MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
IPCA LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
48, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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 |
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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
: |
Manufacturing and Selling of Pharmaceutical Products such as Tablets /
Capsules, Orals / Liquids, Injectables, Basic Drugs/Intermediates and
Psyllium Husk. |
|
|
|
|
No. of Employees
: |
11727 (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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is an old and well established company having fine track
record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered 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
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk |
|
Date |
22.08.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
22.08.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Harish Kamat |
|
Designation : |
Head of Legal Department |
|
Contact No.: |
91-22-66474444 |
|
Date : |
27.10.2014 |
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 : |
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|
|
|
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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 |
|
|
|
|
Research and Development Center : |
47, 48, 58-DD, 123 AB, 125 and 126 (Amalgamated),
Kandivli Industrial Estate, Kandivli (West), Mumbai – 400067, Maharashtra,
India |
|
Tel No.: |
91-22-66474755 |
|
Fax No.: |
91-22-66474757 |
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|
|
|
Factory : |
Madhya Pradesh
Tel. No.: 91-7412-278000 Fax No.: 91-7412-279083
Tel. No.: 91-731-2421172/2081 Fax No.: 91-731-2422082
Tel. No.: 91-7292-667777 Fax No.: 91-7292-667020 Gujarat
Tel. No.: 91-2836-252385/389 Fax No.: 91-2836-252313
Tel. No.: 91-2646-220594 Fax No.: 91-2246-250435
Tel. No.: 91-265-2840795 Fax No.: 91-265-2840868 Union Territory of Dadra
and Nagar Haveli
Tel. No.: 91-260-2640301 Fax No.: 91-260-2640303
Tel. No.: 91-260-2640850 Fax No.: 91-260-2640646 Maharashtra
Tel. No.: 91-240-2564993 Fax No.: 91-240-2564113
Tel
No.: 91-2145-232058 Fax
No.: 91-2145-232055 Uttarakhand
Tel. No.: 91-135-6542228 Fax No.: 91-135-2728766 SIKKIM
Tel. No.: 91-3595-276372 Fax No.: 91-3595-276372 |
DIRECTORS
As on 31.03.2014
|
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. Babulal Jain |
|
Designation : |
Director |
|
Qualification |
C. A. |
|
|
|
|
Name : |
Mr. Anand T.
Kurse |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dev Prakash
Yadava |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ramakanta
Panda |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Harish P. Kamath |
|
Designation : |
Company Secretary |
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|
|
|
Corporate
Management Team |
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|
|
|
|
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. Jeevan L. Nagori |
|
Designation : |
President – Operation |
|
|
|
|
Name : |
Dr. Ashok Kumar |
|
Designation : |
President - R and D Chemicals |
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|
|
|
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 : |
Corporate Counsel and Company Secretary |
|
|
|
|
Name : |
Abha Pant |
|
Designation : |
President – R and D (Formulations) |
|
|
|
|
Name : |
E. J. Babu |
|
Designation : |
President - API Exports |
|
|
|
|
Name : |
Sanjay Sinha |
|
Designation : |
President - Operations (Formulations) |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(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 |
|
|
|
|
|
|
|
|
14635711 |
11.60 |
|
|
38786 |
0.03 |
|
|
30534517 |
24.20 |
|
|
45209014 |
35.82 |
|
|
|
|
|
|
6543749 |
5.19 |
|
|
|
|
|
|
13725957 |
10.88 |
|
|
1769658 |
1.40 |
|
|
1032576 |
0.82 |
|
|
200924 |
0.16 |
|
|
6192 |
0.00 |
|
|
158667 |
0.13 |
|
|
650793 |
0.52 |
|
|
16000 |
0.01 |
|
|
23071940 |
18.28 |
|
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 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
shareholders |
No.
of Shares |
Percentage
of Holding |
|
Kaygee Investments Private Limited |
27018195 |
21.41 |
|
Chandurkar Investments Private Limited |
6978005 |
5.53 |
|
Exon Laboratories Private Limited |
8271000 |
6.55 |
|
Paschim Chemicals Private Limited |
5029000 |
3.98 |
|
Paranthapa Investments and Traders Private Limited |
15500 |
0.01 |
|
Makers Laboratories Limited |
101480 |
0.08 |
|
M R Chandurkar |
2151000 |
1.70 |
|
Usha M Chandurkar |
2000000 |
1.58 |
|
Sameer M Chandurkar |
1000000 |
0.79 |
|
Premchand Godha |
2681340 |
2.12 |
|
Usha P Godha |
1209370 |
0.96 |
|
Prashant Godha |
731800 |
0.58 |
|
Pranay Godha |
606936 |
0.48 |
|
Nirmal Jain |
115000 |
0.09 |
|
Bhawna Godha |
2500 |
0.00 |
|
Mexin Medicaments Private Limited |
7029 |
0.01 |
|
Total |
57918155 |
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
|
Name of
shareholders |
No.
of Shares |
Percentage
of Holding |
|
HDFC
Trustee Company Limited |
4770471 |
3.78 |
|
Lavender
Investments Limited |
3329000 |
2.64 |
|
Government
Pension Fund Global |
3282888 |
2.60 |
|
Dendana
Investments (Mauritius) Limited |
2826855 |
2.24 |
|
Janus
Contrarian Fund |
2131249 |
1.69 |
|
Saif
Advisors Mauritius Limited |
2010533 |
1.59 |
|
Kemnay
Investment Fund Limited |
1826939 |
1.45 |
|
HDFC
Standard Life Insurance Company Limited |
1733734 |
1.37 |
|
Reliance
Capital Trustee Company Limited |
1610400 |
1.28 |
|
Sundaram
Mutual Fund |
1470329 |
1.17 |
|
Franklin
Templeton Mutual Fund |
1398965 |
1.11 |
|
Birla
Sun Life Trustee Company Private Limited |
1331777 |
1.06 |
|
Total |
27723140 |
21.97 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Pharmaceutical Products such as Tablets /
Capsules, Orals / Liquids, Injectables, Basic Drugs/Intermediates and
Psyllium Husk. |
GENERAL INFORMATION
|
No. of Employees : |
11727 (Approximately) |
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Bankers : |
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Facilities : |
Notes:
Maturity Profile of Borrowings other than Debentures
Secured by first charge by way of hypothecation of all the
stocks, 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. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Natvarlal Vepari and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
ABK and Associates Cost Accountants |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Step-down
Subsidiaries : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Joint Venture : |
|
|
|
|
|
Entities where
control exists : |
|
|
|
|
|
Other Related
Parties (Entities in which Directors or their relatives have significant
influence) : |
|
CAPITAL STRUCTURE
As on 31.03.2014
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:
a) Aggregate Shares issued under Employees Stock Option Scheme (ESOS): NIL Equity Shares of Rs.2/- each.
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) 53210 Equity Shares of Rs.10/- each in 2009-10 and 203,009 Equity Shares of Rs.10/- each in 2008-09 have been extinguished under Buy back Scheme.
d) 322704 Equity shares of Rs.2/- each of the Company have been issued during 2012-13 under the scheme of amalgamation of erstwhile Tonira Pharma Limited with the Company.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the
year |
126199109 |
252.400 |
|
Shares Issued during the year |
- |
- |
|
Shares
outstanding at the end of the year |
126199109 |
252.400 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Kaygee Investments Private Limited |
27018195 |
21.41% |
|
HDFC Trustee Company Limited |
3901357 |
3.09% |
|
Exon Laboratories Private Limited |
8271000 |
6.55% |
|
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
252.400 |
252.400 |
252.300 |
|
(b) Reserves & Surplus |
19563.700 |
15446.100 |
12370.400 |
|
(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) |
19816.100 |
15698.500 |
12622.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2921.200 |
3662.100 |
3301.800 |
|
(b) Deferred tax liabilities (Net) |
1471.100 |
1303.900 |
930.900 |
|
(c) Other long term
liabilities |
3.800 |
4.000 |
5.900 |
|
(d) long-term
provisions |
144.900 |
122.100 |
87.200 |
|
Total Non-current
Liabilities (3) |
4541.000 |
5092.100 |
4325.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1379.600 |
1571.400 |
2013.600 |
|
(b) Trade
payables |
3373.600 |
2654.600 |
2307.100 |
|
(c) Other
current liabilities |
2513.500 |
1651.800 |
1745.600 |
|
(d) Short-term
provisions |
547.200 |
419.100 |
285.700 |
|
Total Current
Liabilities (4) |
7813.900 |
6296.900 |
6352.000 |
|
|
|
|
|
|
TOTAL |
32171.000 |
27087.500 |
23300.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
12851.000 |
10526.700 |
9085.200 |
|
(ii)
Intangible Assets |
210.100 |
226.600 |
43.000 |
|
(iii)
Capital work-in-progress |
1486.300 |
1209.900 |
884.500 |
|
(iv)
Intangible assets under development |
162.700 |
81.800 |
60.600 |
|
(b) Non-current Investments |
287.500 |
217.900 |
426.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1247.600 |
881.600 |
763.600 |
|
(e) Other
Non-current assets |
90.300 |
95.000 |
71.300 |
|
Total Non-Current
Assets |
16335.500 |
13239.500 |
11334.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1.500 |
1.500 |
1.500 |
|
(b)
Inventories |
8383.000 |
7333.400 |
6639.800 |
|
(c) Trade
receivables |
4484.900 |
4159.300 |
3409.100 |
|
(d) Cash
and cash equivalents |
694.900 |
546.600 |
92.500 |
|
(e) Short-term
loans and advances |
654.700 |
496.400 |
336.600 |
|
(f) Other
current assets |
1616.500 |
1310.800 |
1486.300 |
|
Total
Current Assets |
15835.500 |
13848.000 |
11965.800 |
|
|
|
|
|
|
TOTAL |
32171.000 |
27087.500 |
23300.500 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
32348.200 |
27784.200 |
23300.600 |
|
|
|
Other Income |
214.300 |
186.600 |
129.200 |
|
|
|
TOTAL (A) |
32562.500 |
27970.800 |
23429.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
10975.100 |
10447.500 |
8714.300 |
|
|
|
Purchases of Stock-in-Trade |
904.900 |
1060.800 |
1008.800 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(606.300) |
(597.700) |
(650.400) |
|
|
|
Employees benefits expense |
4778.600 |
3765.700 |
3222.000 |
|
|
|
Other expenses |
8243.600 |
6895.000 |
5871.100 |
|
|
|
Foreign Exchange (Gain)/Loss -
Net |
721.000 |
632.800 |
527.900 |
|
|
|
TOTAL (B) |
25016.900 |
22204.100 |
18693.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7545.600 |
5766.700 |
4736.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
245.800 |
313.000 |
393.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7299.800 |
5453.700 |
4342.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1008.900 |
840.000 |
653.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6290.900 |
4613.700 |
3689.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1517.200 |
1299.800 |
887.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4773.700 |
3313.900 |
2801.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3739.300 |
2768.900 |
1462.400 |
|
|
|
|
|
|
|
|
|
Add |
ADDITION ON AMALGAMATION OF TONIRA PHARMA LIMITED |
0.000 |
0.000 |
43.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
1755.000 |
1000.000 |
|
|
|
Interim dividend |
315.500 |
252.300 |
251.500 |
|
|
|
Tax on Interim dividend |
53.600 |
40.900 |
40.800 |
|
|
|
Proposed final dividend |
315.500 |
252.400 |
151.400 |
|
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
0.000 |
70.000 |
|
|
|
Tax on Proposed Dividend |
53.600 |
42.900 |
24.600 |
|
|
BALANCE CARRIED
TO THE B/S |
6274.800 |
3739.300 |
2768.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
19836.200 |
16666.900 |
13533.600 |
|
|
|
Deemed exports |
23.900 |
3.300 |
0.000 |
|
|
|
Interest |
0.000 |
0.100 |
12.000 |
|
|
|
Dossier Income |
182.200 |
74.500 |
0.000 |
|
|
|
Other Service charges |
5.9000 |
21.200 |
63.500 |
|
|
TOTAL EARNINGS |
20048.200 |
16766.000 |
13609.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
4166.100 |
3662.800 |
3732.000 |
|
|
|
Packing Materials |
52.900 |
25.300 |
21.800 |
|
|
|
Traded goods |
4.600 |
63.000 |
88.200 |
|
|
|
Capital goods |
986.700 |
410.400 |
529.700 |
|
|
|
Stores and machine components |
56.300 |
35.300 |
34.300 |
|
|
|
Others |
15.200 |
23.800 |
24.500 |
|
|
TOTAL IMPORTS |
5281.800 |
4220.600 |
4430.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.83 |
26.27 |
22.23 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
9359.600 |
|
Total Expenditure |
|
|
7050.400 |
|
PBIDT (Excl OI) |
|
|
2309.200 |
|
Other Income |
|
|
85.500 |
|
Operating Profit |
|
|
2394.700 |
|
Interest |
|
|
57.200 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
2337.500 |
|
Depreciation |
|
|
379.100 |
|
Profit Before Tax |
|
|
1958.400 |
|
Tax |
|
|
503.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
1454.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
1454.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
14.66 |
11.85 |
11.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.45 |
16.61 |
15.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.81 |
18.04 |
16.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.29 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.33 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03 |
2.20 |
1.88 |
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 |
252.300 |
252.400 |
252.400 |
|
Reserves & Surplus |
12370.400 |
15446.100 |
19563.700 |
|
Net
worth |
12622.700 |
15698.500 |
19816.100 |
|
|
|
|
|
|
long-term borrowings |
3301.800 |
3662.100 |
2921.200 |
|
Short term borrowings |
2013.600 |
1571.400 |
1379.600 |
|
Total
borrowings |
5315.400 |
5233.500 |
4300.800 |
|
Debt/Equity
ratio |
0.421 |
0.333 |
0.217 |
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 |
|
Sales |
23,300.600 |
27,784.200 |
32,348.200 |
|
|
|
19.242 |
16.427 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
23,300.600 |
27,784.200 |
32,348.200 |
|
Profit |
2,801.700 |
3,313.900 |
4,773.700 |
|
|
12.02% |
11.93% |
14.76% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long term debt |
1646.200 |
936.800 |
692.700 |
|
Total |
1646.200 |
936.800 |
692.700 |
|
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 |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation Date : 27/08/2014 |
|||||||
|
Lodging No. : |
NMWL/498/2014 |
Failing Date:- |
27/08/2014 |
||||
|
Main Matter |
|||||||
|
Lodging No. : |
WPL/313/2014 |
||||||
|
|
|
|
|||||
|
|
|||||||
|
Petitioner:- |
USHA OFFSET PRINTERS PRIVATE LIMITED |
Respondent:- |
IPCA LABORATORIES LIMITED |
||||
|
Petn.Adv:- |
DRUPAD SOPAN PATIL (I2860) |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
NOTICE OF MOTION (DIRECTION) |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|||||
|
Last Date:- |
20/01/2014 |
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE V.M. KANADE HON’BLE SHRI JUSTICE P.D. KODE |
||||||
|
|
|
||||||
|
Act. : |
Debt Tribunal Recovery Act |
|
|||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
SHORT TERM
BORROWINGS |
|
|
|
Short Term Loans from Banks |
0.000 |
765.900 |
|
Total |
0.000 |
765.900 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure and
Development
The global pharmaceutical market is now estimated to be US $960 billion and is growing at a rate of about 3% per annum. US, Japan and Europe constitute about 75% of the global pharmaceutical market and are growing at a slower annual rate mainly due to loss of exclusivity, lesser new product approvals and price erosions due to generics competition.
In contrast, pharmaceutical market of emerging economies like India are growing at a much faster rate of 10% - 12% per annum driven by improved per capita income, increased access and rising awareness of modern medicines and strengthening of healthcare infrastructure.
Out of the global pharmaceutical market, generic formulations contribute about US$ 150 billion and is growing at about 8% per annum. US is the largest market contributing 45% and Canada, Japan and Europe collectively contributing another 35% 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 and 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.
FINANCIAL PERFORMANCE
AND OPERATIONS REVIEW
The Company had another successful financial year with a net total income of Rs.32562.500 Millions as against Rs.2797.08 Millions in the previous year, a growth of 16%.
The Company’s focus on formulations business resulted into increase in overall formulation sales to Rs.24169.900 Millions, an increase of 17% over previous year formulations sales of Rs.20722.800 Millions.
The Company further expanded its coverage with introduction of new formulations, both in the domestic and export markets, especially in the fast growing life style related therapeutic segments.
The Active Pharmaceutical Ingredient (API) business also increased by 15% to Rs.7647.700 Millions.
During the financial year under report, the Earnings before interest, depreciation and foreign exchange transactions / translation loss increased by 29% to Rs.8266.600 Millions as against Rs.6399.500 Millions in the previous financial year. The operations have resulted in a net profit of Rs.4773.700 Millions during the financial year under report as against Rs.3313.900 Millions in the previous financial year, an increase of 44%. Due to steep depreciation of Indian Rupee vis-à-vis major currencies, during the financial year under report, the Company incurred a foreign exchange translations/transactions loss of Rs.721.000 Millions (previous year - loss of Rs.632.800 Millions).
INTERNATIONAL
BUSINESS
The products of the Company are now exported to nearly 130 countries across the globe. During the financial year under report, the international business increased by 19% to Rs.20478.000 Millions as against Rs.17160.800 Millions in the previous year. Formulation exports of the Company increased by 21% to Rs.14475.700 Millions and exports of APIs and Drug Intermediates increased by 15% to Rs.6002.300 Millions.
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 and non steroidal anti-inflammatory drugs (NSAID).
During the financial year under report, the domestic formulations business recorded a growth of 10% at Rs. 9694.200 Millions as against Rs. 8781.000 Millions in the previous year. The lower growth in the domestic formulations business is mainly on account of lower anti-malarial formulations business and price reduction and market disturbances due to introduction of new drug pricing regime in the country.
CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Bills discounted with banks |
2564.00 |
2370.900 |
|
Since Realized |
(1037.700) |
(1507.900) |
|
Other moneys for
which the Company is contingently liable for tax, excise, customs and other
matters not accepted by the Company |
164.400* |
118.200* |
|
Amount deposited under protest |
(40.800) |
(0.500) |
|
Claims against the Company not acknowledged as debts |
29.500 |
29.800 |
|
Corporate Guarantee given to others |
82.800 |
22.800 |
|
Guarantees given
by banks in favour of Govt. & others/ Letter of Credit opened against
which goods are not received * |
827.100 |
624.400 |
*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. (Previous year Rs.20.000 Millions) to the Department.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
9282.000 |
|
b) Other operating income |
77.600 |
|
Total
income from Operations(net) |
9359.600 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
3179.900 |
|
b) Purchases of stock in trade |
280.200 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(34.000) |
|
d) Employees benefit expenses |
1389.200 |
|
e) Depreciation and amortization expenses |
379.100 |
|
f) Other expenditure |
2235.100 |
|
Total expenses |
7429.500 |
|
3. Profit from operations before other income and
financial costs |
1930.100 |
|
4. Other income |
62.900 |
|
5. Profit from ordinary activities before finance costs |
1993.000 |
|
6.Foreign exchange transaction |
-22.600 |
|
7. Finance costs |
57.200 |
|
8. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
1958.400 |
|
9. Exceptional item |
0.000 |
|
10. Profit from ordinary activities before tax
Expense: |
1958.400 |
|
11.Tax expenses |
503.500 |
|
12.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
1454.900 |
|
13.Extraordinary Items (net of tax expense) |
0.000 |
|
14.Net Profit / (Loss) for the period (11 -12) |
1454.900 |
|
15.Paid-up equity share capital (Nominal value Rs.10/- per share) |
252.400 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
11.53 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
11.53 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
68280954 |
|
- Percentage of shareholding |
54.11% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
1290350 |
|
Percentage of shares (as a % of total share capital of the
company) |
2.23% |
|
|
1.02% |
|
b) Non Encumbered |
|
|
Number of shares |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
56627805 |
|
Percentage of shares (as a % of total share capital of the
company) |
97.77% |
|
|
44.87% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
20 |
|
Disposed of during the quarter |
18 |
|
Remaining unreserved at the end of the quarter |
2 |
Notes:
- 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 July 31, 2014.
- In accordance with the provisions of Schedule II to the Companies Act 2013, effective from April 01, 2014, the Company has revised the useful lives of its fixed assets. As a consequence of such revision, the charge for depreciation for the period is higher than the previously applied rates by Rs.101.200 Millions. For assets that have completed the useful lives as a consequence of the aforesaid revision, the carrying value as on April 01, 2014 of Rs.132.600 Millions has been charged to the opening balance of the surplus in Statement of Profit and Loss. Deferred tax effect thereon of Rs.45.100 Millions is also adjusted in the opening balance of the surplus in Statement of Profit and Loss.
- Figures of quarter ended March 31, 2014 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2014 and figures upto the third quarter ended December 31, 2013 which was subjected to Limited Review by the Statutory Auditors.
- The Company has only one reportable primary business segment viz.'Pharmaceuticals'.
- Previous year figures have been regrouped and rearranged wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10504127 |
05/06/2014 |
1,250,000,000.00 |
Hsbc Bank(Mauritius) Limited |
6th Floor, Hsbc Centre, 18, Cyber City, Ebene, Mauritius, - 00, Mauritius |
C07219389 |
|
2 |
10448895 |
28/08/2013 |
640,000,000.00 |
DBS Bank Limited |
Capitol Point, Baba Kharak Singh Marg, Connaught Place, New Delhi, Delhi - 110001, India |
B84945625 |
|
3 |
10425025 |
03/05/2013 |
7,900,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor, 17 R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B74905605 |
|
4 |
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 |
|
5 |
10397485 |
14/02/2013 * |
200,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B69152189 |
|
6 |
10323062 |
19/12/2011 * |
500,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B28289064 |
|
7 |
10323188 |
18/11/2011 |
900,000,000.00 |
Hsbc Bank(Mauritius) Limited |
6th Floor, Hsbc Centre, 18, Cyber City, Ebene, Mauritius, - 00, Mauritius |
B27886316 |
|
8 |
10307531 |
09/04/2014 * |
7,200,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
C02916062 |
|
9 |
10307533 |
24/08/2011 |
150,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B21116876 |
|
10 |
10276773 |
28/03/2011 |
500,000,000.00 |
BARCLAYS BANK PLC |
Eros Corporate Tower,, 1st Floor, Nehru Place, New Delhi, Delhi - 110019, India |
B09425307 |
|
11 |
10226713 |
24/06/2010 |
297,000,000.00 |
Kotak Mahindra Bank Limited |
36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India |
A88504907 |
|
12 |
10222105 |
17/05/2010 |
450,000,000.00 |
Dbs Bank Limited |
3rd Floor, Fort House, Dr. D. N. Road, Fort, Mumbai, Maharashtra - 400001, India |
A85582237 |
|
13 |
10198485 |
02/02/2010 |
250,000,000.00 |
Citibank N. A. |
Citigroup Centre, G Block, Plot No.C61, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India |
A78150463 |
|
14 |
10076503 |
12/12/2011 * |
1,055,500,000.00 |
Bnp Paribas |
20, Collyer Quay,, #01-01, Tung Centre, Singapore, - 049319, Singapore |
B28344240 |
|
15 |
90241365 |
18/03/2005 * |
5,000,000.00 |
Export Import Bank Of India |
Centre One Corp Service Branch, World Trade Centre, Mumbai, Maharashtra - 400005, India |
- |
|
16 |
90102444 |
10/02/2005 |
480,000.00 |
Citicorp Finance (India) Limited |
Vadodara, Vadodara, Gujarat, India |
- |
|
17 |
90243656 |
11/12/2003 |
5,000,000.00 |
Export - Import Bank Of India |
Centre One; World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
FIXED ASSETS:
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Office and Other Equipment’s
- Effluent Treatment Plant
- Furniture and Fixtures
- Vehicles
- Leasehold Improvement
- R and D Building
- R and D Leasehold Improvement
- R and D Equipment’s
- R and D Furniture’s
- Goodwill
- Software
- Brands and Trade Mark
- Know-How
- Software - R and D
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.23 |
|
UK Pound |
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
YES |
|
--EPF |
YES/NO |
YES |
|
|
|
|
|
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.