MIRA
INFORM REPORT
|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
J B CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 21.08.1985) |
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Formerly Known
As : |
J.B. MODY CHEMICALS AND PHARMACEUTICALS LIMITED |
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Registered
Office : |
Neelam Centre, B Wing, 4th Floor, Hind Cycle Road, Worli,
Mumbai-400030, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.12.1976 |
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Com. Reg. No.: |
11-019380 |
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Capital
Investment / Paid-up Capital : |
Rs. 169.415 Millions |
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CIN No.: [Company Identification
No.] |
L24390MH1976PLC019380 |
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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 pharmaceutical dosage forms like tablets, injectable
(vials, ampoules, form fill seal), creams and
ointments, lozenges, herbal liquids and capsules. |
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|
|
|
No. of Employees
: |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 |
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Maximum Credit Limit : |
USD 40360000 |
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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 an established company having a good track record. There is a dip in profit of the company in the year 2013. However,
overall financial position f the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are 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.
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
29.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
29.11.2012 |
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 DECLINED
Management Non Co-Operative (91-22-24930917)
LOCATIONS
|
Registered Office : |
Neelam Centre, B Wing, 4th Floor, Hind Cycle Road, Worli,
Mumbai-400030, Maharashtra, India |
|
Tel. No.: |
91-22-30451200 / 500 |
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Fax No.: |
91-22-2493 0534 / 2493 9633 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot Nos. 215 to
219, 304 to 310 and Plot No.4 and 5, Phase IV, GIDC Industrial Area, Panoli
394 116, Maharashtra, India |
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Factory 2 : |
Plot Nos.128/1,
128/1/1, 128/2, 129/1 and 129/B1, GIDC Industrial Area, Ankleshwar 393 002,
Gujarat, India |
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Factory 3 : |
Survey No.101/2
and 102/1, Daman Industrial Estate, Airport Road, Kadaiya, Daman 396 210,
Union Territory |
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Factory 4 : |
Plot No. P-10, Shiv
Mahape, P.O. Gansoli, Thane-Belapur Road, Navi Mumbai-400 701, Maharashtra,
India |
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R & D Centres 1 : |
Plot
No.A-154/155, Wagle Industrial Estate, Thane (West) 400 604, Maharashtra,
India |
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R & D Centres 2 : |
Plot No.128/1, GIDC
Industrial Area, Ankleshwar 393 002, Gujarat, India |
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R & D Centres 3 : |
Plot No.5, Phase
IV, GIDC Industiral Area, Panoli 394 116, India |
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R & D Centres 4 : |
Plot No.
218/219, GIDC Industrial Area, Panoli 394 116., India |
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R & D Centres 5 : |
101/2 and 102/1,
Daman Industrial Estate, Airport Road, Village Kadaiya, Nani Daman 396 210
(U.T.) |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Jyotindra B. Mody |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Dinesh B. Mody |
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Designation : |
Whole time
Director (Administration) |
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Name : |
Mr. Shirish B. Mody |
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Designation : |
Whole time
Director (Marketing) |
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Name : |
Mr. Bansidhar S. Mehta |
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Designation : |
Director |
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Name : |
Mr. Durga Dass Chopra |
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Designation : |
Director |
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Name : |
Mr. Bharat P. Mehta |
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Designation : |
Whole time
Director (Planning and Development) |
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|
Name : |
Mr. Pranabh Mody |
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Designation : |
President and
Whole time Director (Operations) |
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|
Name : |
Mr. Sanjay Asher |
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Designation : |
Director |
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Name : |
Mr. Rajiv C. Mody |
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Designation : |
Director |
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Name : |
Mr. Kamlesh L. Udani |
|
Designation : |
Executive
Director (Technical and Production) |
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|
Name : |
Dr. Satyanarain Agarwala |
|
Designation : |
Director |
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|
Name : |
Dr. Niranjan N. Maniar |
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Designation : |
Director |
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|
Name : |
Mr. Mahesh K. Shroff |
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Designation : |
Director |
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Name : |
Mr. Jashvantrai B. Joshi |
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Designation : |
Director |
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|
Name : |
Mr. Savya Sachi |
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Designation : |
Director -
Marketing and Sales |
KEY EXECUTIVES
|
Name : |
Mr. M. C. Mehta |
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Designation : |
Secretary |
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|
Name : |
Mr. P. K. Singh |
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Designation : |
President -
Global Business |
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Name : |
Mr. Nirav Mody |
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Designation : |
Senior Vice
President - Strategic Marketing and Business Development |
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|
Name : |
Mr. Jay Mehta |
|
Designation : |
Senior Vice
President - Global Business (Russia and CIS) |
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|
Name : |
Mr. Sandeep Nasa |
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Designation : |
Head of Moscow
Representative Office |
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Name : |
Mr. Anupam Mehta |
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Designation : |
Senior Vice
President - Materials |
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|
Name : |
Mr. B. K. Dhar |
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Designation : |
General Manager
- API (B.U.) |
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|
Name : |
Mr. Mitesh
Kothari |
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Designation : |
General Manager
- Diagnostic |
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|
Name : |
Mr. Bhavesh
Joshi |
|
Designation : |
Senior General
Manager - Finance and Accounts |
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CORE TECHNICAL TEAM |
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|
Name : |
Dr. Milind Joshi |
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Designation : |
President -
Regulatory Aff airs |
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Name : |
Mr. Parmeshwar
Bang |
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Designation : |
Vice President -
Works |
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Name : |
Mr. M. K. Karve |
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Designation : |
Quality
Controller - Corporate QA |
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|
Name : |
Mr. V. G.
Pansuriya |
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Designation : |
Vice President -
Research and Development |
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Audit Committee : |
·
Bansidhar S. Mehta (Chairman) ·
Dinesh B. Mody ·
Durga Dass Chopra ·
Mahesh K. Shroff ·
Dr. Niranjan N. Maniar ·
Dr. Satyanarain Agarwala |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
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|
|
|
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|
3042111 |
3.59 |
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|
43474960 |
51.31 |
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|
522610 |
0.62 |
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|
72610 |
0.09 |
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|
450000 |
0.53 |
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|
47039681 |
55.52 |
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|
|
|
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|
286517 |
0.34 |
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|
286517 |
0.34 |
|
Total shareholding of Promoter and Promoter Group (A) |
47326198 |
55.85 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
15978 |
0.02 |
|
|
68858 |
0.08 |
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|
1753000 |
2.07 |
|
|
2423640 |
2.86 |
|
|
4261476 |
5.03 |
|
|
|
|
|
|
2236345 |
2.64 |
|
|
|
|
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|
18528977 |
21.87 |
|
|
11344672 |
13.39 |
|
|
1033957 |
1.22 |
|
|
1026457 |
1.21 |
|
|
7500 |
0.01 |
|
|
33143951 |
39.12 |
|
Total Public shareholding (B) |
37405427 |
44.15 |
|
Total (A)+(B) |
84731625 |
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) |
84731625 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of pharmaceutical dosage forms like tablets, injectable (vials,
ampoules, form fill seal), creams and ointments, lozenges, herbal liquids and
capsules. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information from
the company management] |
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Bankers : |
·
Bank of India ·
BNP Paribas ·
Standard Chartered Bank ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
J. K. Shah and Company Chartered Accountant |
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Address : |
Mumbai, Maharashtra, India |
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Cost Auditors : |
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|
Name : |
N. I. Mehta and Company Chartered Accountant |
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Address : |
Mumbai, Maharashtra, India |
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Subsidiaries : |
·
OOO Unique Pharmaceutical Laboratories ·
J. B. Healthcare Private Limited ·
J. B. Chemicals and Pharmaceuticals Private
Limited ·
LLC Unique Pharmaceutical Laboratories |
|
|
|
|
Associates Concerns / Trusts / Companies / Joint Venture : |
·
Mody Trading Company ·
Mody Brothers ·
Jyotindra Family Trust ·
Dinesh Family Trust ·
Shirish Family Trust ·
Biotech Laboratories (Pty.) Private Limited ·
Jyotindra Mody Holdings Private Limited ·
Ansuya Mody Securities Private Limited ·
Dinesh Mody Securities Private Limited ·
Kumud Mody Securities Private Limited ·
Shirish B. Mody Investments Private Limited ·
Bharati S. Mody Investments Private Limited ·
J. B. Mody Enterprises Private Limited ·
Ansuya Mody Enterprises Private Limited ·
Dinesh Mody Ventures Private Limited ·
Kumud Mody Ventures Private Limited ·
Shirish Mody Enterprises Private Limited ·
Bharati Mody Ventures Private Limited ·
Synit Drugs Private Limited ·
Unique Pharmaceutical Laboratories Limited ·
Ifiunik Pharmaceuticals Limited ·
Namplas Chemicals Private Limited ·
Raptim Research Limited ·
Gemma Jewellery Private Limited ·
Lekar Pharma Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84707300 |
Equity Shares |
Rs.2/- each |
Rs. 169.415
Millions |
|
|
|
|
|
NOTES
Reconciliation of
the shares outstanding and amount of Share Capital
|
Particulars |
As at March 31,
2013 |
|
|
Number |
Rs. In Millions |
|
|
Shares outstanding at the beginning of the year |
8,47,07,300 |
169.415 |
|
Shares Issued during the year pursuant to Employees Stock Options Scheme |
|
|
|
Shares
outstanding at the end of the year |
8,47,07,300 |
169.415 |
The company has
only one class of issued shares having par value of Rs. 2/-. Each holder of
equity shares is entitled to one vote per share.
Details of
Shareholders holding more than 5% shares
|
Particulars |
As at March 31,
2013 |
|
|
No. of Shares Held |
% of Holding |
|
|
Jyotindra Mody Holdings Private Limited |
74,66,242 |
8.81 |
|
Dinesh Mody Securities Private Limited |
70,55,326 |
8.33 |
|
Shirish B. Mody Investments Private Limited |
65,30,601 |
7.71 |
|
Ansuya Mody Securities Private Limited |
72,34,882 |
8.54 |
|
Kumud Mody Securities Private Limited |
71,81,232 |
8.48 |
|
Bharati S. Mody Investments Private Limited |
78,73,987 |
9.30 |
|
Ashish Dhawan |
77,73,672 |
9.18 |
Shares reserved for issue under ESOP
In the year 2004,
the company has instituted the Employees Stock Option Scheme, under which
25,00,000 equity shares of Rs. 2 each have been reserved. Under the Scheme, the
options are granted at an amount equal to ninety five percent of the average
daily closing price of the shares of the company’s share quoted on National
Stock Exchange of India Ltd. during the period of twelve weeks preceding the
date of grant. These options vest in four equal installments and subject to
other provisions of the Scheme, are exercisable within a period of five years
from the respective date of vesting.
The activity in the said ESOP Scheme during the last two years was as
under:
|
Particulars |
As at March 31, 2013 |
|
Options outstanding at the beginning of the period |
5,20,925 |
|
Lapsed |
1,84,350 |
|
Options outstanding at the end of the period |
3,36,575 |
On exercise of options during the year, the company received aggregate exercise
price of Rs. Nil (Previous year Rs. 15.783 Millions).
AS ON 30.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84711800 |
Equity Shares |
Rs.2/- each |
Rs. 169.424
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 |
169.415 |
169.415 |
169.034 |
|
(b) Reserves & Surplus |
9920.603 |
9369.217 |
6963.793 |
|
(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) |
10090.018 |
9538.632 |
7132.827 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
72.426 |
115.217 |
120.294 |
|
(b) Deferred tax liabilities (Net) |
219.749 |
165.569 |
144.362 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
82.282 |
82.684 |
68.824 |
|
Total Non-current Liabilities (3) |
374.457 |
363.470 |
333.480 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
367.735 |
552.265 |
1333.637 |
|
(b) Trade payables |
517.614 |
335.377 |
443.581 |
|
(c) Other current
liabilities |
984.087 |
766.974 |
556.987 |
|
(d) Short-term provisions |
394.330 |
170.453 |
272.162 |
|
Total Current Liabilities (4) |
2263.766 |
1825.069 |
2606.367 |
|
|
|
|
|
|
TOTAL |
12728.241 |
11727.171 |
10072.674 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2924.948 |
2402.073 |
2246.933 |
|
(ii) Intangible Assets |
18.716 |
8.025 |
5.021 |
|
(iii) Capital
work-in-progress |
47.298 |
389.183 |
36.688 |
|
(iv)
Realisable Value of Impaired Assets |
0.772 |
0.772 |
0.802 |
|
(b) Non-current Investments |
389.798 |
387.898 |
422.421 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
142.847 |
125.829 |
121.579 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3524.379 |
3313.780 |
2833.444 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3946.780 |
2989.218 |
810.463 |
|
(b) Inventories |
898.892 |
907.985 |
817.822 |
|
(c) Trade receivables |
1946.431 |
1312.082 |
3854.542 |
|
(d) Cash and cash
equivalents |
1491.099 |
2113.624 |
1229.177 |
|
(e) Short-term loans and
advances |
920.660 |
1090.482 |
527.226 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
9203.862 |
8413.391 |
7239.230 |
|
|
|
|
|
|
TOTAL |
12728.241 |
11727.171 |
10072.674 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8164.225 |
6864.213 |
8066.890 |
|
|
|
Other Income |
259.607 |
285.119 |
58.844 |
|
|
|
TOTAL |
8423.832 |
7149.332 |
8125.734 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2619.038 |
2032.053 |
2090.033 |
|
|
|
Purchases of stock-in-trade |
715.517 |
699.976 |
497.006 |
|
|
|
Employee benefits expense |
1201.287 |
1013.132 |
1164.270 |
|
|
|
Other expenses |
2466.070 |
2531.790 |
2792.989 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
48.097 |
(54.718) |
(156.467) |
|
|
|
TOTAL |
7050.009 |
6222.233 |
6387.831 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1373.823 |
927.099 |
1737.903 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
52.418 |
217.769 |
101.861 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1321.405 |
709.330 |
1636.042 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
243.958 |
223.040 |
226.508 |
|
|
|
|
|
|
|
|
|
Add |
Exceptional Item
: Profit on sale of OTC Business Undertaking in Russia - CIS Countries |
0.000 |
7605.934 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
1077.447 |
8092.224 |
1409.534 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
228.062 |
1665.230 |
227.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
849.385 |
6426.994 |
1181.946 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4664.183 |
3308.119 |
4888.087 |
|
|
|
Export of Service |
745.40 |
0.000 |
0.000 |
|
|
|
Dividend |
15.948 |
249.698 |
0.000 |
|
|
|
Other Earnings |
0.000 |
0.000 |
4.191 |
|
|
TOTAL EARNINGS |
5425.531 |
3557.817 |
4892.278 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Packing Materials |
510.526 |
324.770 |
464.688 |
|
|
|
Component Stores & Spares Parts |
16.569 |
3.314 |
3.864 |
|
|
|
Capital Goods |
69.266 |
312.433 |
111.909 |
|
|
|
Others |
0.456 |
0.000 |
3.943 |
|
|
TOTAL IMPORTS |
596.817 |
640.517 |
584.404 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.03 |
75.95 |
14.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.08
|
89.90 |
14.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.20
|
117.89 |
17.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.77
|
73.91 |
14.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.85 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.04
|
0.07 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.07
|
4.61 |
2.78 |
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 |
169.034 |
169.415 |
169.415 |
|
Reserves & Surplus |
6963.793 |
9369.217 |
9920.603 |
|
Net
worth |
7132.827 |
9538.632 |
10090.018 |
|
|
|
|
|
|
long-term borrowings |
120.294 |
115.217 |
72.426 |
|
Short term borrowings |
1333.637 |
552.265 |
367.735 |
|
Total
borrowings |
1453.931 |
667.482 |
440.161 |
|
Debt/Equity
ratio |
0.204 |
0.070 |
0.044 |
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 |
8066.890 |
6864.213 |
8164.225 |
|
|
|
-14.909 |
18.939 |
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 |
8066.890 |
6864.213 |
8164.225 |
|
Profit |
1181.946 |
6426.994 |
849.385 |
|
|
14.65% |
93.63% |
10.40% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Fixed Deposit from Public and Shareholders |
70.250 |
107.190 |
|
Inter Corporate Deposit |
0.000 |
4.000 |
|
SHORT TERM BORROWINGS |
|
|
|
(a) Foreign currency loans from Bank |
0.000 |
146.960 |
|
(b) Interest free advance from Directors |
0.150 |
0.150 |
|
(c) Deposit from Distributors / Customers |
24.705 |
24.705 |
|
(d) Inter Corporate Deposits from related parties |
10.500 |
120.450 |
|
|
|
|
|
TOTAL |
105.605 |
403.455 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current
maturities of long-term debt |
|
|
|
|
Vehicle Loan |
1.181 |
1.308 |
1.127 |
|
Sales Tax Deferral |
0.000 |
1.634 |
1.634 |
|
Fixed Deposit from Public & Shareholders |
50.694 |
29.236 |
80.008 |
|
Inter Corporate Deposit |
4.000 |
0.000 |
0.000 |
|
External Commercial Borrowings |
0.000 |
0.000 |
148.600 |
|
|
|
|
|
|
TOTAL |
55.875 |
32.178 |
231.369 |
VIEW INDEX OF
CHARGES
|
S.
No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10258640
|
26/11/2010
|
408,000.00
|
HDFC
BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B01579739
|
|
2 |
10258752
|
26/11/2010
|
408,000.00
|
HDFC
BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B01596139
|
|
3 |
10258741
|
26/11/2010
|
633,000.00
|
HDFC
BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B01596436
|
|
4 |
80029551
|
28/09/2010
* |
1,400,000,000.00
|
BANK
OF INDIA AND 2 OTHERS |
BULLION EXCHANGE BRANCH, 185
SHEIKH MEMON STREET, MUMBAI, MAHARASHTRA - 400002, INDIA |
A96624770
|
|
5 |
80045184
|
28/09/2010
* |
1,400,000,000.00
|
BANK
OF INDIA AND 2 OTHERS |
BULLION EXCHANGE BRANCH, 185
SHEIKH MEMON STREET, MUMBAI, MAHARASHTRA - 400002, INDIA |
A97007900
|
|
6 |
90240383
|
24/12/2004
* |
380,000,000.00
|
BANK
OF INDIA |
BULLION EXC BR 185 SHEIKH
MEMON ST, MUMBAI, MAHARASHTRA - 400002, INDIA |
- |
|
7 |
90238304
|
04/03/2005
* |
320,000,000.00
|
BANK
OF INDIA |
BULLION EXC BR 185 SHEIKH
MEMON ST, MUMBAI, MAHARASHTRA - 400002, INDIA |
- |
|
* Date of charge modification |
||||||
OPERATIONS
The financial
performance for the current year is strictly not comparable with that of the
previous year due to sale of Russia-CIS OTC business undertaking during the
previous year. During the year, the net income from operations at Rs. 8164.200
Millions was 18.94% higher over the previous year, while the total income for
the year at Rs. 8423.800 Millions was 17.83% higher against Rs. 7149.300
Millions (excludes exceptional income) in the previous year. The profit before
tax and profit after tax for the year stood at Rs. 1077.400 Millions and Rs.
849.400 Millions respectively.
The domestic
formulations business achieved growth in line with the industry growth, while
the focus products continued to achieve encouraging growth. During the current
year, the company aims for improved performance based on harnessing potential
of the existing products, penetration in rural markets and improving
productivity of field personnel coupled with selective new products launches.
The exports to Rest of the world markets achieved good growth of 22% in terms
of billing currency. In this business, the company has placed enhanced focus on
US market in view of encouraging sales in the last two years. Besides this
market, the company’s focus markets include South Africa, UK, Canada, Australia
and semi-regulated markets. The Rx business in Russia-CIS too fared well. The
company is, however, in the process of investing in this region for future
growth. The sales of bulk
drugs achieved growth of 56%.
As the members may
be aware, the company has received from Cilag GmbH International (“Cilag”) a
notice of claims under business Sale and Purchase Agreement dated May 23, 2011
and Supply Agreement dated May 23, 2012 for estimated amount of US$ 33.30
million (which coincides with the amount held in the escrow account) and US$ 5
million respectively. The company has contested these claims. In the spirit of
overall business, the company and Cilag are in discussion to resolve the
differences.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY DEVELOPMENTS
The domestic
formulations industry at sales of over Rs. 610000.000 Millions, for 12 months
period ended March 2013, grew at 10% (ORG IMS). The growth of Indian
formulations industry continues to remain robust and volumes and new
introductions from existing molecules remained key contributors to growth. The
recent ruling on patentability by the Supreme Court in Glivec’s case has
provided much needed clarity on patentability under the Indian law and would
help growth of generics business in the long run.
Clearly with a
view to participate in growth potential of domestic pharmaceutical market, the
market continues to show intense competition with increased number of brands
and new combination being launched in the market. This has put pressure on
prices and calls for product differentiation and innovative strategies for
growth.
SEGMENT WISE PERFORMANCE
The company is
engaged in one segment viz. pharmaceuticals. During the year, all
business units achieved good growth.
The domestic
formulations business at Rs. 3047.000 Millions achieved growth of 10%. The
focus brands in this business, however, showed a very strong growth. In this
business, the contrast media division achieved growth of 15%. Harnessing the
potential of existing products basket, penetration into existing and new
markets and focus on increase in productivity are all expected to help achieve
good growth in the current year.
The exports to
Rest of the world countries at Rs. 2206.800 Millions grew by 36% in Rupee
terms, while it achieved growth of 22% in US Dollar terms. Besides US market
which generated highest sales, the markets like Africa, South Africa, South
East Asia, Latin America, Middle East and Australia continued to fare well. The
ANDA products, site variation projects, OTC products and Lozenges products in
this business fared well.
The sales of
products in Russia-CIS markets at Rs. 1005.000 Millions registered growth of
81% over the previous year. However, change in regulatory requirements and
increasing cost of operations present challenge for growth. The company will
continue to invest in this market to meet the challenges and achieve potential
offered by the Russia-CIS market.
The sales of
active pharmaceutical ingredients at Rs. 622.600 Millions registered growth of
56%.
OUTLOOK
In view of good
business outlook both in domestic and international market as discussed above,
the company’s manufacturing
infrastructure of international standard, strong products portfolio with growth
brands, strong marketing capability and strong balance sheet present good
outlook for the company’s business.
FINANCIAL PERFORMANCE
The net revenue
from operations stood at Rs. 8164.200 Millions as against Rs. 6864.200 Millions
in the previous year, while total revenue for the year stood at Rs. 8423.800
Millions against Rs. 7149.300 Millions in the previous year (excluding
Exceptional income).
The finance cost
at Rs. 52.400 Millions was lower due to better working capital management. The
profit before tax (before exceptional item) for the year at Rs.1077.400
Millions was 121.56% higher compared to profit of Rs. 486.200 Millions at the
same level last year. The financial performance for the year 2012-13 is
strictly not comparable with the previous year as the previous year’s revenue
included results of operations of Russia-CIS OTC business up to July 13, 2011
and income on sale thereof thereafter.
The earning per
share for the year was Rs. 10.03 per equity share of face value of Rs. 2 each.
FIXED ASSETS
·
Land
·
Factory Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Air Conditioners
·
Trade Marks
·
Computer Software
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31/12/2013
(Rs.
In millions)
|
Particulars |
Quarter ended |
Nine Months |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
(a) Net Sales/ Income from operation |
2342.205 |
2474.397 |
7108.268 |
|
(b) Other Operating Income |
53.012 |
57.468 |
171.093 |
|
Total Income |
2395.217 |
2531.865 |
7279.361 |
|
2. Expenditure |
|
|
|
|
a. Cost of materials consumed |
787.124 |
783.452 |
2353.111 |
|
b. Purchases of stock-in-trade |
168.255 |
158.492 |
550.661 |
|
c. Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(33.292) |
4.382 |
(49.658) |
|
d. Employees benefits expense |
319.532 |
330.669 |
989.202 |
|
e. Depreciation and amortization expense |
60.000 |
75.000 |
210.000 |
|
f. Exchange Fluctuation Transactional (Gain)/Loss |
34.421 |
13.158 |
47.937 |
|
g. Other Expenses |
690.063 |
751.408 |
2064.808 |
|
Total Expenses |
2026.102 |
2116.561 |
6166.061 |
|
3. Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional
Item(1-2) |
369.114 |
415.304 |
1113.300 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
208.449 |
68.086 |
291.687 |
|
5. Profit(+)/
Loss(-) before Interest and Exceptional Item |
577.563 |
483.390 |
1404.987 |
|
6. Interest |
18.972 |
18.987 |
52.647 |
|
7. Profit(+)/
Loss(-) after Interest but before Exchange Fluctuation Translation Gain /
(Loss) (5-6) |
558.591 |
464.402 |
1352.340 |
|
8. Exchange Fluctuation Translation Gain / (Loss) |
99.162 |
(61.748) |
(17.002) |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
657.753 |
402.654 |
1335.338 |
|
10. Exceptional Item: Revision of purchase price in respect of Sale of Russia- CIS OTC Business Undertaking |
(645.000) |
-- |
(645.000) |
|
11. Profit before Tax (9-10) |
12.753 |
402.654 |
690.338 |
|
12. Tax Expenses |
77.499 |
71.227 |
220.402 |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
(64.746) |
331.427 |
469.936 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
169.424 |
169.424 |
169.424 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
-- |
-- |
|
16. Earning per Share (EPS) |
|
|
|
|
a) Basic |
(0.76) |
3.91 |
5.55 |
|
b) Diluted |
(0.76) |
3.91 |
5.55 |
|
17. Public
Shareholding |
|
|
|
|
Number of Shares |
37,385,602 |
37,385,602 |
37,385,602 |
|
% of Share holding |
44.13 |
44.13 |
44.13 |
|
18. Promoters
and promoter group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
-- |
-- |
-- |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
-- |
-- |
-- |
|
b)
Non-encumbered |
|
|
|
|
- Number of shares |
47,326,198 |
47,326,197 |
47,326,198 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
55.87 |
55.87 |
55.87 |
|
Particulars
|
3
Months ended 31.12.2013 |
|
Pending at the beginning of the quarter |
1 |
|
Received during the quarter |
11 |
|
Disposed of during the quarter |
12 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
1. The above financial results have been reviewed by the audit committee and approved by the board of directors at its meeting held on February 11, 2014.
2. The statutory auditors have carried out limited review of the above financial results for the period ended on December 31, 2013.
3. The exceptional item represents the amount which was no longer recoverable by the company out of the Escrow Account set up pursuant to the agreement dated July 14, 2011 with the purchaser of the company’s Russia-CIS OTC Business undertaking, following commercial settlement of the disputes with the said purchaser. Instead of re-opening the audited accounts for the year 2011-12 to reflect the adjustment to the transaction consideration, the company has now decided to adjust the said amount as above in the current financial year and the results for the quarter ended December 2013.
4. The other income includes write-back of the excess provision of Rs. 176.448 Millions made for expenses in relation to the sale of Russia-CIS OTC business undertaking by the company in July 2011.
5. Tax expense is net of excess provision of tax in earlier year of Rs. 70.000 Millions and MAT credit of earlier year of Rs.31.576 Millions.
6. The normal business operations for the quarter ended December 2013 show profit before tax and profit after tax of Rs. 481.305 Millions and Rs. 302.230 Millions respectively, while the year to date normal business operations show profit before tax and profit after tax of Rs. 1158.890 Millions and Rs. 836.912 Millions respectively.
7. The company is engaged in a single segment of activity viz. Pharmaceuticals.
8. The previous quarter’s/period’s figures have been regrouped/re-stated, wherever necessary.
AS PERT WEBSITE
PRESS RELEASE
Unaudited
Financial Results for Q 3- 2013-14
Mumbai, February
11, 2014:
J.B. Chemicals
& Pharmaceuticals Ltd. (JBCPL) today announced its standalone unaudited
financial results for the quarter ended on December 31, 2013.The highlights of
the Y-o-Y results are as under:
Rs.
In Millions
|
Particulars |
Q3
|
9
Months |
||
|
|
2013-14
|
2012-13
|
2013-14
|
2012-13
|
|
Sales (Net) |
2342.200 |
1997.600 |
7108.200 |
5967.300 |
|
Other Operating income |
53.000 |
45.300 |
171.100 |
145.500 |
|
Total Operating income |
2395.200 |
2042.900 |
7279.300 |
6112.800 |
|
Other income |
208.400 |
70.100 |
291.700 |
233.900 |
|
Total Revenue |
2603.600 |
2113.000 |
7571.000 |
6346.700 |
|
Operating Profit |
369.100 |
193.600 |
1113.300 |
590.400 |
|
Profit from ordinary activities after finance cost but before
exchange fluctuation translation gain/loss |
558.600 |
244.900 |
1352.300 |
783.500 |
|
Profit from ordinary activities before exceptional item |
657.800 |
312.400 |
1335.300 |
849.100 |
|
Exceptional item: Revision
of sale price of Russia-CIS OTC business undertaking |
645.000 |
_ |
645.000 |
_ |
|
Profit before tax |
12.800 |
312.400 |
690.300 |
849.100 |
|
Profit after tax |
(64.700) |
218.700 |
469.900 |
651.900 |
Operating profit without
exceptional/non-recurring items:
Rs. In Millions
|
Particulars |
Q3 |
9
Months |
||
|
|
2013-14
|
2012-13
|
2013-14
|
2012-13
|
|
Profit before tax |
481.300 |
312.400 |
1158.900 |
849.100 |
|
Profit after tax |
302.200 |
218.700 |
836.900 |
651.800 |
The total operating revenue for the quarter at Rs. 2395.200 Millions was 17.24% higher against operating revenue achieved in the corresponding quarter in the previous year, while the profit from operations for the quarter at Rs. 369.100 Millions was 90.65% higher against operating profit of the same quarter in the previous year.
The company was able to post robust operating performance during Q3 due to higher sales coupled with favourable product mix.
The investors may be aware that Cilag GmbH International (“Cilag”) raised certain claims under transaction documents in relation to sale of Russia-CIS OTC business undertaking by the company in July 2011. The company had disputed these claims. However, in order to avoid costs and delays involved in litigation, the company and Cilag mutually settled these claims pursuant to the Settlement agreement. Accordingly, the transaction consideration received earlier was reduced by Rs. 645.000 Millions, which sum the company paid to Cilag in July 2013 out of the Escrow account. This settlement has helped the company to focus on the business. This exceptional payment has been accounted for as an expense in the quarter, which has affected the reported profits. The Y-o-Y normal business performance is tabulated above for easy analysis.
The domestic formulations business at sales of Rs. 857.700 Millions for the quarter registered overall growth of 20.27%, while the year-to-date growth for the business is 16.26%. The concentration on growth of focus products and better field efficiency has helped achieve better performance in the domestic market.
The formulations exports at Rs. 1192.100 Millions registered growth of 12.33% during the quarter, while the year-to-date growth is 16.05%. Out of this, exports to Rest of the world (RoW) markets at Rs. 1007.100 Millions for the quarter registered growth of 28.73% in Rupee terms, whereas the year-to-date growth in RoW business is 20.33%. During the quarter, the sales in Russia-CIS region amounted to Rs. 184.900 Millions, while yearto-date sales stand at Rs. 692.100 Millions.
The API business with sales for the quarter at Rs. 264.100 Millions registered growth of 59.20%, while the year-to-date growth in this business is 70.14%.
About JBCPL:
JBCPL, one of India’s leading pharmaceutical companies, manufactures and markets a diverse range of pharmaceutical formulations, herbal remedies and APIs. JBCPL exports to many countries worldwide with a strong presence in Russia, Ukraine, CIS countries and South Africa. The Company continues to invest in growing its share in the regulated markets in USA, Europe and Australia. JBCPL has a strong R & D and regulatory set-up for development of new drug delivery system and formulations, filing of DMFs and ANDAs. Its State-of-the-Art manufacturing facilities are approved by health authorities of regulated markets.
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 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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.