MIRA INFORM REPORT
|
Report No. : |
321150 |
|
Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
PFIZER LIMITED |
|
|
|
|
Registered
Office : |
Patel Estate,
Off. S.V. Road, Pfizer Centre,
Jogeshwari (West), Mumbai – 400102, |
|
Tel. No. : |
91-22-26785511 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
21.11.1950 |
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Com. Reg. No.: |
11-008311 |
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Capital Investment
/ Paid-up Capital : |
Rs. 298.432 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231MH1950PLC008311 |
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP00256E |
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PAN No.: [Permanent Account No.] |
AAACP3334M |
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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
: |
The subject is engaged in manufacturing, marketing, trading and export of Pharmaceutical products. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “Pfizer Inc.”, USA. It is a
well-established company having excellent track record. The rating takes into consideration strong brand name and listed with world’s
fortune 500 companies with brand value of USD. 3281 Millions. Company has reported strong operational performance and achieved sales
turnover of Rs. 10042.700 Million for the year ended march 31, 2014. Further
company has maintained decent profitability margins at 18.08%. Rating also takes into consideration company’s strong financial risk
profile backed by its strong liquidity profile. Company also receives strong
financial and managerial support from its parent company. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of strong brand name backed by adequate business profile, 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
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 DENIED
Management Non-cooperative (91-22-26785511)
LOCATIONS
|
Registered / Head Office : |
Patel Estate,
Off. S.V. Road, Pfizer Centre,
Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
|
Tel. No.: |
91-22-26785511 /
6932000 |
|
Fax No.: |
91-22-26781766 /
6932377 / 66932444 /26784569 |
|
E-Mail : |
|
|
Website : |
http://www.pfizerindia.com |
|
|
|
|
Factory 1: |
Thane |
|
Tel. No.: |
91-22-7916161 / 27681036
/ 27681421 |
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Fax No.: |
91-22-7916160 |
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|
|
|
Factory 2: |
Plot No.
178-178A, Industrial Area, Phase I, Chandigarh - 160002, India |
|
Tel. No.: |
91-129-650578 /
79 / 80 / 84 |
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Fax No.: |
91-129-655178 |
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|
|
|
Regional Centers” |
5, Patel Estate, S V Road, Jogeshwari (West), Mumbai -
400102, Maharashtra, India |
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Tel. No.: |
91-22-66932000 |
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Fax No.: |
91-22-66932499 |
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|
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Regional Centers: |
Also Located at:
· Kolkata · New Delhi · Chennai · Secunderabad · Lucknow |
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Branch Office : |
Located at : · Ahmedabad · Bangalore · Bhopal · Kolkata · Chennai · Cochin · New Delhi · Guwahati · Lucknow · Ludhiana · Mumbai · Nagpur · Patna · Pune · Secunderabad ·
Varanasi |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Rajendra Ambalal Shah |
|
Designation : |
Chairman |
|
Address : |
Panorama, 2nd Floor, 203, Walkeshwar Road, Mumbai-400006, Maharashtra,
India |
|
Date of Birth/Age : |
07.07.1931 |
|
Date of Appointment : |
09.11.1965 |
|
DIN No.: |
00009851 |
|
|
|
|
Name : |
Mr. Aijaz Rehmatali Tobaccowalla |
|
Designation : |
Managing Director |
|
Address: |
15, Sunflower DR, UP Saddle RVR, USA, New Jersey, Pin Code 07458 |
|
Date of Birth/ Age : |
06.01.1967 |
|
Date of Appointment : |
28.06.2012 |
|
DIN No.: |
05312126 |
|
|
|
|
Name : |
Mr. Pradip Panalal Shah |
|
Designation : |
Director |
|
Address : |
72A, Embassy Apartment, 7th Floor, Napean Sea Road,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1953 |
|
Date of Appointment : |
07.12.1999 |
|
DIN No.: |
00066242 |
|
|
|
|
Name : |
Mr. Uday Chander Khanna |
|
Designation : |
Director |
|
Address: |
Centrum Towers, Flat 182, Centrum Co-operative Society Limited, Barkat
Ali Road, Wadala, Mumbai-400037, Maharashtra, India |
|
Date of Birth/ Age : |
01.12.1949 |
|
Date of Appointment : |
21.05.2012 |
|
Din No.: |
00079129 |
|
|
|
|
Name : |
Mr. Vivek Sampat Dhariwal |
|
Designation : |
Whole-time Director [Technical Operation] |
|
Address: |
301, Marble Arch, 94 Pali Hill, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/ Age : |
21.12.1966 |
|
Date of Appointment : |
21.05.2012 |
|
Din No.: |
02826679 |
|
|
|
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Prajeet Nair |
|
Designation : |
Secretary |
|
Address : |
A-1/602, Shanti Vihar, Mira Road (East), Thane-401107, Maharashtra, India |
|
Date of Birth/Age : |
25.05.1968 |
|
Date of Appointment : |
01.09.2007 |
|
Pan No.: |
AADPN9155G |
|
|
|
|
Name : |
Partha Ghosh |
|
Designation : |
Business Unit Head |
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|
|
|
Name : |
Mr. Suresh Subramanian |
|
Designation : |
Business Unit Head |
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|
|
|
Name : |
Mr. Manoj Irap |
|
Designation : |
Business Unit Head |
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|
|
|
Name : |
Mr. Vivek Dhariwal |
|
Designation : |
Technical Operations |
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|
|
|
Name : |
Dr. C.N. Potkar |
|
Designation : |
Medical and Regulatory Affairs |
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|
|
|
Name : |
Mrs. (Dr.) Lakshmi Nadkarni |
|
Designation : |
Human Resources |
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|
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|
Name : |
S. Sridhar |
|
Designation : |
Finance and Distribution |
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|
|
|
Name : |
Mr. Samir Kazi |
|
Designation : |
Legal |
|
|
|
|
Name : |
Mr. Sharad Goswami |
|
Designation : |
Public Affairs |
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|
|
|
Name : |
Mr. Shiva Nair |
|
Designation : |
Business Technology |
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|
|
|
Name : |
Sung-Ryeul Park |
|
Designation : |
Commercial Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and
Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
29243042 |
63.92 |
|
|
29243042 |
63.92 |
|
Total shareholding of Promoter
and Promoter Group (A) |
29243042 |
63.92 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2573294 |
5.62 |
|
|
9216 |
0.02 |
|
|
850202 |
1.86 |
|
|
2228239 |
4.87 |
|
|
5660951 |
12.37 |
|
|
|
|
|
|
2843743 |
6.22 |
|
|
|
|
|
|
6994816 |
15.29 |
|
|
717346 |
1.57 |
|
|
287834 |
0.63 |
|
|
6017 |
0.01 |
|
|
3554 |
0.01 |
|
|
1035 |
0.00 |
|
|
250998 |
0.55 |
|
|
26230 |
0.06 |
|
|
10843739 |
23.70 |
|
Total Public shareholding (B) |
16504690 |
36.08 |
|
Total (A)+(B) |
45747732 |
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) |
45747732 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of
the Shareholder |
Details of
Shares held |
|
|
No. of
Shares held |
As a % of
grand total (A)+(B)+(C) |
||
|
1 |
Pfizer East India BV |
1,81,86,334 |
39.75 |
|
2 |
Wyeth LLc |
56,17,707 |
12.28 |
|
3 |
Wyeth Holdings Corporation |
16,30,164 |
3.56 |
|
4 |
Warner Lambert Company LLC |
11,87,163 |
2.60 |
|
5 |
Parke, Davis & Company LLC |
9,55,733 |
2.09 |
|
6 |
John Wyeth & Brother Ltd |
8,82,000 |
1.93 |
|
7 |
Pharmacia Corporation |
7,83,941 |
1.71 |
|
|
Total |
2,92,43,042 |
63.92 |
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 |
Shares as %
of Total No. of Shares |
|
|
1 |
Bajaj Allianz Life Insurance
Company |
982342 |
2.15 |
|
|
2 |
Atul Limited |
958927 |
2.10 |
|
|
|
Total |
1941269 |
4.24 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in manufacturing, marketing, trading and export of Pharmaceutical products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Deutsche Bank AG · HSBC Limited · Citibank N.A. · Standard Chartered Bank · ICICI Bank |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
|
|
|
Statutory
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address: |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai - 400011, Maharashtra, India |
|
Tel No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
|
|
|
Cost Auditors : |
|
|
Name : |
RA and Company Cost Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate holding
company: |
Pfizer Inc., USA |
|
|
|
|
Holding Company: |
Pfizer East India B.V. (w.e.f. 3 March 2014) |
|
|
|
|
Companies
collectively exercising significant influence: |
|
|
|
|
|
Fellow Subsidiaries
with whom transactions have taken place during the year |
|
CAPITAL STRUCTURE
After as on
10.11.2014
Authorised Capital : Rs. 630.000 Million
Issued ,Subscribed & Paid-up Capital : Rs.
457.477 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29844080 |
Equity Shares |
Rs.10/- each |
Rs.298.441 Million |
|
10155920 |
Unclassified Share |
|
Rs. 101.559 |
|
|
Total |
|
Rs. 400.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29844080 |
Equity Shares |
Rs.10/- each |
Rs.298.441
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29841440 |
Equity Shares |
Rs.10/- each |
Rs.298.414
Million |
|
|
Add: Forfeited Share Capital |
|
Rs. 0.018 Million |
|
|
TOTAL |
|
Rs.298.432 Million |
Reconciliation of the
number of equity shares and amount outstanding at the commencement and at the end
of the reporting period:
|
Particulars |
31.03.2014 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Balance at the commencement of the year |
29,844,080 |
298.432 |
Details of equity shares held by the holding company, the ultimate holding company, their subsidiaries and associates:
|
Particulars |
31.03.2014 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Equity shares of Rs. 10 each fully paid up held by |
|
|
|
Ultimate Holding Company |
|
|
|
Pfizer Inc. |
-- |
-- |
|
Holding Company |
|
|
|
Pfizer East India BV (w.e.f 3 March 2014) |
18,186,334 |
181.863 |
|
Subsidiaries of the ultimate holding company |
|
|
|
Pfizer Corporation |
-- |
-- |
|
Pfizer Investments Netherlands, B.V |
-- |
-- |
|
Warner Lambert Company |
1,187,163 |
11.872 |
|
Parke Davis and Company |
955,733 |
9.557 |
|
Pharmacia Corporation |
783,941 |
7.839 |
Shareholders holding
more than 5% shares as on
|
Particulars |
31.03.2014 |
|
|
Number of Shares |
% Holding |
|
|
Equity shares of Rs.10 each fully paid up held by: |
|
|
|
Subsidiaries of the ultimate holding company |
|
|
|
Pfizer East India BV (w.e.f 3 March 2014) |
18,186,334 |
6.094 |
|
Pfizer Corporation |
-- |
-- |
|
Pfizer Investments Netherlands, B.V |
-- |
-- |
During the five reporting periods immediately preceeding the reporting date no shares have been issued by capitalisation of reserves as bonus shares or for consideration other than cash.
The Company has a single class of equity shares. Accordingly all the equity shares rank equally with regard to voting rights, dividends and share in the Company's residual assets.
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 |
298.432 |
298.432 |
298.432 |
|
(b) Reserves &
Surplus |
6285.693 |
16645.781 |
12748.539 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
6584.125 |
16944.213 |
13046.971 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.000 |
1.000 |
0.000 |
|
(d) long-term provisions |
155.506 |
140.655 |
258.285 |
|
Total Non-current
Liabilities (3) |
156.506 |
141.655 |
258.285 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1599.315 |
1505.948 |
1360.356 |
|
(c) Other current liabilities |
546.798 |
395.620 |
356.440 |
|
(d) Short-term provisions |
356.729 |
1607.565 |
793.564 |
|
Total Current Liabilities
(4) |
2502.842 |
3509.133 |
2510.360 |
|
|
|
|
|
|
TOTAL |
9243.473 |
20595.001 |
15815.616 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
200.206 |
248.424 |
306.095 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Assets held for sale |
7.242 |
7.242 |
8.760 |
|
(iv) Capital
work-in-progress |
31.591 |
3.709 |
3.767 |
|
(v) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
444.869 |
459.938 |
475.007 |
|
(c) Deferred tax assets
(net) |
341.925 |
398.767 |
370.848 |
|
(d) Long-term Loan and Advances |
1365.361 |
1433.056 |
1343.116 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2391.194 |
2551.136 |
2507.593 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.500 |
|
(b) Inventories |
1514.960 |
1651.505 |
1832.376 |
|
(c) Trade receivables |
1733.872 |
1420.881 |
1417.780 |
|
(d) Cash and cash
equivalents |
3077.936 |
14329.370 |
8662.657 |
|
(e) Short-term loans and
advances |
471.680 |
432.298 |
1298.345 |
|
(f) Other current assets |
53.831 |
209.811 |
96.365 |
|
Total Current Assets |
6852.279 |
18043.865 |
13308.023 |
|
|
|
|
|
|
TOTAL |
9243.473 |
20595.001 |
15815.616 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
10042.720 |
9479.773 |
10173.234 |
|
|
Other
Operating Income |
1075.340 |
1008.592 |
759.647 |
|
|
Other Income |
1093.827 |
1052.430 |
927.336 |
|
|
TOTAL (A) |
12211.887 |
11540.795 |
11860.217 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2657.672 |
2384.889 |
2307.731 |
|
|
Purchases of
Stock-in-Trade |
1062.744 |
972.264 |
1468.094 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
28.379 |
(26.651) |
-184.854 |
|
|
Employees benefits
expense |
1917.661 |
2111.190 |
1928.210 |
|
|
Other expenses |
3066.245 |
3220.045 |
3460.481 |
|
|
Exceptional Items |
|
(4141.174) |
3.750 |
|
|
TOTAL (B) |
8732.701 |
4520.563 |
8983.412 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
3479.186 |
7020.232 |
2876.805 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
3.638 |
2.396 |
5.903 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3475.548 |
7017.836 |
2870.902 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
79.698 |
80.184 |
95.613 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
3395.850 |
6937.652 |
2775.289 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1187.279 |
1905.674 |
929.227 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
2208.571 |
5031.978 |
1846.062 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
13619.656 |
10225.612 |
8997.718 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
220.900 |
503.198 |
184.606 |
|
|
Interim Dividend |
10742.900 |
0.000 |
0.000 |
|
|
Proposed Dividend
(Including Special Dividend |
0.000 |
969.901 |
373.018 |
|
|
Tax on Dividend |
1825.800 |
164.835 |
60.544 |
|
|
Total (K) |
12789.600 |
1637.934 |
618.168 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
3038.627 |
13619.656 |
10225.612 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4.981 |
12.411 |
17.102 |
|
|
Service Income |
77.792 |
142.698 |
203.861 |
|
|
TOTAL EARNINGS |
82.773 |
155.109 |
220.963 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
724.631 |
687.548 |
576.533 |
|
|
Goods for resale |
325.413 |
244.065 |
453.448 |
|
|
Capital Goods |
|
|
|
|
|
TOTAL IMPORTS |
1050.044 |
931.613 |
1029.981 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
74.01 |
168.63 |
56.78 |
QUARTERLY RESULTS
|
Particulars
(Rs.Cr) |
Sep 2014 |
Dec 2014 |
Mar 2015 |
|
Audited / Un
Audited |
Un Audited |
Un Audited |
Un Audited |
|
Net Sales |
2964.800 |
4741.800 |
4631.000 |
|
Total Expenditure |
2463.600 |
4132.500 |
3383.200 |
|
PBIDT (Excl OI) |
501.200 |
609.300 |
1247.800 |
|
Other Income |
99.800 |
172.300 |
187.700 |
|
Operating Profit |
601.000 |
781.600 |
1435.500 |
|
Interest |
00.500 |
1.500 |
1.700 |
|
Exceptional Items |
(760.300) |
(44.200) |
0.000 |
|
PBDT |
(159.800) |
735.900 |
1433.800 |
|
Depreciation |
19.000 |
327.300 |
336.400 |
|
Profit Before Tax |
(178.800) |
408.600 |
1097.400 |
|
Tax |
(60.500) |
224.900 |
670.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(118.300) |
183.700 |
426.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(118.300) |
183.700 |
426.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
21.99 |
53.08 |
18.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
34.64 |
74.05 |
28.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
40.34 |
35.17 |
18.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.41 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74 |
5.14 |
5.30 |
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 |
298.432 |
298.432 |
298.432 |
|
Reserves & Surplus |
12748.539 |
16645.781 |
6285.693 |
|
Net worth |
13046.971 |
16944.213 |
6584.125 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
10173.234 |
9479.773 |
10042.720 |
|
|
|
(6.817) |
5.938 |
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 |
10173.234 |
9479.773 |
10042.720 |
|
Profit |
1846.062 |
5031.978 |
2208.571 |
|
|
18.15% |
53.08% |
21.99% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS IS 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 |
No |
|
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 |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
No |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
|||||
|
CASE DETAILS |
|||||
|
BENCH:- BOMBAY |
|||||
|
Lodging No.:- ITXAL/1239/2013 |
FAILING DATE:- 19/03/2013 |
REG. NO.: ITXA/1390/2013 |
REG. DATE: 22/07/2013 |
||
|
PETITIONER:- |
THE COMMISSIONER OF INCOME TAX-TDS MUMBAI |
RESPONDENT:- |
PFIZER LTD. |
||
|
PETN.ADV:- |
A.R. MALHOTRA (0) |
|
|||
|
DISTRICT:- |
MUMBAI |
||||
|
BENCH:- |
DIVISION |
||||
|
STATUS:- |
Admitted(Unready) |
CATEGORY:- |
TAX APPEALS |
||
|
Last Date :- |
01-/04/2015 |
Stage :- |
FOR ADMISSION |
||
|
Last Coram |
HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE A. K. MENON |
||||
|
ACT:- |
INCOME TAX ACT, 1961 |
||||
|
UNDER SECTION:- |
260A |
||||
FINANCIAL HIGHLIGHTS
The revenue from operations for the year was Rs. 10042.700 Million as compared to Rs. 9479.800 Million in the previous year, registering a growth of 5.94%. The Company posted a Net Profit of Rs. 2208.600 Million for the year. The Profit before exceptional items and tax for the year registered a growth of 21.43% to Rs. 3395.800 Million as compared to Rs. 2796.500 Million in the previous year.
The Company had a transitional support services agreement to supply animal health products to its erstwhile affiliate. The revenue from operations reported for the year includes income from the said support services operation (Rs. 424.700 Million for the current year Vs. Rs. 329.200 Million for the previous year).
During the year, the Company’s pharmaceutical sales grew by 5.11% from Rs. 9150.600 Million to Rs. 9618.000 Million. The Company’s performance during the period was impacted by the implementation of new pricing policy and the resultant challenges with the Trade on the issue of margins.
Other Operating Income recorded an increase of 6.62% from Rs. 1008.600 Million to Rs. 1075.300 Million.
The total expenditure as a percentage of sales reduced from 92% to 88% majorly driven by lower staff cost.
Profit before Tax and Exceptional Items has registered a healthy growth of 21% driven by improved sales and lower expenses.
PHARMACEUTICAL
INDUSTRY PERFORMANCE - OVERVIEW & OUTLOOK
The Indian healthcare market is an amalgamation of many markets in one, given the disparity in income levels and access to healthcare. India’s population aged 60 and older is projected to climb from 8% in 2010 to 19% (32.3 Crores) in 2050, according to the United Nations Population Division (UN 2011). This could see an increase in the demand for better healthcare including well equipped hospitals/facilities, larger number of healthcare professionals, and superior quality drugs.
The Indian Pharmaceutical market growth has slowed from a high of 16.5% in 2011-12 to 9.9% in 2013-14 (IMS TSA MAT March 2014). This has been driven by multiple factors, with the new Pricing Policy being a key contributor. The expansion of the number of drugs under price control, resulting in lowering of prices effective July 2013, led to significant market disruption in supply chain logistics. The higher priced products had to be recalled from the market and the revised lower priced products were to be introduced simultaneously to ensure uninterrupted supply. This process was complicated and required significant investments in logistics and infrastructure and also resulted in write offs. Companies also faced margin challenges from the Trade, post the introduction of the new Pricing Policy.
Five companies bore 42% of the total impact of the new Pricing Policy and the overall impact to the Industry was approximately Rs. 15970.000 Million (IMS Press Release June 2013).
The pharmaceutical market slowdown was felt by MNCs more than Indian pharmaceutical companies. The 9.9% pharmaceutical growth MAT March 2014 shows a split, with MNCs growing at 5.2% and Indian pharmaceutical companies growing at 11.8%. IMS reflects the Company growth at 7.1%. Growth of the top 10 Pharmaceutical companies also slowed down to less than the market growth.
The total audited pharmaceutical market in India is at Rs. 803520.000 Million (Retail Sector Rs. 676810.000 Million, Hospital Sector Rs. 77260.000 Million and others Rs. 49450.000 Million). The retail sector grew at 10.1% and the hospital sector grew by 5.6%. As opposed to previous years, volumes of existing products contributed only 2.4%, new products volume contributed 6.3% and price contributed 1.2% (IMS MAT March 2014). According to IMS Health, the Indian pharmaceutical market currently ranks 14th globally in terms of value and 2nd in volume. This disparity between market value size and volume can be directly attributed to the low cost of pharmaceutical products in India compared to rest of the world.
The recent action of National Pharmaceutical Pricing Authority ('NPPA') in widening the scope of Pricing Policy continues to create an uncertain operating environment. The issues surrounding the Intellectual Property Rights and new rules governing clinical trial is causing considerable challenges to the Industry.
The Indian pharmaceutical market is forecasted to grow at a CAGR of 10.5% between 2013 and 2018, reaching Rs. 1357470.000 Million by 2018 (IMS Prognosis Report September 2014).
The Industry’s projected growth over the years can be attributed to multiple factors including an expanding market, heightened health awareness among masses, increasing disposable income, changing lifestyles resulting in higher incidence of lifestyle diseases, government’s focus on affordable healthcare, and an emerging, but rapidly growing health insurance industry.
Despite all the regulatory challenges, given the strong market fundamentals, the Indian Pharmaceutical Industry is looking to achieve a unified dream of providing quality healthcare. They have taken up the baton to lead the way and manufacture medicines that not only provide a better quality of life but also provide an assurance that they care about healthcare.
REVIEW OF OPERATIONS
In preparation for the changing market dynamics, the Company reorganized its sales force structure around therapeutic areas. This allowed us to approach the healthcare providers with a portfolio of products associated directly with their interests. Aligning with the global restructuring undertaken by Pfizer Inc. U.S.A. into three distinct business units Global Established Pharma Business (GEP), Global Innovative Pharma Business (GIP) and Vaccines, Oncology & Consumer Business (VOC), has also helped in bringing additional focus for teams as they work with their global colleagues.
The restructured business units will continue to drive the Company’s growth and the Company is constantly looking at new ways of engaging with its customers and health care professionals.
The year also saw the announcement of the proposed merger of Wyeth Limited with Pfizer Limited which creates a single “Go to Market” strategy and company brand image leading to stronger market presence and higher confidence levels with all stakeholders. This merger increases the long term value for the shareholders of both companies as it brings together two diversified portfolios that are complementary to each other under one roof.
MANUFACTURING
OPERATIONS
Pfizer’s continued focus on the quality of its products makes it amongst the most trusted companies in the world. As a Company, Pfizer fully understands that its products impact lives of millions of patients and their families across the world. The Company has several levels of quality systems that assure compliance with local laws and meet Pfizer’s global quality standards.
Concern for the environment is an important factor in the Company’s operations. There is a constant emphasis on conservation of resources across its manufacturing sites to reduce waste.
Continuing with its tradition of ‘Continuous Improvement’ and ‘Delivering Value’ in its operations, various teams in the Pfizer Global Supply Organization delivered significant cost and manufacturing efficiencies over the last year.
Over the years, the capacity utilization at Thane manufacturing site has reduced due to cost pressures. Consequently, the Company had floated a Voluntary Retirement Scheme (VRS) for its workmen at Thane site in the month of August 2014. Significant number of workmen opted for the VRS and the Company has settled the dues of these workmen in September, 2014. This will have no impact on the business operations of the Company, as the Company has multiple third party manufacturing arrangements to source its products.
INDEX OF CHARGES: No
Charges Exist for Company
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claims not acknowledged as debt |
154.675 |
157.365 |
|
Other guarantees |
48.679 |
81.135 |
|
Other contingent liabilities in respect of: |
|
|
|
1. Excise duty |
102.907 |
102.897 |
|
2. Customs duty |
4.054 |
4.054 |
|
3. Sales tax |
959.484 |
967.460 |
|
4. Service tax |
19.311 |
19.311 |
|
5. Income tax |
2395.841 |
2932.672 |
|
6. Pending labour matters contested in various courts |
10.357 |
10.357 |
PART I
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31ST DECEMBER, 2014
|
Sl. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1. |
Income from Operations |
|
|
|
|
|
a) Net Sales/Income from Operations |
4645.600 |
4758.400 |
13714.300 |
|
|
b) Other Operating Income |
96.200 |
47.00 |
187.800 |
|
|
Total Income From Operations (Net) |
4741.800 |
4805.400 |
13902.100 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
1099.700 |
984.900 |
2955.800 |
|
|
b)
Purchase of stock in trade |
1387.500 |
1607.600 |
3614.300 |
|
|
c)
Changes in inventories of finished goods, work in progress and
stock in trade |
(547.500) |
(591.500) |
(892.400) |
|
|
d)
Employee benefits expenses |
626.100 |
665.900 |
1893.100 |
|
|
e)
Depreciation and amortization expenses |
327.300 |
321.400 |
974.400 |
|
|
f)
Other expenses |
1566.700 |
1165.300 |
3749.400 |
|
|
Total Expenses |
4459.800 |
4153.600 |
12294.600 |
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
282.000 |
651.800 |
1607.500 |
|
4. |
Other
Income |
172.300 |
150.800 |
485.800 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
454.300 |
802.600 |
2093.300 |
|
6. |
Finance
Costs |
1.500 |
3.100 |
6.000 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
452.800 |
799.500 |
2087.300 |
|
8. |
Exceptional
Items |
(44.200) |
(760.300) |
(804.500) |
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
408.600 |
39.200 |
1282.800 |
|
10. |
Tax
Expense |
224.900 |
21.600 |
706.200 |
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
183.700 |
17.600 |
576.600 |
|
12. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
457.500 |
298.400 |
457.500 |
|
13. |
Reserves
Excluding Revaluation Reserve |
|
|
|
|
14. |
Earnings per share - Basic and Diluted (of Rs. 10/- each) (not annualised) |
|
|
|
|
|
a. before exceptional items (net of tax) |
5.12 |
90.05 |
23.62 |
|
|
b. after exceptional items |
4.01 |
0.39 |
12.60 |
SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER,
2014
PART II
|
Sl. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
16,504.690 |
8.728.269 |
16.504.690 |
|
|
-
Percentage of Shareholding |
36.08% |
29.25% |
36.08% |
|
|
|
|
|
|
|
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 |
29,243,042 |
21,113,171 |
29,243,042 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
63.92% |
70.75% |
63.92% |
|
Particulars |
Quarter Ended 31.12.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
24 |
|
Disposed of during the quarter |
24 |
|
Remaining unresolved at the end of the
quarter |
-- |
Note
The above results were reviewed and recommended by the Audit Committee, for approval by the Board, at its meeting held on February 14, 2015 and were approved and taken on record at the meeting of the Board of Directors of the Company held on that date.
The financial results for the quarter and nine months ended December 31, 2014
have been subjected to a limited review by the statutory auditors of the
Company. The limited review report does not contain any qualifications. The
limited review report will be filed with the Stock Exchanges.
The shareholders of the Company approved the Scheme of Amalgamation (‘Scheme’)
between the Company and Wyeth Ltd with an appointed date of April 01, 2013,
whereby all the assets and liabilities of Wyeth Ltd were transferred and vested
to the Company at their fair values from the appointed date. The said Scheme
received the approval of the Hon’ble High Court of Judicature at Bombay on
October 31, 2014 and on receipt of subsequent approvals by other relevant
regulatory authorities it has become effective December 01, 2014.
In terms of the said Scheme, the Company has allotted and issued 15,906,292
equity shares of Rs. 10/- each to the shareholders of erstwhile Wyeth
Ltd.
The amalgamation is accounted under the “Purchase Accounting” method as per
Accounting Standard 14 - Accounting for Amalgamations. The net profit of Rs.
879.200 Million of Wyeth Ltd for the year ended March 31, 2014, the effect of
depreciation / amortization of Rs. 1184.400 Million arising out of the fair valuation
of the assets from the appointed date till March 31, 2014, after alignment of
accounting policies which, resulted in net loss of Rs. 305.200 Million for the
previous year ended March 31, 2014 would be disclosed in the annual Statement
of Profit and Loss.
The results for the current quarter and nine months are not comparable. The
figures reported for quarter ended December 31, 2014, preceding quarter ended
September 30, 2014 and nine months ended December 31, 2014 are after giving
effect to the Scheme. The comparative figures reported for the quarter and nine
months ended December 31, 2013 and audited results for the year ended March 31,
2014 does not include the effect of the Scheme.
Exceptional items during the quarter and nine months include expenses in
relation to the Thane plant. The expenses includes amount paid towards
voluntary retirement scheme / other related costs.
The Company had spun-off its animal health business operations on April 02,
2012 to Pfizer Animal Pharma Private Limited (‘PAPPL’). However, the Company
continued to provide transitional support to PAPPL including support for
manufacture of certain Animal Health products. The revenue for the quarter and
nine months ended December 31, 2014 includes Nil (Quarter ended September 30,
2014 Nil, Quarter and nine months ended December 31, 2013 Rs. 74.800 Million
and Rs. 424.700 Million respectively and Year ended March 31, 2014 Rs. 424.700
Million) for sale of such products.
Further the Company provides consignment selling agent services (CSA) and other
support functions. Other operating income for the quarter and nine months ended
December 31, 2014 includes Rs. 3.600 Million and Rs. 13.500 Million
respectively (Quarter ended September 30, 2014 Rs. 4.700 Million, Quarter and
nine months ended December 31, 2013 Rs. 22.600 Million and Rs. 100.400 Million
respectively and Year ended March 31, 2014 Rs. 106.700 Million) towards such
CSA commission and support services.
The Company has only one segment which is Pharmaceuticals. Therefore disclosure
relating to segments is not applicable and accordingly not made.
FIXED ASSETS
· Leasehold land
· Leasehold Improvements
· Building on Leasehold Land
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment’s
· Computers
PRESS RELEASE
Pfizer Limited
revenues (on a like to like basis and net of transition support sales)
increased by 16% for the quarter and 14% for the nine months ended December 31,
2014.
February 14, 2015
Pfizer Ltd. announced its results for the third quarter and nine months ended December 31, 2014.
Amalgamation of Wyeth
Limited
The Scheme of Amalgamation of Wyeth Limited with Pfizer Limited has become effective on December 1, 2014 ("Effective Date"). The appointed date is April 1, 2013. In terms of the said Scheme, Pfizer Ltd. issued 15,906,292 equity shares of Rs. 10/- each to the shareholders of Wyeth Limited the effect of amalgamation has been given in the results for the current quarter, sequential quarter and current year nine months. The results are not strictly comparable as the previous year quarter and nine months are standalone Pfizer Limited
Revenues
A like to like comparison, for better understanding, reflects the revenue of Rs. 4650.000 Million for the third quarter (Q3 2013-14 Rs. 4070.000 Million) and Rs. 13710.000 Million for the nine months (nine months 2013-14 Rs. 12450.000 Million).
The previous year periods include the transition support for sales of certain animal health products. Excluding these transactions, the revenues for the quarter and nine months reflects a growth of 16% and 14% respectively.
Profits before other
income and tax
Profit from operation (before other income and tax) for the quarter is Rs. 280.000 Million and for the nine months is Rs. 1610.000 Million Profits are lower due to higher expenses and depreciation / amortization arising on amalgamation. Profit from operations on a like to like basis (excluding merger related expenses and depreciation / amortization arising on amalgamation) would reflect a growth of 16% for the quarter and 20% for YTD nine months.
Exceptional items
The company had announced a voluntary retirement scheme during the year in its Plant at Thane. Expenses in relation to VRS and other related costs are reflected as Exceptional item.
Profit after tax
Consequent to the above, Profit after tax for the Quarter is Rs. 180.000 Million and for the nine months is Rs. 580.000 Million.
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. 63.64 |
|
|
1 |
Rs. 96.81 |
|
Euro |
1 |
Rs. 71.51 |
INFORMATION DETAILS
|
Information Gathered
by : |
REK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.