Summary Information
|
|
|
Country |
|
|
Company Name |
BIOCON LIMITED |
Principal Name 1 |
Ms. Kiran Mazumdar-Shaw |
|
Status |
Good |
Principal Name 2 |
Mr. John Shaw |
|
|
|
Registration # |
08-003417 |
|
Street Address |
20th KM, Hosur
Main Road, Hebbagodi, Electronics City, Bangalore – 560100, Karnataka, India |
||
|
Established Date |
29.11.1978 |
SIC Code |
-- |
|
Telephone# |
91-80-28422169/28523434/
28082808 / 40144014 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-28422623/25531662/28523423 |
Business Style 2 |
Biotechnology
products |
|
Homepage |
http://www.biocon.com |
Product Name 1 |
Research and development in the biotechnology
sector |
|
# of employees |
6700
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.1,000,000,000 |
Product Name 3 |
-- |
|
Shareholders |
Total shareholding of Promoter and Promoter Group (A) 60.97% Total Public shareholding (B) 39.03% |
Banking |
State
Bank of India |
|
Public Limited Corp. |
No |
Business Period |
36 Years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
Aa (72) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
11,097,000,000 |
Current Liabilities |
4,895,000,000 |
|
Inventories |
3,576,000,000 |
Long-term Liabilities |
1,074,000,000 |
|
Fixed Assets |
9,493,000,000 |
Other Liabilities |
2,039,000,000 |
|
Deferred Assets |
|
Total Liabilities |
8,008,000,000 |
|
Invest& other Assets |
8,019,000,000 |
Retained Earnings |
23,177,000,000 |
|
|
|
Net Worth |
24,177,000,000 |
|
Total Assets |
32,185,000,000 |
Total Liab. & Equity |
32,185,000,000 |
|
Total Assets (Previous Year) |
30,132,000,000 |
|
|
|
P/L Statement as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Sales |
22,025,000,000 |
Net Profit |
3,244,000,000 |
|
Sales(Previous yr) |
19,380,000,000 |
Net Profit(Prev.yr) |
2,757,000,000 |
MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BIOCON LIMITED |
|
|
|
|
Registered
Office : |
20th KM, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.11.1978 |
|
|
|
|
Com. Reg. No.: |
08-003417 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1000.000 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
L24234KA1978PLC003417 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB00214E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB7461R |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of biotechnology products and also
engaged in research and development in the biotechnology sector. |
|
|
|
|
No. of Employees
: |
6700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 96000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and fair profitability and decent profitability
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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : “AA+” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
03.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
03.06.2014 |
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
31-03-2012.
LOCATIONS
|
Registered
Office /Factory 1 / Corporate Headquarters: |
20th
KM, Hosur Main Road, Hebbagodi, Electronics City, Bangalore – 560100,
Karnataka, India |
|
Tel. No.: |
91-80-28422169/28523434/
28082808 / 40144014 |
|
Fax No.: |
91-80-28422623/25531662/28523423 |
|
E-Mail : |
|
|
Website : |
http://www.biocon.com |
|
Area : |
15000
sq. ft. |
|
Locations : |
Owned
|
|
|
|
|
Factory 2 : |
Plot No 113/C2,
Bommasandra Industrial Area, Bommasandra, |
|
|
|
|
Factory 3 : |
Plot No 2,3,4 and
5, Bommasandra – |
|
|
|
|
Factory 4 : |
Plot 213-215 IDA
Phase – II,pashamlaram Medak District – 502307, |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms. Kiran Mazumdar-Shaw |
|
Designation : |
Chairman and Managing Director |
|
Address : |
874/1,
7th Cross III Block, Koramangala, |
|
Date of
Birth/Age : |
20.11.1978 |
|
Qualification
: |
B.Sc.
(Hons.), PG Diploma in Malting and Brewing |
|
Date Of
Appointment : |
01.12.1978 |
|
|
|
|
Name : |
Mr. John Shaw |
|
Designation : |
Vice Chairman |
|
Date of
Birth/Age : |
64 Years |
|
|
|
|
Name : |
Dr. Bala S. Manian |
|
Designation : |
Chairman and Founder |
|
Date of
Birth/Age : |
67 Years |
|
|
|
|
Name : |
Prof. Charles L. Cooney |
|
Designation : |
Director |
|
Address : |
35, |
|
Date of
Birth/Age : |
14.09.1961 |
|
Date of Appointment
: |
27.07.2001 |
|
|
|
|
Name : |
Ms. Mary Harney |
|
Designation : |
Director |
|
Date of
Birth/Age : |
60 Years |
|
|
|
|
Name : |
Prof. Ravi Mazumdar |
|
Designation : |
Director |
|
Address : |
706, |
|
Date of
Birth/Age : |
14.07.1940 |
|
Date of
Appointment : |
08.08.2000 |
|
|
|
|
Name : |
Mr. Russel Walls |
|
Designation : |
Director |
|
Date of
Birth/Age : |
69 Years |
|
|
|
|
Name : |
Mr. Suresh N. Talwar |
|
Designation : |
Director |
|
Date of
Birth/Age : |
74 Years |
|
|
|
|
Name : |
Prof. Catherine Rosenberg |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Peter Bains |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Daniel M. Bradbury |
|
Designation : |
Director` |
KEY EXECUTIVES
|
CORE
COMMITTEE |
|
|
|
|
|
Name : |
Ms. Kiran Mazumdar-Shaw |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Murali Krishnan |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. John Shaw |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Dr. Abhijit Barve |
|
Designation : |
President |
|
|
|
|
Name : |
Dr. Arun Chandavarkar |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Rakesh Bamzai |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. Ravi Dasgupta |
|
Designation : |
Group Head |
|
|
|
|
Name : |
Mr. Rahul Agrawal |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
80747694 |
40.37 |
|
|
80747694 |
40.37 |
|
|
|
|
|
|
1665558 |
0.83 |
|
|
39535194 |
19.77 |
|
|
41200752 |
20.60 |
|
Total shareholding of Promoter and Promoter Group (A) |
121948446 |
60.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6560039 |
3.28 |
|
|
5495063 |
2.75 |
|
|
28053983 |
14.03 |
|
|
40109085 |
20.05 |
|
|
|
|
|
|
4855269 |
2.43 |
|
|
|
|
|
|
12872435 |
6.44 |
|
|
10728351 |
5.36 |
|
|
9486414 |
4.74 |
|
|
1019057 |
0.51 |
|
|
7834884 |
3.92 |
|
|
632473 |
0.32 |
|
|
37942469 |
18.97 |
|
Total Public shareholding (B) |
78051554 |
39.03 |
|
Total (A)+(B) |
200000000 |
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) |
200000000 |
0.00 |
|
Total (A)+(B)+(C) |
200000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of biotechnology products and also
engaged in research and development in the biotechnology sector. |
||||||
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|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
6700 (Approximately) |
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|
||||||||||||||||||
|
Bankers : |
· State Bank of India, Overseas Branch, No. 65, St. Marks Road, Bangalore - 560001, Karnataka, India The Hongkong and Shanghai Banking Corporation Limited, 7
M.G.Road, Bangalore - 560001, Karnataka, India |
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|
Facilities : |
NOTE: LONG TERM
BORROWINGS (a) On February 9, 2000, the Company obtained an
order from the Karnataka Sales Tax Authority for allowing an interest free
deferment of sales tax (including turnover tax) for a period up to 12 years
with respect to sales from its Hebbagodi manufacturing facility for an amount
not exceeding Rs. 649.000 millions. This is an interest free liability. The
amount is repayable in 10 equal half yearly installments of Rs. 65 each
starting from February 2012. (b) On March 31, 2005, the Company entered into an
agreement with the Council of Scientific and Industrial Research (‘CSIR’),
for an unsecured loan of Rs. 3.000 millions for carrying out part of the
research and development project under the New Millennium Indian Technology
Leadership Initiative (‘NMITLI’) Scheme. The loan is repayable over 10 equal
annual installments of Rs. 0.3 starting from April 2009 and carry an interest
rate of 3 percent per annum. (c) (i) On March 31, 2009, the Department of
Scientific and Industrial Research (‘DSIR’) sanctioned financial assistance
for a sum of Rs. 17.000 to the Company for part financing one of its research
projects. The assistance is repayable in the form of royalty payments for
three years post commercialisation of the project in five equal annual
installments of Rs. 3 each. The said projects have been completed during the
year ended March 31, 2010 and the repayments would commence from April 1,
2013. (ii) In addition, during the FY 2010-11, the
Company has further received Rs. 4.000 towards a development project out of
sanctioned amount of Rs. 12.000. The assistance is repayable in the form of
royalty payments for a period of five years post commercialisation of the
project in five equal annual installments of Rs. 3 each. The saidproduct has
not yet been commercialised as at March 31, 2013. (d) On November 3, 2009, the Department of
Biotechnology (‘DBT’) under the Biotechnology Industrial Partnership
Programme (‘BIPP’) has sanctioned financial assistance for a sum of Rs.
53.000 millions to the Company for financing one of its research projects. Of
the said sanctioned amount, the Company had received a sum of Rs. 37.000
millions during the year ended March 31, 2011 and the remaining amount of Rs.
16.000 millions during the previous year. The loan is repayable over 10 half
yearly installments of Rs. 5.000 millions after two years from date of
completion of the project and carries an interest rate of 2 percent per
annum. However, the Company has repaid the loan during the year end March 31,
2013. In addition, on May 23, 2011, the DBT under the
BIPP has sanctioned financial assistance of Rs. 40.000 millions to the
Company for financing another research project. Of thesanctioned amount, the
Company has received a sum of Rs. 12.000 millions during the previous year. The
loan is repayable over 10 half yearly installments of Rs. 4.000 after one
year from date of completion of the project and carries an interest rate of 2
percent per annum. However, the Company has repaid the loan during the year
end March 31, 2013. (e) On August 25, 2010, the Department of Science
and Technology (‘DST’) under the Drugs and Pharmaceutical Research Programme
(‘DPRP’) has sanctioned financial assistance for a sum of Rs. 70.000 millions
to the Company for financing one of its research projects. Of the said
sanctioned amount, the Company has received the first installment of Rs.
14.000 millions during the year ended March 31, 2011 and the remaining amount
during the year ended March 31, 2012. The loan is repayable over 10 annual
installments of Rs. 7 each starting from July 1, 2012, and carries an
interest rate of 3 percent per annum. (f) In respect of the financial assistance
received under the aforesaid programmes (refer notes (b) to (e) above), the
Company is required to utilize the funds for the specified projects and is
required to obtain prior approvals from the said authorities for disposal of
assets / Intellectual property rights acquired/developed under the above
programmes. SHORT TERM
BORROWINGS (i) The Company has obtained foreign currency
denominated loans of Rs. 491.000 (US$ 9 million) [March 31, 2012 - Rs.
812.000 millions (US$ 15.95 million)], carrying an interest rate of LIBOR
plus 0.5% to 1.50% p.a., from Bank/Financial institutions as at March 31,
2013. (ii) The Company has working capital facilities
with Banks carrying interest rate ranging from 11%-13% per annum. These
facilities are repayable on demand, secured by pari-passu first charge on
inventories and trade receivables. As on March 31, 2013, the Company has
utilized fund based limits of Rs. 282.000 millions (March 31, 2012 - Rs.
56.000 millions) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Joint Venture : |
NeoBiocon FZ LLC |
|
|
|
|
Associate : |
IATRICa
Inc. |
|
|
|
|
Subsidiary : |
·
Syngene
International Limited Clinigene
International Limited Biocon
Biopharmaceuticals Limited Biocon Research
Limited Biocon SA Biocon Sdn.Bhd. |
|
|
|
|
Enterprise owned by key
management personnel : |
Glentec
International |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000000 |
Equity shares |
Rs.5/- each |
Rs. 1100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity shares |
Rs.5/- each |
Rs. 1000.000 millions |
|
|
|
|
|
As on 31.03.2014
(a) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period
|
Equity Shares |
31.03.2014 |
|
|
|
No. |
Rs. In millions |
|
At the beginning of the year |
200,000,000 |
1000.000 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
200,000,000 |
1000.000 |
(b) Terms/rights
attached to equity shares
The Company has only one class of equity shares
having a par value of Rs. 5 per share.
Each holder of equity shares is entitled to one vote per share. The Company
declares and pays dividends in Indian Rupees. The 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 March 31, 2013, final
dividends proposed for distribution to equity shareholders was Rs. 7.5 (March 31, 2012 – Rs. 5) per share. In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts, if any. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
(c) Aggregate
number of bonus shares issued during the period of five years immediately
preceding the reporting date
On September 15, 2008, the Company issued
100,000,000 equity shares of Rs. 5 each as fully paid bonus shares by
capitalization of balance in the securities premium account of Rs.500.
iv. Details of shareholders holding more than 5% shares in the Company
|
Equity Shares |
31.03.2014 |
|
|
Equity shares of
Rs. 5 each fully paid |
No. |
% holding |
|
Dr Kiran Mazumdar Shaw |
79,287,564 |
39.64% |
|
Glentec
International |
39,535,194 |
19.77% |
As per of the Company, including its register of
shareholders/members. The above shareholding represents both legal and
beneficial ownerships of shares.
(e) Shares reserved for issue under options for
details of shares reserved for issue under the employee stock option (ESOP)
plan of the Company.
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 |
1000.000 |
1000.000 |
1000.000 |
|
(b) Reserves & Surplus |
23177.000 |
21068.000 |
19964.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
24177.000 |
22068.000 |
20964.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
259.000 |
400.000 |
605.000 |
|
(b) Deferred tax liabilities (Net) |
400.000 |
302.000 |
349.000 |
|
(c) Other long term liabilities |
1311.000 |
1083.000 |
649.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1970.000 |
1785.000 |
1603.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
815.000 |
773.000 |
868.000 |
|
(b) Trade payables |
2685.000 |
2650.000 |
2511.000 |
|
(c) Other current
liabilities |
899.000 |
679.000 |
769.000 |
|
(d) Short-term provisions |
1639.000 |
2177.000 |
1488.000 |
|
Total Current Liabilities (4) |
6038.000 |
6279.000 |
5636.000 |
|
|
|
|
|
|
TOTAL |
32185.000 |
30132
.000 |
28203.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9410.000 |
8455.000 |
6757.000 |
|
(ii) Intangible Assets |
83.000 |
59.000 |
93.000 |
|
(iii) Capital
work-in-progress |
1018.000 |
512.000 |
825.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1449.000 |
1660.000 |
1664.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5546.000 |
4713.000 |
5343.000 |
|
(e) Other Non-current assets |
6.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
17512.000 |
15399.000 |
14682.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3483.000 |
4530.000 |
4906.000 |
|
(b) Inventories |
3576.000 |
3589.000 |
3404.000 |
|
(c) Trade receivables |
4946.000 |
4270.000 |
4450.000 |
|
(d) Cash and cash
equivalents |
2042.000 |
1792.000 |
400.000 |
|
(e) Short-term loans and
advances |
568.000 |
510.000 |
302.000 |
|
(f) Other current assets |
58.000 |
42.000 |
59.000 |
|
Total Current Assets |
14673.000 |
14733.000 |
13521.000 |
|
|
|
|
|
|
TOTAL |
32185.000 |
30132.000 |
28203.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22025.000 |
19380.000 |
15558.000 |
|
|
|
Other Income |
606.000 |
515.000 |
666.000 |
|
|
|
TOTAL (A) |
22631.000 |
19895.000 |
16224.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and packing materials consumed |
8876.000 |
8300.000 |
6971.000 |
|
|
|
Purchases of traded goods |
1039.000 |
857.000 |
857.000 |
|
|
|
Employee benefits expense |
2664.000 |
2276.000 |
1916.000 |
|
|
|
Other expenses |
4741.000 |
4110.000 |
2893.000 |
|
|
|
Exceptional
items |
0.000 |
139.000 |
0.000 |
|
|
|
(Increase)/Decrease in
inventories of finished goods, traded goods and work-in-progress |
13.000 |
(179.000) |
(414.000) |
|
|
|
Recovery of Product development
costs from co-development partner |
(41.000) |
(41.000) |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
17292.000 |
15462.000 |
12223.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
5339.000 |
4433.000 |
4001.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.000 |
12.000 |
17.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5330.000 |
4421.000 |
3984.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1244.000 |
951.000 |
940.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
4086.000 |
3470.000 |
3044.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
842.000 |
713.000 |
489.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
3244.000 |
2757.000 |
2555.000 |
|
|
|
|
|
|
|
|
|
Add |
Impact of scheme of merger for earlier year (L) |
55.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14476.000 |
13750.000 |
12613.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
330.000 |
276.000 |
256.000 |
|
|
|
Dividend |
170.000 |
1500.000 |
1000.000 |
|
|
|
Tax on Dividend |
1000.000 |
255.000 |
162.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16275.000 |
14476.000 |
13750.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
10669.000 |
9450.000 |
6661.000 |
|
|
|
Licensing and development fees |
37.000 |
114.000 |
27.000 |
|
|
|
Other
operating revenue |
97.000 |
342.000 |
79.000 |
|
|
|
Other
income |
0.000 |
0.000 |
5.000 |
|
|
|
Interest
on foreign currency loan given to subsidiary company |
0.000 |
0.000 |
1.000 |
|
|
TOTAL EARNINGS |
10803.000 |
9906.000 |
6773.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5239.000 |
4917.000 |
3833.000 |
|
|
|
Packing materials |
247.000 |
177.000 |
193.000 |
|
|
|
Traded goods |
408.000 |
250.000 |
0.000 |
|
|
|
Maintenance spares |
66.000 |
49.000 |
44.000 |
|
|
|
Capital goods |
613.000 |
168.000 |
411.000 |
|
|
TOTAL IMPORTS |
6573.000 |
5561.000 |
4481.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
16.81 |
14.08 |
13.04 |
|
|
|
Diluted
|
16.62 |
13.95 |
12.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
14.33 |
13.86 |
15.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.55 |
17.91 |
19.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.75 |
12.41 |
11.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.16 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04 |
0.05 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43 |
2.35 |
2.40 |
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 |
1000.000 |
1000.000 |
1000.000 |
|
Reserves & Surplus |
19964.000 |
21068.000 |
23177.000 |
|
Net
worth |
20964.000 |
22068.000 |
24177.000 |
|
|
|
|
|
|
long-term borrowings |
605.000 |
400.000 |
259.000 |
|
Short term borrowings |
868.000 |
773.000 |
815.000 |
|
Total
borrowings |
1473.000 |
1173.000 |
1074.000 |
|
Debt/Equity
ratio |
0.070 |
0.053 |
0.044 |
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) |
|
Sales |
15558.000 |
19380.000 |
22025.000 |
|
|
|
24.566 |
13.648 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
15558.000 |
19380.000 |
22025.000 |
|
Profit |
2555.000 |
2757.000 |
3244.000 |
|
|
16.42% |
14.23% |
14.73% |
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
High Court of Karnataka - Principal Bench
at Bangalore |
|
ITA 650/2013 |
|
Petitioner/Appnt. |
THE COMMISSIONER OF INCOME - TAX |
|
|
Respondent/Defnt.
Name |
M/S BIOCON LIMITED |
|
|
Petnr./Appnt.
Advocate |
ARAVIND KV |
|
|
Respnt./Defnt.
Advocate |
|
|
|
Date Filed |
13/12/2013 |
Classification |
|
District |
Bangalore City |
|
|
Stage |
Hearing
Last Posted for: ADMISSION |
|
Last Action Taken |
ADMIT/RULE Last
Date of Action 01/04/2014 Next hearing date |
|
Before Hon'ble
Judge/s |
DILIP B.BHOSALE B.MANOHAR |
|
Case No |
Court name |
Disposal Dt |
|
ITA 371/2010 |
INCOME TAX APPELLATE TRIBUNAL BANGALORE |
16/07/2013 |
|
Sl.No. |
Honble Judge |
Date of Order |
|
1 |
HONBLE DBBJ & BMJ |
01/04/2014 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs
in Millions) |
31.03.2013 (Rs in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Deferred sales
tax Liability |
195.000 |
324.000 |
|
Other
loans and advance |
|
|
|
NMITU – CSIR
Loan |
1.000 |
2.000 |
|
Financial
Assistance From DSIR |
14.000 |
18.000 |
|
Financial
Assistance From DST |
49.000 |
56.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From
banks/Financial institutions |
|
|
|
Packing credit foreign currency
loan (unsecured) |
0.000 |
491.000 |
|
Total
|
259.000 |
891.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10300393 |
29/06/2011 |
44,267,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, NEW DELHI - 110003, INDIA |
B18143230 |
|
2 |
10255822 |
12/11/2010 |
57,081,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
B01390137 |
|
3 |
10059940 |
17/02/2007 |
650,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO. 65, ST. MARKS ROAD, BANGALORE - 560001, KARNATAKA, INDIA |
A11660974 |
|
4 |
10060347 |
17/02/2007 |
650,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO. 65, ST. MARKS ROAD, BANGALORE - 560001, KARNATAKA, INDIA |
A11661360 |
|
5 |
80022593 |
23/07/2010 * |
1,773,500,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
7 M.G.ROAD, BANGALORE - 560001, KARNATAKA, INDIA |
A90645920 |
* Date of charge modification
CORPORATE INFORMATION
Subject
was incorporated at Bangalore in 1978 for manufacture of biotechnology
products. Subject is an integrated healthcare company engaged in manufacture of
biotechnology products for the pharmaceutical sector. The Company is also
engaged in research and development in the biotechnology sector. During the
year ended March 31, 2007, the Company had received an approval for operation
of SEZ Developer and for setting up SEZ Unit operations to be located within
Biocon SEZ.
Syngene
International Limited ('Syngene'), promoted by Dr Kiran Mazumdar Shaw, was
incorporated at Bangalore in 1993. In March 2002, Biocon acquired 99.99 per
cent of the equity shares of Syngene and, resultantly, Syngene became the subsidiary
of Biocon. As at March 31, 2014, 12.31% of the equity interest in Syngene is
held by third parties.
On
January 10, 2008, Biocon entered into an agreement with Dr. B.R. Shetty to set
up a joint venture Company NeoBiocon FZ-LLC, with a 50% equity interest
incorporated in Dubai (‘NeoBiocon’).
The
Company has also established Biocon Research Limited (‘BRL’), a
subsidiary of the Company to undertake research and development in novel and
innovative drug initiatives.
During
the year ended March 31, 2011, Biocon set up a wholly owned subsidiary company
in Malaysia, Biocon Sdn. Bhd. (‘Biocon Malaysia’) for
development and manufacture of bio-pharmaceuticals.
During the year ended March 31, 2014, the Company has established Biocon Academy, a not for profit company under Companies Act, 1956 to provide educational courses, training and research in the biosciences, life sciences and all fields of study.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Landscape,
Opportunity and Outlook
Global pharmaceutical
market
Fiscal 2014 was an interesting phase in the evolution of the global pharma market; marked by increased regulatory oversight, continued pricing pressures and a sustained wave of pharma reforms in various developed markets. These externalities not only defined the growth momentum but also the strategies employed across the industry to return to sustainable growth. The slowdown in pharma growth in the developed markets due to various recessionary and fiscal prudence measures has largely been offset by the sustained momentum seen across developing markets. In fact, IMS expects this trend to continue for the next 5 years as well.
One of the key driver for this differential growth performance, beyond the respective economic engines, is the healthcare support system in these geographies. The developing markets have seen an increasing trend of government-sponsored healthcare initiatives aimed at decreasing the out-of-pocket (OOP) spend of patients. The developed markets on the other hand, are trying to do a balancing act between the current OOP spending from patients and the sustained pressure to decrease their healthcare spends. In both of these scenarios, the current drug pricing mechanisms have come under substantial scrutiny and criticism by various stakeholders.
To elaborate further: Barring a few exceptions, the list prices for high end medications including biologics does not vary substantially between the developed and developing markets. This is despite the disparity in income and the high OOP expenditure in developing markets, which makes these drugs unaffordable to a large section of the patient pool. As the above figure shows, the highest OOP expenditures take place in some of the countries with lowest GDP per capita. Several governments in these countries are looking to expand accessibility and affordability by expanding healthcare coverage, active patent regime management and encouraging local players to make generic versions of both small molecules and biologics.
This momentum in the developing markets has helped crystallise newer business models to help deliver affordable innovation with improved patient outcomes and value to the various stakeholders. The regulators are opening up further to the prospect of biosimilars, with regulatory guidelines gaining more clarity.
The scenario in the developed countries is not very different either. The increasing gap between drug prices and nationwide inflation rates has created an unaffordability gap. Given that the pharma companies have now begun to charge significant premiums for their latest novel drugs, the various stakeholders in the healthcare management process find themselves at crossroads when it comes to containing their healthcare expenditures.
Given that the next generics patent wave is at least 5 years away, countries are increasingly turning towards biosimilars to balance healthcare expenses. The European Union (EU) has been at the forefront of encouraging the uptake of biosimilars and shaping the regulatory landscape as well. A key event this year was the regulatory approval granted to a biosimilar monoclonal antibody (infliximab) for commercialization in EU.
The new biosimilar based business models, therefore focus on delivering quality biosimilars buoyed by the healthcare rationing initiatives being adopted across developed markets. The financial viability for a biosimilar based business model gains further veracity if we look at the uptake of biosimilars in the five key EU nations
We have seen differential rates of biosimilar uptake in various EU member nations, largely reflecting the variations in their local healthcare systems. On the one hand we have Germany, which saw quick adoption of biosimilars at launch; while other nations like Spain and Italy have slowly warmed up to biosimilars. This trajectory is remarkably similar to the adoption behaviour we saw when generic small molecules were introduced in the developed markets. This gives us further confidence that it is a matter of time and further experience, which will be the inflexion point for the global biosimilars market.
Despite these encouraging developments, the biggest caveat in the evolution of the pharma market still lies in the regulatory space. The cautious approach to biosimilars by certain regulators has helped delay millions of dollars worth of potential savings which could have accrued to both patients and healthcare systems worldwide. IMS predicts global pharma spending to exceed $1 Trillion in 2014, largely due to the delay in entry of biosimilars in the market place1.
The paradox for biosimilars lies in the fact that, in several cases, the clinical trial requirements for the biosimilar are significantly larger vis- à-vis what were used to approve the reference innovator biologic in the first place. A fine balance is hence needed between the value of additional information gained from extensive clinical trials vis-à-vis the level of safety, efficacy and biosimilarity data which would already be available from pre-Phase III analysis.
The next few years would be critical in shaping the debate around affordability and equality to access. The implementation of the Affordable Care Act in the US, coupled with the austerity measures across developed markets to support economic recovery should help open up further avenues of discussions between the various stakeholders in the pharma space. In addition, the expansion of healthcare coverage in developing nations along with the upward economic and social mobility will help propel more value-conscious pharma pricing decisions worldwide. The pharma landscape is now shifting to a more stringent cost-benefit analysis of drugs, thereby setting the stage for affordable innovation to make the value leap from developing to developed markets.
BUSINESS STRATEGY AND
OPERATIONAL PERFORMANCE
The year gone by
The shifting regulatory and business landscape in FY14 made for some interesting times for Biocon. While on the one hand we witnessed sustained momentum in Research Services, on the other we saw changing market dynamics impacting the Biopharmaceuticals segment as discussed further in the note below. We also made progress on their development pipeline encompassing their biosimilar and novel portfolio. In addition, the depreciation of the rupee vis-à-vis the dollar also aided their growth momentum.
Despite the headwinds, we delivered broad based growth across all their verticals. Their diversified growth strategy focussing on the 5 verticals, helped us deliver a healthy growth of 16% this year to reach Rs.29,332 in FY14 up from Rs.25,380 in FY13. While Research Services grew at 28% YoY, Branded Formulations and Biopharma delivered growth of 13% and 15% respectively.
FIXED ASSETS
Tangible Assets
Land
Buildings
Leasehold
Improvements
Plant
and Equipment
Research
and Development Equipments
Furniture
and Fixtures
Vehicles
Intangible Assets
Intellectual
Property Rights
Computer Software
Marketing
Rights
PRESS RELEASE
KIRAN MAZUMDAR-SHAW
AWARDED THE ‘2014 GLOBAL ECONOMY PRIZE’ BY THE KIEL INSTITUTE FOR THE WORLD
ECONOMY
Bangalore, India,
June 23, 2014
Ms Kiran Mazumdar-Shaw, Chairperson and Managing Director of Biocon Ltd, Asia’s leading Biopharmaceutical Company, has been awarded the Kiel Institute’s most coveted ‘2014 Global Economy Prize’ for Business during the 100th anniversary celebrations of the Institute held in Kiel, Germany on Sunday, June 22.
The Kiel Institute for the World Economy is an international center for research in global economic affairs, economic policy consulting and economic education. This prestigious award, established in 2005 by the Kiel Institute, is bestowed upon individuals who have been pioneers in finding solutions to global economic problems
by strongly influencing and implementing economic or trade systems based on individual initiative and responsibility.
This annual prize is awarded to three individuals: A high ranking policy maker, a renowned economist and an outstanding entrepreneur. This year’s winners are:
Politics: H.E. Madam Ellen Johnson-Sirleaf, President of Liberia
Economic Sciences: Prof Richard H. Thaler, the University of Chicago
Business: Ms Kiran Mazumdar-Shaw, Chairperson & Managing Director, Biocon, India
Sigmar Gabriel, German Vice Chancellor and Minister for Economic affairs, delivered a keynote address at the ceremony, which was attended by distinguished personalities from politics, academia, business and civil society.
Ms Mazumdar-Shaw is the first Indian woman and the fourth Indian to be conferred this prize. Previous honorees include Amartya Sen, Nobel laureate in Economics (2007); Baba N. Kalyani, Chairman of the Kalyani Group (2009); and Sunil Bharti Mittal, Chairman of the Bharti Group (2009).
Accepting the award from Prof. Dennis Snower, President, Kiel Institute for the World Economy, Ms Mazumdar-Shaw, CMD, Biocon, said, “I am honored to receive this prestigious award and consider it a great privilege to be in the company of great economists, world leaders and entrepreneurs. I thank the Kiel Institute for awarding me with ’The Global Economy Prize 2014’. ”
Ms Mazumdar-Shaw pioneered biotechnology in India and started Biocon as a novel enzymes company, which has evolved into India’s largest biopharmaceutical enterprise committed to affordable innovation. Biocon has the largest scientific talent pool in India, and is engaged in path-breaking research to develop novel and differentiated biopharmaceuticals aimed at reducing the cost of treatment for cancer, diabetes and autoimmune disorders for patients worldwide.
With this award, Ms Mazumdar-Shaw joins an elite list that includes Gro Harlem Brundtland, Norway’s former Prime Minister; Mary Robinson, former President of Ireland; Joseph E. Stiglitz, Nobel laureate in Economics; Paul R. Krugman, Nobel laureate in Economics; Pascal Lamy, former Director General of the World Trade Organization; Jean-Claude Trichet, former President of the European Central Bank; and Dietmar Hopp, Founder of SAP.
About the Global
Economy Prize:
The Kiel Institute Global Economy Prize is awarded to honor persons who have been pioneers in finding solutions to global economic problems, who have been willing to participate in a dialog with people from other walks of life, and who have championed a society based on individual initiative and responsibility. The prize is awarded to a
high-ranking policymaker, a renowned economist and an outstanding entrepreneur.
The Global Economy Prize is not endowed with prize money.
About Kiel Institute for the World Economy:
The Kiel Institute is an international centre for research in global economic affairs, economic policy consulting and economic education. The Institute engages especially in creating solutions to problems in global economic affairs. On basis of its research, the Institute advises decision takers in policy, business and society and informs the broader public about important developments in international economic policy. In 2013, it was ranked as one of the top 20 research centres in the world for international trade and one of the top four think tanks in the world for economic policy.
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 records 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. 60.19 |
|
|
1 |
Rs. 103.15 |
|
Euro |
1 |
Rs. 81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.