MIRA INFORM REPORT
|
Report No. : |
346576 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELDER PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Elder House, Plot No. C 9, Dalia Industrial Estate, Off Veera Desai
Road, Andheri (West), Mumbai – 400058, Maharashtra |
|
Tel. No.: |
91-22-26730058 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.06.2014 |
|
|
|
|
Date of
Incorporation : |
02.04.1983 |
|
|
|
|
Com. Reg. No.: |
11-029714 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 205.666 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1983PLC029714 |
|
|
|
|
IEC No.: |
0389046663 |
|
|
|
|
TIN No.: |
27685057930P |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02504F/ MUME04606A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE1831G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and marketing of pharmaceuticals and related products. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was incorporated in the year 1983 engaged in the manufacturing and marketing of pharmaceutical products. For the financial year ended 2014, company revenue has declined by 60.40% and there is drastic dip of 91.55% in its profit as compared to previous year performance. Company possesses weak financial profile marked by its weak debt protection metrics along with high gearing ratio and below average liquidity position of the company. From the market source information it is noted that, company is under debt burden facing severe financial crunch and it is under advance negotiation/discussions with prospective lenders who would be interested in this exercise for the company's revival but no final formal agreement has been signed from management end. Moreover, as of June 2014, the company had total liabilities of around Rs 15270.000 Million (including secured and unsecured loans of Rs 7535.600 Million). Company has raised Rs 20040.000 Million by selling its branded domestic formulation business to Torrent Pharma in December 2013. |
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-22-26730058)
LOCATIONS
|
Registered Office/ Corporate office : |
Elder House, Plot No. C9, Dalia Industrial Estate, Off |
|
Tel. No.: |
91-22- 26730058/67 |
|
Fax No.: |
91 -22- 26730051 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. D-219 and D-220, T.T.C. Industrial Area, |
|
Tel. No.: |
91-22-27672343 / 27685830 |
|
|
|
|
Factory 2 : |
Plot No. C-21/2 T.T.C. Industrial Area, Village Pawne,
Navi Mumbai – 400 704, |
|
Tel. No.: |
91-22- 27682656 |
|
|
|
|
Factory 3 : |
Plot No. A-36, Patalganga Industrial Area, Village - Khaire, Taluka - Khalapur, District – Raigad - 410 220, Maharashtra, India |
|
Tel. No.: |
91-2192-254395/6 |
|
|
|
|
Factory 4 : |
Plot No. C-11/1
Sela Qui Industrial Area, Near Dehradun - 248 197, |
|
|
|
|
Factory 5 : |
Plot No. 103, Paonta Sahib Industrial Area, Village
Gondpur, District Sirmour, |
|
|
|
|
Factory 6 : |
Village Charba, Tehsil - Vikasnagar District Dehradun, |
|
|
|
|
Factory 7 : |
Village Khaire, Taluka Khalapur District Raigad - 410 220, Maharashtra, India |
|
|
|
|
Zonal Sales Offices
: |
Located At : Mumbai Tel.: 91-22-22021878 Kolkata 12-A, Tel.: 91-33-24668875 / 6757 Chennai 158, Tel.: 91-44-28256336 11-B/8, Tel.: 91-011-25825601 / 05 |
DIRECTORS
AS ON 30.06.2014
|
Name : |
Mr. Alok jagdish saxena |
|
Designation : |
Managing Director & Chief Executive Offi cer |
|
|
|
|
Name : |
Mr. Yusuf karim khan* |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. R. Srinivasan* |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Joginder Singh Juneja |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Shailendra Narain |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Michael Bastian* |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Salim Shervani* |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. S. Jayaram* |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Edoardo Carlo Richter* |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Urvashi Saxena* |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. James Mceuen* |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Farid R. Gulmohamed* |
|
Designation : |
Independent Director Appointed w.e.f 14th February, 2014 |
KEY EXECUTIVES
|
Name : |
Mr. S.P. Date (Since retired) Mr. Vijendra Jain w.e.f 15th May, 2014 |
|
Designation : |
Company Secretary/ Compliance Officer |
|
|
|
|
Name : |
Dr. Anuj Saxena |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Suresh V. Pai* Mr. Bimal Desai w.e.f 1st December, 2014 |
|
Designation : |
Chief Financial Offi cer |
|
|
|
|
Audit committee : |
Dr. Joginder Singh Juneja, Chairman Dr. Sailendra Narain Mrs. Urvashi Saxena Mr. Farid Gulmohamed Dr. S. Jayaram Mr. Salim Shervani |
|
|
|
|
Nomination and
Remuneration Committee: |
Dr. S. Jayaram, Chairman Mr. Farid Gulmohamed, Mr. Alok Jagdish Saxena Mr. Salim Shervani |
|
|
|
|
Corporate Social
Responsibility Committee: |
Dr. Joginder Singh Juneja, Chairman Dr. Sailendra Narain Mr. Alok Jagdish Saxena |
|
|
|
|
Stakeholders
Relationship Committee: |
Mrs. Urvashi Saxena, Chairman Dr. S. Jayaram Dr. Shailendra Narain Mr. Alok Jagdish Saxena |
|
|
|
|
Note: (*) Since Resigned |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1058439 |
5.15 |
|
|
4143944 |
20.18 |
|
|
5202383 |
25.33 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5202383 |
25.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1731038 |
8.43 |
|
|
380420 |
1.85 |
|
|
3152739 |
15.35 |
|
|
5264197 |
25.63 |
|
|
|
|
|
|
2418698 |
11.78 |
|
|
|
|
|
|
4237582 |
20.63 |
|
|
364440 |
1.77 |
|
|
3049636 |
14.85 |
|
|
95250 |
0.46 |
|
|
500 |
0.00 |
|
|
296640 |
1.44 |
|
|
1752 |
0.01 |
|
|
9584 |
0.05 |
|
|
2619000 |
12.75 |
|
|
26910 |
0.13 |
|
|
10070356 |
49.04 |
|
Total Public shareholding (B) |
15334553 |
74.67 |
|
Total (A)+(B) |
20536936 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20536936 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of pharmaceuticals and related products. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
S.S. Khadelwal and Company Chartered Accountant |
|
Address : |
Fountan Cham, Bers Nanabhai lane, Mumbai – 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22048143/22874639 |
|
Fax No.: |
91-22-22046485 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors : |
Sevekari Khare and Associates Chartered Accountants |
|
Address : |
A-4, Hari Nivas, 1st Floor (Rear Side), |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Associates/ Joint
Venture: |
|
|
|
|
|
Enterprises over
which key management personnel and their relatives are able to exercise significant
influence: |
|
CAPITAL STRUCTURE
AS ON 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20596486 |
Equity Shares |
Rs. 10/- each |
Rs. 205.965 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20536936 |
Equity Shares |
Rs. 10/- each |
Rs. 205.369 Million |
|
59550 |
Add : Forfeiture of Shares |
Rs. 5/- each |
Rs. 0.297 Million |
|
|
Total |
|
Rs. 205.666
Million |
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period.
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the period |
20536936 |
205.369 |
|
Outstanding at the end of the period |
20536936 |
205.369 |
Rights, preferences, and restrictions attached to Equity shares:
The Company has only one class of Equity shares having par value of Rs.10/- each. Each holder of Equity share is entitled to one vote per share.
The Company pays dividend to Equity share holders in Indian rupees. In the event of the liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of Equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% Holding |
|
Indart Exports Private Limited |
1,550,684 |
7.55 |
|
Semit Pharmaceuticals and Chemicals
Private Limited |
1,554,802 |
7.57 |
|
Acraf S.P.A. |
2,619,000 |
12.75 |
|
Citicorp International Financial
Corporation |
1,730,000 |
8.42 |
|
Development Credit Bank Limited |
1,233,791 |
6.01 |
As per of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest the above shareholding represent both legal and beneficial ownerships of the shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
205.666 |
205.666 |
205.666 |
|
(b) Reserves & Surplus |
7650.262 |
7572.646 |
6711.895 |
|
(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) |
7855.928 |
7778.312 |
6917.561 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3491.026 |
5736.347 |
4239.742 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
145.957 |
165.478 |
142.804 |
|
Total
Non-current Liabilities (3) |
3636.983 |
5901.825 |
4382.546 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1955.358 |
3986.284 |
3568.982 |
|
(b) Trade payables |
338.252 |
680.574 |
438.264 |
|
(c) Other current liabilities |
3385.773 |
3442.054 |
1620.168 |
|
(d) Short-term provisions |
2185.422 |
293.272 |
197.539 |
|
Total
Current Liabilities (4) |
7864.805 |
8402.184 |
5824.953 |
|
|
|
|
|
|
TOTAL |
19357.716 |
22082.321 |
17125.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4349.065 |
4735.588 |
4969.414 |
|
(ii) Intangible Assets |
0.000 |
106.712 |
106.712 |
|
(iii) Capital work-in-progress |
3042.624 |
2683.617 |
1910.083 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
24.627 |
25.127 |
28.931 |
|
(c) Deferred tax assets (net) |
0.285 |
6.997 |
(18.333) |
|
(d) Long-term Loan and Advances |
4728.074 |
7541.973 |
2944.689 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
12144.675 |
15100.014 |
9941.496 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
12.700 |
13.850 |
182.000 |
|
(b) Inventories |
278.973 |
1592.597 |
2212.507 |
|
(c) Trade receivables |
844.673 |
3283.691 |
2844.728 |
|
(d) Cash and cash equivalents |
5383.860 |
878.349 |
1293.364 |
|
(e) Short-term loans and
advances |
307.654 |
880.476 |
431.576 |
|
(f) Other current assets |
385.181 |
333.344 |
219.389 |
|
Total
Current Assets |
7213.041 |
6982.307 |
7183.564 |
|
|
|
|
|
|
TOTAL |
19357.716 |
22082.321 |
17125.060 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
|
SALES |
|
|
|
|
|
Income |
4834.742 |
12330.966 |
9846.873 |
|
|
Other Income |
151.324 |
262.176 |
243.075 |
|
|
TOTAL
(A) |
4986.066 |
12593.142 |
10089.948 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
488.440 |
1224.705 |
1157.996 |
|
|
Purchases of Stock-in-Trade |
1318.244 |
3934.617 |
3935.272 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1276.837 |
571.591 |
(379.723) |
|
|
Employees benefits expense |
1123.882 |
1514.329 |
1089.774 |
|
|
Other expenses |
1464.863 |
2322.233 |
1971.214 |
|
|
R and D Expenses |
43.486 |
72.805 |
50.781 |
|
|
Exceptional Items |
(3800.443) |
50.877 |
62.932 |
|
|
TOTAL
(B) |
1915.309 |
9691.157 |
7888.246 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
3070.757 |
2901.985 |
2201.702 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2600.644 |
1379.734 |
890.234 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
470.113 |
1522.251 |
1311.468 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
291.577 |
365.209 |
276.356 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
178.536 |
1157.042 |
1035.112 |
|
|
|
|
|
|
|
Less |
TAX (H) |
99.310 |
219.666 |
193.517 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
79.226 |
937.376 |
841.595 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2166.200 |
1928.800 |
1859.686 |
|
|
|
|
|
|
|
|
Tax for Earlier Years |
0.000 |
0.000 |
0.862 |
|
|
|
|
|
|
|
|
Prior
year Tax adjustments |
92.600 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
Transfer to Debenture
Redemption Reserve |
400.000 |
400.000 |
400.000 |
|
|
Dividend |
0.000 |
0.000 |
61.611 |
|
|
Tax on Dividend |
0.000 |
0.000 |
9.995 |
|
|
Balance
Carried to the B/S |
1545.400 |
2166.200 |
1929.675 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of Goods on FOB basis |
306.589 |
317.695 |
279.959 |
|
|
TOTAL
EARNINGS |
306.589 |
317.695 |
279.959 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials/Finished goods |
43.103 |
233.530 |
291.496 |
|
|
Finished goods |
0.000 |
56.924 |
14.875 |
|
|
TOTAL
IMPORTS |
43.103 |
290.454 |
306.371 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.37 |
45.64 |
40.94 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
Current Maturities of Long term debt |
531.689 |
1661.122 |
1032.486 |
|
Cash generated from operations |
11626.500 |
(74.297) |
405.675 |
|
Net cash flows from (used in) operations |
11533.903 |
(319.297) |
194.813 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.09.2014 1st
Quarter |
31.12.2014 2nd
Quarter |
31.03.2015 3rd
Quarter |
|
Audited
/ UnAudited |
|
|
|
|
|
|
|
|
|
Net Sales |
841.56 |
355.550 |
243.860 |
|
Total Expenditure |
1097.000 |
672.330 |
470.020 |
|
PBIDT (Excl OI) |
(255.440) |
(316.780) |
(228.160) |
|
Other Income |
81.730 |
7.060 |
10.520 |
|
Operating Profit |
(173.710) |
(309.720) |
(217.640) |
|
Interest |
203.090 |
354.390 |
215.350 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(376.80) |
(664.110) |
(432.990) |
|
Depreciation |
92.470 |
65.760 |
79.070 |
|
Profit Before Tax |
(467.270) |
(729.870) |
(512.060) |
|
Tax |
NA |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(467.270) |
(729.870) |
(512.060) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(467.270) |
(729.870) |
(512.060) |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
Net Profit Margin
(PAT / Sales) |
(%) |
1.64 |
7.60 |
8.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
63.51 |
23.53 |
22.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.10 |
5.97 |
6.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.15 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
1.46 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.83 |
1.23 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.98.80/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
205.666 |
205.666 |
205.666 |
|
Reserves & Surplus |
6711.895 |
7572.646 |
7650.262 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6917.561 |
7778.312 |
7855.928 |
|
|
|
|
|
|
long-term borrowings |
4239.742 |
5736.347 |
3491.026 |
|
Short term borrowings |
3568.982 |
3986.284 |
1955.358 |
|
Current maturities of
long-term debts |
1032.486 |
1661.122 |
531.689 |
|
Total
borrowings |
8841.210 |
11383.753 |
5978.073 |
|
Debt/Equity
ratio |
1.278 |
1.464 |
0.761 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
9846.873 |
12330.966 |
4834.742 |
|
|
|
25.227 |
(60.792) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
9846.873 |
12330.966 |
4834.742 |
|
Profit |
841.595 |
937.376 |
79.226 |
|
|
8.55% |
7.60% |
1.64% |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
08/09/2015 |
||||
|
Lodging No.:- |
EXAL/1874/2015 |
Filing Date:- |
08/09/2015 |
||
|
Petitioner:- |
VISION TRIMPEX LIMITED |
|
Respondent:- |
ELDER PHARMACEUTICALS LIMITED |
|
|
|||||||||||||||||||
|
|
OPERATIONS AND
PERFORMANCE:
During the y ear ended 30th June 2014, the company’s Operating Income was Rs.4834.700 Million for the year as compared to Rs.12331.000 Million for the fifteen months period ended 30th June, 2013. This represents an decrease of Rs.7496.300 Million over the previous year mainly on account of constraints of working capital. Profit before Tax was Rs.178.500 Million as against Rs.1157.100 Million, for the previous year and Net Profit after providing for taxes was Rs.171.800 Million as against Rs.937.400 Million for the previous year. For the year ended 30th June 2014 financial results showed Exceptional Item accounted of Rs.3800.400 Million (net) which is comprising of Profit from Slump sale of Rs.17343.100 Million (net of Tax) after writing off Trade receivables Rs.3227.100 Million and advances Rs.10315.600 Million.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN PHARMACEUTICAL
INDUSTRY
The Indian pharmaceutical industry currently tops the chart amongst India’s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. A highly organized sector, the Indian pharmaceutical industry is growing at the rate of $ 4.5 billion, at about 9 percent annually. It ranks very high amongst all the third world countries, in terms of technology, quality and the vast range of medicines that are manufactured. It ranges from simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made in the Indian pharmaceutical Industry.
More than 20,000 registered units are fragmented across the country and reports say that 250 leading Indian pharmaceutical companies control 70% of the market share with stark price competition and government price regulations. The Indian pharmaceutical sector is highly fragmented with more than 20,000 registered units. It has expanded drastically in the last two decades. The Pharmaceutical and Chemical industry in India is an extremely fragmented market with severe price competition and government price control. The Pharmaceutical industry in India meets around 70% of the country’s demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals, and injectables. There are approximately 250 large units and about 8000 Small Scale Units, which form the core of the pharmaceutical industry in India.
Indian pharmaceutical industry is expected to grow at 9-10% in 2014. India is now among the top five pharmaceutical emerging markets. There will be new drug launches, new drug fi lings, and Phase II clinic trials throughout this year and next. On back of increasing sales of generic medicines, continued growth in chronic therapies and a greater penetration in rural markets, the domestic pharmaceutical market is expected to register a strong double-digit growth of 13-14 per cent in subsequent years.
Moreover, the increasing population of the higher-income group in the country will open a potential US$ 8 billion market for multinational companies selling costly drugs by 2015. Besides, the domestic pharma market is estimated to touch US$ 20 billion by 2015, making India a lucrative destination for clinical trials for global giants.
Further estimates of the healthcare market in India to reach US$ 31.59 billion by 2020 with more of exponential growth expected from bulk drugs and exports to add to this growth phenomena. The Indian Pharmaceutical Industry, particularly, has been the front runner in a wide range of specialties involving complex drugs’ manufacture, research and development and technology.
India’s pharmaceutical sector will touch US$ 45 billion by 2020, according to a major study by global management and consulting firm, McKinsey and Company. The reasons for this optimism are well founded. In the period 2002-
2012, the country’s healthcare sector grew three times in size. India’s pharmaceutical market experienced a similar boom, reaching US$ 18 billion in 2012 from US$ 6 billion in 2005. The report further states that the Indian pharmaceutical market will be the sixth largest in the world by 2020.
The rise of pharmaceutical outsourcing and investments by multinational companies (MNCs), allied with the country’s growing economy, committed health insurance segment and improved healthcare facilities, is expected to drive the market’s growth. India is today one of the top emerging markets in the global pharmaceutical scene. The sector is highly knowledge based and its steady growth is positively affecting the Indian economy. The organized nature of the Indian pharmaceutical industry is attracting several companies that are finding it viable to increase their operations in the country.
COMPANY OVERVIEW
Subject is one of the leading domestic manufacturing and marketing company with pan-India geographical presence by virtue of its extensive field force. The company has now set in motion to progress its step towards restructuring its strong foot print in Indian pharmaceutical market. Elder Pharma is taking a strong initiative to create a super brand out of Eldervit by extending the brand to other products, besides expanding its reach to a larger market. The company is also looking to grow another nutritional product, Thrive a natural supplement that helps fights chronic diseases. The company would concentrate and build on its domestic business of Anti-infective, Neurological, Neutraceutical and Lifestyle disease segment and grow its business in the UK and Europe. The company already has some presence in skin care category but with a slew of new launches, it plans to grab a healthy market share in each sub-category. The company is all set to enter into oral care market which is one of the fastest growing FMCG sector specifically in the mouthwash category through one of its promising brand AMPM entering Dentist and General Physicians outreach to create awareness on Oral health and its relation to Over-all health in Cardiac, Respiratory and Pregnancy outcomes. Apart from the marketing strength, the Company manufactures formulations in 6 manufacturing plants across the country and all of them conform to the GMP norms.
The dosage forms that are being manufactured in these plants include tablets, capsules, syrups, injectables, oral rinse, skin creams and ointments. The company also manufactures few API’s some of which are used for captive consumption. Additionally, company has two step down subsidiaries, Elder Biomeda (Bulgaria) and NeutraHealth
PLC (UK), which facilitate its presence in these International markets.
UNSECURED LOAN
(Rs.
In Million)
|
PARTICULARS |
As
on 30.06.2014 |
As
on 30.06.2013 |
|
LONG TERM
BORROWING |
|
|
|
Fixed Deposits |
1323.224 |
1676.685 |
|
Trade Deposits |
143.160 |
143.660 |
|
SHORT TERM BORROWING |
|
|
|
From Banks |
0.000 |
1226.658 |
|
From Others Parties |
1732.875 |
352.894 |
|
|
|
|
|
TOTAL |
3199.259 |
3399.897 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10531139 |
15/10/2014 * |
160,000,000.00 |
DCB BANK LIMITED |
601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR,, T |
C34515577 |
|
2 |
10514198 |
30/07/2014 |
350,000,000.00 |
BANK OF INDIA |
NARIMAN POINT LARGE CORPORATE BRANCH, 92-93, FREE |
C15686256 |
|
3 |
10388957 |
20/05/2013 * |
700,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
B77241834 |
|
4 |
10298055 |
02/11/2011 * |
730,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
B24623670 |
|
5 |
10279504 |
22/06/2011 * |
1,188,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
B20192670 |
|
6 |
10146178 |
04/03/2009 |
3,000,000.00 |
DIRECTOR OF INDUSTRIES |
HIMACHAL PRADESH, THROUGH GENERAL MANAGER,, DISTR |
A58260886 |
|
7 |
80024222 |
27/06/2014 * |
250,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
C08073074 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
30.06.2014 |
30.06.2013 |
|
|
|
|
|
Letters of Credit |
201.582 |
40.509 |
|
Bank Guarantees |
18.204 |
30.537 |
|
Corporate Guarantees to Subsidiary |
1243.200 |
1947.375 |
|
Disputed liability in respect of : |
|
|
|
Income tax * |
26.858 |
26.858 |
|
Sales tax |
2.919 |
0.000 |
|
Service Tax |
63.954 |
71.751 |
|
* Includes demand of Rs.21.653 Million decided in favour of the Company but disputed by Income-tax Department. |
|
|
|
Claim against the Company not acknowledged as debts |
|
|
|
Interest on Unsecured Loan |
57.899 |
0.000 |
|
Other |
0.000 |
22.400 |
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
31.03.2015
Rs. In Million
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended (Unaudited) |
Nine months Ended (Unaudited) |
|
|
31.03.2015 |
31.12.2014 |
31.03.2015 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
239.940 |
350.319 |
1428.336 |
|
b) Other operating income |
3.918 |
5.230 |
12.628 |
|
Total
income from Operations(net) |
243.858 |
355.549 |
1440.964 |
|
2.
Expenditure |
|
|
|
|
a) Cost of material consumed |
88.419 |
107.844 |
291.586 |
|
b) Purchases of stock in trade |
116.206 |
171.549 |
923.391 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
44.374 |
99.767 |
80.410 |
|
d) Employees benefit expenses |
119.150 |
151.350 |
433.955 |
|
e) Depreciation and amortization expenses |
79.067 |
65.764 |
237.301 |
|
e) Other Expenses |
103.870 |
141.811 |
511.994 |
|
Total expenses |
551.085 |
738.085 |
2478.636 |
|
3. Profit from operations before other income, financial
costs and exceptional items |
(307.227) |
(382.536) |
(1037.672) |
|
4. Other income |
10.521 |
7.056 |
99.312 |
|
5. Profit from ordinary activities before finance costs
and exceptional items |
(296.706) |
(375.480) |
(938.360) |
|
6. Finance costs |
215.354 |
354.387 |
772.833 |
|
7. Profit from ordinary activities after finance costs but
before Exceptional Items |
(512.060) |
(729.867) |
(1711.193) |
|
8. Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9. Profit / Loss from ordinary activities before tax |
(512.060) |
(729.867) |
(1711.193) |
|
10. Tax expenses |
0.000 |
0.000 |
0.000 |
|
11. Net profit / Loss from ordinary activities after tax |
(512.060) |
(729.867) |
(1711.193) |
|
12. Extraordinary items |
0.000 |
0.000 |
0.000 |
|
13. Net profit / Loss for the period |
(512.060) |
(729.867) |
(1711.193) |
|
14. Paid up equity share capital (Face value of Rs.10/-
per share) |
205.369 |
205.369 |
205.369 |
|
15. Reserves excluding revaluation reserves |
-- |
-- |
-- |
|
16. i) Earnings per share (EPS) (Not Annualised) before
Extraordinary items (of Rs. 10/-) |
(24.93) |
(35.54) |
(83.32) |
|
Basic |
|
|
|
|
ii) Earnings per share (EPS) (Not Annualised) after Extraordinary
items (of Rs. 10/-) |
(24.93) |
(35.54) |
(83.32) |
|
Basic |
|
|
|
|
PART-II |
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
15354553 |
14853553 |
15354553 |
|
- Percentage of shareholding |
74.77 |
72.33 |
74.77 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
4408131 |
4408131 |
4408131 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
85.06 |
85.06 |
85.06 |
|
Percentage of shares (as a % of total share capital of the
company) |
21.43 |
21.43 |
21.43 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
774251 |
1275252 |
774251 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
14.94 |
22.44 |
14.94 |
|
Percentage of shares (as a % of total share capital of the
company) |
3.77 |
6.21 |
3.77 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Receiving during the quarter |
3 |
|
|
|
Disposed of during the quarter |
3 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
NOTE:
The above results were reviewed by the Audit committee and approved by the Board of Directors at their meeting held on 05th May, 2015.
The statutory auditor have carried out a limited review of the unaudited
(provisional) financial results for the quarter and nine months ended 31st
March, 2015 with some audit observations .
The Company operates in Pharmaceutical segment only. Hence pursuant to
Accounting Standard AS - 17 on segment reporting, segmental information is not
required to be given.
Provision of tax includes Current tax & Deferred tax.
Previous years & Quarter figures have been regrouped/rearranged wherever
necessary.
FIXED ASSETS
Tangible Assets
- Land-Freehold
- Land-Leasehold
- Buildings
- R&D-Building
- Plant & Machinery
- R&D-Plant & Machinery
- Furniture & Fixtures
- R&D-Furniture & Fixtures
- Motor Vehicles
Intangible Assets
- Technical Know-How *
PRESS RELEASES
PAY UP SMALL-TIME INVESTORS, HC TELLS ELDER PHARMACEUTICALS
OCTOBER 11, 2015,
MUMBAI: The Bombay high court came to the rescue of at least a thousand aggrieved small-time investors, many of who had put their life-savings and entire pension funds as deposits into Elder Pharmaceuticals Limited last week. The HC directed that the company repay Rs 1550.000 Million to these investors who justice SC Gupte said cannot be made to wait endlessly. The company had collected fixed deposits from these people and in Janaury 2015, the total principal outstanding amount was Rs 1550.000 Million.
The Pharma company had come in appeal against a Company Law Board order of last
December against it which had directed it to repay, within 30 days, the
depositors or face prosecution. The company sought an extension of time to do
so from the HC. It said it had a proposal to repay the entire amount which it
said would come through a lender with whom the company has a term sheet.
Justice Gupte said he found "no merit" in the proposal which it was
"to vague to merit acceptance."
"The facts of the present case do not warrant granting of any such time or
ordering of any such schedule," the HC held and dismissed the company's
appeal after hearing Ali Delhiwala for the company and senior counsel Jimmy
Avasia and Purnima Awasthi for the Registrar of Companies (ROC). The HC also
refused a plea from the company to stay its order.
The company has to also play a bunch of debenture holders Rs 2630.000 Million.
CMT REPORT (Corruption, Money
Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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 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.65.15 |
|
UK Pound |
1 |
Rs.100.54 |
|
Euro |
1 |
Rs.79.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.