MIRA INFORM REPORT
|
Report No. : |
344174 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CADILA HEALTHCARE LIMITED |
|
|
|
|
Formerly Known
As : |
ZYDUS CADILA HEALTHCARE LIMITED |
|
|
|
|
Registered
Office : |
‘Zydus Tower’, Satellite Cross Roads, Sarkhej –
Gandhinagar Highway, Ahmedabad – 380015, Gujarat |
|
Tel. No.: |
91-79-26868100 |
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|
|
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Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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|
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Date of
Incorporation : |
15.05.1995 |
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|
|
|
Com. Reg. No.: |
04-025878 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 1024.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1995PLC025878 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject operates as an integrated pharmaceutical company
with business encompassing the entire value chain in the research,
development, production, marketing and distribution of pharmaceutical
products. |
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|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
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 : |
Clear |
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Comments : |
Subject is a well-established and reputed company incorporated in the
year 1995 having an excellent track record. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. The rating also takes into consideration rich experience of its
promoters, long established track record and strong operating efficiency of
the company. Trade relations are reported to be trustworthy. Business is active.
Payments are reported as regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and condition. It can be regarded as a promising business partner in medium to long
run. |
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 carry low credit risk |
|
Date |
September 21, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
September 21, 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 (Tel. No.: 91-79-26868100)
LOCATIONS
|
Registered/
Corporate Office : |
‘Zydus Tower’, Satellite Cross Roads, Sarkhej – Gandhinagar Highway, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-26770100 (EPBX) (20 Lines)/ 26868100/ 26868235 |
|
Fax No.: |
91-79-26732365/ 26732366/ 26862365 |
|
E-Mail : |
investor.grievance@zyduscadila.com
|
|
Website : |
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Factories : |
Formulation Unit:
Ř S. No.417, 419 and 420, Village Moraiya, Taluka Sanand, District Ahmedabad, Gujarat, India Ř Kundaim Industrial Estate, Ponda – 403401, Goa, India Ř Village Saraj Mujra, P. O.– Baddi, Tehsil – Nalagarh, District – Solan, Himachal Pradesh, India |
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Topical Plant: |
Plot No. 254/255, Behind Zyfine Chemicals, Sarkhej Bavla. N. H. No. 8A, Changodar Road, Taluka Sanand, District-Ahmedabad, Gujarat, India |
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|
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Zydus Biologics: |
Survey No. 40P, 23, 25P, 42, 37, Opposite Ramdev Masala, Sarkhej-Bavla N. H. No. 8A, Changodar, Ahmedabad, Gujarat, India |
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|
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API Units : |
Ř GIDC Estate, Ankleshwar, Gujarat, India Ř Dabhasa, Tal. Padra, District Vadodara, Gujarat, India Ř Block No. 162, Ekalbara Umraya Road, Village Dabhasa, Taluka Padra, District-Vadodara, Gujarat, India |
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|
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SEZ Unit: |
Plot No. 1/1A, and 2, PHARMEZ, Sarkhej-Bavla N. H. No. 8A, Village – Matoda, Taluka Sanad, District-Ahmedabad |
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|
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|
Zydus Research
Center : |
S. No. 396/403, Village Moraiya, Taluka Sanand, District Ahmedabad, Gujarat, India |
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Registrar and Share Transfer
Agents : |
M/S. Sharepro Services (India) Private Limited, 416-420, 4th Floor, Devnandan Mall, Opp. Sanyas Ashram, Nr. M.J. Library, Ellisbridge, Ahmedabad - 380 009, Gujarat, India |
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Zyfine and Topical Plant : |
Block No. 265/266, Village Changodar, Sarkhej Bavla N.H.No. 8a, Changodar Road, Taluka- Anand, District-Ahmedabad, Gujarat, India |
DIRECTORS
AS ON 31.03.2015
|
Name |
Mr. Ramanbhai B.
Patel |
|
Designation |
Founder |
|
Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380015, Gujarat, India |
|
|
|
|
Name |
Mr. Pankaj R.
Patel |
|
Designation |
Chairman and
Managing Director |
|
|
|
|
Name |
Dr. Sharvil P.
Patel |
|
Designation |
Deputy Managing
Director |
|
Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380015, Gujarat, India |
|
|
|
|
Name |
Mr. Humayun Dhanrajgiri |
|
Designation |
Director |
|
|
|
|
Name |
Mr. Mukesh M.
Patel |
|
Designation |
Director |
|
|
|
|
Name |
Mr. Nitin
Raojibhai Desai |
|
Designation |
Director |
|
|
|
|
Name |
Mr. Apurva S. Diwanji |
|
Designation |
Director |
|
|
|
|
Name |
Mrs. Dharmishta
N. Rawal |
|
Designation |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Upen H. Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Nitin D Parekh |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
153134446 |
74.79 |
|
|
3600 |
0.00 |
|
|
153138046 |
74.79 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
153138046 |
74.79 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
9342032 |
4.56 |
|
|
377947 |
0.18 |
|
|
178195 |
0.09 |
|
|
7181080 |
3.51 |
|
|
13789623 |
6.73 |
|
|
30868877 |
15.08 |
|
|
|
|
|
|
7031081 |
3.43 |
|
|
|
|
|
|
9143522 |
4.47 |
|
|
2673969 |
1.31 |
|
|
1893025 |
0.92 |
|
|
1893025 |
0.92 |
|
|
20741597 |
10.13 |
|
Total Public
shareholding (B) |
51610474 |
25.21 |
|
Total (A)+(B) |
204748520 |
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) |
204748520 |
0.00 |
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 |
Zydus Family Trust |
15,31,07,446 |
74.78 |
|
2 |
Pripan Investment Private Limited |
3,600 |
0.00 |
|
3 |
Shivani Pankajbhai Patel Jtly Pankajbhai Ramanbhai Patel |
3,000 |
0.00 |
|
4 |
Pankajbhai Ramanbhai Patel Jtly Pritiben Pankajbhai Patel |
3,000 |
0.00 |
|
5 |
Pankajbhai Ramanbhai Patel - HUF |
3,000 |
0.00 |
|
6 |
Pritiben Pankajbhai Patel Jtly Pankajbhai Ramanbhai Patel |
3,000 |
0.00 |
|
7 |
Taraben Ramanbhai Patel Jtly Pankajbhai Ramanbhai Patel |
3,000 |
0.00 |
|
8 |
Ramanbhai B Patel HUF |
3,000 |
0.00 |
|
9 |
Pankajbhai Ramanbhai Patel Jtly Pritiben Pankajbhai Patel (R. B. Patel
will Pankaj Trust) |
3,000 |
0.00 |
|
10 |
Pankajbhai Ramanbhai Patel Jtly Sharvil Pankajbhai Patel (P.R. Patel
Smaller HUF) |
3,000 |
0.00 |
|
11 |
Sharvil Pankajbhai Patel |
3,000 |
0.00 |
|
|
Total |
15,31,38,046 |
74.79 |
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 |
Life Insurance Corporation of India Limited |
6066080 |
2.96 |
|
|
2 |
Government Pension Fund Global |
2315371 |
1.13 |
|
|
|
Total |
8381451 |
4.09 |
BUSINESS DETAILS
|
Line of Business : |
Subject operates as an integrated pharmaceutical company
with business encompassing the entire value chain in the research, development,
production, marketing and distribution of pharmaceutical products. |
|
|
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Products : |
|
|
|
|
|
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 : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
Bank of Baroda ·
BNP Paribas ·
Credit Agricole Corporate and Investment Bank ·
Citibank N. A. ·
Exim Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank ·
State Bank of India ·
Standard Chartered Bank |
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Facilities : |
(Rs.
In Million)
|
||||||||||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
Mukesh M. Shah and Company Chartered Accountants |
|
Address : |
3, H. K. House, Second Floor, Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
|
|
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Memberships : |
-- |
|
|
|
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Collaborators : |
-- |
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Subsidiaries : |
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Joint Venture Companies : |
|
|
|
|
|
Enterprises significantly
influenced by Directors and/ or their relatives : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
345,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 1725.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
204,748,520 |
Equity Shares |
Rs. 5/- each |
Rs. 1024.000
Million |
|
|
|
|
|
A) There is no change in the number of shares as at the beginning and end of the year.
|
Number of shares at the beginning and at the end of the
year |
204,748,520 |
B) The Company has only one class of equity shares having a par value of Rs. 5/- per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.
C) Details of Shareholder holding more than 5% of aggregate Equity Shares of Rs. 5/- each, fully paid:
|
Zydus Family Trust |
|
|
Number of Shares |
153,107,446 |
|
% to total share holding |
74.78% |
D) 100,885,305 [as at March 31, 2014: 100,885,305] Equity Shares of Rs. 5/- each, fully paid-up were issued and allotted without payment being received in cash and 90,000,000 [as at March 31, 2014: 90,000,000] Equity Shares of Rs. 5/- each were extinguished in February, 2009 pursuant to Composite Scheme of Arrangement.
E) Composite
Scheme of Arrangement. E Equity Shares allotted as fully paid bonus shares
during the last five years 68,249,507
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 |
1024.000 |
1024.000 |
1024.000 |
|
(b) Reserves & Surplus |
44230.000 |
35275.000 |
28091.000 |
|
(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) |
45254.000 |
36299.000 |
29115.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5836.000 |
8536.000 |
7941.000 |
|
(b) Deferred tax liabilities (Net) |
1236.000 |
1236.000 |
1236.000 |
|
(c) Other long term
liabilities |
239.000 |
206.000 |
272.000 |
|
(d) long-term provisions |
805.000 |
468.000 |
348.000 |
|
Total Non-current
Liabilities (3) |
8116.000 |
10446.000 |
9797.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6796.000 |
5576.000 |
8514.000 |
|
(b) Trade
payables |
6713.000 |
4617.000 |
3607.000 |
|
(c) Other
current liabilities |
3300.000 |
2986.000 |
2695.000 |
|
(d) Short-term
provisions |
3195.000 |
2507.000 |
1792.000 |
|
Total Current
Liabilities (4) |
20004.000 |
15686.000 |
16608.000 |
|
|
|
|
|
|
TOTAL |
73374.000 |
62431.000 |
55520.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
17530.000 |
15392.000 |
14644.000 |
|
(ii)
Intangible Assets |
151.000 |
249.000 |
327.000 |
|
(iii)
Capital work-in-progress |
3669.000 |
5306.000 |
4638.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17508.000 |
12653.000 |
10640.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7543.000 |
8190.000 |
7187.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
46401.000 |
41790.000 |
37436.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
4583.000 |
2924.000 |
2159.000 |
|
(b)
Inventories |
8043.000 |
6635.000 |
5872.000 |
|
(c) Trade
receivables |
10561.000 |
7220.000 |
6830.000 |
|
(d) Cash
and cash equivalents |
1294.000 |
894.000 |
916.000 |
|
(e) Short-term
loans and advances |
2019.000 |
2551.000 |
1910.000 |
|
(f) Other
current assets |
473.000 |
417.000 |
397.000 |
|
Total
Current Assets |
26973.000 |
20641.000 |
18084.000 |
|
|
|
|
|
|
TOTAL |
73374.000 |
62431.000 |
55520.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
52844.000 |
40421.000 |
35274.000 |
|
|
Other Income |
1852.000 |
3086.000 |
529.000 |
|
|
TOTAL |
54696.000 |
43507.000 |
35803.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
12861.000 |
10681.000 |
9441.000 |
|
|
Purchases of Stock-in-Trade |
4415.000 |
3827.000 |
3324.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
-760.000 |
-357.000 |
-90.000 |
|
|
Employees benefits expense |
6071.000 |
5251.000 |
4179.000 |
|
|
Other expenses |
14916.000 |
12949.000 |
11357.000 |
|
|
TOTAL |
37503.000 |
32351.000 |
28211.000 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
17193.000 |
11156.000 |
7592.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
428.000 |
425.000 |
1110.000 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
16765.000 |
10731.000 |
6482.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2119.000 |
1274.000 |
1168.000 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
14646.000 |
9457.000 |
5314.000 |
|
|
|
|
|
|
|
Less |
TAX |
1935.000 |
421.000 |
328.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12711.000 |
9036.000 |
4986.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17366.000 |
11896.000 |
10094.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1000.000 |
1000.000 |
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
450.000 |
450.000 |
|
|
Proposed Dividend |
2457.000 |
1843.000 |
--- |
|
|
Interim Dividend |
0.000 |
---- |
1536.000 |
|
|
Corporate Dividend Tax on Proposed Dividend |
450.000 |
273.000 |
198.000 |
|
|
BALANCE CARRIED
TO THE B/S |
26921.000 |
17366.000 |
11896.000 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
28080.000 |
20038.000 |
15442.000 |
|
|
TOTAL EARNINGS |
28080.000 |
20038.000 |
15442.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3621.000 |
2907.000 |
2360.000 |
|
|
Stores & Spares |
428.000 |
354.000 |
178.000 |
|
|
Capital Goods |
608.000 |
414.000 |
1112.000 |
|
|
TOTAL IMPORTS |
4657.000 |
3675.000 |
3650.000 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
62.08 |
44.13 |
24.35 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
3174.000 |
4358.000 |
2347.000 |
|
Cash generated from operations |
13407.000 |
8302.000 |
5050.000 |
|
Net cash flow from (used in) operation |
10837.000 |
8782.000 |
4452.000 |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 Unaudited |
|
Net Sales |
19150.200 |
|
Total Expenditure |
11961.900 |
|
PBIDT (Excl OI) |
7188.300 |
|
Other Income |
149.100 |
|
Operating Profit |
7337.400 |
|
Interest |
74.500 |
|
Exceptional Items |
NA |
|
PBDT |
7262.900 |
|
Depreciation |
518.400 |
|
Profit Before Tax |
6744.500 |
|
Tax |
1187.000 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
5557.500 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
5557.500 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
24.05 |
22.35 |
14.14 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
32.54 |
27.60 |
21.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.06 |
21.27 |
13.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.26 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35 |
0.51 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.32 |
1.09 |
STOCK
PRICES
|
Face Value |
Rs. 5.00/- |
|
Market Value |
Rs. 425.10/- |
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 |
1024.000 |
1024.000 |
1024.000 |
|
Reserves & Surplus |
28091.000 |
35275.000 |
44230.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
29115.000 |
36299.000 |
45254.000 |
|
|
|
|
|
|
long-term borrowings |
7941.000 |
8536.000 |
5836.000 |
|
Short term borrowings |
8514.000 |
5576.000 |
6796.000 |
|
Current Maturities of Long
Term Debt |
2347.000 |
4358.000 |
3174.000 |
|
Total
borrowings |
18802.000 |
18470.000 |
15806.000 |
|
Debt/Equity
ratio |
0.646 |
0.509 |
0.349 |
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 |
35274.000 |
40421.000 |
52844.000 |
|
|
|
14.591 |
30.734 |
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 |
35274.000 |
40421.000 |
52844.000 |
|
Profit |
4986.000 |
9036.000 |
12711.000 |
|
|
14.14% |
22.35% |
24.05% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
External Commercial Borrowings in Foreign Currency |
1251.000 |
1199.000 |
|
From Others |
62.000 |
73.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Working Capital Loans from Banks |
3945.000 |
3956.000 |
|
|
|
|
|
Total |
5258.000 |
5228.000 |
|
NOTE: LONG
TERM BORROWINGS Terms of Repayment for Unsecured Long Term Borrowings: a) ECB of USD 20 Million is repayable in three yearly installments starting from December 26, 2016 along with interest for the period. The first installment is of Rs. 360 Millions [USD 6 Millions] and the last two installments are of Rs. 419 Millions [USD 7 Millions]. Interest rates are reset every month at the rate of 1 month USD LIBOR plus 223 bps p.a. The outstanding amount as at March 31, 2015 is Rs. 1,251 [as at March 31, 2014: Rs. 1,199] Million. b) Loan from
Department of Science and Technology is repayable in ten yearly equal
installments starting from November 1, 2012 along with interest @ 3% p.a.
Interest accrued up to October 31, 2012 will be payable in 5 yearly
installments along with repayment installment starting from November 1, 2012.
The outstanding amount as at March 31, 2015 is Rs. 72 [as at March 31, 2014:
Rs. 82] Million. SHORT
TERM BORROWINGS PCFC loans are payable during April, 2015 to September,
2015 at interest in the range of 25 bps to 53 bps over 1 or 3 month(s) USD
LIBOR. |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10516028 |
07/08/2014 |
930,000,000.00 |
Citi Bank N.A. |
Citibank Building, 110,
Thompson Boulevard,Nassu, |
C17406232 |
|
2 |
10504520 |
28/05/2014 |
1,204,040,000.00 |
The Bank of Tokyo-Mitsubishi UFJ Limited |
9, Raffles Place,, # 01-01, Republic Plaza, Singapore, - 048619, SINGAPORE |
C07604234 |
|
3 |
10456406 |
10/10/2013 |
1,300,000,000.00 |
BARCLAYS BANK PLC |
1 CHURCHILL PLACE, E 14 5 HP, LONDON, - 1026167, UNITED KINGDOM |
B88096995 |
|
4 |
10430802 |
31/05/2013 |
1,124,860,000.00 |
THE BANK OF TOKYO-MITSUBISHI UFJ LTD |
9 RAFFLES PLACE, #01-01 REPUBLIC PLAZA, SINGAPORE - 048619, SINGAPORE |
B76984210 |
|
5 |
10396390 |
17/06/2014 * |
8,500,000,000.00 |
BANK OF BARODA |
ASHRAM RROAAD
BRANCH, VALLABH SADAN,, OPP. NATRAJ Gujarat -
380009, |
C08947178 |
|
6 |
10332648 |
24/01/2012 |
1,020,000,000.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
ONE REFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE - 048583, SINGAPORE |
B30856926 |
* Date of charge modification
COMPANY OVERVIEW:
Subject operates as an integrated pharmaceutical company with business encompassing the entire value chain in the research, development, production, marketing and distribution of pharmaceutical products. The product portfolio of the Company includes API, veterinary and human formulations. The Company's shares are listed on the National Stock Exchange of India Limited [NSE], BSE Limited and the Ahmedabad Stock Exchange Limited [ASE].
RESULTS OF
OPERATIONS:
During the year, the consolidated gross sales grew by 20.1%. On standalone basis, the Company has achieved gross sales of Rs. 47636.000 million, showing a growth of 32.8% compared to the previous year. The PBIDT increased by 54.1% to Rs. 17193.000 million and the Profit Before Tax increased by 54.9% to Rs. 14646.000 million. The Profit After Tax has increased to Rs. 12711.000 million as compared to Rs. 9036.000 million in the previous year and the EPS has increased from Rs. 44.13 in the previous year to Rs. 62.08. A detailed analysis of performance for the year has been covered in the Management Discussion and Analysis, which forms part of the Annual Report.
MANAGEMENT'S
DISCUSSION AND ANALYSIS
ECONOMY AND
INDUSTRY OVERVIEW
GLOBAL ECONOMY AND
PHARMACEUTICAL INDUSTRY
The global economy gained marginal momentum during 2014 and grew by 2.6% as against the 2.5% growth registered in 2013. The recovery of the global economy has been weaker than anticipated due to the disappointing growth in the Eurozone, Japan, part of emerging Europe region, especially Russia and Latin America. The high income economies of the world witnessed slight improvement in growth as they grew by 1.8% in 2014 compared to 1.4% growth registered in 2013. However, the recovery in these countries has been highly uneven as many of these countries continue to grapple with the aftermath of the global financial crisis. While the United States and the United Kingdom have exceeded the pre-crisis output peaks, others, especially the Euro Area countries, are still below the earlier peaks. The growth registered by the developing countries slipped to 4.4% in 2014 compared to 4.9% in 2013. Several large middle-income economies slowed down on account of cyclical factors, domestic policy tightening and political tensions, reducing the overall growth registered by the developing countries. The low-income countries, on the other hand continued to grow at a robust pace, despite a challenging global environment. Though the economies of the developing countries have recovered after the financial crisis in 2008, the output growth in these countries has settled at a pace below that was registered during the first decade of the 21st century (Source: Global Economic Prospects, January 2015 by World Bank).
The crude oil prices declined sharply in the second half of 2014 and had its impact on the global economy. While low oil prices support global growth, they will cause significant income shifts from oil-exporting countries to oil-importing ones. Further, sustained low prices could severely undermine fiscal resources and external balances in several already fragile oil exporting economies in the Middle East, Europe and Central Asia, and Latin America (Source: Global Economic Prospects, January 2015 by World Bank).
The global pharmaceutical industry is estimated to have grown by approximately 7% in 2014 and reached a size of over US$ 1050 bn. The growth in 2014 was higher compared to the growth of around 4.5% registered during the period 2008 to 2013. The United States, the world’s largest pharmaceutical market and the developing markets of Asia, Africa, Australia and Latin America, which are termed as 'pharmerging' markets propelled the growth of the global pharmaceutical market as all these markets grew in excess of 10% during 2014. The top 5 pharmaceutical markets of Europe, on the other hand, registered a lower growth of around 3%. The United States remained the world’s largest pharmaceutical market accounting for more than 30% market share (Source: IMS).
The global market of generic drugs grew faster than the overall pharmaceutical market and is estimated to have reached a size of approximately US$ 200 bn. in 2014. In terms of volumes, the share of generics has increased globally over the last decade. The United States remains the world’s largest generics market accounting for more than 30% of market share (Source: IMS).
INDIAN ECONOMY AND
PHARMACEUTICAL INDUSTRY
The financial year 2014-15 was the year of revival for the Indian Economy as it grew in excess of 7% for the first time since the financial year 2010-11. The key driver of the growth was the service sector which grew by 10.6% during the year. The performance of the industrial sector also improved during the year and registered a growth of 5.9% compared to 4.5% growth registered during 2013-14. Agriculture and allied sectors witnessed a slowdown during the year as they grew by just 1.1% during the year compared to 3.7% growth registered during 2013-14 (Source: Monthly Economic Report, March 2015, as published by the Ministry of Finance, Govt. of India).
The average Wholesale Price Index (WPI) inflation rate, which is the measure of increase in the prices of commodities, displayed a declining trend during the year 2014-15. In the initial four months of the year, it remained in the range of 5% to 6%. However, from the month of August 2014, it began to fall sharply and in the month of November, 2014, it became nil. The last three months of the financial year registered negative WPI inflation. Overall, the WPI inflation rate for the financial year was 2% as against 6% registered during the year 2013-14. The last quarter of the financial year saw reduction in the Bank Rate and Repo Rate by 50 basis points each by the Reserve Bank of India on account of prevailing disinflationary pressures in the economy (Source: Monthly Economic Report, March 2015, as published by the Ministry of Finance, Govt. of India).
The performance of the Indian Rupee against the US Dollar was stable during the year as it remained in the range of Rs. 60 to Rs. 63 per US Dollar during most part of the year. However, the Indian Rupee appreciated significantly against the other global currencies like the Euro and Japanese Yen (Source: Monthly Economic Report, March 2015, as published by the Ministry of Finance, Govt. of India).
The financial year 2014-15 turned out to be the year of recovery for the Indian pharmaceutical market after it was adversely impacted in the previous year mainly due to the downward price revisions in several drugs notified by the Drug Price Control Order 2013. During the year 2014-15, the Indian pharmaceutical market grew by 12.9% as against the growth of a mere 6.1% registered during the year 2013-14. The beginning of the year was slow as the market grew by just 7.3% in April 2014. However, from the month of May 2014, the growth rate bounced back to double digits and the market continued to grow in excess of 10% for the most part of the year. The growth accelerated towards the later part of the year as the last quarter of the financial year registered a growth in excess of 17%. Out of the total market growth, about half was led by the volume expansion while the remaining half was divided almost equally between price increase and the new product introductions (Source: AWACS Report, MAT March 2015).
The growth of the chronic segment outpaced the growth of the acute segment although both the segments grew in double digits. In terms of contribution to the overall market, the acute segment still dominates as it accounted for approximately 70% of the market while the contribution of chronic segment was 30%. Anti-infectives was the largest therapeutic area, accounting for around 16% of the market while the anti-diabetic segment was the fastest growing therapeutic area during the year with a growth of around 25% (Source: PharmaTrac MAT March 2015).
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Claims against the Company not acknowledged as debts [Net of advance of Rs. 4 {Previous Year: Rs. 4} Millions] [Including Rs. 2 {as at March 31, 2014: Rs. 2} Million in
respect of Amalgamated {*} Companies] |
106.000 |
|
In respect of guarantees given by Banks and/ or counter
guarantees given by the Company |
140.000 |
|
In respect of letter of comforts/ corporate guarantees
given by the Company to Banks for the outstanding dues of loans availed by
some of the subsidiary companies |
11933.000 |
|
Other money for which the company is contingently liable: In respect of the demands raised by the Central Excise,
State Excise and Service Tax Authority [Net of advance of Rs. 15 {Previous
Year: Rs. 11} Millions] [Including Rs. 9 {as at March 31, 2014: Rs. 9}
Millions in respect of Amalgamated {*} Companies] |
319.000 |
|
In respect of the demands raised by the Ministry of
Chemicals and Fertilizers, Govt. of India under Drug Price Control Order,
1979/ 1995 for difference in actual price and price of respective bulk drug
allowed while fixing the price of certain formulations and disputed by the
Company, which the Company expect to succeed based on the legal advice [Net
of advance of Rs. 163 {Previous Year: Rs. 264} Millions] [Including Rs. 49
{as at March 31, 2014: Rs. 49} Millions in respect of Amalgamated {*}
Companies] |
134.000 |
|
In respect of Income Tax matters pending before appellate authorities which the Company expects to succeed, based on decisions of Tribunals/ Courts [Net of advance of Rs. 13 {Previous Year: Rs. 33} Million] |
24.000 |
|
In respect of Sales Tax matters pending before appellate authorities/ Court which the Company expects to succeed, based on decisions of Tribunals/ Courts [Net of advance of Rs. 65 {Previous Year: Rs. 50} Million] |
121.000 |
|
Letters of Credit for Imports |
3.000 |
|
The Company has imported certain capital equipment at concessional rate of custom duty under "Export promotion of Capital Goods Scheme" of the Central Government. The Company has undertaken an incremental export obligation to the extent of US $ 17 Million [equivalent to Rs. 1,081 Million approx. {Previous Year: US $ 10 Million (equivalent to Rs. 611 Millions approx.)}] to be fulfilled during a specified period as applicable from the date of imports. The unprovided liability towards custom duty payable thereon in respect of unfulfilled export obligations |
180.000 |
|
|
|
|
Total |
12641.000 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from Operations |
|
|
|
a) Net Sales / Income
from Operations |
17529.000 |
|
|
b) Other Operating Income |
1621.200 |
|
|
Total Income from
Operations (net) |
19150.200 |
|
2. |
Expenditure |
|
|
|
a) Cost of materials
consumed |
3598.500 |
|
|
b) Purchase of
stock-in-trade |
1090.000 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
610.800 |
|
|
d) Employee benefits
expense |
1711.400 |
|
|
e) Depreciation and
amortisation expense |
5184.000 |
|
|
f) Power and Fuel Charges |
0.000 |
|
|
g) Other expenses |
49512.000 |
|
|
Total Expenses |
12480.300 |
|
3. |
Profit/ (Loss) from Operations before Other Income,
Exchange gain/(loss), Finance costs and Exceptional items (1-2) |
66699.000 |
|
4. |
Other Income |
1491.000 |
|
5. |
Profit /(Loss) from Ordinary activities before finance costs and
Exceptional items (3+4a+4b) |
68190.000 |
|
6. |
Finance
Costs |
745.000 |
|
7. |
Profit
/ (Loss) from ordinary activities after Finance costs but before Exceptional
items (5-6) |
67445.000 |
|
8. |
Exceptional
items |
0.000 |
|
9. |
Profit/
(Loss) from ordinary activities before tax (7+8) |
67445.000 |
|
10. |
Tax
expenses |
11870.000 |
|
11. |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
55575.000 |
|
12. |
Extraordinary items |
0.000 |
|
13. |
Net Profit / (Loss) for the period (11+12) |
55575.000 |
|
14. |
Paid-up equity share capital
(Face Value of Rs. 10 per share) |
10237.000 |
|
15. |
Reserve excluding
Revaluation reserve |
|
|
16. |
Earnings Per Share (EPS)
before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted |
27.14 27.14 |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTIULARS
OF SHAREHOLDINGS |
|
|
|
Public Shareholding |
|
|
|
- Number of Shares |
51610474 |
|
|
- Percentage of
Shareholding |
25.21% |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of promoter and promoter group) |
NA |
|
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
NA |
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
153138046 |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00% |
|
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
74.79% |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
6 |
|
Disposed
during the quarter |
6 |
|
Remaining
unresolved at the end of the quarter |
Nil |
Note:
1. The above results for the quarter ended on June 30, 2015 were reviewed by the Audit Committee and then approved by the Board of Directors at their meeting held on August 12, 2015.
2. The Statutory Auditors of the Company have carried out a "Limited Review" of the above results as per clause 41 of the Listing Agreement.
3. In consolidated results, other operating Income for the quarter ended June 30, 2015 includes consideration of Rs. 6,66.600 Million [USD 10.5 Millions] received by Zydus Pharmaceuticals (USA) Inc., a wholly owned subsidiary company, on sale and transfer of ownership interest in certain Abbreviated New Drug Applications [ANDAs] for generic drug products.
4. During the quarter, the Company has changed the initial invoicing policy for supply of its products to its subsidiary companies. Consequently, there is a one-time impact on consolidated tax expense for the quarter ended June 30, 2015, which is higher by Rs. 615.400 Million, though it has no impact on consolidated gross sales and profit before tax.
5. Figures of previous reporting periods have been regrouped / reclassified wherever necessary to correspond with the figures of the current reporting period.
6. The Company has one segment of activity viz., "Pharmaceuticals".
FIXED ASSETS
- Freehold Land
- Buildings
- Plant and
Equipments
- Furniture and
Fixture
- Vehicles
- Office
Equipments
PRESS RELEASE
CADILA GETS USFDA NOD FOR PYRIDOSTIGMINE
BROMIDE TABLETS
The company has
received final approval from the US Food and Drug Administration (USFDA) to
market Pyridostigmine Bromide Tablets USP, 60 mg, Zydus Cadila Said in a filing
to BSE.
Drug firm Zydus Cadila has received approval from the US health regulator to market its Pyridostigmine Bromide Tablets, used for treating various neurological disorders.
With this approval, the group has received 100 approvals and has so far filed 260 ANDAs (abbreviated new drug applications).
The company has received final approval from the US Food and Drug Administration (USFDA) to market Pyridostigmine Bromide Tablets USP, 60 mg, Zydus Cadila said in a filing to BSE.
According to IMS Health data, the estimated sales in 2015 for these tablets was USD 27.9 million.
Shares of Zydus Cadila were trading at Rs 1,774.50 on BSE, up 2.48 per cent in the early morning trade.
Cadila Health stock price
On October 06, 2015, Cadila Healthcare closed
at Rs. 452.10, up Rs. 9.04, or 2.17 percent. The 52-week high of the share was
Rs. 431.96 and the 52-week low was Rs. 227.80.
The company’s trailing 12-months (TTM) EPS was
at Rs. 79.59 per shares as per the quarter ended June 2015. The stock’s
price-to-earnings (P/E) ratio was 5.34. The latest book value of the company is
Rs. 221.02 per share at current value, the price-to-book value of the company
is 1.92.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 65.39 |
|
UK Pound |
1 |
Rs. 99.05 |
|
Euro |
1 |
Rs. 73.19 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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.