MIRA INFORM REPORT
|
Report Date : |
02.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SANOFI INDIA LIMITED (w.e.f. 11.05.2012) |
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Formerly Known
As : |
AVENTIS PHARMA LIMITED |
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Registered
Office : |
54/A, Sir Mathuradas V Asanji Road, Andheri (East), Mumbai - 400093,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
02.05.1956 |
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Com. Reg. No.: |
11-009794 |
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Capital
Investment / Paid-up Capital : |
Rs.230.300 Millions |
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CIN No.: [Company Identification
No.] |
L24239MH1956PLC009794 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 of bulk drugs, drug intermediates, veterinary
formulations and pesticides. |
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No. of Employees
: |
3291 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
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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 53000000 |
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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 a subsidiary of “HOECHST GMBH”, GERMANY. It is a
well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
strong liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (91-22-28278000)
LOCATIONS
|
Registered Office : |
54/A, Sir Mathuradas V Asanji Road, Andheri (East), Mumbai - 400093,
Maharashtra, India |
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Tel. No.: |
91-22-28278000 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Manufacturing Sites 1: |
3501-15, 6310, B-14, GIDC Estate, Ankleshwar – 393002, Gujarat, India |
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Manufacturing Sites 2: |
GIDC, Plot No. L-121, Phase III, Verna Industrial Estate Verna -
403722, Goa, India |
DIRECTORS
As on 31.12.2013
|
Name : |
Dr. Vijay Mallya |
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Designation : |
Chairman |
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Name : |
Dr. Shailesh Ayyangar |
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Designation: |
Managing Director |
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Name : |
Mr. F. Briens |
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Designation : |
Director |
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Name : |
Ms. Virginie Boucinha |
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Designation : |
Director |
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Name : |
Mr. J. M. Georges |
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Designation : |
Director |
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Name : |
Mr. S. R. Gupte |
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Designation : |
Director |
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Name : |
Mr. Rangaswamy R. Lyer |
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Designation : |
Director |
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Name : |
Mr. A. K. R. Nedungadi |
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Designation : |
Director |
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Name : |
Mr. A. Ortoli |
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Designation: |
Director |
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Name : |
Mr. M. G. Rao |
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Designation : |
Alternate to Mr. J. M. Georges |
KEY EXECUTIVES
|
Name : |
Mr. K. Subramani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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13909587 |
60.40 |
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|
13909587 |
60.40 |
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Total shareholding of Promoter and Promoter Group (A) |
13909587 |
60.40 |
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(B) Public Shareholding |
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|
2621266 |
11.38 |
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|
11396 |
0.05 |
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|
534611 |
2.32 |
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3423021 |
14.86 |
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|
6590294 |
28.62 |
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1196394 |
5.19 |
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|
1063626 |
4.62 |
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|
57150 |
0.25 |
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|
213571 |
0.93 |
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|
450 |
0.00 |
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|
204156 |
0.89 |
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|
80 |
0.00 |
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|
4850 |
0.02 |
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|
3535 |
0.02 |
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|
500 |
0.00 |
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|
2530741 |
10.99 |
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Total Public shareholding (B) |
9121035 |
39.60 |
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Total (A)+(B) |
23030622 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23030622 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of bulk drugs, drug intermediates, veterinary
formulations and pesticides. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3291 (Approximately) |
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Solicitors: |
Crawford Bayley and Company |
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holding Company : |
Hoechst GmbH, Germany |
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ultimate holding
Company |
Sanofi S.A., France |
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Fellow
subsidiaries: |
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CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
23500000 |
Equity Shares |
Rs.10/- each |
Rs.235.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
23030622 |
Equity Shares |
Rs.10/- each |
Rs.230.300
Millions |
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Note:
a) Shares held by holding and ultimate holding
company 13904722 equity shares are held by Hoechst GmbH, Germany, holding company
and 4,865 (2011: 4,865) Equity shares are held by Sanofi S.A., France ultimate
holding company.
b) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period:
|
Particulars |
Number
of Shares |
Rs.
In Millions |
|
|
|
|
|
At the beginning of the year and outstanding
at the end of the year |
23030622 |
230.300 |
c) Terms/rights attached to equity shares
The Company has only one class of equity shares
having a face value of Rs. 10 per share. Each holder of equity shares is
entitled to one vote per share. The final
Dividend proposed by the Board of
Directors is subject to the
approval of the shareholders
in the ensuing
Annual General Meeting.
During the year ended 31 December 2012, the
amount of per share dividend (including interim dividend of Rs.4 (Dec
2011: Rs.4)) recognized as distributions
to equity shareholders was Rs.33 (Dec 2011:
Rs.33).
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company. The distribution will be in proportion to the number of equity
shares held by the shareholder.
d) Details of Shareholders holding more than
5% shares in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Hoechst GmbH, Germany |
13904722 |
60.38 |
|
Reliance Capital Trustee Company Limited |
1522482 |
6.61 |
|
Aberdeen Global Indian Equity Fund (Mauritius)
Limited |
1338883 |
5.81 |
As per the of the company, including its
register of shareholder/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both
legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
230.300 |
230.300 |
230.300 |
|
(b) Reserves & Surplus |
13236.700 |
11810.900 |
10935.900 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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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) |
13467.000 |
12041.200 |
11166.200 |
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(3)
Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
366.900 |
212.800 |
84.600 |
|
(c) Other long term
liabilities |
7.400 |
0.000 |
10.000 |
|
(d) long-term
provisions |
252.800 |
192.800 |
195.600 |
|
Total Non-current
Liabilities (3) |
627.100 |
405.600 |
290.200 |
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1871.000 |
1514.500 |
1476.400 |
|
(c) Other
current liabilities |
899.300 |
867.100 |
709.000 |
|
(d) Short-term
provisions |
1583.500 |
1484.700 |
1383.600 |
|
Total Current Liabilities
(4) |
4353.800 |
3866.300 |
3569.000 |
|
|
|
|
|
|
TOTAL |
18447.900 |
16313.100 |
15025.400 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2540.000 |
1942.500 |
1673.600 |
|
(ii)
Intangible Assets |
4445.500 |
5051.100 |
5696.100 |
|
(iii)
Capital work-in-progress |
1345.600 |
406.300 |
205.100 |
|
(iv)
Intangible assets under development |
16.400 |
28.400 |
23.500 |
|
(b) Non-current Investments |
2.400 |
3.600 |
3.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
615.900 |
581.800 |
749.800 |
|
(e) Other
Non-current assets |
10.700 |
12.900 |
6.300 |
|
Total Non-Current
Assets |
8976.500 |
8026.600 |
8358.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3400.000 |
2724.500 |
2542.700 |
|
(c) Trade
receivables |
1183.100 |
989.000 |
1040.900 |
|
(d) Cash
and cash equivalents |
2644.000 |
4302.000 |
2342.300 |
|
(e)
Short-term loans and advances |
2191.200 |
230.000 |
677.300 |
|
(f) Other
current assets |
53.100 |
41.000 |
64.200 |
|
Total
Current Assets |
9471.400 |
8286.500 |
6667.400 |
|
|
|
|
|
|
TOTAL |
18447.900 |
16313.100 |
15025.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18088.600 |
15730.400 |
13013.400 |
|
|
|
Other Income |
578.600 |
411.700 |
678.900 |
|
|
|
TOTAL (A) |
18667.200 |
16142.100 |
13692.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6381.300 |
5591.100 |
4915.500 |
|
|
|
Purchases of Stock-in-Trade |
1907.700 |
1853.100 |
1353.800 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(94.700) |
(89.300) |
(101.200) |
|
|
|
Employees benefits expense |
2421.300 |
2137.800 |
1764.200 |
|
|
|
Other expenses |
3494.000 |
3119.600 |
2604.500 |
|
|
|
TOTAL (B) |
14109.600 |
12612.300 |
10536.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4557.600 |
3529.800 |
3155.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.200 |
14.000 |
4.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4553.400 |
3515.800 |
3151.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
922.600 |
898.700 |
311.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3630.800 |
2617.100 |
2839.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1232.800 |
850.500 |
928.000 |
|
|
|
|
|
|
|
|
|
|
Exceptional
Item |
253.800 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2651.800 |
1766.600 |
1911.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9133.200 |
8426.500 |
7584.543 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend (paid in
August 2012) |
230.300 |
92.100 |
92.100 |
|
|
|
Provision for Final Dividend |
806.100 |
667.900 |
667.900 |
|
|
|
T ax on Interim and proposed
Final Dividend |
181.200 |
123.200 |
118.700 |
|
|
|
Transfer to General Reserve |
265.200 |
176.700 |
191.100 |
|
|
BALANCE CARRIED
TO THE B/S |
10302.200 |
9133.200 |
8426.543 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of
exports |
4151.700 |
2446.700 |
2195.300 |
|
|
|
Income from services
rendered |
30.000 |
49.100 |
49.800 |
|
|
|
Reimbursement of expenses and\
Market Support |
683.100 |
707.500 |
804.700 |
|
|
TOTAL EARNINGS |
4864.800 |
3203.300 |
3049.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw and packing
materials |
2155.900 |
1924.500 |
1871.900 |
|
|
|
Components, spares and
auxiliary |
5.800 |
2.100 |
4.000 |
|
|
|
Capital Goods |
131.400 |
87.700 |
54.100 |
|
|
|
Finished goods |
3126.000 |
2311.300 |
1902.800 |
|
|
TOTAL IMPORTS |
5419.100 |
4325.600 |
3832.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
104.12 |
76.71 |
83.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin |
(%) |
1.40 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
25.20 |
22.44 |
24.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.25 |
16.49 |
19.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.22 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18 |
2.14 |
1.87 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
230.300 |
230.300 |
230.300 |
|
Reserves & Surplus |
10935.900 |
11810.900 |
13236.700 |
|
Net
worth |
11166.200 |
12041.200 |
13467.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13013.400 |
15730.400 |
18088.600 |
|
|
|
20.878 |
14.991 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13013.400 |
15730.400 |
18088.600 |
|
Profit |
1911.800 |
1766.600 |
2651.800 |
|
|
14.69% |
11.23% |
14.66% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
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 |
---------------------- |
|
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 |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
PHARMACEUTICAL MARKET
Total Indian Pharmaceutical Market for the year ended 31st December 2013 was estimated at Rs. 786 billion growing at 9.9% over the previous year. This was one of the slowest growths recorded for the past several years and reflects the impact of overall slow down in the economy and new National list of Essential Medicines (NLEM) coming under price control.
Key drivers have been volumes (2.5%) and new introductions (5.9%). Prices contributed only 1.5% to the growth.
Six brands of the Company, Lantus®, Combiflam®, Cardace®, Clexane®, Amaryl® and Allegra™ continue to be in the top 100 brands.
SALES AND
PROFITABILITY
During the year ended 31st December 2013, the Company had total net sales of Rs. 17064.600 Millions as against Rs. 14938.500 Millions in the previous year, representing a growth of 14.2%.
Profit before Tax and exceptional items increased from Rs. 2617.100 Millions to Rs. 3630.800 Millions, reflecting a growth of nearly 39%. The Company earned a net profit of Rs. 253.800 Millions from sale of investments.
Net profit after exceptional items increased from Rs. 1766.600 Millions to Rs. 2651.800 Millions, reflecting a growth of 50%. Exports contributed significantly to the strong profit growth.
DOMESTIC SALES REVIEW
Domestic sales, which constituted nearly 73% of total net sales, increased from Rs. 12408.000 Millions to Rs. 12687.800 Millions in 2013, reflecting a low growth of just over 2%. The business was severely impacted by lowering of inventories by distributors after the introduction of the Drugs (Prices Control) Order, 2013 as well as overall slow down in demand.
By notifications issued in June 2013, the Ministry of Health and Family Welfare suspended manufacture and sale of formulations containing Pioglitazone (Amaryl® P tablets, Amaryl® MP tablets and Cetapin® P tablets) and Analgin (Baralgan®M tablets and Novalgin® tablets, injections and ampoules). The suspension on formulations containing Pioglitazone was revoked in August 2013, subject to certain conditions to be mentioned by manufacturers on package inserts and promotional literature. The Company thereafter re-commenced manufacture and sale of the said products after fulfilling the conditions.
The suspension on formulations containing Analgin has been revoked in February 2014 on similar conditions being fulfilled by manufacturers.
MAJOR BRAND
PERFORMANCE REVIEW
Cardace® grew by 4%. It continues to be the No. 1 ACE inhibitor prescribed by cardiologists, diabetologists and consulting physicians. Performance was impacted due to shift in newer therapies. The new line extensions of Cardace® are growing strongly.
Lantus® grew by 17.5% in value terms. It has increased its market share and continues to be the 2nd leading brand in insulins in terms of value
Insuman® grew by 10% in value terms.
Apidra® grew by 87% in value terms.
All Star™ which was introduced in 2012 grew significantly in 2013. It has gained acceptance as an easy to use pen for injecting insulin. Over 40,000 pens were sold which helped to increase sales of Lantus® cartridges and Lantus® Solostar®.
Amaryl® and Cetapin® grew by nearly 9% each.
Cetapin® XR continues to be the third largest brand in the Metformin market.
Cetapin® V has already become the third biggest brand in the Metformin + Voglibose category.
Clexane® declined due to impact of DPCO 2013. It, however, continues to rank No. 1 in the injectable anticoagulant market.
Targocid® grew by 11% and continues to be the No. 1 injectable antibiotic against gram positive bacteria.
Allegra® recorded a growth of 18%. It continues to be ranked No. 1 in the total market and solids market.
Allegra® Suspension is ranked No. 1 in the liquid antihistaminic market.
Taxotere® grew by over 14% benefitting many new patients suffering from breast cancer.
Consumer Healthcare
OTC division
Three new brands were launched - Combiflam® Plus for management of headache, Novalgin® NU for mild to moderate pain and Baralgin®NU for abdominal colic pain.
Seacod® TV commercials went on the air on mass channels in South India. Subsequently, towards the end of 2013, a national TV Campaign went on the air in Hindi and regional channels.
Seacod® associated with India's largest school level spelling competition in which over 1000 schools across 35 cities participated.
Combiflam® sales were in line with 2012. It continues to be ranked 2nd in the Non-steroidal Anti-inflammatory drugs (NSAID) market. It is ranked No. 1 in units with 12 million tablets sold in a year.
Combiflam® Suspension is ranked No. 2 amongst NSAID oral liquids.
Avil® declined in 2013 but continues to have volume leadership in the antihistaminic market.
Enlarge® Forte was launched in 2013 and achieved 5% market share in the represented category.
EXPORT SALES
Exports for 2013, which constituted close to 27% of total net sales, were Rs. 4376.800 Millions, representing a handsome growth of 73% over 2012.
It was a landmark year for exports.
The growth was spurred by significant volume growth of 53%. Rupee devaluation contributed a positive exchange variance of 15%.
Germany, Russia, Australia, U.K., CIS and Sri Lanka were the major contributors to exports.
While sales of Festal® to Russia dropped due to phasing, this was compensated by increased sales of Baralgin® M Tablets, Lasix® ampoules and Trental® ampoules.
Australia is a significantly growing market with export of 869 million tablets in 2013 as against 430 million tablets in 2012.
There was 15% increase in offtake with export of 538 million tablets to the United Kingdom.
Higher sales of Amaryl®, Cardace®, Clexane® and Daonil® contributed to growth in exports to Sri Lanka. Tender business obtained from the State Pharmaceutical Corporation grew with exports of Clexane® and Soframycin® Skin Cream.
Over 17,000 All Star™ pens were exported to Bangladesh, South Africa, Singapore and Morocco.
Exports of APIs and intermediates grew by 9%. Articane Hcl and Lasamide were the major contributors to sales.
The Central Government had suspended, in June 2013, manufacture for sale and distribution of formulations containing Analgin. While Kazakhastan banned Analgin formulations from October 2013, the Company could continue exports to other countries after obtaining NOC from the concerned Government authority.
MANUFACTURING
OPERATIONS
The mission of Medical Affairs is to translate research into practice, by positively influencing treatment paradigms in India, in identified therapy areas, based on disease profiles and current global treatment practices.
Several initiatives were undertaken successfully enhancing the scientific image and credibility of the organization. Results of key studies were presented at prestigious national and international forums; International speaker tours were conducted to accelerate sharing of best practices and recent therapeutic advances; National and regional advisory board meetings were organized to gain insights on current practices; and several continuing medical education (CME) programs were propagated for the appropriate usage of the Company's products, besides numerous other related workshops / summits / round table meetings pan-India.
Some landmark projects of the Company were :
The 'Healthy children, happy children' initiative --- India's largest student-led campaign that brings together leading Indian paediatricians, with NGOs and artists in the field of creative learning, to mentor 200,000 school children from 200 schools in 4 cities-Chennai, Delhi, Hyderabad and Mumbai, on critical aspects of children's health.
Post-Graduate Educational Conclave --- a forum to facilitate interactions between senior consultants and post-graduate medical students on topics varying from diabetes pathophysiology to management.
Collaboration with Confederation of Indian Industries (CII) and Brihanmumbai Municipal Corporation for increasing awareness on health by conducting large screening camps.
KIDs (Kids and Diabetes in school) project: an initiative of the International Diabetes Federation. This project aims to foster a school environment that creates a better understanding of diabetes and supports children with this condition.
Regulations in Clinical Research have rapidly evolved overtime, with a concurrent increase in demand for highly trained and efficient clinical research professionals. To combat the challenges of this highly regulated industry, the Company routinely conducts training workshops called Clinical Excellence Programs (CEPs) for different stakeholders in clinical research, including investigators/physicians, their hospital staff members, and ethics committee members. As a part of the Company's knowledgesharing mission, 19 training programs were conducted, for over 650 medical professionals at renowned hospitals across India. These programs included training sessions emphasizing ethical practice in clinical research, for physicians, with viewpoints from key opinion leaders and other stakeholders involved in clinical trials.
PROSPECTS FOR 2014
India's economic prospects are expected to rebound in 2014 with a higher GDP and stable inflation. It is expected that the Indian Rupee would remain exposed to depreciation vs US Dollar and EURO, in a moderate magnitude in comparison with year 2013. The forthcoming elections are expected to strengthen India's economic prospects and policy in favour of currency stability and investments.
The Indian pharmaceutical market (IPM) is expected to grow by a strong double digit especially in chronic diseases segments such as Diabetes.
The new DPCO introduced in 2013 will continue to erode IPM growth value in the first half of 2014.
The Company will continue to develop flagship brands in the fields of Diabetes (Lantus® and Amaryl®), Consumer Healthcare (Allegra™ and Combiflam®) and neutraceuticals and further expand its paediatric portfolio.
Exports will be sustained yet partly driven by tenders and hence there could be variability.
Resources are stable, growing at pace with the portfolio. In the latter part of 2014, the Company will inaugurate a new Head Office.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90229711 |
20/09/2001 |
197,500,000.00 |
HDFC
LIMITED |
RAMON
HOUSE; H.T. PAREKH MARG, 169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA -
400020, INDIA |
- |
|
2 |
90228690 |
30/11/1992 * |
50,000,000.00 |
ICICI
LIMITED |
163 BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
3 |
90228611 |
31/12/1992 |
400,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N.VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
4 |
90228604 |
21/10/1993 * |
400,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N.VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
5 |
90228576 |
11/09/1992 |
32,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N.VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
6 |
90228519 |
23/03/1992 |
43,000,000.00 |
GRINDLAYS
BANK |
90;
M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
7 |
90228502 |
14/02/1992 |
43,000,000.00 |
GRINDLAYS
BANK |
90;
M.G ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
8 |
90228499 |
05/02/1992 |
20,000,000.00 |
HDFC
LIMITED |
RAMON
HOUSE, 169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
9 |
90228492 |
22/01/1992 |
6,500,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
10 |
90228477 |
05/12/1991 |
17,500,000.00 |
AMERICAN
EXPRESS BANK LIMITED |
OEIENTAL
BUILDING, D.N. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
11 |
90228437 |
19/01/1991 * |
100,000,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
12 |
90228378 |
11/02/1993 * |
100,000,000.00 |
ICICI
LIMITED |
163 BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
13 |
90232469 |
12/07/1989 * |
100,000,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
14 |
90228345 |
26/03/1990 * |
100,000,000.00 |
STATE
BANK OF INDIA |
SEVICE
BANKIN DIVISION, BOMBAY SAMACHAR MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
15 |
90228316 |
06/09/1990 |
20,000,000.00 |
CANARA
BANK |
NARIMAN
POINT BRANCH, MITTAL COURT - C. WING NARI |
- |
|
16 |
90228271 |
28/02/1990 |
25,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRNACH, JUSTICE G.N.VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
17 |
90228267 |
18/06/1990 * |
100,000,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
18 |
90232465 |
08/02/1990 |
10,000,000.00 |
THE
LIFE INSURANCE CORPORAITON OF INDIA |
YOGAKSHEMA
JEEVAN BIMA MARG, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
19 |
90232461 |
26/11/1990 * |
10,000,000.00 |
LIFE
INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA
JEEVAN BIMA MARG, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
20 |
90228213 |
07/09/1989 |
20,000,000.00 |
UNIT
TRUST OF INDIA |
13; SIR
VITHALDAS THACKERSEY MARG, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
21 |
90228168 |
21/03/1989 |
5,500,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
22 |
90228141 |
01/02/1989 * |
23,000,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
23 |
90228115 |
26/10/1988 |
5,500,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
24 |
90228063 |
20/04/1988 |
23,000,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
25 |
90228044 |
10/02/1988 |
9,500,000.00 |
AMERICAN
EXPRESS BANK LIMITED |
ORIENTAL
BUILDING, 364; DR. D.N. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
26 |
90232451 |
26/11/1990 * |
57,507,600.00 |
STATE
BANK OF INDIA |
BANKING
DIVISION, B.S. MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
27 |
90228024 |
08/02/1990 * |
67,507,600.00 |
STATE
BANK OF INDIA |
SERVICES
BANKING DIVISION, B.S. MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
28 |
90227932 |
02/12/1986 |
3,400,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
29 |
90227804 |
04/04/1989 * |
4,378,000.00 |
ICICI
LIMITED |
163
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
30 |
90227717 |
06/04/1984 |
15,800,000.00 |
CITI
BANK NA |
293.
D.N. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
31 |
90227649 |
13/01/1983 |
9,500,000.00 |
LIFE
INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA
JEEVAN BIMA MARG, BOMBAY, MAHARASHTRA - |
- |
|
32 |
90227544 |
01/09/1983 * |
6,500,000.00 |
AMERICAN
EXPRESS INTERNATIONAL BANKING CORPORATION |
364;
DR. D.N. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
33 |
90227295 |
06/06/1983 * |
28,500,000.00 |
STATE
BANK OF INDIA |
STATE
BANK BUILDING, BANK STREET, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
34 |
90227265 |
14/01/1970 |
25,500,000.00 |
THE
FIRST NATIONAL CITY |
BANK
OF NEW YORK, 293; DADABBOY NAOROJI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
35 |
90227241 |
15/11/1968 |
200,000.00 |
BANK
OF BARODA |
RECLAMATION
BRNACAH, BOMBAY, MAHARASHTRA - 400001, |
- |
|
36 |
90227218 |
25/08/1967 |
5,000,000.00 |
AMERICAN
EXPRESS INTERNATIONAL BANKING CORPORATION |
293;
D.N. ROAD, ORIENTAL BUILDING, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
37 |
90227204 |
30/06/1966 |
2,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION |
BOMBAY,
BOMBAY, MAHARASHTRA, INDIA |
- |
|
38 |
90227203 |
23/05/1966 |
10,500,000.00 |
BANK
OF BARODA |
12;
APOLLO STREET, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
39 |
90227178 |
13/08/1964 |
10,500,000.00 |
FIRST
NATIONAL CIRY BANK |
293;
DADABHAI NAROJI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
40 |
90227170 |
23/12/1963 |
1,000,000.00 |
BANK
OF BARODA |
RECLAMATION
BRANCH, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
41 |
90227122
|
08/04/1959
|
6,500,000.00
|
THE FIRST NATIONAL CITY |
BANK OF NEW YORK, 293; DADABBOY NAOROJI ROAD,
BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
4873.000 |
4867.000 |
13939.000 |
|
b) Other operating income |
276.000 |
191.000 |
717.000 |
|
Total
income from Operations(net) |
5149.000 |
5058.000 |
14656.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1581.000 |
1577.000 |
5018.000 |
|
b) Purchases of stock in trade |
1126.00 |
1114.000 |
2728.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(183.000) |
(227.000) |
(626.000) |
|
d) Employees benefit expenses |
717.000 |
705.000 |
2047.000 |
|
e) Depreciation and amortization expenses |
240.000 |
240.000 |
720.000 |
|
f) Other expenditure |
869.000 |
910.000 |
2661.000 |
|
Total expenses |
4350.000 |
4319.000 |
12548.000 |
|
3. Profit from operations before other income and
financial costs |
799.000 |
739.000 |
2108.000 |
|
4. Other income |
141.000 |
135.000 |
491.000 |
|
5. Profit from ordinary activities before finance costs |
940.000 |
874.000 |
2599.000 |
|
6. Finance costs |
0.000 |
2.000 |
4.000 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
940.000 |
872.000 |
2595.500 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
940.000 |
872.000 |
2595.500 |
|
10.Tax expenses |
320.000 |
297.000 |
883.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
620.000 |
575.000 |
1712.000 |
|
12.Extraordinary Items (net
of tax expense) |
0.0000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
620.000 |
575.000 |
1712.000 |
|
14.Paid-up equity share capital (Nominal
value Rs.10/- per share) |
230.000 |
230.000 |
230.000 |
|
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 |
26.93 |
24.96 |
74.37 |
|
(b) Diluted |
26.93 |
24.96 |
74.37 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
9121035 |
9121035 |
9121035 |
|
- Percentage of shareholding |
39.60 |
39.60 |
39.60 |
|
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) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
13909587 |
13909587 |
13909587 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
60.40 |
60.40 |
60.40 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
Receiving during the quarter |
12 |
|
|
|
Disposed of during the quarter |
12 |
|
|
|
Remaining unreserved at the end of the quarter |
NIL |
|
|
NOTE:
The above Results were approved by the Board of Directors of
the Company at its Meeting held on November 11, 2014.
In accordance with Clause 41 of the Listing Agreement with the Stock Exchanges,
the Company's Statutory Auditors have conducted a 'Limited Review' of the
Financial Results for the quarter ended September 30, 2014.
The Board of Directors had declared an Interim Dividend of Rs.10 per Equity
share of Rs.10 for the year ending December 31, 2014. The said dividend was
paid on August 14, 2014 through National Electronic Clearing Service / Demand
drafts.
On 10th July 2014, in exercise of the powers delegated under para 19 of the
Drugs (Price Control) Order 2013, Government had reduced the prices of some of
the medicines manufactured / marketed by the Company. This has a material
negative impact on the profitability of the Company.
The Company has a single business segment namely ‘Pharmaceutical Business’.
The figures for the previous periods have been re-grouped, wherever necessary.
FIXED ASSETS
·
Goodwill
·
Brand
·
Software
·
Marketing and technical
rights for formulations
·
Technical know-how
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Leasehold Improvement
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Computers
·
Motor Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.76.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.