MIRA
INFORM REPORT
|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
STRIDES ARCOLAB LIMITED |
|
|
|
|
Registered
Office : |
201, Devavrata, Sector 17,
Vashi, Navi Mumbai – 400705, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.06.1990 |
|
|
|
|
Com. Reg. No.: |
11-057062 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 588.656
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1990PLC057062 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36534B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS8104P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of all types of Bulk Drugs,
Pharmaceuticals, etc. |
|
|
|
|
No. of Employees
: |
2700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a fine track record. Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. Note: The company has changed its financial year form 12 months to 15
months i.e. 01.01.2013 to 31.03.2014. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan Facilities = A+ |
|
Rating Explanation |
Having adequate degree of safety and carry low credit risk |
|
Date |
March, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Facilities = A4+ |
|
Rating Explanation |
Having very strong degree of safety and carry lowest credit risk. |
|
Date |
March, 2014 |
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
31-03-2014.
INFORMATION DECLINED
Management Non Co-operative (91-22-27893199)
LOCATIONS
|
Registered Office : |
201, Devavrata, Sector 17, Vashi,
Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-27892924 / 27893199 |
|
Fax No.: |
91-22-27892942 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Strides House, Bilekahalli, Bannerghatta Road, Bangalore –
560076, Karnataka, India |
|
Tel. No.: |
91-80-26581343/ 44/ 67580738/
39/ 67580000/ 66580751/ 66580000/ 66580600 |
|
Fax No.: |
91-80-26583538/ 4330/ 67580700/
800/ 66580800 |
|
E-Mail : |
|
|
|
|
|
R and D Centre |
Strides Technology And Research, Bilekahalli, Bannerghatta
Road, Bangalore 560076, Karnataka, India |
|
Tel. No.: |
91-80-67840290 |
|
Fax No.: |
91-80-66580200/300 |
|
|
|
|
GLOBAL PLANTS : |
|
|
Factory 1 : |
Sterile Products Division – I Bilekahalli,
Bannerghatta Road, Bangalore - 560076, Karnataka, India |
|
|
|
|
Factory 2 : |
Penicillins Facility Estrada Doutor
Lorival Martins Beda, 926 – 968 28110-000- Donana – Campos dos, Goytacazes-
Rio de Janeiro- Brazil |
|
|
|
|
Factory 3 : |
Sterile Products Division – II Plot No. 284-A, Bommasandra
Jigani Link Road, Industrial Area, Jigani Village, Jigani, Hobli, Anekal
Taluk, Bangalore - 562106, Karnataka, India |
|
|
|
|
Factory 4 : |
Strides Arcolab Polska Sp.Zo.o ul. Daniszewska
10 03-230 Warszawa NIP-813-34-15-000, Poland |
|
|
|
|
Factory 5 : |
Oral Dosage Form Facility – III Plot No. 9-12,
Dewan and Sons Industrial Area, Veroor, Palghar, District Thane - 401404,
Maharashtra, India |
|
|
|
|
Factory 6 : |
Onco Therapies Limited Plot No. 284-B, Bommasandra
Jigani Link Road, Industrial Area, Jigani Village, Jigani Hobli, Anekal
Taluk, Bangalore - 562106, Karnataka, India |
|
|
|
|
Factory 7 : |
Strides Vital Nigeria Limited Gate No. 02,
Ladipo Oluwole Avenue, Opposite Cocoa Warehouse, Off Oba Akran Road, Ikeja
Industrial Area, Ikeja Lagos, Nigeria |
|
|
|
|
Factory 8 : |
Beta-lactams
Facility Bilekahalli, Bannerghatta Road, Bangalore-560076,
Karnataka, India |
|
|
|
|
Factory 9 : |
Beltapharm SpA 20095 Cusano
MIL. (MI) – Via Stelvio, 66 Italy. |
|
|
|
|
Factory 10 : |
Penems Facility Estrada Doutor
Lorival Martins Beda, 926 – 968 28110-000- Donana – Campos dos, Goytacazes-
Rio de Janeiro- Brazil |
|
|
|
|
Factory 11 : |
Oral Dosage Form Facility – II 'KRS Gardens', Suragajakanahalli, Anekal Taluk,
Bangalore - 560106, Karnataka, India |
|
|
|
|
Factory 12 : |
Oral Dosage Form Facility – I 124, Sipcot Industrial Complex, Hosur - 635126, Tamilnadu, India |
|
|
|
|
Factory 13 : |
Beta-lactams Facility Bilekahalli, Bannerghatta Road, Bangalore - 560076, Karnataka, India |
|
|
|
|
Factory 14 : |
Star Drugs and Research Labs Limited Plot No. 14, Sipcot-II, Hosur -
635109, Tamilnadu, India |
|
|
|
|
Factory 15 : |
Cephalosporins Facility Bilekahalli, Bannerghatta Road, Bangalore
- 560076, Karnataka, India |
|
|
|
|
Factory 16 : |
Penems Facility Estrada DoutorLorival Martins
Beda, 926 - 968 28110-000- Donana - Campos
dos Goytacazes- Rio de Janeiro- Brazil |
|
|
|
|
Warehouse : |
Plot No. 62, Sector – 1, Nerul, Navi Mumbai – 400706, Maharashtra,
India |
|
|
|
|
Global Offices : |
Located at : USA
South Africa 4, Angus Cresent, Longmeadow East, Modderfontein-1644, Norway Sorkedalsveien,
10B 0369, Oslo, Norway. United
Kingdom Unit 4,
Metro Centre, Tolpits Lane,Watford, Hertfordshire, WD18 9SS, UK Singapore 8 Cross Street, No. 17-00 Singapore 048424 |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Deepak Vaidya |
|
Designation : |
Chairman and Independent Director |
|
|
|
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Executive Vice Chairman and Managing Director |
|
Qualification |
B.Com., PGDBM |
|
|
|
|
Name : |
Mr. K.R. Ravishankar |
|
Designation : |
Non-Executive Director |
|
Qualification |
B.Sc. (Part) |
|
|
|
|
Name : |
Mr. Mukul Sarkar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. P M Thampi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Venkat S Iyer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.R. Umarji |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. A.K. Nair |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S Sridhar |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Founder and Group Chief Executive Officer |
|
|
|
|
Name : |
Mr. Venkat S Iyer |
|
Designation : |
Executive Director and Chief Executive
Officer – Agila |
|
|
|
|
Name : |
Mr. T. S. Rangan |
|
Designation : |
Group Chief Executive
Officer |
|
|
|
|
Name : |
Mr. Adam Levitt |
|
Designation : |
Chief Executive Officer Americas Operations |
|
|
|
|
Name : |
Dr. Anand Iyer |
|
Designation : |
Chief Executive Officer, Agila Biotech Division |
|
|
|
|
Name : |
Mr. D P Shrivastava |
|
Designation : |
Chief Executive Officer, Brazil
|
|
|
|
|
Name : |
Mr. Manish Gupta |
|
Designation : |
Chief Executive Officer – pharma |
|
|
|
|
Name : |
Mr. Subroto Banerjee |
|
Designation : |
President, Agila (India Region) |
|
|
|
|
Name : |
Mr. Sihue B Noronha |
|
Designation : |
Chief Executive Officer – Africa |
|
|
|
|
Name : |
Mr. Joe Thomas |
|
Designation : |
Chief Corporate Development Officer |
|
|
|
|
Name : |
Mr. Venkatesh |
|
Designation : |
Account Manager |
|
|
|
|
Name : |
Ms. Manjula |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3387326 |
5.69 |
|
|
13096876 |
21.99 |
|
|
16484202 |
27.67 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16484202 |
27.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2630043 |
4.42 |
|
|
22888 |
0.04 |
|
|
397073 |
0.67 |
|
|
27072732 |
45.45 |
|
|
97263 |
0.16 |
|
|
30219999 |
50.73 |
|
|
|
|
|
|
1908358 |
3.20 |
|
|
|
|
|
|
4243172 |
7.12 |
|
|
4156091 |
6.98 |
|
|
5000 |
0.01 |
|
|
2548799 |
4.28 |
|
|
1877888 |
3.15 |
|
|
180884 |
0.30 |
|
|
290750 |
0.49 |
|
|
96797 |
0.16 |
|
|
80000 |
0.13 |
|
|
21005 |
0.04 |
|
|
1475 |
0.00 |
|
|
12861420 |
21.59 |
|
Total Public shareholding (B) |
43081419 |
72.33 |
|
Total (A)+(B) |
59565621 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
59565621 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of all types of Bulk Drugs,
Pharmaceuticals, etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Soft Gelatin Plant Softgel Capsules |
Numbers
in Millions |
2645 |
-- |
|
Hard Gelatin Plant Capsules |
Numbers
in Millions |
450 |
699734 |
|
Tablet Plant Tablets |
Numbers
in Millions |
2160 |
2115452 |
|
Others |
Numbers
in Millions |
-- |
2105 |
Note:
Installed Capacities
are as certified by the management and relied upon by the Auditors. The
installed capacities serve multiple purposes and will vary according to product
mix.
** Not applicable as the products have been de-licensed.
GENERAL INFORMATION
|
No. of Employees : |
2700 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited · Central Bank of India · HDFC Bank Limited · Indian Overseas Bank · Ratnakar Bank Limited · Syndicate Bank · Yes Bank Limited · Citi Bank · Exim Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road,
Bangalore – 560025, Karnataka, India |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Grant Thornton International Chartered Accountants |
|
Address : |
Wings, 1st Floor, 16/1, Cambridge Road, Halasuru,
Bangalore-560008, Karnataka, India |
|
|
|
|
Wholly Owned Subsidiaries : (As on 31.03.2013) |
Direct Holding · Arcolab Limited SA, Switzerland · Agila Biotech Private Limited, India (w.e.f. May 16, 2012) · Agila Specialties Asia Pte. Limited, Singapore (w.e.f. August 4, 2012) · Agila Specialties Private Limited, India · Agila Specialties Limited (formerly Starsmore Limited), Cyprus · Strides Africa Limited, British Virgin Islands (upto December 25, 2012) · Strides Arcolab International Limited, U.K (SAIL) · Strides Emerging Markets Private Limited, India (w.e.f. June 1, 2012 upto November7, 2012) · Strides Pharma International Limited, Cyprus (formerly Strides Specialty (Cyprus) Limited) · Strides Technology and Research Private Limited, India (Under the process of striking off) Indirect Holding · Agila Australasia Pty Limited, Australia (w.e.f. March 22, 2012) · Agila Biotech (Malaysia) SDN BHD, Malaysia (Formerly Agila Specialties (Malaysia) SDN BHD) · Agila (NZ) Pty Limited, New Zealand (w.e.f. February 8, 2012) · Agila Pharma Canada Corporation, Canada (formerly Pharma Strides Canada Corporation) · Agila Specialties Americas Limited, Cyprus (w.e.f. September 28, 2012) (Formerly Agila Specialties Latina Limited) · Agila Specialties Asia Pte. Limited, Singapore (upto August 3, 2012) · Agila Specialties Global Pte. Limited, Singapore (w.e.f. September 28, 2012) · Agila Specialties UK Limited, UK (w.e.f. December 14, 2012) · Agila Specialties Polska Sp. Z.o.o, Poland (Formerly Strides Arcolab Polska Sp.Z.o.o.) · Co Pharma Limited, UK · Farma Plus AS , Norway · Onco Laboratories Limited, Cyprus · Onco Therapies Limited, India · Plus Farma ehfi, Iceland · Scentia Pharmaceuticals Pty Limited, Australia (formerly Linkace Investments Pty Limited), · Strides Africa Limited, British Virgin Islands (w.e.f. December 26, 2012) Strides Australia Pty Limited, Australia · Strides Emerging Markets Private Limited, India (w.e.f. November 8, 2012) · Strides Inc., USA · Strides Pharma (Cyprus) Limited, Cyprus (upto June 28, 2012) Strides Pharma Limited, Cyprus (formerly Linkace Limited) · Strides Pharmaceuticals (Holdings) Limited, Mauritius · Strides Pharmaceuticals (Mauritius) Limited, Mauritius · Strides S.A. Pharmaceuticals Pty. Limited, South Africa (w.e.f. December31, 2012) · Strides Specialties (Holdings) Cyprus Limited, Cyprus · Strides Specialties (Holdings) Limited, Mauritius |
|
|
|
|
Other Subsidiaries : (As on 31.03.2013) |
Indirect Holding · African Pharmaceuticals Development Company, Cameroon · Agila Marketing e distribicao de Productos Hospitalaries Limited. (formerly Ephos – 106 Produtos Hospitalaries Limited Me), Brazil · Beltapharm S.p.A., Italy · Congo Pharma SPRL, Congo · Inbiopro Solutions Private Limited, India · Sorepharm SA, Burkinofaso · SPC Company Limited, Sudan · Strides CIS Limited, Cyprus · Strides Farmaceutica Participacoes Limited, Brazil · Agila Jamp Canada Inc., Canada (w.e.f. March 20, 2012) · Strides Pharma Cameroon Limited, Cameroon · Strides Pharma (Cyprus) Limited, Cyprus · Strides Pharma Namibia (Pty) Limited, Namibia · Strides S.A. Pharmaceuticals Pty. Limited, South Africa · Strides Vital Nigeria Limited, Nigeria · Ascent Pharmahealth Asia Pte., Limited, Singapore · Ascent Pharma Pty Limited (formerly Genepharm Pty Limited), Australia · Ascent Pharmacy Services Pty Limited, Australia · Ascent Pharmaceuticals Limited (formerly Genepharm (New Zealand) Limited), New Zealand · Ascent Pharmahealth Asia (Hong Kong) Limited (formerly Strides Arcolab Hong Kong Limited), Hong Kong · Ascent Pharmahealth Asia (Malaysia) SDN BHD (formerly Strides Arcolab Malaysia SDN. BHD) , Malaysia · Drug Houses of Australia (Asia) Pte. Limited, Singapore · Pharmasave Australia Pty Limited, Australia |
|
|
|
|
Joint Ventures : (As on 31.03.2013) |
· Akorn Strides LLC, USA · Sagent Agila LLC, USA |
|
|
|
|
Enterprises owned or significantly influenced by
key management personnel and relative of key management personnel : (As on
31.03.2013) |
· Atma Projects, India · Agnus Holdings Private Limited, India · Agnus Global Holdings Pte Limited, Singapore · Agnus IPCO Limited, BVI · Mandala Valley Vineyards Private Limited, India · Nous Infosytems Private Limited, India · Patsys Consulting Private Limited, India · Santo Properties Private Limited, India · Sequent Scientific Limited, India · Sequent Research Limited, India · Sequent Penems Private Limited, India · Sequent Global Holdings Limited, Mauritius · Sequent Antibiotics (Private) Limited, India · Sequent Oncolytics (Private) Limited, India · Skanray Healthcare Private Limited, India (Formerly known as Triumph Fincap Ventures Private Limited) · Karuna Ventures Private Limited, India · Paradime Infrastructure Development Company · Deesha Properties, India · Agnus Capital LLP, India · Atma Enterprises LLP India · Chayadeep Ventures LLP India · Qualichem Remedies LLP India · Triumph Venture Holdings LLP, India · Chayadeep Properties Private Limited, India · Higher Pharmatech Private Limited, India · Pronomz Ventures LLP, India |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.595.656 Millions
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89750000 |
Equity Shares |
Rs.10/- each |
Rs. 897.500 Millions |
|
620000 |
Cumulative Redeemable Preference Shares |
Rs.1000/- each |
Rs. 620.000 Millions |
|
|
TOTAL |
|
Rs. 1517.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58803721 |
Equity Shares |
Rs.10/- each |
Rs. 588.040
Millions |
|
|
|
|
|
NOTE:
Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting period:
|
PARTICULARS |
31.12.2012 |
|
|
|
No. of shares |
(Rs. In Millions) |
|
Equity share of Rs.10/- each |
|
|
|
Opening balance |
58380171 |
583.800 |
|
Issued pursuant to employee stock option
plan |
423550 |
4.240 |
|
Closing balance |
58803721 |
588.040 |
Detail of the rights, preferences and restrictions attaching
to each class of shares outstanding Equity shares of Rs. 10/- each:
The Company has only one
class of equity shares, having a par value of Rs.10/-. The 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 approval by the shareholders at the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares
will be entitled to receive any of the remaining assets of the Company, after
distribution to all other parties concerned. The distribution will be in
proportion to number of equity shares held by the shareholders.
Details of equity shares held by each
shareholder holding more than 5% of shares:
|
PARTICULARS |
31.12.2012 |
|
|
|
No. of shares |
% |
|
Pronomz Ventures LLP |
12665000 |
21.54% |
Details of aggregate number of equity shares allotted as
fully paid-up pursuant to contract without payment being received in cash for
the period of five year immediately preceding the balance sheet date:
|
PARTICULARS |
31.12.2012 |
|
|
No. of shares |
|
Equity shares of Rs.10- issued pursuant to a scheme of amalgamation in
2009 |
13524 |
Details of equity shares ofRs.10/- each reserved for issuance:
|
PARTICULARS |
31.12.2012 |
|
|
No. of shares |
|
Towards Employee stock options under the various Strides Stock option
plans |
2702350 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
595.656 |
588.040 |
583.800 |
|
(b) Reserves & Surplus |
15713.472 |
13126.100 |
13008.360 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
16309.128 |
13714.140 |
13592.160 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.522 |
2846.610 |
3639.350 |
|
(b) Deferred tax liabilities (Net) |
43.900 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
99.509 |
79.940 |
45.860 |
|
(d) long-term provisions |
94.313 |
504.290 |
588.640 |
|
Total Non-current Liabilities (3) |
241.244 |
3430.840 |
4273.850 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1937.118 |
2935.810 |
4142.280 |
|
(b) Trade payables |
2159.804 |
1429.370 |
2096.120 |
|
(c) Other current
liabilities |
3086.256 |
1104.260 |
7684.170 |
|
(d) Short-term provisions |
657.154 |
373.390 |
833.840 |
|
Total Current Liabilities (4) |
7840.332 |
5842.830 |
14756.410 |
|
|
|
|
|
|
TOTAL |
24390.704 |
22987.810 |
32622.420 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
|
2285.870 |
2354.360 |
|
(ii) Intangible Assets |
4179.825 |
776.740 |
884.660 |
|
(iii) Capital
work-in-progress |
|
81.200 |
54.710 |
|
(iv)
Intangible assets under development |
|
214.470 |
15.420 |
|
(b) Non-current Investments |
6594.370 |
12953.230 |
7868.180 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1491.144 |
922.580 |
5835.170 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
12265.339 |
17234.090 |
17012.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3871.064 |
0.380 |
0.000 |
|
(b) Inventories |
1368.004 |
1043.540 |
1303.190 |
|
(c) Trade receivables |
2732.864 |
1930.960 |
2642.830 |
|
(d) Cash and cash
equivalents |
1749.642 |
293.300 |
814.610 |
|
(e) Short-term loans and
advances |
2273.139 |
2343.170 |
10520.270 |
|
(f) Other current assets |
130.652 |
142.370 |
329.020 |
|
Total Current Assets |
12125.365 |
5753.720 |
15609.920 |
|
|
|
|
|
|
TOTAL |
24390.704 |
22987.810 |
32622.420 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10638.456 |
7120.070 |
7496.200 |
|
|
|
Other Income |
1209.336 |
1189.080 |
195.990 |
|
|
|
TOTAL |
11847.792 |
8309.150 |
7692.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4849.714 |
2815.420 |
3178.380 |
|
|
|
Purchase of stock in trade |
1450.669 |
1003.070 |
1072.110 |
|
|
|
(Increase)/Decrease in stock |
(82.175) |
66.760 |
66.180 |
|
|
|
Employees benefits expenses |
1113.753 |
709.190 |
629.760 |
|
|
|
Other Expenses |
1822.020 |
1568.570 |
1061.020 |
|
|
|
Exceptional Item |
(44948.420) |
(644.090) |
559.060 |
|
|
|
TOTAL |
(35794.439) |
6807.100 |
5448.390 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
47642.231 |
1502.050 |
2243.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1050.315 |
712.200 |
805.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46591.916 |
789.850 |
1437.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
472.505 |
190.990 |
176.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
46119.411 |
598.860 |
1261.750 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10990.209 |
39.000 |
82.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
35129.202 |
559.860 |
1179.250 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
5098.960 |
5404.610 |
|
|
|
Development Income |
|
30.170 |
447.590 |
|
|
|
Management advisory service
fees |
|
507.150 |
332.64 |
|
|
|
Interest |
NA |
516.340 |
10.230 |
|
|
|
Profit on sale of investment |
|
308.460 |
0.000 |
|
|
|
Share of Profit on Sale of Product |
|
11.610 |
0.000 |
|
|
|
Other Income |
|
9.200 |
131.260 |
|
|
TOTAL EARNINGS |
NA |
6481.890 |
6326.330 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1379.150 |
1241.020 |
|
|
|
Capital Goods |
NA |
69.290 |
37.120 |
|
|
|
Others |
NA |
66.070 |
11.560 |
|
|
TOTAL IMPORTS |
NA |
1514.510 |
1289.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
593.65 |
9.55 |
20.30 |
|
|
|
Diluted |
591.14 |
5.84 |
20.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
PAT / Total Income |
(%) |
296.50 |
6.74 |
15.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
433.52 |
8.41 |
16.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
259.15 |
6.15 |
5.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.83 |
0.04 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12 |
0.42 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
0.98 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
583.800 |
588.040 |
595.656 |
|
Reserves & Surplus |
13008.360 |
13126.100 |
15713.472 |
|
Net
worth |
13592.160 |
13714.140 |
16309.128 |
|
|
|
|
|
|
long-term borrowings |
3639.350 |
2846.610 |
3.522 |
|
Short term borrowings |
4142.280 |
2935.810 |
1937.118 |
|
Total
borrowings |
7781.630 |
5782.420 |
1940.640 |
|
Debt/Equity
ratio |
0.573 |
0.422 |
0.119 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7496.200 |
7120.070 |
10638.456 |
|
|
|
(5.018) |
49.415 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7496.200 |
7120.070 |
10638.456 |
|
Profit |
1179.250 |
559.860 |
35129.202 |
|
|
15.73% |
7.86% |
330.21% |
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 |
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 |
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 |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|
||||||
|
Stamp No:- |
ITXAL/2454/2010 |
Failing Date:- |
07/12/2010 |
Reg. No.:- |
ITXA/46/2011 |
Reg. Date:- |
15/01/2011 |
|
|
|||||||
|
|
Main Matter |
|
|||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX |
Respondent:- |
STRIDES ARCOLAB LIMITED |
||||
|
Petn.Adv:- |
PADAM DIVAKAR |
||||||
|
District:- |
Mumbai |
||||||
|
|
|||||||
|
Bench:- |
Single |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Admitted(Unready) |
Stage:- |
FOR ADMISSION - FRESH |
||||
|
Last Date:- |
23/11/2011 |
|
|||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE J.P. DEVADHAR HON'BLE SHRI JUSTICE A.R. JOSHI |
||||||
|
|
|
||||||
|
Act:- |
Income Tax Act, 1961 |
||||||
UNSECURED LOANS
|
Unsecured Loans |
31.03.2014 |
31.12.2012 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM BORROWINGS |
|
|
|
|
|
2605.450 |
|
SHORT-TERM BORROWINGS |
NA |
|
|
Unsecured loan repayable on demand from others |
|
0.000 |
|
Total |
NA |
2605.450 |
STATEMENT OF STANDALONE
UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
Rs. In Millions
|
Particulars |
3
Months ended |
|
|
30.06.2014 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net of
excise duty) |
1879.530 |
|
|
(b) Other Operating Income |
128.477 |
|
|
Total income from
operations (net) |
2008.007 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
1058.771 |
|
|
(b) Purchases of stock-in trade |
82.954 |
|
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
(84.610) |
|
|
(d) Employee benefits expense |
277.298 |
|
|
(e) Depreciation and Anmortisation Expenses |
108.000 |
|
|
(f) Other Expenses |
350.147 |
|
|
Total expenses |
1792.560 |
|
3 |
Profit/ (Loss) from operations before other Income,
finance costs and exceptional Items (1-2) |
215.447 |
|
4 |
Other Income |
254.778 |
|
5 |
Profit/
(Loss) from operations before other income, finance costs and exceptional
items (3+4) |
470.225 |
|
6 |
Finance Costs |
86.086 |
|
7 |
Profit/
(Loss) from ordinary activities after finance cost but before exceptional
items (5-6) |
384.139 |
|
8 |
Exceptional items |
(5.587) |
|
9 |
Profit/
(Loss) from ordinary activities before tax (7+8) |
378.552 |
|
10 |
Tax expenses |
110.595 |
|
11 |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
267.957 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
|
13 |
Net
Profit / (Loss) for the period (11-12) |
267.957 |
|
14 |
Share of profit' (loss) of associates |
-- |
|
15 |
Minority Interest |
-- |
|
16 |
Net
Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of
associates (13+14+15) |
267.957 |
|
17 |
Paid up equity share capital (Face Value of Rs10/-each) |
595.656 |
|
18 |
Reserve excluding Revaluation Reserve as per
Balance Sheet of previous accounting year |
-- |
|
19 |
Earnings per share of Rs.10/- each (not annualised): |
|
|
|
(a) Basic |
4.50 |
|
|
(b) Diluted |
4.49 |
|
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
43081419 |
|
|
- Percentage of shareholding |
72.33% |
|
2 |
Promoters and Promoter
group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
1876667 |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
11.38% |
|
|
- Percentage of shares (as a % of the total Share
Capital of the Company) |
3.15% |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
16607535 |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
88.62% |
|
|
- Percentage of shares (as a % of the total Share
Capital of the Company) |
24.52% |
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
4 |
|
|
Received during the quarter |
113 |
|
|
Disposed off during the quarter |
117 |
|
|
Remaining unresolved at the end of the quarter |
-- |
Note:
1. The above unaudited results of the Company has been reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on July 25, 2014.
2. The statutory auditors have carried out limited review of the above standalone results.
3. The previous period's figures have been regrouped/ reclassified wherever necessary to conform to the classification of the current period.
4. Figures for the quarter ended March 31, 2014 are the balancing figures between (a) the audited figures of the fifteen months period ended March 31, 2014 and (b) the published year to date figures upto the quarter ended December 31, 2013 which have been reclassified as per the classification followed at the period ended March 31, 2014.
5. During the quarter, the Company has acquired balance stake of 60% in Strides Actives Limited thereby making it a wholly owned subsidiary.
6. The Board of Directors of the Company in the Meeting held on December 10, 2013 have approved change of financial year of the Company from January-December to that of April-March. Consequently, the current financial year is for a period of 15 months i.e., from January 01, 2013 to March 31, 2014.
7. The Company has entered into an agreement' dated July 21, 2014 with Bafna Pharmaceuticals Limited (the 'seller') to acquire majority stake (74% ) of the Indian Branded Generic Business of the seller for o cash consideration of Rs. 481.000 Millions.
8. The Company is in the process of assessing the potential impact of depreciation on adoption of Schedule II of the Companies Act 2013, which has come into effect from April 01, 2014. Pending such assessment, no adjustments have been made in these results.
9. Exchange fluctuation gain/loss (net) included under Exceptional Items comprises the exchange gain / loss arising on account of restatement and settlement of long term foreign currency loans and intra-group loans & advances given and gain/ loss on related derivative contracts.
10. The Company's investment in Growth oriented Mutual Funds as at June 30, 2014 amounts to Rs. 36,50.000 Millions. The Net Asset Value of these growth funds as at June 30, 2014 is Rs. 3766.438 Millions.
11. The Company's operations fall within a single business segment viz. "Pharmaceutical Products" and as such there is no reportable segment information as per Accounting Standard 17 issued under the relevant provisions of the Companies Act, 1956.
FIXED ASSETS
·
Freehold Land
·
Leased Hold Land
·
Buildings
·
Furniture and Fixtures
·
Office Equipment and Computers
·
Plant and Machinery
·
Motor Vehicles
·
Registration and Brands
·
Software Licences
PRESS RELEASE
CONTINUED US FDA
APPROVAL STATUS FOR ORAL DOSAGE FACILITY
April 25, 2014: Strides Arcolab is pleased to announce that its Oral Dosage Forms manufacturing site (KRS Gardens) in Bangalore was recently inspected by the USFDA as part of GMP compliance audit and the facility continues to be approved.
The last USFDA inspection and approval for this facility was in the year 2011.
The KRS Gardens facility in Bangalore manufactures oral dosage forms such as tablets, capsules (both hard gelatine and soft gelatine) and sachets. The manufacturing plant supports important current and future submissions for the US Market.
About Strides Arcolab
Strides Arcolab, listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical Company headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceutical products.
The Company has 5 manufacturing facilities presence in more than 75 countries in developed and emerging markets.
STRIDES ARCOLAB ANNOUNCES Q1 FY 2014-15 RESULTS
REVENUES AT RS.2600.000 MILLIONS WITH AN EBITDA OF RS.540.000 MILLIONS
REVENUE GROWTH OF 14%, EBITDA GROWTH OF 34% OVER Q2 FY’14
EBITDA MARGIN AT 21%
Bangalore, July 25, 2014 Strides Arcolab (BSE: 532531, NSE: STAR) today announced its financial results for the Quarter ending June 30, 2014
Snapshot
Global Pharma
· Consolidated Pharma Revenues at Rs.2600.000 Millions vs. Rs. 2290.000 Millions in Q2 FY’14, growth of 14%
· Consolidated Pharma EBITDA at Rs.540.000 Millions vs. Rs.410.000 Millions in Q2 FY’14, growth of 34%
· EBITDA Margin at 21% vs. 18% in Q2 FY’14
· EBITDA Margin improvement driven by newer launches in regulated markets and margin expansion in brands business
· Delays in Malarial contract finalization impacted institutional business
· Acquired global rights of ‘Raricap’, a key haematinic brand
· Acquired 20% of Proparco’s stake in our African operations for USD 17 Mn, resulting in 100% ownership in our Africa operations holding company. (Proparco invested USD 12.5 Mn in 2012)
· Completed a Strategic Investment for a minority interest in Oncobiologics
Business Snapshot
Regulated Markets
· Revenues at Rs.1090.000 Millions, representing 42% of the total revenues
· Key USFDA product approvals from Oral Dosage facility at Bangalore
o Methoxsalen Softgel Capsules (Market Value - ~USD 14 Mn)
o Tacrolimus Capsules (Market Value - ~USD 676 Mn)
· First USFDA product approval from Italian semi-solids facility
o Imiquimod Cream (Market Value - ~USD 140 Mn)
Institutional
Business
· Revenues at Rs.780.000 Millions, representing 30% of the total revenues
· Continued momentum in African operations with increased Brand coverage through new products, markets and field force
· Improved performance in India brands with strong focus on field force efficiencies
Biotech
· R&D programs on track. Further delays anticipated in the manufacturing facility setup in Malaysia
· Expenses of Rs.20.000 Millions for Q1 FY’15
Guidance
As communicated in the last quarter, the company will revisit its guidance policy at the end of H1 of the financial year as it gets more clarity on the institutional business.
Commenting on the results, Arun Kumar, Founder and Group CEO, stated “We had a very consistent performance over the last few quarters, with improved margins across all segments. With the flow of product approvals from USFDA and acceleration in the branded generics through acquisition of ‘Raricap’, we see significant traction in the business.”
CMT REPORT (Corruption, Money Laundering
Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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.61.02 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.