MIRA INFORM REPORT
|
Report No. : |
313555 |
|
Report Date : |
23.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNICHEM LABORATORIES LIMITED |
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|
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Registered
Office : |
Unichem Bhavan, Prabhat Estate, Off S. V. Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.08.1962 |
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Com. Reg. No.: |
11-012451 |
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Capital
Investment / Paid-up Capital : |
Rs. 181.255 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1962PLC012451 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEU05493F |
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PAN No.: [Permanent Account No.] |
AAACU0551B |
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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 Active Pharmaceutical Ingredients (APIs). |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate 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 commitment. The company can be considered good for business dealing 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 |
ICRA |
|
Rating |
Short term debt programme : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
January, 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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Rajarampal |
|
Designation : |
General Manager – Finance |
|
Contact No.: |
91-22-26780643 |
|
Date : |
19.03.2015 |
LOCATIONS
|
Registered / Corporate Office : |
Unichem Bhavan, Prabhat Estate, Off S. V. Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra, India |
|
Tel. No.: |
91-22-26780643 / 66888333 / 26785616 |
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Fax No.: |
91-22-26784391/ 26794089 / 26788665 |
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E-Mail : |
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Website : |
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Head Office : |
Mahalaxmi Chambers, 2nd Floor, |
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|
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Factory 1: |
Plot No. 17A and
18, Pilerne Industrial Estate, Pilerne Bardez, Goa – 403515, |
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Tel. No.: |
91-832-2407202/ 6 |
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Factory 2 |
Bhatauli Kalan District, Solan, Baddi – 173 205, |
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Tel. No.: |
91-1795-246701/ 6 |
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Factory 3 : |
C-31-32,
Industrial Area, |
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Tel. No.: |
91-120-2750039/
46 |
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Factory 4: |
99, MIDC Area,
Roha, District Raigad – 402116, |
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Tel. No.: |
91-2194-263561/263549 |
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Factory 5 : |
Pithampur, Plot
No 197, Sector – I, Pithampur –454775, Madhya Pradesh, India |
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Tel. No.: |
91-729-2503127/ 2500941 |
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Factory 6: |
NH – 31A, Bagheykhola, Majithar, Rangpo, East Sikkim – 737138, India |
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Factory 7: |
Plot Nos. 11, 12 & 13 Pharma Zone, Phase II, Sector 3, Pithampur, District Dhar-454775, Madhya Pradesh, India |
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Representative Offices
1: |
St. Bolshaya Yakimanka Hno 31/18, Moscow, Russia |
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Tel. No.: |
+ 7 095 2302380 |
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Fax No.: |
+ 7 095 2387934 |
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E-Mail : |
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Representative
Offices 2: |
2/1, Kruglouniversityskya, Office # 3 Ukraine, Kiev - 012024 |
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Tel. No.: |
+ 380 44 235 24 05 / 4280160 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Prakash A. Mody |
|
Designation : |
Chairman and Managing Director |
|
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|
Name : |
Mr. Prafull
Anubhai |
|
Designation : |
Independent
Director |
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|
Name : |
Mr. Ramdas Gandhi |
|
Designation : |
Independent
Director |
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|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Independent
Director |
|
|
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|
Name : |
Mr. Prafull D.
Sheth |
|
Designation : |
Independent
Director |
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|
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|
Name : |
Mr. Anand Mahajan |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Audit Committee : |
·
Mr. Prafull Anubhai - Chairman ·
Mr. Ramdas Gandhi ·
Mr. Nasser Munjee |
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|
|
Shareholders’ Relationship Committee: |
· Mr. Ramdas Gandhi - Chairman · Dr. Prakash A. Mody · Mr. Prafull Anubhai |
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Remuneration Committee : |
·
Mr. Prafull D. Sheth ·
Mr. Prafull Anubhai- Chairman ·
Mr. Ramdas Gandhi |
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|
·
|
|
Corporate Social : |
· Dr. Prakash A. Mody - Chairman |
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Responsibility
(CSR) Committee : |
·
Mr. Prafull Anubhai ·
Mr. Ramdas Gandhi |
|
|
|
|
Name : |
Mr. K. Subharaman |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
45378350 |
50.00 |
|
|
132200 |
0.15 |
|
|
132200 |
0.15 |
|
|
45510550 |
50.15 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
45510550 |
50.15 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
10267905 |
11.31 |
|
|
59629 |
0.07 |
|
|
2533447 |
2.79 |
|
|
2468788 |
2.72 |
|
|
0 |
0.00 |
|
|
15329769 |
16.89 |
|
|
|
|
|
|
6611143 |
7.28 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
18156035 |
20.01 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
2890665 |
3.19 |
|
|
2253013 |
2.48 |
|
|
966370 |
1.06 |
|
|
128355 |
0.14 |
|
|
769155 |
0.85 |
|
|
122412 |
0.13 |
|
|
202332 |
0.22 |
|
|
8750 |
0.01 |
|
|
33802 |
0.04 |
|
|
500 |
0.00 |
|
|
387 |
0.00 |
|
|
4700 |
0.01 |
|
|
16250 |
0.02 |
|
|
29910856 |
32.96 |
|
Total Public shareholding
(B) |
45240625 |
49.85 |
|
|
|
|
|
Total (A)+(B) |
90751175 |
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) |
90751175 |
100.00 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Prakash Amrut Mody |
4,13,37,342 |
45.55 |
45.55 |
|
2 |
Anita Prakash Mody |
13,23,400 |
1.46 |
1.46 |
|
3 |
Shwetambari Praksh Mody |
9,49,936 |
1.05 |
1.05 |
|
4 |
Suparna Prakash Mody |
9,49,936 |
1.05 |
1.05 |
|
5 |
Supriya Prakash Mody |
9,49,936 |
1.05 |
1.05 |
|
|
Total |
4,55,10,550 |
50.15 |
50.15 |
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
|
No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
ICICI Prudential Taxplan |
7411212 |
8.17 |
8.17 |
|
|
2 |
Reliance Capital Trustee
Company Limited - Reliance Long term Equity Fund |
2065058 |
2.28 |
2.28 |
|
|
3 |
General Insurance
Corporation of India |
1700001 |
1.87 |
1.87 |
|
|
4 |
Alrox Investment and
Finance Private Limited |
1597763 |
1.76 |
1.76 |
|
|
5 |
Family Investment Private
Limited |
1438522 |
1.59 |
1.59 |
|
|
6 |
Airborne Investment and
Finance Private Limited |
1149452 |
1.27 |
1.27 |
|
|
|
Total |
15362008 |
16.93 |
16.93 |
SHAREHOLDING OF SECURITIES
(INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH
PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL
NUMBER OF SHARES OF THE COMPANY
|
No. |
Name(s) of the shareholder(s) and the Persons Acting
in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
ICICI Prudential Taxplan |
7411212 |
8.17 |
8.17 |
|
|
|
Total |
7411212 |
8.17 |
8.17 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (APIs). |
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Products : |
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Brand Name: |
· LOSAR · AMPOXIN · UNIENZYME · TELSAR · TRIKA |
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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
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Bank of ·
The Sakura Bank Limited ·
Bank of Baroda |
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Facilities : |
SHORT TERM
BORROWINGS Cash
credit, Rs. 6.258 Million (Previous Year Rs.
57.205
Million) from Bank of India and Bank of Baroda
are secured against hypothecation of Inventories, Book debts and an equitable
mortgage of immovable properties located at Jogeshwari, Roha, Ghaziabad on a
second, subject and subservient pari
passu charge basis (First charge holder being fully satisfied
and paid). In addition the cash credit facilities are also secured by an
equitable mortgage of the Company's immovable properties situated at Goa and
Baddi on a second, subject and subservient basis. (First charge holder being
fully satisfied and paid). |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B D Jokhakar and Company Chartered Accountant |
|
Address : |
8 Ambalal Doshi Marg, Fort, Mumbai – 400001, |
|
|
|
|
Subsidiaries of the Company: |
|
|
|
|
|
Enterprises
under significant influence of key management personnel : |
Uni Distributors Private Limited |
|
|
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Million |
|
50,000,000 |
Unclassified Shares |
Rs.2/- each |
Rs.100.000 Million |
|
5,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90627326 |
Equity Shares |
Rs.2/- each |
Rs.181.255
Million |
|
|
|
|
|
Note:
|
Particulars |
31.03.2014 |
|
|
Reconciliation of Number of Shares (Equity) |
Number of shares |
Rs. in Million |
|
Number of Shares outstanding as at the beginning of the
year* |
90,456,438 |
180.913 |
|
Add: Number of Shares allotted under ESOP during the
year |
170,888 |
0.342 |
|
Number
of Shares outstanding as at the end of the year* |
90,627,326 |
181.255 |
RIGHTS,
PREFERENCES AND RESTRICTIONS ATTACHED TO EQUITY SHARES
The Company
has one class of equity shares having a par value of Rs. 2/- per share. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
Shareholders
holding more than 5 per cent of total Equity Shares of company
|
Name of the
Shareholders |
31.03.2014 |
|
|
Number of shares |
Rs. in Million |
|
|
|
|
|
|
Dr. Prakash Amrut Mody |
41,205,142 |
45.47 |
|
|
|
|
As per
the of the Company, including its register of shareholders / members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
181.255 |
180.913 |
180.643 |
|
(b) Reserves & Surplus |
8881.417 |
7948.615 |
7119.527 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.345 |
|
Total Shareholders’
Funds (1) + (2) |
9062.672 |
8129.528 |
7300.515 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
417.743 |
389.743 |
384.743 |
|
(c) Other long term
liabilities |
236.695 |
252.576 |
234.882 |
|
(d) long-term
provisions |
76.355 |
91.868 |
102.392 |
|
Total Non-current
Liabilities (3) |
730.793 |
734.187 |
722.017 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6.258 |
57.205 |
248.729 |
|
(b) Trade
payables |
1511.303 |
1590.860 |
1367.850 |
|
(c) Other
current liabilities |
297.130 |
298.668 |
292.296 |
|
(d) Short-term provisions |
458.026 |
516.696 |
333.000 |
|
Total Current
Liabilities (4) |
2272.717 |
2463.429 |
2241.875 |
|
|
|
|
|
|
TOTAL |
12066.182 |
11327.144 |
10264.407 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3937.169 |
4147.030 |
3708.096 |
|
(ii)
Intangible Assets |
0.000 |
115.148 |
144.014 |
|
(iii)
Capital work-in-progress |
863.096 |
1292.905 |
1113.424 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1142.507 |
1072.030 |
916.193 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
484.176 |
83.781 |
260.225 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6426.948 |
6710.894 |
6141.952 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
56.698 |
330.604 |
145.000 |
|
(b)
Inventories |
1862.373 |
1316.339 |
1411.311 |
|
(c) Trade
receivables |
2112.751 |
2122.764 |
1848.247 |
|
(d) Cash
and cash equivalents |
408.260 |
166.600 |
138.612 |
|
(e)
Short-term loans and advances |
1082.646 |
639.142 |
534.990 |
|
(f) Other
current assets |
116.506 |
40.801 |
44.295 |
|
Total
Current Assets |
5639.234 |
4616.250 |
4122.455 |
|
|
|
|
|
|
TOTAL |
12066.182 |
11327.144 |
10264.407 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10441.750 |
10052.169 |
8031.873 |
|
|
|
Other Income |
428.391 |
140.670 |
93.947 |
|
|
|
TOTAL (A) |
10870.141 |
10192.839 |
8125.820 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2710.330 |
2612.792 |
1942.855 |
|
|
|
Purchase of Stock -in-Trade |
1275.893 |
1078.443 |
1029.078 |
|
|
|
Employee benefits expenses |
1471.382 |
1280.150 |
1048.840 |
|
|
|
Other expenses |
2927.125 |
2762.206 |
2377.682 |
|
|
|
Research & Development Expenses |
521.510 |
361.073 |
379.402 |
|
|
|
Changes in inventories of Finished goods, Work-in-progress
and Stock -in-Trade |
(275.811) |
100.731 |
(20.258) |
|
|
|
TOTAL (B) |
8630.429 |
8195.395 |
6757.599 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2239.712 |
1997.444 |
1368.221 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.816 |
24.816 |
32.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2214.896 |
1972.628 |
1335.236 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
426.658 |
348.165 |
282.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1788.238 |
1624.463 |
1052.355 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
430.011 |
328.503 |
227.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1358.227 |
1295.960 |
824.633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
411.455 |
0.000 |
0.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX AND EXCEPTIONAL
ITEMS |
1769.682 |
1295.960 |
824.795 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5453.307 |
4783.652 |
4424.220 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
362.630 |
407.116 |
271.344 |
|
|
|
Interim Dividend |
362.499 |
0.000 |
0.000 |
|
|
|
Tax on Proposed Dividend |
61.629 |
69.189 |
44.019 |
|
|
|
Tax on Interim Dividend |
61.607 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
180.000 |
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6194.624 |
5453.307 |
465.363 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods calculated on FOB Basis |
3264.387 |
3215.711 |
2236.201 |
|
|
|
Insurance, Freight and other charges recovered |
155.360 |
135.125 |
0.000 |
|
|
|
Others |
0.000 |
0.000 |
33.693 |
|
|
TOTAL EARNINGS |
3419.747 |
3350.836 |
2269.894 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
474.946 |
387.807 |
355.575 |
|
|
|
Packing Materials |
14.130 |
23.239 |
31.891 |
|
|
|
Stores & Spares |
9.883 |
2.199 |
1.176 |
|
|
|
Capital Goods |
134.562 |
83.163 |
262.336 |
|
|
|
|
0.000 |
0.462 |
0.000 |
|
|
TOTAL IMPORTS |
633.521 |
496.870 |
650.978 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
19.54 |
14.33 |
9.13 |
|
|
|
Diluted |
19.47 |
14.29 |
9.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
13.01 |
12.89 |
10.27 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
21.45 |
19.87 |
17.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.77 |
18.13 |
12.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.20 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.01 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.48 |
1.87 |
1.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT/EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
180.643 |
180.913 |
181.255 |
|
Reserves & Surplus |
7119.527 |
7948.615 |
8881.417 |
|
Share Application money pending allotment |
0.345 |
0.000 |
0.000 |
|
Net worth |
7300.515 |
8129.528 |
9062.672 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
248.729 |
57.205 |
6.258 |
|
Total borrowings |
248.729 |
57.205 |
6.258 |
|
Debt/Equity ratio |
0.034 |
0.007 |
0.001 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
8031.873 |
10052.169 |
10441.750 |
|
|
|
25.153 |
3.876 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
8031.873 |
10052.169 |
10441.750 |
|
Profit |
824.633 |
1295.960 |
1358.227 |
|
|
10.27% |
12.89% |
13.01% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS : NOT AVAILABLE
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CASE DETAILS
|
CASE ETAILS BENCH:- BOMBAY |
|
Lodging No.:- |
APPL/126/2010 |
Filing Date:- |
06.03.2010 |
Reg. No.:- |
APP/151/2010 |
Reg. Date:- |
11.03.2010 |
|
Main Matter |
|
Lodging No.:- |
NMSL/3852/2009 |
Reg. No.:- |
NMS/3852/2009 |
|
Petitioner:- |
HETERO HEALTHCARE LIMITED AAND ANR |
Respondent:- |
UNICHEM LABORATORIES LIMITED |
|
Petn.Adv.:- |
DHRUVE LIADHAR AND COMPANY (0) |
Res.Adv:- |
M A MAHADGUT NOA (0) |
|
District:- |
OUTSIDE MAHARASHTRA |
||
|
Bench:- |
DIVISION |
Categoary:- |
APPEALS |
|
Status:- |
Admitted (Ready) |
Stage: |
APPEALS FOR HEARING [ORIGINAL SIDE MATTERS] |
|
Last Date: |
07.12.2012 |
|
|
|
Last Coram: |
HON’BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD HON’BLE SHRI JUSTICE A.A. SAYED |
||
|
Act: |
Advocates Act 1961 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90238025 |
29/01/1993 * |
375,000,000.00 |
BANK OF INDIA |
CUMBALLA HILL BRANCH,
N.S. PATKAR MARG, MUMBAI, MAHARASHTRA - 400036, INDIA |
- |
|
2 |
90234683 |
14/08/2001 * |
150,000,000.00 |
ICICI LIMITED |
ICICI TOWER,
BANDRA KURLA COMPLEX, BOMBAY, MAHARA |
- |
|
3 |
90237983 |
30/04/2001 * |
100,000,000.00 |
BIRLA SUNLIFE
ASSET MANAGEMENT CO. LTD. |
AHURA CENTRE
TOWER A, ANDHERI, BOMBAY, MAHARASHTRA - 400093, INDIA |
- |
|
4 |
90237977 |
14/01/2000 |
253,690,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, `, BOMBAY, MAHARASHTRA - 40 |
- |
|
5 |
90234504 |
23/02/1999 |
253,690,000.00 |
BANK OF INDIA |
CUMBALLA HILL
BRANCH, N.S. PATKAR MARG, MUMBAI, M |
- |
|
6 |
90237911 |
18/06/2002 * |
104,294,000.00 |
BANK OF INDIA |
NIRMALCUMBALLA HILL
BRANCH, NARIMAN POINT, BOMBAY |
- |
|
7 |
90234023 |
13/07/1994 |
6,000,000.00 |
THE SAKURA BANK
LTD. |
MITTAL COURT,
NARIMAN POINT, MUMBAI, MAHARASHTRA |
- |
|
8 |
90233819 |
17/03/1992 |
15,000,000.00 |
I.D.B.I. |
IDBI TOWER,
CUFFE PARADE, BOMBAY, MAHARASHTRA - 4 |
- |
|
9 |
90233781 |
01/10/1991 |
18,200,000.00 |
THE MITSUI TALYO
KOBE BANK LTD. |
NARIMAN POINT,
BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
10 |
90233735 |
12/04/1991 |
14,200,000.00 |
THE MITSUI TAIYO
KOBE BANK LTD. |
NARIMAN POINT,
BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
REVIEW OF
OPERATIONS
During
the year, Stand alone Sales/Income from operations (Net)
increased to Rs.104,41.750 Million in 2013-14 from
Rs/1,00,52.169 Million in 2012-13,
registering a growth
of 3.88%.
REVIEW OF
SUBSIDIARIES
NICHE GENERICS LIMITED
Niche Generics
Limited is a Wholly Owned Subsidiary of the Company in UK. It is engaged in
manufacturing formulations and dossier filing in European markets. It recorded
sales of GBP 104.91 Lacs for the year ended March 31, 2014 as compared to GBP
10.768 Million for the previous year ended March 31, 2013. The profit for the
year ended March 31, 2014 stood at GBP 0.267 Million compared to the profit of
GBP 0.099 Million for the year ended March 31, 2013.
UNICHEM PHARMACEUTICALS (USA) INC.
Unichem
Pharmaceuticals (USA) Inc. is a Wholly Owned Subsidiary of the Company in USA
which has been set up for business development, filing of ANDA''s and exploring
the opportunities for marketing alliances in North American markets. The
subsidiary recorded sales of USD 12.173 Million for the year ended March 31,
2014 as compared to USD 8.248 Million for the previous year ended March 31, 2013
and incurred loss of USD 0.296 Million for the same period as compared to the
loss of USD 0.623 Million for the year ended March 31, 2013.
UNICHEM FARMACEUTICA DO BRASIL LTDA
Unichem
Farmaceutica Do Brasil Ltda., is a Wholly Owned Subsidiary of the Company in
Brazil. This subsidiary has been set-up to own product registrations, launch
generic and branded generics products in the Brazilian market. The subsidiary
plans to have marketing alliances for promoting, warehousing and
distribution. The subsidiary recorded
sales of Reais 1.737 Million for the year ended March 31, 2014 as compared to
Reais 1.538 Million for the previous year ended March 31, 2013. The entity
suffered a loss of Reais 2.912 Million in the current year as against a loss of
Reais 2.961 Million during the previous year.
UNICHEM SA (PROPRIETARY) LIMITED
Unichem SA
(Proprietary) Limited is a Wholly Owned Subsidiary of the Company in South
Africa. This subsidiary has been set-up for business development and to own
product registrations. The subsidiary has suffered a loss of SA Rand 2,952 in
the current year as compared to loss of SA Rand 72 for the previous year ended
March 31, 2013.
UNICHEM LABORATORIES LIMITED, IRELAND
Unichem Laboratories
Limited, Ireland is a Wholly Owned Subsidiary of the Company in Ireland. This
subsidiary has been set up for business development and to own product
registrations. The subsidiary recorded sales of Euro 0.488 Million for the year
ended March 31, 2014 as compared to Euro 0.217 Million for the previous year
ended March 31, 2013. The subsidiary during the current year has suffered a
loss of Euro 0.284 Million as compared to loss of Euro 0.295 Million for the
previous year ended March 31, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL PHARMA MARKET
The
life sciences sector which comprises of the pharmaceutical, biotechnology, and
medical technology segments continues to perform better in many parts of the
world. However, the sector is facing pressure from increased health costs
across the world. Nevertheless, an overview of this sector’s performance shows
that it is favourably positioned to achieve success in 2014 and beyond. Among
drivers for growth are an aging population, rising incidence of chronic
diseases, technological advancements and product innovation, and certain
anticipated impacts from health care reform provisions including increases in
government funding and insurance coverage.
The
fundamentals driving health care demand, combined with the advent of new and
often more expensive treatments, will continue to push up global pharmaceutical
sales by an annual average of 5.3 percent between 2014 and 2017. Sales growth
will continue to come from the U.S., U.K. and the BRIC countries. Among
emerging markets, strong growth is forecasted for China and India, where
pharmaceutical sales are expected to more than double in U.S.-dollar terms by
2016. Brazil and Russia also are expected to see positive growth.
The
year 2014 is anticipated to be a positive year for U.S. life sciences
companies. As they continue to obtain greater clarity on Affordable Healthcare
Act (ACA) implementation and its impacts, they become increasingly better at
capitalizing on emerging market opportunities, and incorporate real-world
evidence into their strategic thinking and decision-making. The Economic
Intelligence Unit (EIU) projects the U.S. pharmaceutical market, the world’s
largest market will grow at 6.4 percent annually through 2014-16.Demographics
and disease trends will also boost drug consumption. (Source: Deloitte, Global
Life Science Outlook).
DOMESTIC PHARMACEUTICAL MARKET
The
Indian pharmaceutical market is expected to grow to about $ 20 billion by 2015.
The growth will be backed by 6 key trends that will influence the growth of the
Indian Pharmaceutical market in coming years, those trends are:
• Doubling of disposable incomes and higher number of urban middle class households
• Expansion of medical infrastructure
• Greater penetration of health insurance
• Rising relevance of Chronic diseases
• Adoption of product patents
• Aggressive market penetration driven by the relatively smaller companies
While
acute therapies have historically dominated the market and epidemics provides
purts of growth, chronic therapies are growing at a faster rate. The growing
prevalence of lifestyle disorders will spur the growth in specialty and super
specialty therapies. The population of patients suffering from Hypertension is
expected to grow by another 50million cases over the next decade. Prominent
amongst the therapeutic areas that are expected to grow as a result of increase
in Lifestyle disorders are Cardiovascular, Neuropsychiatry, and Oncology.
(Source: McKinsey & Company, India Pharma 2015).
The
Company remains a Chronic focused Company and this segment contributes approx.
61%of the total domestic business revenues.
OUTLOOK
Post
restructuring of the domestic business, the acute division has started yielding
above market growth in a consistent manner. Our endeavor is to replicate the
similar performance in the Chronic business as well. Your Company will continue
to focus on growth of chronic therapies and also provide the required thrust to
increase its product basket and market share in acute therapies.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in Million) |
31.03.2013 (Rs. in Million) |
|
(i) Claims not acknowledged as debts*. |
156.858 |
179.099 |
|
(ii) In respect of the Guarantees given to Bank on behalf
of : |
|
|
|
- Subsidiaries |
250.950 |
210.210 |
|
(iii) Other money for which the company is Contingently liable |
37.444 |
49.591 |
|
TOTAL |
445.252 |
438.900 |
* includes Rs. 17.932 Million (Previous Year Rs. 9.644 Million) paid under protest/deposit pending adjudication under Income tax Act,1961 and Central Excise Act 1944.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31.12.2014
(Rs. In Million)
|
|
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
|
|
|
|
|
|
1 |
a. Net Sales/Income from operations (Net of excise duty) |
2628.922 |
2749.479 |
8263.434 |
|
|
|
b. Other Operating Income |
29.596 |
32.039 |
86.511 |
|
|
|
Total Income from Operations (Net) |
2658.518 |
2781.518 |
8349.945 |
|
|
2 |
EXPENSES |
|
|
|
|
|
|
a. Cost of Materials Consumed |
767.099 |
833.165 |
2390.436 |
|
|
|
b. Purchase of Stock-in-Trade |
312.672 |
397.121 |
1093.680 |
|
|
|
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(16.967) |
(97.046) |
(171.520) |
|
|
|
d. Employee Benefits Expenses |
490.239 |
461.371 |
1450.870 |
|
|
|
e. Depreciation and amortisation Expense |
104.908 |
107.396 |
297.030 |
|
|
|
f. Other Expenses |
1021.096 |
883.056 |
2731.457 |
|
|
|
Total Expenses |
2679.047 |
2555.063 |
7791.953 |
|
|
3 |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
(20.529) |
226.455 |
557.992 |
|
|
4 |
Other Income |
49.744 |
55.674 |
157.154 |
|
|
5 |
Profit/ (Loss) Before Finance Costs & Exceptional Items (3+4) |
29.215 |
282.129 |
715.146 |
|
|
6 |
Finance Costs |
6.512 |
5.630 |
19.475 |
|
|
7 |
Profit/ (Loss) after Finance Cost but before exceptional items (5-6) |
22.703 |
276.499 |
695.671 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit/ (Loss) ordinary activities before Tax (7-8) |
22.703 |
276.499 |
695.671 |
|
|
10 |
Tax Expenses (Including Deferred tax) |
2.100 |
53.300 |
149.900 |
|
|
11 |
11 Net profit from ordinary activities after tax ( 9 -10 ) |
20.603 |
223.199 |
545.771 |
|
|
12 |
Net profit from ordinary activities after tax and prior period items ( 11-12-13) |
20.603 |
223.199 |
545.771 |
|
|
13 |
Paid up Equity Share Capital (Face Value Rs. 2 per share) |
181.502 |
181.407 |
181.502 |
|
|
14 |
Reserves & Surplus excluding Revaluation Reserve as per balance sheet of previous accounting year. |
-- |
-- |
-- |
|
|
15 |
a) Earnings per share |
|
|
|
|
|
|
Basis |
0.23 |
2.46 |
6.02 |
|
|
|
Diluted |
0.23 |
2.46 |
6.02 |
|
|
|
a) Earnings per share |
|
|
|
|
|
|
Basis |
0.23 |
2.45 |
6.00 |
|
|
|
Diluted |
0.23 |
2.45 |
6.00 |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
45240625 |
45192850 |
45240625 |
|
|
b. |
Percentage of shareholding |
49.85 |
49.82 |
49.85 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
45510550 |
45510550 |
45510550 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
50.15 |
50.18 |
50.15 |
|
Particulars |
Quarter Ended 31.12.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unresolved at the end of the quarter |
0 |
NOTES :
1 The above results have been subjected to Limited Review by the Statutory Auditors .reviewed by the Audit Committee and taken on record by the Board of Directors of the Company in its meeting held on 17th January, 2015.
Segment Reporting;
Primary Segment
The Company has only one segment i.e. 'Pharmaceuticals'.
Secondary Segment (By
Geographical Segment)
|
Net Sales and
Operating Income Net Sales and Operating Income |
Three months ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.03.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
(Rs. In Million) |
||
|
Within India |
1364.208 |
1727.673 |
5241.743 |
|
Outside India |
1024.310 |
1053.845 |
3108.202 |
|
Total |
2388.518 |
2781.518 |
8349.945 |
In view of the interwoven / intermix nature of the business and manufacturing facility, other segmental information is not ascertainable.
3 Other Income /
Other expenses includes exchange gain / loss as under:
|
Exchange Difference |
Three months ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.03.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
(Rs. In Million) |
||
|
Exchange gain included in Other Income |
12.680 |
13.788 |
40.479 |
4. Exceptional Items reported for the previous accounting year ended March 31, 2014 represent profits on sale of Company's manufacturing unit at SEZ, Indore and amortisation of Intangible assets due to change in their estimated useful life.
5. Previous year’s figures have been regrouped / reclassified wherever necessary.
FIXED ASSETS
Tangible Assets
- Land
- Plant and Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipments
Intangible Assets
- Brands / trademarks
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.62.49 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.66.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.