MIRA
INFORM REPORT
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Report Date : |
07.08.2014 |
IDENTIFICATION DETAILS
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Name : |
APOLLO HOSPITALS ENTERPRISE LIMITED |
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Registered
Office : |
19 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.12.1979 |
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Com. Reg. No.: |
008035 |
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Capital Investment
/ Paid-up Capital : |
Rs. 695.630 Millions |
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CIN No.: [Company Identification
No.] |
L85110TN1979PLC008035 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA00465D / CHEA09347C /
CHEA08844D |
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PAN No.: [Permanent Account No.] |
AAACA5443N |
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Legal Form : |
A Public Limited Liability Company, Company's Shares are Listed on
Stock Exchange |
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Line of Business
: |
Providing Healthcare Services. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 119000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed health care service provider
company having excellent track. Financial position of the company seems to be sound. Fundamentals are
strong and healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
CRISIL |
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Rating |
Long term rating = AA |
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Rating Explanation |
High degree of safety and carry low credit risk. |
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Date |
January 24, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating = A1+ |
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Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
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Date |
January 24, 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 DENIED BY
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Name : |
Mr. Shyam Sunder |
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Designation : |
Accounts Officer |
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Contact No.: |
91-40-23160039 |
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Date : |
07.08.2014 |
LOCATIONS
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Registered Office : |
19 Bishop Gardens, Raja Annamalaipuram, Chennai - 600028, Tamilnadu,
India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Administrative Office : |
Ali Towers, III Floor, No. 55 Greams
Road, Chennai - 600 006, Tamilnadu, India |
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Tel. No.: |
91-44-28290956 / 28293896 |
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Fax No.: |
91-44-28290956 |
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Corporate Office : |
Sunny Side Building, East Block, 3rd
Floor, No. 8/17 Shafee Mohammed Road, Chennai – 600 006, Tamilnadu,
India |
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Emergency Centre : |
Located At: ·
Hyderabad |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. K. Padmanabhan |
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Designation : |
Group President |
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Name : |
Mr. Krishnan Akhileswaran |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. S.K. Venkataraman |
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Designation : |
Chief Strategy Officer |
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Name : |
Dr. Prathap Reddy |
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Designation : |
Executive Chairman |
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Name : |
Mr. Deepak Vaidya |
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Designation : |
Director |
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Name : |
Mr. Habibullah Badsha |
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Designation : |
Director |
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Name : |
Mr. Khairil Anuar Abdullah |
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Designation : |
Director |
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Name : |
Mrs. Preetha Reddy |
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Designation : |
Director |
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Name : |
Mr. Rafeeque Ahamed |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Menon |
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Designation : |
Director |
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Name : |
Mr. Sanjay Nayar |
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Designation : |
Director |
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Name : |
Mr. N Vaghul |
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Designation : |
Director |
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Name : |
Mr. G. Venkatraman |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Vinayak Chaterjee |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. S.M. Krishnan |
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Designation : |
Company Secretary |
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Name : |
Mrs. Sangita
Reddy |
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Designation : |
Executive Director – Operation |
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Name : |
Mrs. Shobana
Kamineni |
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Designation : |
Executive Director – Special Initiative |
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Name : |
Mrs. Suneeta
Reddy |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Shyam Sunder |
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Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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6814318 |
36.33 |
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6814318 |
36.33 |
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Total shareholding
of Promoter and Promoter Group (A) |
6814318 |
36.33 |
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(B) Public
Shareholding |
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5350 |
0.03 |
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3525 |
0.02 |
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20000 |
0.11 |
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28875 |
0.15 |
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3754250 |
20.01 |
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5804867 |
30.94 |
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1961677 |
10.46 |
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394893 |
2.11 |
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97960 |
0.52 |
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300 |
0.00 |
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10000 |
0.05 |
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286633 |
1.53 |
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11915687 |
63.52 |
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Total Public
shareholding (B) |
11944562 |
63.67 |
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Total (A)+(B) |
18758880 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
18758880 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million
BUSINESS DETAILS
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Line of Business : |
Providing Healthcare Services. |
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Brand Name : |
“APOLLO HOSPITALS” |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Andhra Bank ·
Axis Bank ·
Bank of Tokyo ·
Canara Bank ·
Citi Bank ·
HDFC Bank ·
HSBC ·
ICICI Bank ·
IDBI Bank ·
Indian Bank ·
Indian Overseas Bank ·
Oriental Bank of Commerce ·
State Bank of Travancore |
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Facilities : |
LONG
TERM BORROWINGS 10.30%
Non-Convertible Debentures The Company issued 500 Nos. 10.30% Non-Convertible Redeemable Debentures
of 1 million each on 28th December 2010 with an option to
re-purchase/re-issue some or all of its debentures in the secondary market or
otherwise, at any time prior to the specified date of redemption of 28th
December 2020 and 500 Nos. 10.30% Non-Convertible Redeemable Debentures of 1
million each on 22nd March 2011 which will be redeemed on 22nd March 2021 to
the Life Insurance Corporation of India. . 10.15%
Non-Convertible Debentures The Company issued 1000 Nos. 10.15% Non-Convertible Redeemable
Debentures of 1 million each on 22nd March 2012 with an option to
re-purchase/re-issue some or all of its debentures in the secondary market or
otherwise, at any time prior to the specified date of redemption of 22nd
March 2017. The Company had redeemed
debentures amounting to 60 million
last year as per the terms and conditions of the issue and the residual debenture of Rs.940 million is
outstanding as of 31st March 2014. 9.80% Non
Convertible Debentures The Company issued 1,250 Nos. 9.80% Non Convertible Redeemable
Debentures of Rs.1 million each on
11th July 2012 with an option to re-purchase/re-issue some or all of the
debentures in the secondary market or otherwise at any time prior to the
specified date of redemption of 11th July 2017 to First Rand Bank Limited.The
Debentures stated above in point (a),(b) &(c) are secured by way of pari
passu first charge on the fixed assets of the Company, existing and future
along with Bank and Institutions; such pari passu first charge ensuring at
least a cover of 1.25 times the value of the outstanding principal amount of
the loan. HDFC Bank
Limited The Company has availed Rupee Term Loan of Rs.1,300 million from HDFC
Bank Limited, which is repayable in
twenty quarterly instalments commencing from September 2013 and
interest payable @ 11% pa. The loan is
secured by first pari passu charge on all present and future movable
and immovable fixed assets of the company
along with minimum cover of 1.25 times the value of the outstanding
principal amount of the loan. International
Finance Corporation (External Commercial Borrowings) The Company was sanctioned a sum of US$ 35 million from International
Finance Corporation, Washington by way
of External Commercial Borrowings (ECB). The Company has withdrawn the full
amount of US$ 35 million as of 31st March 2012 on the above loan. The ECB
loan is secured by way of pari passu first ranking charge on the fixed assets
owned by the Company such pari passu charge ensuring atleast a cover of 1.25
times the value of the outstanding principal amount of the loan. The Loan is
repayable in 15 equal semi-annual Instalments starting from 15th September, 2012. During the year two instalments of
US$ 2,333,333 each were repaid on 15th
September 2013 and 15th March 2014. The company was granted a further loan of US$ 30 million in the year
2012-13.The ECB loan is secured by way of pari passu first ranking charge on
the fixed assets of the company ensuring atleast a cover of 1.25 times the
value of the outstanding principal amount of the loan.The Company entered
into a Currency Cum Interest Rate Swap (CCIRS) with HDFC Bank Limited in
Indian Rupee and hedged the loan for interest and foreign currency
fluctuation risk. The derivative contract is secured by a second charge on
the immovable assets of the Company to the extent of Rs.1,100 million. The
tenure of this derivative contract matches with the tenure of the loan outstanding as
of 31st March 2014. HSBC (External
Commercial Borrowings) The company has drawn a loan of US$ 25 million from HSBC in the year
2012-13. The Company entered into a
Currency Cum Interest Rate Swap (CCIRS) with HSBC Bank in Indian Rupee and
hedged the loan for interest and foreign currency fluctuation risk. The ECB
loan is secured by way of pari passu first ranking charge on the fixed assets
of the Company HSBC (Buyer’s
Line of Credit) The Company has availed a buyer’s line of credit of USD 8.40
million(PY: USD 2.61 million), for the equipment imported. The loan is
secured by first pari passu ranking charge on the entire existing and future
movable fixed asset of the company with minimum cover of 1.25 times the value
of the outstanding principal amount of the loan. (previous year it was given
in INR) SHORT TERM
BORROWINGS Details of Trade payables are based on the information available with
the Company regarding the status of Suppliers as defined under the ‘Micro,
Small and Medium Enterprises Development Act, 2006. The amount due to Micro, Small and Medium Enterprises for the financial year
ended 31st March 2014 is Rs.184.79 million (`Rs.230.60 million). No interest
in terms of Section 16 of Micro, Small and Medium Enterprises Development
Act, 2006 or otherwise has either been paid or payable or accrued and
remaining unpaid as at 31st March 2014. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S Viswanatha Chartered Accountant |
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Address : |
Chennai 600004, Tamilnadu, India |
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Subsidiary Companies : |
·
AB Medical Centres Limited ·
Alliance Medicorp (India) Limited ·
Apollo Health and Life Style Limited ·
Apollo Nellore Hospitals Limited ·
Imperial Hospitals and Research Centre Limited ·
Samudra Health Care Enteprises Limited ·
Apollo Cosmetics Surgical Centre (P) Limited ·
Western Hospitals Corporation (P) Limited ·
Apollo Hospitals (UK) Limited ·
Sapien Bio Sciences Private Limited ·
Alliance Dental care limited ·
Unique Home Health Care Limited ·
Apollo Koramangala Cradle Limited ·
Apollo Clinics Gujarat Limited |
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Joint Venture : |
·
Apollo Gleneagles Hospital Limited ·
Apollo Hospitals International Limited ·
Apollo Lavasa Health Corporation Limited ·
Apollo Munich Health Insurance Company Limited ·
Apollo Gleneagles PET-CT (P) Limited ·
Future Parking Private Limited ·
Quintiles Phase One Clinical Trials India Private
Limited |
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Associates : |
·
Family Health Plan Limited ·
Indraprastha Medical Corporation Limited ·
Stemcyte India Therapautics Private Limited |
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Enterprises
over which Key Management
Personnel are able to exercise significant
influence : |
·
Aircel Cellular Limited ·
Aircel Limited ·
Apollo Educational Infrastructure Services
Limited ·
Apollo Energy Company Limited ·
Apollo Clinical Excellence Solutions Limited ·
Apollo Medskills Limited ·
Apollo Health Resources Limited ·
Apollo Mumbai Hospital Limited ·
Apollo Reach Hospitals Enterprises Limited ·
Apollo Sindoori Hotels Limited ·
Dishnet Wireless Limited ·
Healthnet Global Limited ·
Indian Hospitals Corporation Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 5 each |
Rs.1000.000 millions |
|
1000000 |
Preference Shares |
Rs. 100 each |
Rs.100.000 millions |
|
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Total |
|
Rs.1100.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
139658177 |
Equity Shares |
Rs. 5 each |
Rs.698.290 millions |
Subscribed & Paid-up Capital : *
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
139125159 |
Equity Shares |
Rs. 5 each |
Rs.695.630 millions |
Rights,
Preferences and Restrictions attached to shares
Equity shares: The Company has one class of equity shares having a par
value of Rs.5 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
Shareholders holding more than 5% of total paid up capital
As on 31.03.2014
|
Name of the Shareholder |
No.
of Shares
held |
%
of Holding
|
|
PCR Investments
Limited |
27,223,124 |
19.57 |
|
Integrated
(Mauritius) Healthcare Holdings Limited |
15,093,860 |
10.85 |
|
Oppenheimer
Developing Markets Fund |
11,678,894 |
8.39 |
|
HSTN Acquisition
(FII) Limited |
-- |
-- |
The Company had issued 9,000,000 Global Depository Receipts of Rs.10 (now 18,000,000 Global Depository Receipts of Rs.5 each with two way
fungibility during the year 2005-06. Total GDR’s converted into underlying Equity Shares for the year ended on 31st
March 2014 is 147,449 (2012-13 : 4,597,869) of Rs.5 each and total equity
shares converted back to GDR for the year ended 31st March 2014 is 439,944
(2012-13 : 10,949) of Rs.5 each. Total
GDR’s converted into equity shares upto 31st March 2014 is 25,079,178 (2012-13
: 24,931,729) of Rs.5 each
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
695.630 |
695.630 |
672.330 |
|
(b) Reserves & Surplus |
28,951.620 |
26,580.340 |
22463.280 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
387.050 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
29,647.250 |
27,275.970 |
23,522.660 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10,052.400 |
8,787.770 |
4,216.690 |
|
(b) Deferred tax liabilities
(Net) |
3,288.580 |
2,394.110 |
1,700.850 |
|
(c) Other long term
liabilities |
27.580 |
37.650 |
47.770 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
13,368.560 |
11,219.530 |
5,965.310 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
159.300 |
189.280 |
1,382.970 |
|
(b) Trade payables |
2,487.230 |
1,763.420 |
1,709.360 |
|
(c) Other current liabilities |
1,587.210 |
1,941.340 |
1,572.680 |
|
(d) Short-term provisions |
1,316.350 |
1,154.350 |
773.230 |
|
Total
Current Liabilities (4) |
5,550.090 |
5,048.390 |
5,438.240 |
|
|
|
|
|
|
TOTAL |
48,565.900 |
43,543.890 |
34,926.210 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19,759.120 |
16,774.720 |
14,238.840 |
|
(ii) Intangible Assets |
127.880 |
140.410 |
121.210 |
|
(iii) Capital work-in-progress |
4,635.730 |
3,579.230 |
1,893.150 |
|
(iv) Intangible assets under
development |
173.850 |
148.070 |
116.230 |
|
(b) Non-current Investments |
5,417.610 |
5,254.500 |
6,470.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4,876.080 |
3,227.580 |
2,446.320 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
34,990.270 |
29,124.510 |
25,285.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1,482.670 |
3,705.850 |
1,171.080 |
|
(b) Inventories |
2,649.740 |
2,053.880 |
1,827.090 |
|
(c) Trade receivables |
4,684.510 |
4,266.090 |
3,537.700 |
|
(d) Cash and cash equivalents |
2,088.980 |
2,554.660 |
1,869.550 |
|
(e) Short-term loans and
advances |
2,489.340 |
1,685.810 |
976.650 |
|
(f) Other current assets |
180.390 |
153.090 |
258.290 |
|
Total
Current Assets |
13,575.630 |
14,419.380 |
9,640.360 |
|
|
|
|
|
|
TOTAL |
48,565.900 |
43,543.890 |
34,926.210 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
38,616.310 |
33,177.910 |
28,000.720 |
|
|
Other Income |
224.570 |
310.270 |
278.480 |
|
|
TOTAL
(A) |
38,840.880 |
33,488.180 |
28,279.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9,516.010 |
8,642.580 |
7,846.630 |
|
|
Purchases of Stock-in-Trade |
10,962.790 |
8,639.910 |
6,898.820 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(459.870) |
(84.260) |
(190.690) |
|
|
Employees benefits expense |
6,102.230 |
5,243.990 |
4,285.070 |
|
|
Extraordinary Items |
0.000 |
(45.450) |
0.000 |
|
|
Other expenses |
6,356.580 |
5,200.160 |
4,516.91 |
|
|
TOTAL
(B) |
32,477.740 |
27,596.930 |
23,356.740 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
6,363.140 |
5,891.250 |
4,922.460 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
870.680 |
726.250 |
636.030 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5,492.460 |
5,165.000 |
4,286.430 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1,290.780 |
1,085.200 |
911.280 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
4,201.680 |
4,079.800 |
3,375.150 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
894.480 |
988.720 |
1,065.250 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
3,307.200 |
3,091.080 |
2,309.900 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Hospital Fees |
506.660 |
293.310 |
150.370 |
|
|
Project Consultancy Services |
17.120 |
18.220 |
65.050 |
|
|
Reimbursement Expenses |
0.760 |
0.230 |
0.800 |
|
|
Pharmacy Sales |
9.730 |
0.290 |
2.320 |
|
|
TOTAL
EARNINGS |
534.270 |
312.050 |
218.540 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Machinery and Equipment |
1,041.760 |
890.330 |
407.810 |
|
|
Components and Stores parts |
51.490 |
49.270 |
12.610 |
|
|
Other Consumables |
11.260 |
13.930 |
9.070 |
|
|
TOTAL
IMPORTS |
1,104.510 |
953.530 |
429.490 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
23.77 |
22.43 |
17.72 |
|
|
Diluted
|
23.77 |
22.22 |
17.16 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
8.51 |
9.23 |
8.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.88 |
12.30 |
12.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.96 |
11.80 |
12.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.142 |
0.150 |
0.143 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.34 |
0.33 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45 |
2.86 |
1.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
672.330 |
695.630 |
695.630 |
|
Reserves & Surplus |
22,463.280 |
26,580.340 |
28,951.620 |
|
Money received against share warrants |
387.050 |
0.000 |
0.000 |
|
Net
worth |
23,522.660 |
27,275.970 |
29,647.250 |
|
|
|
|
|
|
long-term borrowings |
4,216.690 |
8,787.770 |
10,052.400 |
|
Short term borrowings |
1,382.970 |
189.280 |
159.300 |
|
Total
borrowings |
5,599.660 |
8,977.050 |
10,211.700 |
|
Debt/Equity
ratio |
0.242 |
0.329 |
0.344 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
28,000.720 |
33,177.910 |
38,616.310 |
|
|
|
18.489 |
16.392 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
28,000.720 |
33,177.910 |
38,616.310 |
|
Profit/(Loss) After Tax |
2,309.900 |
3,091.080 |
3,307.200 |
|
|
8.25% |
9.32% |
8.56% |
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 |
------ |
|
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 |
------ |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10402262 |
02/08/2013 * |
1,500,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LTD |
1, QUEEN'S ROAD
CENTRAL, HONG KONG SAR, - 9999999 |
B85604635 |
|
2 |
10392592 |
08/08/2013 * |
1,858,044,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
2121
PENNSYLVANNIA AVENUE N.W, WASHINGTON DC, WAS |
B86174182 |
|
3 |
10385250 |
23/05/2013 * |
600,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
30, RAJAJI
SALAI, CHENNAI, TAMIL NADU - 600001, IN |
B77175271 |
|
4 |
10380025 |
02/08/2013 * |
1,250,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B85463776 |
|
5 |
10363496 |
08/08/2013 * |
1,500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B85894228 |
|
6 |
10354036 |
02/08/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B85474104 |
|
7 |
10280325 |
02/08/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B85463891 |
|
8 |
10221425 |
08/08/2013 * |
2,167,718,000.00 |
INTERNATIONAL FINANCE
CORPORATION |
2121
PENNSYLVANIA AVENUE N.W., WASHINGTON D.C, WA |
B86172202 |
|
9 |
10186151 |
08/08/2013 * |
1,100,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B85897742 |
|
10 |
10163900 |
02/08/2013 * |
12,968,750,000.00 |
CANARA BANK |
THOUSAND LIGHTS
BRANCH, GREAMS ROAD, CHENNAI, T |
B84880384 |
* Date of charge modification
RESULTS OF
OPERATIONS
During the year, the income from operations of the Company increased to
Rs.38,616 million compared to Rs.33,178 million in the previous year,
registering an impressive growth of 16%. The profit after tax for the year
increased by 7% to Rs.3,307 million compared to Rs.3,091 million in the
previous year,
During the year, the consolidated gross revenue of the Company increased
to Rs.43,842 million compared to Rs.37,687 million in the previous year,
registering an impressive growth of 16%. Net profit after
minority interest for the group increased to Rs.3,168 million from
Rs.3,044 million representing a growth of 4%
AWARDS
·
Apollo Hospitals has been awarded the Gallup Great Places
to Work Award (GGWA) for the year 2014 in recognition of exceptionally
leveraging its workforce to drive business results and sustainable growth.
·
Dr. Prathap C. Reddy, Founder and Chairman of the
Apollo Hospitals Group was honoured with the Lifetime Achievement Award by
NDTV.
·
Dr. Prathap C. Reddy, Chairman, Apollo Hospitals
Group was conferred with the Lifetime Achievement Award at the Asian Business
Leadership Forum Awards 2013.
·
Dr. Prathap C Reddy was also conferred with the
Lifetime Achievement Award by CNBC TV18 at the 9th edition of India Business
Leaders Awards 2013
·
In the Week-Nielsen Hospital Awards 2013, 3
Hospitals from the Apollo Network were recognised as being among the Top 15
Multi-specialty Hospitals in India. Chennai (#4), Delhi (#9) and Hyderabad
(#14) have been conferred with this prestigious honour. Chennai and Delhi have
featured in the list of Top 10 hospitals in India for the 6th year in a row.
These two facilities have also featured in the list of Best Hospitals in India
for the specialties of Cardiology and Oncology
·
Apollo Health City, Hyderabad has been bestowed the
prestigious ‘International Medical Tourism Award’ for Excellence in Customer
Service. This has been awarded by the reputed International Medical Travel
Journal, UK. Apollo Health City was the only hospital from India to be
nominated.
SUBSIDIARIES
The Company has fourteen subsidiary companies (including fellow
subsidiaries) as on March 31, 2014. The statement in respect of the details of
the subsidiary companies viz., Unique Home Health Care Limited (UHHCL), AB
Medical Centres Limited (ABMCL), Samudra Healthcare Enterprises Limited (SHEL),
Apollo Hospital (UK)Limited (AHUKL), Apollo Health and Lifestyle Limited
(AHLL), Western Hospitals Corporation Private Limited (WHCPL), Apollo Nellore
Hospital Limited (ANHL) (formerly Pinakini Hospitals Limited), Imperial
Hospital and Research Centre Limited (IHRCL), Alliance Medicorp (India) Limited
(Alliance), Sapien Bio Sciences Private Limited (SBPL), Apollo Bangalore Cradle
Limited (ABCL) formerly Apollo Koramangala Cradle Limited, Apollo Clinics
(Gujarat) Limited (ACGL), Apollo Cosmetic Surgical Centre Private Limited
(ACSPL) and Alliance Dental Care Limited (Alliance Dental) pursuant to section
212 of the Companies Act, 1956, is attached to this report.
Unique Home Health
Care Limited (UHHCL)
UHHCL, a wholly owned subsidiary of the Company provides medical and
paramedical services including doctor’s
consultation, physiotherapy direct to patient homes and also offers
paramedical services in hospitals to critically ill patients. For the year
ended 31st March 2014 UHHCL, recorded a revenue of Rs.25.56 million and net
profit of Rs.2.02 million.
AB Medical Centres
Limited (ABMCL)
ABMCL, a wholly owned subsidiary of the Company does not have any
commercial operations as it has leased out its infrastructure viz., land,
building and medical equipment to the Company for running the hospital. For the
year ended 31st March 2014, ABMCL recorded an income of Rs.6.41 million and a
net profit of Rs.4.44 million.
Samudra Healthcare
Enterprises Limited (SHEL)
SHEL, a wholly owned subsidiary of the company, runs a 120 bed multi
speciality hospital at Kakinada. For the
year ended 31st March 2014, SHEL recorded revenues of Rs.279.56 million and
a net profit of Rs.3.36 million.
Apollo Hospital
(UK) Limited (AHUKL)
AHUKL is a wholly
owned foreign subsidiary of the Company and has not yet commenced its
operations. Apollo Health and Lifestyle Limited (AHLL)
AHLL, a wholly owned subsidiary of the Company is engaged in the
business of providing primary healthcare facilities through a network of
owned/franchised clinics across India offering specialist consultation,
diagnostics, preventive health checks, telemedicine facilities and a 24-hour
pharmacy all under one roof. For the year ended 31st March 2014, AHLL recorded
a consolidated revenue of Rs.1,149.33 million and a net loss of Rs.326.96
million.
Western Hospitals
Corporation Private Limited (WHCPL)
For the year ended 31st March 2014, WHCPL, a wholly owned subsidiary of
the Company, recorded revenue of Rs.11.61 million and a net profit of Rs.7.92
million.
Apollo Nellore
Hospital Limited (ANHL)
ANHL has leased out its land at Nellore to the Company. ANHL recorded
revenues of Rs.7.42 million and a net profit of Rs.4.84 million.
Imperial Hospital
and Research Centre Limited (IHRCL)
IHRCL, a 85.76% subsidiary of the company owns a 240 bed multi
speciality hospital at Bengaluru. For the year ended 31st March 2014, IHRCL
recorded a revenue of Rs.1,469.35 million and a net profit of Rs.51.67 million.
Alliance Medicorp
India Limited (Alliance)
Alliance, a 51% subsidiary of the Company is engaged in the business of
running dialysis clinics. For the year ended 31st March 2014, Alliance recorded
consolidated revenue of Rs.309.72 million and a net loss of Rs.27.13 million.
Sapien Biosciences
Private Limited (SBPL)
SBPL, a 70% subsidiary of the company which is engaged in the business
of bio-banking of tissues is currently in the startup stage. For the year ended
31st March 2014, SBPL recorded a revenue of Rs.0.67 million and a net loss of
Rs.6.35 million.
Apollo Bangalore
Cradle Limited (ABCL) (formerly Apollo Koramangla Cradle Limited)
ABCL, a subsidiary of Apollo Health and Lifestyle Limited is engaged in
the business of healthcare service. For the year ended 31st March 2014, ABCL
recorded a revenue of
Rs.150.77 million and a net loss of Rs.33.69 million.
Apollo Clinics
(Gujarat) Limited (ACGL)
ACGL, a subsidiary of Apollo Health and Lifestyle Limited is engaged in
the business of healthcare services. For
the year ended 31st March 2014, ACGL recorded a revenue of Rs. NIL
million and a net loss of Rs.0.10 million.
Apollo Cosmetic
Surgical Centre Pvt Limited (ACSPL)
ACSPL, a subsidiary of Apollo Health and Lifestyle Limited is engaged in
the business of running cosmetic surgical centres. For the year ended 31st
March 2014, ACSPL recorded a revenue of Rs.50.44 million and a net loss of
Rs.0.50 million.
Alliance Dental
Care Limited (Alliance Dental)
Alliance Dental, a subsidiary of Alliance Medicorp (India) Limited is
engaged in the business of running dental clinics. For the year ended 31st
March 2014, Alliance Dental recorded a revenue of Rs.272.77 million and a net
loss of Rs.18.59 million.
INDUSTRY OUTLOOK /
PROSPECTS
The healthcare services industry will need to work towards addressing
the key issues plaguing the sector. In addition to the shortage and the inequitable
distribution of health infrastructure across the country, the sector will have
to tackle the shortage of doctors as well as the growing burden of lifestyle
diseases. This will requireinnovative solutions and high investments; factual
evidence suggests that creation of one bed in the tertiary sector entails an
investment upwards of 8 million and 4 million upwards per bed in the secondary
care sector. For a transition towards the desired ratios of 30 beds per 10,000
population, over 2 million new hospital beds need to be created. Moreover,
assuming a split of 70:30 between secondary and tertiary care, aninvestment of
gigantic proportions is required.
Mobilizing a capital spending of this order for capacity building is
neither possible for the Government nor for the private sector if they work in
isolation. Hence, this calls for innovative out of the box solutions and
development of new business models.
Better utilization of under-utilized Government infrastructure,
incentivizing capital flows into the sector and leveraging on technology to
reduce intensity of physical infrastructure are some of the options under
consideration.
It is likely that private players will continue to upgrade their skills
and the overall healthcare market will be divided more categorically into
sub-markets based on geographic location, complexity of care and economic
strata of population being serviced
COMPANY OVERVIEW
Apollo Hospitals was founded by Dr. Prathap C. Reddy in 1979 and became
a public listed company on the BSE in 1983 and was listed on the NSE in 1996.
Your Company launched India’s first corporate hospital in Chennai in 1983. Now,
as Asia largest and most trusted healthcare group, its presence includes over
8,617 beds across 50 Hospitals, 1,632 Pharmacies, over 100 primary care &
diagnostic clinics, 115 telemedicine units across 10 countries, health
insurance services, global projects consultancy, 15 academic institutions and a
Research Foundation with a focus on global clinical trials, epidemiological studies,
stem-cell and genetic research.
The Company is headquartered in Chennai and its diversified operations
include multiple subsidiaries, joint ventures and associates. It runs large
hospital clusters in Chennai and Hyderabad and has established landmark hospitals
in Delhi, Bangalore, Kolkata, Ahmedabad, Pune, Bhubaneshwar, Madurai and
Mysore.
Its healthcare facilities comprise a mix of primary, secondary, and
tertiary care facilities. The tertiary care hospitals in the network provide
advanced levels of care in over 50 specialties, including cardiac sciences,
oncology, neurosciences, critical care, orthopedics, radiology,
gastroenterology, and transplants. In addition, it is increasingly focusing on
technology based treatment areas such as minimally invasive surgery, robotics
and technology for cancer.
In addition to existing operations, the Group has several initiatives
underway which includes setting up of the Proton Therapy Centre in Chennai.
This will be the first of its kind in the Southern Hemisphere and is well
placed to offer advanced oncology therapy to a combined population of over 3.5
billion people in Asia, Africa and Australia. It is also expanding its network
of Retail Healthcare Centres including Dental Clinics and Lifestyle Birthing
Centres. Significant efforts are also underway to integrate cutting edge
technologies and innovative systems such as Paperless Hospitals,
Tele-radiology, homecare services, wearable devices and personalized medicine
into mainstream offerings
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposited |
335.950 |
179.330 |
|
Other loans and
advances Bank of Tokyo Mitsubishi UFJ (External Commercial Borrowings |
1328.200 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed Deposited |
150.300 |
162.9700 |
|
|
|
|
|
Total |
1814.450 |
342.300 |
|
LONG
TERM BORROWINGS Bank of Tokyo –
Mitsubishi UFJ (External Commercial Borrowings) Bank of Tokyo has granted an unsecured loan of US$ 20 million during
the year 2013-14 and the same loan has
been hedged at Rs.66.41 per US$
with HSBC. The Company has entered into a Currency Cum Interest Rate Swap (CCIRS) with HSBC Bank Ltd in Indian Rupee for Interest rate and
foreign currency fluctuation risk. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Medical Equipments and
Surgical Instruments
·
Electrical Installation
and Generators
·
Office Equipment
·
Furniture and Fixtures
·
Boilers
·
Vehicles
·
Computer Software
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] 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.61.34 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.81.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.