MIRA
INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PARABOLIC DRUGS LIMITED |
|
|
|
|
Registered
Office : |
SCO 99-100 Sector, 17-B, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.02.1996 |
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Com. Reg. No.: |
53-017755 |
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Capital Investment
/ Paid-up Capital : |
Rs.618.920 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231CH1996PLC017755 |
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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 Active Pharmaceutical Ingredients (API)
and API intermediates. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow and delayed |
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|
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having a moderate track record. Company has incurred loss from its operation in the year 2013. Rating also reflects delay in debt servicing on account of the tight
liquidity position of the company. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a safe and
secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
CARE |
|
Rating |
Long Term Bank =D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
|
Date |
28.03.2014 |
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 DENIED BY
|
Name : |
Mr. Rakesh Sachdeva |
|
Designation : |
AGM Finance |
|
Contact No.: |
91-179-3914646 |
|
Date : |
14.05.2014 |
LOCATIONS
|
Registered Office : |
SCO 99- 100, Sector 17-B, Chandigarh
– 160 017, Chandigarh, India |
|
Tel. No.: |
91-172-5087671 / 5087672 / 28471234/ 3914646/ 647 |
|
Fax No.: |
91-172-2721096/ 3914645 |
|
E-Mail : |
|
|
Website : |
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|
|
|
Corporate Office : |
SCO 99- 100, Sector 17-B, Chandigarh
– 160 017, Chandigarh, India |
|
Website : |
|
|
|
|
|
USA Office : |
119 Watersedge Drive, Toms River, New Jersey - 08753 |
|
Tel No.: |
+1-732-288-0851/ +1-848-333-8249/ +1-732-678-6362 |
|
|
|
|
Factory 1 : |
Village Sundhran, P.O Mubarakpur,
Tehsil Derabassi,
District Mohali, Punjab, India |
|
Tele fax No.: |
91-1762-280305 |
|
|
|
|
Factory 2 : |
Plot No. 45, Industrial Area, Phase-II, Panchkula,
Haryana, India |
|
Tel No.: |
91-172-5057773 |
|
|
|
|
Factory 3 : |
Village : Chachrauli,
Tehsil : Derabassi, Distt.: Mohali, Punjab, India |
|
|
|
|
Research and Development Centre : |
Plot No. 280-281, Phase
- 1, Block -1, HSIIDC, Tehsil Barwala, District Pachkula, Haryana, India |
|
|
|
|
Sales Depot : |
·
Godown No. 11, Baldev Estate, Opposite M.P Pandya
High School, Jetpur (Aslali),
Ahmedabad, Gujarat, India ·
Unit No. B-116, Shree Raj Laxmi
Commercial Complex, Agra Road, Kalher Village : Bhiwandi, District: Thane, Maharashtra,
India ·
Safex Cargo
Complex, Village Kishanpura Nalagarh
Road, Baddi, District: Solan,
Himachal Pradesh, India · (Formulations Warehouse) 35 Feet Road, Near Cipla Warehouse, Zirakpur, District: Mohali, Punjab, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Pranav
Gupta |
|
Designation : |
Chairman and Managing
Director |
|
Date of Birth/Age : |
46 years |
|
Qualification : |
B. Tech(Mechanical), M.B.A. |
|
Experience : |
23 years |
|
|
|
|
Name : |
Mr. Vineet
Gupta |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
44 years |
|
Qualification : |
B. Tech (Mechanical) |
|
Experience : |
22 years |
|
|
|
|
Name : |
Mr. Balbir Singh Bhasin |
|
Designation : |
Nominee Director (SBI) |
|
|
|
|
Name : |
Mr. Arun Mathur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nikhil
Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Balwan Bansal |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ram Kumar |
|
Designation : |
Non Independent Director |
|
|
|
|
Name : |
Mr. Balwan Bansal |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Yatish Kumar Bansal |
|
Designation : |
President (Technical) |
|
|
|
|
Name : |
Mr. R.C. Goyal |
|
Designation : |
Senior Vice-President (Finance) |
|
|
|
|
Name : |
Mr. Vipin
Gupta |
|
Designation : |
Vice-President and Company Secretary |
MAJOR SHAREHOLDERS
AS ON 31.03.2014
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Individuals / Hindu Undivided Family |
1652250 |
2.67 |
|
|
20368279 |
32.91 |
|
|
1238550 |
2.00 |
|
|
713400 |
1.15 |
|
|
525150 |
0.85 |
|
|
23259079 |
37.58 |
|
|
|
|
|
|
450000 |
0.73 |
|
|
450000 |
0.73 |
|
Total shareholding of Promoter and Promoter Group (A) |
23709079 |
38.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1487323 |
2.40 |
|
|
5319259 |
8.59 |
|
|
3067484 |
4.96 |
|
|
9874066 |
15.95 |
|
|
|
|
|
|
4417247 |
7.14 |
|
|
|
|
|
|
9260261 |
14.96 |
|
|
8286565 |
13.39 |
|
|
6344796 |
10.25 |
|
|
891244 |
1.44 |
|
|
1007229 |
1.63 |
|
|
4446323 |
7.18 |
|
|
28308869 |
45.74 |
|
Total Public shareholding (B) |
38182935 |
61.69 |
|
Total (A)+(B) |
61892014 |
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) |
61892014 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (API)
and API intermediates. |
||||||||
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|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
6-APA/ Semi Synthetic Penicillin |
MT |
N.A. |
720 |
1693.78 |
|
Cephalosporin |
MT |
N.A. |
818 |
431.17 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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|
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Bankers : |
·
State Bank of India (Specialised Commercial
Branch), S.C.O.103-106, Bank Square, Sector 17 B, Chandigarh, India ·
ICICI Bank Limited, S.C.O. 129-130, Madhya Marg, Sector 9, Chandigarh,
India ·
UCO Bank, S.C.O. 55-57, Bank Square, Sector 17 B, Chandigarh, India ·
State Bank of Patiala, S.C.O. 103-107,
Sector 8 C, Chandigarh, India ·
Union Bank of India, 4/14-A, Asaf
Ali Road, New Delhi, India ·
Central Bank of India, S.C.O. 58-59, Bank Square, Sector
17 B, Chandigarh, India ·
Bank of Baroda, S.C.O. 62-63, Bank Square, Sector
17 B, Chandigarh, India ·
IDBI Bank Limited, S.C.O. 72-73, Bank Square, Sector
17 B, Chandigarh, India ·
Canara Bank, S.C.O.
117-119, Sector 17 C, Chandigarh, India ·
Export-Import Bank of India, First Floor, PHD House, Sector 31
A, Dakshin Marg, Chandigarh, India ·
State Bank of Hyderabad, S.C.O.
62-63, Sector 34 A, Chandigarh, India |
||||||||||||||||||||||||||||||
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|
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Facilities : |
NOTE: Terms of
borrowings are as under: Term Loans from
Banks are secured by way 1st pari passu charge on all existing and future fixed assets of
the Company at all locations with equitable mortgage of land and building,
2nd pari passu charge on
all the current assets of the Company and pari passu charge on the collateral properties of M/s
Parabolic Infrastructure P Limited, M/s PNG Trading P Limited and also
personally guaranteed by Mrs. Rama Gupta, Mr. J. D.
Gupta, Mr. T.N Goel, Mr. Pranav
Gupta and Mr. Vineet Gupta. Working Capital
borrowings from Banks are secured by way of first pari
passu charge on hypothecation of entire present and
future current assets of the Company, Second pari passu charge on all fixed assets of the Company and pari passu charge on the
collateral properties of M/s Parabolic Infrastructure P Ltd, M/s PNG Trading
P Limited and also personally guaranteed by Mrs. Rama
Gupta, Mr. J.D. Gupta. Mr. T. N. Goel, Mr. Pranav Gupta and Mr. Vineet
Gupta |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.K. Bansal and Company Chartered Accountants |
|
Address : |
Kothi No. 3193,Sector 28 D, Chandigarh,
India |
|
|
|
|
Subsidiary with whom
transactions have taken place during the Year : |
·
Parabolic Research Lab Limited ·
Ziven Life Sciences Limited |
|
|
|
|
Associates with
whom transactions have taken place during the Year : |
·
PNG Trading Private Limited ·
Parabolic Infrastructure Private Limited ·
Vineet Packaging
Industries ·
Parabolic Estates Private Limited ·
Saj Infrastructure Private Limited ·
Trackball Technology Private Limited ·
Kenam Education Services Private Limited ·
Spar Engineering and Infrastructure Limited ·
Mohali Green
Environment Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62000000 |
Equity Shares |
Rs. 10/- each |
Rs. 620.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61892014 |
Equity Shares |
Rs.10/- each |
Rs. 618.920
Millions |
|
|
|
|
|
(a) Reconciliation
of Number of Shares Outstanding
|
Particulars |
31.03.2012 |
|
|
Equity Shares |
Number |
Amount |
|
Shares outstanding at the beginning of current reporting period |
61892014 |
618.920 |
|
Shares Issued & Subscribed during the Period |
-- |
-- |
|
Shares Bought Back |
-- |
-- |
|
Shares outstanding
at the end of current reporting period |
61892014 |
618.920 |
(b) Terms/ Rights Attached to Equity Shares
The Company has
only One Class of Equity Shares having par value of Rs.
10 each. Each holder of Equity share is entitled to one vote per share with a
right to receive per share dividend declared by the company. The company
declares and pays dividend in Indian rupees. The Dividend proposed by Board of
Directors is subject to the approval of the Shareholders in the ensuing Annual
General Meeting.
In the event of
liquidation of the Company, the holder of Equity Shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in the proportion to the number of Equity
shares held by the Shareholders.
(c) Detail of
Shareholders Holding more than 5% Shares in the Company
|
Particulars |
31.03.2012 |
|
|
|
Number |
% Holding |
|
PNG Trading Private Limited |
14171836 |
22.90 |
|
Parabolic Infrastructure Private Limited |
5935891 |
9.59 |
|
BTS India Private Equity Fund Limited |
5467484 |
8.83 |
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 |
618.920 |
618.920 |
618.920 |
|
(b) Reserves & Surplus |
2267.600 |
3665.210 |
3171.080 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
122.800 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3009.320 |
4284.130 |
3790.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4217.850 |
1459.330 |
922.680 |
|
(b) Deferred tax liabilities (Net) |
(435.590) |
116.940 |
97.530 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
30.290 |
30.870 |
21.050 |
|
Total Non-current Liabilities (3) |
3812.550 |
1607.140 |
1041.260 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3548.660 |
3764.550 |
3590.960 |
|
(b) Trade payables |
1238.620 |
2841.940 |
1773.780 |
|
(c) Other current
liabilities |
348.940 |
495.140 |
303.540 |
|
(d) Short-term provisions |
0.000 |
150.870 |
172.970 |
|
Total Current Liabilities (4) |
5136.220 |
7252.500 |
5841.250 |
|
|
|
|
|
|
TOTAL |
11958.090 |
13143.770 |
10672.510 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3331.560 |
1875.110 |
1627.570 |
|
(ii) Intangible Assets |
3.810 |
3.810 |
1.960 |
|
(iii) Capital
work-in-progress |
722.920 |
1872.880 |
1122.540 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
61.410 |
35.660 |
56.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
1821.200 |
1637.490 |
910.650 |
|
Total Non-Current Assets |
5940.900 |
5424.950 |
3719.450 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3511.000 |
4517.320 |
3406.480 |
|
(c) Trade receivables |
1385.860 |
2217.560 |
2751.580 |
|
(d) Cash and cash
equivalents |
120.940 |
346.200 |
256.570 |
|
(e) Short-term loans and
advances |
757.870 |
464.310 |
370.500 |
|
(f) Other current assets |
241.520 |
173.430 |
167.930 |
|
Total Current Assets |
6017.190 |
7718.820 |
6953.060 |
|
|
|
|
|
|
TOTAL |
11958.090 |
13143.770 |
10672.510 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7656.810 |
9243.440 |
6198.440 |
|
|
|
Other Income |
31.120 |
40.770 |
153.450 |
|
|
|
TOTAL (A) |
7687.930 |
9284.210 |
6351.890 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
6927.440 |
8004.480 |
5410.890 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
761.140 |
(1041.330) |
(897.820) |
|
|
|
Employee benefit expenses |
215.880 |
225.160 |
169.300 |
|
|
|
Other expenses |
485.600 |
481.590 |
398.070 |
|
|
|
TOTAL (B) |
8390.060 |
7669.900 |
5080.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(702.130) |
1614.310 |
1271.450 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
697.770 |
641.370 |
407.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(1399.900) |
972.940 |
863.850 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
550.260 |
308.530 |
177.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(1950.160) |
664.410 |
686.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
552.540 |
152.120 |
166.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(1397.620) |
512.290 |
520.250 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B) |
1154.420 |
1212.460 |
1736.170 |
|
|
TOTAL EARNINGS |
1154.420 |
1212.460 |
1736.170 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
933.480 |
1785.340 |
2592.230 |
|
|
|
Capital Goods |
2.150 |
54.950 |
22.850 |
|
|
TOTAL IMPORTS |
935.630 |
1840.290 |
2615.080 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(22.58) |
8.27 |
9.43 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
994.800 |
1171.200 |
1144.200 |
|
Total Expenditure |
970.900 |
1128.500 |
1128.600 |
|
PBIDT (Excluding Other Income) |
23.900 |
42.7000 |
15.600 |
|
Other income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
23.900 |
42.7000 |
15.600 |
|
Interest |
200.000 |
195.900 |
199.300 |
|
Exceptional Items |
0.000 |
0.0000 |
0.000 |
|
PBDT |
(176.100) |
(153.300) |
(183.700) |
|
Depreciation |
170.400 |
169.900 |
170.300 |
|
Profit Before Tax |
(346.500) |
(323.100) |
(354.000) |
|
Tax |
(107.000) |
(99.900) |
(109.400) |
|
Profit after tax |
(239.500) |
(223.200) |
(244.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(18.18)
|
5.52 |
8.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(25.47)
|
7.19 |
11.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.85)
|
6.92 |
8.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.65)
|
0.16 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.58
|
1.22 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.06 |
1.19 |
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 |
618.920 |
618.920 |
618.920 |
|
Reserves & Surplus |
3171.080 |
3665.210 |
2267.600 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
122.800 |
|
Net
worth |
3790.000 |
4284.130 |
3009.320 |
|
|
|
|
|
|
long-term borrowings |
922.680 |
1459.330 |
4217.850 |
|
Short term borrowings |
3590.960 |
3764.550 |
3548.660 |
|
Total
borrowings |
4513.640 |
5223.880 |
7766.510 |
|
Debt/Equity
ratio |
1.191 |
1.219 |
2.581 |
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 |
6,198.440 |
9,243.440 |
7,656.810 |
|
|
|
49.125 |
(17.165) |
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
|
6,198.440 |
9,243.440 |
7,656.810 |
|
Profit |
520.250 |
512.290 |
(1,397.620) |
|
|
8.39% |
5.54% |
(18.25%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term Borrowings |
|
|
|
Due to others |
325.770 |
168.050 |
|
Short Term Borrowings |
|
|
|
Working Capital
Loan from Banks |
48.680 |
362.190 |
|
Total |
374.450 |
530.240 |
INDEX OF CHARGE:
|
Sr.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10424936 |
29/05/2013
* |
9,437,500,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI – 400 005, MAHARASHTRA, INDIA |
B78294303 |
|
2 |
10370431 |
17/08/2012 |
150,000,000.00 |
UCO
BANK |
S.C.O.
NO.55-56-57, SECTOR 17-B, CHANDIGARH – 160 017, INDIA |
B45638392 |
|
3 |
10326822 |
23/03/2012
* |
300,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRECOMPLEX,CUFFE PARADE, MUMBAI – 400
005, MAHARASHTRA, INDIA |
B39549084 |
|
4 |
10331192 |
23/03/2012
* |
180,000,000.00 |
STATE
BANK OF HYDERABAD |
S.C.O.
62-63, SECTOR 34, CHANDIGARH – 160 022, INDIA |
B37416542 |
|
5 |
10315599 |
15/10/2011 |
493,600,000.00 |
STATE
BANK OF PATIALA |
S.C.O.103-107,
SECTOR 8 C, CHANDIGARH – 160 008, INDIA |
B24512949 |
|
6 |
10315603 |
15/10/2011 |
850,000,000.00 |
STATE
BANK OF PATIALA |
S.C.O.103-107,
SECTOR 8 C, CHANDIGARH – 160 008, INDIA |
B24514309 |
|
7 |
10297720 |
23/03/2012
* |
270,000,000.00 |
IDBI
BANK LIMITED |
S.C.O.
72-73, BANK SQUARE, SECTOR 17 B, CHANDIGARH – 160 017, INDIA |
B37382066 |
|
8 |
10265266 |
11/02/2011 |
320,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA – 390 015, GUJARAT, INDIA |
B05639539 |
|
9 |
10265029 |
04/02/2011 |
250,000,000.00 |
UCO
BANK |
S.C.
O. 55-56-57, SECTOR - 17 B, CHANIDGARH – 160 017, INDIA |
B05426481 |
|
10 |
10204139 |
05/05/2012
* |
5,976,800,000.00 |
STATE
BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, S.C.O. 103-106, SECTOR 17 B, CHANDIGARH – 160 017, INDIA |
B40143174 |
* Date of charge modification
LITIGATION
DETAILS:
|
PUNJAB & HARYANA HIGH COURT CASE STATUS INFORMATION SYSTEM Case Status :
PENDING Status of
COMPANY PETITIONS 2 OF 2013 M/S CALIBRE
CHEMICALS PRIVATE LIMITED
VS. M/S PARABOLIC DRUGS LIMITED Pet’s Adv. :
AFTAB SINGH KHARA, NEERAJ Next Date of
Hearing : Monday, May 19, 2014 List Type : L FIR No. : NO FIR
DETAILS AVAILABLE / NOT A CRIMINAL CASE Complaint No. :
NO COMPLAINT DETAILS AVAILABLE Category :
COMPANY PETITIONS Last Hearing
Detail 1 : Friday, April 25, 2014 Before MR. JUSTICE RAJIV NARAIN
RAINA,---,--- at Bench Sl. No : 16 Last Hearing
Detail 2 : Before MR. JUSTICE RAJIV NARAIN RAINA,---,--- at Bench Sl. No : 13
Case Updated on : Saturday, April 26, 2014 |
FINANCIAL ANALYSIS
AND REVIEW OF OPERATIONS:
The directors are pleased to report performance of the business
operations as follows:-
Sales and Export:
During the year
subject has registered a turnover of Rs.8280.690 millions as compared to
Rs.10123.080 millions in the previous year showing thereby a decrease of
18.20%. The Export turnover has also been lower at Rs.1182.940 millions as
compared to Rs.1478.170 millions in the previous year showing thereby a
decrease of 19.97%. The Sales have reduced largely on account of rapid selling
price volatility and unavailability of sales of few products due to high cost
of import on account of rupee depreciation.
Profitability:
Subject incurred
loss before depreciation, interest and tax (EBDIT) of Rs.
(1084.490) millions as compared to a profit of Rs.1406.320 millions in the
previous year. Subject incurred loss before tax (PBT) of Rs.
(1950.160) millions as compared to a profit of Rs664.410 millions in the
previous year. After tax adjustment of Rs.552.540 millions (previous year
Rs.152.290 millions), the net loss worked out to Rs.(1397.620)
millions as compared to a net profit of Rs.512.120 millions in the previous year
owing to the high interest rates, revaluation of semi finished stock because of
the quality and eroded market prices.
Fixed Assets:
The net fixed assets (including work-in-progress) as at 31st March, 2013
were Rs.4058.290 millions as compared to Rs.3751.810 millions in the previous
year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
Global
pharmaceutical industry:
Snapshot- Transforming wave towards the Generics
The transformation
of the global pharmaceutical market continues unabated, with focus steadily
shifting from developed to developing countries and from patented drugs to
generics. The overall pharmaceutical market is anticipated to reach US$ 1.1
trillion by 2014 (Source: IMS Data).The US is the major pharmaceutical market
in the world growing at a CAGR of around 3%. It is also the largest generic
market with a sizeable generic substitution (75% in terms of volume). During
the year 2011-12, the contribution of the US to the global pharmaceutical has
been about 20%. However, this share is likely to come down as the transition is
on its way. The European Union , primarily the EU5(German, France, Italy, Spain
and UK) markets have registered growth of 1-3% in 2011-12 and are poised to
grow at an average CAGR of 2.5% till 2016 and achieve sales up to US$ 220
billion. In most of the European countries a considerable share of health care
expenditure is public expenditure and there have been significant regulatory
changes over the past years on account of austerity measures and attempts to
reduce health care expenditure. Thus, the EU markets are also focussing on ‘genericization’ in
order to bring down the health care costs. Japan, the second largest single
country pharmaceutical market is registering a growth of 5.7%. The overall
Japanese Pharmaceutical Industry is projected to grow at a CAGR of 2.6% from
2012- 2016. Owing to the pressure of reducing the cost of health care, this
market has also opened up and is poised to give new opportunities for the
generic companies to cater the needs.
During the next
five years, the markets will be impacted by numerous payer actions, including
the imposition of price cuts on existing drugs, the raising of standards
required to achieve reimbursement of innovative therapies and the use of
economic incentives for prescribers and pharmacists
to drive a shift to generic equivalents.
The following
transitions are likely to drive the pharmaceutical markets for the coming
years:
Emergence of the ‘Pharmerging ‘markets:
The 17 ‘Pharmerging’ countries (India, China, Brazil, Venezuela,
Poland, Argentina, Turkey, Mexico, Vietnam, South Africa, Thailand, Indonesia,
Romania, Egypt, Pakistan, Ukraine and Russia.) are expected to contribute 28%
to global pharmaceutical spending by 2015. These countries registered a growth
of 15-17% in the previous year to reach a market value of ~US$ 170-200 billion.
Drugs with sales of more than $30 billion USD faced generic competition in 2012
with Lipitor accounting for $11 billion USD.
Government will continue to try to reduce drug costs.
The dynamic and
high-potential pharmerging markets offer tremendous
opportunities for drug manufacturers. Big Pharma’s
drive into a group of high-potential “pharmerging”
markets has continued to gather momentum. The market research organization IMS
Health categorizes the market in Tier 1, Tier 2 and Tier 3 pharmerging
markets. Collectively, these markets have been steadily gaining share at the
expense of the US and top five European countries (France, Germany, Italy, UK
and Spain).In India a number of recent developments, such as establishment of
intellectual property rights (IPR), a rapidly growing middle-class population,
emerging rural markets and improvements in medical infrastructure have benefitted outside manufacturers.
Patent cliff to
continue playing the key role:
Patent cliff
describes what happens to the sales of an original drug when its protection
(patent, regulatory, etc.) ceases. There is a dramatic drop in sales both due
to the declining unit numbers and also due to the price erosion of up to 70 percent
within months. Patent cliff will fundamentally impact individual pharma companies in the mid-term future; however it gives
an opportunity to excel through innovation in the alternative generic products.
Growing regulatory
pressures:
The FDA Amendments
Act of 2007 has forced the FDA to increase standards for approvals of new
drugs, introducing mandatory risk evaluation and mitigation strategies (REMS).
This is one example of a long-term, global trend of ever higher hurdles for new
drugs to be approved with the corresponding high failure rates and costs
associated. Although the greater cooperation between the regulators in
different markets will ultimately be advantageous for the pharma
industry as a whole due to the streamlining of the development and approval
requirements and the reduction in the costs, in the near term it could cause
spread of approval restrictions around markets.
REORGANIZATION OF
BUSINESS AND FUTURE OUTLOOK:
The Company has
already taken steps to move up the value chain and exit low profitable sections
of business. It has built relationships and intellectual wealth over the past
few years and it is expected that it would be able to leverage them
successfully to move out of the present situation. It still believes that the
pharmaceutical industry is attractive and there is a potential for future
growth and sustainability.
The revamping of the business will be driven by:
Consolidation of
Antibiotic business:
The Company is
making an exit from the less profitable and low margin business in a phased
manner and will primarily focus on exports. The following are some of the steps
already taken by the Company for attaining its objectives:
1.
Long term supply agreements with the leading
innovator and Japanese companies as to augment the exports
2.
Audit check from the European authorities for the
sterile range of products. With such developments taking place, the Company expects to build exports further.
3.
Anticipated inspection from the USFDA for some of
the cephalosporin products
Scale up of Non
antibiotics & Formulations:
1.
In the lifestyle drugs, the validation and
development activities have already been initiated with various companies
around the world; these are likely to add revenues to the export markets.
2.
Since the launch of the CRAMS vertical, the Company
has been providing integrated solutions to leading innovator and generic
companies ranging from route selection, process development, and optimization
to manufacturing. Its expertise also involves providing engineering solutions
for manufacturing at multi-ton scale. The developments in the CRAMS space will
scale up at the Lalru facility
3.
Further, Nucleus, the domestic formulations arm of
Parabolic that was launched in FY 2012 is gaining momentum in terms of adding revenue
and margins to the Company. The division as on date has pan-India presence with
over 550 stockiest, 26 distributors and a basket of over 300 products. Going
forward, the division looks to build on the successful launch of products,
market penetration, and reception. In the International Formulations, the
Company has filed over 50 brands across different countries, submitted over 100
dossiers and finalized distribution agreements with different companies in
APAC.
Keeping in view
the current challenges and with the purpose of translating the Company’s
strengths into opportunities, the Company’s future strategy is broadly the
consolidation of its existing businesses and making leverage of the capital
expansions already set in place.
COMPANY’S PHILOSOPHY
ON CODE OF CORPORATE GOVERNANCE:
This report on
Corporate Governance forms part of the Annual Report. Corporate Governance
refers to a combination of laws, regulations, procedures, implicit rules and
good corporate practices that ensure that a Company meets its obligations to
optimize shareholders’ value and fulfill its responsibilities towards the
community, customers, employees, Government and other segments of the society.
Parabolic Drugs Limited (Parabolic) is committed on adopting the best practices
of Corporate Governance as manifested in the Company’s functioning to achieve
the business excellence by enhancing long-term shareholders’ value. Parabolic
is committed to achieve the best standards of Corporate Governance through
complete transparency in its dealings with the management, associate companies
and other third parties. The Management of Parabolic understands its
accountability and responsibility towards its shareholders/investors,
regulatory authorities and also for other sections of the society.
FIXED ASSETS:
·
Land and Site Development
·
Factory Building
·
Non Factory Building
·
Plant and Machinery
·
Furniture and Fixture
·
Tube well
·
Vehicles
·
Computers and Peripherals
·
Research and Development
Fixed Assets
·
Computer Software
·
Patents
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1. Income
from operations |
|
|
|
|
Gross Sales |
1134.800 |
1192.300 |
3305.300 |
|
Less: Excise Duty |
(54.100) |
(53.200) |
(122.000) |
|
a) Net sales/ Income from operation (net of excise duty) |
1080.700 |
1139.100 |
3183.300 |
|
b) Other operating income |
63.500 |
32.100 |
126.900 |
|
Total
income from Operations(net) |
1144.200 |
1171.200 |
3310.200 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
979.700 |
1058.100 |
2964.000 |
|
b) Purchases of stock in trade |
|
|
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(5.400) |
(122.300) |
(207.300) |
|
d) Employees benefit expenses |
50.200 |
50.900 |
140.200 |
|
e) Other expenditure |
104.100 |
141.800 |
331.100 |
|
Total expenses |
1298.900 |
1298.400 |
3738.600 |
|
3. Profit from operations before other income and
financial costs |
(154.700) |
(127.200) |
(428.400) |
|
4. Other income |
-- |
-- |
-- |
|
5. Profit from ordinary activities before finance costs |
(154.700) |
(127.200) |
(428.400) |
|
6. Finance costs |
199.300 |
195.900 |
595.200 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(354.000) |
(323.100) |
(1023.600) |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
(354.000) |
(323.100) |
(1023.600) |
|
10.Tax expenses |
(109.400) |
(99.900) |
(316.300) |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
(244.600) |
(223.200) |
(707.300) |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(244.600) |
(223.200) |
(707.300) |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
618.900 |
918.900 |
918.900 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
(3.95) |
(3.61) |
(11.43) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
38362317 |
38424587 |
38362317 |
|
- Percentage of shareholding |
61.98 |
62.08 |
61.98 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
22217497 |
22163927 |
22217497 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
94.42 |
94.45 |
94.45 |
|
Percentage of shares (as a % of total share capital of the
company) |
35.90 |
35.81 |
35.90 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
1312200 |
1303500 |
1312200 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
5.58 |
5.55 |
5.58 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
2.12 |
2.11 |
2.12 |
|
B.
Investor Complaints |
Quarter ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTES:
1. The above quarterly results have been reviewed by the Audit Committee
and taken on record by the Board of Directors in their meeting held on February
14, 2014 and the same have been reviewed by the Statutory Auditors, as required
under Clause 41 of the Listing Agreement.
2. During the period under review, the company has incurred
loss. Owing to the tightened market conditions and economic stress, the company
has witnessed an erosion in the margins of key products.
3. The promoter’s shareholding has been pledged pursuant to the
terms of CDR package.
4. There is not more than one reportable segment, hence,
information as per AS-17 is not required to be disclosed.
5. Figures of the previous year / period have been
rearranged/regrouped wherever necessary.
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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
15 |
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.