MIRA
INFORM REPORT
|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
RANBAXY LABORATORIES LIMITED |
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Registered
Office : |
A-41, Industrial Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali
– 160 071, Punjab |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
16.06.1961 |
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Com. Reg. No.: |
16-003747 |
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Capital
Investment / Paid-up Capital : |
Rs.2114.570
millions |
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CIN No.: [Company Identification
No.] |
L24231PB1961PLC003747 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLR10986D PTLR11862E |
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PAN No.: [Permanent Account No.] |
AAACR0127N |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing and
Trading of formulations, active pharmaceuticals ingredients (API) and
intermediate, generics, drug discovery and consumer health care products and
also engaged in rendering of financial services. |
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No. of Employees
: |
14600
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 76883000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having a fine track
record. The company has incurred some loss from its operation during December
2012. However, the rating reflects n Ranbaxy’s strong business profile
supported by its established position in the U.S. generics segment. Its
leading market presence in the Indian branded formulation market and a
diversified presence among emerging markets across globe. Trade relations are reported fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: Sun pharmaceutical Industries limited to acquire Ranbaxy Laboratories
Limited but it has not fully acquire the acquisition is under process. |
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 |
CARE |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Strongest degree of safety it carry lowest
credit risk. |
|
Date |
08.04.2014 |
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 DECLINED
Management Non Corporative (91-172-2271450)
LOCATIONS
|
Registered Office/ Factory 1 : |
A-41, Industrial Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali
– 160 071, Punjab, India |
|
Tel. No.: |
91-172-2271450/ 5013655/ 6678666 |
|
Fax No.: |
91-172-2226925/ 5013376 |
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E-Mail : |
corporate.communications@ranbaxy.com
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Website : |
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Corporate Office : |
Plot No.90, Sector 32, Gurgaon - 122 001, |
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Tel. No.: |
91-124-4135000 |
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Fax No.: |
91-124-4135001/ 4106490 |
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E-Mail : |
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Research and |
Plot No.20, Sector - 18, Udyog Vihar Industrial Area, Gurgaon – 122
001, |
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Tel. No.: |
91-124 2342001-10 |
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Fax No.: |
91-124-2343545 |
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E-Mail : |
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Factory 2 : |
Village Toansa,
P.O. Railmajra, District Nawansahar – 144 533, Punjab, India |
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Factory 3 : |
Industrial Area
3, A.B. Road, Dewas – 450 001, Madhya Pradesh, India |
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Factory 4 : |
Village and P.O.
Ganguwala, Tehsil Paonta Sahib, District Sirmour – 173 025, Himachal Pradesh,
India |
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Factory 5 : |
Village Batamandi,
Tehsil Paonta Sahib, District Sirmour – 173 025, Himachal Pradesh, India |
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Factory 6 : |
Plot No.B-2,
Madkaim Industrial Estate, Ponda, Goa, India |
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Factory 7 : |
K-5, 6, 7, Ghirongi,
Malanpur, District Bhind – 477 116, Madhya Pradesh, India |
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Factory 8 : |
Plot No.1341 and
1342, EPIP-1, Hill Top Industrial Area, Village-Bhatolikalan (Barotiwala),
Baddi – 174 103, Himachal Pradesh, India |
DIRECTORS
As on 31.12.2012
|
Name : |
Dr. Tsutomu Une |
|
Designation : |
Chairman |
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Name : |
Mr. Arun Sawhney |
|
Designation : |
Managing Director |
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Name : |
Mr. Akihiro Watanabe |
|
Designation : |
Director |
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|
Name : |
Dr. Anthony H. Wild |
|
Designation : |
Director |
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Name : |
Dr. Kazunori Hirokawa |
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Designation : |
Director |
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|
Name : |
Mr. Percy K. Shroff |
|
Designation : |
Director |
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|
Name : |
Mr. Rajesh V. Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Takashi Shoda |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil K. Patawari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Mr. Arun Sawhney |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category
of Shareholders |
No. of Shares |
Percentage of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
268711323 |
64.36 |
|
|
268711323 |
64.36 |
|
Total shareholding of Promoter and Promoter Group (A) |
268711323 |
64.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1999560 |
0.48 |
|
|
1590739 |
0.38 |
|
|
31578971 |
7.56 |
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|
49962611 |
11.97 |
|
|
85131881 |
20.39 |
|
|
|
|
|
|
6930131 |
1.66 |
|
|
|
|
|
|
49539930 |
11.87 |
|
|
3721951 |
0.89 |
|
|
3449766 |
0.83 |
|
|
1229808 |
0.29 |
|
|
2219958 |
0.53 |
|
|
63641778 |
15.24 |
|
Total Public shareholding (B) |
148773659 |
35.64 |
|
Total (A)+(B) |
417484982 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
6294081 |
0.00 |
|
|
6294081 |
0.00 |
|
Total (A)+(B)+(C) |
423779063 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Trading of formulations, active pharmaceuticals ingredients (API) and
intermediate, generics, drug discovery and consumer health care products and also
engaged in rendering of financial services. |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Dosage forms |
|
|
|
|
Tablets |
Nos. in million |
11992.70 |
4592.10 |
|
Capsules |
Nos. in million |
3698.00 |
1625.66 |
|
Dry syrups/Powders |
Bottles in
million |
78.00 |
26.97 |
|
Ampoules |
Nos. in million |
48.00 |
93.23 |
|
Vials |
Nos. in million |
35.00 |
44.76 |
|
Liquids $ |
Kilolitres |
-- |
762.16 |
|
Drops $ |
Kilolitres |
-- |
32.66 |
|
Active pharmaceuticals ingredients and drugs intermediates |
Tonnes |
1376.73 |
885.20# |
|
Ointments (including sprays) |
Tonnes |
* |
532.56 |
* In different denominations than actual production.
# Inclusive of production used for captive consumption.
$ Installed capacity is not given as the same
is manufactured by loan licensees.
Notes:
1 In terms of
press Note no. 4 (1994 series) dated 25 October 1994 issued by the department
of Industrial Development, Ministry of Industry, Government of India and
Notification no. S.O. 137 (E) dated 01 March 1999 issued by the Department of
Industrial Policy and Promotion, Ministry of Industry, Government of India,
Industrial licensing has been abolished in respect of bulk drugs and
formulations. Hence, there are no registered/ Licenced capacities for these
bulk drugs and formulations.
2 Installed capacity
being effective operational capacity has been calculated on a double shift
basis for dosage forms facilities except in respect of certain plants for which
installed capacity for production of Tablets has been calculated on a single
shift/triple shift and on a continuous basis for active pharmaceuticals
ingredients and drug intermediates, it may vary according to the production
mix. In addition, installed capacities does not include the installed capacity
in relation to goods produced at loan licensees and contract manufacturers.
3 Actual productions includes production at loan licensee and contract
manufacturers locations.
GENERAL INFORMATION
|
No. of Employees : |
14600
(Approximately) |
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Bankers : |
· Credit Agricole CIB · Royal Bank of Scotland NV · Citibank NA · Deutsche Bank AG · Hong Kong and Shanghai Banking Corporation · Punjab National Bank · Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower-B, DLF Cyber City, Phase – II, Gurgaon – 122 002,
Haryana, India |
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|
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|
Related parties with whom transactions have taken place during the
year or previous year: |
|
|
Holding company (also being the ultimate holding company) : |
·
Daiichi Sankyo Company Limited, Japan |
|
|
|
|
Fellow Subsidiaries : |
·
Daiichi Sankyo India Pharma Private Limited,
India ·
Daiichi Sankyo Chemical Pharma Company Limited,
Japan ·
Daiichi Sankyo Propharma Company Limited, Japan ·
Daiichi Sankyo Development Limited, UK ·
Ranbaxy Mexico S.A.de C.V., Mexico (from 30 July
2011) ·
Daiichi Sankyo Inc., USA |
|
|
|
|
Subsidiaries including step down subsidiaries / partnership firms : |
·
Ranbaxy Drugs and Chemicals Company, India
(Company with unlimited liability) ·
Solus Pharmaceuticals Limited, India ·
Ranbaxy SEZ Limited, India ·
Rexcel Pharmaceuticals Limited, India ·
Ranbaxy Life Sciences Research Limited, India ·
Gufic Pharma Limited, India ·
Ranbaxy Drugs Limited, India ·
Solrex Pharmaceuticals Company, India (a
Partnership firm) ·
Ranbaxy (Hong Kong) Limited, Hong Kong ·
Ranbaxy Inc., USA ·
Ranbaxy Laboratories Inc., USA ·
Ranbaxy Egypt (L.L.C.), Egypt ·
Ranbaxy Farmaceutica Ltda., Brazil ·
Ranbaxy-PRP-(Peru) S.A.C, Peru ·
Ranbaxy Australia Pty Limited, Australia ·
Ranbaxy Unichem Company Limited, Thailand ·
Ranbaxy Italia S.p.A, Italy ·
Ranbaxy Malaysia Sdn. Bhd., Malaysia ·
Ranbaxy (Poland) S. P. Z.O.O, Poland ·
Ranbaxy Nigeria Limited, Nigeria ·
Ranbaxy Europe Limited, UK ·
Ranbaxy (UK) Limited, UK ·
Basics GmbH, Germany ·
Ranbaxy Mexico S.A.de C.V., Mexico (upto 29 July
2011) ·
ZAO Ranbaxy, Russia ·
Terapia S.A., Romania ·
Ranbaxy Pharmaceuticals Inc., USA ·
Ohm Laboratories Inc., USA ·
Ranbaxy Ireland Limited, Ireland ·
Ranbaxy (South Africa) Proprietary Limited, South
Africa ·
Laboratorios Ranbaxy S.L., Spain ·
Ranbaxy Pharmacie Generiques SAS, France ·
Ranbaxy Pharmaceuticals Canada Inc., Canada ·
Sonke Pharmaceuticals (Proprietary) Limited,
South Africa ·
Ranbaxy Portugal - Com E Desenvolv De Prod
Farmaceuticos Unipessoal Lda, Portugal ·
Ranbaxy Belgium N.V., Belgium ·
Be-Tabs Pharmaceuticals (Proprietary) Limited,
South Africa ·
Rexcel Egypt LLC, Egypt ·
Ranbaxy Morocco LLC, Morocco (from 4 February
2011) ·
Ranbaxy Pharmaceuticals Ukraine LLC, Ukraine
(from 13 June 2012) |
|
|
|
|
Associate Company : |
·
Zenotech Laboratories Limited, India |
|
|
|
|
Related parties with whom no transactions have taken place during the
year or previous year: |
|
|
Subsidiaries including step down subsidiaries : |
·
Vidyut Investments Limited, India ·
Ranbaxy (Netherlands) BV, The Netherlands ·
Ranbaxy Signature LLC, USA ·
Be-Tabs Investments (Proprietary) Limited, South
Africa ·
Terapia Distributie S.R.L., Romania (Merged with
Terapia S.A., Romania w.e.f. 7 February 2012) ·
Office Pharmaceutique Industriel et Hospitalier
SARL, France ·
Ranbaxy Holdings (UK) Limited, United Kingdom
(‘UK’) ·
Ranbaxy Do Brazil Ltda., Brazil ·
Ranbaxy Pharma AB, Sweden ·
Ranbaxy USA Inc., USA ·
Ranbaxy GmbH, Germany (from 9 November 2012) ·
Ranbaxy Mexico Servicios S.A.de C.V., Mexico
(upto 29 July 2011) |
|
|
|
|
Associate Company : |
·
Shimal Research Laboratories Limited, India (upto
30 June 2011) |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
598000000 |
Equity Shares |
Rs.5/- each |
Rs.2990.000 millions |
|
100000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
Total |
|
Rs.3000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
422913803 |
Equity Shares |
Rs.5/- each |
Rs.2114.570
millions |
|
|
|
|
|
Rights,
preferences and restrictions attached to shares
As per the
Memorandum of Association, the Company’s authorised share capital consists of equity
shares and preference shares. Preference shares shall be entitled for such rate
of dividend as may be decided by the Directors of the Company at the time of
issue of such shares and shall rank in priority to the equity shares including
arrears, if any, in the event of the winding up of the Company, but shall not
be entitled to any further participation in the profits or surplus assets of
the Company. Preference shares are entitled to one vote per share at meetings
of the Company only in respect of resolutions directly affecting their rights.
However, a cumulative preference shareholder acquires voting rights on par with
an equity shareholder if the dividend on preference shares has remained unpaid
for a period of not less than two years.
All equity shares
rank equally with regard to dividends and share in the Company’s residual
assets. The equity shares are entitled to receive dividend as declared from
time to time. The voting rights of an equity shareholder on show of hand or
through proxy shall be in proportion to his share of the paid-up equity capital
of the Company. On winding up of the Company, the holders of equity shares will
be entitled to receive the residual assets of the Company, remaining after
distribution of all preferential amounts in proportion to the number of equity
shares held.
Reconciliation of equity shares outstanding at the commencement and at
the end of the year
|
Particulars |
As at 31
December 2012 |
|
|
No. of Equity Shares |
Amount (Rs. in
millions) |
|
|
At the commencement of the year |
421999724 |
2110.000 |
|
Add: Shares issued on exercise of employee stock options by the
Company |
474079 |
2.370 |
|
Add: Shares issued to the Trust under ESOP - 2011 |
440000 |
2.200 |
|
At the end of the year |
422913803 |
2114.570 |
Equity shares held by holding/ ultimate holding company
|
Particulars |
As at 31
December 2012 |
|
|
No. of Equity Shares |
Amount (Rs. in
millions) |
|
|
Daiichi Sankyo Company Limited, Japan (Daiichi Sankyo), the holding company, also being the ultimate holding
company |
268711323 |
1343.560 |
Particulars of
shareholders holding more than 5% shares of issued, subscribed and paid-up
capital of equity shares
|
Particulars |
As at 31 December
2012 |
|
|
No. of Equity Shares |
% Holding |
|
|
Daiichi Sankyo |
268711323 |
63.54 |
|
Life Insurance Corporation of India, India |
26726570 |
6.32 |
f. During the year
ended 31 December 2012, the Company has issued 440000 equity shares of Rs.5 each
issued for cash at par to Ranbaxy ESOP Trust (Trust), set up to administer
Employees Stock Option Plan (ESOP - 2011). Out of the total equity shares
issued to the Trust, 238762 equity shares have been allocated by the Trust to
the respective employees upon exercise of stock options from time to time under
ESOP - 2011. As at 31 December 2012, 526238 equity shares are pending to be
allocated to the employees upon exercise of stock options.
g. During the five
years period ended 31 December 2012, neither any bonus shares or shares issued
for consideration other than cash that have been issued nor any shares that
have been bought back.
h. Issued,
subscribed and paid-up share capital include 8963108 Global Depository Shares
(GDSs) representing 8963108 equity shares of Rs.5 2.12% of the issued, subscribed and paid-up
share capital of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2114.570 |
2110.000 |
|
(b) Reserves & Surplus |
|
17095.100 |
17131.640 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
11.100 |
6.660 |
|
Total
Shareholders’ Funds (1) + (2) |
|
19220.770 |
19248.300 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
19568.100 |
9524.110 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
10363.480 |
15977.190 |
|
(d) long-term provisions |
|
2739.040 |
2297.910 |
|
Total Non-current Liabilities (3) |
|
32670.620 |
27799.210 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
28067.950 |
29310.020 |
|
(b) Trade payables |
|
8588.110 |
9856.370 |
|
(c) Other current liabilities |
|
13320.780 |
30004.520 |
|
(d) Short-term provisions |
|
27831.110 |
26990.830 |
|
Total Current Liabilities (4) |
|
77807.950 |
96161.740 |
|
|
|
|
|
|
TOTAL |
|
129699.340 |
143209.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
19308.430 |
17882.550 |
|
(ii) Intangible Assets |
|
626.850 |
787.420 |
|
(iii) Capital work-in-progress |
|
1465.370 |
2004.930 |
|
(iv) Intangible assets under development |
|
130.590 |
86.310 |
|
(b) Non-current Investments |
|
31281.370 |
34081.470 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
10107.120 |
9412.340 |
|
(e) Other Non-current assets |
|
215.700 |
0.860 |
|
Total Non-Current Assets |
|
63135.430 |
64255.880 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
30.320 |
26.460 |
|
(b) Inventories |
|
17318.390 |
16552.310 |
|
(c) Trade receivables |
|
14358.880 |
36828.190 |
|
(d) Cash and cash equivalents |
|
28347.730 |
19379.530 |
|
(e) Short-term loans and advances |
|
5041.480 |
3399.750 |
|
(f) Other current assets |
|
1467.110 |
2767.130 |
|
Total Current Assets |
|
66563.910 |
78953.370 |
|
|
|
|
|
|
TOTAL |
|
129699.340 |
143209.250 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2105.200 |
|
|
2] Share application money pending allotment |
|
|
65.960 |
|
|
3] Reserves & Surplus |
|
|
49152.760 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
51323.920 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1953.850 |
|
|
2] Unsecured Loans |
|
|
40653.300 |
|
|
TOTAL BORROWING |
|
|
42607.150 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
93931.070 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
17121.180 |
|
|
Capital work-in-progress |
|
|
3301.820 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
38044.370 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
14899.060
|
|
|
Sundry Debtors |
|
|
12926.320
|
|
|
Cash & Bank Balances |
|
|
27122.820
|
|
|
Other Current Assets |
|
|
3205.970
|
|
|
Loans & Advances |
|
|
11498.550
|
|
Total
Current Assets |
|
|
69652.720
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
12447.760
|
|
|
Other Current Liabilities |
|
|
12463.060
|
|
|
Provisions |
|
|
9278.200
|
|
Total
Current Liabilities |
|
|
34189.020
|
|
|
Net Current Assets |
|
|
35463.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
93931.070 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
63035.440 |
77990.570 |
56721.020 |
|
|
|
Other Income |
2571.630 |
2226.550 |
10017.820 |
|
|
|
TOTAL (A) |
65607.070 |
80217.120 |
66738.840 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
15286.610 |
17849.130 |
|
|
|
|
Purchases of stock-in-trade |
8090.010 |
6367.310 |
|
|
|
|
Change in inventories
of finished goods, work-in-progress and stock-in-trade |
(492.450) |
(1357.220) |
|
|
|
|
Employee
benefits expense |
10195.890 |
8607.110 |
|
|
|
|
Other expenses |
25526.160 |
35783.820 |
|
|
|
|
Exceptional items: |
|
|
48260.920 |
|
|
|
Settlement provision |
0.000 |
26480.000 |
|
|
|
|
Provision for
other-than-temporary diminution in the value of non-current investment |
1030.000 |
0.000 |
|
|
|
|
Product recall |
2370.200 |
0.000 |
|
|
|
|
Loss on foreign currency
option derivatives, net (other than on loans) |
412.050 |
11242.850 |
|
|
|
|
TOTAL (B) |
62418.470 |
104973.000 |
48260.920 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3188.600 |
(24755.880) |
18477.920 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2969.820 |
2989.990 |
541.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
218.780 |
(27745.870) |
17935.980 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1861.610 |
2740.830 |
2283.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1642.830) |
(30486.700) |
15652.450 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(19.440) |
33.790 |
4165.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1623.390) |
(30520.490) |
11487.260 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(23689.310) |
6828.680 |
(2532.230) |
|
|
|
|
|
|
|
|
|
|
Transfer from foreign projects reserve |
-- |
0.000 |
4.590 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
-- |
0.650 |
842.080 |
|
|
|
Tax on proposed dividend |
-- |
(3.150) |
139.860 |
|
|
|
Transfer to general reserve |
-- |
0.000 |
1149.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(25312.700) |
(23689.310) |
6828.680 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on F.O.B. basis (excluding sales made to customers located in
Nepal) |
37856.870 |
54114.790 |
33603.180 |
|
|
|
Royalty, milestone, technical know-how and product development |
538.170 |
613.160 |
790.140 |
|
|
|
Interest |
104.540 |
131.180 |
-- |
|
|
|
Dividend |
10.040 |
11.830 |
13.060 |
|
|
|
Others (freight/
insurance recoveries and other operating revenues) |
1006.100 |
944.200 |
3460.050 |
|
|
TOTAL EARNINGS |
39515.720 |
55815.160 |
37866.430 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (including packing materials) |
7179.750 |
7592.690 |
6426.470 |
|
|
|
Components, stores and spare parts |
145.750 |
134.290 |
101.290 |
|
|
|
Capital Goods |
472.490 |
560.780 |
166.750 |
|
|
TOTAL IMPORTS |
7797.990 |
8287.760 |
6694.510 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(3.85) |
(72.42) |
27.30 |
|
|
|
- Diluted |
(3.85) |
(72.42) |
23.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(2.47) |
(38.05)
|
17.21
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.61) |
(39.09)
|
27.60
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.27) |
(28.48)
|
18.04
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09) |
(1.58)
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.48 |
2.02
|
0.83
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.82
|
2.04
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.12.2011 |
31.12.2012 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
2110.000 |
2114.570 |
|
Reserves & Surplus |
|
17131.640 |
17095.100 |
|
Net
worth |
|
19241.640 |
19209.670 |
|
|
|
|
|
|
long-term borrowings |
|
9524.110 |
19568.100 |
|
Short term borrowings |
|
29310.020 |
28067.950 |
|
Total
borrowings |
|
38834.130 |
47636.050 |
|
Debt/Equity
ratio |
|
2.018 |
2.480 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
56721.020 |
77990.570 |
63035.440 |
|
|
|
37.499 |
(19.176) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
56721.020 |
77990.570 |
63035.440 |
|
Profit / (Loss) |
11487.260 |
(30520.490) |
(1623.390) |
|
|
20.25% |
(39.13%) |
(2.58%0 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
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 |
No |
|
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 |
PUNJAB AND HARYANA
HIGH COURT CASE STATUS INFORMATION SYSTEMS
CASE STATUS:
PENDING
|
Status of CRIMINAL
MISCELLANEOUS PETITION 19127 of 2011 |
|
|
KAMAL MEDICL HALL AND ANR. LABORATORIES LIMITED VS. RANBAXY LABORATORIES
LIMITED |
|
|
Pet’s Adv.: Puneet Sharam Last Listed on: No Date Mentioned Last Type: NO LIST TYPE MENTIONED FIR No.: No FIR details available/ Not a criminal
case Complaint No. : No Complaint
Details Available Category: No Category Mentioned : NO BENCH MENTIONED Last Hearing Detail 2: No Bench Mentioned |
|
|
Connected
Application (S) |
Connected Matter
(S) |
|
No Connected Application. |
No Connected Cases |
|
|
|
|
Case Updated on:
Tuesday, April 05, 2011 |
|
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
Rs. In Millions
|
Particular |
31.12.2012 |
31.12.2011 |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans |
|
|
|
From banks |
|
|
|
- External commercial borrowings (ECBs) |
12046.100 |
9496.610 |
|
- Other |
2500.000 |
0.000 |
|
From other party |
22.000 |
27.500 |
|
SHORT-TERM BORROWINGS |
|
|
|
Other loans and advances |
|
|
|
From banks |
20626.150 |
18214.130 |
|
Commercial paper |
3000.000 |
8800.000 |
|
Total
|
38194.250 |
36538.240 |
COMPANY OVERVIEW
The Company
together with its subsidiaries and an associate, operates as an integrated
international pharmaceutical organisation with businesses encompassing the
entire value chain in the marketing, production and distribution of
pharmaceutical products.
The Company’s
shares are listed for trading on the National Stock Exchange and the Bombay
Stock Exchange in India. Its Global Depository Shares (representing equity
shares of the Company) are listed on the Luxembourg Stock Exchange. During the
current year, the Company has issued redeemable non-convertible debentures
which are listed for trading on the National Stock Exchange in India.
OPERATIONS
The Company
continued to be the leader amongst the pharmaceutical companies from India with
consolidated global sales of Rs.122529.000 millions against Rs.99700.000
millions in the previous year registering a growth of 23%. Profit before
exceptional items and tax stood at Rs.14721.000 millions against a loss of
Rs.10480.000 millions in the previous year. Profit after tax stood at
Rs.9228.000 millions as against a loss of Rs.28997.000 millions in the previous
year despite the challenges in some of the major markets and foreign exchange
impact due to depreciation of the Rupee against major currencies. However, in
the standalone accounts, the Company incurred a loss of Rs.1623.000 millions
primarily due to foreign exchange impact on account of depreciation of the
Rupee against major currencies, impairment of investments in subsidiaries and
recall of Atorvastatin in the U.S.A.
In April 2012, the
Company launched India’s first new drug, SynriamTM, a new age anti-malarial for
the treatment of uncomplicated Plasmodium falciparum malaria in adults, thereby
opening a new chapter in the history of Research and Development in India.
During the second
half of the year, the Company made a voluntary recall of Atorvastatin tablets
in the U.S.A. due to the potential presence of a very small foreign matter. Due
to this, the Company had to write off the inventory which has impacted the
profitability of the Company. In continuation of signing of the Consent Decree
with the USFDA, the Company is in the final stage of settlement with the U.S.
Department of Justice (DOJ) to resolve civil and criminal liabilities.
The Company
continues to maintain strategic focus on the ‘branded’ markets, improvement in
the product mix, capitalizing product level opportunities for which regulatory
approvals have been received, product rationalization, greater marketing
synergies and cost-efficiency throughout the organization.
SUBSIDIARIES AND
JOINT VENTURES
In continuation of
the pursuit of leveraging and maximizing the synergies of the Hybrid Business
Model, the Company and Daiichi Sankyo Co. Limited, have decided to integrate
the management and operations of the subsidiaries in Thailand.
With a view to
create sustainable business base in CIS countries, the Company incorporated a
subsidiary in Ukraine, through Ranbaxy (Netherlands) B.V., a wholly owned
subsidiary of the Company. Further, for competing better in German market, another
subsidiary in Germany was set up through Basics GmbH, a wholly owned subsidiary
of the Company.
The Hon’ble High
Courts of Delhi and Punjab and Haryana have approved the scheme of merger of
Rexcel Pharmaceuticals Limited, Solus Pharmaceuticals Limited, Ranbaxy Drugs
and Chemicals Company, Ranbaxy Life Sciences Research Limited and Ranbaxy SEZ
Limited with Ranbaxy Drugs Limited, another wholly owned subsidiary of the
Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Global Industry
Structure and Developments
The global
pharmaceutical market is estimated to grow to ~US$ 1 trillion1 in 2013, up from
US$ 956 billion in 2011. The market is forecasted to grow at a CAGR of 3-6%
over 2012-16 to US$ 1.1-1.2 trillion in sales by 2016. More than 60% of this increase
in the Pharmaceutical market is expected to be contributed by the Pharmerging2
markets which are anticipated to grow at 12-15%, while the rest of the growth
is expected from the Developed3 markets which are likely to grow at a much
lower rate of 1-4%.
Pharmaceutical
sales in the United States of America (USA), the largest pharmaceutical market
in the world, is expected to be in the range of US$ 350-380 billion by 2016,
with growth rate in the range of 1-4%. Sales in Japan, the second largest
pharma market, is expected to be in the range of US$ 105-135 billion by 2016
reflecting a CAGR of 1-4% during the period 2012-16. Top 5 European markets are
expected to grow at a CAGR of -1% to 2% till 2016 to achieve sales in the range
of US$ 135-165 billion. Sales in the pharmerging markets, with their higher
rate of growth, are expected to match those in the US pharma market by 2016.
The global pharma
industry for patented products continues to remain fragmented and fiercely
competitive. It also faces increased genericisation. The generics industry, on
the other hand, has the opportunity to capitalise on the products going
off-patent in the coming years. In trying to cope with these challenges, the
industry has witnessed consolidation; this may be replicated across the global
pharma world especially in the generics space.
The mature
developed markets have a share of over 65% of the world pharmaceuticals market.
This is expected to decline to 57% by 2016. Here too, the pharmerging markets
are expected to grow at a significantly higher rate than the rest of the world
and would account for 30% of the global spending in 2016.
Generics
The generics
segment of the global pharmaceutical market contributed 25% in 2011 and is
expected to reach 35% of the total global pharma spending by 2016 growing at a
CAGR of 11-12%, compared with a 1-2% CAGR in the patented branded market.
Market expansion is led primarily by the increase in genericisation (Patented
drugs worth over US$ 100 billion, going off patent in the USA by 2016),
healthcare cost containment by governments/ payers and relatively low
penetration in some major geographies.
Contribution from
the pharmerging markets has gone up with China, India, Brazil and Russia
contributing over 40% of the sales in the generics industry. Sales growth in
pharmerging markets is expected to increase to US$ 35-45 billion in 2016 from
the current US$ 24 billion in 2012 as the healthcare infrastructure develops
and people gain better access to medicines.
United States of
America: The prescription sales of branded products continued to decline during
the year. As with the global pharma market, the USA is the largest constituent
of generics, with 30% market share by value in 2011. Over two-thirds of the total
volumes in the market comprise generic products. Pharma sales in the country
grew by 3% during 2007-11 and is expected to grow at 1-4% CAGR through 2016.
Patent expiries through 2016 resulted in brand sales (over US$ 100 billion) to
shift towards generics, which could sell at a fraction of innovator product
prices. Since 2005, growth in the generics market in the country has been ahead
of the pharma market. This trend is expected to continue over the foreseeable
future.
Europe: Major EU markets
contribute to 25% by value to the worldwide generics industry and have grown at
a faster rate when compared to the low single digit growth for the pharma
industry as a whole. The generics market growth was expected to slow down to 4%
CAGR between 2009-14. The Governments in the region are encouraging greater use
of generics as they implement austerity programmes in response to the slowdown
in the region. Lower reimbursements in countries such as Spain and reduced
savings from the patent expiries may further result in a shift towards generic
medicines. We view Europe as two different markets: West and East. While the
evolution of the West European market is more aligned to that of the developed
world, the East European markets allow branded generics nature of business.
India: The Indian
Pharmaceutical Market (IPM) is expected to grow at a CAGR of 15% to ~US$ 29
billion in 2016. The key factors driving growth in the IPM are sustained
economic growth, increase in healthcare access and increased penetration in
smaller towns. During 2012, growth in the IPM was primarily driven by volume of
around 60% and new introductions contributing around 40% with minimal price
increase. A key structural development was the introduction of the new pricing
policy (National Pharma Pricing Policy), which will expand the coverage of
medicines under price control to almost three times that of the earlier price
control mechanism, DPCO (Drugs Price Control Order).
Outlook on
Opportunities
The annual global
spend is expected to more than double to US$ 70 billion by 2016 from US$ 30
billion in 2012. About 60% will come from increased usage of existing generics
and the rest from newly available generics.
The generics
industry is expected to continue on its growth path aided by multiple factors
including (a) opportunity of over US$ 100 billion drugs going off patent by
2016; (b) increasing burden of healthcare in developed markets, especially the
USA, the UK and Germany, that are most impacted during the current challenging
economic times; (c) opportunity for generics penetration in some of the key
markets such as Japan and parts of Europe; (d) increasing access to healthcare
in developing economies; and (e) increasing competition and consolidation in
the industry. Ranbaxy has ground presence in over 43 countries and sell
products in more than 150 countries across the developed, emerging and lesser
developed parts of the world. These markets have their unique characteristics
and value drivers, such as branded generics and quality connect by end-customer
for the emerging markets, and commoditised, genericisation, in the form of
First-to-Files (FTFs) or First-to-Launches (FTLs), in the developed parts of
the world. With a strong marketing and distribution network, local
manufacturing presence and trained, multi-cultural manpower, they are well
positioned to grow across these markets. Our worldwide presence allows them to
not only adjust and adapt to changes in the macro-environment but also prepare
for the evolution of the sector per se. Further, with over 60% of revenues,
excluding FTF revenues, from the emerging markets, that are expected to grow at
a rate faster than the market as a whole and investments largely in place,
their wide geographic presence gives them a unique advantage.
FIXED ASSETS:
Tangible assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
Intangible assets
· Product development
· Patent rights, trade marks, designs and Licenses
· Computer software
· Non-compete fee
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10406999 |
18/02/2013 |
5,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B68476811 |
|
2 |
80052154 |
30/12/2005 |
728,500,000.00 |
CITI BANK N.A. |
JEEVAN VIHAR BUILDING PARLIAMENT STREET, NEW DELHI , DELHI - 110001, INDIA |
- |
|
3 |
90172173 |
24/10/2003 |
3,000,000,000.00 |
STATE BANK OF INDIA |
JEEVAN VYAPAR BHAVAN, 11 TH AND 12TH FLOOR 1 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
4 |
90169791 |
09/04/2003 |
364,000,000.00 |
CREDIT LYONNAIS |
6TH FLOOR 15 KASTURBA MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
5 |
90169771 |
17/02/2003 |
301,700,000.00 |
DEUTCHE BANK |
BRANCH OFFICE15-17 TOLSTOY, HOUSE TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
6 |
90169680 |
03/07/2002 |
484,000,000.00 |
STANDARD CHARTERED BANK |
PARLIAMENT STREET, NEW DELHI, DELHI, INDIA |
- |
|
7 |
80052153 |
24/10/2001 |
484,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
ECE HOUSE K G MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
8 |
90169551 |
12/03/2003 * |
728,500,000.00 |
ABN AMRO BNAK N V |
DLF CENTRE, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
- |
|
9 |
90169517 |
30/03/2001 |
2,122,500,000.00 |
PUNJAB NATIONAL BAN K |
7 BHIKAJI CAMA PLACE AFRICA, AVENUE, NEW DELHI, DELHI - 110066, INDIA |
- |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
TWELVE MONTHS ENDED 31 DECEMBER 2013
Rs. In Millions
|
Particulars |
Quarter ended |
Twelve months ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net
of excise duty) |
13276.380 |
13818.420 |
54324.530 |
|
|
(b) Other Operating Income |
389.250 |
439.930 |
1804.670 |
|
|
Total income from operations (net) |
13665.630 |
14258.350 |
56129.200 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
4327.520 |
4274.920 |
16704.620 |
|
|
(b) Purchases of stock-in trade |
2193.580 |
1842.360 |
7578.70 |
|
|
(c) Changes in inventories of finished
goods. work-in-progress and stock in trade |
(827.020) |
(706.540) |
(1784.110) |
|
|
(d) Employee benefits expense |
2719.140 |
2676.650 |
10484.540 |
|
|
(e) Depreciation and Anmortisation Expenses |
458.490 |
944.050 |
2301.920 |
|
|
(f) Other Expenses |
4674.490 |
21.570 |
165.390 |
|
|
|
21.640 |
1505.820 |
5493.260 |
|
|
|
1610.36 |
4722.570 |
17798.290 |
|
|
|
(393.610) |
939.720 |
2556.740 |
|
|
Total expenses |
14784.590 |
16221.120 |
61299.350 |
|
3 |
Profit/ (Loss) from operations before other
Income, finance costs and exceptional Items (1-2) |
(1118.960) |
(1962.770) |
(15170.150) |
|
4 |
Other Income |
205.990 |
443.510 |
1483.190 |
|
5 |
Profit/ (Loss) from operations before other
income, finance costs and exceptional items (3+4) |
(912.970) |
(1519.260) |
(3686.960) |
|
6 |
Finance Costs |
1183.880 |
1110.840 |
4362.030 |
|
7 |
Profit/ (Loss) from ordinary activities
after finance cost but before exceptional items (5-6) |
(2096.850) |
(2630.100) |
(8048.990) |
|
8 |
Exceptional items |
|
|
|
|
|
|
|
|
1458.050 |
|
|
|
(2703.470) |
(695.140) |
(3398.610) |
|
|
|
1035.660 |
(3022.100) |
(4839.050) |
|
|
|
(194.940) |
(2074.980) |
(2939.940) |
|
9 |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
(3959.600) |
(8422.320) |
(17768.540) |
|
10 |
Tax expenses |
-- |
-- |
-- |
|
11 |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
(3959.600) |
(8422.320) |
(17768.540) |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(3959.600) |
(8422.320) |
(17768.540) |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority
interest and share of profit/(loss) of associates (13+14+15) |
(3959.600) |
(8422.320) |
(17768.540) |
|
17 |
Paid up equity share capital (Face Value of
Rs5/-each) |
2115.480 |
2115.210 |
2115.480 |
|
18 |
Reserve excluding Revaluation Reserve as
per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
19.i |
Earnings per share (before extraordinary
items) of Rs.10/- each (not annualised): |
|
|
|
|
|
(a) Basic |
(9.36) |
(19.92) |
(42.01) |
|
|
(b) Diluted |
(9.36) |
(19.92) |
(42.01) |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
148,001,960 |
142,803,325 |
148,001,960 |
|
|
- Percentage of shareholding |
36.93% |
33.75% |
36.93% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
-- |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
268,711,323 |
268,711,323 |
268,711,323 |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
63.41% |
63.51% |
63.41% |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
3 |
|
|
|
|
Disposed off during the quarter |
3 |
|
|
|
|
Remaining unresolved at the end of the
quarter |
Nil |
|
|
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 31.12.2013 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
21154.800 |
|
|
b) Reserves & Surplus |
(1862.800) |
|
|
Sub Total- Shareholders funds |
19292.000 |
|
2 |
Share application money pending allotment |
25.700 |
|
3 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
26059.500 |
|
|
(b) Other long term liabilities |
63224.900 |
|
|
fc) Long term provisions |
14735.400 |
|
|
Sub Total- Non Current Liabilities |
338555.300 |
|
4 |
Current liabilities |
|
|
|
(a) Short term borrowings |
316916.800 |
|
|
(b) Trade Payables |
111220.100 |
|
|
(c) Other current liabilities |
445970.500 |
|
|
(d) Short term provisions |
18097.400 |
|
|
Sub Total- Current Liabilities |
892204.800 |
|
|
TOTAL-EQUITY AND LIABILITIES |
1250077.800 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
219707.800 |
|
|
(b) Non- current investments |
415030.000 |
|
|
(c) Long term loans and advances |
106452.800 |
|
|
(d) Other non-current assets |
21951.600 |
|
|
Sub-Total- Non current assets |
763142.200 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
127.500 |
|
|
b) Inventories |
174033.600 |
|
|
c) Trade Receivables |
123319.100 |
|
|
d) Cash and cash equivalents |
47676.800 |
|
|
(e) Short term loans and advances |
126900.900 |
|
|
(f) Other current assets |
14877.700 |
|
|
Sub-Total- current assets |
486935.600 |
|
|
TOTAL ASSETS |
1250077.800 |
WEBSITE DETAILS:
NEWS AND PRESS RELEASE:
RANBAXY Q1 CY 2013
SALES RS. 24398.000 MN. BASE BUSINESS GROWS BY OVER 10%
May 08, 2013:
Focus continues in branded markets and differentiated products
The Board of Directors of Ranbaxy Laboratories Limited (RLL, NSE: RANBAXY, BSE: 500359), at their meeting held today, took on record the unaudited results for the Quarter ended Mar 31, 2013 (“Q1’13”) under Indian GAAP.
Key Financial
Highlights
Financial Performance
for the quarter ended Mar 31, 2013 (Q1’13)
· Consolidated sales were Rs.24398.000 Mn [Q1’12: Sales Rs.37090.000]. Absolute sales were lower than the corresponding quarter as Q1’12 sales which included contribution from exclusivities.
· Base business sales registered double digit growth.
· Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs.1549.000 Mn. Profit After Tax, minority interest and share in loss of an associate (PAT) was Rs.1258.000 Mn. Profitability for Q1’13 seems lower when compared to the corresponding quarter primarily due to absence of contribution from exclusivities present in the corresponding quarter last year.
Commenting on the business results for the quarter, Mr. Arun Sawhney, CEO and Managing Director, Ranbaxy, said, “India and key emerging markets of East Europe + CIS and Africa + Middle East returned strong growth. The focus on differentiated products gained momentum during the Quarter as we improved our market share in Absorica™ and received the rights to market Desevenlafaxine in USA. We also continued to work towards optimizing overhead and other expenses.”
Key Highlights/
Developments
Business
· Base business sales in Q1’13 improved by double digits over the corresponding period.
· Sales grew in major emerging markets of India, Africa and East Europe and CIS over Q1’12
· Ranbaxy capitalized on product opportunities. Significant among them were:
· Launch of Desvenlafaxine; an NDA for Pristiq®.
· Market share gain in Absorica™, isotretenoin NDA has been promising. As of Apr 29, 2013, Ranbaxy market share was 9.4%.
· The exclusivity period for Pioglitazone hydrochloride authorised generic (AG) came to an end in mid February 2013.
· Gained over 50% of the market share in Cevimeline hydrochloride 30 mg. capsules in the USA, the authorised generic product of Daiichi Sankyo, marketed under the brand name Evoxac®.
· India sales grew at 11%.
· Under the Hybrid Business Model, Ranbaxy and Daiichi Sankyo Company Limited (DS) worked on the collaboration of their businesses in Brazil to expand the business of both the companies.
Regulatory, Research
and Development and Manufacturing
· Implementation of the Consent Decree, signed in Jan 2012, progressed per plan.
· During the Quarter, 3 ANDAs were filed for the USA market (including 2 potential FTFs).
· The Company resumed supplies of Atorvastatin, in the USA market.
Global Sales
· Consolidated sales for the Quarter were Rs.24398.000 Mn as compared to Rs.37090.000 Mn in the corresponding quarter. On like-to-like basis sales grew in double digits over the corresponding quarter.
Branded and OTC category contributed Rs.12238.000 Mn accounting for 50% of total sales during the Quarter. Generic including API category recorded Rs.12160.000 Mn of sales for the Company during the Quarter.
· North America: Sales for the Quarter were Rs.6892.000 Mn. The lower sales in comparison to the corresponding quarter were due to large contribution to sales from exclusivity opportunities in the earlier quarter.
· In USA sales for the Quarter were Rs.5956.000 Mn.
· India: In the domestic market, sales for the Quarter were Rs.5427.000 Mn, up 11% from the corresponding quarter. The IPM slowed down to ~9% growth levels during the Quarter.
· East Europe and CIS: The region recorded sales of Rs.3604.000 Mn, a growth of 15% over the corresponding quarter.
· West Europe: Sales for the Quarter were Rs.2018.000 Mn, a decline of 18% over the corresponding quarter.
· Africa and Middle East: Sales for the Quarter were Rs.2983.000 Mn, a growth of 23%.
· Asia Pacific and LATAM: Sales for the Quarter were Rs.1659.000 Mn.
· API business and others had revenues of Rs.1815.000 Mn during the quarter.
Ranbaxy Laboratories Limited, India’s largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R&D has resulted in several approvals, in developed and emerging markets many of which incorporate proprietary Novel Drug Delivery Systems (NDDS) and technologies, developed at its own labs. The company has further strengthened its focus on generics research and is increasingly working on more complex and specialty areas. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group. Through strategic in-licensing opportunities and its hybrid business model with Daiichi Sankyo, a leading global pharma innovator headquartered in Tokyo, Japan, Ranbaxy is introducing many innovator products in markets around the world, where it has a strong presence.
SUN PHARMA TO ACQUIRE
RANBAXY IN A US$4 BILLION LANDMARK TRANSACTION
Apr 06, 2014:
· To create world’s 5th largest specialty generic pharma company
· No. 1 pharma company in India with leadership position in 13 specialty segments
· No. 1 Indian pharma company in the US
· US$ 250 million of revenue and operating synergies by 3rd year post close
· Daiichi Sankyo to become the second largest shareholder in Sun Pharma
Mumbai and Gurgaon, India: Sun Pharmaceutical Industries Limited.(Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) and Ranbaxy Laboratories Limited (Reuters: RANB.BO, Bloomberg: RBXY IN,NSE: RANBAXY, BSE: 500359) today announced that they have entered into definitive agreements pursuant to which Sun Pharma will acquire 100% of Ranbaxy in an all-stock transaction. Under these agreements, Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy. This exchange ratio represents an implied value of Rs.457 for each Ranbaxy share, a premium of 18% to Ranbaxy’s 30-day volume-weighted average share price and a premium of 24.3% to Ranbaxy’s 60-day volume-weighted average share price, in each case, as of the close of business on April 4, 2014.
The combination of Sun Pharma and Ranbaxy creates the fifth-largest specialty generics company in the world and the largest pharmaceutical company in India. The combined entity will have operations in 65 countries, 47 manufacturing facilities across 5 continents, and a significant platform of specialty and generic products marketed globally, including 629 ANDAs. On a pro forma basis, the combined entity’s revenues are estimated at US$ 4.2 billion with EBITDA of US$ 1.2billion for the twelve month period ended December 31, 2013.The transaction value implies a revenue multiple of 2.2 based on12 months ended December 31, 2013.
Dilip Shanghvi, Managing Director of Sun Pharma said, “Ranbaxy has a significant presence in the Indian pharma market and in the US where it offers a broad portfolio of ANDAs and first-to-file opportunities. In high-growth emerging markets, it provides a strong platform which is highly complementary to Sun Pharma’s strengths. We see tremendous growth opportunities and are excited with the prospects to create lasting value for both our shareholders through a successful combination of our franchises.”
“We believe this transaction brings significant value to all Ranbaxy shareholders. Sun Pharma has a proven track record of creating significant long-term shareholder value and successfully integrating acquisitions into its growing portfolio of assets. We are confident that Sun Pharma is the ideal partner to help us realize our full potential and are excited to participate in future value creation opportunities,” stated Arun Sahwney, Managing Director and Chief Executive Officer of Ranbaxy.
The proposed transaction has been unanimously approved by the Boards of Directors of Sun Pharma, Ranbaxy, and Ranbaxy’s controlling shareholder, Daiichi Sankyo. Ranbaxy’s board and Sun Pharma’s board have recommended approval of the transaction to their respective shareholders.
Diversified Specialty
and Generic Portfolios
The combination will create a large specialty pharmaceutical company with strong capabilities in developing complex products and exploiting first to file opportunities. A combined Sun Pharma and Ranbaxy will have a diverse, highly complementary portfolio of specialty and generic products targeting a spectrum of chronic and acute treatments. The combined business will have a strong portfolio of specialty and generic products marketed globally, including 445 ANDAs. Additionally, the combination will create one of the leading dermatology platforms in the United States.
Enhanced Global
Market Presence
The combination creates the fifth-largest generic company in the world and the largest pharmaceutical entity in India. The combined entity will have 47 manufacturing facilities across 5 continents. The transaction will combine Sun Pharma’s proven complex product capabilities with Ranbaxy’s strong global footprint, leading to significant value creation opportunities. Additionally, the combined entity will have increased exposure to emerging economies while also bolstering Sun Pharma’s commercial and manufacturing presence in the United States and India. It will have an established presence in key high-growth emerging markets. In India, it will be ranked No. 1 by prescriptions amongst 13 different classes of specialist doctors.
Financially
Compelling Transaction
The acquisition is expected to be accretive to Sun Pharma’s cash earnings per share in the first full year. Additionally, Ranbaxy’s shareholders will participate in the value creation of the combined company through their ownership of Sun Pharma shares. Sun Pharma expects to realize revenue and operating synergies of US$ 250 millionby third yearpost closing of the transaction. These synergies are expected to result primarily from topline growth, efficient procurement and supply chain efficiencies. As part of the transaction, Sun Pharma intends to leverage the human capital that has supported both companies, in order to drive future growth.
Transaction Details
Under the agreements, Ranbaxy shareholders will receive 0.8 shares of Sun Pharma for each share of Ranbaxy. This exchange ratio represents an implied value of Rs 457 for each Ranbaxy share, a premium of 18% to Ranbaxy’s 30-day volume-weighted average share price and a premium of 24.3% to Ranbaxy’s 60-day volume-weighted average share price, in each case, as of the close of business on April 4, 2014.The transaction has a total equity value of approximately US$ 3.2 billion.
The transaction is expected to represent a tax-free exchange to Ranbaxy shareholders, who are expected to own approximately 14% of the combined company on a pro forma basis. Upon closing, Daiichi Sankyo will become a significant shareholder of Sun Pharma and will have the right to nominate one director to Sun Pharma’s Board of Directors.
Ranbaxy has recently received a subpoena from the United States Attorney for the District of New Jersey requesting that Ranbaxy produce certain documents relating to issues previously raised by the FDA with respect to Ranbaxy’s Toansa facility. In connection with the transaction, Daiichi Sankyo has agreed to indemnify Sun Pharma and Ranbaxy for, among other things, certain costs and expenses that may arise from the subpoena.
Approvals and Timing
The transaction will need approval by majority in number representing 75% in value of the shares present and voting at the shareholder meetings of each of Sun Pharma and Ranbaxy. Both Daiichi Sankyo (which holds approximately 63.4% of the outstanding shares of Ranbaxy) and promoters of Sun Pharma (who hold approximately 63.7% of the outstanding shares thereof), have irrevocably agreed to vote in favor of the transaction.
Additionally, the closing of the transaction will be subject to customary closing conditions, including approval by the Indian Central Government, approval by the High Courts of Gujarat and Punjab and Haryana, approval by the Competition Commission of India and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act in the United States. Pending approvals, Sun Pharma anticipates that the transaction will close by the end of calendar year 2014.
Conference Call
Sun Pharma and Ranbaxy will host a conference call on April 7, 2014 at 08:00 am IST to discuss this combination. The dial-in number to participate on this call is+91 22 3065 0088 / +91 22 6629 0088. This call will be accessible through an audio dial-in and a webcast.
Advisors
Citiand Evercore are acting as financial advisors for the transaction to Sun Pharma. Sun Pharma’s legal advisors are Shearman and Sterling LLP, Crawford Bayley and Co and S. H. Bathiya and Associates.
Ranbaxy’s financial advisor for the transaction is ICICI Securities and its legal advisors are Luthra and Luthra Law Offices and Amarchand and Mangaldas and Suresh A Shroff and Company Daiichi Sankyo’s financial advisor for the transaction is Goldman Sachs and its legal advisors are Davis Polk and Wardwell LLP and Amarchand and Mangaldas and Suresh A Shroff and Company.
About Sun Pharma
Established in 1983, listed since 1994 and headquartered in India, Sun Pharma is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, diabetology, gastroenterology, orthopedics and ophthalmology. The company has strong skills in product development, process chemistry, and manufacturing of complex dosage forms and APIs.
About Ranbaxy
Ranbaxy Limited is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R and D has resulted in several approvals in developed and emerging markets, many of which incorporate proprietary Novel Drug Delivery Systems and technologies developed at its own labs. The company has further strengthened its focus on generics research and is increasingly working on more complex and specialty areas. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries.
Safe Harbor Statement
Some of the statements made in this press release are forward-looking statements. These forward-looking statements are based upon our current expectations and projections about future events and generally relate to our plans, objectives and expectations for the development of our business. Although management believes that the plans and objectives reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties and actual future results may be materially different from the plans.
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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.