1. Summary Information
|
|
|
Country |
India |
|
Company Name |
IPCA
LABORATORIES LIMITED |
Principal Name 1 |
Mr. Premchand Godha |
|
Status |
Good |
Principal Name 2 |
Mr. Ajit Kumar Jain |
|
|
|
Registration # |
11-007837 |
|
Street Address |
48, Kandivli Industrial Estate, Kandivali (West), Mumbai - 400067,
Maharashtra, India |
||
|
Established Date |
19.10.1949 |
SIC Code |
-- |
|
Telephone# |
91-22-66474444 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-28686613 |
Business Style 2 |
Selling |
|
Homepage |
Product Name 1 |
Pharmaceutical Products |
|
|
# of employees |
10000 [Approximately] |
Product Name 2 |
-- |
|
Paid up capital |
Rs.252,400,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group 45.89%, Public shareholding 54.11% |
Banking |
HSBC Bank
Limited |
|
Public Limited Corp. |
YES |
Business Period |
65 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A
(67) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Trophic Wellness
Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
7,489,700,000 |
Current Liabilities |
4,310,400,000 |
|
Inventories |
7,333,400,000 |
Long-term Liabilities |
5,233,500,000 |
|
Fixed Assets |
10,753,300,000 |
Other Liabilities |
1,845,100,000 |
|
Deferred Assets |
000 |
Total Liabilities |
11,389,000,000 |
|
Invest& other Assets |
1,511,100,000 |
Retained Earnings |
15,446,100,000 |
|
|
|
Net Worth |
15,698,500,000 |
|
Total Assets |
27,087,500,000 |
Total Liab. & Equity |
27,087,500,000 |
|
Total Assets (Previous Year) |
23,300,500,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
27,784,200,000 |
Net Profit |
3,313,900,000 |
|
Sales(Previous yr) |
23,293,700,000 |
Net Profit(Prev.yr) |
2,801,700,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
IPCA LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
48, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.10.1949 |
|
|
|
|
Com. Reg. No.: |
11-007837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.252.400
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1949PLC007837 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05234F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI1220M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Pharmaceutical Products such as
Tablets/Capsules, Orals/Liquids, Injectables, Basic Drugs/Intermediates and
Psyllium Husk. |
|
|
|
|
No. of Employees
: |
10000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 |
|
Maximum Credit Limit : |
USD 62790000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject It is an old and well established company having good track
record. Financial position of the company seems to be good. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA [Long Term] |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
10.10.2013 |
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 BY
|
Name : |
Mr. Pradeep Nair |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-66474508 |
|
Date : |
29.04.2014 |
LOCATIONS
|
Registered Office/ International Division : |
48, Kandivli Industrial Estate, Kandivali (West), Mumbai - 400067,
Maharashtra, India |
|
Tel No.: |
91-22-66474444 |
|
Fax No.: |
91-22-28686613 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
142 AB, Kandivli Co-operative Industrial Estate Limited,
Kandivli (West), Mumbai – 400067, Maharashtra, India |
|
Tel No.: |
91-22- 66474747 |
|
Fax No.: |
91-22- 66474757/ 28686954 |
|
|
|
|
Domestic Marketing : |
IPCA House, 63-E, Kandivli Co-operative Industrial Estate Limited,
Kandivli (West), Mumbai – 400067, Maharashtra, India |
|
Te. No. : |
91-22-66474222 |
|
Fax. No. : |
91-22-66474114 |
|
|
|
|
Research and Development Center : |
123-AB, 125 and 126,
Kandivali Industrial Estate, Kandivali (West), Mumbai – 400067, Maharashtra,
India |
|
Tel No.: |
91-22-28684787/
2867/ 28683589/ 28674518/ 66474755 |
|
Fax No.: |
91-22-28683589/
66474757 |
|
|
|
|
Plant : |
P. O. Sejavata, Ratlam – 457002, Madhya Pradesh, India Tel. No.: 91-7412-278000 Fax No.: 91-7412-279083 Plot No. 89-A-D/90/91, Industrial Estate, Pologround, Tel. No.: 91-731-2421172/2081 Fax No.: 91-731-2422082 Plot No, 69 to 72 (B), Sector II, Kandla Free Trade Zone, Gandhidham - 370230, Gujarat, India Tel. No.: 91-2836-252385/389 Fax No.: 91-2836-252313 4722, GIDC Industrial Estate, Ankleshwar – 393002, Tel. No.: 91-2646-220594 Fax No.: 91-2246-250435 23-24, GIDC Industrial Estate, Nandesari – 391340, Tel. No.: 91-265-2840795 Fax No.: 91-265-2840868 Plot No, 255/1, Village Athal, Sllvassa - 396230, Dadra and Nagar Haveli (U.T.), India Tel. No.: 91-260-2640301 Fax No.: 91-260-2640303 Plot No. 65 and 99, Danudyog Industrial Estate, Silvassa - 396230, Dadra and Nagar Haveli (U.T.), India Tel. No.: 91-260-2640850 Fax No.: 91-260-2640646 H-4, MIDC, Waluj, Aurangabad - 431136, Maharashtra, India Tel. No.: 91-240-2564993 Fax No.: 91-240-2564113 C-6, Sara Industrial Estate, Chakrata Road, Rampur, Dehradun - 248197, Uttarakhand, India Tel. No.: 91-135-6542228 Fax No.: 91-135-2728766 Plot No. 393/394, Melli Jorethang Road, Gom Block, Bharikhola, South
District Sikkim - 737121 Tel. No.: 91-3595-276372 Fax No.: 91-3595-276372 C 89 to C 95, MIDC, Waluj Industrial Area, Aurangabad-431136,
Maharashtra, India Tel No.: 91-2145-232058 Fax No.: 91-2145-232055 |
|
|
|
|
Depots : |
Located At: · Ahmedabad · Ambala · Bangalore · Chennai · Cochin · Cuttack · Ghaziabad · Guwahati · Haldwani · Hyderabad · Indore CWH · Jaipur · Jammu · Kolkata · Lucknow · Mumbai · Nagpur · New Delhi · Patna · Pune · Raipur · Ranchi · Srinagar · Vijaywada · Zirakhpur |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Premchand
Godha |
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Ajit Kumar Jain |
|
Designation : |
Joint Managing
Director |
|
|
|
|
Name : |
Mr. Pranay Godha |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. Prashant
Godha |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. Ramappa S.
Hugar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Madhukar R.
Chandurkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Babulal Jain |
|
Designation : |
Director |
|
Qualification |
C. A. |
|
|
|
|
Name : |
Dr. V. V. Subba
Rao |
|
Designation : |
Director |
|
Qualification |
Science Post
Graduate in Chemistry and Ph.D. |
|
|
|
|
Name : |
Mr. Anand T.
Kurse |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dev Prakash Yadava |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ramakanta
Panda |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jeevan L.
Nagori |
|
Designation : |
President –
Operation |
|
|
|
|
Name : |
Dr. Ashok Kumar |
|
Designation : |
President - R and
D Chemicals |
|
|
|
|
Name : |
Mr. N. Guhaprasad |
|
Designation : |
President - International Marketing ( Branded Formulations) |
|
|
|
|
Name : |
Dr. Anil Pareek |
|
Designation : |
President – Medical
Affairs and Clinical Research |
|
|
|
|
Name : |
Mr. Sunil Ghai |
|
Designation : |
President – Domestic Marketing |
|
|
|
|
Name : |
Harish P. Kamath |
|
Designation : |
Senior Vice President – Legal and Company Secretary |
|
|
|
|
Audit Committee
: |
|
|
Name : |
Mr. Babulal Jain Dr. V. V. Subba Rao Mr. Anand T. Kusre Mr. Prashant Godha |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
10497946 |
8.32 |
|
|
47420209 |
37.58 |
|
|
57918155 |
45.89 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
57918155 |
45.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
14428877 |
11.43 |
|
|
40641 |
0.03 |
|
|
31899051 |
25.28 |
|
|
46368569 |
36.74 |
|
|
|
|
|
|
7040432 |
5.58 |
|
|
|
|
|
|
12396296 |
9.82 |
|
|
1712675 |
1.36 |
|
|
762982 |
0.60 |
|
|
92582 |
0.07 |
|
|
1753 |
0.00 |
|
|
154807 |
0.12 |
|
|
513840 |
0.41 |
|
|
21912385 |
17.36 |
|
Total Public shareholding (B) |
68280954 |
54.11 |
|
Total (A)+(B) |
126199109 |
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) |
126199109 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Kaygee Investments Private Limited |
2,70,18,195 |
21.41 |
|
2 |
Chandurkar Investments Private Limited |
69,78,005 |
5.53 |
|
3 |
Exon Laboratories Private Limited |
82,71,000 |
6.55 |
|
4 |
Paschim Chemicals Private Limited |
50,29,000 |
3.98 |
|
5 |
Paranthapa Investments and Traders Private
Limited |
15,500 |
0.01 |
|
6 |
Makers Laboratories Limited |
1,01,480 |
0.08 |
|
7 |
M R Chandurkar |
21,51,000 |
1.70 |
|
8 |
Usha M Chandurkar |
20,00,000 |
1.58 |
|
9 |
Sameer M Chandurkar |
10,00,000 |
0.79 |
|
10 |
Premchand Godha |
26,81,340 |
2.12 |
|
11 |
Usha P Godha |
12,09,370 |
0.96 |
|
12 |
Prashant Godha |
7,31,800 |
0.58 |
|
13 |
Pranay Godha |
6,06,936 |
0.48 |
|
14 |
Nirmal Jain |
1,15,000 |
0.09 |
|
15 |
Bhawna Godha |
2,500 |
0.00 |
|
16 |
Mexin Medicaments Private Limited |
7,029 |
0.01 |
|
|
Total |
5,79,18,155 |
45.89 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE
TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
HDFC Trustee Company Limited |
3901357 |
3.09 |
|
2 |
Lavender Investments Limited |
3329000 |
2.64 |
|
3 |
Government Pension Fund Global |
3667243 |
2.91 |
|
4 |
Sundaram Mutual Fund |
2136176 |
1.69 |
|
5 |
Janus Contrarian Fund |
2131249 |
1.69 |
|
6 |
Saif Advisors Mauritius Limited |
2010533 |
1.59 |
|
7 |
Kemnay Investment Fund Limited |
1944993 |
1.54 |
|
8 |
DSP Blackrock Balanced Fund |
1914553 |
1.52 |
|
9 |
HDFC Standard Life Insurance Company
Limited |
2002480 |
1.59 |
|
10 |
Wasatch Small Cap Growth Fund |
1852473 |
1.47 |
|
|
Total |
24890057 |
19.72 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Pharmaceutical Products such as Tablets/Capsules,
Orals/Liquids, Injectables, Basic Drugs/Intermediates and Psyllium Husk. |
|
|
|
|
Terms : |
|
|
Selling : |
LC / Cash and Credit |
|
|
|
|
Purchasing : |
LC / Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Tablets/
Capsules |
Lacs |
166090 |
129086 |
|
Orals/Liquids |
Lacs |
238 |
420 |
|
Injectables |
Lacs |
138 |
582 |
|
Basic Drugs/
Intermediates |
Tones |
4380 |
3814 |
NOTES
a)
As the industrial licensing in respect of drugs and
pharmaceuticals produced by the Company has been abolished under the Industrial
Policy, the particulars of licensed capacity are not stated.
b)
Installed capacity, being of a technical nature is
not verified by the Auditors.
c)
Production of basic drugs/intermediates includes
1459 tonnes (Previous year 1088 tonnes) used for captive consumption.
d)
Production includes production under contract
manufacturing.
e) Previous year’s
figures are given in bracket.
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
10000 [Approximately] |
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Bankers : |
·
Canara Bank ·
Corporation Bank ·
ICICI Bank Limited ·
HDFC Bank Limited ·
HSBC Bank Limited ·
Standard Chartered Bank ·
BNP Paribas ·
DBS Bank Limited ·
Citibank N.A. ·
Kotak Mahindra Bank ·
Barclays Bank PLC ·
Bank of Nava Scotia ·
Yes Bank ·
UBS AG |
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Facilities : |
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Facilities : |
(Rs.
In Millions)
Note: a) Security and
repayment terms i) Debentures 12.75% Secured Redeemable Non-Convertible Debentures amounting to Rs
333.300 Millions (Previous year Rs. 500.000 Millions) -Redeemble in 3 equal annual
installments of which one instalment is paid. Secured by mortgage over
Company's office premises at Ahmedabad, Gujarat, first pari passu charge over
movable and immovable properties at Dehradun and pari passu first charge on
Company's plant and machinery at Ratlam. The schedule of repayment is: 26th
December, 2013 Rs.166.600 Millions; 26th December, 2012 Rs.166.700 Millions. 9.95% Secured Redeemable Non-Convertible Debentures of Rs.500.000
Millions (Previous year Rs. NIL) - Redeemable at the end of 3rd year by
exercising put/call option or, at the end of 5th year, both from the date of
issue i.e. 3rd October 2011. Secured by mortgage over Company's office premises at Ahmedabad, Gujarat and
first pari-passu charge over movable property of the Company includes plant
and machinery situated at Ratlam, Athal (Silvassa), Indore (Madhya Pradesh),
Piparia (Silvassa), Pithampur (lndore) and Dehradun. ii) Rupee Term
Loan HDFC Bank Limited- Rs. NIL (Previous year Rs. 186.700 Millions)
Repayable in 15 equal quarterly instalments from 16th May, 2009, secured by
first pari passu charge by way of hypothecation of movable fixed assets both
present and future except on movable fixed assets at Pithampur, Indore. The
said loan is prepaid before the Balance sheet date. Bank of Baroda - Rs. NIL (Previous year Rs.150.000 Millions) Repayable
in 3 equal annual installments from 30th March, 2012, secured by first charge
by way of equitable mortgage of land and building of the Company situated at
lndore (except Pithampur), Dehradun, Ratlam, Mumbai, Athal and Piparia. The
said loan is prepaid before the Balance sheet date. iii) Foreign
Currency Term Loan ICICI Bank Offshore Banking Unit - Rs.76.400 Millions (Previous year
Rs. 200.700 Millions) Repayable in 8 semiannual instalments from 10th
October, 2008, secured by exclusive charge on the entire movable fixed assets
at SEZ, Indore, Pithampur and pari passu first charge on movable fixed assets
at Kandla. BNP PARIBAS, Singapore Branch - a) Rs.508.800 Millions (Previous year
Rs.564.900 Millions) Repayable in 4 equal semiannual installments from 20th
March,2013, secured by first pari passu charge by way of hypothecation of
movable fixed assets both present and future except on movable fixed assets
at Pithampur, Indore. b) Rs.508.800 Millions (Previous year Rs. NIL) Bullet Repayment at the
end of 5th year on 6th October,2016,Secured by first pari passu charge by way
of hypothecation of movable fixed assets both present and future except on
movable fixed assets at Pithampur, Indore. CITI Bank N.A. Bahrain Branch - Rs.199.900 Millions (Previous year Rs.
223.000 Millions) Repayable in 14 equal quarterly installments from 21st
July,2011, secured by first pari passu charge by way of hypothecation of all
the movable fixed assets both present and future except on movable fixed
assets at Pithampur, Indore. DBS Bank, Singapore Branch - Rs. 340.900 Millions (Previous year Rs.
396.900 Millions) Repayable in 9 semiannual instalments from 16th March,2011,
secured by first pari passu charge by way of hypothecation of all the movable
fixed assets both present and future except on movable fixed assets at
Pithampur, Indore. Barclays Bank PLC, London Branch - Rs. 508.800 Millions (Previous year
Rs. 446.000 Millions) Repayable in 13 quarterly installments from 24th May,
2012, secured by first pari passu charge on the plant and machinery of the
Company except assets at Pithampur, Indore. HSBC Mauritius - Rs. 1017.600 Millions (Previous year Rs. NIL)' Repayable
in 7 half yearly installments from 31st July, 2013, secured by first pari
passu charge on the plant and machinery of the Company except assets at
Pithampur, Indore. b) Maturity
Profile of Borrowings
a) Canara Bank – Consortium-Secured by first charge by way of hypothecation of raw
materials, packing materials, work-in process, finished goods, stores and
spares, book debts and all other movable current assets of the Company and
second charge by way of mortgage of the immovable properties of the Company
and hypothecation of plant and machinery of the Company. b) Kotak Mahindra Bank- Secured by first and exclusive hypothecation on all existing and future
current assets and movable fixed assets of the erstwhile Tonira Pharma
Limited, first and exclusive charge by way of equitable mortgageon the
immovable properties of the erstwhile Tonira Pharma Limited bearing plot nos.
4722,4723,4731 and 4732 at GIDC, Ankleshwar and plot no. 23 and 24 at GIDC,
Nandesari.
Commercial Paper During the year the Company had raised and repaid Commercial Paper.
The maximum outstanding amount during the year was Rs 1000.000 Millions (Previous
year Rs. 450.000 Millions) and the closing balance at year end is Rs. Nil.
(Previous year Rs. Nil). |
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Natvarlal Vepari and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
ABK and Associates Chartered Accountants |
|
|
|
|
Entities Where Control Exists: |
Kaygee Investments Private Limited |
|
|
|
|
Associates : |
·
Paschim Chemicals Private Limited (Upto 18th
Sept,2012) ·
Makers Laboratories Limited ·
Trophic Wellness Private Limited |
|
|
|
|
Other Related Parties : |
·
Nipra Industries Private Limited ·
Keymed ·
Oscar Industries ·
Mrs. Usha P. Godha ·
Prabhat Foundation ·
Vandhara Resorts Private Limited ·
Exon Laboratories Private Limited (w.e.f. 19th
Sept,2012) ·
Paschim Chemicals Private Limited (w.e.f. 19th
Sept,2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
285000000 |
Equity Shares |
Rs.2/- each |
Rs.570.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
127480204 |
Equity Shares |
Rs.2/- each |
Rs.255.000
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
126199109 |
Equity Shares |
Rs.2/- each |
Rs.252.400
Millions |
NOTES:
OF THE ABOVE:
a) Aggregate
Shares issued under Employees Stock Option Scheme (ESOS): 21,57,500 Equity
Shares of Rs. 2/- each (Previous year 21,08,750 Equity Shares)
b) Equity Share of
Rs. 10/- each have been sub-divided into five equity shares of Rs. 2/- each
pursuant to the resolution passed by the shareholders at the Extra Ordinary
General Meeting held on 25th February,2010
c) 53,210 Equity
Shares of Rs. 10/- each in 2009-10 and 2,03,009 Equity Shares of Rs. 10/- each
in 2008-09 have been extinguished under Buy back Scheme.
d) 3,22,704 Equity
shares of Rs. 2/- each of the Company have been issued under the scheme of
amalgamation of Tonira Pharma Limited with the Company.
RECONCILIATION OF SHARES:
|
PARTICULARS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
Shares outstanding at the beginning of the
year |
125827655 |
25.17 |
|
Shares Issued during the year |
371454 |
0.07 |
|
Shares outstanding
at the end of the year |
126199109 |
25.24 |
DETAILS OF SHAREHOLDING IN EXCESS OF 5%
|
PARTICULARS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
% |
|
Kaygee Investments Private Limited |
27018195 |
21.41 |
|
HDFC Trustee Company Limited |
8930656 |
7.08 |
|
Exon Laboratories Private Limited |
8101000 |
6.42 |
|
Chandurkar Investments Private Limited |
6978005 |
5.53 |
RIGHTS AND
OBLIGATIONS OF SHAREHOLDERS:
The Company has only
one class of share referred as Equity shares having a par value of Rs. 2/- per
share. Each holder of equity shares is entitled to one vote per share. In the
event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after payment of external
liabilities. The distribution will be in proportion to the number of equity
shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
252.400 |
|
(b) Reserves & Surplus |
|
|
15446.100 |
|
(c) Money received against share
warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
15698.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
3662.100 |
|
(b) Deferred tax liabilities (Net) |
|
|
1303.900 |
|
(c) Other long term liabilities |
|
|
4.000 |
|
(d) long-term provisions |
|
|
122.100 |
|
Total Non-current Liabilities (3) |
|
|
5092.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1571.400 |
|
(b) Trade payables |
|
|
2654.600 |
|
(c) Other current
liabilities |
|
|
1651.800 |
|
(d) Short-term provisions |
|
|
419.100 |
|
Total Current Liabilities (4) |
|
|
6296.900 |
|
|
|
|
|
|
TOTAL |
|
|
27087.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
10526.700 |
|
(ii) Intangible Assets |
|
|
226.600 |
|
(iii) Capital
work-in-progress |
|
|
1209.900 |
|
(iv) Intangible assets under development |
|
|
81.800 |
|
(b) Non-current Investments |
|
|
217.900 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
881.600 |
|
(e) Other Non-current assets |
|
|
95.000 |
|
Total Non-Current Assets |
|
|
13239.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
1.500 |
|
(b) Inventories |
|
|
7333.400 |
|
(c) Trade receivables |
|
|
4159.300 |
|
(d) Cash and cash
equivalents |
|
|
546.600 |
|
(e) Short-term loans and
advances |
|
|
496.400 |
|
(f) Other current assets |
|
|
1310.800 |
|
Total Current Assets |
|
|
13848.000 |
|
|
|
|
|
|
TOTAL |
|
|
27087.500 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
252.300 |
251.400 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
12370.400 |
10287.200 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
12622.700 |
10538.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4342.800 |
4272.500 |
|
|
2] Unsecured Loans |
|
972.600 |
1035.600 |
|
|
TOTAL BORROWING |
|
5315.400 |
5308.100 |
|
|
DEFERRED TAX LIABILITIES |
|
930.900 |
807.300 |
|
|
|
|
|
|
|
|
TOTAL |
|
18869.000 |
16654.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
9188.800 |
6978.200 |
|
|
Capital work-in-progress |
|
884.500 |
1131.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
428.000 |
489.400 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
OTHER NON CURRENT ASSETS |
|
71.100 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
6639.800
|
4625.100
|
|
|
Sundry Debtors |
|
3451.100
|
4663.100
|
|
|
Cash & Bank Balances |
|
92.500
|
84.400
|
|
|
Other Current Assets |
|
1444.500
|
0.000
|
|
|
Loans & Advances |
|
1100.200
|
1159.900
|
|
Total
Current Assets |
|
12728.100
|
10532.500
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2331.100
|
934.600
|
|
|
Other Current Liabilities |
|
1727.500
|
1123.000
|
|
|
Provisions |
|
372.900
|
420.000
|
|
Total
Current Liabilities |
|
4431.500
|
2477.600
|
|
|
Net Current Assets |
|
8296.600
|
8054.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
18869.000 |
16654.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
27784.200 |
|
|
|
Other Income |
|
|
186.600 |
|
|
|
TOTAL (A) |
|
|
27970.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
10447.500 |
|
|
|
Purchases of Stock-in-Trade |
|
|
1060.800 |
|
|
|
Employee Benefit Expenses |
|
|
3765.700 |
|
|
|
Other Expenses |
|
|
6895.000 |
|
|
|
Foreign Exchange (Gain)/Loss Net |
|
|
632.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
|
|
(597.700) |
|
|
|
TOTAL (B) |
|
|
22204.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
5766.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
313.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
5453.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
840.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
4613.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
1299.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
|
3313.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
2768.900 |
|
|
Add |
ADDITION ON
AMALGAMATION ON TONIRA PHARMA LIMITED |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
1755.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
|
|
0.000 |
|
|
|
Interim dividend |
|
|
252.300 |
|
|
|
Tax on Interim dividend |
|
|
40.900 |
|
|
|
Proposed final dividend |
|
|
252.400 |
|
|
|
Tax on Proposed Dividend |
|
|
42.900 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
3739.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
|
16670.200 |
|
|
|
Interest |
|
|
0.100 |
|
|
|
Other Service Charges |
|
|
95.700 |
|
|
TOTAL EARNINGS |
|
|
16766.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
3662.800 |
|
|
|
Packing Materials |
|
|
25.300 |
|
|
|
Traded Goods |
|
|
63.000 |
|
|
|
Capital Goods |
|
|
410.400 |
|
|
|
Stores and Machine Components |
|
|
35.300 |
|
|
|
Others |
|
|
23.800 |
|
|
TOTAL IMPORTS |
|
|
4220.600 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
|
|
26.27 |
|
|
|
-
Diluted |
|
|
26.27 |
|
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
23293.700 |
|
|
|
Other Income |
|
|
129.200 |
|
|
|
TOTAL (A) |
|
|
23422.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
8714.300 |
|
|
|
Purchases of Stock-in-Trade |
|
|
1008.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
|
|
(650.400) |
|
|
|
Employee Benefit Expenses |
|
|
3222.000 |
|
|
|
Other Expenses |
|
|
5864.200 |
|
|
|
Foreign Exchange (Gain)/ Loss Net |
|
|
527.900 |
|
|
|
TOTAL (B) |
|
|
18686.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
4736.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
393.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
4342.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
653.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
3689.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
887.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
2801.700 |
|
|
|
|
|
|
|
|
|
Less |
PROVISION FOR INVESTMENT
IN SUBSIDIARIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
1462.400 |
|
|
|
|
|
|
|
|
|
Add |
AMALGAMATION
OF TONIRA PHARMA LIMITED |
|
|
43.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
1000.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
|
|
70.000 |
|
|
|
Tax on Proposed Dividend |
|
|
24.600 |
|
|
|
Tax on Interim dividend |
|
|
40.800 |
|
|
|
Proposed final dividend |
|
|
151.400 |
|
|
|
Interim dividend |
|
|
251.500 |
|
|
|
Proposed Dividend of previous year reversed on Shares bought back |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
2768.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
|
|
13533.600 |
|
|
|
Dividend
and interest |
|
|
12.000 |
|
|
|
Proceeds
received on disposal of Joint Venture |
|
|
0.000 |
|
|
|
Other Services charges |
|
|
63.500 |
|
|
TOTAL EARNINGS |
|
|
13609.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
3732.000 |
|
|
|
Packing Material |
|
|
21.800 |
|
|
|
Trade goods |
|
|
88.200 |
|
|
|
Capital Goods |
|
|
529.700 |
|
|
|
Stores and machine component |
|
|
34.300 |
|
|
|
Others |
|
|
24.500 |
|
|
TOTAL IMPORTS |
|
|
4430.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
Before Exceptional Item |
|
|
22.23 |
|
|
|
After Exceptional Item |
|
|
22.23 |
|
|
|
Diluted |
|
|
|
|
|
|
Before Exceptional Item |
|
|
22.22 |
|
|
|
After Exceptional Item |
|
|
22.22 |
|
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
18659.200 |
|
|
|
Other Income |
|
|
236.200 |
|
|
|
TOTAL (A) |
|
|
18895.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material
Cost and Inventory Adjustments |
|
|
7675.700 |
|
|
|
Personal cost |
|
|
2615.900 |
|
|
|
Manufacturing and Other Expenses |
|
|
4734.500 |
|
|
|
Foreign Exchange Transaction |
|
|
(433.400) |
|
|
|
Provision for Diminution in value of investments |
|
|
0.000 |
|
|
|
TOTAL (B) |
|
|
14592.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
4302.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
|
311.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
3991.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
554.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
|
|
3447.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
893.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
2553.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
1527.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture
Redemption Reserve |
|
|
150.000 |
|
|
|
General
Reserve |
|
|
2000.000 |
|
|
|
Interim
Dividend |
|
|
251.300 |
|
|
|
Proposed
Final Dividend |
|
|
150.800 |
|
|
|
Proposed
Dividend of previous year reversed on
Shares bought back |
|
|
0.000 |
|
|
|
Tax
on dividend |
|
|
66.200 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
1462.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
|
|
9829.000 |
|
|
|
Dividend
and interest |
|
|
5.400 |
|
|
|
Proceeds
received on disposal of Joint Venture |
|
|
0.00 |
|
|
|
Other Services charges |
|
|
31.100 |
|
|
TOTAL EARNINGS |
|
|
9865.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
2210.200 |
|
|
|
Packing Material |
|
|
26.600 |
|
|
|
Trade goods |
|
|
118.000 |
|
|
|
Capital Goods |
|
|
381.700 |
|
|
|
Stores and machine component |
|
|
237.000 |
|
|
TOTAL IMPORTS |
|
|
2973.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
21.16 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Net Sales |
8055.600 |
8467.000 |
8329.500 |
|
Total Expenditure |
6825.000 |
6520.800 |
6180.300 |
|
PBIDT (Excl OI) |
1230.600 |
1946.200 |
2149.200 |
|
Other Income |
44.500 |
53.300 |
54.200 |
|
Operating Profit |
1275.100 |
1999.500 |
2203.400 |
|
Interest |
71.300 |
57.300 |
54.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1203.800 |
1942.200 |
2149.000 |
|
Depreciation |
241.100 |
252.200 |
255.800 |
|
Profit Before Tax |
962.700 |
1690.000 |
1893.200 |
|
Tax |
245.000 |
395.500 |
502.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
717.700 |
1294.500 |
1391.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
717.700 |
1294.500 |
1391.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.85
|
11.96 |
13.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.61
|
15.84 |
17.58
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.04
|
16.83 |
24.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.29 |
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.33
|
0.77 |
0.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.87 |
4.28
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
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 |
18659.200 |
23293.700 |
27784.200 |
|
|
|
24.838 |
19.278 |
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 |
18659.200 |
23293.700 |
27784.200 |
|
Profit |
2553.700 |
2801.700 |
3313.900 |
|
|
13.69% |
12.03% |
11.93% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
CASE DETAILS BENCH: BOMBAY PRESENTATION DATE: 14/06/2013 STAMP NO.:- WPST/16213/2013
FILING DATE:- 14/06/2013
REG. NO.:- WP/5429/2013 REG. DATE:- 25/06/2013 PETITIONER:- KRANTIKARI KAMGAR UNION RESPONDENT:- IPCA
LABORATORIES LIMITED PETN. ADV.:- JANE COX RESP.ADV.:- R.V. PARANJPE DISTRICT:- DDR-NGR-HVL@SILVASA BENCH:- SINGLE STATUS:- PRE-ADMISSION NEXT DATE:- 21/09/2013 STAGE:- PETITIONS FOR ADMISSION
- FRESH [CIVIL SIDE MATTERS] CORAM:- ACCORDING TO SITTING LIST LAST DATE:- 31/07/2013 STAGE:- PETITIONS FOR ADMISSION - FRESH [CIVIL SIDE
MATTERS] LAST CORAM:- HON'BLE SHRI JUSTICE K. K. TATED ACT: - INDUSTRIAL DISPUTE ACT, 1947. |
INDEX OF CHARGES:
|
S.
No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10425025 |
03/05/2013 |
7,900,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG,, |
B74905605 |
|
2 |
10410282 |
15/02/2013 |
1,103,840,000.00 |
HSBC
BANK(MAURITIUS) LIMITED |
6TH
FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
B70253190 |
|
3 |
10397485 |
14/02/2013
* |
200,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG,, |
B69152189 |
|
4 |
10323062 |
19/12/2011
* |
500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG,, |
B28289064 |
|
5 |
10323188 |
18/11/2011 |
900,000,000.00 |
HSBC
BANK(MAURITIUS) LIMITED |
6TH FLOOR,
HSBC CENTRE, 18, CYBER CITY, EBENE, MAURITIUS, - 00, MAURITIUS |
B27886316 |
|
6 |
10307531 |
24/08/2011 |
6,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG,, |
B21115928 |
|
7 |
10307533 |
24/08/2011 |
150,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG,, |
B21116876 |
|
8 |
10276773 |
28/03/2011 |
500,000,000.00 |
BARCLAYS
BANK PLC |
EROS
CORPORATE TOWER, 1ST FLOOR, NEHRU PLACE, NEW DELHI - 110019, INDIA |
B09425307 |
|
9 |
10226713 |
24/06/2010 |
297,000,000.00 |
KOTAK
MAHINDRA BANK LIMITED |
36-38A,
NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A88504907 |
|
10 |
10222105 |
17/05/2010 |
450,000,000.00 |
DBS
Bank Limited |
3RD
FLOOR, FORT HOUSE, DR. D. N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A85582237 |
|
* Date of charge modification |
||||||
FINANCIAL
PERFORMANCE AND OPERATIONS REVIEW:
The Company had
another successful financial year with a net total income of Rs. 27970.800
Millions as against Rs. 23429.800 Millions in the previous year, a growth of
19%. The Company’s focus on formulations business resulted into increase in
overall formulation sales to Rs. 20722.800 Millions, an increase of 18% over
previous year formulation sales of Rs. 17502.400 Millions. The Company further
expanded its therapeutic coverage with introduction of new formulations, both
in the domestic and export markets, especially in the fast growing life style
related segments. The Active Pharmaceutical Ingredient (API) business also
increased by 21% to Rs. 6665.400 Millions. During the financial year under
report, the Earnings before interest, depreciation, foreign exchange
translation loss increased by 22% to Rs. 6399.500 Millions as against Rs.
5264.000 Millions in the previous financial year. The operations have resulted
in a net profit of Rs. 3313.900 Millions during the financial year under report
as against Rs. 2801.700 Millions in the previous financial year, an increase of
18%. Due to steep depreciation of Indian Rupee vis-à-vis major currencies,
during the financial year under report, the Company incurred foreign exchange
translations/transactions loss of Rs. 632.800 Millions (previous year - loss of
Rs. 527.900 Millions).
EUROPE:
The Company achieved
European export sales of Rs. 4856.600 Millions during the financial year under
report as against sales of Rs. 4448.400 Millions in the previous year, a growth
of 9% from this continent. The Company has developed and submitted 61 generic
formulation dossiers for registration in Europe out of which 58 dossiers are
already registered. The Company has also obtained certificate of suitability
(COS) of 41 APIs (previous year - 40 APIs) from European Directorate for
Quality Medicines.
AMERICAS:
The Company
exports its APIs to USA, Canada and South American countries and formulations
to USA, Canada, Panama, West Indies and few South American countries in this
sub-continent. The Company achieved sales of Rs. 3526.100 Millions in this
continent as against Rs. 2889.800 Millions in the previous year, a growth of
22%. The Company is working on a list of formulations for development and
filing of ANDAs with US FDA. Most of these formulations are from own APIs for
which the Company has filed/ in the process of filing Drug Master File (DMF).
The Company has signed agreements with marketing partners for sale /
distribution of generic formulations on a profit sharing arrangement in the US
market. 33 ANDA applications in respect of generic formulations developed by the
Company are filed with US FDA (previous year – 25 ANDA) out of which 14 ANDA
applications are granted till date. 48 DMFs of the Company are currently filed
with US FDA. The API business of the Company from this continent increased by
24% to Rs. 1373.900 Millions.
The formulations
manufacturing unit at Special Economic Zone (SEZ) Indore meeting current Good
Manufacturing Practices (cGMP) and regulatory requirements of developed
countries was recently re-inspected by US-FDA and the Company is awaiting the US
FDA approval to commence the formulations manufacturing from this unit for the
US market. The Company’s wholly owned subsidiary in Mexico is in the process of
filing the formulation dossiers for registration in the said country. The
Company is currently marketing its branded and generic formulations in
Venezuela, Columbia and Peru in the Latin American market with a few product
registrations. Several more formulation dossiers are in the process of being
registered / submitted for registration in all these markets of Latin America.
ASIA:
The Asian business
(excluding India) recorded sales of Rs.2206.400 Millions as against Rs.
1433.000 Millions in the previous year, a growth of 54%. The Company exports formulations
as well as APIs to several Asian countries. In countries like Nepal, Srilanka,
Myanmar, Philippines and Vietnam, the Company markets its branded formulations
through dedicated field force. The field force and product range of the Company
in Asian market is being continuously expanded.
AFRICA:
The Company
achieved export sales of Rs. 4678.800 Millions to Africa during the financial
year under report as against Rs. 3773.200 Millions in the previous year, a
growth of 24%. During the year under report, the Company received WHO
prequalification for fixed dose anti-malarial formulation of Artesunate +
Amodiaquine. This will help the Company in consolidating its antimalarial
institutional business in Africa. The Company exports branded and generic formulations
as well as APIs to 30 African countries. The Company markets branded
formulations in countries like Uganda, Ghana, Ivory Coast, Burkina Faso,
Zimbabwe, Sudan, Tanzania, Kenya, Ethiopia and Nigeria through dedicated field
force. The Company is expanding its branded formulations business across the
continent through expansion of field force and geographical coverage and
increase in the number of branded formulations marketed. The Company is also
continuously filing new formulation dossiers for registration in African
countries.
AUSTRALASIA:
The Company
exports APIs to Australia and formulations to Australia and New Zealand in this
sub-continent. The business from this continent was Rs. 495.200 Millions during
the financial year under report as against Rs. 397.900 Millions in the previous
year, a growth of 24%. The Company has developed and submitted 46 generic
formulation dossiers for registration in this market out of which 41 dossiers
are already registered. The Company is focusing on registering more formulation
dossiers in Australia and New Zealand through its wholly owned subsidiary
Company Ipca Pharma (Australia) Pty Limited, Australia and its wholly owned
subsidiary Ipca Pharma (NZ) Pty Limited., New Zealand.
DOMESTIC
FORMULATIONS BUSINESS:
The Company’s
formulations business in India now comprises of 12 marketing divisions focusing
on key therapeutic segments. The brand building was in evidence especially in
chronic therapy segments such as cardio-vasculars, anti-diabetics, newer
antimalarials and non steroidal anti-inflammatory drugs (NSAID). During the
year under report, the Company introduced 6 new products in the domestic
market. During the financial year under report, the domestic formulations
business recorded a growth of 16% at Rs. 8781.000 Millions as against Rs.
7541.000 Millions in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The global
pharmaceutical market is now estimated to be US $900 billion and is growing at a
rate of about 4% per annum. US, Japan and Europe constitute about 80% of the
global pharmaceutical market and are growing at a slower annual rate mainly due
to loss of exclusivity, lesser new product approvals and price erosions due to
generics competition. In contrast, pharmaceutical market of emerging economies
like India, Brazil, Mexico, etc. are growing at a much faster rate of 10% - 14%
per annum driven by improved per capita income, increased access and rising
awareness of modern medicines and strengthening of healthcare infrastructure.
Out of the global pharmaceutical market, generic formulations contribute about
US$ 130 billion and is growing at about 10%
per annum. US is
the largest market contributing 40% and Canada, Japan and Europe collectively
contributing another 40% of the world generic formulation business.
OUTLOOK:
Though in the
world pharmaceutical market, India has a negligible share by value, India is
recognized as one of the leading global players with large number of drug
master files and dossier registrations for Active Pharmaceutical Ingredients
(APIs) and formulations with manufacturing facilities approved by regulatory
authorities of the various countries. Indian companies are focusing on global
generic and API business, R & D activities and contract research and
manufacturing alliances. India is also fast emerging as a preferred
pharmaceuticals manufacturing location. Several large selling drugs going off
patent over next few years and increasing use of pharmaceutical generics in developed
markets to reduce healthcare cost will provide attractive growth opportunities
to generics manufacturers and thus Indian pharmaceutical industry is poised for
an accelerated growth in the coming years. However, poor public healthcare
funding and infrastructure, low per capita consumption of medicines in
developing and under developed countries including India, currency
fluctuations, inflation and resultant all round increase in input costs are few
causes of concern.
INTERNATIONAL
BUSINESS
The products of
the Company are now exported to over 110 countries across the globe. During the
financial year under report, the international business increased by 22% to Rs.
17160.800 Millions as against Rs. 14019.700 Millions in the previous year.
Formulation exports of the Company increased by 20% to Rs. 11941.800 Millions
and exports of APIs and Drug Intermediates increased by 29% to Rs. 5219.000
Millions.
CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
Bills discounted with banks |
2370.900 |
1472.400 |
|
Since Realized |
(1507.900) |
(850.800) |
|
Other moneys for
which the Company is contingently liable for tax, excise, customs and other
matters not accepted by the Company |
118.200* |
185.300* |
|
Claims against the Company not acknowledged as debts |
29.800 |
0.100 |
|
Corporate Guarantee given to others |
22.800 |
22.800 |
|
Guarantees given
by banks in favour of Govt. & others/ Letter of Credit opened against
which goods are not received * |
624.400 |
657.400 |
|
*Note: It includes Rs. 43.800 Millions (Previous
year Rs. 43.800 Millions) towards interest and penalty demanded by excise department,
Ankleshwar relating to erstwhile Tonira Pharma Limited since amalgamated with
the Company and is not payable in accordance with the order passed by the
Hon’ble Central Excise and Service Tax Appellate Tribunal (CESTAT),
Ahmedabad. The Department had moved the Hon’ble Gujarat High Court against
the said CESTAT order and as per the order of the said Hon’ble High Court;
the Company has furnished a Bank Guarantee of Rs. 20.000 Millions to the
Department. |
||
FIXED ASSETS:
A.
Tangible Assets
- Land
- Buildings
- Plant and Machinery
- Effluent Treatment Plant
- Furniture
and Fixtures
- Vehicles
- Equipments
- Furniture
B.
Intangible
Assets
- Software
- Know-how
- Brands and Trademarks
UNAUDITED STANDALONE
FINANCIAL RESULTS
Rs. In Millions
|
Particular |
Quarter Ended |
Year Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
Net Sales/Income
from Operations |
8151.500 |
8342.700 |
24419.500 |
|
Other Operating
Income |
178.000 |
124.300 |
432.600 |
|
Total Income From Operations (Net) |
8329.500 |
8467.000 |
24852.100 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost
of materials consumed |
2574.600 |
3064.600 |
8401.200 |
|
Purchase
of stock in trade |
188.300 |
255.600 |
646.300 |
|
Changes
in inventories of finished goods, work in progress and stock in trade |
17.600 |
(486.400) |
(194.900) |
|
Employee
benefits expenses |
1243.200 |
1207.500 |
3594.200 |
|
Depreciation
and amortization expenses |
255.800 |
252.200 |
749.100 |
|
Other
expenses |
2132.400 |
2080.400 |
6176.400 |
|
Total Expenses |
6411.900 |
6373.900 |
19372.300 |
|
|
|
|
|
|
Profit
From Operations before Other Income, Interest and Exceptional Items |
1917.600 |
2093.100 |
5479.800 |
|
|
|
|
|
|
Other
Income |
54.200 |
53.300 |
152.000 |
|
|
|
|
|
|
Profit
Before Interest and Exceptional Items |
1971.800 |
2146.400 |
5631.800 |
|
|
|
|
|
|
Foreign
exchange transaction/translations (gain) / loss |
24.200 |
399.100 |
902.900 |
|
|
|
|
|
|
Interest |
54.400 |
57.300 |
183.000 |
|
|
|
|
|
|
Profit
After Interest but before Exceptional Items |
1893.200 |
1690.000 |
4545.900 |
|
|
|
|
|
|
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
Profit
from Ordinary Activities before Tax |
1893.200 |
1690.000 |
4545.900 |
|
|
|
|
|
|
Tax Expense |
|
|
|
|
a)
Current tax |
398.500 |
352.000 |
955.000 |
|
b)
Deferred tax |
103.500 |
43.500 |
187.500 |
|
|
|
|
|
|
Net Profit
from Ordinary Activities after Tax |
1391.200 |
1294.500 |
3403.400 |
|
|
|
|
|
|
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
Net
Profit for the period |
1391.200 |
1294.500 |
3403.400 |
|
|
|
|
|
|
Paid-up
Equity Share Capital (Face Value of Rs.2 /- Each) |
252.400 |
252.400 |
252.400 |
|
|
|
|
|
|
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a) Basic
and diluted EPS before extraordinary items |
11.02 |
10.26 |
26.97 |
|
b)
Basic and diluted EPS after extraordinary items |
1.02 |
10.26 |
26.97 |
|
|
|
|
|
|
Public Shareholding |
|
|
|
|
-Number
of Shares |
68287983 |
68287983 |
68287983 |
|
- Percentage
of Shareholding |
54.11 |
54.11 |
54.11 |
|
|
|
|
|
|
Promoters and Promoter Group
Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
-
Number of Shares |
1709350 |
1709350 |
1709350 |
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
2.95 |
2.95 |
2.95 |
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
1.35 |
1.35 |
1.35 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
- Number
of Shares |
56201776 |
56201776 |
56201776 |
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
97.05 |
97.05 |
97.05 |
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
44.54 |
44.54 |
44.54 |
NOTES:
1. The above unaudited
financial results as reviewed by the Audit Committee, were approved and taken on
record by the Board of Directors in their meeting held on January 28, 2014.
2. During the quarter, the Company has acquired
50% shareholding in Avik Pharmaceutical Limited, a company engaged in the
manufacturing and marketing of Active Pharmaceutical Ingredients (APls) being
sterolds and male & female hormones.
3. The Auditors of the Company have carried out
the limited review of the above unaudited financial results in terms of clause
41 of the Listing Agreement.
4. The entire operations of the Company relate
to only one segment viz. 'Pharmaceuticals'.
5. Previous year figures have been regrouped and
rearranged 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.58.75 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
67 |
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.