MIRA INFORM REPORT
|
Report Date : |
23.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CADILA PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Cadila Corporate Campus, Sarkhej Dhokla Road, Ahmedabad – 380008,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
28.02.1991 |
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|
|
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Com. Reg. No.: |
04-015132 |
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Capital
Investment / Paid-up Capital : |
Rs. 800.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1991PLC015132 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC6251E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Pharmaceuticals Products. |
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|
|
|
No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13980000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
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 |
CARE |
|
Rating |
Long-term Bank facilities : A- |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
March 31, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-term Bank facilities : A2+ |
|
Rating Explanation |
Very strong degree of safety it carry lowest
credit risk. |
|
Date |
March 31, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Sinha |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-2718-225001 |
|
Date : |
21.06.2014 |
LOCATIONS
|
Registered/ Corporate Office
: |
Cadila Corporate Campus, Sarkhej Dhokla Road, Ahmedabad – 380008,
Gujarat, India |
|
Tel. No.: |
91-2718-225001 (15 Lines) |
|
Fax No.: |
91-2718-225039 |
|
E-Mail : |
secretarial@cadilapharma.co.in purchase@cadilapharma.com |
|
Website: |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Dholka – Manufacturing Plant Survey No. 1389, Trasad Road,
Dholka, Ahmedabad – 387810, Gujarat, India |
|
Tel. No: |
91-79-23421841/ 83/ 84/
23422006/ 7/ 8/ 9/ 10 |
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Fax No: |
91-79-23420315 |
|
|
|
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Factory 2 : |
Chemical SBU 294, GIDC Estate, Ankleshwar, Gujarat, India |
|
Tel. No: |
91-2646-223846/ 252626/ 251519 |
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Fax No: |
91-2646-250051 |
|
|
|
|
Factory 3 : |
CHPL – Factory / Karnavati
Engineering Limited Survey No. 342, Nani Kadi,
Taluka Kadi, District Mehsana, North
Gujarat, |
|
Tel. No: |
91-2764-262463/ 242037/ 242194/
241464-65 |
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Fax No: |
91-2764-242223/ 242608 |
|
|
|
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Factory 4 : |
Chemicals SBU Factory Plot No. 274, GIDC Industrial Estate, Ankleshwar, |
|
Tel. No: |
91-2646-223846/ 252626/ 251519 |
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Fax No: |
91-2646-250051 |
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|
|
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Factory 5 : |
Tissu Culture Lab 756, Prakruti Farm, Hirapur
Chowkdi, Hirapur, Ahmedabad, Gujarat, India |
|
Tel. No: |
91-79-3855260/ 3855495/ 496 |
|
|
|
|
Factory 6 : |
Cadila Pharmaceuticals Limited, Jammu Industrial Growth Centre, Samba – 184121, District Jammu,
Jammu and Kashmir, India |
|
Tel. No: |
91-1923-241113/ 241114/ 241115 |
|
Fax No: |
91-1923-246744 |
DIRECTORS
AS ON 30.12.2013
|
Name : |
Dr. Rajiv Indravadan Modi |
|
Designation : |
Managing director |
|
Address : |
13, Sanjiv Building, New Sharda
Mandir Road, Paldi, Ahmedabad –
380007, Gujarat, India |
|
Date of Birth/Age : |
09.05.1960 |
|
Qualification : |
Ph. D (Biological Science), M. Sc (Biochemical Engineering), B. Tech(Chemical Engineering) |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AAPPM9265J |
|
DIN No.: |
01394558 |
|
|
|
|
Name : |
Mrs. Shilaben Indravadan Modi |
|
Designation : |
Director |
|
Address : |
13, Sanjiv Baug, New Sharda Mandir
Road, Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
09.12.1931 |
|
Qualification : |
Matriculate |
|
Date of Appointment : |
16.12.1995 |
|
PAN No.: |
AEYPM8647R |
|
DIN No.: |
01976356 |
|
|
|
|
Name : |
Mrs. Monika Garware Modi |
|
Designation : |
Director |
|
Address : |
13, Sanjiv Building, New Sharda
Mandir Road, Paldi, Ahmedabad –
380007, Gujarat, India |
|
Date of Birth/Age : |
04.06.1963 |
|
Qualification : |
M.B.A. from Pace University, New York, USA |
|
Date of Appointment : |
15.12.1995 |
|
PAN No.: |
AEQPG3834C |
|
DIN No.: |
00143400 |
|
|
|
|
Name : |
Mr. Chinubhai Ramanlal Shah |
|
Designation : |
Director |
|
Address : |
402, Heritage Cresent, |
|
Date of Birth/Age : |
04.06.1937 |
|
Qualification : |
M.A., L.L.M. (Gold Medalist), DLP, DTP, FCS, Life Fellow AIMA |
|
Date of Appointment : |
31.03.2001 |
|
DIN No.: |
00558310 |
|
|
|
|
Name : |
Mr. Pradip Navin Khandwalla |
|
Designation : |
Director |
|
Address : |
B/101, |
|
Date of Birth/Age : |
18.02.1940 |
|
Qualification : |
B. Com. (Bom), MBA (Wharton, Penn.), Ph.D. (Carnegie-Mellon), ACA |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00064643 |
|
|
|
|
Name : |
Mr. Daya Nand Khurana |
|
Designation : |
Director |
|
Address : |
288, Vasant Enclave, Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
15.05.1935 |
|
Qualification : |
B.E.(EC) |
|
Date of Appointment : |
04.07.2003 |
|
DIN No.: |
00020601 |
|
|
|
|
Name : |
Mr. Atul Bipinbhai Tandon |
|
Designation : |
Director |
|
Address : |
A/43, Royal Orchid, Corporate
Road, Opposite Prahlad Nagar Gardens, Prahlad Nagar, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
03.01.1948 |
|
Qualification : |
B. Tech from I.I.T, Bombay and PGDBA from IIM, Ahmedabad |
|
Date of Appointment : |
04.07.2003 |
|
DIN No.: |
00165667 |
|
|
|
|
Name : |
Mr. Narendra Jamnadas Jhaveri |
|
Designation : |
Director |
|
Address : |
C-42, Samprat Residency, Premchandnagar,
Bodakdev, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
09.08.1935 |
|
Date of Appointment : |
07.05.2013 |
|
DIN No.: |
00198912 |
|
|
|
|
Name : |
Mr. Atul Sant Kumar Malhotra |
|
Designation : |
Director |
|
Address : |
1/21, 3rd Floor,
Shanti Niketan, New Delhi – 110021, India
|
|
Date of Birth/Age : |
11.08.1955 |
|
Date of Appointment : |
11.09.2013 |
|
DIN No.: |
05200943 |
KEY EXECUTIVES
|
Name : |
Mr. Shreyas Kunjvihari Parikh |
|
Designation : |
Secretary |
|
Address : |
B/001, Aakashdeep Anne, Near Shreyas Railway Crossing, Ambawadi –
380006, Gujarat, India |
|
Date of Birth/Age : |
12.08.1957 |
|
Date of Appointment : |
22.02.2008 |
|
PAN No.: |
AEIPP6513R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.12.2013
|
Names of Shareholders |
|
No. of Shares |
|
R. I. Modi (Karta of I.A. Modi HUF) |
|
10 |
|
R. I. Modi (Trustee of IRM Trust) |
|
79999976 |
|
R. I. Modi (Trustee of Mansi Trust) |
|
10 |
|
IRM Limited, India |
|
1 |
|
Karnavati Engineering Limited, India |
|
1 |
|
Green Channel Logi Solutions Limited, India |
|
1 |
|
Minikaben Modi |
|
1 |
|
|
|
|
|
Total |
|
80000000 |
AS ON 30.12.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceuticals Products. |
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Products/ Services : |
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Exports : |
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Products : |
Pharmaceuticals Products |
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Countries : |
They export to 140 countries mainly African Countries. |
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Imports : |
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Products : |
Raw Material and Machinery |
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Countries : |
· China · France |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Dr. Reddy’s |
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Customers : |
Dr. Reddy’s |
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No. of Employees : |
7000 (Approximately) |
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Bankers : |
· Union Bank of India IFB, C. U. Shah Chambers, Ashram Road, Ahmedabad - 380014, Gujarat, India · Bank of Baroda Corporate Financial Services Branch, 1st Floor, BOB Towers, Opposite Law Garden, Ellisbrdige, Ahmedabad - 380009, Gujarat, India · Export-Import Bank of India Centre One Building, Floor 21, World Trade Centre Complex; Cuffe Parade, Mumbai - 400005, Maharashtra, India · Indian Overseas Bank 401, 403 Sigma Legacy, Near Polytechnic Cross Road, IIRM Road, Ahmedabad - 380015, Gujarat, India · Bank of India · Corporation Bank · ICICI Bank Limited · Vijaya Bank ·
HDFC Bank Limited ·
Canara Bank ·
Syndicate Bank ·
Dena Bank ·
Central Bank of India |
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Facilities : |
Fun and Non-fund Facility = Rs. 2500.000 Millions [From Bank of India]
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage', 3rd Floor, Near Gujarat Vidypith, Off. Ashram
Road, Ahmedabad – 380014, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· A.J. Modi Family Trust · CPL Infrastructure Private Limited [U67120GJ1995PTC025713] · Green Channel Logi-Solutions Limited [U63023GJ2008PLC052813] · I.A. Modi Family Trust · IRM Enterprises Private Limited [U74999GJ2009PTC058116] · IRM Holding · IRM Trust · Indraj Trust · Inverika Bioresearch Private Limited [U73100GJ2012PTC070636] · Karnavati Engineering Limited · Manendra Family Trust · Mansi Family Trust · Mayur Family Trust · Mihir Family Trust · Omni Care Pharmaceuticals Limited · Raj Trust · Shantaben Family Will Trust ·
Shilraj Trust |
|
|
|
|
Joint venture : |
· Apollo Hospitals International Limited [U85110TN1997PLC039016] ·
Casil BG Medical Devices |
|
|
|
|
Subsidiary company
: |
· CPL Biologicals Private Limited [U01403GJ2009PTC056409] · CPL Inc. · CPL Agro Products Private Limited [U01403GJ2009PTC056669] · Cadila Pharmaceuticals (Ethiopia) Private Limited · CPL Holdings Private Limited [U65993GJ2009PTC056511] · Cadila Pharmaceuticals (E.A) Limited · Interpharma Ind Limited · Kadera Yakuhin Limited ·
Satellite Overseas Holdings Limited (SOHL) |
|
|
|
|
Associate : |
· CASIL Health Products Limited [U51909GJ1995PLC027839] · CASIL Industries Limited [U24231GJ2000PLC038320] · StemCyte India Therapeutics Private Limited [U85100GJ2008FTC052859] |
CAPITAL STRUCTURE
AFTER 30.12.2013
Authorised Capital : Rs. 846.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 845.739
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 800.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 800.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
800.000 |
800.000 |
800.000 |
|
(b) Reserves & Surplus |
2649.738 |
1519.643 |
1427.297 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
45.739 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3495.477 |
2319.643 |
2227.297 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3355.522 |
3562.681 |
3114.053 |
|
(b) Deferred tax liabilities (Net) |
533.130 |
506.056 |
490.447 |
|
(c)
Other long term liabilities |
239.457 |
216.247 |
225.954 |
|
(d)
long-term provisions |
34.081 |
22.199 |
20.447 |
|
Total
Non-current Liabilities (3) |
4162.190 |
4307.183 |
3850.901 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1633.592 |
1456.278 |
1379.937 |
|
(b)
Trade payables |
1927.810 |
1510.784 |
1022.431 |
|
(c)
Other current liabilities |
1566.408 |
1330.906 |
1238.844 |
|
(d)
Short-term provisions |
161.642 |
82.386 |
34.384 |
|
Total
Current Liabilities (4) |
5289.452 |
4380.354 |
3675.596 |
|
|
|
|
|
|
TOTAL |
12947.119 |
11007.180 |
9753.794 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4936.297 |
3452.190 |
3399.715 |
|
(ii)
Intangible Assets |
24.766 |
20.862 |
16.004 |
|
(iii)
Capital work-in-progress |
653.876 |
467.041 |
444.523 |
|
(iv) Intangible assets under development |
79.850 |
50.104 |
0.000 |
|
(b) Non-current
Investments |
1495.097 |
1308.584 |
1197.025 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
947.042 |
1043.679 |
740.789 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
8136.928 |
6342.460 |
5798.056 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1563.096 |
1535.482 |
1506.732 |
|
(c)
Trade receivables |
2285.704 |
2299.033 |
1781.776 |
|
(d)
Cash and cash equivalents |
311.753 |
170.057 |
201.900 |
|
(e)
Short-term loans and advances |
585.958 |
559.008 |
348.512 |
|
(f)
Other current assets |
63.680 |
101.140 |
116.818 |
|
Total
Current Assets |
4810.191 |
4664.720 |
3955.738 |
|
|
|
|
|
|
TOTAL |
12947.119 |
11007.180 |
9753.794 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10847.912 |
9180.545 |
7816.194 |
|
|
|
Other Income |
120.054 |
115.540 |
84.338 |
|
|
|
TOTAL |
10967.966 |
9296.085 |
7900.532 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3381.237 |
3127.037 |
2935.607 |
|
|
|
Purchases of Stock-in-Trade |
883.621 |
650.190 |
530.257 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
27.205 |
(14.338) |
(278.820) |
|
|
|
Employees benefits expense |
1921.180 |
1491.765 |
1199.865 |
|
|
|
Other expenses |
3042.351 |
2574.240 |
2415.274 |
|
|
|
TOTAL |
9255.594 |
7828.894 |
6802.183 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1712.372 |
1467.191 |
1098.349 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
643.567 |
609.876 |
444.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1068.805 |
857.315 |
653.722 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
269.546 |
255.268 |
242.856 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
452.480 |
404.260 |
253.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
346.779 |
197.787 |
156.906 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
46.325 |
55.932 |
61.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
300.454 |
141.855 |
95.173 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3795.450 |
2927.473 |
2108.067 |
|
|
|
Other Earnings |
20.712 |
12.042 |
7.307 |
|
|
TOTAL EARNINGS |
3816.162 |
2939.515 |
2115.374 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
454.231 |
242.276 |
246.032 |
|
|
|
Stores & Spares |
8.001 |
9.302 |
16.410 |
|
|
|
Capital Goods |
73.167 |
84.684 |
140.428 |
|
|
TOTAL IMPORTS |
535.399 |
336.262 |
402.870 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.76 |
1.77 |
1.19 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
13000.000 |
|
|
|
|
|
The above information has been parted by Mr. Sanjay Sinha (Finance
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.74 |
1.53 |
1.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.20 |
2.15 |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.24 |
2.15 |
1.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.09 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.43 |
2.16 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
1.06 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
800.000 |
800.000 |
800.000 |
|
Reserves & Surplus |
1427.297 |
1519.643 |
2649.738 |
|
Share Application money pending allotment |
0.000 |
0.000 |
45.739 |
|
Net
worth |
2227.297 |
2319.643 |
3495.477 |
|
|
|
|
|
|
long-term borrowings |
3114.053 |
3562.681 |
3355.522 |
|
Short term borrowings |
1379.937 |
1456.278 |
1633.592 |
|
Total
borrowings |
4493.990 |
5018.959 |
4989.114 |
|
Debt/Equity ratio |
2.018 |
2.164 |
1.427 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7816.194 |
9180.545 |
10847.912 |
|
|
|
17.455 |
18.162 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7816.194 |
9180.545 |
10847.912 |
|
Profit |
95.173 |
141.855 |
300.454 |
|
|
1.22% |
1.55% |
2.77% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
990.430 |
856.910 |
833.566 |
|
|
|
|
|
|
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10490013 |
25/03/2014 |
350,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
EXPORT-IMPORT
BANK OF INDIA, CENTRE ONE BUILDING, FLOOR 21, WTC COMPLEX, MUMBAI, MAHARASHTRA
- 400005, INDIA |
C03360146 |
|
2 |
10481788 |
10/02/2014 |
1,250,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 1ST FLOOR,, |
B98178411 |
|
3 |
10466339 |
29/11/2013 |
500,000,000.00 |
UNION BANK OF
INDIA |
IFB, C. U. SHAH
CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA |
B92018449 |
|
4 |
10384789 |
17/10/2012 |
500,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, BANK OF BARODA TOWERS, ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B61496022 |
|
5 |
10349308 |
09/04/2012 |
420,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B37458825 |
|
6 |
10329665 |
20/12/2011 |
650,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, BANK OF BARODA TOWERS, ELLISBRIDGE, AHMEDABAD,
GUJARAT - 380006, INDIA |
B29858016 |
|
7 |
10284330 |
21/08/2013 * |
500,000,000.00 |
INDIAN OVERSEAS
BANK |
401, 403 SIGMA
LEGACY, NR. POLYTECHNIC CROSS ROAD, IIRM ROAD, AHMEDABAD, GUJARAT - 380015,
INDIA |
B84319458 |
|
8 |
10260601 |
21/12/2010 |
480,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, BANK OF BARODA TOWERS, ELLISBRIDGE, AHMEDABAD,
GUJARAT - 380006, INDIA |
B03237732 |
|
9 |
10157250 |
08/04/2009 |
2,550,000.00 |
DEPARTMENT OF
BIOTECHNOLOGY |
BLOCK 2, CGO
COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
A61567855 |
|
10 |
10090235 |
31/01/2008 |
4,320,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A33032723 |
|
11 |
10084310 |
15/03/2010 * |
104,000,000.00 |
CANARA BANK |
OPP ADVANCE CINEMA,
BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
A82495987 |
|
12 |
90103410 |
28/11/2013 * |
2,500,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 1ST FLOOR, |
B92365683 |
|
13 |
90103321 |
06/10/2003 |
40,000,000.00 |
CANARA BANK |
BHADRA BRANCH,
AHMEDABAD, GUJARAT - 380001, INDIA |
- |
|
14 |
90103308 |
18/04/2003 |
30,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
15 |
90103304 |
28/03/2003 |
225,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
16 |
90103292 |
23/10/2002 |
50,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
17 |
90103281 |
11/02/2014 * |
6,800,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, BOB TOWERS, OPP. LAWGARDEN, ELLISBRIDGE,
AHMEDABAD, GUJARAT - 380009, INDIA |
B98178619 |
|
18 |
90103277 |
12/04/2002 |
20,000,000.00 |
CANARA BANK |
BHADRA BRANCH,
AHMEDABAD, GUJARAT - 380001, INDIA |
- |
|
19 |
90103273 |
22/03/2002 |
15,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
20 |
90103269 |
21/01/2002 |
3,100,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, ASHRAM ROAD BRANCH, AHMEDABAD, GUJARAT - 380014, INDIA |
- |
|
21 |
90103245 |
28/05/2001 |
5,000,000.00 |
CORPORATION BANK |
NAVRANGPURA
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
22 |
90103234 |
27/03/2002 * |
100,000,000.00 |
EXPROT- IMPORT
BANK OF INDIA |
CENTRE 1;
FLOOR21, WORLD TRADE CENTRE; CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
- |
|
23 |
90103226 |
08/01/2001 |
100,000,000.00 |
EXPORT - IMPORT
BANK OF INDIA |
CENTRE ONE;
WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
24 |
90103221 |
01/12/2000 |
30,000,000.00 |
INDIAN BANK |
BHADRA MISSION
ROAD, AHMEDABAD, GUJARAT - 380001, |
- |
|
25 |
90103219 |
29/11/2000 |
9,000,000.00 |
CORPORATION BANK |
NVRANGPURA
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
26 |
90103209 |
29/09/2000 |
60,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD,
AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
27 |
90103170 |
18/01/2001 * |
100,000,000.00 |
EXPORT - IMPORT BANK
OF INDIA |
CENTRE ONE;
WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
28 |
90103160 |
18/01/2001 * |
450,000,000.00 |
ICICI LIMITED |
ICICI TOWERS,
BANDRA KURLA COMPLEX; BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
29 |
90103142 |
12/09/2005 * |
780,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
30 |
90103141 |
28/11/2013 * |
2,500,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 1ST FLOOR,, |
B92363951 |
|
31 |
90103099 |
09/11/1995 * |
11,200,000.00 |
BANK OF BARODA |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
32 |
90314778 |
16/07/1994 * |
80,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD,
AHMEDABAD, GUJARAT, INDIA |
- |
|
33 |
90314702 |
13/02/1991 |
25,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD,
AHMEDABAD, GUJARAT, INDIA |
- |
|
34 |
90314186 |
06/10/1988 |
3,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD,
AHMEDABAD, GUJARAT, INDIA |
- |
|
35 |
90378926 |
16/07/1988 |
3,000,000.00 |
ORISSA STATE
FINANCIAL CORPORATION |
OMP SQUARE,
CUTTACK, ORISSA, INDIA |
- |
|
36 |
90378866 |
23/04/1991 * |
36,000,000.00 |
UNITED BANK OF
INDIA |
CUTTACK, CUTTACK,
ORISSA, INDIA |
- |
|
37 |
90313496 |
14/05/1992 * |
200,000.00 |
BANK OF BARODA |
ASHRAM ROAD,
AHMEDABAD, GUJARAT, INDIA |
- |
|
38 |
90378785 |
11/02/1985 * |
1,800,000.00 |
INDUSTRIAL
PROMOTION AND INVESTMENT CORPORATION OF |
JANPATH, BHUBNESHWAR,
ORISSA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from others |
515.991 |
569.265 |
|
Other loans and advances |
349.860 |
319.443 |
|
|
|
|
|
Total |
865.851 |
888.708 |
REVIEW OF OPERATIONS
For the first time, the Cadila Pharmaceuticals Limited achieved momentous milestone; the revenues during the year were crossed Rs.10000.000 Millions. The Company grew by 18.54% during the year by achieving the sales of Rs.10847.900 Millions over the previous year of Rs.9180.500 Millions. The Profit before Tax (PBT) achieved was Rs.346.800 Millions which was grown by 75% as compared to previous year of Rs.197.800 Millions.
The Company expanded its geographical reach the world over, both in API and Formulations. As a result, this year the Company achieved export sales of Rs.3795.400 Millions as against Rs.2927.500 Millions in the previous year, registering a growth of about 30%.
The Company is committed to introduce new products /
molecules with its R&D efforts in the coming years and achieve substantial
growth in sales as well as profitability.
SCHEME OF
AMALGAMATION
1)
A Scheme of Amalgamation (the Scheme) under
Section 391 to 394 of Companies Act, 1956, for amalgamation of IRM Properties
Private Limited ("IPPL" or "Transferor Company") into
Cadila Pharmaceuticals Limited ("the Company"), was sanctioned by the
Hon ble High Court of Gujarat on 20th November,2013.The Scheme, which shall
become operative from effective date i.e. date of filling the certified copies
of the Orders of the Hon ble High Court of Gujarat, with the Registrar of
Companies, Ahmedabad, Gujarat, is effective from the appointed date i.e. 25th
March, 2013. The Company is in process of filling the certified copies of the
Orders of the Hon ble High Court of Gujarat, with the Registrar of Companies,
Ahmedabad, Gujarat.
2) The Transferor Company was engaged in pharmaceutical and property business.
3) Pursuant to the Scheme, with effect from the Appointed date the whole of the undertaking and assets, properties, debts, liabilities, duties and obligations of the Transferor Company have, under the provisions of Sections 391-394 and all applicable provisions, if any of the Act, without any further act or deed , stand transferred to and vested in and/or deemed to be transferred to and vested to Company, so as to become the business, assets and properties of Company as a part of and consequent upon the Scheme. The undertaking of Transferor have includes all the Transferor Company s Reserves, movable and immovable properties, assets, including lease-hold rights, tenancy rights, industrial and other licenses, registrations, permits, authorisations, quota rights, trade marks, patents and other industrial and intellectual properties, import quotas, electrical connections, telephones, telex, facsimile and other communication facilities and equipments, rights and benefits of all agreements, pending applications and all other interests, rights and powers of every kind, nature and description whatsoever, privileges, liberties, easements, advantages, benefits and approvals of the Transferor Company.
4) Pursuant to the Scheme, the authorised share capital of the Company consisting of Rs.800.000 Millions comprising of 80,000,000 (Eight Crore) equity shares of Rs.10/-each have automatically stand increased by the authorized share capital of Transferor Company amounting to Rs.46.000 Millions.
5) In consideration for the amalgamation, the equity shareholders of IPPL, holding fully paid-up equity shares in IPPL on the effective date, 1 (one) fully paid up 0.01% Redeemable Non-Cumulative Preference Share of Rs.10/-each of the Company have been issued and allotted for every 10 (Ten) equity share of Re. 1 held in IPPL.
6) All the employees of IPPL in service as on effective date have become employee of the Company without any break or interruption in their service on same terms and conditions on which they are engaged as on the effective date. Company further agrees that for the purpose of payment of any retirement benefit/compensation, such immediate uninterrupted past services with the Transferor Company, as the case may be, shall also be taken into account. The Company undertakes to continue to abide by the terms of agreement /settlement entered into by the Transferor company with employees union/ employee or associations as the case may be.
7) The amalgamation has been accounted as per "Amalgamation in the nature of Purchase" as prescribed in Accounting Standard 14 - "Accounting for Amalgamation". Accordingly, the Company have recorded all the assets and liabilities appearing in the books of account of IPPL and transferred to and vested in the Company recorded at their respective fair values as determined by board of directors of the Company as on the effective date. The fair value of the land and building is as certified by the independent valuer and for other assets and liabilities is based on managements assessment of its recoverability and liability for payment. The difference between the excess of the Net Assets Value of IPPL transferred to and recorded by the Company and face value of Preference shares allotted as per 1.4 above, after considering the adjustments mentioned in 1.9 have been credited to Securities Premium account of the Company. "Net Assets Value" is the fair value of assets less fair value of liabilities of the Transferor Company transferred to the Company.
8) Pursuant to the Scheme, with effect from Appointed Date and for any of the financial years ending on or after the Appointed Date, if considered appropriate by the Board of Directors of the Company any or all of the Extraordinary and Exceptional items may be adjusted against the General Reserves of the Company. Extraordinary and / or Exceptional items? means : (a) Impairment, amortization and / or write off / diminution in value of investments and other assets, both tangible and intangible including goodwill, if any, (b) Costs/ expenses / charge / losses on account of write down or transfer of assets or contingent liabilities or deferred tax liabilities which may be suffered by or be required to be accounted by CPL, pursuant to this Scheme or otherwise in the course of its business or in carrying out such restructuring of the operations of CPL as the Board of Directors of CPL consider necessary or proper, (c) Any other costs/ expenses / charge / losses / liabilities which in the opinion of the Board of Directors are extraordinary and exceptional.
9)
In pursuant to Scheme, the Board of Directors of
the Company has approved in Board meeting dated 20th November, 2013, for
written off Rs.256.559 Millions (Debtors Rs.247.977 Millions and loans and
advances of Rs.8.582 Millions) to adjust the same against the General Reserve
of the Company.
FIXED ASSETS:
·
Land
·
Buildings
·
Office building
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Other equipments
·
Livestock
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.28 |
|
|
1 |
Rs. 102.77 |
|
Euro |
1 |
Rs. 82.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.