MIRA INFORM REPORT
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Report No. : |
342206 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
STRIDES ARCOLAB LIMITED |
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|
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Registered
Office : |
201, Devavrata, Sector 17,
Vashi, Navi Mumbai – 400703, Maharashtra |
|
Tel. No.: |
91-22-27893199 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
28.06.1990 |
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Com. Reg. No.: |
11-057062 |
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Capital
Investment / Paid-up Capital : |
Rs. 596.160 Million |
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CIN No.: [Company Identification
No.] |
L24230MH1990PLC057062 |
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IEC No.: |
0390012441 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36534B |
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PAN No.: [Permanent Account No.] |
AADCS8104P |
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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 is Development and manufactures a wide range of IP – led niche
pharmaceutical product. |
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No. of Employees
: |
1925 (Approximately) |
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 |
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Payment Behavior : |
Regular |
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Litigation : |
Exits |
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Comments : |
Subject is an old and established company incorporated during the year
1990 having a good track record. Available financial indicates company sound financial risk profile
marked by healthy net worth position with low borrowings recoded and strong
profitability margin of the company. Fundamentals of the company are strong and healthy. Promoters are
reported to be well experienced and knowledgeable businessmen. Share price are quoted high on stock exchange (Face value Rs. 10 with
share price Rs. 1180) Trade relations are reported as fair. Business is active. Payment
terms are reported as regular and as per commitment. In view of long track record and sound financial base, 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 |
ICRA |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
May 2015 |
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|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
May 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 BY
Management non co-operative 91-22-27893199/ 80-67840738
LOCATIONS
|
Registered Office : |
201, Devavrata, Sector 17,
Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
Tel. No.: |
91-22-27893199 |
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Fax No.: |
91-22-27892942 |
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E-Mail : |
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Website : |
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R and D Centre |
Strides Technology and Research, Bilekahalli, Bannerghatta
Road, Bangalore 560076, Karnataka, India |
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Tel. No.: |
91-80-67840730/000 |
|
Fax No.: |
91-80-67840700/800 |
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|
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Corporate Office : |
Strides House, Bilekahalli, Bannerghatta Road, Bangalore –
560076, Karnataka, India |
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Tel. No.: |
91- 80-6784 0738/ 000 |
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Fax No.: |
91- 80-67840700/800 |
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E-Mail : |
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Global Offices : |
Located at : USA
United Kingdom Unit
4, Metro Centre, Tolpits Lane,Watford, Hertfordshire, WD18 9SS, UK Singapore 8 Cross Street, No. 17-00 Singapore 048424 |
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GLOBAL PLANTS |
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Factory 1 : |
Oral Dosage Form
Facility – II 'KRS Gardens', Suragajakanahalli, Anekal Taluk, Bangalore - 560106, Karnataka, India |
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Factory 2 : |
Oral Dosage Form
Facility – I 124, Sipcot Industrial Complex, Hosur - 635126, Tamilnadu, India |
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Factory 3 : |
Oral Dosage Form
Facility – III Plot No. 9-12, Dewan and Sons Industrial Area, Veroor, Palghar, District Thane - 401404, Maharashtra, India |
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Factory 4 : |
Oral Dosage Forms
Facility – I Strides Vital Nigeria Limited Plot 2, Ladipo Oluwole Street, Off. Oba Akran Avenue, Ikeja, Lagos, Nigeria |
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Factory 5 : |
Semi-solids
Facility – V BeltapharmSpA - 20095, Cusano MIL. (MI) – Via Stelvio, 66 Italy |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. M.R. Umarji |
|
Designation : |
Director |
|
Address : |
B-702, Pataliputra Co-Op. housing Soc.4 Bunglows, Near Kamdhenu Shop, Andheri (W), Mumbai, 400053, Maharashtra, India |
|
Date of Appointment : |
27.10.2005 |
|
DIN
No.: |
00307435 |
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|
Name : |
Mr. Deepak Vaidya |
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Designation : |
Director |
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Address : |
Suraj, 249 / 251, Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
16.01.1998 |
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DIN
No.: |
00337276 |
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Name : |
Mr. Bharat D Shah |
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Designation : |
Director |
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Address : |
Flat no. 21, Hill Park Building No. 2, A G Bell Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
25.07.2014 |
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DIN
No.: |
00136969 |
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Name : |
Mrs. Sangita Reddy |
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Designation : |
Director |
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Address : |
8-2-674/B212, Road No.13, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India |
|
DIN
No.: |
00006285 |
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Date of Appointment : |
07.02.2014 |
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Name : |
Mr. Pallipuram Mathai Thampi |
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Designation : |
Director |
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Address : |
2B, Martha's Place, 58, Lavelle Road, 5th Cross, Bangalore - 560001, Karnataka, India |
|
Experience : |
44 Years |
|
Date of Appointment : |
21.12.2005 |
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DIN
No.: |
00114522 |
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Name : |
Mr. Sridhar Srinivasan |
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Designation : |
Director |
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Address : |
D-905, Ashok Towers, DR S S. Road, Parel, Mumbai, 400012, Maharashtra, India |
|
Date of Appointment : |
27.07.2012 |
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DIN
No.: |
00004272 |
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Name : |
Mr. Karunakaran Nair Appukuttan |
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Designation : |
Director |
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Address : |
20/468, Kalamassery, Kochi - 682033, Kerala, India |
|
Date of Appointment : |
27.10.2005 |
|
DIN
No.: |
00009148 |
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|
Name : |
Mr. Arun Kumar Pillai |
|
Designation : |
Managing director |
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Address : |
E- 102, Adarsh Gardens, Jayanagar, 8th Block, Bangalore - 560082, Karnataka, India |
|
Qualification : |
B.Com., PGDBM |
|
Date of Appointment : |
28.06.1990 |
|
DIN
No.: |
00084845 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Founder and Group Chief Executive Officer |
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Name : |
Mr. Sebi Chako |
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Designation : |
Chief Human Resources Officer |
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Name : |
Mr. Badree Komandur |
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Designation : |
Chief Human Officer and Company Secretary |
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Name : |
Mr. Mohan Kumar |
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Designation : |
Chief Executive Officer - Pharma |
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Name : |
Mr. Subroto Banerjee |
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Designation : |
President, Agila (India Region) |
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Name : |
Mr. Sihue B Noronha |
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Designation : |
Chief Executive Officer – Africa |
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Name : |
Mr. Joe Thomas |
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Designation : |
Chief Corporate Development Officer |
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Name : |
Dr. Sunil Nadkarni |
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Designation : |
Chief Technical Services Officer Member of the Group Leadership Council |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
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|
|
|
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|
3387326 |
5.68 |
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|
13096876 |
21.97 |
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|
16484202 |
27.65 |
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|
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Total shareholding
of Promoter and Promoter Group (A) |
16484202 |
27.65 |
|
(B) Public
Shareholding |
||
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|
|
|
|
|
7846863 |
13.16 |
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|
65340 |
0.11 |
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|
215320 |
0.36 |
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|
19265371 |
32.31 |
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|
27392894 |
45.94 |
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|
|
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|
3107809 |
5.22 |
|
|
|
|
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|
5099649 |
8.78 |
|
|
4596302 |
7.71 |
|
|
2760776 |
4.70 |
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|
1899546 |
3.26 |
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|
238365 |
0.40 |
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|
198380 |
0.33 |
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|
2535 |
0.00 |
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|
320750 |
0.54 |
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|
80200 |
0.13 |
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|
21000 |
0.04 |
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|
15564536 |
26.41 |
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Total Public
shareholding (B) |
42957430 |
72.35 |
|
Total (A)+(B) |
59441632 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
||
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
59441632 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is Development and manufactures a wide range of IP – led niche
pharmaceutical product. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1925 (Approximately) |
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Bankers : |
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Facilities : |
LONG-TERM BORROWINGS Details of security
and terms of repayment for the long-term borrowings: (Rs.
In Million)
Aggregate of
long-term borrowings guaranteed by some of the directors of the Company: (Rs.
In Million)
SHORT TERM
BORROWING (i) Details of security for the secured loans repayable on demand: Security: Working capital loans from banks are secured by first pari passu charge over current assets of the Company and second pari passu charge on movable and immovable fixed assets of the Company. (other than land and building situated at Navi Mumbai, Palghar and Hosur) Short-term loans are secured by pledge over current investments in mutual funds to the extent of Rs.415.000 Million (previous year Rs. 400 Million). (Rs. In Million)
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore
– 560025, Karnataka, India |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Internal Auditors : |
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Name : |
Grant Thornton International Chartered Accountants |
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Address : |
Wings, 1st Floor, 16/1, Cambridge Road, Halasuru,
Bangalore-560008, Karnataka, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Wholly Owned Subsidiaries |
Direct Holding
Indirect Holding
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Other Subsidiaries: |
Direct Holding:
Indirect Holding:
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Joint venture: |
Akorn Strides LLC, USA |
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Associates: |
Strides Healthcare Private Limited, India (formerly Strides Actives Private Limited) (upto June 19, 2014) |
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Enterprises owned
or significantly
influenced by KMP and relative of
KMP: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89750000 |
Equity Shares |
Rs.10/- each |
Rs. 897.500 Million |
|
620000 |
Cumulative Redeemable Preference Shares |
Rs.1000/- each |
Rs. 620.000 Million |
|
|
TOTAL |
|
Rs. 1517.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59615621 |
Equity Shares |
Rs.10/- each |
Rs.596.160
Million |
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|
|
Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting period:
|
PARTICULARS |
31.03.2015 |
|
|
|
No. of shares |
(Rs. In Million) |
|
Equity share of Rs.10/- each |
|
|
|
Opening balance |
59,565,621 |
595.660 |
|
Issued pursuant to employee stock option
plan |
50,000 |
0.500 |
|
Closing balance |
59,615,621 |
596.160 |
Detail of
the rights, preferences and restrictions attaching to each class of shares outstanding
Equity shares of Rs. 10/- each:
The Company has only one
class of equity shares, having a par value of Rs.10/-. The holder of equity
shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to approval by the shareholders at the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares
will be entitled to receive any of the remaining assets of the Company, after
distribution to all other parties concerned. The distribution will be in
proportion to number of equity shares held by the shareholders.
Details of equity shares held by each shareholder
holding more than 5% of shares:
|
PARTICULARS |
31.03.2015 |
|
|
|
No. of shares |
% |
|
Pronomz Ventures LLP |
12665000 |
21.24% |
|
DB International (Asia) Limited |
3963972 |
6.65% |
Details of aggregate number of equity shares allotted as fully paid-up pursuant
to contract without payment being received in cash for the period of five year
immediately preceding the balance sheet date:
Equity shares of Rs.10- issued pursuant to a scheme of amalgamation in 2009 - 13524 shares
Details of equity shares ofRs.10/- each reserved for issuance:
|
PARTICULARS |
31.03.2015 |
|
|
No. of shares |
|
Towards Employee stock options under the various Strides Stock option
plans |
1540450 |
ABRIDGED
BALANCE SHEET
FINANCIAL DATA
[all figures are in
Rupees Million]
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
596.160 |
595.660 |
588.040 |
|
(b) Reserves & Surplus |
14148.070 |
15713.550 |
13126.100 |
|
(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) |
14744.230 |
16309.210 |
13714.140 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1642.450 |
2333.340 |
2846.610 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
43.900 |
0.000 |
|
(c) Other long term
liabilities |
125.900 |
100.010 |
79.940 |
|
(d) long-term
provisions |
168.630 |
94.310 |
504.290 |
|
Total Non-current
Liabilities (3) |
1936.980 |
2571.560 |
3430.840 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1626.600 |
1937.120 |
2935.810 |
|
(b) Trade
payables |
1886.240 |
2170.790 |
1429.370 |
|
(c) Other
current liabilities |
1033.870 |
756.440 |
1104.260 |
|
(d) Short-term
provisions |
410.060 |
657.160 |
373.390 |
|
Total Current
Liabilities (4) |
4956.770 |
5521.510 |
5842.830 |
|
|
|
|
|
|
TOTAL |
21637.980 |
24402.280 |
22987.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3303.030 |
3088.640 |
2285.870 |
|
(ii) Intangible
Assets |
641.990 |
719.780 |
776.740 |
|
(iii)
Capital work-in-progress |
210.740 |
114.230 |
81.200 |
|
(iv)
Intangible assets under development |
180.240 |
257.170 |
214.470 |
|
(b) Non-current Investments |
4071.690 |
6594.360 |
12953.230 |
|
(c) Deferred tax assets (net) |
17.640 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1046.270 |
1494.330 |
922.580 |
|
(e) Other
Non-current assets |
12.650 |
3.100 |
0.000 |
|
Total Non-Current
Assets |
9484.250 |
12271.610 |
17234.090 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
5612.890 |
3871.060 |
0.380 |
|
(b)
Inventories |
1554.040 |
1368.010 |
1043.540 |
|
(c) Trade
receivables |
2560.140 |
2732.860 |
1930.960 |
|
(d) Cash
and cash equivalents |
742.950 |
1749.630 |
293.300 |
|
(e)
Short-term loans and advances |
1021.230 |
2278.460 |
2343.170 |
|
(f) Other
current assets |
662.480 |
130.650 |
142.370 |
|
Total
Current Assets |
12153.730 |
12130.670 |
5753.720 |
|
|
|
|
|
|
TOTAL |
21637.980 |
24402.280 |
22987.810 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9294.180 |
10638.460 |
7120.070 |
|
|
|
Other Income |
1001.760 |
1209.350 |
1189.080 |
|
|
|
TOTAL |
10295.940 |
11847.810 |
8309.150 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4732.840 |
5118.300 |
2815.420 |
|
|
|
Purchases of Stock-in-Trade |
498.310 |
1182.080 |
1003.070 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(68.800) |
(82.180) |
66.760 |
|
|
|
Employees benefits expense |
1201.970 |
1113.740 |
709.190 |
|
|
|
Other expenses |
1590.660 |
1822.030 |
1568.570 |
|
|
|
Exceptional Item |
(5186.140) |
(44948.420) |
644.090 |
|
|
|
TOTAL |
2768.840 |
(35794.450) |
6807.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7527.100 |
47642.260 |
1502.050 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
344.230 |
1050.310 |
712.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7182.870 |
46591.950 |
789.850 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
492.540 |
472.490 |
190.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6690.330 |
46119.460 |
598.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1367.140 |
10990.210 |
39.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5323.190 |
35129.250 |
559.860 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2460.830 |
2546.100 |
1379.15 |
|
|
|
Stores & Spares |
269.380 |
118.760 |
69.29 |
|
|
|
Capital Goods |
78.290 |
86.710 |
66.07 |
|
|
TOTAL IMPORTS |
2808.500 |
2751.570 |
1514.510 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
89.29 |
589.26 |
9.39 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
Current Maturities of Long term debt |
782.510 |
454.840 |
560.36 |
|
Cash generated from operations |
1393.730 |
(1458.100) |
454.480 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
PAT / Total Income |
(%) |
57.27 |
330.21 |
7.86 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
80.99 |
447.83 |
21.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.99 |
264.50 |
6.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
2.83 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.27 |
0.29 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45 |
2.20 |
0.98 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 1182.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
588.040 |
595.660 |
596.160 |
|
Reserves & Surplus |
13126.100 |
15713.550 |
14148.070 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
13714.140 |
16309.210 |
14744.230 |
|
|
|
|
|
|
long-term borrowings |
2846.610 |
2333.340 |
1642.450 |
|
Short term borrowings |
2935.810 |
1937.120 |
1626.600 |
|
Current maturities of
long-term debts |
560.360 |
454.840 |
782.510 |
|
Total borrowings |
6342.780 |
4725.300 |
4051.560 |
|
Debt/Equity ratio |
0.462 |
0.290 |
0.275 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7120.070 |
10638.460 |
9294.180 |
|
|
|
49.415 |
(12.636) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7120.070 |
10638.460 |
9294.180 |
|
Profit |
559.860 |
35129.250 |
5323.190 |
|
|
7.86% |
330.21% |
57.27% |
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 |
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Presentation Date : 01/08/2014 |
||||||||||
|
Stamp No:- |
ITXAL/1445/2014 |
Failing Date:- |
01/08/2014 |
Reg. No.:- |
ITXA/1603/2014 |
Reg. No.:- |
01/11/2014 |
|||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
M/S. STRIDES ARCOLAB LIMITED |
|||||||
|
Petn.Adv:- |
TEJVEER SINGH MASTAN SINGH (I3678) |
|||||||||
|
District:- |
Mumbai |
|||||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|||||||
|
Status:- |
Pre - Admission |
Stage:- |
- |
|||||||
|
Last Date:- |
22/09/2015 |
|||||||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|||||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section : |
260 A |
|||||||
CORPORATE INFORMATION
Subject is a pharmaceutical company headquartered in
Bengaluru, India. Strides develops and manufactures a wide range of IP-led
niche pharmaceutical products. The Company is listed on the Bombay Stock Exchange
Limited and the National Stock Exchange of India Limited.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL ECONOMY
Global economic
growth continued to remain uneven in FY 2014-15 and showed disparate rates of
advancement for developing and emerging economies. The US economic recovery
gained strength driven by improved labour market conditions and rise in
consumer sentiment. The UK economy performed better than expected, as services
remained the biggest driver of growth, followed by manufacturing. Construction
also picked up, which augured well for the economy. Eurozone, on the other
hand, continued to grapple with uncertainties for most of the year, although
the economic growth of the region was aided by drop in oil prices, growing
exports on the back of a weak Euro and an accommodative monetary policy.
In the emerging
world, China’s economic growth rates fumbled owing to the spiraling credit
burden on the economy, slowdown in housing sector and weakness in factory
output. China’s population is greying and the investment scenario is also
showing signs of stress. These factors can impact the country’s economic
performance, going forward. Emerging markets across Latin America also
witnessed sluggish growth owing to low commodity prices. Despite challenges,
the overall growth prospects for Africa, continued to be robust. Africa’s gross
domestic product (GDP) growth is expected to touch 4.5% in 2015 and 5% in 2016
with acceleration in private investments and domestic consumption.
INDIAN ECONOMY
Against the
backdrop of a not-so-encouraging global economic performance, India stands out in the crowd. There are credible reasons for this optimism. First, the
GDP growth rate bounced back to 7.3%
in FY 2014-15 on the back of strong growth oriented policies adopted by the new government. Second, the menace of high inflation moderated
(prompting the RBI to cut repo
rates) and both fiscal and current account deficits narrowed during the year. Third, the investment scenario and consumer sentiments also improved
significantly. However, more
structural reforms are needed to deal with
the legacy challenges that continue to pose roadblocks for economic development. The government
has already initiated measures to
kick-start new infrastructure investments and restart stalled projects. It is also putting more emphasis on education, skill building, employment,
housing and social security for the
masses, which bodes well for the economy,
going forward. According to the Government of India’s latest Economic Survey, the share of stalled
government projects as a proportion
of GDP is declining. A uniform Goods and
Services Tax (GST) across India and more focus on federalism are expected to create even stronger
multipliers of growth across the
economy.
GLOBAL PHARMACEUTICAL INDUSTRY
The global
pharmaceutical industry experienced steady growth of over 6.4% to reach US$
1,057.1 Billion in 2014, driven by strong growth in key therapeutic segments
(oncologic, antidiabetics, pain, antihypertensive and antibacterial). Global
spending on medicines is expected to touch US$ 1.3 trillion by 2018. The
developed markets— led by the US will continue to be a key driver of growth,
going forward.
Pharmerging
countries’ share in global pharmaceutical industry will continue to rise.
Growth in these markets will be driven by rising incomes, increased healthcare
access and growing focus for branded generics. As more pharma companies foray
into new growth markets, they also face the challenge of an increasingly
intricate, demanding and fast changing regulatory environment.
BUSINESS OVERVIEW
Regulated Market
Business
· Contributed 35% of group revenue for the period ended March 31, 2015
· Revenues stood at Rs. 4,255.000 Million, grew by 7% over last year
· Completed first full year of front end operations in North America
· Successfully launched 5 new products in the US - Calcitriol, Buspirone, Tacrolimus, Imiquimod Cream and Methoxsalen
· Vancomycin maintained a consistent market share Strong R&D capabilities with consistent product pipeline.
Emerging Market
Business
· Contributed 33% of group revenue for the period ended March 31, 2015
· Revenues at Rs. 4,070.000 Million, growth of 41% over last year, despite adverse currency volatilities
· The Renerve brand clocked global Revenues of Rs. 750.000 Million
Africa
· Registered strong performance in French Africa through significant investments in sales force and newly commissioned manufacturing facilities.
· Initiated E-detailing through iPads to doctors in Africa, one of the very few companies to do so in Africa
· Continued pipeline, registration and launches – Renerve achieved volume growth
· Entered into new countries -- Angola and Namibia
India
· Indian brand business crossed the ` 1 billion Revenue
· ReNerve maintained the market leader position in South India.
· Acquired the global rights of Raricap strengthening the women’s health portfolio
· Integrated the field force of Raricap business, leading to pan-India presence certain branded pharmaceutical assets.
The business and assets being acquired from Aspen have a current prescription market share that will rank Strides and its group entities as one of the top 3 generic pharmaceutical suppliers in Australia and among the top 10 pharmaceutical companies in the Australian pharma market.
The company entered into an arrangement with GMS Holdings, a privately owned investment company, based in Jordan, for an investment of USD 21.900 Million for a 25.1% stake in Stelis Biopharma to fund its Greenfield Project subject to obtaining requisite regulatory approvals.
Institutional
Business
· Contributed 32% of group revenue for the period ended March 31, 2015.
· Revenues stood at Rs. 3,865.000 Million, growth of 16%m over last year.
· Growth driven by first full year of Anti-Malarial business despite delay in orders due to change in procurement mechanism.
· Entered into an agreement with Gilead Sciences, Inc. to bring generic Sofosbuvir(Sovaldi®) and Harvoni to 91 developing countries and expanded to include Investigational Pan-Genotypic Agent.
· Entered into an Agreement with Gilead Sciences, Inc. to manufacture and distribute Tenofovir Alafenamide(TAF) based HIV treatments in 112 developing countries.
· Collaborated with Medicines for Malaria Venture (MMV) for the development of rectal artesunate for pre-referral treatment of children with severe malaria.
Bio Generics
Biotech business has been branded as ‘Stelis Biopharma’. They commenced R&D activities in its new center in Bengaluru with two products have reached the Animal Toxicity Study stage.
Corporate Actions
During the year the Board of Directors and the Shareholders of the Company and Shasun Pharmaceuticals Limited (‘Shasun’) approved a Scheme of Amalgamation between the two companies. The combination will create a vertically integrated pharma company of scale with strong presence in Front-ended Regulated Markets Finished Dosages, Emerging Markets Branded Generics, Institutional Business, Active Pharmaceutical Ingredients and Contract Research and Manufacturing Services.
In May 2015, the Company announced that Strides Pharma Global Pte. Ltd, Singapore and Strides (Australia) Pharma Pty Ltd, Australia, both wholly owned subsidiaries of the Company signed definitive agreements with certain wholly owned subsidiaries of Aspen Pharmacare Holdings Limited, a company listed on the Johannesburg Stock Exchange (Aspen), to acquire a generic pharmaceutical business in Australia together with sheet date.
CORPORATE GOVERNANCE:
The Company has complied with all the mandatory requirements of Corporate Governance specified by the Securities and Exchange Board of India through clause 49 of the Listing Agreement. As required by the said clause, a separate “Report on Corporate Governance” forms part of the Annual Report of the Company.
A certificate from the Statutory Auditors of the Company regarding compliance with the conditions of Corporate Governance also forms part of this Report.
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
|
|
|
Three Month Ended |
|||
|
30.06.2014 |
|||
|
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
2020.866 |
|
|
|
b. Other Operating Income |
172.255 |
|
|
|
Total Income from
Operations (Net) |
2193.121 |
|
|
2 |
Expenditure |
|
|
|
|
a. Cost of material Consumed |
1032.099 |
|
|
|
b. Purchase of Stock-in trade |
227.801 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(58.208) |
|
|
|
d. Employees Benefit Expenses |
334.471 |
|
|
|
e. Depreciation and Amortisation Expenses |
137.360 |
|
|
|
f. Other expenses |
407.240 |
|
|
|
Total Expenses |
2080.763 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
112.358 |
|
|
4 |
Other Income |
684.595 |
|
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
796.953 |
|
|
6 |
Finance Costs |
78.425 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
718.528 |
|
|
8 |
Exceptional items |
(40.322) |
|
|
9 |
Profit from ordinary
activities before tax |
678.206 |
|
|
10 |
Tax Expense |
197.976 |
|
|
|
- Income Tax |
- |
|
|
|
- Deferred Tax |
- |
|
|
11 |
Net Profit from
ordinary activity after tax |
480.260 |
|
|
12 |
Extraordinary Items |
- |
|
|
13 |
Net Profit After
Tax |
480.260 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
5962.560 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
8.06 |
|
|
|
Diluted EPS |
8.03 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
43141419 |
|
|
|
- Percentage of shareholding |
72.35% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
0.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
0.00% |
|
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
16484202 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
27.65% |
|
|
|
Particulars |
Three Month Ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
44 |
|
|
Disposed of during the quarter |
44 |
|
|
Remaining unresolved at the end of the
quarter |
0 |
Notes:
1. The above unaudited results
of the Company has been reviewed by the Audit Committee and taken on record by the
Board of Directors at their meeting held on July 30, 2015.
2.
The statutory auditors have carried out limited review of the above
standalone results.
3.
The previous period's / year's figures have been regrouped/ reclassified
wherever necessary to conform to the classification of the current period.
4.
During the quarter ended June 30, 2015, 10,000 equity shares were
allotted by the Company under Strides Arcolab ESOP 2011 Scheme] on exercising
equal number of options.
5.
During the
quarter, following entities have been incorporated within the Strides Group:
a) Strides Arcolab (Australia) Pty Limited
incorporated on April 29, 2015
b) Strides (Australia) Pharma Pty Limited
incorporated on May 19, 2015
c) Strides (Australia) IP Pty Limited
incorporated on May 19, 2015
6. The Board of Directors of
the Company in their meeting held on September 29, 2014 had approved a Scheme
of Amalgamation between the Company and Shasun Pharmaceuticals Limited
(‘Shasun’). Pursuant to the Scheme of Amalgamation, each equity shareholder of
Shasun will be entitled to receive 5 (five) equity shares of the Company in
lieu of 16 (sixteen) equity shares held in Shasun.
The appointed date for the Scheme of
Amalgamation is April 1, 2015. The approval for the Scheme of Amalgamation has
been received from the stock exchanges, the shareholders of both the Companies,
the Competition Commission of India and the Hon'ble High Court of Judicature of
Madras. The matter is listed for hearing at the Hon'ble High Court of Bombay on
August 14, 2015.
Company’s application to Foreign Investment
Promotion Board (FIPB) in relation to the Scheme of Amalgamation was considered
by FIPB at their meeting held on May 28, 2015. Further the Company has been
informed vide a letter dated June 18, 2015 issued by the Government of India,
Ministry of Finance, Department of Economic Affairs, (FIPB UNIT) (“Letter”)
that our application has not been approved on the grounds that the Scheme of
Amalgamation is yet to be approved by the competent High Courts in India.
7. The Company had entered into
an agreement with GMS Holdings, ("GMS"), whereby GMS will invest USD
21.90 Million for 25.1% stake in Stelis Biopharma Private Limited
("Stelis"), the biotech arm of the Strides Group, to fund its
Greenfield project. The transaction is expected to close in Q2 2015-16 and is
subject to customary closing conditions, regulatory and corporate approvals, as
may be required.
8. Exchange fluctuation gain/loss (net) included
under Exceptional Items comprises the exchange gain / loss arising on account
of restatement and settlement of long term foreign currency loans and
intra-group loans & advances given and gain/ loss on related derivative
contracts.
9. The Company’s operations
fall within a single business segment viz. “Pharmaceutical Products” and as such
there is no reportable segment information as per Accounting Standard 17 issued
under the relevant provisions of the Companies Act, 2013.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10534916 |
14/11/2014 |
20490950 |
YES BANK LIMITED |
1st Floor, Prestige Obelisk, Municipal No. 3, Kasturba Road, Bangalore- 560001, Karnataka, INDIA |
C35960251 |
|
2 |
10514528 |
07/08/2014 |
500000000 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, MUMBAI- 416001 Maharashtra, INDIA |
C16174088 |
|
3 |
10484636 |
19/03/2014 |
1530000000 |
Axis Bank Limited |
CORPORATE BANKING
BRANCH, EXPRESS BUILDING, SECON |
C00419887 |
|
4 |
10483838 |
02/09/2014 * |
3100000000 |
Axis Bank Limited |
AXIS HOUSE, 2ND
FLOOR. WADIA INTERNATIONAL CENTRE, |
C29668126 |
|
5 |
10430980 |
17/12/2014 * |
4100000000 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai -400025, Maharashtra, INDIA |
C39817077 |
CONTINGENT LIABILITIES
a) The Group has given corporate guarantees up to Rs.
37,174.850 Million (As at March 31, 2014: Rs. 36,466.060 Million) to financial
institutions and other parties.
b) As at March 31, 2015, the Group has disputed tax
liabilities arising from assessment proceedings relating to earlier years from
the income tax authorities amounting to Rs.1,301.320 Million (Previous year Rs.
1,276.500 Million). The outflow on account of disputed taxes is dependent on
completion of assessments.
c) The Company has preferred an appeal with the CESTAT
against the order of the Commissioner of Central Excise disallowing transfer of
CENVAT credit of Rs.5.65 Million. (Previous year Rs. 5.650 Million) as on the
date of conversion of one of the units of the Company into a 100% EOU in an
earlier year
d) Claims against the Company not acknowledged as debts Rs.
Nil (Previous year Rs. 2,274.730 Million)
FIXED ASSETS
·
Freehold Land
·
Leased Hold Land
·
Buildings
·
Furniture and Fixtures
·
Office Equipment and Computers
·
Plant and Machinery
·
Motor Vehicles
·
Registration and Brands
·
Software Licenses
Press Release
SUN PHARMA TO SELL
RANBAXY'S 2 CNS DIVISIONS TO STRIDES FOR RS 165.000 MILLION
Sun and Strides have entered into a definitive agreement related to 'Solus'
and 'Solus Care', operating in the central nervous system segment in India
Sun Pharmaceutical Industries Ltd is selling erstwhile
Ranbaxy's two divisions in central nervous system (CNS) segment in India
to Strides Arcolab for Rs 1650.000 Million.
Sun Pharma and Strides have entered into a definitive agreement related to
erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the central
nervous system (CNS) segment in India, the company said .
The agreement involves transfer of these two marketing divisions, along with
employees to Strides for a consideration of Rs 165 crore, it added.
Commenting on the development, Sun Pharma CEO-India Business Abhay Gandhi said: "The agreement with Strides is
part of our strategy to firmly consolidate our CNS business in India." Post successful completion of
Ranbaxy's merger, Sun had an opportunity to assess the entire portfolio of its India
Business, he added.
"We have evaluated each and every therapy segment that we are present in
and how these businesses can grow going forward. Based on this evaluation, we
firmly believe that the potential of Solus and Solus Care divisions can be greatly
enhanced with the focus that Strides will put in growing them. The divestment
will help these divisions, its customers and the team," Gandhi said.
Strides India President (Brands) Subroto Banerjee said, the acquisition of
Solus and Solus Care divisions is of strategic significance to the growth of
the company's branded business in India.
"The rich product portfolio and capable teams of these two divisions will
help us establish a strong footing in the fast growing CNS market of
India," he said, adding the product portfolio of Strides and these
divisions will strategically complement each other very well.
"The speciality nature of CNS products makes brand equity and customer
relationships, key determinants of success. The Solus and Solus Care divisions
readily qualify for both these parameters," Banerjee said.
Sun Pharma said as per IMS July 2015 MAT report, all the products of these two
divisions together accounted for approximately Rs 92 crore in sales.
The transaction is subject to approval from the Competition Commission of India
and other customary closing conditions while all other terms and conditions of
the transaction are kept confidential.
Earlier this month Sun Pharma had announced plans to sell a manufacturing
facility in Ireland that was owned by Ranbaxy as part of its rationalisation programmer post
completion of their $4 billion merger.
STRIDES COMPLETES
ACQUISITION OF ASPEN'S GENERIC BIZ IN AUS
In May this year, Strides Arcolab had announced signing of agreements to
acquire a generic pharmaceutical business in Australia and certain branded
pharmaceutical assets from Aspen. The deal marks re-entry of Strides in the
Australian market.
Pharmaceuticals firm Strides Arcolab on Monday said it has
completed the Rs. 1,9100.000 Million acquisition of Aspen Pharmacare's generic
pharmaceutical business and related assets in Australia.
The transaction has now achieved closure on completion of closing
conditions and statutory and regulatory approvals, Strides Arcolab said in a
BSE filing. "The acquired business will be integrated and consolidated
with Strides effective September 1, 2015," it added.
In May this year, Strides Arcolab had announced signing of agreements to
acquire a generic pharmaceutical business in Australia and certain branded
pharmaceutical assets from Aspen. The deal marks re-entry of Strides in the
Australian market.
The acquisition included access to the product pipeline that was under
development by Aspen and a number of major product launches slated for the next
six months. The portfolio of Aspen's 130 products in Australia comprises
generic pharmaceutical business together with certain branded pharmaceutical
assets.
The acquired products had sales of 120 million Australian dollars in the
fiscal year ended June 2014. In 2012, Strides Arcolab had sold its entire stake
in Australian subsidiary Ascent Pharmahealth to Watson Pharmaceuticals for 375
million Australian dollars.
The business will operate under Arrow Pharmaceutical brand. Strides
Arcolab shares were trading 2.42 percent up at Rs 1,216 apiece during pre-close
session on the BSE.
Strides Arcolab stock price
On September 22, 2015, Strides Arcolab closed at Rs. 1202.75, up Rs 4.55,
or 0.38 percent. The 52-week high of the share was Rs 1373.00 and the 52-week
low was Rs 625.10.
The company's trailing 12-month (TTM) EPS was at Rs 92.84 per share as
per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was
12.96. The latest book value of the company is Rs 247.28 per share. At current
value, the price-to-book value of the company is 4.86.
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. 65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
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 |
|
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
unfavorable 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.