MIRA INFORM REPORT
|
Report No. : |
348760 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
USV PRIVATE LIMITED [w.e.f.02.11.2015] |
|
|
|
|
Formerly Known
As : |
USV LIMITED U. S. VITAMIN AND PHARMACEUTICAL
CORPORATION (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B S D Marg, Govandi, Mumbai – 400088, Maharashtra |
|
Tel. No.: |
91-22-25564048/ 67861111 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.08.1961 |
|
|
|
|
Com. Reg. No.: |
11-012098 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 999.670
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239MH1961PTC012098 |
|
|
|
|
IEC No.: |
0388147407 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1366N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Active Pharmaceutical
Ingredient (API), Finished Dosages and Generics. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1961. The name of the company has
changed from USV Limited to USV Private Limited with effect from 02nd
November 2015. The company has impressive revenue profile marked by good
profitability margin and strong operational metrics. The company possesses strong financial profile marked by sound
networth base, low borrowings and good liquidity position. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of robust market position, the company can be considered good
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
14.10.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
14.10.2014 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-25564048]
LOCATIONS
|
Registered Office : |
B S D Marg, Govandi, Mumbai – 400088, Maharashtra, India |
|
Tel. No.: |
91-22-25564048/ 67861111 |
|
Fax No.: |
91-22-25584025 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factories : |
· M.I.D.C. Lote Industrial Area, Khed, Ratnagiri, Maharashtra, India · OIDC, Dabhel, Daman, Daman and Diu, India · HPSIDC, Baddi, Himachal Pradesh, India · Hilltop Ind.Area, Jharmajri, Baddi, Himachal Pradesh, India |
DIRECTORS
AS ON 12.09.2014
|
Name : |
Mr. Prashant Kumar Tewari |
|
Designation : |
Managing director |
|
Address : |
41, Ritu Apartments, 208, B.J. Road, Bandra - West, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
09.04.1958 |
|
Qualification : |
MS, B. Tech, IIT Kanpur |
|
Date of Appointment : |
20.01.1986 |
|
PAN No.: |
AAAPT6427C |
|
DIN No.: |
00001745 |
|
|
|
|
Name : |
Mrs. Leena Gandhi Tewari |
|
Designation : |
Director |
|
Address : |
41, Ritu Apartments, 208, B.J. Road, Bandra - West, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
09.03.1957 |
|
Qualification : |
MBA, Boston University, USA, B. Com. |
|
Date of Appointment : |
20.01.1986 |
|
PAN No.: |
AAFPG5709D |
|
DIN No.: |
00001748 |
|
|
|
|
Name : |
Debabrata Bhadury |
|
Designation : |
Director |
|
Address : |
9A, Belvedere Court, Sane Guruji Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Date of Birth/Age : |
20.11.1941 |
|
Qualification : |
MA (Economics) |
|
Date of Appointment : |
01.05.2001 |
|
DIN No.: |
00001754 |
|
|
|
|
Name : |
Mr. Deepak Keshav Ghaisas |
|
Designation : |
Director |
|
Address : |
B/61-62, Swapnashilp, Mahant Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1957 |
|
Qualification : |
CA, CS and ICWA |
|
Date of Appointment : |
23.08.2003 |
|
DIN No.: |
00001811 |
|
|
|
|
Name : |
Murugappan Muthiah Venkatachalam |
|
Designation : |
Director |
|
Address : |
20/1, Valliammai Achi Road, Kotturpuram, Chennai - 600085, Tamilnadu, India |
|
Date of Birth/Age : |
24.11.1958 |
|
Qualification : |
MBA, Washington University, USA |
|
Date of Appointment : |
19.09.2005 |
|
DIN No.: |
00152619 |
|
|
|
|
Name : |
Debabrata Sujit Gupta |
|
Designation : |
Whole-time director |
|
Address : |
B - 804, Eternia, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1963 |
|
Qualification : |
B. Tech.(Chemistry)-IIT Kharagpur |
|
Date of Appointment : |
19.09.2005 |
|
PAN No.: |
AFFPG9190M |
|
DIN No.: |
01500784 |
|
|
|
|
Name : |
Vilas Gandhi Tewari |
|
Designation : |
Director |
|
Address : |
5416, Fair Ave Apartment, 1321 N Hollywood, CA, 91601, United States of America |
|
Date of Birth/Age : |
24.03.1984 |
|
Qualification : |
BA-Computer Science, Boston University, USA |
|
Date of Appointment : |
14.08.2012 |
|
PAN No.: |
ADJPT0773D |
|
DIN No.: |
05354249 |
|
|
|
|
Name : |
Krishnakumar Maheshwari |
|
Designation : |
Director |
|
Address : |
903, Palmyra Skuline Oasis Apartments, Premier Road, Vidyavihar West, Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1940 |
|
Date of Appointment : |
18.06.2014 |
|
DIN No.: |
06895677 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Bhalchandra Kale |
|
Designation : |
Secretary |
|
Address : |
703, Susheela Apartment CHS, Kaka Sohoni Marg, Thane (West), Thane - 400601, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1983 |
|
Date of Appointment : |
11.02.2013 |
|
PAN No.: |
AALPK2653C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Leena Gandhi Tewari |
|
91287618 |
|
Aneesha Gandhi Tewari |
|
11106 |
|
Treva Health Care Private Limited, India |
|
5553 |
|
Vipal Health Care Private Limited, India |
|
5553 |
|
USV Reliable Homes Private Limited, India |
|
7404 |
|
Leena Gandhi Tewari joint with Prashant Kumar Tewari |
|
5395665 |
|
Prashant Kumar Tewari joint with Leena Gandhi Tewari |
|
3041193 |
|
Prashant Kumar Tewari |
|
201759 |
|
Neo-Pharma Industries Private Limited, India |
|
11106 |
|
|
|
|
|
Total |
|
99966957 |
AS ON 12.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
0.01 |
|
Bodies
corporate |
0.03 |
|
Directors
or relatives of directors |
99.96 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Active Pharmaceutical
Ingredient (API), Finished Dosages and Generics. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India Mid Corporate Loan Adm. Unit, Shree Hari Building, RTO Lane, Four Bunglows, Andheri (West), Mumbai - 400053, Maharashtra, India · Axis Bank Limited Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India ·
The Saraswat Co-operative Bank Ltd. ·
Deutsche Bank ·
Yes Bank Limited |
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Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, NM Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB6889R |
|
|
|
|
Internal
Auditors : |
|
|
Name
: |
A P R and Associates Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name
: |
Sevekari, Khare and Associates Cost Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary company
: |
· Bharavi Laboratories Private Limited [U24119KA1996PTC020463] · Indicus Pharma LLC · USV Europe Limited · USV Labs Limited [U24232MH2010PLC205370] · USV North America, Inc |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Neo-Pharma Industries Private Limited [U24239MH1960PTC011862] · Treva Health Care Private Limited [U24239MH1989PTC054400] · USV Reliable Homes Private Limited [U24239MH1995PTC092234] · V. B. Gandhi and Company · Vipal Health Care Private Limited [U24239MH1989PTC054414] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99,966,957 |
Equity Shares |
Rs. 10/- each |
Rs. 999.670
Million |
|
|
|
|
|
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 |
999.670 |
999.670 |
999.670 |
|
(b) Reserves & Surplus |
13770.413 |
11505.741 |
9772.418 |
|
(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) |
14770.083 |
12505.411 |
10772.088 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4.919 |
8.799 |
19.765 |
|
(b) Deferred tax liabilities (Net) |
244.283 |
178.549 |
121.089 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
59.876 |
|
(d)
long-term provisions |
28.836 |
32.866 |
709.438 |
|
Total
Non-current Liabilities (3) |
278.038 |
220.214 |
910.168 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1921.402 |
1659.633 |
1748.827 |
|
(c)
Other current liabilities |
695.396 |
601.079 |
492.920 |
|
(d)
Short-term provisions |
2533.789 |
2242.370 |
3079.537 |
|
Total
Current Liabilities (4) |
5150.587 |
4503.082 |
5321.284 |
|
|
|
|
|
|
TOTAL |
20198.708 |
17228.707 |
17003.540 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3840.159 |
3668.004 |
3392.032 |
|
(ii)
Intangible Assets |
91.432 |
98.512 |
110.774 |
|
(iii)
Capital work-in-progress |
93.707 |
511.061 |
591.331 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
13.091 |
2.297 |
2.297 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1822.713 |
1199.478 |
1285.932 |
|
(e)
Other Non-current assets |
0.664 |
176.996 |
202.931 |
|
Total
Non-Current Assets |
5861.766 |
5656.348 |
5585.297 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
8822.856 |
6764.415 |
6105.423 |
|
(b)
Inventories |
1804.786 |
1625.971 |
1493.139 |
|
(c)
Trade receivables |
1921.481 |
1739.086 |
1477.302 |
|
(d)
Cash and cash equivalents |
958.776 |
722.904 |
404.677 |
|
(e)
Short-term loans and advances |
829.043 |
719.983 |
1511.397 |
|
(f)
Other current assets |
0.000 |
0.000 |
426.305 |
|
Total
Current Assets |
14336.942 |
11572.359 |
11418.243 |
|
|
|
|
|
|
TOTAL |
20198.708 |
17228.707 |
17003.540 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
18914.023 |
16888.835 |
14472.621 |
|
|
|
Other Income |
1077.102 |
594.029 |
642.243 |
|
|
|
TOTAL (A) |
19991.125 |
17482.864 |
15114.864 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3651.931 |
3523.216 |
3195.140 |
|
|
|
Purchases of Stock-in-Trade |
2866.189 |
2412.337 |
1991.741 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(137.680) |
(63.152) |
(72.008) |
|
|
|
Employees benefits expense |
1921.931 |
1547.322 |
1477.249 |
|
|
|
Other expenses |
5548.061 |
5255.542 |
4506.183 |
|
|
|
TOTAL (B) |
13850.432 |
12675.265 |
11098.305 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6140.693 |
4807.599 |
4016.559 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.023 |
0.065 |
0.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6140.670 |
4807.534 |
4016.320 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
685.461 |
725.555 |
639.565 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5455.209 |
4081.979 |
3376.755 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
672.429 |
375.772 |
552.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4782.780 |
3706.207 |
2824.649 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods calculated F.O.B. value |
3988.997 |
3831.222 |
3374.622 |
|
|
|
Dividend Income |
514.037 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
4503.034 |
3831.222 |
3374.622 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1219.964 |
1082.406 |
1028.828 |
|
|
|
Stores & Spares |
136.009 |
143.797 |
148.678 |
|
|
|
Capital Goods |
48.776 |
279.051 |
89.443 |
|
|
TOTAL IMPORTS |
1404.749 |
1505.254 |
1266.949 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
47.84 |
37.07 |
28.26 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3.880 |
10.966 |
6.053 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
5153.124 |
3919.325 |
3847.411 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
25.29 |
21.94 |
19.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
32.47 |
28.47 |
27.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.15 |
24.42 |
20.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.33 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78 |
2.57 |
2.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
999.670 |
999.670 |
999.670 |
|
Reserves & Surplus |
9772.418 |
11505.741 |
13770.413 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
10772.088 |
12505.411 |
14770.083 |
|
|
|
|
|
|
Long-term borrowings |
19.765 |
8.799 |
4.919 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
6.053 |
10.966 |
3.880 |
|
Total
borrowings |
25.818 |
19.765 |
8.799 |
|
Debt/Equity ratio |
0.002 |
0.002 |
0.001 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
14472.621 |
16888.835 |
18914.023 |
|
|
|
16.695 |
11.991 |
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 |
14472.621 |
16888.835 |
18914.023 |
|
Profit |
2824.649 |
3706.207 |
4782.780 |
|
|
19.52% |
21.94% |
25.29% |
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 |
Yes |
|
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 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
4.919 |
8.799 |
|
|
|
|
|
Total |
4.919 |
8.799 |
CORPORATE INFORMATION
USV Limited (the Company) is a public company domiciled in India and incorporated under the provision of the Companies Act, 1956. Its shares are not listed on any stock exchange in India. The Company is engaged in the manufacturing and selling of Active Pharmaceutical Ingredient (API), finished dosages and generics. The Company is admired in India for leadership in diabetes and cardio-vascular space, as well as strong brands in other segments.
NATIONAL BUSINESS
The Indian pharmaceutical industry grew at a very subdued rate of 6.2%.
The growth was impacted by poor economic conditions and the new pharmaceutical
price policy. The market is expected to recover to 10% growth for the coming
year. Within the overall market the chronic segments continue to show double
digit growth while the acute segments continue to be weak.
The Company’s revenue from the Indian market reached ` 13,543 million
(+14%), reflecting a growth higher than the market growth (+6.2%). As a result,
USVs overall market share reached 1.85%, up from 1.76% in the previous year.
Diabetes : USV continued to strengthen its leadership position in the
oral anti-diabetes market. Its market share by prescription s reached 21.42%,
while by value reached 15.45%, with revenue of ` 6019 million. USV's leading
brand Glycomet-GP, is now ranked 6th in the pharma industry. USV now has 3
brands which feature among the top 10 brands, by prescription, in this segment.
Cardiovascular Disorders : USV continues to be number 1 by
prescriptions, and number 8 by value, in this segment, with a revenue of ` 3944
million. Ecosprin, Roseday and Tazloc were the key drivers of USV growth in
this segment.
MultiSpecialty Segments : USVs business in these segments grew at a
modest 1%, with a revenue of ` 2852 million. To create a sharper focus on the
brand portfolio, and improve the customer coverage the multi-specialty team has
been broken into 2 sales teams. This change has been effected from May 2014.
They expect that this reorganisation to deliver results commensurate with
market growth in the coming years.
Institutional Sales : The Institutional business covering central and
state government institutions and public sector companies achieved a revenue of
` 532 million (+4% )
CNS disorders : The performance under this segment was stable with a
revenue of Rs. 497.000 million (+10%)
Cosmeceuticals : The performance under this segment of speciality
dermatologicals, was excellent, with a revenue of ` 242 million (+30%). The
Baby Care business continues to show very good growth and potential.
INTERNATIONAL
BUSINESS
USV's revenue from its international business for FY 2013-14 stood at
Rs.4874.000 million, with a growth of 9%. The finished dosages category of the
international business has now touched a revenue of Rs.1954.000 million.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Guarantees given by bank on behalf of the Company
[out of this guarantees of Rs.57.570 million (previous year Rs.11.260
million) are given to customs authorities towards customs duty on import
under Advance License Scheme |
151.670 |
126.570 |
|
Letters of credit issued by bank on behalf of the
Company |
143.310 |
163.400 |
|
Demands in respect of Income Tax, Sales Tax and
Excise duty pertaining to further disputes by respective authorities against
initial appeal orders. The Company is of the view that the matters will be
decided in its favour and does not expect any liability on these disputes. |
459.270 |
393.490 |
|
Claims against the Company not acknowledged as
debts 1) DPCO/ DPEA/ NPPA claims pertaining to recovery
of excess price/ equalisation -Principal |
156.140 |
80.080 |
|
-Interest |
257.250 |
182.910 |
|
2) Legal/ Labour claims pertaining to
compensation pursuant to termination of service. The Company is of the view that
the matters will be decided in its favour and does expect any liability on
these disputes |
2.400 |
3.530 |
|
3) Custom Duty on import under Advance License
Scheme, Pending fulfilment of export obligation [this is secured by bank
guarantees of Rs.57.570 million (previous year Rs.11.260 million) |
20.670 |
11.260 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
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. 65.79 |
|
|
1 |
Rs. 99.95 |
|
Euro |
1 |
Rs. 71.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.