|
Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNICHEM LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
Unichem Bhavan, Prabhat Estate, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.08.1962 |
|
|
|
|
Com. Reg. No.: |
11-012451 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 181.255 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1962PLC012451 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEU05493F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0551B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (APIs). |
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|
|
|
No. of Employees
: |
4592 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 37000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exist |
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|
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for business dealing 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) |
|
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
NEWS
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 |
Short term debt: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
December 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66888333)
LOCATIONS
|
Registered / Corporate Office : |
Unichem Bhavan, Prabhat Estate, Off S. V. Road, Jogeshwari (West), Mumbai
– 400102, Maharashtra, India |
|
Tel. No.: |
91-22-26780643 / 66888333 / 26785616 |
|
Fax No.: |
91-22-26784391/ 26794089 / 26788665 |
|
E-Mail : |
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|
Website : |
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|
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|
Head Office : |
Mahalaxmi Chambers, 2nd Floor, |
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|
|
|
Factory 1: |
Plot No. 17A and
18, Pilerne Industrial Estate, Pilerne Bardez, Goa – 403515, |
|
Tel. No.: |
91-832-2407202/ 6 |
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|
|
|
Factory 2 |
Bhatauli Kalan District, Solan, Baddi – 173 205, |
|
Tel. No.: |
91-1795-246701/ 6 |
|
|
|
|
Factory 3 : |
C-31-32,
Industrial Area, |
|
Tel. No.: |
91-120-2750039/
46 |
|
|
|
|
Factory 4: |
99, MIDC Area,
Roha, District Raigad – 402116, |
|
Tel. No.: |
91-2194-263561/263549 |
|
|
|
|
Factory 5 : |
Pithampur, Plot
No 197, Sector – I, Pithampur –454775, Madhya Pradesh, India |
|
Tel. No.: |
91-729-2503127/ 2500941 |
|
|
|
|
Factory 6: |
NH – 31A, Bagheykhola, Majithar, Rangpo, East Sikkim – 737138, India |
|
|
|
|
Factory 7: |
Plot Nos. 11, 12 & 13 Pharma Zone, Phase II, Sector 3, Pithampur, District Dhar-454775, Madhya Pradesh, India |
|
|
|
|
Representative
Offices 1: |
St. Bolshaya Yakimanka Hno 31/18, Moscow, Russia |
|
Tel. No.: |
+ 7 095 2302380 |
|
Fax No.: |
+ 7 095 2387934 |
|
E-Mail : |
|
|
|
|
|
Representative
Offices 2: |
2/1, Kruglouniversityskya, Office # 3 Ukraine, Kiev - 012024 |
|
Tel. No.: |
+ 380 44 235 24 05 / 4280160 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Prakash A. Mody |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Prafull
Anubhai |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Ramdas Gandhi |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Prafull D.
Sheth |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Anand Mahajan |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Audit Committee : |
·
Mr. Prafull Anubhai - Chairman ·
Mr. Ramdas Gandhi ·
Mr. Nasser Munjee |
|
|
|
|
Shareholders’ Relationship Committee: |
· Mr. Ramdas Gandhi - Chairman Dr.
Prakash A. Mody Mr.
Prafull Anubhai |
|
|
|
|
Remuneration Committee : |
·
Mr. Prafull D. Sheth ·
Mr. Prafull Anubhai- Chairman ·
Mr. Ramdas Gandhi |
|
|
·
|
|
Corporate Social : |
· Dr. Prakash A. Mody - Chairman |
|
|
|
|
Responsibility
(CSR) Committee : |
·
Mr. Prafull Anubhai ·
Mr. Ramdas Gandhi |
|
|
|
|
Name : |
Mr. K. Subharaman |
|
Designation : |
Company Secretary and Compliance 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 |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
45378350 |
50.05 |
|
|
132200 |
0.15 |
|
|
132200 |
0.15 |
|
|
45510550 |
50.20 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
45510550 |
50.20 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
7625451 |
8.41 |
|
|
42689 |
0.05 |
|
|
2623447 |
2.89 |
|
|
3928131 |
4.33 |
|
|
500 |
0.00 |
|
|
500 |
0.00 |
|
|
14220218 |
15.69 |
|
|
|
|
|
|
8185182 |
9.03 |
|
|
|
|
|
|
17254250 |
19.03 |
|
|
2597602 |
2.87 |
|
|
2889774 |
3.19 |
|
|
963870 |
1.06 |
|
|
177855 |
0.20 |
|
|
745107 |
0.82 |
|
|
119467 |
0.13 |
|
|
858274 |
0.95 |
|
|
16250 |
0.02 |
|
|
8951 |
0.01 |
|
|
30926808 |
34.11 |
|
Total Public
shareholding (B) |
45147026 |
49.80 |
|
|
|
|
|
Total (A)+(B) |
90657576 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
90657576 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (APIs). |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Brand Name: |
· LOSAR AMPOXIN UNIENZYME TELSAR TRIKA
|
GENERAL INFORMATION
|
No. of Employees : |
4592 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Bank of The
Sakura Bank Limited Bank of Baroda |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
SHORT TERM
BORROWINGS Cash
credit, Rs. 6.258 Millions (Previous Year Rs.
57.205
Millions) from Bank of India and Bank of Baroda
are secured against hypothecation of Inventories, Book debts and an equitable
mortgage of immovable properties located at Jogeshwari, Roha, Ghaziabad on a
second, subject and subservient pari
passu charge basis (First charge holder being fully satisfied
and paid). In addition the cash credit facilities are also secured by an
equitable mortgage of the Company's immovable properties situated at Goa and
Baddi on a second, subject and subservient basis. (First charge holder being
fully satisfied and paid). |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B D Jokhakar and Company Chartered Accountant |
|
Address : |
8 Ambalal Doshi Marg, Fort, Mumbai – 400001, |
|
|
|
|
Subsidiaries of the Company: |
·
Niche Generics Limited ·
Unichem SA Pty Limited ·
Unichem Farmaceutica Do Brasil Ltda
·
Unichem Pharmaceuticals (USA) Inc ·
Unichem Laboratories Limited
(Incorporated in Ireland) |
|
|
|
|
Enterprises
under significant influence of key management personnel : |
Uni Distributors Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
|
50,000,000 |
Unclassified Shares |
Rs.2/- each |
Rs.100.000 Millions |
|
5,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90627326 |
Equity Shares |
Rs.2/- each |
Rs.181.255
Millions |
|
|
|
|
|
Note:
|
Particulars |
31.03.2014 |
|
|
Reconciliation of Number of Shares (Equity) |
Number of shares |
Rs. in millions |
|
Number of Shares outstanding as at the beginning of the
year* |
90,456,438 |
180.913 |
|
Add: Number of Shares allotted under ESOP during the
year |
170,888 |
0.342 |
|
Number
of Shares outstanding as at the end of the year* |
90,627,326 |
181.255 |
RIGHTS,
PREFERENCES AND RESTRICTIONS ATTACHED TO EQUITY SHARES
The Company
has one class of equity shares having a par value of Rs. 2/- 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 per cent of total Equity Shares of company
|
Name of the
Shareholders |
31.03.2014 |
|
|
Number of shares |
Rs. in millions |
|
|
|
|
|
|
Dr. Prakash Amrut Mody |
41,205,142 |
45.47 |
|
|
|
|
As per
the of the Company, including its register of shareholders / members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of shares.
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 |
181.255 |
180.913 |
180.643 |
|
(b) Reserves & Surplus |
8881.417 |
7948.615 |
7119.527 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.345 |
|
Total Shareholders’
Funds (1) + (2) |
9062.672 |
8129.528 |
7300.515 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
417.743 |
389.743 |
384.743 |
|
(c) Other long term liabilities |
236.695 |
252.576 |
234.882 |
|
(d) long-term provisions |
76.355 |
91.868 |
102.392 |
|
Total Non-current Liabilities (3) |
730.793 |
734.187 |
722.017 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6.258 |
57.205 |
248.729 |
|
(b) Trade payables |
1511.303 |
1590.860 |
1367.850 |
|
(c) Other current
liabilities |
297.130 |
298.668 |
292.296 |
|
(d) Short-term provisions |
458.026 |
516.696 |
333.000 |
|
Total Current Liabilities (4) |
2272.717 |
2463.429 |
2241.875 |
|
|
|
|
|
|
TOTAL |
12066.182 |
11327.144 |
10264.407 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3937.169 |
4147.030 |
3708.096 |
|
(ii) Intangible Assets |
0.000 |
115.148 |
144.014 |
|
(iii) Capital
work-in-progress |
863.096 |
1292.905 |
1113.424 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1142.507 |
1072.030 |
916.193 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
484.176 |
83.781 |
260.225 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6426.948 |
6710.894 |
6141.952 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
56.698 |
330.604 |
145.000 |
|
(b) Inventories |
1862.373 |
1316.339 |
1411.311 |
|
(c) Trade receivables |
2112.751 |
2122.764 |
1848.247 |
|
(d) Cash and cash
equivalents |
408.260 |
166.600 |
138.612 |
|
(e) Short-term loans and
advances |
1082.646 |
639.142 |
534.990 |
|
(f) Other current assets |
116.506 |
40.801 |
44.295 |
|
Total Current Assets |
5639.234 |
4616.250 |
4122.455 |
|
|
|
|
|
|
TOTAL |
12066.182 |
11327.144 |
10264.407 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10441.750 |
10052.169 |
8031.873 |
|
|
|
Other Income |
428.391 |
140.670 |
93.947 |
|
|
|
TOTAL (A) |
10870.141 |
10192.839 |
8125.820 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2710.330 |
2612.792 |
1942.855 |
|
|
|
Purchase of Stock -in-Trade |
1275.893 |
1078.443 |
1029.078 |
|
|
|
Employee benefits expenses |
1471.382 |
1280.150 |
1048.840 |
|
|
|
Other expenses |
2927.125 |
2762.206 |
2377.682 |
|
|
|
Research & Development Expenses |
521.510 |
361.073 |
379.402 |
|
|
|
Changes in inventories of Finished goods,
Work-in-progress and Stock -in-Trade |
(275.811) |
100.731 |
(20.258) |
|
|
|
TOTAL (B) |
8630.429 |
8195.395 |
6757.599 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2239.712 |
1997.444 |
1368.221 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.816 |
24.816 |
32.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2214.896 |
1972.628 |
1335.236 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
426.658 |
348.165 |
282.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1788.238 |
1624.463 |
1052.355 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
430.011 |
328.503 |
227.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1358.227 |
1295.960 |
824.633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
411.455 |
0.000 |
0.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX AND EXCEPTIONAL
ITEMS |
1769.682 |
1295.960 |
824.795 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5453.307 |
4783.652 |
4424.220 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
362.630 |
407.116 |
271.344 |
|
|
|
Interim Dividend |
362.499 |
0.000 |
0.000 |
|
|
|
Tax on Proposed Dividend |
61.629 |
69.189 |
44.019 |
|
|
|
Tax on Interim Dividend |
61.607 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
180.000 |
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6194.624 |
5453.307 |
465.363 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods calculated on FOB Basis |
3264.387 |
3215.711 |
2236.201 |
|
|
|
Insurance, Freight and other charges recovered |
155.360 |
135.125 |
0.000 |
|
|
|
Others |
0.000 |
0.000 |
33.693 |
|
|
TOTAL EARNINGS |
3419.747 |
3350.836 |
2269.894 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
474.946 |
387.807 |
355.575 |
|
|
|
Packing Materials |
14.130 |
23.239 |
31.891 |
|
|
|
Stores & Spares |
9.883 |
2.199 |
1.176 |
|
|
|
Capital Goods |
134.562 |
83.163 |
262.336 |
|
|
|
|
0.000 |
0.462 |
0.000 |
|
|
TOTAL IMPORTS |
633.521 |
496.870 |
650.978 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
19.54 |
14.33 |
9.13 |
|
|
|
Diluted |
19.47 |
14.29 |
9.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
16.28 |
12.71
|
10.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.13 |
16.16
|
13.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.77 |
18.13
|
12.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.20
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.07
|
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.48 |
1.87
|
1.84 |
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 |
180.643 |
180.913 |
181.255 |
|
Reserves & Surplus |
7,119.527 |
7,948.615 |
8,881.417 |
|
Share Application money
pending allotment |
0.345 |
0.000 |
0.000 |
|
Net
worth |
7,300.515 |
8,129.528 |
9,062.672 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
248.729 |
57.205 |
6.258 |
|
Total
borrowings |
248.729 |
57.205 |
6.258 |
|
Debt/Equity
ratio |
0.034 |
0.007 |
0.001 |
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 |
8031.873 |
10052.169 |
10441.750 |
|
|
|
25.153 |
3.876 |
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 |
8031.873 |
10052.169 |
10441.750 |
|
Profit/(Loss) After Tax |
824.795 |
1295.960 |
1769.682 |
|
|
10.27% |
12.89% |
16.95% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
CASE DETAILS
|
CASE ETAILS BENCH:- BOMBAY |
|
Lodging No.:- |
APPL/126/2010 |
Filing Date:- |
06.03.2010 |
Reg. No.:- |
APP/151/2010 |
Reg. Date:- |
11.03.2010 |
|
Main Matter |
|
Lodging No.:- |
NMSL/3852/2009 |
Reg. No.:- |
NMS/3852/2009 |
|
Petitioner:- |
HETERO HEALTHCARE LIMITED AAND ANR |
Respondent:- |
UNICHEM LABORATORIES LIMITED |
|
Petn.Adv.:- |
DHRUVE LIADHAR AND COMPANY (0) |
Res.Adv:- |
M A MAHADGUT NOA (0) |
|
District:- |
OUTSIDE MAHARASHTRA |
||
|
Bench:- |
DIVISION |
Categoary:- |
APPEALS |
|
Status:- |
Admitted (Ready) |
Stage: |
APPEALS FOR HEARING [ORIGINAL SIDE MATTERS] |
|
Last Date: |
07.12.2012 |
|
|
|
Last Coram: |
HON’BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD HON’BLE SHRI JUSTICE A.A. SAYED |
||
|
Act: |
Advocates Act 1961 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90238025 |
29/01/1993 * |
375,000,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, N.S. PATKAR MARG, MUMBAI, MAHARASHTRA - 400036, INDIA |
- |
|
2 |
90234683 |
14/08/2001 * |
150,000,000.00 |
ICICI LIMITED |
ICICI TOWER, BANDRA
KURLA COMPLEX, BOMBAY, MAHARA |
- |
|
3 |
90237983 |
30/04/2001 * |
100,000,000.00 |
BIRLA SUNLIFE
ASSET MANAGEMENT CO. LTD. |
AHURA CENTRE
TOWER A, ANDHERI, BOMBAY, MAHARASHTRA - 400093, INDIA |
- |
|
4 |
90237977 |
14/01/2000 |
253,690,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, `, BOMBAY, MAHARASHTRA - 40 |
- |
|
5 |
90234504 |
23/02/1999 |
253,690,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, N.S. PATKAR MARG, MUMBAI, M |
- |
|
6 |
90237911 |
18/06/2002 * |
104,294,000.00 |
BANK OF INDIA |
NIRMALCUMBALLA
HILL BRANCH, NARIMAN POINT, BOMBAY |
- |
|
7 |
90234023 |
13/07/1994 |
6,000,000.00 |
THE SAKURA BANK
LTD. |
MITTAL COURT, NARIMAN
POINT, MUMBAI, MAHARASHTRA |
- |
|
8 |
90233819 |
17/03/1992 |
15,000,000.00 |
I.D.B.I. |
IDBI TOWER,
CUFFE PARADE, BOMBAY, MAHARASHTRA - 4 |
- |
|
9 |
90233781 |
01/10/1991 |
18,200,000.00 |
THE MITSUI TALYO
KOBE BANK LTD. |
NARIMAN POINT,
BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
10 |
90233735 |
12/04/1991 |
14,200,000.00 |
THE MITSUI TAIYO
KOBE BANK LTD. |
NARIMAN POINT,
BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
REVIEW OF
OPERATIONS
During
the year, Stand alone Sales/Income from operations (Net)
increased to Rs.104,41.750 Millions in 2013-14 from
Rs/1,00,52.169 Millions in 2012-13,
registering a growth
of 3.88%.
REVIEW OF
SUBSIDIARIES
NICHE GENERICS LIMITED
Niche Generics
Limited is a Wholly Owned Subsidiary of the Company in UK. It is engaged in
manufacturing formulations and dossier filing in European markets. It recorded
sales of GBP 104.91 Lacs for the year ended March 31, 2014 as compared to GBP
10.768 Millions for the previous year ended March 31, 2013. The profit for the
year ended March 31, 2014 stood at GBP 0.267 Millions compared to the profit of
GBP 0.099 Million for the year ended March 31, 2013.
UNICHEM PHARMACEUTICALS (USA) INC.
Unichem Pharmaceuticals
(USA) Inc. is a Wholly Owned Subsidiary of the Company in USA which has been
set up for business development, filing of ANDA''s and exploring the
opportunities for marketing alliances in North American markets. The subsidiary
recorded sales of USD 12.173 Millions for the year ended March 31, 2014 as
compared to USD 8.248 Millions for the previous year ended March 31, 2013 and
incurred loss of USD 0.296 Million for the same period as compared to the loss
of USD 0.623 Million for the year ended March 31, 2013.
UNICHEM FARMACEUTICA DO BRASIL LTDA
Unichem
Farmaceutica Do Brasil Ltda., is a Wholly Owned Subsidiary of the Company in
Brazil. This subsidiary has been set-up to own product registrations, launch
generic and branded generics products in the Brazilian market. The subsidiary
plans to have marketing alliances for promoting, warehousing and
distribution. The subsidiary recorded
sales of Reais 1.737 Millions for the year ended March 31, 2014 as compared to Reais
1.538 Millions for the previous year ended March 31, 2013. The entity suffered
a loss of Reais 2.912 Millions in the current year as against a loss of Reais
2.961 Millions during the previous year.
UNICHEM SA (PROPRIETARY) LIMITED
Unichem SA
(Proprietary) Limited is a Wholly Owned Subsidiary of the Company in South
Africa. This subsidiary has been set-up for business development and to own
product registrations. The subsidiary has suffered a loss of SA Rand 2,952 in
the current year as compared to loss of SA Rand 72 for the previous year ended
March 31, 2013.
UNICHEM LABORATORIES LIMITED, IRELAND
Unichem
Laboratories Limited, Ireland is a Wholly Owned Subsidiary of the Company in
Ireland. This subsidiary has been set up for business development and to own product
registrations. The subsidiary recorded sales of Euro 0.488 Million for the year
ended March 31, 2014 as compared to Euro 0.217 Million for the previous year
ended March 31, 2013. The subsidiary during the current year has suffered a
loss of Euro 0.284 Million as compared to loss of Euro 0.295 Million for the
previous year endedMarch 31, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL PHARMA MARKET
The
life sciences sector which comprises of the pharmaceutical, biotechnology, andmedical
technology segments continues to perform better in many parts of the
world.However, the sector is facing pressure from increased health costs across
the world.Nevertheless, an overview of this sector’s performance shows that it
is favourablypositioned to achieve success in 2014 and beyond. Among drivers
for growth are an agingpopulation, rising incidence of chronic diseases,
technological advancements and productinnovation, and certain anticipated
impacts from health care reform provisions includingincreases in government
funding and insurance coverage.
The
fundamentals driving health care demand, combined with the advent of new and
oftenmore expensive treatments, will continue to push up global pharmaceutical
sales by anannual average of 5.3 percent between 2014 and 2017. Sales growth
will continue to comefrom the U.S., U.K. and the BRIC countries. Among emerging
markets, strong growth isforecasted for China and India, where pharmaceutical
sales are expected to more thandouble in U.S.-dollar terms by 2016. Brazil and
Russia also are expected to see positivegrowth.
The
year 2014 is anticipated to be a positive year for U.S. life sciences
companies. Asthey continue to obtain greater clarity on Affordable Healthcare
Act (ACA) implementationand its impacts, they become increasingly better at
capitalizing on emerging marketopportunities, and incorporate real-world
evidence into their strategic thinking anddecision-making. The Economic
Intelligence Unit (EIU) projects the U.S. pharmaceuticalmarket, the world’s
largest market will grow at 6.4 percent annually through 2014-16.Demographics
and disease trends will also boost drug consumption. (Source: Deloitte,Global
Life Science Outlook).
DOMESTIC PHARMACEUTICAL MARKET
The
Indian pharmaceutical market is expected to grow to about $ 20 billion by 2015.
Thegrowth will be backed by 6 key trends that will influence the growth of the
IndianPharmaceutical market in coming years, those trends are:
• Doubling of disposable incomes and higher number of urban middle classhouseholds
• Expansion of medical infrastructure
• Greater penetration of health insurance
• Rising relevance of Chronic diseases
• Adoption of product patents
• Aggressive market penetration driven by the relatively smaller companies
While
acute therapies have historically dominated the market and epidemics
providespurts of growth, chronic therapies are growing at a faster rate. The
growing prevalenceof lifestyle disorders will spur the growth in specialty and
super specialty therapies.The population of patients suffering from
Hypertension is expected to grow by another 50million cases over the next
decade. Prominent amongst the therapeutic areas that areexpected to grow as a
result of increase in Lifestyle disorders are Cardiovascular,Neuropsychiatry,
and Oncology. (Source: McKinsey & Company, India Pharma 2015).
The
Company remains a Chronic focused Company and this segment contributes approx.
61%of the total domestic business revenues.
OUTLOOK
Post
restructuring of the domestic business, the acute division has started
yieldingabove market growth in a consistent manner. Our endeavour is to
replicate the similarperformance in the Chronic business as well. Your Company
will continue to focus on growthof chronic therapies and also provide the
required thrust to increase its product basketand market share in acute
therapies.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
(i) Claims not acknowledged as debts*. |
156.858 |
179.099 |
|
(ii) In respect of the Guarantees given to Bank on behalf
of : |
|
|
|
- Subsidiaries |
250.950 |
210.210 |
|
(iii) Other money for which the company is Contingently liable |
37.444 |
49.591 |
|
TOTAL |
445.252 |
438.900 |
* includes Rs. 17.932 Millions (Previous Year Rs. 9.644 Millions) paid under protest/deposit pending adjudication under Income tax Act,1961 and Central Excise Act 1944.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
YEAR ENDED 30.06.2014
(Rs. In Millions)
|
|
Particulars |
|
|
Three Months ended |
|
|
|
|
|
30.06.2014 |
||
|
|
|
|
(Unaudited) |
||
|
|
|
|
|
|
|
|
1 |
a. Net Sales/Income from operations (Net of excise duty) |
|
|
2885.033 |
|
|
|
b. Other Operating Income |
|
|
24.876 |
|
|
|
Total Income from Operations (Net) |
|
|
2909.909 |
|
|
2 |
EXPENSES |
|
|
|
|
|
|
a. Cost of Materials Consumed |
|
|
790.172 |
|
|
|
b. Purchase of Stock-in-Trade |
|
|
413.887 |
|
|
|
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade |
|
|
(57.507) |
|
|
|
d. Employee Benefits Expenses |
|
|
499.260 |
|
|
|
e. Depreciation and amortisation Expense |
|
|
84.726 |
|
|
|
f. Other Expenses |
|
|
827.305 |
|
|
|
Total Expenses |
|
|
2557.843 |
|
|
3 |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
|
|
352.066 |
|
|
4 |
Other Income |
|
|
51.736 |
|
|
5 |
Profit/ (Loss) Before Finance Costs & Exceptional Items (3+4) |
|
|
403.802 |
|
|
6 |
Finance Costs |
|
|
7.333 |
|
|
7 |
Profit/ (Loss) after Finance Cost but before exceptional items (5-6) |
|
|
396.469 |
|
|
8 |
Exceptional Items |
|
|
0.000 |
|
|
9 |
Profit/ (Loss) ordinary activities before Tax (7-8) |
|
|
396.469 |
|
|
10 |
Tax Expenses (Including Deferred tax) |
|
|
94.500 |
|
|
11 |
11 Net profit from ordinary activities after tax ( 9 -10 ) |
|
|
301.969 |
|
|
12 |
Net profit from ordinary activities after tax and prior period items ( 11-12-13) |
|
|
|
|
|
13 |
Paid up Equity Share Capital (Face Value Rs. 2 per share) |
|
|
181.315 |
|
|
14 |
Reserves & Surplus excluding Revaluation Reserve as per balance sheet of previous accounting year. |
|
|
0.000 |
|
|
15 |
a) Earnings per share |
|
|
|
|
|
|
Basis |
|
|
3.33 |
|
|
|
Diluted |
|
|
3.32 |
|
|
|
a) Earnings per share |
|
|
|
|
|
|
Basis |
|
|
3.33 |
|
|
|
Diluted |
|
|
3.32 |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
|
|
45147026 |
|
|
b. |
Percentage of shareholding |
|
|
49.80% |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
|
|
Nil |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
Nil |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
|
|
Nil |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
|
|
45510550 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
100.00% |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
|
|
50.20% |
|
Particulars |
Quarter ended 30.06.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
17 |
|
Disposed of during the quarter |
17 |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes :
1 The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors of the in its meeting held on 12.07.2014.
2 Segment Reporting: Primary Segment
The Company has only one segment i.e. 'Pharmaceuticals'
Secondary Segment (By
Geographical Segment)
(Rs. In Millions)
|
Net Sales and
Operating IncomeNet Sales and Operating Income |
|
|
Three months ended 30.06.2014 |
|
|
|
|
(Unaudited) |
|
Within India |
|
|
1879.862 |
|
Outside India |
|
|
1030.047 |
|
Total |
|
|
2909.909 |
In view of the interwoven / intermix nature of the business and manufacturing facility, other segmental information is not ascertainable.
3 Other Income / Other
expenses includes exchange gain / loss as under:
|
Exchange Difference |
|
|
Three months ended 30.06.2014 |
|
|
|
|
(Unaudited) |
|
Exchange gain included in Other Income |
|
|
14.011 |
|
Exchange loss included in Other Expenses |
|
|
---- |
4 Exceptional
Items reported for the previous accounting year ended 31st March ,2014
represent profits on sale of Company's manufacturing unit at SEZ, lndore and
amortisation of Intangible assets due to change in their estimated useful life.
5 On 9th July
2014, the European Commission decided to impose an unjustified fine on Niche
IUnichem (jointly and severally) contending that it had acted in breach of EU
Antitrust Rules.The European Commission reached this conclusion because its
subsidiary, Niche Generics Ltd (Niche), agreed to settle financially crippling
patent litigation with Laboratories Sewier(Sewier) at the beginning of 2005
when Unichern was only'a part owner and financial investor then.Unichern
vehemently denies any wrongdoing on the part of either itself or Niche. Unichem
will appeal the European Commission decision in the appropriate forums after
seeking professional advise or receipt of copy of the decision. We have already
informed stock exchange on this matter.
6 Previous years figures have been regrouped / reclassified wherever
necessary.
FIXED ASSETS
v
Tangible Assets
Land
Plant and Equipments
Furniture and Fixtures
Vehicles
Office Equipments
v
Intangible Assets
Brands / trademarks
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.61.12 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.