledged as debts: Corporate guarantees given |
10515.184 |
6195.455 |
|
Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) |
0.000 |
208.695 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30 JUNE 2013
(Rs. In Millions)
|
No. Sr. |
Particulars |
30 June 2013 (Unaudited) |
|
PARTI |
|
|
|
1. |
Income from
operations |
|
|
|
a. Net Sales/Income from Operations (Net of Excise Duty) |
1020.500 |
|
|
b. Other Operating Income |
(30.000) |
|
|
Total Income from
Operations (Net) |
990.500 |
|
2. |
Expenses |
|
|
|
a. Cost of materials consumed |
686.000 |
|
|
b. Changes in inventories of finished goods, work-in-progress and stock-in-trade |
50.300 |
|
|
c. Employee benefits expense |
57.500 |
|
|
d. Depreciation and amortisation expense |
121.300 |
|
|
e. Other expenses |
111.500 |
|
|
Total Expenses |
1026.600 |
|
3. |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
(36.100) |
|
4. |
Other Income |
- |
|
5. |
Profit / (Loss)
from ordinary activities before finance costs and exceptional items (3 + 4) |
(36.100) |
|
6. |
Finance costs |
441.500 |
|
7. |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items (5
- 6) |
(477.600) |
|
8. |
Exceptional Items |
- |
|
9. |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
(477.600) |
|
10. |
Tax Expense |
(5.500) |
|
11. |
Net Profit from
Ordinary Activities after Tax (9 -10) |
(472.100) |
|
12. |
Extraordinary items (net of tax expense) |
2.800 |
|
13. |
Net Profit / (Loss)
for the period (11 -12) |
(474.900) |
|
14. |
Minority Interest |
- |
|
15. |
Net Profit / (Loss)
after taxes and minority interest (13 -14) |
(474.900) |
|
16. |
Paid-up Equity Share Capital (face value Rs.10/- each) |
235.500 |
|
17. |
Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
— |
|
18. |
Earnings Per Share
(after Extraordinary items) (not annualised): |
|
|
|
a. Basic |
(20.17) |
|
|
b. Diluted |
(20.17) |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- No. of Shares |
15866620 |
|
|
- Percentage of Shareholding |
67.39% |
|
|
|
|
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
a. |
Pledged /
Encumbered |
|
|
|
- Number of Shares |
715000 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
9.31% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
3.04% |
|
b. |
Non-encumbered |
|
|
|
- Number of Shares |
6963611 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
90.69% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
29.57% |
|
|
* Invested in equity of the Company |
|
|
B |
Particulars |
3 months ended 30
Jun 2013 |
|
|
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
NIL |
|
|
Disposed off during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Notes:
1. The Company's main business segment is packaging research solutions.
2. The previous year's figures have been regrouped / readjusted wherever necessary.
3. The above unaudited results have been approved by the Board of Directors of the Company at its meeting held on 14 August 2013.
FIXED ASSETS
Tangible Assets
- Land
- Building
- Plant and Machinery
- Vehicles
- Electric Fitting
- Furniture and Fixture
- Office Equipments
Intangible Assets
- Patent
- Trademarks
AS PER WEBSITE DETAIL
PRESS RELEASE
BILCARE POST RS.8128.600 MILLIONS CONSOLIDATED REVENUE FOR Q1FY14 6.7%
IMPROVEMENT ON A SEQUENTIAL QUARTER BASIS
Pune, August 14, 2013: Bilcare Limited, global
leader in Pharma Packaging and Research initiated its road to recovery as it
posted total consolidated revenues of Rs. 8128.600 Millions for the first
quarter ended June (Q1FY14) as compared to sequential quarter (Q4FY13), showing
a growth of 6.7%. EBIDTA for current quarter increased to Rs 536.800 Millions
as compared to Rs 297.300 Millions of last quarter (Q4FY13). The company
narrowed down its Net Loss by Rs 306.500 Millions by initiating a series of
positive steps taken by the management team.
Speaking on the results, Mr. Mohan Bhandari,
Chairman and Managing Director, Bilcare Limited said, "Despite the
Global-Economic challenging conditions and the prevailing uncertainty in India,
we at Bilcare have managed to improve our performance on a sequential quarter
basis. Currently, we are going through a debt restructuring exercise which is
progressing well. Post restructuring, performance of the company will get
further strengthened."
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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--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.