MIRA
INFORM REPORT
|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANOFI INDIA LIMITED (w.e.f. 11.05.2012) |
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|
|
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Formerly Known
As : |
AVENTIS PHARMA LIMITED |
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Registered
Office : |
54/A, |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
02.05.1956 |
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Com. Reg. No.: |
11-009794 |
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Capital
Investment / Paid-up Capital : |
Rs.230.300 Millions |
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CIN No.: [Company Identification
No.] |
L24239MH1956PLC009794 |
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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
: |
Manufacturer of bulk drugs, drug intermediates, veterinary
formulations and pesticides. |
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|
No. of Employees
: |
3164 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 48000000 |
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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 subsidiary of Sanofi S.A. France. It is a
well-established company having fine track record. Financial position of the company appears to be strong. Overall
fundamentals of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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
31-03-2012.
LOCATIONS
|
Registered Office : |
54/A, Sir Mathuradas V Asanji Road, Andheri (East), Mumbai - 400093,
Maharashtra, India |
|
Tel. No.: |
91-22-28278000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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Website : |
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Manufacturing Sites 1: |
3501-15, 6310, B-14, GIDC Estate, Ankleshwar – 393002, Gujarat, India |
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Manufacturing Sites 2: |
GIDC, Plot No. L-121, Phase III, Verna Industrial Estate Verna -
403722, Goa, India |
DIRECTORS
As on 31.12.2012
|
Name : |
Dr. Vijay Mallya |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Shailesh Ayyangar |
|
Designation: |
Managing Director |
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|
Name : |
Mr. F. Briens |
|
Designation : |
Director |
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|
Name : |
Ms. Virginie Boucinha |
|
Designation : |
Director |
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|
Name : |
Mr. J. M. Gandhi |
|
Designation : |
Director |
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|
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|
Name : |
Mr. J. M. Georges |
|
Designation : |
Director |
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|
Name : |
Mr. S. R. Gupte |
|
Designation : |
Director |
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|
Name : |
Mr. A. K. R. Nedungadi |
|
Designation : |
Director |
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|
Name : |
Mr. A. Ortoli |
|
Designation: |
Director |
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|
Name : |
Mr. M. G. Rao |
|
Designation : |
Alternate to Mr. J. M. Georges |
KEY EXECUTIVES
|
Name : |
Mr. K. Subramani |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
13909587 |
60.40 |
|
|
13909587 |
60.40 |
|
Total shareholding of Promoter and Promoter Group (A) |
13909587 |
60.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2319771 |
10.07 |
|
|
23234 |
0.10 |
|
|
534611 |
2.32 |
|
|
3398259 |
14.76 |
|
|
6275875 |
27.25 |
|
|
|
|
|
|
1470788 |
6.39 |
|
|
|
|
|
|
1058541 |
4.60 |
|
|
106851 |
0.46 |
|
|
208980 |
0.91 |
|
|
480 |
0.00 |
|
|
198503 |
0.86 |
|
|
80 |
0.00 |
|
|
7566 |
0.03 |
|
|
1851 |
0.01 |
|
|
500 |
0.00 |
|
|
2845160 |
12.35 |
|
Total Public shareholding (B) |
9121035 |
39.60 |
|
Total (A)+(B) |
23030622 |
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) |
23030622 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of bulk drugs, drug intermediates, veterinary
formulations and pesticides. |
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||||||||
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Products : |
|
PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
I. Basic drugs: |
|
|
|
|
Pharmaceuticals |
Tonnes |
253.00 |
142.93 |
|
II. Formulations: |
|
|
|
|
Liquid injectibles# |
KL |
-- |
546.43 |
|
Tablets / Dragees |
Mio Nos |
7,600.00* |
6,994.56 |
|
Capsules# |
Mio Nos |
-- |
224.17 |
|
Ointments# |
Tonnes |
-- |
815.41 |
|
Granules # |
Tonnes |
-- |
-- |
|
Drops, syrup and other liquids# |
KL |
-- |
756.54 |
Note:
Production figures include goods manufactured
at third party facilities and captive consumptions.
* Includes installed capacity of granules.
# Represents produced only at third party
locations
GENERAL INFORMATION
|
No. of Employees : |
3164 (Approximately) |
|
|
|
|
Bankers : |
·
Citibank N.A. ·
Deutsche Bank ·
Hongkong and Shanghai Banking Corporation Limited
·
State Bank of India ·
HDFC Bank Limited ·
BNP Paribas |
|
|
|
|
Banking
Relations : |
-- |
|
|
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|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
|
|
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Solicitors: |
Crawford Bayley and Company |
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|
|
|
Holding Company: |
·
Hoechst
GmbH, Germany, (holds 60.38%
of the equity
share capital as
at December 31,
2012) |
|
|
|
|
Ultimate holding Company: |
·
Sanofi
S.A., France |
|
|
|
|
Fellow subsidiaries |
·
Aventis Pharma
Limited, UK ·
Sanofi-Aventis (Malaysia) SDN. BHD ·
Francopia S.A.R.L. ·
Sanofi-Aventis (Thailand) Limited ·
Genzyme
India Private Limited ·
Sanofi-Aventis Australia Pty Limited ·
PT Aventis Pharma ·
Sanofi-aventis
Bangladesh Limited ·
Sanofi-Aventis Deutschland GmbH ·
Sanofi-aventis Comerciale Logistics ·
Sanofi-Aventis Groupe S.A. ·
Sanofi-Aventis Egypt SAE ·
Sanofi Aventis Ilaclari Limited ·
Sirketi Sanofi-Aventis Groupe S.A. ·
sanofi-aventis Lanka Limited ·
Sanofi-aventis Korea Company Limited ·
Sanofi-Aventis Rechercheet Development S.A. ·
Sanofi-Aventis Nigeria Limited ·
Sanofi-Aventis South Africa (Pty) Limited ·
sanofi-aventis Pakistan limited ·
Sanofi
Chimie S.A Sanofi-Aventis Spa ·
Sanofi Pasteur India Private Limited ·
Sanofi-Aventis Singapore Pte. Limited ·
Sanofi-AventisTaiwan Company Limited ·
Sanofi-aventis U.S.Inc. ·
Sanofi Winthrop Industries S.A. ·
Sanofi-Synthelabo (India) Limited ·
Shantha
Biotechnics Limited ·
Winthrop Pharmaceuticals UK Limited |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23500000 |
Equity Shares |
Rs.10/- each |
Rs.235.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23030622 |
Equity Shares |
Rs.10/- each |
Rs.230.300
Millions |
Note:
a) Shares held by holding and ultimate holding
company 13904722 equity shares are held by Hoechst GmbH, Germany, holding company
and 4,865 (2011: 4,865) Equity shares are held by Sanofi S.A., France ultimate
holding company.
b) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period:
|
Particulars |
Number
of Shares |
Rs.
In Millions |
|
|
|
|
|
At the beginning of the year and outstanding
at the end of the year |
23030622 |
230.300 |
c) Terms/rights attached to equity shares
The Company has only one class of equity shares
having a face value of Rs. 10 per share. Each holder of equity shares is
entitled to one vote per share. The final
Dividend proposed by the Board of
Directors is subject to the
approval of the shareholders
in the ensuing
Annual General Meeting.
During the year ended 31 December 2012, the
amount of per share dividend (including interim dividend of Rs.4 (Dec
2011: Rs.4)) recognized as distributions
to equity shareholders was Rs.33 (Dec 2011:
Rs.33).
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company. The distribution will be in proportion to the number of equity
shares held by the shareholder.
d) Details of Shareholders holding more than
5% shares in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Hoechst GmbH, Germany |
13904722 |
60.38 |
|
Reliance Capital Trustee Company Limited |
1780804 |
7.73 |
|
Aberdeen Global Indian Equity Fund
(Mauritius) Limited |
1338883 |
5.81 |
As per the of the company, including its
register of shareholder/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
230.300 |
230.300 |
|
(b) Reserves & Surplus |
|
11810.900 |
10935.900 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
12041.200 |
11166.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
212.800 |
84.600 |
|
(c) Other long term liabilities |
|
0.000 |
10.000 |
|
(d) long-term provisions |
|
192.800 |
195.600 |
|
Total Non-current Liabilities (3) |
|
405.600 |
290.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
1541.700 |
1476.400 |
|
(c) Other current
liabilities |
|
849.900 |
709.000 |
|
(d) Short-term provisions |
|
1474.700 |
1383.600 |
|
Total Current Liabilities (4) |
|
3866.300 |
3569.000 |
|
|
|
|
|
|
TOTAL |
|
16313.100 |
15025.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1942.500 |
1673.600 |
|
(ii) Intangible Assets |
|
5051.100 |
5696.100 |
|
(iii) Capital
work-in-progress |
|
406.300 |
205.100 |
|
(iv) Intangible
assets under development |
|
28.400 |
23.500 |
|
(b) Non-current Investments |
|
3.600 |
3.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
581.800 |
749.800 |
|
(e) Other Non-current assets |
|
26.400 |
6.300 |
|
Total Non-Current Assets |
|
8040.100 |
8358.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2724.500 |
2542.700 |
|
(c) Trade receivables |
|
986.000 |
1040.900 |
|
(d) Cash and cash
equivalents |
|
4288.500 |
2342.300 |
|
(e) Short-term loans and
advances |
|
233.000 |
677.300 |
|
(f) Other current assets |
|
41.000 |
64.200 |
|
Total Current Assets |
|
8273.000 |
6667.400 |
|
|
|
|
|
|
TOTAL |
|
16313.100 |
15025.400 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
230.306 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9911.196 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10141.502 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10141.502 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1710.477 |
|
|
Capital work-in-progress |
|
|
133.028 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3.631 |
|
|
DEFERREX TAX ASSETS |
|
|
98.510 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2384.703
|
|
|
Sundry Debtors |
|
|
604.352
|
|
|
Cash & Bank Balances |
|
|
6553.502
|
|
|
Other Current Assets |
|
|
2567.437
|
|
|
Loans & Advances |
|
|
28.504
|
|
Total
Current Assets |
|
|
12138.498
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1241.229
|
|
|
Other Current Liabilities |
|
|
495.828
|
|
|
Provisions |
|
|
2205.585
|
|
Total
Current Liabilities |
|
|
3942.642
|
|
|
Net Current Assets |
|
|
8195.856
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10141.502 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15730.400 |
13013.400 |
10849.521 |
|
|
|
Other Income |
411.700 |
678.900 |
1134.839 |
|
|
|
TOTAL (A) |
16142.100 |
13692.300 |
11984.360 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
5591.100 |
4915.500 |
|
|
|
|
Purchases of traded goods |
1853.100 |
1353.800 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and traded
goods |
(89.300) |
(101.200) |
|
|
|
|
Employee benefits expenses |
2136.000 |
1764.200 |
|
|
|
|
Other expenses |
3121.400 |
2604.500 |
|
|
|
|
TOTAL (B) |
12612.300 |
10536.800 |
9418.047 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3529.800 |
3155.500 |
2566.313 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.000 |
4.200 |
28.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3515.800 |
3151.3 |
2537.411 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
898.700 |
311.500 |
197.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2617.100 |
2839.800 |
2340.054 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
850.500 |
928.000 |
32.531 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1766.600 |
1911.800 |
2307.523 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8426.500 |
7584.543 |
6983.372 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend (paid in August 2012) |
92.100 |
92.100 |
92.122 |
|
|
|
Provision for Final Dividend |
667.900 |
667.900 |
1174.562 |
|
|
|
T ax on Interim and proposed Final
Dividend |
123.200 |
118.700 |
208.915 |
|
|
|
Transfer to General Reserve |
176.700 |
191.100 |
230.753 |
|
|
BALANCE CARRIED
TO THE B/S |
9133.200 |
8426.500 |
7584.543 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of
exports |
2446.700 |
2195.300 |
2066.941 |
|
|
|
Income from services
rendered |
49.100 |
49.800 |
15.626 |
|
|
|
Reimbursement of expenses
and\ Market Support |
707.500 |
804.700 |
729.944 |
|
|
|
Sale Value of Long Term Investment |
0.000 |
0.000 |
1007.507 |
|
|
TOTAL EARNINGS |
3203.300 |
3049.800 |
3820.018 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw and packing
materials |
1924.500 |
1871.900 |
170.196 |
|
|
|
Components, spares and
auxiliary |
2.100 |
4.000 |
5.478 |
|
|
|
Capital Goods |
87.700 |
54.100 |
9.622 |
|
|
|
Finished goods |
2311.300 |
1902.800 |
1589.805 |
|
|
TOTAL IMPORTS |
4325.600 |
3832.800 |
1775.101 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
76.71 |
83.01 |
67.31 |
|
QUARTERLY RESULTS
|
Particulars |
|
31.03.2013 (Unaudited) |
30.06.2013 (Unaudited) |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
3881.000 |
4351.000 |
|
Total Expenditure |
|
3161.000 |
3477.000 |
|
PBIDT (Excluding Other Income) |
|
720.000 |
874.000 |
|
Other Income |
|
162.000 |
145.000 |
|
Operating Profit |
|
882.000 |
1019.000 |
|
Interest |
|
3.000 |
1.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
879.000 |
1018.000 |
|
Depreciation |
|
223.000 |
227.000 |
|
Profit Before Tax |
|
656.000 |
791.000 |
|
Tax |
|
213.000 |
279.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
443.000 |
512.000 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
443.000 |
512.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.94
|
13.96 |
19.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.64
|
21.82 |
21.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.49
|
4.13 |
16.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.25 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69
|
0.60 |
3.08 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
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 |
No |
|
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 |
No |
MANAGEMENT
DISCUSSION AND ANALYSIS
PHARMACEUTICAL
MARKET
Total Indian Pharmaceutical Market during the year ended 31st December
2012 was estimated at Rs. 712 billion. The retail market has slowed down and
grew by 11.4% over the previous year.
(Source: IMS, Total sales Audit,
MAT December 2012).
Key drivers have been volumes (4.1%) and new introductions (5.3%).
Prices contributed only 2% to the growth.
Six brands of the Company, Combiflam, Cardace, Lantus, Clexane, Amaryl
and Allegra™ continue to feature in the top 100 brands of the Indian
pharmaceutical market.
SALES AND
PROFITABILITY
During the year ended 31st December 2012, the Company had
total net sales of Rs.14938.500 Millions as against Rs.12297.500 Millions in
the previous year, representing a growth of 21.5%.
Profit before Tax decreased from Rs.2839.800 Millions to Rs.2617.100
Millions and Net Profit decreased from Rs. 1911.800 Millions to Rs.1766.600
Millions.
Decline in profit was mainly due to:
(i) Amortisation of brands acquired in 2011 from Universal Medicare
Private Limited and lower interest income as a result of the investment.
Depreciation and amortisation expense increased from Rs.311.500 Millions
in 2011 to Rs.898.700 Millions in 2012 and Other Income declined from
Rs.678.900 Millions to Rs.411.700 Millions.
(ii) Change in accounting policy - The Company decided to amortise
goodwill on acquisition of business over a period of 10 years from date of
acquisition as against its earlier policy of testing for impairment. Due to the
change, Net Profit for the year was lower by Rs.99.000 Millions.
DOMESTIC SALES
REVIEW
Domestic sales, which constituted 83% of total net sales, increased from
Rs.10020.300 Millions in 2011 to Rs.12408.000 Millions in 2012, reflecting a
growth of 23.8%.
MAJOR BRAND
PERFORMANCE REVIEW
Cardace Group grew by 16%. Cardace continues to be No. 1 ACE inhibitor
prescribed by cardiologists, diabetologists and consulting physicians.
Cardace Meto, a fixed dose combination of Cardace + Metoprolol was
launched. Initial feedback from doctors has been encouraging Although there
has been a
therapy shift to
Angiotensin Receptor Blockers
(ARB), Cardace and its
line extensions continue
to grow in terms
of prescriptions.
Lantus grew by 25% in value terms. It has a market share of 11.9% and
continues to be the 2nd leading brand in insulins in terms of value.
The Company successfully launched All Star™ - an indigenously
manufactured reusable insulin pen. It is
custom made for patients
in India and will
help improve both
insulin initiation and
compliance and bring
ease and reassurance
to the lives
of patients, giving
them convenience of inter national standards
at an affordable
price.
A campaign “Sanofi Diabetes Blue Fortnight - Every Voice One Future” was
done in association with the Ministry of Health and a social advocacy group and was able to reach
out to multiple stakeholders in an
effort to curb
the rising incidence
of diabetes in India and improving
the lives of
diabetics.
Insuman grew by 39% in value terms. Insuman cartridges are well
differentiated with unique 3 bullet technology. Cartridges are driving the
growth in the human insulin market.
Apidra sales declined
due to non-availability of
stocks in Q1
2012.
Amaryl group grew by 21% in value terms. It has a market share of 4.6%
in the oral antidiabetic (OAD) market.
Cetapin group grew by 31%. CetapinXR has achieved a market share of 8.4%
in the metformin market. It continues to be the largest brand in the metformin
market by differentiating itself from other metformin brands with the help of
its unique patented technology.
Cetapin V has become the 5th
largest brand in
the metformin +
voglibose category with
a market share
of 6.7%.
Clexane grew by 8% and continues to be the No. 1 in the injectable anti
coagulant market. The Company is ranked No. 1 in the thrombosis market.
Targocid, which has a market share of 40%, is the No. 1 injectable
antibiotic against resistant gram positive
bacteria.
Allegra™ grew by 15%. It has a market share of nearly 12%. It continues
to be ranked No. 1 in the total market and solids market.
Allegra™ Suspension is ranked No.1 in the liquid anti histaminic market.
Frisium grew by 9%. It is one of the fastest growing anti epileptics and
ranks No. 3 in the highly competitive AED market.
Rejusite™ was launched to neurologists in May 2012.
At the beginning of the year, the Consumer Healthcare OTC division was
formed to market the old heritage brands of the Company and OTC products -
Seacod and Combiflam Cream.
TV and media campaigns were run for promoting Seacod.
A line extension, Seacod 60 ml has been launched in December 2012.
Combiflam group grew by 15%.Combiflam group (tablets + suspension) has a
market share of 5% and is ranked 2nd in the NSAID market.
Combiflam Tablets is ranked No.1 in units and 1.6 billion tablets were
sold in 2012. Combiflam Suspension has a market share of nearly 15% and
continues to be ranked 2nd among NSAID oral liquids.
Soframycin Skin Cream had a growth of 12%. It continues to be the 4th
largest brand among topical antiseptics.
Avil had a growth of 11% in terms of value. It continues to have volume
leadership in the anti histaminic market and has a market share of 6.3%.
Sales of the nutraceutical brands acquired from Universal Medicare
Private Limited in 2011 grew
significantly .
Line extensions of Multivite, CoQ and Triomega were launched.
Three brands - Ferrohext™, BerryCran™ and Amino-fit Forte were also
launched to strengthen the nutraceutical portfolio.
PRAYAS
The Company has gone digital in the PRAYAS initiative with the creation
of the PRAYAS portal. An interactive
portal can now deliver
valuable training modules
to the rural
and urban doctors
at their homes
and clinics.
EXPORT SALES
Export sales for 2012, which constituted 17% of total net sales, were
Rs. 25,305 lakhs, representing a growth of 11.1% over 2011. This was the
highest ever export turnover achieved.
Volumes contributed 8.1% tothegrowth. New markets, particularly
Australia and Germany, contributed
significantly as a consequence
of which the contribution of the
traditional markets of Russia,
Ukraine and CIS states came down from 55% in 2011 to 44% in 2012.
The Company now exports to over 30 countries.
Exports to Russia declined by 19% due to low secondary sales of some
products.
Exports to Ukraine grew by 32% as part of a stock building exercise to
mitigate impact of new regulations which can affect exports of some of the
Company's products.
Exports of Panamax
(paracetamol) tablets to Australia
which commenced in 2011 contributed handsomely to
growth in exports.
New line extensions of paracetamol + codeine tablets also contributed
substantially to the growth.
Exports to the United Kingdom declined due to high pipeline inventories.
The Company obtained a large tender in Germany for metformin tablets.
Exports to Sri Lanka grew by 38%. This included exports of nutraceutical
products.
Exports of active pharmaceutical ingredients and inter mediates grew by
33%.
MANUFACTURING
OPERATIONS
An extension of the manufacturing facility in Ankleshwar was carried
out. It will help to increase the capacity of the pharmaceutical plant from 5
billion to 6 billion tablets. With the
successful completion of
this state of
art, HSE and GMP compliant
facility , the Ankleshwar plant
will be able
to fulfill market
demand in the
coming years.
An upgrade of the dry granulation facility was also completed in
Ankleshwar.
Two new granulation lines, a high speed compression machine, a large
quantity dispensing system, HVAC to cater to very low humidity requirements and
a new blister packing line were installed and commissioned in Goa.
An expansion project has also been started in Goa. This is to cater to
the additional requirements for the Indian and export markets. A set of
motorized racks to increase the capacity of the existing warehouse has
already been commissioned as a
first step of the project.
The Goa site was re
The waste water treatment plant was commissioned in Ankleshwar to treat
200 m3 of effluent on a daily basis.
Conservation of natural resources is made feasible with the
commissioning of this plant.
-accredited by several global regulatory authorities.
New pharma and nutraceutical products were manufactured in own and
external manufacturing sites.
PROSPECTS FOR 2013
There is a general slowdown in the pharmaceutical segment, somewhat in
line with the slowing down of the economic growth.
Therefore, the prospects for 2013 are: reasonable growth for the Company
- in line with the industry growth- barring the risk of adverse impact
due to the
new Drugs (Price
Control) Order.
The Company has launched Allegra™ M (a combination of Fexofenadine and
Montelucast) and Combiflam Plus (for headache).
The manufacturing expansion project in Goa is progressing well and it
will be completed during the year. Export turnover is expected to gain momentum
and show reasonable growth.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
4725.000 |
4100.000 |
12454.000 |
|
b) Other operating income |
249.000 |
251.000 |
752.000 |
|
Total
income from Operations(net) |
4974.000 |
4351.000 |
13206.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1564.000 |
1438.000 |
4554.000 |
|
b) Purchases of stock in trade |
563.000 |
610.000 |
1946.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
122.000 |
(60.000) |
(515.000) |
|
d) Employees benefit expenses |
606.000 |
624.000 |
1794.000 |
|
e) Depreciation and amortization expenses |
234.000 |
227.000 |
684.000 |
|
f) Other expenditure |
873.000 |
845.000 |
2586.000 |
|
Total expenses |
3962.000 |
3704.000 |
11049.000 |
|
3. Profit from operations before other income and
financial costs |
1012.000 |
647.000 |
2157.000 |
|
4. Other income |
153.000 |
145.000 |
461.000 |
|
5. Profit from ordinary activities before finance costs |
1165.000 |
792.000 |
2618.000 |
|
6. Finance costs |
0.000 |
1.000 |
4.000 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before tax and exceptional items |
1165.000 |
791.000 |
2614.000 |
|
8. Tax expenses |
396.00 |
279.000 |
888.000 |
|
9. Profit from ordinary activities before
exceptional items |
769.000 |
512.000 |
1726.000 |
|
10.. Exceptional item |
0.000 |
0.000 |
0.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
769.000 |
512.000 |
1726.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
769.000 |
512.000 |
1726.000 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
230.000 |
230.000 |
230.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
33.43 |
22.27 |
75.04 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
33.43 |
22.27 |
75.04 |
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
9121035 |
9121035 |
9121035 |
|
- Percentage of shareholding |
39.60% |
39.60% |
39.60% |
|
2. Promoters and Promoters 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 |
13909587 |
13909587 |
13909587 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
60.40% |
60.40% |
60.40% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
28 |
||
|
Disposed of during the quarter |
28 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:
1.
The above Results were approved by the
Board of Directors of the Company at its Meeting held on October 30, 2013.
2.
In accordance with Clause 41 of the
Listing Agreement with the Stock Exchanges, the Company's Statutory Auditors have
conducted a 'Limited Review' of the Financial Results for the quarter ended
September 30, 2013.
3.
The Board of Directors had declared an
Interim Dividend of Rs.10 per Equity share of Rs.10 for the year ending
December 31, 2013. The Dividend (Including Dividend Distribution Tax) amounted
to Rs.269 million. The said Dividend was paid on August 20, 2013 through
National Electronic Clearing Service/Dividend Warrants.
4.
Better export performance during the
quarter and nine months ended September 30, 2013 has resulted in improvement in
profitability of the Company
5.
The Company has a single business
segment namely ‘Pharmaceutical Business’.
6.
The figures for the previous periods
have been re-grouped, wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90229711 |
20/09/2001 |
197,500,000.00 |
HDFC LIMITED |
RAMON HOUSE; H.T. PAREKH MARG,
169; BACKBAY RECLA |
- |
|
2 |
90228690 |
30/11/1992 * |
50,000,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
3 |
90228611 |
31/12/1992 |
400,000,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Justice
G.N.Vaidya Marg, Bombay, Maharashtra - 400023, India |
- |
|
4 |
90228604 |
21/10/1993 * |
400,000,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Justice G.N.Vaidya
Marg, Bombay, Maharashtra - 400023, India |
- |
|
5 |
90228576 |
11/09/1992 |
32,000,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Justice
G.N.Vaidya Marg, Bombay, Maharashtra - 400023, India |
- |
|
6 |
90228519 |
23/03/1992 |
43,000,000.00 |
GRINDLAYS BANK |
90; M.G ROAD, BOMBAY,
Maharashtra - 400023, INDIA |
- |
|
7 |
90228502 |
14/02/1992 |
43,000,000.00 |
GRINDLAYS BANK |
90; M.G ROAD, BOMBAY,
Maharashtra - 400001, INDIA |
- |
|
8 |
90228499 |
05/02/1992 |
20,000,000.00 |
HDFC LIMITED |
RAMON HOUSE, 169; BACKBAY
RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA |
- |
|
9 |
90228492 |
22/01/1992 |
6,500,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
10 |
90228477 |
05/12/1991 |
17,500,000.00 |
AMERICAN EXPRESS BANK LIMITED |
OEIENTAL BUILDING, D.N. ROAD,
BOMBAY, Maharashtra - 400001, INDIA |
- |
|
11 |
90228437 |
19/01/1991 * |
100,000,000.00 |
ICICI LIMITED |
163 Backbay Reclamation, Bombay,
Maharashtra - 400020, India |
- |
|
12 |
90228378 |
11/02/1993 * |
100,000,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
13 |
90232469 |
12/07/1989 * |
100,000,000.00 |
ICICI LIMITED |
163 BACKBAY RECLAMATION,
BOMBAY, Maharashtra - 400020, INDIA |
- |
|
14 |
90228345 |
26/03/1990 * |
100,000,000.00 |
STATE BANK OF INDIA |
SEVICE BANKIN DIVISION, BOMBAY
SAMACHAR MARG, BOM |
- |
|
15 |
90228316 |
06/09/1990 |
20,000,000.00 |
CANARA BANK |
NARIMAN POINT BRANCH, MITTAL
COURT - C. WING NARI |
- |
|
16 |
90228271 |
28/02/1990 |
25,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRNACH, JUSTICE G.N.VAIDYA
MARG, BOMBA |
- |
|
17 |
90228267 |
18/06/1990 * |
100,000,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
18 |
90232465 |
08/02/1990 |
10,000,000.00 |
THE LIFE INSURANCE CORPORAITON
OF INDIA |
YOGAKSHEMA JEEVAN BIMA MARG,
BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
19 |
90232461 |
26/11/1990 * |
10,000,000.00 |
LIFE INSURANCE CORPORATION OF
INDIA |
YOGAKSHEMA JEEVAN BIMA MARG, BOMBAY,
Maharashtra - 400021, INDIA |
- |
|
20 |
90228213 |
07/09/1989 |
20,000,000.00 |
UNIT TRUST OF INDIA |
13; SIR VITHALDAS THACKERSEY
MARG, BOMBAY, Maharashtra - 400020, INDIA |
- |
|
21 |
90228168 |
21/03/1989 |
5,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE
G.N. VAIDYA MARG, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
22 |
90228141 |
01/02/1989 * |
23,000,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
23 |
90228115 |
26/10/1988 |
5,500,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
24 |
90228063 |
20/04/1988 |
23,000,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
25 |
90228044 |
10/02/1988 |
9,500,000.00 |
AMERICAN EXPRESS BANK LIMITED |
ORIENTAL BUILDING, 364; DR.
D.N. ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
26 |
90232451 |
26/11/1990 * |
57,507,600.00 |
STATE BANK OF INDIA |
BANKING DIVISION, B.S. MARG,
BOMBAY, Maharashtra - 400023, INDIA |
- |
|
27 |
90228024 |
08/02/1990 * |
67,507,600.00 |
STATE BANK OF INDIA |
SERVICES BANKING DIVISION,
B.S. MARG, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
28 |
90227932 |
02/12/1986 |
3,400,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
29 |
90227804 |
04/04/1989 * |
4,378,000.00 |
ICICI LIMITED |
163 Backbay Reclamation,
Bombay, Maharashtra - 400020, India |
- |
|
30 |
90227717 |
06/04/1984 |
15,800,000.00 |
CITI BANK NA |
293. D.N. ROAD, BOMBAY,
Maharashtra - 400001, INDIA |
- |
|
31 |
90227649 |
13/01/1983 |
9,500,000.00 |
LIFE INSURANCE CORPORATION OF
INDIA |
YOGAKSHEMA JEEVAN BIMA MARG, BOMBAY,
Maharashtra - |
- |
|
32 |
90227544 |
01/09/1983 * |
6,500,000.00 |
AMERICAN EXPRESS INTERNATIONAL
BANKING CORPORATION |
364; DR. D.N. ROAD, BOMBAY,
Maharashtra - 400001, INDIA |
- |
|
33 |
90227295 |
06/06/1983 * |
28,500,000.00 |
STATE BANK OF INDIA |
STATE BANK BUILDING, BANK
STREET, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
34 |
90227265 |
14/01/1970 |
25,500,000.00 |
THE FIRST NATIONAL CITY |
BANK OF NEW YORK, 293; DADABBOY
NAOROJI ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
35 |
90227241 |
15/11/1968 |
200,000.00 |
BANK OF BARODA |
Reclamation Brnacah, Bombay,
Maharashtra - 400001, |
- |
|
36 |
90227218 |
25/08/1967 |
5,000,000.00 |
AMERICAN EXPRESS INTERNATIONAL
BANKING CORPORATION |
293; D.N. ROAD, ORIENTAL
BUILDING, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
37 |
90227204 |
30/06/1966 |
2,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION |
BOMBAY, BOMBAY, Maharashtra,
INDIA |
- |
|
38 |
90227203 |
23/05/1966 |
10,500,000.00 |
BANK OF BARODA |
12; APOLLO STREET, BOMBAY,
Maharashtra - 400001, INDIA |
- |
|
39 |
90227178 |
13/08/1964 |
10,500,000.00 |
FIRST NATIONAL CIRY BANK |
293; DADABHAI NAROJI ROAD,
BOMBAY, Maharashtra - 400001, INDIA |
- |
|
40 |
90227170 |
23/12/1963 |
1,000,000.00 |
BANK OF BARODA |
RECLAMATION BRANCH, BOMBAY,
Maharashtra - 400001, INDIA |
- |
|
41 |
90227122
|
08/04/1959
|
6,500,000.00
|
THE
FIRST NATIONAL CITY |
BANK
OF NEW YORK, 293; DADABBOY NAOROJI ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Goodwill
·
Brand
·
Software
·
Marketing and technical rights
for formulations
·
Technical know-how
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Leasehold Improvement
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Computers
·
Motor Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.54 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
1NO |
|
--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 |
|
68 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.