MIRA
INFORM REPORT
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Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
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Name : |
J B CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 21.08.1985) UNIQUE PHARMACEUTICAL LABORATORIES (A DIVISION OF J B CHEMICALS AND PHARMACEUTICALS LIMITED) |
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Formerly Known
As : |
J.B. MODY CHEMICALS AND PHARMACEUTICALS LIMITED |
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Registered
Office : |
Neelam Centre, B Wing, 4th Floor, Hind Cycle Road, Worli,
Mumbai - 400030, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.12.1976 |
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Com. Reg. No.: |
11-019380 |
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Capital Investment
/ Paid-up Capital : |
Rs. 169.463 Millions |
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CIN No.: [Company Identification
No.] |
L24390MH1976PLC019380 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Marketer various pharmaceutical
formulations, herbal remedies and APIs. |
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No. of Employees
: |
2480 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (57) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 41910000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a good track record. There is a dip in profit of the company in the year 2014. However,
overall financial position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are regular and as per commitment. The company can be considered normal 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.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
AA (Long Term Rating) |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
10.03.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
A1+ (Short Term Rating) |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
10.03.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Hiren |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-24930918 |
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Date : |
19.09.2014 |
LOCATIONS
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Registered Office : |
Neelam Centre, B Wing, 4th Floor, Hind Cycle Road, Worli,
Mumbai - 400030, Maharashtra, India |
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Tel. No.: |
91-22- 24822222/24930918/ 30451200 / 500 |
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Fax No.: |
91-22-24930534 / 24939633 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Factory 1 : |
Plot Nos. 215 to
219, 304 to 310 and Plot No.4 and 5, Phase IV, GIDC Industrial Area, Panoli, Ankleshwar - 394116,
Maharashtra, India |
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Factory 2 : |
Plot Nos.128/1, 128/1/1,
128/2, 129/1 and 129/B1, GIDC Industrial Area, Ankleshwar - 393 002, Gujarat,
India |
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Factory 3 : |
Survey No.101/2
and 102/1, Daman Industrial Estate, Airport Road, Kadaiya, Daman 396 210,
Daman and Diu (U.T.), India |
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Factory 4 : |
Plot No. P-10,
Shiv Mahape, P.O. Gansoli, Thane-Belapur Road, Navi Mumbai - 400701,
Maharashtra, India |
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R & D Centres 1 : |
Plot
No.A-154/155, Wagle Industrial Estate, Thane (West), Thane - 400604,
Maharashtra, India |
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R & D Centres 2 : |
Plot No.128/1,
GIDC Industrial Area, Ankleshwar - 393002, Gujarat, India |
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R & D Centres 3 : |
Plot No.5, Phase
IV, GIDC Industiral Area, Panoli, Ankleshwar - 394116, India |
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R & D Centres 4 : |
Plot No. 218/219,
GIDC Industrial Area, Panoli, Ankleshwar - 394116., India |
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R & D Centres 5 : |
101/2 and 102/1,
Daman Industrial Estate, Airport Road, Village Kadaiya, Nani Daman – 396210,
Daman and Diu (U.T.), India |
DIRECTORS
As on 31.03.2014
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Name : |
Jyotindra B. Mody |
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Designation : |
Chairman and Managing Director |
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Name : |
Dinesh B. Mody |
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Designation : |
Whole Time Director (Administration) |
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Name : |
Shirish B. Mody |
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Designation : |
Whole Time Director (Marketing) |
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Name : |
Bansidhar S. Mehta |
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Designation : |
Non-Executive Non-Independent director |
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Name : |
Durga Dass Chopra |
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Designation : |
Independent Director |
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Name : |
Bharat P. Mehta |
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Designation : |
Whole Time Director (Planning and Development |
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Name : |
Pranabh Mody |
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Designation : |
President and Whole Time Director (Operations) |
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Name : |
Rajiv C. Mody |
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Designation : |
Independent Director |
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Name : |
Kamlesh L. Udani |
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Designation : |
Executive Director (Technical and Production) |
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Name : |
Dr. Satyanarain Agarwala |
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Designation : |
Independent Director |
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Name : |
Sanjay Asher |
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Designation : |
(Alternate to Mr. Jashvantrai B. Joshi) Independent Director |
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Name : |
Dr. Niranjan N. Maniar |
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Designation : |
Independent Director |
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Name : |
Mahesh K. Shroff |
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Designation : |
Independent Director |
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Name : |
Jashvantrai B. Joshi |
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Designation : |
Independent Director |
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Name : |
Krupa R. Gandhi |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Hiren |
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Designation : |
Finance Manager |
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Name : |
M. C. Mehta |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE |
·
Mr. Durga Dass Chopra (Chairman) Mr. Dinesh B. Mody Ms. Krupa R. Gandhi Mr. Mahesh K. Shroff Dr. Niranjan N. Maniar Dr. Satyanarain Agarwala |
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BUSINESS MANAGEMENT TEAM |
·
Mr. Jyotindra B. Mody, Managing Director Mr. Dinesh B. Mody, Whole Time Director (Administration) Mr. Shirish B. Mody, Whole Time Director (Marketing) Mr. Pranabh Mody, President and Whole Time Director (Operations) Mr. P. K. Singh, President - Global Business Mr. Nirav Mody, Sr. Vice President - Strategic Marketing and Business
Development Mr. Jay Mehta, Sr. Vice President – International Division Mr. Anupam Mehta, Sr. Vice President - Materials Mr. Savya Sachi, Director - Marketing and Sales Mr. B. K. Dhar, General Manager - Api (B.U.) Mr. Mitesh Kothari, General Manager - Diagnostic Mr. Bhavesh Joshi, Chief Financial Offi Cer Mr. Bhushan Sachdeva, Vice President - Supply Chain Management |
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CORE TECHNICAL TEAM : |
·
Mr. Bharat P. Mehta, Whole Time Director
(Planning and Development) Mr. Kamlesh Udani, Executive Director (Technical and Production) Dr. Milind Joshi, President - Regulatory Aff Airs Mr. Parmeshwar Bang, Vice President - Works Mr. M. K. Karve, Quality Controller - Corporate Qa Mr. Vijaysinh V. Chauhan, Vice President - Research and Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter
Group |
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3031700 |
3.58 |
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43474960 |
51.29 |
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522610 |
0.62 |
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72610 |
0.09 |
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450000 |
0.53 |
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47029270 |
55.48 |
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286517 |
0.34 |
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286517 |
0.34 |
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Total shareholding of Promoter and Promoter
Group (A) |
47315787 |
55.82 |
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(B) Public Shareholding |
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204037 |
0.24 |
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123323 |
0.15 |
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1753000 |
2.07 |
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2925004 |
3.45 |
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5005364 |
5.90 |
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2764539 |
3.26 |
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17278654 |
20.38 |
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11310781 |
13.34 |
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1094625 |
1.29 |
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1087125 |
1.28 |
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7500 |
0.01 |
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32448599 |
38.28 |
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Total Public shareholding (B) |
37453963 |
44.18 |
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Total (A)+(B) |
84769750 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
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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) |
84769750 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Marketer various pharmaceutical
formulations, herbal remedies and APIs. |
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Exports : |
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Products : |
Medicines |
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Countries : |
· USA Russia |
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Imports : |
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Products : |
APL Products |
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Countries : |
· China Switzerland |
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Terms : |
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Selling : |
Cash, Cheque and Credit |
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Purchasing : |
Cash, Cheque and Credit |
GENERAL INFORMATION
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Suppliers : |
· J.B. Khokhani and Company, Worli Aarti Drugs |
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Customers : |
Wholesalers and Retailers · Innova Pharma Bio-tech Laboratory, South Africa |
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No. of Employees : |
2480 (Approximately) |
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Bankers : |
·
Bank of India BNP Paribas Standard Chartered Bank |
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Facilities : |
NOTE LONG TERM
BORROWINGS Vehicle loans are secured by hypothecation of vehicles and same is repayable in sixty equated monthly instalment inclusive of interest on reducing balance. SHORT TERM
BORROWINGS # Working capital borrowings from the banks are secured by
first charge on pari passu basis by way of hypothecation of the company’s
current assets both present and future and by way of joint equitable mortgage
of the company’s immovable properties situated at Thane and Belapur in the
State of Maharashtra, Ankleshwar and Panoli (except for movable fixed assets
located at plot no. 4, GIDC Phase IV, Panoli, Gujarat) in the State of
Gujarat and Daman in the Union Territory of Daman. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J. K. Shah and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Subsidiary
Companies: |
· OOO Unique Pharmaceutical Laboratories. J. B. Healthcare Private Limited J. B. Chemicals and Pharmaceuticals Private Limited LLC Unique Pharmaceuticals Laboratories Unique Pharmaceutical Laboratories FZE (w.e.f. 10-12-2013) |
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Associate Concerns/
Trusts/ Companies/ Joint Venture: |
· Mody Trading Company Mody Brothers Jyotindra Family Trust Dinesh Family Trust Shirish Family Trust Biotech Laboratories (Pty.) Limited Jyotindra Mody Holdings Private Limited Ansuya Mody Securities Private Limited Dinesh Mody Securities Private Limited Kumud Mody Securities Private Limited Shirish B. Mody Investments Private Limited Bharati S. Mody Investments Private Limited J. B. Mody Enterprises Private Limited (Upto 24-06-2013) Ansuya Mody Enterprises Private Limited (Upto 24-06-2013) Dinesh Mody Ventures Private Limited (Upto 24-06-2013) Kumud Mody Ventures Private Limited (Upto 24-06-2013) Shirish Mody Enterprises Private Limited (Upto 24-06-2013) Bharati Mody Ventures Private Limited (Upto 24-06-2013) J. B. Mody Enterprises LLP (from 25-06-2013) Ansuya Mody Enterprises LLP (from 25-06-2013) Dinesh Mody Ventures LLP (from 25-06-2013) Kumud Mody Ventures LLP (from 25-06-2013) Shirish Mody Enterprises LLP (from 25-06-2013) Bharati Mody Ventures LLP (from 25-06-2013) Synit Drugs Private Limited Unique Pharmaceutical Laboratories Limited Ifiunik Pharmaceuticals Limited Namplas Chemicals Private Limited Raptim Research Limited (Upto 16-6-2013) Gemma Jewellery Private Limited Lekar Pharma Limited |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
84731625 |
Equity Shares |
Rs.2/- each |
Rs. 169.463 Millions |
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Reconciliation of the
shares outstanding and amount of Share Capital
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Particulars |
As at March 31, 2014 |
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Number |
Rs. in Millions |
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Shares outstanding at the beginning of the year |
84707300 |
169.415 |
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Shares Issued during the year pursuant to Employees Stock Options Scheme |
24325 |
0.048 |
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Shares outstanding at the end of the year |
84731625 |
1,694.63 |
The company has only one class of issued shares having par value of Rs. 2/-. Each holder of equity shares is entitled to one vote per share and carries identical right as to dividend. These shares are not subject to any restrictions.
Details of
Shareholders holding more than 5% shares
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Particulars |
As at March 31, 2014 |
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Number |
% of Holding |
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Jyotindra Mody Holdings Private Limited |
7466242 |
8.81 |
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Dinesh Mody Securities Private Limited |
7055326 |
8.33 |
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Shirish B. Mody Investments Private Limited |
6530601 |
7.71 |
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Ansuya Mody Securities Private Limited |
7234882 |
8.54 |
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Kumud Mody Securities Private Limited |
7181232 |
8.48 |
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Bharati S. Mody Investments Private Limited |
7873987 |
9.30 |
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Ashish Dhawan |
7773672 |
9.18 |
Shares reserved for issue under ESOP
In the year 2004, the company has instituted the Employees Stock Option Scheme, under which 25,00,000 equity shares of Rs. 2 each have been reserved. Under the Scheme, the options are granted at an amount equal to ninety five percent of the average daily closing price of the shares of the company’s share quoted on National Stock Exchange of India Ltd. during the period of twelve weeks preceding the date of grant. These options vest in four equal instalments and subject to other provisions of the Scheme, are exercisable within a period of five years from the respective date of vesting.
The activity in the
said ESOP Scheme during the last two years was as under:
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Particulars |
As at March 31,
2014 |
|
Options outstanding at the beginning of the period |
336,575 |
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Less: Exercised |
24,325 |
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Lapsed |
144,900 |
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Options outstanding at the end of the period |
167,350 |
On exercise of options during the year, the company received aggregate exercise price of Rs. 2.051 Millions (Previous year Rs. Nil).
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 |
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|
(1)Shareholders'
Funds |
|
|
|
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(a) Share Capital |
169.463 |
169.415 |
169.415 |
|
(b) Reserves & Surplus |
10308.653 |
9920.603 |
9369.217 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
10478.116 |
10090.018 |
9538.632 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
4.884 |
72.426 |
115.217 |
|
(b) Deferred tax liabilities (Net) |
198.893 |
219.749 |
165.569 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
121.870 |
82.282 |
82.684 |
|
Total Non-current Liabilities (3) |
325.647 |
374.457 |
363.470 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
812.785 |
367.735 |
552.265 |
|
(b) Trade payables |
516.908 |
517.614 |
335.377 |
|
(c) Other current
liabilities |
939.959 |
984.087 |
766.974 |
|
(d) Short-term provisions |
345.906 |
394.330 |
170.453 |
|
Total Current Liabilities (4) |
2615.558 |
2263.766 |
1825.069 |
|
|
|
|
|
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TOTAL |
13419.321 |
12728.241 |
11727.171 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2801.646 |
2924.948 |
2402.073 |
|
(ii) Intangible Assets |
20.427 |
18.716 |
8.025 |
|
(iii) Capital
work-in-progress |
463.208 |
47.298 |
389.183 |
|
(iv)
Intangible assets under development |
0.000 |
0.772 |
0.772 |
|
(b) Non-current Investments |
388.567 |
389.798 |
387.898 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.199 |
142.847 |
125.829 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3780.047 |
3524.379 |
3313.780 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
4972.574 |
3946.780 |
2989.218 |
|
(b) Inventories |
1112.270 |
898.892 |
907.985 |
|
(c) Trade receivables |
2480.515 |
1946.431 |
1312.082 |
|
(d) Cash and cash
equivalents |
108.030 |
1491.099 |
2113.624 |
|
(e) Short-term loans and
advances |
965.885 |
920.660 |
1090.482 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
9639.274 |
9203.862 |
8413.391 |
|
|
|
|
|
|
TOTAL |
13419.321 |
12728.241 |
11727.171 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
9565.339 |
8164.225 |
6864.213 |
|
|
|
Other Income |
375.377 |
259.607 |
285.119 |
|
|
|
TOTAL (A) |
9940.716 |
8423.832 |
7149.332 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3107.857 |
2619.038 |
2032.053 |
|
|
|
Purchases of stock-in-trade |
767.706 |
730.495 |
699.976 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(107.492) |
33.119 |
(54.718) |
|
|
|
Employees benefits expense |
1318.459 |
1201.287 |
1013.132 |
|
|
|
Other expenses |
2936.387 |
2466.070 |
2531.790 |
|
|
|
TOTAL (B) |
8022.917 |
7050.009 |
6222.233 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1917.799 |
1373.823 |
927.099 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
61.270 |
52.418 |
217.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1856.529 |
1321.405 |
709.330 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
271.651 |
243.958 |
223.040 |
|
|
|
|
|
|
|
|
|
ADD |
EXCEPTIONAL ITEM : PROFIT ON SALE OF OTC BUSINESS
UNDERTAKING IN RUSSIA - CIS COUNTRIES |
(645.000) |
0.000 |
7605.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
939.878 |
1077.447 |
8092.224 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
255.623 |
228.062 |
1665.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
684.255 |
849.385 |
6426.994 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4454.281 |
3987.145 |
2389.310 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
3388.192 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
549.649 |
|
|
|
Final Dividend |
0.000 |
0.000 |
84.853 |
|
|
|
Tax on Final Dividend |
0.000 |
0.000 |
13.766 |
|
|
|
Proposed Dividend |
254.323 |
254.122 |
0.000 |
|
|
|
Tax on Proposed Dividend |
43.222 |
43.188 |
0.000 |
|
|
|
Transfer to Contingency Reserve |
0.000 |
0.000 |
150.000 |
|
|
|
Transfer to General Reserve |
68.426 |
84.939 |
642.699 |
|
|
BALANCE CARRIED
TO THE B/S |
4772.565 |
4454.281 |
3987.145 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5545.496 |
4664.183 |
3308.119 |
|
|
|
Export of Service |
51.242 |
745.40 |
0.000 |
|
|
|
Dividend |
8.673 |
15.948 |
249.698 |
|
|
TOTAL EARNINGS |
5605.411 |
5425.531 |
3557.817 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
695.517 |
|
|
|
|
|
Component Stores and Spare Parts |
12.287 |
16.569 |
|
|
|
|
Capital Goods |
153.135 |
69.266 |
|
|
|
|
Others |
0.000 |
0.456 |
|
|
|
TOTAL IMPORTS |
860.939 |
501.975 |
640.517 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
8.08 |
10.03 |
75.95 |
|
|
|
Diluted
|
8.07 |
10.03 |
75.95 |
|
%20-%20286991%2030-Sep-2014_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
|
1st
Quarter |
|
Net Sales |
2626.000 |
|
Total Expenditure |
2147.500 |
|
PBIDT (Excl OI) |
478.600 |
|
Other Income |
22.400 |
|
Operating Profit |
500.900 |
|
Interest |
13.300 |
|
Exceptional Items |
36.900 |
|
PBDT |
524.600 |
|
Depreciation |
99.000 |
|
Profit Before Tax |
425.600 |
|
Tax |
107.600 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
317.900 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
317.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.88 |
10.08 |
89.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.83 |
13.20 |
117.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.48 |
8.77 |
73.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.11 |
0.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.04 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.69 |
4.07 |
4.61 |
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 |
169.415 |
169.415 |
169.463 |
|
Reserves & Surplus |
9369.217 |
9920.603 |
10308.653 |
|
Net
worth |
9538.632 |
10090.018 |
10478.116 |
|
|
|
|
|
|
long-term borrowings |
115.217 |
72.426 |
4.884 |
|
Short term borrowings |
552.265 |
367.735 |
812.785 |
|
Total
borrowings |
667.482 |
440.161 |
817.669 |
|
Debt/Equity
ratio |
0.070 |
0.044 |
0.078 |
%20-%20286991%2030-Sep-2014_files/image007.gif)
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 |
6864.213 |
8164.225 |
9565.339 |
|
|
|
18.939 |
17.162 |
%20-%20286991%2030-Sep-2014_files/image009.gif)
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 |
6864.213 |
8164.225 |
9565.339 |
|
Profit |
6426.994 |
849.385 |
684.255 |
|
|
93.63% |
10.40% |
7.15% |
%20-%20286991%2030-Sep-2014_files/image011.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10258640 |
26/11/2010 |
408,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B01579739 |
|
2 |
10258752 |
26/11/2010 |
408,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B01596139 |
|
3 |
10258741 |
26/11/2010 |
633,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B01596436 |
|
4 |
80029551 |
28/09/2010 * |
1,400,000,000.00 |
BANK OF INDIA AND 2 OTHERS |
BULLION EXCHANGE BRANCH, 185 SHEIKH MEMON STREET, MUMBAI, MAHARASHTRA - 400002, INDIA |
A96624770 |
|
5 |
80045184 |
28/09/2010 * |
1,400,000,000.00 |
BANK OF INDIA AND 2 OTHERS |
BULLION EXCHANGE BRANCH, 185 SHEIKH MEMON STREET, MUMBAI, MAHARASHTRA - 400002, INDIA |
A97007900 |
|
6 |
90240383 |
24/12/2004 * |
380,000,000.00 |
BANK OF INDIA |
BULLION EXC BR 185 SHEIKH MEMON ST, MUMBAI, MAHARASHTRA - 400002, INDIA |
- |
|
7 |
90238304 |
04/03/2005 * |
320,000,000.00 |
BANK OF INDIA |
BULLION EXC BR 185 SHEIKH MEMON ST, MUMBAI, MAHARASHTRA - 400002, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposit from Public and Shareholders |
0.000 |
70.250 |
|
Inter-Corporate Deposit |
4.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign currency loan from bank |
191.622 |
0.000 |
|
Interest free advance from Directors |
0.150 |
0.150 |
|
Deposit from Distributors / Customers |
24.675 |
24.705 |
|
Inter-Corporate Deposits from related parties |
10.500 |
10.500 |
|
Total |
230.947 |
105.605 |
|
NOTE Inter-corporate deposit bears interest @ 11% p.a., payable at quarterly rests and is maturing on 22-05-2016. |
||
OPERATIONS
The normal business performance of the company during the year 2013-14 was better than the last year. During the year, the net revenue from operations at Rs. 9565.300 Millions was 17.16% higher against Rs. 8164.200 Millions in the previous year, while the total income for the year at Rs. 9940.700 Millions was 18.00% higher against Rs. 8423.800 Millions in the previous year. The profit before exceptional item and tax for the year at Rs. 1584.900 Millions shows growth of 47.10% over the previous year. During the year, the company paid Rs. 645.000 Millions to the purchaser of company’s Russia-CIS OTC business undertaking on account of revision of purchase price following mutual settlement of the disputes keeping in view the on-going business relationship and in order to avoid the cost and delay of arbitration. Consequently, the profit before tax and profit after tax for the year stood at Rs. 939.900 Millions and Rs. 684.200 Millions respectively.
The domestic formulations business achieved growth of 16.66%. During the current year, the company aims to improve performance based on harnessing potential of the existing products, further improving productivity of field personnel coupled with selective new products launches and cost reduction programmes.
The exports to the Rest of the world markets achieved good growth of 20.63% in terms of billing currency and 35.80% in Rupee terms. The company continues to focus on US, UK, Canada, Australia, South Africa, Africa, Latin American, Asian and Middle-East markets for future growth. The sales in Russia-CIS markets were lower than the last year. However, the company continues to invest for growth in this region. The total sales of bulk drugs achieved growth of 59.53%. The company earned foreign exchange of Rs. 5605.400 Millions (on FOB basis) and spent foreign exchange of Rs. 1568.600 Millions, and thus earned valuable foreign exchange for the country.
SCHEME OF
AMALGAMATION AND ARRANGEMENT
Subsequent to the year-end, the board of directors has approved a Scheme of Amalgamation and Arrangement between Jyotindra Mody Holdings Private Limited and Ansuya Mody Securities Private Limited and Dinesh Mody Securities Private Limited and Kumud Mody Securities Private Limited and Shirish B. Mody Investments Private Limited and Bharati S. Mody Investments Private Limited (“Transferor Companies”) and J. B. Chemicals and Pharmaceuticals Limited (“Transferee Company”) and their respective shareholders under sections 391 to 394 read with sections 100 to 103 of the Companies Act, 1956 and section 55 of the Companies Act, 2013 and any other applicable provisions of the Companies Act, 1956 and the Companies Act, 2013 (“Scheme”). The company has received Observation Letter from Bombay Stock Exchange and National Stock Exchange Conveying their no-objection to the Scheme. The Scheme and the other related documents have been placed on the company’s website www.jbcpl.com.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY DEVELOPMENTS
The domestic formulations industry at sales of over Rs.800000.000 Millions for 12 months period ended March 2014, grew at around 10% (IMS). The growth of Indian formulations industry continues to remain robust and new product introductions and increased volumes remained key contributors to growth. Certain issues arising out of implementation of Drugs (Prices Control) Order, 2013 reportedly impacted the industry’s sales for sometime during the year, however, the same now appears settled.
Clearly with a view to participate in growth potential of domestic pharmaceutical market, the market continues to show intense competition with increased number of brands and new combination being launched in the market.
INTERNATIONAL
BUSINESS
The wide geographical presence in international market, State-of-the-art manufacturing facilities with approval from health authorities such as US FDA, UK MHRA, TGA Australia, MCC South Africa, MOH-Ukraine, etc. and wide range of products across injectable, solid and semi-solid along with strong regulatory and R&D backup present a good business opportunity and has good growth outlook.
The company’s exports of formulations at Rs.4642.000 Millions registered 15% growth over the previous year. All focus markets in this business segment performed well. The company has increased its focus on US business and accordingly has identifi ed several potential products for this market. Besides ANDAs, the company’s focus is on contract manufacturing, branded generics products, lozenges and contrast media products. While in terms of market, the company’s focus is on USA, South Africa, UK, Canada, Australia and semi-regulated markets. The company has placed high focus on the contract manufacturing business to build long term stable revenue stream.
Biotech Laboratories (Pty.) Limited, a South African marketing and distribution company in which your company holds 49% equity stake through a subsidiary, has been performing well. For the year ended 2013, it registered 45 % growth in its income, while it maintained its profit after tax despite higher input cost. As regards Russia-CIS business, the company is in the process of ramping up its operations in this region. The company continues to invest in necessary infrastructure to achieve the planned growth. The company does not perceive any major concern in the international business.
SEGMENT WISE
PERFORMANCE
The domestic formulations business with sales of Rs. 3229.200 Millions registered growth of 16% against industry growth of about 10% during the year. The contrast media division also achieved growth of 25%. Harnessing the potential of existing products basket, penetration into existing and new markets, selective new product launches and focus on increase in productivity are all expected to help achieve good growth in the current year.
The exports to Rest of the world countries at Rs. 2996.800 Millions grew by 36% in Rupee terms, while it achieved growth of 21% in US Dollar terms. While sales in markets such as Australia, South Africa, Latin America and Africa achieved good growth, the sales in US market grew marginally, however, the growth prospects in the US market remain high. The products in amoebicides, cardiac, NSAID and contrast media segment achieved good growth. The sales of prescription products in Russia-CIS markets at Rs.87.87 crores were lower compared to the previous year. The sales of active pharmaceutical ingredients at Rs. 993.300 Millions registered growth of 59%.
OUTLOOK
In view of good business outlook both in domestic and international market as discussed above, the company’s manufacturing infrastructure of international standard, strong products portfolio with high growth brands, strong marketing capability and strong balance sheet present good outlook for the company’s business. The company is engaged in one segment viz. pharmaceuticals. During the year, domestic formulations business, formulations exports and API business all achieved good growth.
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
Letter of Credit opened by Banks Rs. 188.779 Millions (Previous year Rs. 294.263 Millions).
Guarantee issued by the Bank on behalf of the company Rs. 152.804 Millions (Previous year Rs. 145.054 Millions).
Central Excise and Service Tax Demand / show cause notice of Rs. 30.811 Millions (Previous year Rs. 18.339 Millions).
Sales Tax Demand of Rs. 5.006 Millions (Previous year Rs. 0.795 Million) being disputed in appeal (Against which the company has made pre-deposit of Rs. 1.125 Millions (Previous year Rs. 0.211 Million) and given a bank guarantee of Rs. 0.074 Million).
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30/06/2014
(Rs. in Millions)
|
Sl. No. |
Particulars |
Quarter ended 30/06/2014 Unaudited |
|
1. |
Income from
Operations |
|
|
|
(a) Net Sales/ Income from
operation |
2567.121 |
|
|
(b) Other Operating Income |
58.907 |
|
|
Total Income |
2626.028 |
|
2. |
Expenses |
|
|
|
a. Cost of materials consumed |
833.864 |
|
|
b. Purchases of stock-in-trade |
240.203 |
|
|
c. Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
43.746 |
|
|
d. Employees benefits expense |
371.827 |
|
|
e. Depreciation and amortization expense |
99.000 |
|
|
f. Exchange Fluctuation Transactional (Gain)/Loss |
(4.945) |
|
|
g. Other Expenses |
657.802 |
|
|
Total Expenses |
2241.497 |
|
3. |
Profit(+)/ Loss(-) from Operations before other Income Interest and Exceptional Item(1-2) |
384.531 |
|
4. |
Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
17.396 |
|
5. |
Profit(+)/ Loss(-) before Interest and Exceptional Item (3+4) |
401.927 |
|
6. |
Finance Cost |
13.257 |
|
7. |
Profit(+)/ Loss(-) after Interest but before Exchange Fluctuation Translation Gain / (Loss) (5-6) |
388.670 |
|
8. |
Exchange Fluctuation Translation Gain / (Loss) |
36.877 |
|
9. |
Profit(+)/ Loss (-) from ordinary activities before Tax (7-8) |
425.547 |
|
10. |
Exceptional Item: Revision of purchase price in respect of Sale of Russia- CIS OTC Business Undertaking |
-- |
|
11. |
Profit before Tax (9-10) |
425.547 |
|
12. |
Tax Expenses |
107.637 |
|
13. |
Net Profit (+)/ Loss(-) after tax (11-12) |
317.910 |
|
14. |
Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
169.540 |
|
15. |
Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
|
|
16. |
Earning per share(EPS) (of Rs. 2/- each not annualised) |
|
|
|
a) Basic |
3.75 |
|
|
b) Diluted |
3.75 |
|
Sl. No. |
Particulars |
Quarter ended 30/06/2014 Unaudited |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public
Shareholding |
|
|
|
- Number of Shares |
37,453,963 |
|
|
- Percentage of shareholding |
44.18 |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of shares |
- |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
- |
|
|
- Percentage of shares (as a
% of the total share capital of the
company) |
- |
|
|
b)
Non-encumbered |
|
|
|
- Number of shares |
47,315,787 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100.00 |
|
|
- Percentage of shares (as a
% of the total share capital of the company) |
55.82 |
|
Particulars |
3 Months Ended 30.06.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
1 |
|
Received during the quarter |
5 |
|
Disposed of during the quarter |
6 |
|
Remaining unresolved at the end of the quarter |
0 |
NOTES
1. The above financial results have been reviewed by the audit committee and approved by the board of directors at its meeting held on August 5, 2014.
2. The statutory auditors have carried out limited review of the above financial results for the quarter ended on June 30, 2014.
3. The net sales for the quarter are strictly not comparable due to the company’s wholly owned subsidiary in Dubai commencing sales and distribution of the products in Russia-CIS countries during the quarter. This subsidiary will also undertake some of the expenses. Hence this arrangement is not expected to have significant impact on the company.
4. The company has provided depreciation based on expected life as per Schedule II to the Companies Act, 2013.
5. The company is engaged in a single segment of activity viz. Pharmaceuticals.
6. The figures in respect of the results for preceding quarter ended on March 31, 2014 are balancing figures between the audited financial results in respect of the full financial year ended on March 31, 2014 and the published year to date figures up to the third quarter ended on December 31, 2013.
7. The previous quarter’s figures have been regrouped/re-stated, wherever necessary.
FIXED ASSETS
TANGIBLE ASSETS
· Land (Freehold)
Land
(Leasehold)
Factory
Buildings
Other
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
Equipment
Air
conditioners
INTANGIBLE ASSETS
· Trade Marks
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.43 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.