MIRA INFORM REPORT
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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
PIRAMAL ENTERPRISES LIMITED (w.e.f. 31.07.2012) |
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Formerly Known
As : |
PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008) NICHOLAS PIRAMAL
INDIA LIMITED |
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Registered
Office : |
Peninsula Corporate Park,
Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.04.1947 |
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Com. Reg. No.: |
11-005719 |
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Capital
Investment / Paid-up Capital : |
Rs.345.100 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1947PLC005719 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN07675D |
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PAN No.: [Permanent Account No.] |
AAACN4538P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Subject is engaged in pharmaceutical business including its research and development. |
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No. of Employees
: |
3008 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The company has incurred loss from its operational activities during
the financial year 2014. However, the rating takes into consideration company’s strong and
experienced management team with track record of successfully scaling up
businesses and acceptable general position of the company. Trade relations are reported as fair. Business is active. Payments 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Commercial Paper A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
July 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Term loan AA |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
July 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
MANAGEMENT NON CO-OPERATIVE (91-22-30466666)
LOCATIONS
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Registered
Office : |
Peninsula Corporate Park,
Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013,
Maharashtra, India |
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Tel No.: |
91-22-30466666 |
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Fax No.: |
Not Available |
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Email : |
secretarial.department@piramal.com |
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Website : |
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Head Office : |
100, Centrepoint,
Dr. Ambedkar Road, Parel, Mumbai – 400012, Maharashtra, India |
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Tel. No.: |
91-22-66636666/24134653/24102082 |
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Fax No.: |
91-22-24163787/24172861/24163787/24144687/24902363 |
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E-Mail : |
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Website : |
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Administrative
Office : |
Morarjee Mills
Compound, Administrative Building, Dr. Ambedkar Road, Parel, Mumbai - 400012,
Maharashtra, India |
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Tel. No.: |
91-22-66636666 |
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Fax No.: |
91-22-66636416 |
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E-Mail : |
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Website : |
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Plant 1: |
Plot No. 67-70, Sector II, Pithampur - 454775, Madhya Pradesh, India |
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Plant 2 : |
Plot No. K-I, Additional MIDC, Mahad, District Raigad, Maharashtra, India |
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Plant 3: |
Ennore Express Highway, Chennai - 600057, Tamilnadu, India |
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Plant 4: |
N.H.9, Digwal Village, Kohir Mandal, Medak District - 502321, Andhra Pradesh, India |
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Plant 5: |
C-301/1 T.T.C. Industrial Area, Pawne Mahape, Navi Mumbai - 400705, Maharashtra, India |
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Plant 6: |
Plot No. 6505 /3, Sachin – 394230, Surat, Gujarat, India |
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Plant 7: |
Plot No.19 - PHARMEZ, Village Matoda, Sarkhej bawala, NH 8A,
Taluka Sanand, Ahmedabad - 382213, Gujarat, India |
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Plant 8: |
Shirish Research Campus, Plot No – 18, PHARMEZ, Special Economic
Zone, Taluka Sanand, Ahmedabad, Gujarat, India |
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Overseas Plant Location |
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Plant 1: |
Piramal Healthcare UK
Limited Morpeth, Northumberland, UK |
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Plant 2: |
Piramal Healthcare UK
Limited Grangemouth, Stirlingshire, UK |
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Plant 3: |
Piramal Healthcare
(Canada) Limited 110, Industrial Parkway North, Aurora, Ontario, L4G 3H4, Canada |
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Plant 4: |
Piramal Healthcare
(Canada) Limited 475, Boul, Armand-Frappier, Laval, Quebec, H7V 4B3, Canada |
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Plant 5: |
Piramal Critical Care
Inc. Bethlehem, PA 18017, 3950 Schelden Circle, Pennsylvania State,
USA. |
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Plant 6: |
Piramal Critical Care
Inc. 50 Cobham Dr, Orchard Park, New York - 14127 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ajay G. Piramal |
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Designation : |
Chairman |
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Qualification : |
B. Sc, M.M.S., A.M.P. |
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Date of Appointment : |
01.04.1997 |
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Name : |
Dr. (Mrs.) Swati A. Piramal |
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Designation : |
Vice Chairperson |
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Qualification : |
M.B.B.S, D.I.M., M.P.B. (Harvard) |
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Date of Appointment : |
01.10.1994 |
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Name : |
Mr. Gautam Banerjee |
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Designation : |
Director (w.e.f. April 1, 2013) |
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Name : |
Mr. Amit Chandra |
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Designation : |
Director |
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Name : |
Mr. Keki Dadiseth |
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Designation : |
Director |
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Name : |
Mr. R.A. Mashelkar |
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Designation : |
Director |
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Name : |
Mr. Goverdhan Mehta |
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Designation : |
Director |
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Name : |
Mr. Siddharth Mehta |
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Designation : |
Director (w.e.f. April 1, 2013) |
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Name : |
Ms. Nandini Piramal |
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Designation : |
Executive Director |
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Name : |
Mr. S. Ramadorai |
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Designation : |
Director |
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Name : |
Mr. Deepak Satwalekar |
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Designation : |
Director |
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Name : |
Mr. Vijay Shah |
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Designation : |
Executive Director and Chief Operating Officer |
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Name : |
Mr. N. Vaghul |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
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|
426753 |
0.25 |
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|
84953944 |
49.23 |
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|
5909991 |
3.42 |
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5909991 |
3.42 |
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|
91290688 |
52.90 |
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Total shareholding of Promoter
and Promoter Group (A) |
91290688 |
52.90 |
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(B) Public Shareholding |
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|
153798 |
0.09 |
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|
4976212 |
2.88 |
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|
213 |
0.00 |
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1559880 |
0.90 |
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|
45957978 |
26.63 |
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|
1000 |
0.00 |
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|
52649081 |
30.51 |
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|
2520368 |
1.46 |
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|
18601922 |
10.78 |
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|
2483815 |
1.44 |
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|
5017226 |
2.91 |
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|
620255 |
0.36 |
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|
66741 |
0.04 |
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|
9012 |
0.01 |
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|
3946 |
0.00 |
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28 |
0.00 |
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4316911 |
2.50 |
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|
333 |
0.00 |
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28623331 |
16.59 |
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Total Public shareholding (B) |
81272412 |
47.10 |
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Total (A)+(B) |
172563100 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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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) |
172563100 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Ajay G. Piramal |
1,044 |
0.00 |
|
Swati A. Piramal |
1,167 |
0.00 |
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Anand Piramal |
95,653 |
0.06 |
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Nandini Piramal |
96,406 |
0.06 |
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Lalita G. Piramal |
604 |
0.00 |
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Anya Piramal De Young |
33,000 |
0.02 |
|
Ajay G. Piramal (Karta of Ajay
G Piramal HUF) |
5,221 |
0.00 |
|
Ajay G. Piramal (Karta of
Gopikishan Piramal HUF) |
1,02,658 |
0.06 |
|
Piramal Managements Services Pvt
Ltd as Corporate Trustee of the Sri Krishna Trust |
8,39,97,694 |
48.68 |
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Master Dev Piramal De Young |
28,000 |
0.02 |
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Peter De Young |
63,000 |
0.04 |
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Ajay G Piramal Foundation |
9,56,250 |
0.55 |
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Ajay G Piramal - Trustee Piramal
Life Sciences Limited Senior Employee Stock Option Trust |
94,941 |
0.06 |
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Piramal Enterprises Limited
Trustee of the Piramal Enterprises Executive Trust |
35,85,827 |
2.08 |
|
Ajay G Piramal Trustee Piramal Healthcare
Ltd - Senior Employee Option Scheme |
22,29,223 |
1.29 |
|
Total |
9,12,90,688 |
52.90 |
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
|
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
% of Total No. of
Shares |
|
|
Aberdeen Global Indian Equity Fund
Mauritius Ltd |
10854789 |
6.29 |
|
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Total |
10854789 |
6.29 |
BUSINESS DETAILS
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Line of Business : |
The Subject is engaged in pharmaceutical business including its research and development. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3008 (Approximately) |
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Bankers : |
v Allahabad Bank v Australia and New Zealand Banking Group Limited v BNP Paribas v Citibank N.A. v HDFC Bank Limited v Kotak Mahindra Bank Limited v The Hongkong and Shanghai Banking Corporation Limited v Yes Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
Prince Waterhouse Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Controlling
Companies : |
v The Swastik Safe Deposits and Investments Limited (upto August 6, 2013)* v The Ajay G. Piramal Foundation v PHL Holdings Private Limited (upto July 2, 2013)* (Refer Note 34) v Piramal Healthcare Limited – Senior Employee Option Scheme* v Piramal Enterprises Limited - Trustees of Piramal Enterprises Executive Trust* v Piramal Life Sciences Limited - Senior Employees Stock Option Trust * v Piramal Management Services Private Limited (Corporate Trustee of The Sri Krishna Trust)(w.e.f June 20,2013)* NOTE: *There are no transactions during the year. |
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Subsidiary
Companies / Step down subsidiaries / Controlled Entities / Associates : |
LOCATED IN INDIA v PHL Fininvest Private Limited (PHL Fininvest) v Piramal Pharmaceutical Development Services Private Limited (PPDSPL) # v Oxygen Bioresearch Private Limited # @ v PHL Capital Private Limited (PHL Capital) # v Piramal Finance Private Limited (formerly known as PHL Finance Private Limited (PHL Finance))# v PHL Infrastructure Finance Company Private Limited (PHL Infra) v Piramal Fund Management Private Limited (formerly known as Indiareit Fund Advisors Private Limited) # @ v Piramal Systems & Technologies Private Limited (Piramal Systems) v Piramal Investment Advisory Services Private Limited (w.e.f June 13, 2013) # @ v Piramal Udgam Data Management Solutions (w.e.f March 19, 2014) (Udgam) v Piramal Foundation for Education Leadership (w.e.f March 19, 2014) (PFEL) v Health Management and Research Institute (HMRI) LOCATED OUTSIDE INDIA v Piramal International @ v Piramal Holdings (Suisse) SA (Piramal Holdings) v Piramal Pharma Inc ** v Piramal Healthcare Inc. ** v Piramal Investment Holdings (Canada) Inc.* @ v (Upto August 31, 2013 - merged with Piramal Healthcare (Canada) Limited) v Piramal Life Sciences (UK) Limited * @ v Piramal Healthcare UK Limited (Piramal Healthcare UK) * v Piramal Healthcare Pension Trustees Limited * @ v Piramal Healthcare (Canada) Limited (Piramal Healthcare, Canada) * v Piramal Imaging Limited (formerly known as Oxygen Healthcare Limited)* @ v Piramal Critical Care Italia, SPA * v Piramal Critical Care Inc (PCCI) ** v Minrad EU ** @ v Indiareit Investment Management Company # @ v Piramal Technologies SA $ @ v Piramal Imaging SA * v Piramal Imaging GmbH * @ v Piramal Dutch Holdings N.V. @ v Piramal Critical Care Deutschland GmbH * @ v Piramal Resources Inc. (upto December 18, 2013 being the date of dissolution) @ v DRI Holdco Inc **@ v (Upto June 19, 2013 - merged with Decision Resources Inc.) v AMR/Arlington Medical Resources LLC $$ ## @ v Arlington Medical International Inc $$ ## @ v Biotrends Research Group LLC $$ ## @ v Decision Resources Inc ** @ v Decision Resources LLC(DRL) (Upto June 17,2013) ## v Decision Resources International Inc. ## @ v Decision Resources Group UK Limited ## @ v DR/ Decision Resources LLC ## @ v DR/MRG Holdings LLC ## @ v DRG UK Holdco Limited ## @ v Fingertip Formulary LLC $$ ## @ v Healthleaders LLC $$ ## @ v Manhattan Research LLC $$ ## @ v Pharmastrat LLC $$ ## @ v Millennium Research Group Inc. ## @ v Sigmatic Limited ## @ v Decision Resources Group Asia Limited ## @ v INDIAREIT Asset Management Private Limited (w.e.f August 26, 2013) # @ v Bluebird Aero Systems Limited $ @ * Held through Piramal Holdings (Suisse) SA ** Held through Piramal Dutch Holdings N.V. # Held through PHL Infrastructure Finance Company Private Limited $ Held through Piramal Systems & Technologies Private Limited # # Held through Decision Resources Inc $$ Upto December 30, 2013 - Merged with Decision Resources Inc. @ There are no transactions during the year with the above Companies. NOTE: Piramal Foundation for Education Leadership and Piramal Udgam Data Management Solutions are registered under section 25 of the Companies Act, 1956 and are limited by guarantee and not by shares. Piramal Enterprises Limited and its nominees are the members of these Companies. Health Management & Research Institute is a society. The majority of the members of its governing body comprises nominees of Piramal Enterprises Limited |
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Other related
parties where common control exists |
v Piramal Glass Limited (PGL) v Piramal Phytocare Limited (formerly known as Piramal Life Sciences Limited (PPL) v Piramal Corporate Services Limited (PCSL) v Piramal Estates Private Limited (Piramal Estates) v Piramal Realty Private Limited * v India Venture Advisors Private Limited (India Venture)* v Allergan India Private Limited (Allergan) NOTE: * There are no transactions during the year. |
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Investing parties
with whom the Company is a JV Partner : |
v Allergan Pharmaceuticals (Ireland) Ltd. Inc. (Allergan Ireland) v Allergan Inc. (Holding Company of JV partner)* NOTE: * There
are no transactions during the year. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
24000000 |
Preference Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
105000000 |
Unclassified Shares |
Rs.2/- each |
Rs.210.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
172,563,100 |
Equity Shares |
Rs.2/- each |
Rs.345.100 Millions |
|
|
|
|
|
1. Reconciliation of number of shares
|
|
31.03.2014 |
|
|
Particulars |
No. of shares |
Rs. In Millions |
|
At the beginning of the year |
172563100 |
345.100 |
|
Add: Issued during the year |
84092879 |
168.200 |
|
Less: Shares cancelled during the year |
-- |
-- |
|
At the end of the
year |
84092879 |
168.200 |
2. Details of shareholders holding more than
5% shares in the Company
|
|
31.03.2014 |
|
|
Particulars |
No. of shares |
% Holding |
|
Piramal Management Services Private Limited (Corporate
Trustee of The Sri Krishna Trust) |
84072194 |
48.72% |
|
Aberdeen Global Indian Equity Fund (Mauritius) Limited |
11360997 |
6.58% |
|
PHL Holdings Private Limited |
-- |
-- |
3.
Rights,
preferences and restrictions attached to shares
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.
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 |
345.100 |
345.100 |
345.100 |
|
(b) Reserves & Surplus |
90925.700 |
105214.000 |
111062.700 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
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|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
91270.800 |
105559.100 |
111407.800 |
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6533.400 |
7333.300 |
2166.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
1005.300 |
|
(c) Other long term liabilities |
234.200 |
763.100 |
1328.400 |
|
(d) long-term provisions |
529.400 |
225.600 |
199.700 |
|
Total Non-current Liabilities (3) |
7297.000 |
8322.000 |
4700.100 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
51597.800 |
37292.600 |
9754.500 |
|
(b) Trade payables |
3838.200 |
3257.700 |
3126.100 |
|
(c) Other current
liabilities |
4439.600 |
5355.000 |
4856.000 |
|
(d) Short-term provisions |
10719.500 |
3637.600 |
3599.500 |
|
Total Current Liabilities (4) |
70595.100 |
49542.900 |
21336.100 |
|
|
|
|
|
|
TOTAL |
169162.900 |
163424.000 |
137444.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6578.000 |
6541.700 |
6319.000 |
|
(ii) Intangible Assets |
1224.600 |
1191.300 |
1285.200 |
|
(iii) Capital
work-in-progress |
179.300 |
454.400 |
230.300 |
|
(iv)
Intangible assets under development |
1443.600 |
1204.900 |
1434.800 |
|
(b) Non-current Investments |
114848.700 |
88212.800 |
67636.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5778.100 |
4323.000 |
1170.300 |
|
(e) Other Non-current assets |
1572.400 |
21737.100 |
41255.800 |
|
Total Non-Current Assets |
131624.700 |
123665.200 |
119331.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1012.900 |
8018.200 |
3466.900 |
|
(b) Inventories |
3004.900 |
2617.100 |
2667.100 |
|
(c) Trade receivables |
2562.700 |
2430.300 |
2424.800 |
|
(d) Cash and cash
equivalents |
318.500 |
242.400 |
132.400 |
|
(e) Short-term loans and
advances |
22777.200 |
14106.700 |
8579.600 |
|
(f) Other current assets |
7862.000 |
12344.100 |
841.800 |
|
Total Current Assets |
37538.200 |
39758.800 |
18112.600 |
|
|
|
|
|
|
TOTAL |
169162.900 |
163424.000 |
137444.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18431.400 |
14013.200 |
11534.800 |
|
|
|
Other Income |
4368.000 |
3778.800 |
5344.300 |
|
|
|
TOTAL |
22799.400 |
17792.000 |
16879.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw and packing materials consumed |
7006.700 |
6333.300 |
5389.500 |
|
|
|
Purchases of stock-in-trade |
849.700 |
792.600 |
809.600 |
|
|
|
Changes in inventories of finished
goods, work-in progress and stock-in-trade |
(377.100) |
(20.400) |
(125.100) |
|
|
|
Employee benefits expense |
2135.000 |
1642.600 |
1517.500 |
|
|
|
Other Expenses |
8177.100 |
6544.800 |
5312.500 |
|
|
|
TOTAL |
17791.400 |
15292.900 |
12904.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
5008.000 |
2499.100 |
3975.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
8125.800 |
4199.700 |
1999.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3117.800) |
(1700.600) |
1976.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
762.200 |
778.200 |
763.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE EXCEPTIONAL ITEMS AND TAX |
(3880.000) |
(2478.800) |
1212.200 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
180.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(3700.000) |
(2478.800) |
1212.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(163.200) |
(95.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(3700.000) |
(2315.600) |
1307.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46125.700 |
51974.400 |
57682.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
P&L Debit balance of Demerged R&D NCE Unit |
0.000 |
0.000 |
3299.800 |
|
|
|
Proposed Dividend on Equity Shares |
9059.600 |
3019.900 |
3019.900 |
|
|
|
Distribution Tax Thereon |
1539.700 |
513.200 |
489.900 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
130.700 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
0.000 |
75.000 |
|
|
BALANCE CARRIED
TO THE B/S |
31826.400 |
46125.700 |
51974.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9686.600 |
7987.100 |
6515.300 |
|
|
|
Interest on Loans |
684.600 |
772.100 |
334.300 |
|
|
|
Other Earnings |
145.400 |
131.500 |
196.100 |
|
|
TOTAL EARNINGS |
10516.600 |
8890.700 |
7045.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3326.100 |
3116.400 |
2285.000 |
|
|
|
Capital Goods |
606.200 |
277.900 |
287.400 |
|
|
|
Traded Goods |
276.400 |
271.400 |
278.900 |
|
|
TOTAL IMPORTS |
4208.700 |
3665.700 |
2851.300 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(21.40) |
(13.40) |
7.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(20.07) |
(16.52) |
11.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
27.17 |
17.83 |
34.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.02) |
(3.37) |
1.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
(0.02) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64 |
0.42 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.53 |
0.80 |
0.85 |
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 |
345.100 |
345.100 |
345.100 |
|
Reserves & Surplus |
111062.700 |
105214.000 |
90925.700 |
|
Net worth |
111407.800 |
105559.100 |
91270.800 |
|
|
|
|
|
|
long-term borrowings |
2166.700 |
7333.300 |
6533.400 |
|
Short term borrowings |
9754.500 |
37292.600 |
51597.800 |
|
Total borrowings |
11921.200 |
44625.900 |
58131.200 |
|
Debt/Equity ratio |
0.107 |
0.423 |
0.637 |
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 |
11534.800 |
14013.200 |
18431.400 |
|
|
|
21.486 |
31.529 |
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 |
11534.800 |
14013.200 |
18431.400 |
|
Profit |
1307.200 |
-2315.600 |
-3700.000 |
|
|
11.33% |
-16.52% |
-20.07% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
799.900 |
1833.300 |
1350.900 |
|
|
|
|
|
|
Total |
799.900 |
1833.300 |
1350.900 |
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
9.66% - Unsecured Redeemable Non-Convertible Debentures (Redeemable at par at the end of 5th year from the date of allotment - February 26, 2013) |
3500.000 |
3500.000 |
|
Term Loan From Banks |
0.000 |
333.300 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Papers |
46250.000 |
33500.000 |
|
Loans repayable on demand - from banks |
4302.100 |
2250.000 |
|
|
|
|
|
Total |
54052.100 |
39583.300 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10418435 |
11/12/2013 * |
3,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R.K.
Kamani Marg, Mumbai, Maharashtra - 400001, INDIA |
B93656551 |
|
2 |
90218157 |
27/06/2012 * |
5,000,000,000.00 |
Allahabad Bank |
Industrial Finance Branch,Allahabad Bank Building,
Second Floor,37, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023,
INDIA |
B44005106 |
|
3 |
90218094 |
06/06/1997 |
6,500,000.00 |
DRESDNER BANK AG |
HOECHST HOUSE; 1ST FLOOR, NARIMAN POINT,
MUMBAI, |
- |
|
4 |
90217538 |
22/09/1993 * |
30,000,000.00 |
UNIT TRUST OF INDIA |
13, SIR VITHALDAS THACKERSEY MARG, BOMBAY,
Maharashtra - 400020, INDIA |
- |
|
5 |
90218748 |
07/12/1982 |
2,000,000.00 |
CANARA BANK |
CHEMBUR MAIN BRANCH, BOMBAY, Maharashtra -
400071, |
- |
GENERAL INFORMATION
The company is engaged in Pharmaceutical business including its Research and Development, Financial Services and Information Management business through its subsidiaries. The Company has manufacturing plants in India and sells in Domestic as well as International markets through various distribution channels. The Company is a public limited company and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
OPERATIONS REVIEW:
Total operating income on a standalone basis for the year grew by 29.4% to Rs. 20930.000 millions as against Rs. 16181. 000 millions in FY2013. EBITDA for FY2014 on a standalone basis grew by 100.4% to Rs. 5008.000 millions from Rs. 24990.000 millions in FY2013. Growth in EBIDTA was driven by higher revenues in the current year. Loss for the year was Rs. 37000.000 millions as against a loss of Rs. 2316.000 millions in FY2013. This is on account of an increase of 93.5% in finance costs due to increase in loans taken to expand the financial services businesses. The finance costs also include one time charges of Rs. 1780.000 millions on discounting of receivables from Abbott. Earnings per share were Rs. (21.40) for the year.
A detailed discussion of operations for the year ended March 31, 2014 is given in the Management Discussion and Analysis section.
CONTINGENT
LIABILITIES:
|
Particular |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
1 Claims against
the Company not acknowledged as debt: |
|
|
|
Claims
against the Company not acknowledged as debt: Vide Demand dated June 5, 1984,
the Government has asked for payment to the credit of the Drugs Prices
Equalisation Account, the difference between the common sale price and the
retention price on production of Vitamin ‘A’ Palmitate (Oily Form) from
January 28, 1981 to March 31, 1985 which is not accepted by the Company. The
Company has been legally advised that the demand is untenable. |
6.100 |
6.100 |
|
2.
Guarantees issued to Governmen authorities and limited companies including
guarantees issued on behalf of subsidiaries and performance guarantees. |
46618.700 |
36441.400 |
|
3 Others |
|
|
|
i. Appeals filed in respect of disputed demands: |
|
|
|
Income Tax |
|
|
|
- where the Company is in appeal |
4933.000 |
3597.700 |
|
- where the Department is in appeal |
1457.500 |
1384.300 |
|
Sales Tax |
134.100 |
123.600 |
|
Central / State Excise |
157.000 |
116.900 |
|
Labour Matters |
3.800 |
3.300 |
|
Stamp Duty |
40.500 |
40.500 |
|
Legal Cases |
70.700 |
70.700 |
|
ii. Bills Discounted |
534.800 |
539.400 |
|
iii. Unexpired Letters of Credit |
140.900 |
77.500 |
NOTE: Future cash outflows in respect of
1 and 3(i) above are determinable only on receipt of judgments/decisions
pending with various forums/authorities.
FIXED ASSETS
Tangible Assets
œ
Land
Leasehold
œ
Land
Freehold
œ
Building
œ
Plant
and Equipment
œ
Furniture
and Fixtures
œ
Vehicles/Ships/Helicopter
œ
Office
Equipment
Intangible Assets
œ
Brands
and Trademarks
œ
Copyrights,
Know-how and Intellectual Property Rights
œ
Computer
Software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
30TH
SEPTEMBER, 2014
(Rs.
In Millions)
|
|
|
PARTICULARS |
3 Months Ended |
Preceding 3 Months Ending |
Current Period Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
5016.700 |
4642.200 |
9668.900 |
|
|
|
b) Other Operating Income |
501.700 |
572.100 |
1073.800 |
|
|
|
Total Income from Operations (Net) |
5518.400 |
5214.300 |
10732.700 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
1754.000 |
1835.400 |
3569.400 |
|
|
b) |
Purchase of stock in-trade |
128.600 |
241.200 |
369.800 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
93.700 |
(193.300) |
(45.600) |
|
|
d) |
Employee benefit expenses |
515.200 |
699.000 |
1214.200 |
|
|
e) |
Depreciation and amortization expense |
219.800 |
223.900 |
443.700 |
|
|
f) |
Research and Development Expenses |
519.400 |
775.800 |
1295.200 |
|
|
g) |
Other expenses |
1290.400 |
1424.900 |
2723.300 |
|
|
Total Expenses |
4529.100 |
5000.900 |
9500.000 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
989.300 |
153.400 |
1142.700 |
|
4 |
Other Income |
592.300 |
1153.100 |
1735.400 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
1571.600 |
1306.500 |
2870.100 |
|
6 |
Finance Costs |
570.700 |
1051.600 |
1622.300 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
1000.900 |
254.900 |
1255.800 |
|
8 |
Exceptional Items |
(3715.500) |
30360.800 |
26645.300 |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
(2714.600) |
30615.700 |
27901.100 |
|
|
10 |
Tax Expense |
580.000 |
1937.600 |
2517.600 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
(3294.600) |
28670.300 |
25383.500 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
(3294.600) |
28670.300 |
25383.500 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
345.100 |
345.100 |
345.300 |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
(19.10) |
166.20 |
147.10 |
|
|
|
Diluted |
(19.10) |
166.20 |
147.10 |
|
|
|||||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
31272412 |
81267362 |
81272412 |
|
|
|
- Percentage of
Shareholding |
47.10% |
47.09% |
47.10% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
91290688 |
91295733 |
91200688 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
52.90% |
52.91% |
52.90% |
|
|
Particulars |
3
Months Ended 30.09.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
3 |
|
|
|
Received during the
quarter |
9 |
|
|
|
Disposed during the
quarter |
7 |
|
|
|
Remaining unresolved at
the end of the quarter |
5 |
NOTE
The standalone financial results, for the quarter and half year ended September 30, 2014, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 21, 2014.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
30.09.2014 Unaudited |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
345.100 |
|
(b) Reserves and surplus |
116235.900 |
|
Sub-total
- Shareholders' funds |
116581.000 |
|
|
|
|
Non-current liabilities |
|
|
(a) Long-term borrowings |
7300.100 |
|
(b) Deferred Tax Liabilities (Net) |
-- |
|
(c) Other Long Term Liability |
19.600 |
|
(d) Long Term Provision |
1311.000 |
|
Sub-total
- Non-current liabilities |
8630.700 |
|
|
|
|
Current liabilities |
|
|
(a) Short -term borrowings |
13090.400 |
|
(b) Trade payables |
4368.400 |
|
(c) Other Current Liability |
1544.400 |
|
(d) Short-term provision |
4640.800 |
|
Sub-total
- Current liabilities |
23644.000 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
148855.700 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
6843.700 |
|
(b) Non-current investment |
91310.300 |
|
(c) Long-term loans and advances |
10204.900 |
|
(d) Other non-current assets |
2494.100 |
|
Sub-total
- Non-current assets Current assets |
110853.000 |
|
Current assets |
|
|
(a) Current Investment |
4035.600 |
|
(b) Inventories |
3283.100 |
|
(c) Trade receivables |
2137.300 |
|
(d) Cash and cash equivalents |
13748.200 |
|
(e) Short-term loans and advances |
14395.700 |
|
(f) Other current assets |
402.800 |
|
Sub-total
- Current assets |
38002.700 |
|
|
|
|
TOTAL
- ASSETS |
148855.700 |
NOTE:
1.
In accordance with Accounting Standard 17 'Segment
Reporting', segment information has been given In the consolidated financial
results of Piramal Enterprises Limited, and therefore, no separate disclosure
on segment information is given in these standalone results.
2.
Exceptional Items, Net for the quarter and half year ended
September 30, 2014, amounting to Rs. (3715.500) millions (previous
corresponding quarter Rs. 180.000 millions) and 26645.300 millions (previous
corresponding half year Rs.180.000 millions) respectively include:
(i) Gain on sale of Investment in Vodafone India Limited during the quarter
ended June 30, 2014, amounting to Rs. 30360.800 millions
(ii) Gain on sale of the Lab Diagnostics and Point of Care business to Diasys
Diagnostics India Private Limited during the current quarter, amounting to Rs.
26.000 millions (previous corresponding quarter : Rs. NIL),
(iii) Costs and write downs Incurred
on account of scaling down the Research and development activities of the New
Chemical Entity (NCE) division aggregating to Rs. 3741.500 million (previous
corresponding quarter: NIL); and
(iv) Recovery of License Fee written
off In earlier periods amounting to Rs. Nil (previous corresponding quarter and
half year: Rs. 180.000 millions).
3.
The Company revised depreciation rates on tangible fixed
assets w.e.f. April 01, 2014 as per the useful life specified in the Schedule
II of the Companies Act, 2013 or as re-assessed by the Company, As prescribed
in said Schedule II, an amount of Rs. 73.300 millions (net of deferred tax) has
been charged to the opening balance of retained earnings for the assets in
respect of which the remaining useful life is NIL as on April 01, 2014 and In
respect of other assets on that date, depreciation has been calculated based on
the remaining useful life of those assets. Had the Company continued with the
previously applicable Schedule XIV rates, charge for depreciation for the
quarter and half year ended September 30, 2014 would have been lower and the
net profit would have been higher by Rs. 34.800 millions and Rs.58i Lakhs
respectively.
4.
The Board of Directors at their meeting held on May 05, 2014
had approved a Scheme of Amalgamation for merger of the following step-down
wholly-owned subsidiaries, with the Company with effect from April 01, 2014
(The Appointed date);
(I) PHL Capital Private Limited
(II) Piramal Pharmaceutical Development Services Private Limited
(III) Oxygen Bio Research Private Limited
5.
Further, since all the transferor companies are step down
wholly owned subsidiaries of the Company, no shares are proposed to be issued
pursuant to the merger. This Scheme is subject to requisite approvals,
including under the Listing Agreement and by the Hon'ble High Courts, Pending
approval of the scheme by the Hon'ble High Courts and the shareholders, the
results of the transferor Companies for the period from April 01, 2014 to
September 30, 2014 have not been considered in these results.
6.
The Company has entered into an agreement with Navin
Fluorine International Limited to form a Joint Venture Company (in the ratio of
51:49) to develop, manufacture and sell specialty Fluorochemicals to be used
for its healthcare business,
7.
Tax expense comprises of Current tax and Deferred Tax and is
net of MAT credit entitlement.
8.
Previous period / year's figures have been regrouped /
reclassified wherever necessary to correspond with the current period's
classification.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.