MIRA INFORM REPORT
|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOREPEN LABORATORIES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.12.1984 |
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Com. Reg. No.: |
06-006028 |
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Capital
Investment / Paid-up Capital : |
Rs.2096.100
Millions |
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CIN No.: [Company Identification
No.] |
L24231HP1984PLC006028 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLM11889D |
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PAN No.: [Permanent Account No.] |
AABCM1083B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture of API, Formulations and OTC Products. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 12970000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an establishe3d company having moderate track record. The rating is constrained on account of company’s moderate financial risk
profile and losses that company has incurred from its operational activities.
However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-1792-233284)
LOCATIONS
|
Registered Office : |
Morepen Village, Nalagarh Road, Near Baddi, District Solan - 173205,
Himachal Pradesh, India |
|
Tel. No.: |
91-1795-276201-03 |
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Fax No.: |
91-1795-276204 |
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E-Mail : |
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Website : |
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Corporate Office : |
409, 4th Floor, Antriksh Bhawan, 22 Kasturba Gandhi Marg, New
Delhi - 110001, India |
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Tel. No.: |
91-11-23324443/ 23712025 |
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Fax No.: |
91-11-23722422 |
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E-Mail : |
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Factory 1 : |
Located at Masulkhanna, Himachal Pradesh, India Village Masulkhana, District Solan, Himachal Pradesh |
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Tel. No.: |
91-1792-233284 |
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Fax No.: |
91-1792-232606 |
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Factory 2 : |
Located at Baddi, Himachal Pradesh, India |
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Tel. No.: |
91-1795-246408/03 |
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Fax No.: |
91-1795-244591 |
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Factory 3 : |
Sector-2, Parwanoo, District Solan, Himachal Pradesh, India |
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USA Office : |
666, Plainsboro Road, Suite 222, Plainsboro, New Jersey-08536 |
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Tel. No.: |
609 716 6300 |
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Fax No.: |
609 716 6301 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sushil Suri |
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Designation : |
Chairman and Managing Director |
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Name : |
Dr. Arun Kumar Sinha |
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Designation : |
Director |
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Name : |
Mr. Manoj Joshi |
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Designation : |
Director |
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Name : |
Mr. Bhupender Raj Wadhwa |
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Designation : |
Director |
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Name : |
Mr. Sukhcharan Singh |
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Designation : |
Director |
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Date of Birth/Age : |
07.09.1942 |
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Qualification : |
B.A., Retired Inspector General of Police |
|
Date of Appointment : |
15.06.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
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|
41241750 |
9.17 |
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|
114129838 |
25.37 |
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|
155371588 |
34.54 |
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Total shareholding of Promoter
and Promoter Group (A) |
155371588 |
34.54 |
|
(B) Public Shareholding |
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|
6367940 |
1.42 |
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|
22484570 |
5.00 |
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|
58530000 |
13.01 |
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|
87382510 |
19.43 |
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|
24469769 |
5.44 |
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|
149468631 |
33.23 |
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|
25203469 |
5.60 |
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|
7930236 |
1.76 |
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|
4162021 |
0.93 |
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|
3495585 |
0.78 |
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|
272630 |
0.06 |
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|
207072105 |
46.03 |
|
Total Public shareholding (B) |
294454615 |
65.46 |
|
Total (A)+(B) |
449826203 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
449826203 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of API, Formulations and OTC Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· The Karur Vysya Bank Limited, Central Processing Cell Represent Fort Mumbai Branch, Kamanwala Chambers, Sir P.M. Road, Fort, Mumbai - 400001, Maharashtra, India Export-Import Bank Of India, Floor 21, Centre One
Building, World Trade Centre, Cuffe
Parade, Mumbai - 400005, Maharashtra, India UCO Bank, Flagship Corporate Centre, 5, Parliament Street,
New Delhi - 110001, India The Karur Vysya Bank Limited, B - 3, Lawrence Road, New
Delhi - 110035, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
The Oriental Insurance Company Limited, Oriental House, Post Bag No. 7037, A- 25/27, Asaf Ali Road, New Delhi - 110002, India |
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Auditors : |
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Name : |
M. Kamal Mahajan and Company Chartered Accountants |
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Address : |
SCO 61, Madhya Marg, Sector 26, Chandigarh, India |
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Overseas Company : |
v MorepenMax Inc. v Morepen Inc. v Dr. Morepen Limited v Total Care Limited |
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Associates : |
v Morepen Biotech Limited |
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Entities over which key management
personnel/ or Relatives of key
management personnel are able to exercise
significant influence with which the company has any transactions during the
year : |
v Blue Coast Infrastructure Development Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs.900.000 Millions |
|
12000000 |
Preferences Shares |
Rs.100/- each |
Rs.1200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2100.000
Millions |
Issued & Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
449826203 |
Equity Shares |
Rs.2/- each |
Rs.899.700
Millions |
|
9735201 |
0.01% Optionally Convertible Preference Share |
Rs.100/- each |
Rs.973.500
Millions |
|
1730000 |
0.01% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.173.000
Millions |
|
500000 |
9.75% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2096.200 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
449793203 |
Equity Shares |
Rs.2/- each |
Rs.899.600
Millions |
|
9735201 |
0.01% Optionally Convertible Preference Share |
Rs.100/- each |
Rs.973.500 Millions
|
|
1730000 |
0.01% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.173.000
Millions |
|
500000 |
9.75% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2096.100 Millions |
NOTE:
Reconciliation of the
numbers and amount of Equity shares.
|
Particulars |
31.03.2014 |
|
|
Nos. |
Amount in Millions |
|
|
Outstanding at beginning of the year |
449826203 |
899.700 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Outstanding at the end of year |
449826203 |
899.700 |
Reconciliation of the
numbers and amount of Preference shares –
|
Particulars |
31.03.2014 |
|
|
Nos. |
Amount in Millions |
|
|
Outstanding at beginning of the year |
11965201 |
1196.500 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Outstanding at the end of year |
11965201 |
1196.500 |
Rights, preferences and restrictions attached to
each class of Shares and terms of redemption
Rights,
preferences and restrictions attached to each class of Shares and terms of
redemption
a) i) The company
has two classes of shares referred as equity shares and preference shares. The
equity shares are having a par value of Rs. 2/- each whereas par value for each
preference shares is Rs. 100/-. Every holder of equity shares is entitled to
one vote per share in respect of all matters submitted to vote in the
shareholders' meeting. Preference shareholders are entitled to one vote per
share, in respect of every resolution placed before the company which directly
affect the rights attached to their shares. However, a cumulative preference
shareholder acquires voting rights at par with an equity shareholder if the
dividend on preference shares has remained unpaid for a period of not less than
two years.
ii) In the
event of liquidation of the company, the holders of equity shares will be
entitled to receive the remaining assets of the company after distribution of
preferential amounts. The distribution will be in the proportion of the number
of equity shares held by the shareholders.
iii) 1730000,
0.01% Redeemable Preference Shares of Rs. 100/- each and 500000, 9.75%
Redeemable Preference Shares of Rs. 100/- each are cumulative. Dividend arrears
on these shares as at 31.03.2014 are Rs. 58.600 millions (Previous year Rs.
53.700 millions).
b) i) Out of
97,35,201, 0.01% Optionally Convertible Preference Shares, Shares amounting to
Rs. 704.000 millions fall due for redemption/conversion on May 4, 2014, shares
amounting to Rs. 176.200 millions are due for redemption on May 31, 2014
whereas balance shares amounting to Rs. 93.300 millions are due for
redemption/conversion on February 9, 2015. The conversion, if opted for, of
preference shares into equity shares will be at price determined as per SEBI
guidelines. Dividend arrears on above preference shares as at 31.03.2014 are
Rs. 0.700 millions (Previous year Rs. 0.600 millions).
ii) Out of
17,30,000, 0.01% Cumulative Redeemable Preference Shares, 15,30,000 Shares
amounting Rs. 153.000 millions are redeemable in two equal instalments, on May
4, 2016 and May 4, 2017. Balance 200000 Shares amounting Rs. 20.000 millions,
had already become due for redemption in the financial year ending 31.03.2012,
could not be redeemed because of unavailability of surplus.
iii)
5,00,000, 9.75% Cumulative redeemable Preference shares amounting to Rs. 50.000
millions had been due for redemption since March, 2004, however, could not be
redeemed because of unavailability of surplus. The subscriber has filed a legal
case against the company for the recovery of the sum invested as well as interest
thereon. The company has contested the claim of the subscriber and have moved
the jurisdictional appellant authorities against the said claim.
iv) Capital
Redemption Reserve for redemption of Preference Shares could not be created
during the year because of unavailability of surplus.
The company itself being ultimate holding
company, therefore, disclosure requirements about its parent company are not
applicable in the present case.
Shareholders holding
more than 5% shares
i) Equity Shares
|
Name of Shareholder |
31.03.2014 |
|
|
No. of Shares |
% of Holding |
|
|
|
|
|
|
GL India Mauritius (III) Limited |
38530000 |
8.57 |
|
|
|
|
ii) Preference Shares
a) 9735201, 0.01%
Optionally Convertible Redeemable Shares -
|
Name of Shareholder |
31.03.2014 |
|
|
No. of Shares |
% of Holding |
|
|
Bank of Nova Scotia |
1179000 |
12.11 |
|
Stressed Assets Stabilisation Fund (SASF) |
961044 |
9.87 |
|
EXIM Bank |
916333 |
9.41 |
|
SICOM |
829463 |
8.52 |
|
Punjab National Bank |
671522 |
6.90 |
|
Oriental Bank of Commerce |
623828 |
6.41 |
|
Dena Bank |
593936 |
6.10 |
|
UCO Bank |
515900 |
5.30 |
b) 1730000, 0.01%
Cumulative Redeemable Shares –
|
Name of Shareholder |
31.03.2014 |
|
|
No. of Shares |
% of Holding |
|
|
Oriental Bank of Commerce |
1000000 |
57.80 |
|
Axis Bank Limited |
500000 |
28.90 |
|
Blue Sky Securities Private Limited |
200000 |
11.56 |
c) 500000, 9.75%
Cumulative Redeemable Shares –
|
Name of Shareholder |
31.03.2014 |
|
|
No. of Shares |
% of Holding |
|
|
|
|
|
|
Jammu and Kashmir Bank Limited |
500000 |
100 |
|
|
|
|
During last 5 years immediately preceding the balance sheet date, no Equity Share or Preference share has been
issued pursuant to any contract without payment being received in cash. Further the company has neither allotted
any share by way of bonus shares, nor it had bought back any Equity or Preference Share during aforesaid period of 5 years.
Disclosure about unpaid calls –
(Rs. In millions)
|
Unpaid Calls |
31.03.2014 |
|
By Directors and Officers |
-- |
|
By Others |
0.100 |
No shares have been forfeited by the company during the year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
2096.100 |
2096.100 |
2096.100 |
|
(b) Reserves & Surplus |
1146.500 |
1208.100 |
1434.900 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3242.600 |
3304.200 |
3531.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
746.500 |
944.900 |
1138.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
20.500 |
20.900 |
24.300 |
|
(d) long-term provisions |
73.500 |
67.800 |
56.000 |
|
Total Non-current Liabilities (3) |
840.500 |
1033.600 |
1219.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
11.900 |
0.000 |
0.000 |
|
(b) Trade payables |
667.500 |
549.000 |
635.900 |
|
(c) Other current
liabilities |
309.100 |
521.400 |
432.000 |
|
(d) Short-term provisions |
7.300 |
6.800 |
9.000 |
|
Total Current Liabilities (4) |
995.800 |
1077.200 |
1076.900 |
|
|
|
|
|
|
TOTAL |
5078.900 |
5415.000 |
5827.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2888.800 |
3305.900 |
3735.700 |
|
(ii) Intangible Assets |
5.900 |
3.200 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1179.400 |
1218.100 |
1218.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.500 |
15.800 |
15.500 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4091.600 |
4543.000 |
4969.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
329.100 |
367.500 |
380.100 |
|
(c) Trade receivables |
400.900 |
365.900 |
331.300 |
|
(d) Cash and cash
equivalents |
80.700 |
47.200 |
39.600 |
|
(e) Short-term loans and
advances |
140.700 |
60.100 |
84.200 |
|
(f) Other current assets |
35.900 |
31.300 |
22.600 |
|
Total Current Assets |
987.300 |
872.000 |
857.800 |
|
|
|
|
|
|
TOTAL |
5078.900 |
5415.000 |
5827.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3359.700 |
3033.500 |
2695.000 |
|
|
|
Other Income |
7.900 |
26.200 |
10.200 |
|
|
|
TOTAL |
3367.600 |
3059.700 |
2705.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1309.900 |
1314.700 |
1324.200 |
|
|
|
Purchases of Stock-in-Trade |
679.100 |
583.900 |
504.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
16.100 |
15.700 |
(50.700) |
|
|
|
Employees benefits expense |
396.800 |
349.700 |
326.500 |
|
|
|
Other expenses |
499.700 |
479.700 |
414.600 |
|
|
|
Extraordinary Items - Income |
(29.000) |
(30.800) |
(120.400) |
|
|
|
TOTAL |
2872.600 |
2712.900 |
2398.300 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
495.000 |
346.800 |
306.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
98.900 |
116.100 |
79.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
396.100 |
230.700 |
227.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
457.700 |
457.400 |
468.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(61.600) |
(226.700) |
(241.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(61.600) |
(226.700) |
(241.600) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on F.O.B. basis |
1089.800 |
986.000 |
815.000 |
|
|
TOTAL EARNINGS |
1089.800 |
986.000 |
815.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
469.100 |
518.100 |
326.600 |
|
|
|
Stock -in -trade |
17.100 |
50.500 |
63.700 |
|
|
|
Capital Goods |
0.000 |
6.300 |
2.400 |
|
|
TOTAL IMPORTS |
486.200 |
574.900 |
392.700 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.15) |
(0.49) |
(0.55) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(1.83) |
(7.41) |
(8.93) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.83) |
(7.47) |
(8.96) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.58) |
(5.40) |
(5.24) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
(0.07) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.23 |
0.29 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
0.81 |
0.80 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
2096.100 |
2096.100 |
2096.100 |
|
Reserves & Surplus |
1434.900 |
1208.100 |
1146.500 |
|
Net worth |
3531.000 |
3304.200 |
3242.600 |
|
|
|
|
|
|
long-term borrowings |
1138.900 |
944.900 |
746.500 |
|
Short term borrowings |
0.000 |
0.000 |
11.900 |
|
Total borrowings |
1138.900 |
944.900 |
758.400 |
|
Debt/Equity ratio |
0.323 |
0.286 |
0.234 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2695.000 |
3033.500 |
3359.700 |
|
|
|
12.560 |
10.753 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2695.000 |
3033.500 |
3359.700 |
|
Profit |
(241.600) |
(226.700) |
(61.600) |
|
|
(8.96%) |
(7.47%) |
(1.83%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10485469 |
27/02/2012 |
950,000.00 |
THE KARUR VYSYA BANK LIMITED |
B 3, LAWERENCE ROAD, DELHI, Delhi - 110035,
INDIA |
B39243274 |
|
2 |
10344030 |
10/02/2012 |
10,783,948.00 |
THE ORIENTAL INSURANCE COMPANY LIMITED |
ORIENTAL HOUSE, POST BAG NO. 7037, A-
25/27, ASAF ALI ROAD, NEW DELHI, Delhi - 110002, INDIA |
B35754480 |
|
3 |
10345702 |
10/02/2012 |
113,134,000.00 |
THE KARUR VYSYA BANK LIMITED |
CENTRAL PROCESSING CELL REPRESENT FORT
MUMBAI BR, |
B36353001 |
|
4 |
10342382 |
10/02/2012 |
300,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE
CENTRE, |
B35095363 |
|
5 |
10342331 |
10/02/2012 |
464,310,000.00 |
UCO BANK |
Flagship
Corporate Centre, 5, Parliament Street, |
B35071026 |
|
6 |
80025870 |
10/01/2003 |
5,000,000.00 |
THE SARASWAT CO-OP. BANK LIMITED |
WORLI BRANCH, MUMBAI, Maharashtra - 400018,
INDIA |
- |
|
7 |
80025869 |
08/01/2003 |
150,000,000.00 |
SICOM LIMITED |
NIRMAL, FIRST FLOOR, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
- |
|
8 |
90169748 |
13/01/2003 * |
150,000,000.00 |
SICOM LIMITED |
NIRMAL 1st FLOOR, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
- |
|
9 |
80025868 |
23/08/2002 |
150,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
KAMANWALA CHAMBERS, GROUND FLOOR, SIR P.M.
ROAD, |
- |
|
10 |
80025875 |
24/07/2002 |
100,000,000.00 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED |
19, N.S. ROAD, CALCUTTA, West Bengal -
700001, INDIA |
- |
|
11 |
80025860 |
22/06/2002 |
100,000,000.00 |
SBI COMMERCIAL AND INTERNATIONAL BANK
LIMITED |
MAKER CHAMBERS III, , NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
- |
|
12 |
90169678 |
22/06/2002 |
100,000,000.00 |
SBI COMMERCIAL AND INTERNATIONAL BANK
LIMITED |
MAKERS CHAMBER III, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
- |
|
13 |
80025873 |
18/01/2002 |
500,000,000.00 |
UCO BANK |
5 PARLIAMENT STREET, NEW DELHI, Delhi -
110001, INDIA |
- |
|
14 |
80025874 |
18/12/2001 |
180,000,000.00 |
UTI BANK LIMITED |
SAKAR-1, OPP. GANDHIGRAM RAILWAY STATION,
OFF. ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA |
- |
|
15 |
80025895 |
06/12/2001 |
150,000,000.00 |
GE CAPITAL SERVICES INDIA |
BLOCK 4A, DLF CORPORATE PARK, QUTAB
ENCLAVE, PHASE-III, MEHRAULI- GURGAON ROAD, GURGAON, Haryana - |
- |
|
16 |
80025881 |
27/04/2002 * |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE FLOOR 21, WORLD TRADE CENTRE,
CUFFE PARADE, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
17 |
80025897 |
24/09/2001 |
100,000,000.00 |
ABU DHABI COMMERCIAL BANK LIMITED |
75, VEER NARIMAN ROAD, POST BOX 11248, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
18 |
80025898 |
19/09/2001 |
250,000,000.00 |
INDUSIND BANK LIMITED |
NEW DELHI MAIN BRANCH, DR. GOPAL DASS
BHAWAN, 28 |
- |
|
19 |
80025901 |
27/07/2001 |
170,000,000.00 |
BNP PARIBAS |
2ND FLOOR, 15 BARAKHAMBA ROAD, NEW DELHI,
Delhi 110001, INDIA |
- |
|
20 |
80025902 |
28/05/2001 |
50,000,000.00 |
SBI COMMERCIAL AND INTERNATIONAL BANK
LIMITED |
MAKER CHAMBERS III, NARIMAN POINT, MUMBAI, Maharashtra
- 400021, INDIA |
- |
|
21 |
80025889 |
20/04/2001 |
400,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
- |
|
22 |
80025890 |
20/12/2001 * |
50,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE FLOOR 21, WORLD TRADE CENTRE,
CUFFE PARADE, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
23 |
80025891 |
20/12/2001 * |
100,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE FLOOR 21, WORLD TRADE CENTRE, CUFFE
PARADE, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
24 |
80025892 |
01/02/2001 |
50,000,000.00 |
SICOM LIMITED |
NIRMAL, IST FLOOR, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
- |
|
25 |
80025893 |
09/01/2001 |
250,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
- |
|
26 |
80025894 |
27/12/2000 |
100,000,000.00 |
STATE BANK OF PATIALA |
13, ARCADE, WORLD TRADE CENTRE, CUFFE PARADE,
COLABA, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
27 |
80025905 |
16/12/1999 |
200,000,000.00 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED |
19 N.S. ROAD, CALCUTTA, West Bengal -
700001, INDIA |
- |
|
28 |
80025883 |
30/04/1999 |
50,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY RECLAMATION, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
29 |
80025884 |
16/01/1999 |
13,750,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY RECLAMATION, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
30 |
80025910 |
17/09/1998 |
50,000,000.00 |
SICOM LIMITED |
NIRMAL, IST FLOOR, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
- |
|
31 |
80025885 |
17/07/1998 |
60,000,000.00 |
THE ICICI BANK LIMITED |
163 BACKBAY RECLAMATION, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
32 |
80025886 |
09/03/1998 |
40,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY RECLAMATION, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
33 |
80025911 |
09/12/1997 |
115,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MMBAI, Maharashtra
- 400005, INDIA |
- |
|
34 |
80025906 |
31/03/1997 |
50,000,000.00 |
THE ICICI LIMITED |
163 BACKBAY RECLAMATION, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
35 |
80025912 |
12/03/1997 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI,
Maharashtra - 400005, INDIA |
- |
|
36 |
80025913 |
23/01/1996 |
20,000,000.00 |
THE CICI BANKING CORPORATION LIMITED |
LAND MARK, RACE COURSE CIRCLE, ALKAPURI,
BARODA, |
- |
* Date of charge modification
MANAGEMENT
OVERVIEW
The company
has recorded revenues of Rs. 3367.600 millions during the current financial
year against last year revenues of Rs. 3059.700 millions, recording a growth of
10% over the previous year revenues. Operating revenue for the current year at
Rs. 3359.700 millions has posted a growth of 10.8% over the last year. Sales
revenues of the company are steadily improving over the past few years.
Better
planning, improved productivity and the effective cost control have helped the
company to substantially improve its operating margins in the current year.
Growth in
Active Pharmaceutical Ingredients (API) business has been moderate, though
export price realisation was better on account of weak Indian Rupee against US
Dollar. Home Diagnostics and branded formulation business has shown significant
improvement in their sales revenues recording a growth of 21% and 27%
respectively.
Current
year's operating surplus of Rs. 466.000 millions has translated into a growth
of 48% against last year of Rs. 316.000 millions. Finance cost at Rs. 98.900
millions has come down by 15% against Rs. 116.100 millions incurred in the
previous year.
Cash
generated during the year stands at Rs. 367.100 millions against Rs. 199.900
millions generated during the last financial year. The management is committed
towards profitable growth of all its business segments by improving their
operating and financial performance. It is committed for the timely servicing
of its financial obligations.
OPERATIONS
Current year
sales revenues of Rs. 3220.600 millions have registered a growth of around 9%
against last year revenues of Rs. 2957.800 millions. Home Diagnostics business
has recorded a growth of 21% in its sales revenues. Active Pharmaceutical
Ingredients (API) business and Finished Formulation business have recorded
moderate growth of 6% and 5% respectively.
Continued
focus on margin improvement, cost control and efficient utilization of
resources has helped the company to significantly improve its operating margins
over the preceding years. The operating surplus for the current year has
improved to Rs. 466.000 millions from Rs. 316.000 millions in the previous
year. Current year operating surplus has recorded 48% growth over the last
financial year. After servicing the finance cost of Rs. 98.900 millions,
current year net cash surplus is Rs. 367.100 millions against Rs. 199.900
millions generated in the previous year.
API export
business registered a growth of around 11% whereas domestic API business
recorded a dip of 6% over the last year. Atorvastatin and Fexofenadine business
recorded handsome growth. Current year Loratadine revenues have not shown many
variations against previous year revenues.
During the Current
year 'Home Diagnostics' business has recorded revenue of Rs. 443.100 millions
against Rs. 365.200 millions recorded in previous financial year. The handsome
growth in revenues was made possible by expanding consumer base by tying up
with online portals for sales and marketing of company's products.
Finished Formulation business has recorded sales revenues of Rs. 750.600
millions against Rs. 714.700 millions recorded in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GLOBAL
PHARMACEUTICAL SCENARIO
Total global
spending on medicines will exceed one trillion US Dollar for the first time in
2014 and is expected to touch $1.2 trillion by 2017. The global spending on prescription
medicines will increase by $205-235 Bn till the year 2017. The level of
increase is comparable to the $234 Bn by which spending increased in last five
years. The mix of total global spending on medicines will shift towards
generics in the coming years, rising from 27% to 36% of the total by 2017, even
as brands will continue to account for more than two thirds of spending in
developed world. The use of generics will be at its highest in pharmerging
markets where 63% of the spending will go to generics products. The slowing
growth in the coming years till 2017 reflects reduced spending in many
developed markets facing continued austerity measures. Annual growth in
spending levels having reached a low point in 2013 will be followed by
increased growth particularly in developed markets. Medicines spending levels
are also affected by launches of new products which are typically smaller, more
specialty and niche products than in past
whereas at the same time, patent expiries of many small molecules products
have successfully contained spending growth for traditional medications in
developed markets.
The role of
medicines in improving health for hundreds of millions of people across the
globe has never been more important. Many countries are moving towards
Universal Health Coverage, ensuring access to medicines and other elements of
health care for all. Since the beginning of the world's major economic slowdown
in 2007, macroeconomic indicators are improving, though slowly than the
previously forecasted. Austerity measures taken by some governments, especially
in Europe, continue to be applied to healthcare spending especially medicines.
Next five years see a continuing growth split between developed markets and
pharmerging markets. The developed markets of North America, Europe and Japan
will see very modest single-digit spending growth, due to a combination of
economic and healthcare austerity measures and the saving realized from the
growing availability of lower cost generic versions of brands following their
patent expiry. Growth in developed markets will rebound from negative $3 Bn in
2012 to $20-25 Bn by 2017, even as the European economic recovery lags that of
US and Japan. Growth in Pharmerging markets will increase from $26 Bn in 2012,
to $30-50 Bn in 2017 primarily due to increased access to medicines as
infrastructure and health systems evolve.
Across the
major developed markets, uncertainty exists to an unusual extent. The last 5-6
years in Europe have seen greater adoption of generics and more restrictive
policies that have made patients in European countries less likely to gain
access to innovative medicines. Meanwhile US will also see the major impact of
the implementation of its local drug legislations and how the structural
changes will impact the medicine spending is difficult to predict with
certainty. However, US will resume increased spending levels in 2014 after 2
years of reduction, due to expansion of healthcare access and lower patent
expires. US, expected to grow at CAGR of 1 4% through' 2013-17, will have a
smaller share of the global market through' 2017 but a constant share of
developed markets. In Japan, the key variable driving different scenario is the
successful establishment of effective generic drug market. Japan has targeted
to achieve increasing generics markets share in its local market and achieve
60% share of its total generic and listed drugs by 2018. Medicine spending
growth in pharmerging markets is highly influenced by the scenario emerging out
of Chinese markets. It is the largest and one of the fastest growing emerging
markets for the prescription drugs with the goal being universal healthcare
coverage by 2020.
Innovation,
the ultimate engine of growth for the global provision of medicines, will see a
revival of activity through 2017, with increase in the number of global
innovative launches since 2010.
MOREPEN'S
STRATEGY
Morepen has
been handling complex chemical manufacturing processes for quite a numbers of
years. The company is working in the area of improved cost-beneficial chemical
synthesis for various drug molecules. The process will provide a wide variety
of bulk drugs both for domestic markets as well as export markets. Expanding
range of generic products on account of more molecules coming off patent provide
exciting opportunities to the company for the API as well for intermediates
production. The company is looking forward to its future with great
expectations. It expects significant gains in the business on the strength of
its good in-house strength of handling complex chemical reaction, fully trained
and experienced work force, increased spend on process improvements and
emphasis on cost savings. The company is committed to expand its R and D
efforts to enable it to file new process/polymorph patents for more and more
products and also to enable it to enter newer countries.
In respect of
its formulations and home diagnostic business segments, the company is slowly
expanding its operations. On account of limited working capital finances it
intends to continue its present strategy of conservative but profitable growth
of these two business segments. Over the years the company has established a
niche place for itself by delivering quality products at affordable prices and
it expects its business and profits to grow healthy in the coming years. The
company has established a brand name for its products across all business
segments and the company hopes to leverage its position in the market. The
company will continue to work on better products mix and markets with a view to
improve its business and financial performance.
The company
has been able to improve upon its operational and financial performance in the
recent past and it hopes to carry forward its profitable growth in the coming
years as well. All the business segments have shown better performance in the
current year and are expected to record better performance for the coming
years. The company continues to remain
committed to offer value to its customers and maintain a cordial and healthy
relationship with all its constituents. Towards the purpose of enhancement of
API business and towards strengthening of its Intellectual properties five new
patent applications were filed during the year.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
Claim against the Company not acknowledged as debts |
114.400 |
152.500 |
|
Guarantees |
0.900 |
1.400 |
|
Other money for which company is contingently liable |
147.700 |
127.400 |
|
Arrears of Fixed Cummulative Dividends on Preference Shares |
59.300 |
54.300 |
|
Bills discounted with banks |
12.600 |
13.400 |
FIXED ASSETS
œ Free hold Land
œ Leasehold Land
œ Buildings
œ Plant and Machinery
œ Furniture’s and Fixtures
œ Vehicles
œ Office Equipment’s
œ
Computer Software
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH JUNE, 2014
(Rs. In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
864.374 |
|
|
|
b) Other Operating Income |
49.762 |
|
|
|
Total Income from Operations (Net) |
914.136 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
353.930 |
|
|
b) |
Purchase of stock in-trade |
184.058 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
12.184 |
|
|
d) |
Employee benefit expenses |
100.185 |
|
|
e) |
Depreciation and amortization expense |
110.027 |
|
|
f) |
Power & Fuel |
21.432 |
|
|
g) |
Travelling Expenses |
14.562 |
|
|
h) |
Selling and Distribution Expenses |
43.992 |
|
|
i) |
Other expenses |
42.301 |
|
|
Total Expenses |
882.671 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
31.465 |
|
4 |
Other Income |
1.851 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
33.316 |
|
6 |
Finance Costs |
20.486 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
12.830 |
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
12.830 |
|
|
10 |
Tax Expense |
2.567 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
10.263 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
10.263 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
899.586 |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic |
0.02 |
|
|
|
Diluted |
0.02 |
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
294454615 |
|
|
|
- Percentage of
Shareholding |
65.46% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
610000 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
0.39% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
0.14% |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
154761588 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
99.61% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
34.40% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
6 |
|
|
|
Disposed during the
quarter |
6 |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
NOTE:
1. The above results have been reviewed by the Audit Committee
and approved by the Board of Directors at their meeting held on August 09,
2014.
2.
The Company is
exclusively engaged in the Pharmaceutical Business Segment.
3.
During the quarter,
the Company has revised depreciation rates on certain fixed assets as per the
useful life specified in the Companies Act, 2013 or as re-assessed by the
company. Based on current estimate, depreciation of Rs. 999.88 Lacs on the
assets whose useful life is already exhausted as on April 01,2014 have been
adjusted to General Reserve. Had there not been any change in useful life of
assets, depreciation for the quarter would have been lower by Rs.628.500
millions.
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 records 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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.