MIRA INFORM REPORT
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Report No. : |
334215 |
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Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SUN PHARMACEUTICAL INDUSTRIES LIMITED |
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Registered
Office : |
Sparc Tandalja, Vadodara – 390020, Gujarat |
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Tel. No.: |
91-22-43244324 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
01.03.1993 |
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Com. Reg. No.: |
04-019050 |
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Capital
Investment / Paid-up Capital : |
Rs. 2406.423 Million |
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CIN No.: [Company Identification
No.] |
L24230GJ1993PLC019050 |
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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
: |
Manufacturing, Selling, Trading, Marketing and Exporting
of Various Pharmaceutical Products. |
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No. of Employees
: |
14000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is a well-established and reputed company incorporated during
1993 having a good track record. The company is continuously incurred losses from its two years of
operational activities. However, general financial of the company is sound.
Fundamentals of the company are strong and healthy. Share price are quoted high on stock exchange. (Face value Rs. 1 with
Share price Rs. 821). Directors are reported to be experienced and knowledgeable
businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of long track record and extensive experience of its promoters
the company can be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long-term Bank Facilities = AAA |
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Rating Explanation |
Highest degree of safety and Carry lowest
credit risk. |
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Date |
30.03.2015 |
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Rating Agency Name |
CARE |
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Rating |
Short-term Bank Facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
30.03.2015 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Bhat |
|
Designation : |
Finance Department |
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Contact No.: |
91-22-43244324 |
|
Date : |
28.07.2015 |
LOCATIONS
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Registered Office : |
Sparc Tandalja, Vadodara – 390020, Gujarat, India |
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Tel. No.: |
91-265-6615500/ 600/ 700 |
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Fax No.: |
91-265-2354897 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
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Corporate Office 1: |
Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai – 400059,
Maharashtra, India |
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Tel. No.: |
91-22-66969696/ 42244156 |
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Fax No.: |
91-22-28212010 |
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Corporate Office 2: |
Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (East), Mumbai 400063, Maharashtra, India |
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Tel. No.: |
91-22-43244324 |
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Fax No.: |
91-22-43244343 |
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Research Centre 2 : |
Sun Pharma Advanced Research Centre (SPARC), Akota Road, Akota, Vadodara – 390 020, Gujarat, India |
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Research Centre 2 : |
F.P.27, Part Survey No. 27, C.S. No. 1050, TPS No. 24, Village
Tandalja, District Vadodara - 390020, Gujarat, India |
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Research Centre 3 : |
17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai - 400093, Maharashtra, India |
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Research Centre 4 : |
Chemistry and Discovery Research Israel, 14 Hakitor Street, P.O. Box 10347
Haifa Bay 2624761, Israel |
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Plants : |
·
Survey No. 214, Plot No. 20, Govt. Industrial
Area, Phase II, Piparia. Silvassa - 396230, Union Territory of Dadra and
Nagar Haveli, India ·
Halol-Baroda Highway, Near Anand Kendra, Halol,
District Panchmahal - 389350, Gujarat, India ·
Plot No. 24/2 and 25, GIDC, Phase-IV, Panoli,
Dist. Bharuch - 394116, Gujarat, India
·
A-7 and A-8, MIDC Ind. Area, Ahmednagar - 414111,
Maharashtra, India ·
Plot No. 4708, GIDC. Ankleshwar - 393002,
Gujarat, India ·
Sathammai Village, Karunkuzhi Post, Maduranthakam
TK, Kanchipuram District - 603303, Tamilnadu, India ·
Plot No. 817/A, Karkhadi, Taluka Padra, District
Vadodara - 391450, Gujarat, India ·
Survey No. 259/15, Dadra - 396191, Union
Territory of Dadra and Nagar Haveli, India ·
Sun Pharma Laboratories Limited, Plot No.754,
Nandok Block, Setipool, P.O. Ranipool, Sikkim – 737135, India ·
Sun Pharma Laboratories Limited, Plot No.
107/108, Namli Block, Setipool, P.O. Ranipool, Sikkim – 737135, India ·
Sun Pharma Laboratories Limited, 6-9 Export
Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133,
Jammu Kashmir, India ·
Sun Pharma Laboratories Limited, I.G.C. Phase-I,
Samba 184121, Jammu Kashmir, India ·
Sun Pharmaceutical Industries Inc., 705, E.
Mulberry Street, Bryan, Ohio – 43506, USA ·
Sun Pharmaceutical Industries Inc., 270 Prospect
Plains Road, Cranbury, New Jersey – 08512, USA ·
Sun Pharmaceutical (Bangladesh) Limited,
Chandana, Joydevpur, Gazipur, Bangladesh ·
Alkaloida Chemical Company Zrt, H-4440
Tiszavasvari , Kabay, Janos u.29, Hungary · Caraco Pharmaceutical Laboratories Ltd.,** 1150 Elijah McCoy Drive, Detroit –48202, Michigan, USA. ·
TKS Farmaceutica, Rodovia GO-080, Km 02, Chacaras
01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170 ·
Sun Pharma de Mexico S.A. de C.V, Av. Rio
Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico,
Distrito Federal ·
Chattem Chemicals, Inc., 3708, St. Elmo Avenue,
Chattanooga, TN 37409, USA ·
Taro Pharmaceuticals Inc., 130 East Drive,
Brampton, Ontario L6T 1C1, Canada ·
Taro Pharmaceutical Industries Limited, 14
Hakitor Street, P.O. Box 10347 Haifa Bay 2624761, Israel ·
Dusa Pharmaceuticals Inc., 25, Upton Drive,
Wilmington, Massachusetts, 01887, USA ·
URL Pharmaceuticals Inc., 1100 Orthodox Street,
Philadelphia, PA 19124, USA ·
URL Pharmaceuticals Inc., 2500 Molitor Road,
Aurora, IL 60502, USA |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Israel Makov |
|
Designation : |
Chairman |
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Date of Birth/Age : |
75 Years |
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Qualification : |
Mr. Israel Makov holds a B.Sc. in Agriculture and M. Sc in Economics from the Hebrew University, Jerusalem. |
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Name : |
Mr. Dilip S. Shanghvi |
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Designation : |
Managing Director |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Graduate in commerce from the Kolkata University |
|
Profile : |
He had launched Sun Pharmaceutical Industries in 1982. He
is the Managing Director of the Company and Chairman and Managing Director of
Sun Pharma Advanced Research Company Limited. He has also been appointed as
the Chairman and Director of Taro Pharmaceutical Industries Limited. He has
extensive experience in the pharmaceutical industry. Under his leadership,
Sun Pharmaceutical Industries Limited has recorded an all-round growth in
business. |
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Name : |
Mr. Sudhir V. Valia |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Chartered Accountant with more than three decades of
experience in Finance and Taxation |
|
Profile : |
He is representing the Board since 31st January, 1994 and
at present, he is Whole-time Director of the Company. |
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Name : |
Mr. Sailesh T. Desai |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
60 Years |
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Qualification : |
Science graduate from Kolkata University |
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Profile : |
He is a successful entrepreneur with more than three
decades of wide industrial experience including more than two decades in the
pharmaceutical industry itself. |
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Name : |
Mr. S. Mohanchand Dadha |
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Designation : |
Director |
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Date of Birth/Age : |
77 Years |
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Name : |
Mr. Hasmukh S. Shah |
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Designation : |
Director |
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Date of Birth/Age : |
79 Years |
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Qualification : |
Mr. Hasmukh Shah is a B.A. Economics (Hons) and M.A. with Sociology with first rank in the University. |
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Name : |
Mr. Ashwin Dani |
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Designation : |
Director |
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Date of Birth/Age : |
71 Years |
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Qualification : |
Mr. Ashwin Dani is a B.Sc. (Hons) from the Institute of Science, University of Mumbai and B.Sc. (Tech.) (Pigments and Varnishes) from U.D.C.T. University of Mumbai. He also holds a Master Degree in Polymer Science from University of Akron, Ohio, USA and Diploma in Colour Science from Rensellaer Polytechnic, Troy, New York. |
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Name : |
Mr. Keki M. Mistry |
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Designation : |
Director |
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Date of Birth/Age : |
59 Years |
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Name : |
Ms. Rekha Sethi |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
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Date of Appointment : |
13.02.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Bhat |
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Designation : |
Finance Department |
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Name : |
Mr. Sunil R. Ajmera |
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Designation : |
Company Secretary |
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Name : |
Mr. Uday V. Baldota |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Dhrunal Trivedi |
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Designation : |
Export Logistical Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
|
|
|
|
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|
302192200 |
12.56 |
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|
1013024000 |
42.10 |
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|
1280200 |
0.05 |
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|
1280200 |
0.05 |
|
|
1316496400 |
54.71 |
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Total shareholding of Promoter and Promoter
Group (A) |
1316496400 |
54.71 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
61633630 |
2.56 |
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|
73880627 |
3.07 |
|
|
50900944 |
2.12 |
|
|
571797298 |
23.76 |
|
|
25422 |
0.00 |
|
|
25422 |
0.00 |
|
|
758237921 |
31.51 |
|
|
|
|
|
|
64734018 |
2.69 |
|
|
|
|
|
|
119133711 |
4.95 |
|
|
30784129 |
1.28 |
|
|
117037169 |
4.86 |
|
|
4993375 |
0.21 |
|
|
3448917 |
0.14 |
|
|
3224978 |
0.13 |
|
|
59440 |
0.00 |
|
|
1829730 |
0.08 |
|
|
3794306 |
0.16 |
|
|
99668641 |
4.14 |
|
|
17782 |
0.00 |
|
|
331689027 |
13.78 |
|
Total Public shareholding (B) |
1089926948 |
45.29 |
|
Total (A)+(B) |
2406423348 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2406423348 |
100.0 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
AS a
% |
|
1 |
Dilip Shantilal Shanghvi |
231140480 |
9.61 |
|
2 |
Viditi Investment Private Limited |
201385320 |
8.37 |
|
3 |
Tejaskiran Pharmachem Industries Private Limited |
195343760 |
8.12 |
|
4 |
Family Investment Private Limited |
182927440 |
7.60 |
|
5 |
Quality Investment Private Limited |
182868640 |
7.60 |
|
6 |
Virtuous Finance Private Limited |
97104040 |
4.04 |
|
7 |
Virtuous Share Investments Private Limited |
83976000 |
3.49 |
|
8 |
Sholapur Organics Private Limited |
16035080 |
0.67 |
|
9 |
Vibha Dilip Shanghvi |
8864000 |
0.37 |
|
10 |
Jayant Shantilal Sanghvi |
7416840 |
0.31 |
|
11 |
Aalok Dilip Shanghvi |
2885000 |
0.12 |
|
12 |
Vidhi Dilip Shanghvi |
2830000 |
0.12 |
|
13 |
Jeevanrekha Investrade Private Limited |
1462720 |
0.06 |
|
14 |
Kumud S Shanghvi Trustee of Shanghvi Family and Friends Benefit Trust |
1280200 |
0.05 |
|
15 |
Package Investrade Private Limited |
897440 |
0.04 |
|
16 |
Varsha Kiran Doshi |
322000 |
0.01 |
|
17 |
Shanghvi Finance Private Limited |
283360 |
0.01 |
|
18 |
Dipti Nirmal Modi |
227880 |
0.01 |
|
19 |
Kumud Shantilal Shanghvi |
200000 |
0.01 |
|
20 |
Asawari Investment & Finance Private Limited |
49600 |
0.00 |
|
21 |
Flamboyawer Finance Private Limited |
20920 |
0.00 |
|
22 |
Sanghvi Properties Private Limited |
15520 |
0.00 |
|
23 |
Gujarat Sun Pharmaceutical Industries Private Limited |
14400 |
0.00 |
|
24 |
Nirmit Exports Private Limited |
7040 |
0.00 |
|
25 |
Raksha Sudhir Valia |
33922000 |
1.41 |
|
26 |
Sudhir Valia |
14384000 |
0.60 |
|
27 |
Aditya Medisales Limited |
40203960 |
1.67 |
|
28 |
Unimed Investments Limited |
10428760 |
0.43 |
|
|
|
|
|
|
|
Total |
1316496400 |
54.71 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
AS a
% |
|
1 |
Genesis Indian Investment Company Limited General Sub Fund |
36127675 |
1.50 |
|
2 |
Government of Singapore |
36582391 |
1.52 |
|
3 |
Lakshdeep Investments and Finance Private Limited |
35906000 |
1.49 |
|
4 |
Life Insurance Corporation of India |
63506340 |
2.64 |
|
5 |
Abu Dhabi Investment Authority-Gulab |
26002339 |
1.08 |
|
|
|
|
|
|
|
Total |
198124745 |
8.23 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Selling, Trading, Marketing and Exporting
of various Pharmaceutical Products. |
|
|
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|
Brand Names : |
· Pantocid · Gemer · Susten · Levipil · Pantocid-D · Aztor · Glucored Group · Istamet · Rozavel ·
Montek-LC |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
14000 (Approximately) |
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Bankers : |
· Bank of Nova Scotia · Citibank N.A. · ICICI Bank Limited · Kotak Mahindra Bank Limited · Standard Chartered Bank · State Bank of India · Bank of Baroda |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
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Cost Auditors : |
Kailash Sankhlecha and Associates Cost Accountants |
|
Address : |
Vadodara, Gujarat, India |
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Subsidiaries : (As On
31.03.2014) |
· 3 Skyline LLC · Aditya Acquisition Company Limited · Aditya Pharma Private Limited · Alkaloida Chemical Company Zrt. · Alkaloida Sweden AB · AR Scientific Inc · Caraco Pharma Inc · Caraco Pharmaceutical Laboratories Limited · Caraco Pharmaceuticals Private Limited · Chattem Chemicals lnc · Dungan Mutual Associates, LLC · Dusa Pharmaceuticals lnc · Dusa Pharmaceuticals New York lnc · Faststone Mercantile Company Private Limited · Green Eco Development Centre Limited · Khyati Realty ME Limited · Morley and Company lnc · Mutual Pharmaceutical Company, lnc. · Neetnav Real Estate Private Limited · ** Nogad Holdings · One Commerce Drive LLC · OOO "Sun Pharmaceutical Industries" Limited · Orta Limited · Realstone Multitrade Private Limited · Sirius Laboratories lnc · Skisen Labs Private Limited · Softdeal Trading Company Private Limited · SPIL De Mexico S.A. DE C.V. · Sun Clobal Canada Pty. Limited · Sun Global Development FZE · Sun Laboratories FZE · Sun Pharma De Mexico 5.A. DE C.V. · Sun Pharma De Venezuela, CA. · Sun Pharma Global (FZE) · Sun Pharma Global lnc · Sun Pharma Healthcare FZE · * Sun Pharma Medication Private Limited (SPDPL) · * Sun Pharma Drugs Private Limited (SPMPL) · Sun Pharma Japan Limited · Sun Pharma Laboratories Limited · Sun Pharma MEAJLT · Sun Rharma Philippines Inc · ** Sun Pharma Switzerland · Sun Pharmaceutical Industries (Europe) B.V · Sun Pharmaceutical (Bangladesh) Limited · Sun Pharmaceutical Industries (Australia) Pty. Limited · Sun Pharmaceutical Peru S.A.C. · Sun Pharmaceutical Spain, S.L.U · Sun Pharmaceutical UK Limited · Sun Pharmaceuticals (SA) (Pty) Limited · Sun Pharmaceuticals France · Sun Pharmaceuticals Germany GmbH · Sun Pharmaceuticals Italia S.R.L. · ** Silverstreet Developers LLP · Sun Pharmaceuticals Korea Limited · Sun Universal Limited · Taro Development Corporation · Taro Hungary Intellectual Property Licensing LLC. · Taro International Limited · Taro Pharmaceutical India Private Limited · Taro Pharmaceutical Industries Limited · Taro Pharmaceutical Laboratories INC · Taro Pharmaceuticals Canada, Limited · Taro Pharmaceuticals Europe B.V. · Taro Pharmaceuticals lnc. · Taro Pharmaceuticals Ireland Limited · Taro Pharmaceuticals North America, lnc · Taro Pharmaceuticals U.S.A., lnc · Taro Pharmaceuticals UK Limited · Tarochem Limited · TKS Farmaceutica Limiteda · United Research Laboratories, Limited · Universal Enterprises Private Limited (w.e.f.31st August, 2012) · URL Pharma Inc · URL PharmPro, LLC · ZAO Sun Pharma Industries Limited [Liquidated during the year] |
|
|
|
|
Controlled Entity : (As On 31.03.2014) |
· * Sun Pharmaceutical Industries · * Sun Pharma Sikkim · Sun Pharma Drugs ·
Universal Enterprise Private Limited [upto
31.08.2012] |
|
|
|
|
Enterprise under significant influence of
Key Management Personnel or their relatives : (As On 31.03.2014) |
· Sun Petrochemicals Private Limited · Navjivan Rasayan (Gujarat) Private Limited · Sun Pharma Advanced Research Company Limited |
NOTE:
** Controlled entities converted into private
limited companies under Part IX of the Companies Act, 1956 w.e.f. 31.08.2012,
Amalgamated in to Sun Pharma Laboratories Limited w.e.f. 01.09.2012.
* Incorporated / Acquired during the year
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 3000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,071,163,910 |
Equity Shares |
Re. 1/- each |
Rs. 2071.200
Million |
|
|
|
|
|
i Right, Preferences and Restrictions attached to Equity Shares
The Equity Shares of the company, having par
value of Rs. 1 per share, rank pari passu in all respects including voting
rights and entitlement to dividend.
ii Reconciliation of the number of shares
and amount outstanding at the beginning and at the end of reporting period
|
Equity
Shares of Rs. 1 each |
As at
31.03.2014 |
|
|
|
No. of
Shares |
Rs. In
Million |
|
Opening Balance |
1035581955 |
1035.600 |
|
Add: Bonus Shares issued during the year |
1035581955 |
1035.600 |
|
Closing Balance |
2071163910 |
2071.200 |
iii
1,035,581,955 (Previous Year Nil) equity Shares of Rs. 1 each have been
allotted as fully paid up bonus shares during the period of the five years
immediately preceding the date at which the Balance sheet is prepared
|
Name of
Shareholders |
As at
31.03.2014 |
|
|
|
No. of
Shares |
Percentage
of Holding |
|
Dilip Shantilal shaghvi |
231,140,480 |
11.2 |
|
Viditi Investments Private Limited |
201,385,320 |
9.7 |
|
Tejaskiran Pharmachem Industries private Limited |
195,343,760 |
9.4 |
|
Family Investment Private Limited |
182,927,440 |
8.8 |
|
Quality Investment Private Limited |
182,868,640 |
8.8 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2071.200 |
2071.200 |
1035.600 |
|
(b) Reserves & Surplus |
68719.500 |
72007.600 |
76853.200 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
483.800 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
71274.500 |
74078.800 |
77888.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
11703.200 |
46.400 |
46.400 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1928.400 |
1654.100 |
|
(c)
Other long term liabilities |
143.700 |
13.800 |
10.100 |
|
(d)
long-term provisions |
24225.100 |
25241.900 |
1314.900 |
|
Total
Non-current Liabilities (3) |
36072.000 |
27230.500 |
3025.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
42528.100 |
24043.700 |
384.900 |
|
(b)
Trade payables |
14849.700 |
3800.600 |
3625.100 |
|
(c)
Other current liabilities |
32475.500 |
2336.100 |
1451.500 |
|
(d)
Short-term provisions |
11977.700 |
6880.300 |
6089.100 |
|
Total
Current Liabilities (4) |
101831.000 |
37060.700 |
11550.600 |
|
|
|
|
|
|
TOTAL |
209177.500 |
138370.000 |
92464.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
42758.600 |
12575.600 |
11347.600 |
|
(ii)
Intangible Assets |
0.000 |
96.100 |
10.300 |
|
(iii)
Capital work-in-progress |
0.000 |
4804.600 |
3480.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
93666.200 |
61557.300 |
33764.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
18952.300 |
7614.900 |
4910.900 |
|
(e)
Other Non-current assets |
419.500 |
1.100 |
78.300 |
|
Total
Non-Current Assets |
155796.600 |
86649.600 |
53592.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
939.300 |
8600.000 |
9410.500 |
|
(b)
Inventories |
21892.500 |
9183.800 |
8687.600 |
|
(c)
Trade receivables |
18028.200 |
4527.500 |
7375.300 |
|
(d)
Cash and cash equivalents |
3042.700 |
1414.800 |
4311.200 |
|
(e)
Short-term loans and advances |
6966.900 |
3093.200 |
8495.000 |
|
(f)
Other current assets |
2511.300 |
24901.100 |
592.900 |
|
Total
Current Assets |
53380.900 |
51720.400 |
38872.500 |
|
|
|
|
|
|
TOTAL |
209177.500 |
138370.000 |
92464.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
77309.300 |
28287.900 |
24321.400 |
|
|
|
Other Income |
3924.700 |
1593.800 |
2361.700 |
|
|
|
TOTAL (A) |
81234.000 |
29881.700 |
26683.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
22611.100 |
8946.200 |
7057.900 |
|
|
|
Purchases of Stock-in-Trade |
9342.200 |
1850.400 |
2009.600 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
3181.000 |
(145.300) |
(105.300) |
|
|
|
Employees benefits expense |
14866.900 |
2796.300 |
2348.700 |
|
|
|
Other expenses |
34689.500 |
14669.600 |
7883.700 |
|
|
|
Exception Item |
0.000 |
28756.000 |
0.000 |
|
|
|
TOTAL (B) |
84690.700 |
56873.200 |
19194.600 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(3456.700) |
(26991.500) |
7488.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5512.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(8969.200) |
(26991.500) |
7488.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6606.800 |
1019.400 |
858.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(15576.000) |
(28010.9000) |
6630.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(848.400) |
274.300 |
1464.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(14727.600) |
(28285.200) |
5165.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB basis) |
NA |
22713.300 |
19238.000 |
|
|
|
Interest |
NA |
0.000 |
4.100 |
|
|
|
Royalty |
NA |
50.300 |
3.300 |
|
|
|
Others |
NA |
404.400 |
369.800 |
|
|
TOTAL EARNINGS |
NA |
23168.000 |
19615.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.12 |
(13.70) |
2.50 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
(22562.900) |
2752.400 |
|
|
|
|
|
|
Net Cash Flow from used in Operating Activities |
NA |
(24050.600) |
1064.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(19.05) |
(99.99) |
21.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(4.47) |
(95.42) |
30.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.48) |
(38.90) |
12.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
(0.38) |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76 |
0.33 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.52 |
1.40 |
3.37 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
|
|
|
Market Value |
Rs. 849.65/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1035.600 |
2071.200 |
2071.200 |
|
Reserves & Surplus |
76853.200 |
72007.600 |
68719.500 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
483.800 |
|
Net
worth |
77888.800 |
74078.800 |
71274.500 |
|
|
|
|
|
|
Long-term borrowings |
46.400 |
46.400 |
11703.200 |
|
Short term borrowings |
384.900 |
24043.700 |
42528.100 |
|
Total
borrowings |
431.300 |
24090.100 |
54231.300 |
|
Debt/Equity
ratio |
0.006 |
0.325 |
0.761 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
24321.400 |
28287.900 |
77309.300 |
|
|
|
16.309 |
173.295 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
24321.400 |
28287.900 |
77309.300 |
|
Profit |
5165.500 |
(28285.200) |
(14727.600) |
|
|
21.24% |
(99.99)% |
(19.05)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10406999 |
18/02/2013 |
5,000,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
AXIS HOUSE,
2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI
- 400025, MAHARASHTRA, INDIA |
B68476811 |
|
2 |
10351563 |
31/03/2012 |
178,140,000.00 |
DEPARTMENT
OF BIOTECHNOLOGY |
6-8TH FLOOR,
BLOCK NO.2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
B38042354 |
|
3 |
80052154 |
30/12/2005 |
728,500,000.00 |
CITI
BANK N.A. |
JEEVAN
VIHAR BUILDING PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
- |
|
4 |
90172173 |
24/10/2003 |
3,000,000,000.00 |
STATE
BANK OF INDIA |
JEEVAN
VYAPAR BHAVAN, 11 TH AND 12TH FLOOR 1 TOLSTOY MARG, NEW DELHI - 110001, INDIA |
- |
|
5 |
90169791 |
09/04/2003 |
364,000,000.00 |
CREDIT
LYONNAIS |
6TH
FLOOR 15 KASTURBA MARG, NEW DELHI - 110001, INDIA |
- |
|
6 |
90169771 |
17/02/2003 |
301,700,000.00 |
DEUTCHE
BANK |
BRANCH
OFFICE15-17 TOLSTOY, HOUSE TOLSTOY MARG, |
- |
|
7 |
90169680 |
03/07/2002 |
484,000,000.00 |
STANDARD
CHARTERED BANK |
PARLIAMENT
STREET, NEW DELHI, INDIA |
- |
|
8 |
80052153 |
24/10/2001 |
484,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LTD |
ECE
HOUSE K G MARG, NEW DELHI- 110001, INDIA |
- |
|
9 |
90169551 |
12/03/2003
* |
728,500,000.00 |
ABN
AMRO BNAK N V |
DLF CENTRE,
PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
- |
|
10 |
90169517 |
30/03/2001 |
2,122,500,000.00 |
PUNJAB
NATIONAL BAN K |
7
BHIKAJI CAMA PLACE AFRICA, AVENUE, NEW DELHI - 110066, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Term Loan from Bank |
NA |
24002.000 |
|
|
|
|
|
Total |
NA |
24002.000 |
NATURE OF
INDUSTRY (AS ON 31.03.2014)
The Company is engaged into development, manufacture, sale, trading, marketing and export of various pharmaceutical products.
MERGER OF RANBAXY (AS
ON 31.03.2014)
At Sun Pharma, They have taken a significant initiative to enhance shareholder value for the future. They are in the process of acquiring Ranbaxy Laboratories Limited, India’s leading Company in sales, in one of India’s largest M&A transactions. The deal, an all-stock transaction valued at US$ 4 billion, is expected to be completed by December 2014. Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each Ranbaxy’s share. Further details on the
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
|
A Claims against the Company not acknowledged as debts |
24.000 |
|
B Guarantees Guarantees Given by the bankers on behalf of the Company |
374.200 |
|
Corporate Guarantees |
86.000 |
|
C Others |
|
|
Letters of Credit for Imports |
2103.200 |
|
Liabilities Disputed - Appeals filed with respect to : |
|
|
Income Tax on account of Disallowances / Additions |
4927.800 |
|
Sales Tax on account of Rebate / Classification |
48.500 |
|
Excise Duty on account of Valuation / Cenvat Credit |
93.600 |
|
ESIC Contribution on account of applicability |
0.200 |
|
Drug Price Equalisation Account [DPEA] on account of demand towards
unintended benefit, including interest thereon, enjoyed by the Company |
14.000 |
|
Demand by JDGFT import duty with respect to import alleged to be in
excess of entitlement as per the Advanced Licence Scheme |
14.600 |
FIXED ASSETS:
TANGIBLE ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Vehicles
· Office Equipment
· Furniture and Fixtures
INTANGIBLE ASSETS
· Trademarks, Designs and Other Intangible Assets
PRESS RELEASE
Sun Pharma's open offer for Zenotech
stake gets tepid response
Drug major Sun
Pharmaceutical’s open offer to acquire 28.16 percent stake in Zenotech
Laboratories elicited tepid response from the shareholders.
Sun Pharma decided to make the open offer after itsacquisition of Ranbaxy, which had held significant stake in Zenotech.
Under the offer, Sun Pharma proposed to buy over 96 lakh shares accounting for 28.16 per cent stake in Zenotech. However, there was lukewarm response from the shareholders as they tendered just 785 shares.
The result of the open offer was submitted by Sun Pharma as well as Zenotech to the stock exchanges today. The open offer began on June 30 and closed on July 13.
Interestingly, a committee of independent directors formed by Zenotech had last month termed Sun Pharma's open offer worth Rs 202.300 Million to acquire a little over 28 per cent stake in the company as "fair and reasonable".
The independent directors' panel had said that it "believes that the open offer of Rs 20.87 per equity share is fair and reasonable and in line with Sebi regulations".
The Sun Pharma-Ranbaxy merger deal was completed in March this year. Shares of Zenotech rose nearly 5 per cent to close at Rs 34.85 apiece on the BSE.
SUN PHARMA STOCK
PRICE
On July 29, 2015, Sun Pharmaceutical Industries closed at Rs 829.95, up Rs 8.60, or 1.05 percent. The 52-week high of the share was Rs 1200.70 and the 52-week low was Rs 743.25.
The latest book value of the company is Rs 24.80 per share. At current value, the price-to-book value of the company was 33.47.
PHARMA'S STRUGGLE TO COPE STANDARDS PAVES WAY FOR M AND A
DEALS
Many of its top firms are facing sanctions at their factories, as the US
Food and Drug Administration (FDA) tightens checks and its approvals process.
India's smaller generic drugmakers, struggling to cope with a bruised reputation and tougher regulation in the United States, are under pressure to consider branching out to new, less-profitable markets or sell out to larger rivals.
Two years after its most high-profile regulatory setback to date in the United States - Ranbaxy 's USD 500 million US fine for drug safety violations - India's USD 15 billion a year generic drug industry is still rebuilding its image in its biggest market.
Many of its top firms are facing sanctions at some of their factories, as the US Food and Drug Administration (FDA) tightens checks and its approvals process.
Combined with government-mandated price controls on drugs at home, that is piling pressure on smaller players.
"If they want to have a presence globally, they have to make investments. If they can't, then they'll have to focus on other markets or scale back their ambition outside of India, and that's probably what will happen," said Subhanu Saxena, CEO of Cipla, India's fourth-largest drugmaker by revenue.
Ashok Anand, president of Hikal Ltd, a Mumbai-based drugmaker with a market value of USD 167 million, said some peers were putting themselves on the block.
"If they cannot deal with the stricter regulations,
they might just prefer to sell out," he said.
Pressure on US sales has been felt across the Indian industry, with all
drugmakers hit by delays in FDA approvals as the US safety body overhauls its
review process. Growth in US revenue for drugmakers slowed to 14 percent in the
year to March 2015, less than half what it was in the year to March 2012,
according to brokerage Edelweiss.
But for larger players who want to plug gaps or, for the likes of
Glenmark and Aurobindo who aim to grow in the United States, this
pressure has lowered prices and could pave the way for attractive deals,
bankers said.
"Now that some of the smaller companies are reeling under intensive
regulatory scrutiny and want to cash out on their investments, valuations would
be much more realistic," said the head of India M&A at a large
European bank in Mumbai
SPENDING SPREE
Indian manufacturers say they have spent millions in high-end testing
equipment, improved training and have hired larger teams in quality control
since Ranbaxy was fined for manipulating clinical data.
Some consultants estimate spending on compliance has more than doubled to reach about 6 to 7 percent of sales for the larger companies.
But while the number of US export bans issued to Indian companies fell to eight in 2014 from 21 in 2013, according to FDA data, the agency continues to find manufacturing violations at the plants of some of the biggest drugmakers in the country, an indication of the pervasiveness of the problem.
Sun Pharmaceutical Industries, Wockhardt , Dr Reddy's
Laboratories and Cadila Healthcare have all faced FDA rebukes over
the past year. Smaller firms Ipca and Aarti Drug s faced FDA bans on their
plants this year.
These failures - which executives blame on India's "quick fix" culture and consultants blame on a failure to prioritise compliance - have clouded short-term growth prospects and added to pressure on smaller players, pushing some to look elsewhere.
"They can choose to be in lesser-regulated markets, such as Latin America, where there is a lot of demand. But they will have to live with much thinner margins," said the finance director of a small Indian drugmaker, who did not want to be named. "It's survival of the fittest."
RANBAXY LABS STOCK PRICE
On April 01, 2015, Ranbaxy Laboratories closed at Rs 859.90, up Rs 0.00,
or 0.00 percent. The 52-week high of the share was Rs 869.00 and the 52-week
low was Rs 371.00.
The latest book value of the company is Rs 25.79 per share. At current value, the price-to-book value of the company was 33.34.
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. 64.03 |
|
|
1 |
Rs. 99.72 |
|
Euro |
1 |
Rs. 70.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
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 |
|
65 |
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.