MIRA INFORM REPORT
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Report No. : |
347937 |
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Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SEQUENT SCIENTIFIC LIMITED (w.e.f. 27.10.2009) |
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Formerly Known
As : |
P.I. DRUGS AND PHARMACEUTICALS LIMITED |
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Registered
Office : |
301, 3rd Floor, Dosti Pinnacle, Plot No. E7 Road No. 22,
Wagle Industrial Estate, Thane West - 400 604, Maharashtra |
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Tel. No.: |
91-22-41114777 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
28.06.1985 |
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Com. Reg. No.: |
11-036685 |
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Capital
Investment / Paid-up Capital : |
Rs. 304.850 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1985PLC036685 |
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IEC No.: |
0398011702 |
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TAN No.: [Tax Deduction and
Collection Account No.] |
PNEP10307D |
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PAN No.: [Permanent Account No.] |
AAACV1501G |
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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 Pharmaceutical Formulation, Animal Healthcare
Formulation. |
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No. of Employees
: |
Information declined by the management |
RATING and COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1985 having
good track. Available financial indicates company sound financial risk marked by
healthy net worth position along with decent profit margin and favorable gap
between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Long term Fund Based Facilities = “BBB+” |
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Rating Explanation |
Moderate degree of Safety and carry moderate credit risk |
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Date |
September, 2015 |
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Rating Agency Name |
ICRA |
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Rating |
Short term Non-fund Based Facilities = “A2” |
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Rating Explanation |
Strong degree of safety and carry low credit risk. |
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Date |
September, 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
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-CO-OPERATIVE
91-22-41114777
LOCATIONS
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Registered Office : |
301, 3rd Floor, Dosti Pinnacle, Plot No. E7 Road No. 22,
Wagle Industrial Estate, Thane West - 400604, Maharashtra, India |
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Tel. No.: |
91-22-41114777 |
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Mobile No.: |
Not Available |
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Fax No.: |
91-22-41114754 |
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E-Mail : |
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Website : |
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Corporate Office : |
Star I, Opp. IIM-B, Bilekahalli, Bannerghatta Road,
Bangalore – 560 076, Karnataka, India |
DIRECTORS
AS ON 31.03.2015
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Name : |
Mr. Manish Gupta |
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Designation : |
Managing Director |
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Address : |
401, Nirman Palace - E, Pump House, Andheri (East), Mumbai, 400093, Maharashtra, INDIA |
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Date of Appointment : |
02.03.2015 |
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DIN No.: |
06805265 |
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Other Directorship :
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Name : |
Mr. Kannan Ramanujam |
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Designation : |
Non-Executive Director |
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Address : |
No.5-G, Sri Vatsa Gardens, 9 South Avenue, Sri Nagar Colony, Saidapet, Chennai - 600015, Tamil Nadu, India |
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Date of Appointment : |
04.09.2009 |
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DIN No.: |
00190637 |
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Other Directorship :
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Name : |
Dr. Gautam Kumar Das |
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Designation : |
Joint Managing Director |
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Address : |
Geetha Apartments Ist Floor Old No 33, Rukmini Road Kalakshetra Colony Besant Nagar, Chennai - 600090, Tamil Nadu, India |
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Date of Appointment : |
30.05.2013 |
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DIN No.: |
02920990 |
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Other Directorship :
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Name : |
Dr. Gopakumar G Nair |
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Designation : |
Chairman And Independent Director |
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Address : |
C-002/003, Gokul Plaza, Thakur Complex, Kandivali (East), Mumbai - 400101, Maharashtra, India |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
00092637 |
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Other Directorship :
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Name : |
Dr. Kausalya Santhanam |
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Designation : |
Independent Director |
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Address : |
#128/129, Phase-1, Royal Enclave, Srirampura,, Bangalore - 560064, Karnataka, India |
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Date of Appointment : |
02.03.2015 |
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DIN No.: |
06999168 |
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Other Directorship :
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Name : |
Mr. Narendra Mairpady* |
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Designation : |
Independent Director |
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Address : |
Door No. 8-125/16, Sumati Sadan, Dattanagar, Padavu, Mangalore - 575006, Karnataka, India |
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Date of Appointment : |
24.09.2015 |
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DIN No.: |
00536905 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Kannan P R |
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Designation : |
Chief Financial Officer |
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Address : |
G1, Windsor Heritage, 6th Cross, Hulimavu, Bannerghatta Road, Bangalore - 560076, Karnataka, India |
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PAN No.: |
AFLPK9224N |
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Name : |
Preetham Hebbar |
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Designation : |
Company Secretary |
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Address : |
B11, Jayaramaiah Building, 49d, Near Fab Ice Cream, Tamanna Layout, Bilekahalli, Bannerghatta Road, Bangalore - 560076, Karnataka, India |
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PAN No.: |
AEQPH4377F |
SHAREHOLDING PATTERN
AS ON 30.09.2015
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Category of Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
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As a % of (A+B+C) |
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(A)
Shareholding of Promoter and Promoter Group |
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11189979 |
26.63 |
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1296341 |
3.09 |
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11514246 |
27.40 |
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11514246 |
27.40 |
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24000566 |
57.12 |
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Total shareholding of Promoter and Promoter Group (A) |
24000566 |
57.12 |
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(B) Public Shareholding |
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2240280 |
5.33 |
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5775841 |
13.75 |
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2336449 |
5.56 |
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2336449 |
5.56 |
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10352570 |
24.64 |
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1227837 |
2.92 |
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1356749 |
3.23 |
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3221318 |
7.67 |
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1860520 |
4.43 |
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1295739 |
3.08 |
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|
7933 |
0.02 |
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482500 |
1.15 |
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74348 |
0.18 |
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7666424 |
18.24 |
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Total Public shareholding (B) |
18018994 |
42.88 |
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Total (A)+(B) |
42019560 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
42019560 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Formulation, Animal Healthcare
Formulation. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
NOTE: LONG-TERM
BORROWINGS: Term loans from
banks:
NOTE: (SHORT TERM BORROWING):
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Statutory Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Anchorage 2, 100/2, Richmond Road, Bangalore – 560 025,
Karnataka,
India |
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Secretarial
Auditor: |
B.G and Associates Practicing Company Secretaries |
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Internal Auditors : |
Grant Thornton India LLP |
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Address : |
Wings, 1st Floor, 16/1, Cambridge Road, Ulsoor, Bangalore - 560 008, Karnataka, India |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Wholly-owned
subsidiaries: |
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Other subsidiaries: |
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Enterprises owned
or significantly influenced by key management personnel and relative of key
management personnel: |
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Note:
- Related parties are as
identified by the Company and relied upon by the Auditors.
- Vedic Fanxipang Pharma
Chemic Company Limited has been disposed during the year.
- Elysian Life Sciences
Mauritius Limited was voluntarily wound up during the year.
- Alivira Animal Health
Limited was incorporated on 30 September 2013.The shareholding as at March
31, 2015 is 91.92% as compared to 100% in the previous year.
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Million |
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Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
|
|
30,485,191 |
Equity Shares |
Rs. 10/- each |
Rs. 304.850 Million |
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- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
27,335,191 |
|
Shares issued during the year |
3,150,000 |
|
Shares
outstanding at the end of the year |
30,485,191 |
Note:
Conversion of 3,150,000 warrants issued during the year
2013-14 on preferential basis at a conversion price of Rs. 135.25 per equity
share of the company as approved in the Extra Ordinary General Meeting dated
January 14, 2014 (During the previous year conversion of 2,750,000 warrants
issued on preferential basis at a conversion price of Rs. 172 per equity share
of the company as approved in the Extra Ordinary General Meeting dated March
20, 2013 and 550,000 warrants issued on preferential basis at a conversion
price of Rs. 135.25 per equity share of the company as approved in the Extra
Ordinary General Meeting dated January 14, 2014).
- Terms/rights attached to equity shares:
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. Each equity shareholder is entitled to dividend in the Company. The dividend is proposed by the Board of Directors and is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend.
In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining
assets of the company, after distribution of all preferential amounts, if any.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
The amount of dividend per share
recognized as distributions to equity shareholders is Nil (31 March 2014 : Rs.
Nil)
- Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
K R Ravishankar |
5,579,986 |
18.30% |
|
Arun Kumar Pillai |
5,579,993 |
18.30% |
|
Agnus Capital LLP |
3,525,000 |
11.56% |
|
Chayadeep Ventures LLP |
3,525,000 |
11.56% |
|
Satpal Khattar |
1,191,610 |
3.91% |
|
Total |
19,401,589 |
63.63% |
- 582,500 shares (As at 31 March, 2014 700,000 shares) of Rs. 10 each are reserved towards outstanding employee stock options granted / available for grant.
- As at 31 March 2015 5,000,000 warrants (31 March 2014: 3,150,000) of Rs. 10 each are outstanding to be converted into equivalent number of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
304.850 |
267.400 |
234.400 |
|
(b) Reserves and Surplus |
976.310 |
128.600 |
596.840 |
|
(c) Money received against share warrants |
288.080 |
106.510 |
118.790 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
1,569.240 |
502.510 |
950.030 |
|
|
|
|
|
|
Minority
interest |
0.000 |
0.000 |
45.800 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
570.440 |
910.340 |
1,380.370 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
1.780 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.500 |
|
(d) long-term provisions |
72.520 |
74.040 |
60.890 |
|
Total Non-current Liabilities (3) |
642.960 |
984.380 |
1,443.540 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2,702.900 |
2,410.800 |
1,517.600 |
|
(b) Trade payables |
698.110 |
1,353.800 |
1,509.050 |
|
(c) Other current liabilities |
868.460 |
313.840 |
356.310 |
|
(d) Short-term provisions |
22.260 |
34.780 |
40.170 |
|
Total Current Liabilities (4) |
4,291.730 |
4,113.220 |
3,423.130 |
|
|
|
|
|
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TOTAL |
6,503.930 |
5,600.110 |
5,862.500 |
|
|
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,882.370 |
2,086.610 |
2,067.420 |
|
(ii) Intangible Assets |
126.440 |
112.690 |
110.640 |
|
(iii) Capital work-in-progress |
63.690 |
67.340 |
633.690 |
|
(iv) Intangible assets under development |
25.560 |
43.830 |
253.450 |
|
(c) Goodwill on consolidation |
0.000 |
0.000 |
94.530 |
|
(b) Non-current Investments |
1,831.140 |
650.440 |
16.430 |
|
(c) Deferred tax assets (net) |
0.690 |
0.690 |
0.000 |
|
(d) Long-term Loan
and Advances |
144.840 |
256.150 |
402.550 |
|
(e) Other Non-current assets |
5.410 |
9.500 |
4.370 |
|
Total Non-Current Assets |
4,080.140 |
3,227.250 |
3,583.080 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.770 |
0.770 |
1.770 |
|
(b) Inventories |
668.840 |
1,012.510 |
856.210 |
|
(c) Trade receivables |
987.650 |
796.590 |
658.050 |
|
(d) Cash and cash equivalents |
273.750 |
191.340 |
329.960 |
|
(e) Short-term loans and advances |
323.250 |
352.500 |
352.770 |
|
(f) Other current assets |
169.530 |
19.150 |
80.660 |
|
Total Current Assets |
2,423.790 |
2,372.860 |
2,279.420 |
|
|
|
|
|
|
TOTAL |
6,503.930 |
5,600.110 |
5,862.500 |
PROFIT
and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3,842.360 |
3,409.550 |
2,357.730 |
|
|
Other Income |
35.560 |
52.180 |
23.630 |
|
|
TOTAL SALES |
3,877.920 |
3,461.730 |
2,381.360 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1,704.710 |
1,915.440 |
1,336.060 |
|
|
Purchases of Stock-in-Trade |
136.860 |
53.750 |
59.650 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
90.320 |
(82.420) |
(71.080) |
|
|
Employees benefits expense |
398.460 |
335.480 |
290.960 |
|
|
Other expenses |
971.780 |
1,230.930 |
922.950 |
|
|
Exceptional Items Profit/(Loss) |
238.940 |
610.770 |
0.000 |
|
|
TOTAL |
3,541.070 |
4,063.950 |
2,538.540 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
336.850 |
(602.220) |
(157.180) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
433.700 |
305.090 |
246.440 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(96.850) |
(907.310) |
(403.620) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
249.440 |
231.840 |
230.040 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(346.290) |
(1,139.150) |
(633.660) |
|
|
|
|
|
|
|
Less |
TAX |
16.980 |
0.000 |
(83.100) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(363.270) |
(1,139.150) |
(550.560) |
|
|
||||
|
DISCONTINUING
OPERATIONS |
||||
|
PROFIT / (LOSS) FROM DISCONTINUING OPERATIONS (BEFORE
TAX) |
7.410 |
(5.010) |
5.550 |
|
|
LESS: TAX EXPENSE
OF DISCONTINUING OPERATIONS |
0.000 |
0.000 |
0.000 |
|
|
GAIN ON DISPOSAL OF ASSETS/SETTLEMENT OF LIABILITIES ATTRIBUTABLE
TO THE DISCONTINUING OPERATIONS |
768.930 |
0.000 |
0.000 |
|
|
LESS: TAX EXPENSE RELATING TO GAIN |
0.000 |
0.000 |
0.000 |
|
|
PROFIT / (LOSS)
FROM DISCONTINUING OPERATIONS AFTER TAX |
776.340 |
(5.010) |
(545.01) |
|
|
|
||||
|
|
TOTAL OPERATIONS: |
|||
|
|
||||
|
PROFIT / (LOSS) FOR
THE YEAR |
413.070 |
(1,144.160) |
(545.010) |
|
|
|
||||
|
|
EARNINGS IN FOREIGN
CURRENCY |
|||
|
|
F.O.B. Value of Exports |
1,403.320 |
1,950.140 |
1,344.730 |
|
|
Interest income |
0.100 |
0.060 |
0.280 |
|
|
TOTAL EARNINGS |
1403.420 |
1950.200 |
1345.010 |
|
|
|
|||
|
|
IMPORTS |
|||
|
|
Raw Materials |
739.210 |
1,099.400 |
874.530 |
|
Capital goods |
0.000 |
0.000 |
13.790 |
|
|
|
TOTAL IMPORTS |
739.210 |
1,099.400 |
888.320 |
|
|
|
|||
|
|
EARNINGS / (LOSS) PER
SHARE (RS.) |
|||
|
Continuing
operations |
(12.69) |
(44.09) |
(24.26) |
|
|
Total operations |
14.44 |
(44.28) |
(24.01) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
134.870 |
176.750 |
174.740 |
|
Cash generated from operations |
(236.750) |
(420.140) |
(131.800) |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Cash generated from Operating Activities |
(249.890) |
(423.670) |
(127.030) |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
UNAUDITED |
||
|
Net Sales |
1081.810 |
1118.840 |
|
Total Expenditure |
951.560 |
1039.700 |
|
PBIDT (Excl OI) |
130.250 |
79.140 |
|
Other Income |
31.580 |
25.340 |
|
Operating Profit |
161.830 |
104.480 |
|
Interest |
71.660 |
27.140 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
90.170 |
77.340 |
|
Depreciation |
52.090 |
53.240 |
|
Profit Before Tax |
38.080 |
24.100 |
|
Tax |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
38.080 |
24.100 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
38.080 |
24.100 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.75
|
(33.55) |
(23.12) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.77 |
(17.66) |
(6.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.56) |
(23.55) |
(13.03) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
(2.27) |
(0.67) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.17 |
6.96 |
3.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.58 |
0.67 |
STOCK
PRICES
|
Face Value |
Rs. 10.00 /- |
|
Market Value |
Rs. 889.75 /- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
234.400 |
267.400 |
304.850 |
|
Reserves and Surplus |
596.840 |
128.600 |
976.310 |
|
Money received against share warrants |
118.790 |
106.510 |
288.080 |
|
Net
worth |
950.030 |
502.510 |
1569.240 |
|
|
|
|
|
|
long-term borrowings |
1380.370 |
910.340 |
570.440 |
|
Short term borrowings |
1517.600 |
2410.800 |
2702.900 |
|
Current Maturities of Long term debt |
174.740 |
176.750 |
134.870 |
|
Total
borrowings |
3072.710 |
3497.890 |
3408.210 |
|
Debt/Equity
ratio |
3.234 |
6.961 |
2.172 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2357.730 |
3409.550 |
3842.360 |
|
|
|
44.612 |
12.694 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales
|
2357.730 |
3409.550 |
3842.360 |
|
Profit |
(550.560) |
(1139.150) |
(363.270) |
|
|
(23.35%) |
(33.41%) |
(9.45%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS PERFORMANCE REVIEW:
During the financial year 2014-15, on a standalone basis, The Company’s revenues stood at Rs. 4,480.370 Million as against Rs. 4,503.360 Million in 2013-14. The Company posted an EBITDA of Rs. 638.370 Million in the financial year 2014-15 as against Rs. 125.260 Million in 2013-14. The Company made a net profit of Rs. 413.070 Million. On a consolidated basis, The Company’s revenue for the financial year 2014-15 stood at Rs. 4,753.230 Million as against Rs. 4,593.060 Million in 2013-14. The Company posted an EBITDA of Rs. 304.560 Million for the financial year 2014-15 as against Rs. 206.290 Million in 2013-14. On a consolidated level, the Company made a loss of Rs. 117.610 Million. A detailed analysis on the Company’s operational and financial performance for the year is covered under ‘Management’s Discussion and Analysis Report’ which forms part of the Annual Report.
BUSINESS OVERVIEW AND
OUTLOOK:
During the financial year 2014-15, the Company completed a
set of corporate actions with a long term vision of becoming a power-house in
global animal health business with a portfolio of niche human APIs.
- Acquisition of 60% stake
in Provet Veteriner Urunleri Sanayive Ticaret Anonim Sirketi, Turkey
through Alivira Animal Health Limited (“Alivira”) towards expediting
Company’s foray into global finished dosage markets. Besides a strong
foothold in Turkey, the acquisition provides an opportunity to expand in
other regulated and semi regulated markets. The acquisition also gives the
Company access to over 100 products in multiple dosage forms.
- Sale of Specialty
Chemicals Business to Songwon Industrial Group, Korea.
- Acquisition of Shasun
Pharmaceuticals Limited’s stake in Alivira resulting in Company holding
73.30% of equity capital on fully diluted basis in Alivira.
On 26 May 2015 the Company successfully raised Rs. 40000.000
Million from Qualified Institutional Buyers by way of Qualified Institutions
Placement. The Company issued 7,476,635 equity shares to Qualified
Institutional Buyers at a price of Rs. 535/- per share including a premium of
Rs. 525/- per share aggregating to Rs. 40000.000 Million.
The Company has completed all corporate actions, which will
augur well for our goal to move to profitability in the coming year. There was
no change in the nature of the business of the Company during the year ended 31
March 2015.
SUBSIDIARIES:
As at 31 March 2015, the Company has 10 subsidiaries, out of
which 5 companies are wholly owned Subsidiaries and the Company did not have any
Joint Ventures/ Associate Companies.
Incorporation of
Alivira Animal Health Limited, Ireland:
Alivira Animal Health Limited, Ireland was incorporated on 1 September 2014 as a wholly owned subsidiary of Alivira Animal Health Limited, India.
Acquisition of 60%
stake in Provet Veteriner Urunleri Sanayive Ticaret Anonim Sirketi, Turkey
(“Provet”):
Alivira Animal Health Limited, India acquired 60% stake in
Provet through its wholly owned subsidiary Alivira Animal Health Limited,
Ireland. Provet, a privately owned enterprise is amongst top 5 and the largest
local company in veterinary medicines market in Turkey, with a portfolio of
around 114 pharmaceutical products, pre-dominantly injectibles. Provet is
promoted by Dr. Aydin who has over 28 years of experience in veterinary
pharmaceutical business.
Consolidation of
shareholding in Alivira Animal Health Limited, India:
The Company has a strategic vision of emerging as a global power house in Animal Health Business. To fast track this strategic vision, the Company re-branded the business with a new entity Alivira Animal Health Limited (“Alivira”). The Company entered into a Joint Venture agreement with Shasun Pharmaceuticals Limited (“Shasun”) to acquire its new state-of-art manufacturing unit at Vizag in March 2014. Further, to meet the funding requirement, Alivira also raised capital from Unit Trust of India Investment Advisory Services Limited A/c Ascent India Fund III (“Ascent”) and Devicam Capital LLP (“Devicam”) through preferential issue/ private placement in April 2014. All these events led to a significant dilution of Company’s holding in Alivira.
Given the strategic intent of value creation in Alivira, the
Company decided to consolidate its holding in Alivira. On 31 March 2015, the
Company acquired the entire equity shares held by Shasun in Alivira, which
increased the Company’s holding to 73.30% of the equity capital of Alivira on a
fully diluted basis.
At the Board meeting held on 30 June 2015, the Board of
Directors approved acquisition of entire shareholding by buying out the
minority shareholding (i.e., 9,997,941 equity shares) in Alivira held by Ascent
and Devicam. Post the acquisition, Alivira will become a wholly owned
subsidiary of the Company. The consideration towards such acquisition of shares
from the minority shareholders of Alivira will be paid by way of issue of
2,827,679 equity shares of Rs. 10 each to Ascent and 757,734 equity shares of
Rs. 10 each to Devicam at a price of Rs. 669.10 per equity share through
preferential issue (“Preferential Issue”) in compliance with relevant
provisions of the Companies Act, 2013 and Chapter VII of the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009. The preferential issue will be subject to approval of the
members of the Company and other statutory/ regulatory approvals. Further the
Preferential Issue of 2,827,679 equity shares to Ascent shall be subject to
approval of Foreign Investment Promotion Board (“FIPB”).
Entities which ceased
to be subsidiaries during the financial year ended 31 March 2015:
During the year ended 31 March 2015 Vedic Fanxipang Pharma Chemic Company Limited, Vietnam and Elysian Life Sciences (Mauritius) Limited, Mauritius ceased to be subsidiaries of the Company.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long-term
Borrowings |
|
|
|
Term loans From other parties |
3.470 |
5.600 |
|
Total |
3.470 |
5.600 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable on demand From banks |
999.550 |
1,200.000 |
|
Loans from related parties |
920.160 |
482.350 |
|
Total |
1919.710 |
1,682.350 |
NOTE:
LONG-TERM BORROWINGS:
|
Particulars |
Security |
Terms of repayment |
As at 31 March 2015 |
As at 31 March 2014 |
||
|
|
|
|
Secured |
Unsecured |
Secured |
Unsecured |
|
Term loans from
other parties: |
||||||
|
Housing Development Finance Corporation Limited |
Mortgage of land along with super structure of Company’s properties
at Ambernath, Mahad, Mangalore, Panoli and Tarapur |
Loan fully repaid during the year |
- |
- |
620.000 |
- |
|
Housing Development Finance Corporation Limited |
Mortgage of Company’s property at Thane (West), Mumbai |
Repayable in 28 quarterly Instalments, commencing from
July 2012 |
37.140 |
- |
48.570 |
- |
|
Department of Scientific and Industrial Research |
Unsecured |
Repayable annually over a period of five years commencing
from March 2012 and March 2013 |
- |
3.47 |
- |
5.600 |
|
Total - Term loans from banks |
37.140 |
3.470 |
668.570 |
5.600 |
||
The interest on above term loans from other parties are
linked to the respective lender’s base rates which are floating in nature. As of
31 March 2015 the interest rates ranges from 6.35% to 13.35% per annum.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2015 |
|
Claims against the
Company not acknowledged as debts |
|
|
Sales tax / Value added tax * |
9.870 |
|
Income tax * |
78.510 |
|
Service tax * |
1.480 |
|
Excise duty* |
0.470 |
|
Guarantees |
|
|
Guarantees to banks and financial institutions against credit facilities extended to subsidiaries (Refer note below) |
1,532.600 |
|
Other money for which
the Company is contingently liable |
|
|
Bills receivables discounted with banks ** |
41.190 |
|
Total |
1664.120 |
* Outflow, if any, arising out of
the said claim including interest, if any, would depend on the outcome of the
decision of the appellate authority and the Company’s right for future appeal
before the judiciary.
** Outflow, if any, would
depend on party not honouring the bill on due date and the company’s further
legal right.
Note:
a.
The Company
had given a corporate guarantee to State Bank of Hyderabad and State Bank of
Travancore towards a credit facility availed by its subsidiary (Sequent Penems
Private Limited) amounting to NIL (Previous Year Rs. 900.000 Million).
Outstanding balance as on 31 March 2015 is Rs. NIL (31 March 2014 Rs. 228.650
Million). During the previous year, the same has been provided by the Company
and shown under exceptional items under Note 26.
b.
The Company
has given a corporate guarantee to Export and Import Bank of India towards a
credit facility availed by its subsidiary (Alivira Animal Health Limited)
amounting to Rs. 1,250.000 Million. (Previous Year Rs. 1,250.000 Million).
Outstanding balance as on 31 March 2015 is Rs. 1,237.500 Million (31 March 2014
Rs. 500.000 Million).
c.
The Company
has given a corporate guarantee to RBL Bank Limited towards a credit facility
availed by its subsidiary (Alivira Animal Health Limited) amounting to Rs. 649.700
Million. (Previous Year Rs. NIL). Outstanding balance as on 31 March 2015 is
Rs. 295.100 Million (31 March 2014 Rs. NIL).
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
3 Months Ended |
|
|
30.09.2015 |
30.06.2015 |
|
|
(UNAUDITED) |
|
|
1.
Income from operations |
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1574.444 |
1466.571 |
|
b) Other operating income |
11.365 |
17.927 |
|
Total
income from Operations(net) |
1585.809 |
1484.498 |
|
2.Expenditure |
|
|
|
a) Cost of material consumed |
569.490 |
516.060 |
|
b) Purchases of stock in trade |
237.470 |
243.610 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(25.230) |
20.820 |
|
d) Employees benefit expenses |
190.720 |
189.960 |
|
e) Depreciation and amortization expenses |
100.170 |
95.540 |
|
f) Power and Fuel |
0.000 |
0.000 |
|
g) Other expenditure |
408.950 |
325.440 |
|
Total expenses |
1481.570 |
1391.430 |
|
3. Profit from operations before other income and
financial costs |
104.239 |
93.068 |
|
4. Other income |
25.960 |
31.950 |
|
5. Profit from ordinary activities before finance costs |
130.199 |
125.018 |
|
6. Finance costs |
84.370 |
110.680 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
45.829 |
14.338 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
45.829 |
14.338 |
|
10.Tax expenses |
8.210 |
9.370 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
37.619 |
4.968 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
37.619 |
4.968 |
|
14.share of profit/(Loss) of Associates |
- |
- |
|
15.Minority Interest |
14.454 |
(2.391) |
|
16. Net Profit after Taxes, minority Interest and
share of profit(Loss) of Associates) |
23.165 |
7.359 |
|
17.Paid-up equity share capital (Nominal value Rs.10/- per share) |
420.200 |
412.620 |
|
18. Reserve excluding Revaluation Reserves as per balance
sheet of previous accounting year |
0.000 |
0.000 |
|
19.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
(a) Basic and |
0.56 |
0.21 |
|
(b)
diluted |
0.51 |
0.19 |
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
1. Public Shareholding |
|
|
|
- Number of shares |
18018994 |
18018994 |
|
- Percentage of shareholding |
42.88% |
43.67% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
712910 |
712910 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
2.97% |
3.07% |
|
Percentage of shares (as a % of total share capital of the
company) |
1.70% |
1.73% |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
23287656 |
22529922 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
97.03% |
96.93% |
|
Percentage of shares (as a % of total share capital of the
company) |
55.42% |
54.60% |
|
|
|
|
|
B.
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Receiving during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unreserved at the end of the quarter |
NIL |
|
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
FOR THE QUARTER ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
3
Months Ended |
3
Months Ended |
|
|
30.09.2015 |
30.06.2015 |
|
1. Segment Revenue |
|
|
|
a)
Pharmaceuticals |
1570.795 |
1458.987 |
|
b)
Specially Chemicals (Refer Note 3a below) |
- |
- |
|
c)
analytical Services |
15.014 |
25.511 |
|
Total segment
revenue |
1585.809 |
1484.498 |
|
Less: Inter –
segment revenue |
- |
- |
|
Total income
from operations (net sales) |
1585.809 |
1484.498 |
|
|
|
|
|
2. Segment
Results |
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
a)
Pharmaceuticals |
103.821 |
84.515 |
|
b)
Specially Chemicals (Refer Note 3a below) |
- |
- |
|
c)
analytical Services |
0.418 |
8.545 |
|
Total segment
results |
104.239 |
93.060 |
|
(Add)/Less:
Finance Costs |
84.370 |
110.680 |
|
Other un-allocable
expenditure net off un-allocable other operating income |
(25.960) |
(31.958) |
|
Total Profit
Before Tax |
45.829 |
14.338 |
|
|
|
|
|
3. Capital
Employed |
|
|
|
(Segment Assets
– Segment Liabilities) |
|
|
|
a)
Pharmaceuticals |
6759.615 |
6439.301 |
|
b)
Specially Chemicals (Refer Note 3a below) |
- |
- |
|
c)
analytical Services |
31.490 |
9.569 |
|
Total
Capital Employed |
6791.105 |
6442.87 |
|
Add
: Unallocable Assets Less Liabilities |
624.545 |
1023.370 |
|
|
|
|
|
Total
Capital Employed In the Company |
7415.650 |
7472.240 |
Exceptional Items consists of:
3a. During previous year, pursuant to the approval of the Board of directors and the Shareholders, the Company had transferred the specially chemicals Division along with all related assets and liabilities by way of slump sale. The specialty Chemicals division was reported as part of the specialty chemicals segment of the company. Net Profit on the above sale of Rs. 551.420 Million is included under Exceptional Items for the half Year ended 30 September 2014 and year ended 31st March, 2015.
The Profit (Loss) of the discontinued business included in the above is
as
|
|
Quarter Ended |
Half Year ended |
Year Ended |
|||
|
|
30.09.2015 |
30.06.2015 |
30.09.2014 |
30.09.2015 |
30.09.2014 |
30.03.2015 |
|
Specialty Chemicals Division |
- |
- |
(0.490) |
- |
(1.940) |
(1.940) |
3b. During the previous year, the company had decided to discontinue the operations at its Ambernath plant and written down the related cost and fixed assets of Rs. 166.640 Million, which is included in exceptional items for the year ended 31st March, 2015.
During the quarter the company allotted 757734 equity Shares to its promoter group by way of preferential issue.
Subsequent to the quarter the end, the Company’s subsidiary, Alvira Animal Health Limited, has completed acquisition of Animal health Business of Lyka Exports Limited.
The company’s step down Subsidiary, Alvira animal Health Limited, Ireland has incorporated a subsidiary Alivira Animal Health Australia Pty Limited, Australia.
Tax expense for the year ended March 31, 2015 includes tax of Rs. 16.980 Million pertaining to earlier periods.
Information of standalone Results:
|
|
Quarter ended |
Half Year ended |
Year ended |
|||
|
|
30.09.2015 |
30.06.2015 |
30.09.2014 |
30.09.2015 |
30.09.2014 |
31.03.2015 |
|
Total income from operations (net) |
1118.840 |
1081.810 |
1150.420 |
2200.650 |
2280.690 |
4448.160 |
|
Profit before Tax |
24.100 |
38.080 |
466.280 |
62.180 |
341.430 |
430.050 |
|
Profit After Tax |
24.100 |
38.080 |
466.280 |
62.180 |
341.430 |
430.050 |
Figures for previous year have been regrouped and rearranged necessary, to confirm to the relevant current period classification.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015
Rs. In Million
|
SOURCES OF
FUNDS |
30.09.2015 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
420.200 |
|
(b) Reserves and Surplus |
6055.360 |
|
(c) Money Received against share Warrent |
295.830 |
|
Sub-total Shareholders’ |
6771.390 |
|
|
|
|
Minority Interest |
644.260 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
2120.380 |
|
(b) Deferred tax liabilities (Net) |
9.940 |
|
(c) Other long term liabilities |
0.000 |
|
(d) long-term provisions |
104.120 |
|
Sub-total of
Non-Current liabilities |
2234.440 |
|
|
|
|
(3)
Current liabilities |
|
|
(a) Short
term borrowings |
549.120 |
|
(b) Trade
payables |
1056.760 |
|
(c) Other
current liabilities |
435.050 |
|
(d) Short-term
provisions |
71.430 |
|
Sub-total of Current liabilities |
2112.360 |
|
|
|
|
TOTAL |
11762.450 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed Assets |
4493.970 |
|
(b) Goodwill on consolidation |
996.550 |
|
(c)
Non-Current investments |
1166.120 |
|
(d) Deferred
tax assets (net) |
3.700 |
|
(e) Long
term loans and advances |
434.110 |
|
(f) Other
non-current assets |
10.240 |
|
Sub-total of
Non-Current Assets |
7104.690 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
1440.100 |
|
(b)
Inventories |
913.120 |
|
(c) Trade
receivables |
1488.670 |
|
(d) Cash
and cash equivalents |
175.500 |
|
(e)
Short-term loans and advances |
471.390 |
|
(f) Other
current assets |
168.980 |
|
Sub-total of Current
Assets |
4657.760 |
|
|
|
|
TOTAL |
11762.450 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10581887 |
08/07/2015 |
186,000,000.00 |
RBL BANK LIMITED |
631, 3RD BLOCK, 3RD CROSS, 100 FEET ROAD,
NR. BDA |
C59797621 |
|
2 |
10527899 |
09/10/2014 |
232,500,000.00 |
THE RATNAKAR BANK LIMITED |
631, 3RD BLOCK, 3RD CROSS, 100 FEET ROAD,,
NR. BD |
C31309016 |
|
3 |
10523803 |
22/09/2014 |
555,000,000.00 |
THE RATNAKAR BANK LIMITED |
631, 3RD BLOCK, 3RD CROSS, 100 FEET ROAD,,
NR. BD |
C25635152 |
|
4 |
10363786 |
16/06/2012 |
80,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION
LIMITED |
NO 57, HDFC HOUSE, KASTURBA ROAD, BANGALORE,
KARN |
B42926709 |
|
5 |
10200335 |
20/02/2014 * |
2,400,000,000.00 |
CORPORATION BANK - CONSORTIUM LEADER |
CB BRANCH, NO. 30, I FLOOR, II CROSS,
RALLARAM, M |
C00091348 |
|
6 |
10118851 |
26/08/2008 |
47,500,000.00 |
TECHNOLOGY DEVELOPMENT BOARD |
TECHNOLOGY BHAVAN,, NEW MEHRAULI ROAD, NEW
DELHI, |
A44310316 |
|
7 |
80002166 |
31/03/2012 * |
2,112,700,000.00 |
STATE BANK OF INDIA |
SPECIALISED MID CORPORATE BRANCH, NO. 97,
RAILWAY |
B39996368 |
|
8 |
90231044 |
02/01/2000 |
3,000,000.00 |
STATE BANK OF INDORE |
UNIT NO. 201; 2ND FLOR, NO. 18; RICHMOND
RD, BANG |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering and 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. 65.48 |
|
|
1 |
Rs. 101.06 |
|
Euro |
1 |
Rs. 72.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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 and 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.