MIRA
INFORM REPORT
|
Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHARON BIO- MEDICINE LIMITED |
|
|
|
|
Registered
Office : |
W-34, 34/1 M.I.D.C., Taloja, Raigad-410208, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2013 |
|
|
|
|
Date of
Incorporation : |
19.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-052251 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 105.569 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1989PLC052251 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS19367F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS8457L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Bulk Drugs and Drug Intermediates. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. However, trade relations are fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CARE |
|
Rating |
Long term loans: BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
30.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank of facilities: A3 |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
30.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Sheetal |
|
Designation : |
Account |
|
Contact No.: |
91-22-27902070 |
|
Date : |
13.08.2014 |
LOCATIONS
|
Registered Office/Factory 1 : |
W-34, 34/1 M.I.D.C., Taloja, Raigad-410208, Maharashtra, India |
|
Tel. No.: |
91-22-27410490/ 27902070 |
|
Fax No.: |
91-22-27411394 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office / Corporate Office: |
Sharon House, Plot No. 163, SMT Janakidevi Public School Road, SVP
Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
|
|
|
Factory 2 : |
Khasra No. 1027, 1028, 1030 and 1037, Central Hope Town, Sillaqui,
District Dehradoon-248197, Uttaranchal, India |
|
|
|
|
Factory 3 : |
Plot No. L-6, MIDC, Taloja, District Raigad, Maharashtra, India |
|
|
|
|
Factory 4 : |
Plot No. V/10, MIDC, Taloja, District Raigad, Maharashtra, India |
|
|
|
|
Administrative Office: |
C-310/312, C Wing, BSEL Tech Park, Sector – 30 (A), Vashi, Navi
Mumbai-400005, Maharashtra , India |
DIRECTORS
As on 30.06.2013
|
Name : |
Ms. Savita Gowda |
|
Designation : |
Chief Executive Officer Managing Director |
|
Qualification : |
BSC (Chemistry) MBA |
|
|
|
|
Name : |
Mr. Lalita Misra |
|
Designation : |
Whole Time Director |
|
Qualification : |
Post Graduate in Business Administration From Derbyshire Business
School, United and Graduate in B.E (Chemical) |
|
|
|
|
Name : |
Mr. Mohan P Kala |
|
Designation : |
Director |
|
Qualification : |
Chartered Accountant |
|
|
|
|
Name : |
Mr. Madhav Sapre |
|
Designation : |
Directors |
|
Qualification : |
(Chemical Engineering) |
KEY EXECUTIVES
|
Name : |
Mr. Samsad Alam Khan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Jagdish Patel and Company |
|
Designation : |
Company Secretaries (in practice) |
|
|
|
|
Name : |
Ms. Sheetal |
|
Designation : |
Account |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
%
of Holdings |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
34938730 |
33.10 |
|
|
28613250 |
27.10 |
|
|
63551980 |
60.20 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
63551980 |
60.20 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4762 |
0.00 |
|
|
4762 |
0.00 |
|
|
|
|
|
|
29723733 |
28.16 |
|
|
|
|
|
|
5686488 |
5.39 |
|
|
3502400 |
3.32 |
|
|
3099637 |
2.94 |
|
|
1477676 |
1.40 |
|
|
121811 |
0.12 |
|
|
1500000 |
1.42 |
|
|
150 |
0.00 |
|
|
42012258 |
39.80 |
|
Total Public shareholding (B) |
42017020 |
39.80 |
|
Total (A)+(B) |
105569000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
105569000 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the Shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
|
1,82,37,300 |
17.28 |
5000000 |
27.42 |
4.74 |
16.82 |
|
2 |
Revon Consultancy and Management Services Private Limited |
1,12,19,960 |
10.63 |
0 |
0.00 |
0.00 |
10.35 |
|
3 |
Ramco Properties Private Limited |
91,50,910 |
8.67 |
0 |
0.00 |
0.00 |
8.44 |
|
4 |
Bagulvani Trading and Investment Private Limited |
82,42,380 |
7.81 |
0 |
0.00 |
0.00 |
7.60 |
|
5 |
Savita Satish Gowda |
68,62,830 |
6.50 |
0 |
0.00 |
0.00 |
6.33 |
|
6 |
Asha Mohan Kala |
61,38,600 |
5.81 |
0 |
0.00 |
0.00 |
5.66 |
|
7 |
Lalit Shambhu Prasad Misra |
30,00,000 |
2.84 |
0 |
0.00 |
0.00 |
2.77 |
|
8 |
Basanti Shambhu Prasad Misra |
5,00,000 |
0.47 |
0 |
0.00 |
0.00 |
0.46 |
|
9 |
Preeti Misra |
1,00,000 |
0.09 |
0 |
0.00 |
0.00 |
0.09 |
|
10 |
Shambhu Prasad Misra |
1,00,000 |
0.09 |
0 |
0.00 |
0.00 |
0.09 |
|
|
Total |
6,35,51,980 |
60.20 |
5000000 |
7.87 |
4.74 |
58.62 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Impressive Trading Private Limited |
6152390 |
5.83 |
5.67 |
|
|
2 |
Sunrath Trading Private Limited |
6276970 |
5.95 |
5.79 |
|
|
3 |
Labh Capital Services Private Limited |
1352490 |
1.28 |
1.25 |
|
|
4 |
Sovin Trading Private Limited |
6586486 |
6.24 |
6.08 |
|
|
5 |
Dytel Finance and Investment Private Limited |
1173080 |
1.11 |
1.08 |
|
|
6 |
Pharmtak Limited |
1500000 |
1.42 |
1.38 |
|
|
7 |
Rachana Finance and Investments Private Limited |
1196420 |
1.13 |
1.10 |
|
|
8 |
Manhar Properties Private Limited |
1376310 |
1.30 |
1.27 |
|
|
9 |
Choice Equity Broking Private Limited |
1067959 |
1.01 |
0.99 |
|
|
|
Total |
26682105 |
25.27 |
24.61 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Sovin Trading Private Limited |
6586486 |
6.24 |
6.08 |
|
|
2 |
Impressive Trading Private Limited |
6152390 |
5.83 |
5.67 |
|
|
3 |
Sunrath Trading Private Limited |
6276970 |
5.95 |
5.79 |
|
|
|
Total |
19015846 |
18.01 |
17.54 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs and Drug Intermediates. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 30.06.2012)
|
Particulars |
Installed
Capacity |
|
Active Pharma Ingredients |
150,000 Liters
of Reactors |
|
Formulation |
2.5bn Tablets 1 bn Capsules |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Shyam C Agrawal and Company Chartered Accountant |
|
|
|
|
Companies over which Key Management Personnel and their relatives have
interest: |
·
Ramco Properties Private Limited ·
Revon Finance and Investments Private Limited ·
Bagulwani General Trading Private Limited ·
Venus Finance and Investments Private Limited ·
Enki Life Science Limited (Formerly known as
Sharon Biotech Limited) ·
Nesh Pharmatech Private Limited |
|
|
|
|
Associate Firm: |
Siddhivinayak Developers |
|
|
|
|
Subsidiary Company: |
Yusur International FZE,UAE |
CAPITAL STRUCTURE
AFTER 09.12.2013
Authorised Capital : Rs. 350.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 211.138
Millions
As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20250000 |
Equity Shares |
Rs. 10/- each |
Rs.202.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10556900 |
Equity Shares |
Rs. 10/-
each |
Rs.105.569
Millions |
Note:
|
Shareholder holding more than 5% of entire Share Capital |
No of Shares |
|
Bagulvani Trading and Investment Private
Limited |
824238 |
|
Mohan P. Kala |
1823730 |
|
Asha Mohan Kala |
613860 |
|
Ramco Properties Private Limited |
915091 |
|
Revon Finance and Investment Private Limited |
1121996 |
|
Savita Satish Gowda |
693860 |
Terms/Rights attached to equity shares:
The company has only one type of equity shares
having a par value of Rs.10 per share. Each holder of equity share is entitled
to one vote per share. In the event of liquidation of the company, the holders
of equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
105.569 |
105.569 |
105.569 |
|
(b) Reserves & Surplus |
547.500 |
547.500 |
547.500 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
0.000 |
|
|
(2) Share Application money
pending allotment |
1786.204 |
1276.141 |
1333.516 |
|
Total
Shareholders’ Funds (1) + (2) |
2439.273 |
1929.210 |
1986.585 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2808.675 |
2386.439 |
1307.892 |
|
(b) Deferred tax liabilities
(Net) |
83.233 |
69.927 |
46.572 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.294 |
5.294 |
4.294 |
|
Total
Non-current Liabilities (3) |
2897.202 |
2461.660 |
1358.758 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3630.206 |
2688.921 |
2128.304 |
|
(b) Trade payables |
598.554 |
496.685 |
310.521 |
|
(c) Other current liabilities |
15.579 |
50.547 |
13.036 |
|
(d) Short-term provisions |
138.527 |
113.232 |
62.233 |
|
Total
Current Liabilities (4) |
4382.866 |
3349.385 |
2514.094 |
|
|
|
|
|
|
TOTAL |
9719.341 |
7740.255 |
5859.437 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2715.453 |
2013.251 |
1808.487 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
428.167 |
599.025 |
270.367 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
39.823 |
39.824 |
38.824 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3183.443 |
2652.100 |
2117.678 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2602.364 |
1962.156 |
1552.137 |
|
(c) Trade receivables |
3550.989 |
2601.158 |
1925.350 |
|
(d) Cash and cash equivalents |
62.734 |
62.822 |
38.399 |
|
(e) Short-term loans and
advances |
319.811 |
462.019 |
225.873 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
6535.898 |
5088.155 |
3741.759 |
|
|
|
|
|
|
TOTAL |
9719.341 |
7740.255 |
5859.437 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
SALES |
|
|
|
|
|
Income |
10594.965 |
7850.614 |
6060.466 |
|
|
Other Income |
8.865 |
9.269 |
11.219 |
|
|
TOTAL
(A) |
10603.830 |
7859.883 |
6071.685 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases / Documentation Expenses |
9660.992 |
6969.758 |
5433.488 |
|
|
Changes in inventories of finished goods, work in process
and Stock in trade |
(640.208) |
(410.020) |
(385.476) |
|
|
Employee benefit expense |
143.106 |
139.721 |
126.450 |
|
|
Preliminary expenses written off |
0.000 |
0.000 |
0.072 |
|
|
Other expenses |
226.186 |
198.375 |
179.369 |
|
|
Exceptional Items |
0.000 |
0.314 |
1.610 |
|
|
TOTAL
(B) |
9390.076 |
6898.148 |
5355.513 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1213.754 |
961.735 |
716.172 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
430.580 |
342.597 |
268.081 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
783.174 |
619.138 |
448.091 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
121.278 |
88.638 |
83.369 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
661.896 |
530.500 |
364.722 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
133.306 |
114.356 |
53.057 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
528.590 |
416.144 |
311.665 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
912.509 |
600.844 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
30.000 |
|
|
Reserve for Premium on FCCB |
0.000 |
0.000 |
60.750 |
|
|
Proposed Dividend |
15.835 |
19.002 |
19.002 |
|
|
Provision for Dividend Tax |
2.692 |
3.228 |
3.229 |
|
|
Total |
18.527 |
22.230 |
112.981 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
510.063 |
393.914 |
912.509 |
|
|
|
|
|
|
|
|
VALUE
OF GOODS EXPORTED (FOB AND SERVICE CHARGES) |
864.311 |
573.341 |
365.724 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
CIF
VALUE OF GOODS IMPORTED |
81.725 |
95.145 |
78.889 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
50.07 |
39.42 |
29.52 |
|
|
Diluted |
48.42 |
38.12 |
28.55 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
PAT / Total Income |
(%) |
4.98 |
5.29 |
5.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.25 |
6.76 |
6.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.12 |
7.43 |
6.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.27 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.64 |
2.63 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.52 |
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
105.569 |
105.569 |
105.569 |
|
Reserves & Surplus |
547.500 |
547.500 |
547.500 |
|
Share Application money
pending allotment |
1333.516 |
1276.141 |
1786.204 |
|
Net
worth |
1986.585 |
1929.210 |
2439.273 |
|
|
|
|
|
|
long-term borrowings |
1307.892 |
2386.439 |
2808.675 |
|
Short term borrowings |
2128.304 |
2688.921 |
3630.206 |
|
Total
borrowings |
3436.196 |
5075.360 |
6438.881 |
|
Debt/Equity
ratio |
1.730 |
2.631 |
2.640 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6060.466 |
7850.614 |
10594.965 |
|
|
|
29.538 |
34.957 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6060.466 |
7850.614 |
10594.965 |
|
Profit |
311.665 |
416.144 |
528.590 |
|
|
5.14% |
5.30% |
4.99% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation
Date:- |
18/06/2014 |
|
|
||||||
|
|
Lodging No.:- |
ARBAPL/950/2014 |
Filing Date:- |
18/06/2014 |
Reg. No.:- |
ARBP/867/2014 |
Reg. Date:- |
30/06/2014 |
|
|
|
Petitioner:- |
SIEMENSE FINANCIAL SERVICES PRIVATE LIMITED |
Respondent:- |
SHARON BIO-MEDICINE LIMITED |
|
|
|
Petn.Adv.:- |
MLS VANI AND ASSOCIATES (I3136) |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Pre-Admission |
|
|
|
|
|
Last Date:- |
30/07/2014 |
Stage:- |
ARBP FOR HEARING AND FINAL DISPOSAL U/S 9 |
|
|
|
Last Coram:- |
PROVISIONAL BOARD |
|
|
|
Act :- |
Arbitration and Conciliation Act 1996 |
Under Section:- |
11 |
OPERATIONAL PERFORMANCE:
TO THE MEMBERS:
The Company along with the review and comparison reports of its total income, earning per share, dividend and other expenses, both on Standalone and consolidated basis. The Report reviews the company`s operations covering products of APIs, API-intermediates, bulk drugs, formulations, oral dosages, ointments, tabsules, capsules, tablets, research and development and Toxicology.
PERFORMANCE REVIEW:
While Standalone above total Income stood at Rs 10603.831 Millions the consolidated turnover was Rs. 10747.081 Millions. The Standalone Profit in current year 2012-13 is Rs. 528.590 Millions against Rs. 416.144 Millions in the previous year 2011-2012.
The company have booked total sales by enhancing 34.96% of sales as compared to last year. During the last fiscal year the company have achieved net profit of 5285.90 lacs showing an appreciation of 27.02% on an annualized basis.
MANAGEMENT DISCUSSION
AND ANALYSIS
The Pharmaceutical industry in India is the world's third-largest in terms of volume. According to India Brand Equity Foundation, the Indian pharmaceutical market is likely to grow at a compound annual growth rate (CAGR) of 14-17 per cent in between 2012-16. India is now among the top five pharmaceutical emerging markets of the world.
As per the public sources there are 4,655 pharmaceutical manufacturing plants in all over India, employing over 345,000 workers.
Indian Pharmaceutical
Industry – Overview
In terms of the global market, India currently holds a modest share and it has been growing at approximately 10% per year. India gained its foothold on the global scene with its innovatively engineered generic drugs and active pharmaceutical ingredients (API), and it is now seeking to become a major player in outsourced clinical research as well as contract manufacturing and research. There are 74 US FDA-approved manufacturing facilities in India, more than in any other country outside the U.S, and in 2005, almost 20% of all Abbreviated New Drug Applications (ANDA) to the FDA are expected to be filed by Indian companies. Growth in other fields notwithstanding, generics are still a large part of the picture. London research company Global Insight estimates that India’s share of the global generics market will have risen from 4% to 33% by 2007. The Indian pharmaceutical industry has become the third largest producer in the world and is poised to grow into an industry of $20 billion in 2015 from the current turnover of $12 billion.
Amidst the increasing patent cliffs, declining R and D productivity, and increasing regulatory and price containment pressures; the global pharmaceutical market continues its focus toward emerging markets. The contribution of emerging markets is expected to double by 2016, as compared to 2006. The growth in emerging markets is expected to be led by China and India in the near future (China with a CAGR of 15 per cent–18 per cent during 2012–2016 and India with a CAGR 14 per cent–17 per cent during 2012–2016).1 This augurs well for all the constituents of the Indian pharma industry – Indian companies and global pharma companies along with all ancillary supporting players like CRAMS, CROs.
The Indian pharma industry is expected to be among the top 10 global markets in value terms by 2020, bolstered by increasing domestic demand. The Indian pharma (formulations) industry stood at Rs 629.0 billion in FY12, registering a y-o-y growth of 16 per cent2 and expected to reach around Rs 55 billion by 2020.
The growth of the market was largely driven by sales of drugs for chronic diseases such as diabetes and cardiovascular ailments.
Also with the Indian Government’s focus on Indian healthcare growth with coverage of the masses through the National Rural Health Scheme, even with the economic conditions, the Indian pharma industry is expected to continue.
Domestic pharma
players- impact on global industry
Indian pharma manufacturers are known globally for their low-cost approach, which is backwards-integrated and has the scale to challenge patents and be the first to launch on their expiry.
With $76 billion worth of patented drugs likely to go off patent in the US between 2012 and 2015, India is poised to capture its share of the global generics market - Plavix, Seroquel, Singulair and Lexapro went off patent in 2012. Consequently, the share of global generics (including biosimilars) is expected to increase from 25.3 per cent in 2011 to 35.2 per cent by 2016. This rise in the demand for generics is likely to drive the growth of bulk drug export of off-patent drugs.
In addition, super generics, the incrementally modified generics drugs (IMDs), are currently at a nascent stage of their development in India, but offer a huge market opportunity for the future.
While exports continue to be a large driver of margins for the larger Indian companies, given the regulatory environments in the regulated markets, the margins will continue to be under focus going forward. Also the adherence to the regulated standards will be an area that most of the Indian companies tapping global markets would have to differentially focus on. The Indian companies have also continued to focus on the Indian market. While launches of new products in the Indian markets has come down (as a result of the IP regime), the focus has turned towards reach and therefore growth in Tier-II and rural markets. Also the focus is more on more effective marketing and distribution strategies. Alliances with MNCs as part of co-marketing/ distribution arrangements are further strengthening this learning for the industry. CRAMs players had at the start of the year felt a lot of pressure and in some case seen a de-growth.
But the industry seems to be stabilising and with many MNCs wanting to deleverage their over reliance on China, this industry seems to be back on growth path. But global economic conditions can have an impact both on growth and margins for this industry.
India was touted as fast emerging global hub in the clinical trials and research space (driven by cost-effectiveness, a huge patient pool, a genetically diverse population and trained clinical investigators are some of the factors driving the country’s clinical trials industry). The size of the market was around $400 million (` 23.1 billion) in 2011 India’s share of this market is expected to increase from 2.1 per cent in 2011 to 3 per cent in 2015.
There are more than 120 clinical trial organisations in the country. The Government is also tightening its regulatory norms related to informed consent and provision of compensation to victims of clinical trial. However, India is facing stiff competition from countries such as China, due to which the number of new trials registered in the country declined from 365 in 2010 to 230 in 2011.
Rural-centric
initiatives to enhance market access
Robust consumption in the rural economy is expected to be a key growth driver. Rural India accounts for more than 70 per cent of all Indian households and close to 40 per cent of the total consumption pie. Henceforth, a large number of companies are organising their efforts to derive a major portion of their overall sales from this untapped market.
Additionally, pharma MNCs are looking to implement new and effective business models in India and improve the health of patients. Delivering patient health outcomes implies getting involved in the cycle of care, rather than just delivering drugs to a health care system.
The Government’s regulatory and pricing policy is likely to have a larger impact on the pharmaceutical sector.
Global pharma
companies –
India continues to remain a focus market for pharma MNCs. Currently, the Indian market is regarded by MNCs as one of the faster growing market globally, primarily driven by a large population, evolving patient demographics, increasing health care expenditure, growing urbanisation, rising life expectancy, and active private-sector participation.
Relationship -
Pharmaceuticals and biotechnology
Unlike in other countries, the difference between biotechnology and pharmaceuticals remains fairly defined in India. Bio-tech there still plays the role of pharma’s little sister, but many outsiders have high expectations for the future. India accounted for 2% of the $41 billion global biotech market and in 2003 was ranked 3rd in the Asia-Pacific region and 11th in the world in number of biotech. In 2004-5, the Indian biotech industry saw its revenues grow 37% to $1.1 billion. The Indian biotech market is dominated by bio pharmaceuticals; 75% of 2004–5 revenues came from bio-pharmaceuticals, which saw 30% growth last year. Of the revenues from bio-pharmaceuticals, vaccines led the way, comprising 47% of sales. Biologics and large-molecule drugs tend to be more expensive than small-molecule drugs, and India hopes to sweep the market in bio-generics and contract manufacturing as drugs go off patent and Indian companies upgrade their manufacturing capabilities.
UNSECURED LOAN
|
PARTICULARS |
30.06.2013 (Rs.
in Millions) |
30.06.2012 (Rs.
in illions) |
|
Long-term Borrowings |
|
|
|
Loans from related parties and other |
626.368 |
539.153 |
|
Loan from other – FCCB |
1398.861 |
1369.100 |
|
Total |
2025.229 |
1908.253 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10507768 |
30/06/2014 |
30,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS
BRANCH,UNION BANK BHAVAN,GROUND FLOOR, |
C10343838 |
|
2 |
10486240 |
08/02/2014 |
37,500,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, BRADY HOUSE, V.N.ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
C00955245 |
|
3 |
10467312 |
05/12/2013 |
5,553,200,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B92430149 |
|
4 |
10430810 |
24/02/2014 * |
450,000,000.00 |
INDIAN OVERSEAS BANK |
MAKER TOWER, E-WING, 5TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00035816 |
|
5 |
10424304 |
13/04/2013 |
500,000,000.00 |
BANK OF MAHARASHTRA |
1, DR. VB GANDHI
MARG,, FORT, MUMBAI, MAHARASHTRA |
B74632704 |
|
6 |
10378866 |
28/09/2012 |
380,000,000.00 |
UNION BANK OF INDIA |
OVERSEA BRANCH,GROUND FLOOR,UNION BANK BHAVAN, 2 39,VIDHAN BHAVAN MARG,NARIMAN POINT, MUMNBAI, MAHARASHTRA - 400021, INDIA |
B59018671 |
|
7 |
10362711 |
18/05/2012 |
406,800,000.00 |
CATHOLIC SYRIAN BANK LIMITED |
D. N. NAGAR, LINK ROAD,, ANDHERI WEST, MUMBAI, MAHARASHTRA - 400053, INDIA |
B42495218 |
|
8 |
10351226 |
20/04/2012 |
56,018,335.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B38014361 |
|
9 |
10348073 |
30/03/2012 |
73,483,686.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B37115268 |
|
10 |
10349324 |
06/03/2012 |
60,025,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B37464146 |
* Date of charge modification
UNAUDITED STANDALONE FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER
ENDED MARCH 31, 2014
(Rs. In Millions)
Part I
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Month Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
Net Sales / Income from Operations |
3156.854 |
3359.186 |
9670.096 |
|
Total Income |
3156.854 |
3359.186 |
9670.096 |
|
Total Expenditure |
|
|
|
|
a)(Increase) / Decrease in Stock in Trade |
(164.570) |
(82.146) |
(316.550) |
|
b)Consumption of Materials |
2167.036 |
2399.265 |
6823.160 |
|
c) Purchases of Trading Goods |
640.011 |
561.033 |
1722.955 |
|
d) Employees Cost |
60.732 |
52.639 |
165.333 |
|
e) Depreciation |
41.989 |
41.357 |
123.674 |
|
f) Other Expenditure |
60.576 |
45.016 |
149.498 |
|
Total |
2806.674 |
3017.164 |
8666.070 |
|
Profit from Operations before Exchange Rate Difference, Other Income, Interest and Exceptional Items |
350.180 |
342.022 |
1004.026 |
|
Other Income |
1.526 |
1.952 |
5.486 |
|
Profit from Operations before Interest & Exceptional items |
351.706 |
343.974 |
1009.514 |
|
Interest |
140.103 |
136.581 |
389.586 |
|
Profit after Interest but before Exception items |
211.603 |
207.393 |
619.928 |
|
Exception Items |
(14.199) |
(13.517) |
(40.367) |
|
Profit(+)/Loss(-) from Ordinary Activities before tax |
197.404 |
193.876 |
579.561 |
|
Tax Expenses |
19.011 |
34.012 |
86.914 |
|
Net Profit before ordinary activities |
178.393 |
159.864 |
426.647 |
|
Extra Ordinary Items (Net of Tax) |
-- |
-- |
-- |
|
Net Profit after Taxes |
178.393 |
159.864 |
426.647 |
|
Paid up Equity Share Capital (Face value of Rs.2/- each) |
211.138 |
105.569 |
211.138 |
|
Reserves excluding Revaluation Reserves |
-- |
|
|
|
Earnings per share |
|
|
|
|
before extra ordinary items |
1.69 |
1.44 |
4.67 |
|
after extra ordinary items |
1.69 |
1.44 |
4.67 |
Part II
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Month Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
Aggregate of Public Shareholdings No. of Shares |
42017020 |
42017020 |
42017020 |
|
Percentage of Shareholdings |
39.80 |
39.80 |
39.80 |
|
Promoters & promoter group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
63551960 |
63551960 |
63551960 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
60.20 |
60.20 |
60.20 |
|
Particulars |
3 Months Ended as on 31.03.2014 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTE:
The above results for the quarter ended March 31, 2014 have been reviewed by the Audit Committee and were taken on record by the Board of Directors in its meeting held on May 15, 2014.
The "Limited Review" required under Clause 41 of Listing agreement has been done by the statutory auditors of the Company.
Previous years figures have been regrouped and recast wherever necessary.
FIXED ASSETS
·
Land
·
Building
·
Office Premises
·
Plant and Machinery
·
Lab Equipments
·
Electrical Fittings
·
Office Equipment
·
Motor Car
·
Furniture and Fixture
·
Computer
·
Air Conditioners
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] 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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.