|
|
|
MIRA INFORM REPORT
|
Report No. : |
493688 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
IOL CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 2007) |
|
|
|
|
Formerly Known
As : |
INDUSTRIAL ORGANICS LIMITED |
|
|
|
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Registered
Office : |
Trident Complex, Raikot Road, Barnala-148101, Punjab |
|
Tel. No.: |
91-1679-244701-07 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
29.09.1986 |
|
|
|
|
Com. Reg. No.: |
16-007030 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 562.055 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24116PB1986PLC007030 |
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|
|
|
IEC No.: |
3094001343 |
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|
GST No.: |
Not Divulged |
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AABCI1842A |
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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
: |
· Manufacturing and Selling of Organic Chemicals and Bulk Drugs. · The “Chemicals” segment produces and sells Ethyl Acetate, Acetic Anhydride, Acetyl Chloride, Mono Chloro Acetic Acid and Iso Butyl benzene. · The “Drugs” segment produces and sells various API’s viz. Ibuprofen, Metformin, Fenofibrate, Lemotrigine, etc. [Registered Activity] |
|
|
|
|
No. of Employees
: |
1129 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1986 and it is having satisfactory track. The company manufactures specialty chemicals like Ethyl Acetate, Acetyl Chloride, Iso Butyl Benzene and Active Pharmaceutical Ingredients. For the financial year 2017, the company has increased its revenue from operations as compared to previous year and reported minimal profitability margin of 0.59%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and average debt balance sheet. Further, rating also reflects from its extensive experience of its promoters in the pharmaceutical industry and well-established business position and diversified product portfolio. However, rating strength is partially offset by working capital intensive nature of operations and intense competition from industry. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating=BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
06.02.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-161-2225531]
LOCATIONS
|
Registered Office/ Factory 1 : |
Trident Complex, Raikot Road, Barnala-148101, Punjab, India |
|
Tel. No.: |
91-1679-244701-07 |
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Fax No.: |
91-1679-244708 |
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E-Mail : |
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Website : |
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Head/ Corporate Office : |
85, Industrial Area A, Ludhiana – 141003, Punjab, India |
|
Tel. No.: |
91-161-2225531-35 |
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Fax No.: |
91-161-2608784/ 2225532 |
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|
|
|
Factory 2 : |
Village Fatehgarh Chhana, Mansa Road, Barnala – 148101, Punjab, India |
|
Tel. No.: |
91-1679 -285285-86 |
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Fax No.: |
91-1679 -285292 |
|
|
|
|
Mumbai Office : |
225/3, 1st Floor, Dixit Niwas, Sir Bhalchandra Road, Near Ruia College, Matunga (E), Mumbai-400 019, Maharashtra, India |
|
Tel. No.: |
91-22-24166656/ 24146654 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Mohamad Abdul Zahir |
|
Designation : |
Director |
|
Address : |
Hose No. 95 New Rajguru Nagar, Via Thrike
Ludhiana – 142021, Punjab, India |
|
Date of Appointment : |
30.07.1998 |
|
DIN No.: |
00002973 |
|
|
|
|
Name : |
Mr. Varinder Gupta |
|
Designation : |
Managing Director |
|
Address : |
E -212 Kitchlu Nagar Ludhiana – 141001, Punjab, India |
|
Date of Appointment : |
13.11.1986 |
|
DIN No.: |
00044068 |
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|
|
|
Name : |
Mr. Vijay Garg |
|
Designation : |
Whole-time Director |
|
Address : |
53-B,BRS Nagar, Ludhiana-141001, Punjab, India |
|
Date of Birth/Age : |
17.01.1970 |
|
Qualification : |
B.Sc (Chemistry), EPIB (IIM Kolkata), MBA Marketing |
|
Expertise in
specific functional area : |
Commercial activities of the Chemicals and Pharmaceuticals Products |
|
Date of Appointment : |
02.03.2013 |
|
DIN No.: |
06510248 |
|
|
|
|
Name : |
Mr. Vikas Gupta |
|
Designation : |
Whole-time Director |
|
Address : |
85, Industrial Area 'A', Ludhiana – 141003, Punjab, India |
|
Date of Birth/Age : |
13.02.1992 |
|
Qualification : |
BSc. (Hons.) in Business Management from Kings College, London |
|
Expertise in
specific functional area : |
Business Management |
|
Date of Appointment : |
29.05.2015 |
|
DIN No.: |
07198109 |
|
|
|
|
Name : |
Mr. Chandra Mohan |
|
Designation : |
Director |
|
Address : |
House No. 202, Sector 36 A, Chandigarh –
160036, India |
|
Date of Appointment : |
27.10.2005 |
|
DIN No.: |
00017621 |
|
|
|
|
Name : |
Mrs. Sandhya Mehta |
|
Designation : |
Director |
|
Address : |
2062, The Cottage, Basant Avenue, Ludhiana
– 141013, Punjab, India |
|
Date of Appointment : |
22.08.2014 |
|
DIN No.: |
06954964 |
KEY EXECUTIVES
|
Name : |
Mr. Pardeep Kumar Khanna |
|
Designation : |
Chief Financial Officer |
|
Address : |
995, Punjab Mata Nagar, Pakhowal Road,
Ludhiana – 141002, Punjab, India |
|
Date of Appointment : |
13.08.2015 |
|
PAN No.: |
AEXPK1794G |
|
|
|
|
Name : |
Mr. Krishan Singla |
|
Designation : |
Company Secretary |
|
Address : |
1FF, Prem Vihar, SBS Nagar, Ludhiana –
141001, Punjab, India |
|
Date of Appointment : |
01.06.1993 |
|
PAN No.: |
AFWPS2962L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
23148998 |
41.19 |
|
(B) Public |
33056504 |
58.81 |
|
|
|
|
|
Total |
56205502 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category
of shareholder |
Nos.
of shareholders |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
1 |
0.00 |
|
|
VARINDER GUPTA (HUF) |
1 |
0.00 |
|
|
Any Other
(specify) |
7 |
41.18 |
|
|
VARINDER GUPTA |
1 |
2.13 |
|
|
MAYA DEVI POLYCOT LIMITED |
1 |
17.80 |
|
|
NM MERCHANTILES LIMITED |
1 |
9.03 |
|
|
NCG ENTERPRISES LIMITED |
1 |
5.84 |
|
|
BHUDEVA LIFESCIENCES LIMITED |
1 |
5.11 |
|
|
TRUE VALUE TRADERS LIMITED |
1 |
0.71 |
|
|
TOWELS ENTERPRISES LIMITED |
1 |
0.56 |
|
|
Sub Total A1 |
8 |
41.19 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
8 |
41.19 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of shareholder |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
4 |
0.02 |
|
|
Financial
Institutions/ Banks |
1 |
0.07 |
|
|
Sub Total B1 |
5 |
0.08 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
20630 |
17.43 |
|
|
Individual share
capital in excess of INR 0.200 Million |
69 |
7.18 |
|
|
NBFCs registered
with RBI |
5 |
0.12 |
|
|
Any Other
(specify) |
1206 |
34.00 |
|
|
Bodies Corporate |
364 |
31.49 |
|
|
TRIDENT LIMITED |
1 |
3.18 |
|
|
G CONSULTANTS AND FABRICATORS LTD |
1 |
2.65 |
|
|
VASUDEVA COMMERCIALS LIMITED |
1 |
19.38 |
|
|
HUF |
512 |
1.52 |
|
|
NRI |
186 |
0.62 |
|
|
Clearing Members |
108 |
0.26 |
|
|
Employees |
36 |
0.11 |
|
|
Sub Total B3 |
21910 |
58.73 |
|
|
B=B1+B2+B3 |
21915 |
58.81 |
|
BUSINESS DETAILS
|
Line of Business : |
· Manufacturing and Selling of Organic Chemicals and Bulk Drugs. · The “Chemicals” segment produces and sells Ethyl Acetate, Acetic Anhydride, Acetyl Chloride, Mono Chloro Acetic Acid and Iso Butyl benzene. · The “Drugs” segment produces and sells various API’s viz. Ibuprofen, Metformin, Fenofibrate, Lemotrigine, etc. [Registered Activity] |
|
|
|
|
Products/ Services : |
Organic Chemicals and Bulk Drugs |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
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Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
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Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
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No. of Employees : |
1129 (Approximately) |
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|
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Bankers : |
· Punjab National Bank · Allahabad Bank · Oriental Bank of Commerce · Export-Import Bank of India · State Bank of India |
||||||||||||||||||||||||||||||||||||||||||
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|
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|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S C Vasudeva and Company Chartered Accountants |
|
Address : |
B-XIX-220, Rani Jhansi Road, Ghumar Mandi, Ludhiana – 141001, Punjab,
India |
|
Tel. No.: |
91-161-2774527 |
|
Mobile No.: |
91-9815420555 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors : |
|
|
Name : |
Ramanath Iyer and Company Cost Accountants |
|
Address : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over which Key Management Personnel and relative of such
personnel is able to exercise significant influence or control : |
·
NM Merchantiles Limited ·
Mayadevi Polycot Limited ·
NCG Enterprises Limited · Vasudeva Commercials Limited (w.e.f. 03.10.2016 to 30.03.2017) ·
True Value Traders Limited ·
Towels Enterprises Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58000000 |
Equity Shares |
INR 10/- each |
INR 580.000 Million |
|
22000000 |
Preference Shares |
INR 10/- each |
INR 220.000 Million |
|
|
Total |
|
INR 800.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56205502 |
Equity Shares |
INR 10/- each |
INR 562.055 Million |
|
|
|
|
|
a) Reconciliation of the number of shares and
the amount outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
As at 31 March 2017 |
|
|
|
Number
of Shares |
Amount
|
|
At the beginning of the reporting period |
56205502 |
562.055 |
|
Add: Issued during the year |
--- |
--- |
|
Outstanding at the end of the reporting
period |
56205502 |
562.055 |
b) Detail of shares held by each shareholder
holding more than 5% shares
|
Equity shares Class of share / Name of the shareholder |
As at 31 March 2017 |
|
|
|
Number
of Shares |
% holding |
|
Vasudeva Commercials Limited |
10890000 |
19.38% |
|
Mayadevi Polycot Limited |
10006323 |
17.80% |
|
IndiaSTAR (Mauritius) Limited |
8858588 |
15.76% |
|
NM Merchantiles Limited |
5075571 |
9.03% |
|
NCG Enterprises Limited |
3284393 |
5.84% |
|
Bhudeva Lifesciences Limited (Formerly IOL Lifesciences Limited) |
2873714 |
5.11% |
|
Innova Marchantiles Limited |
--- |
--- |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
562.055 |
562.055 |
476.555 |
|
(b) Reserves & Surplus |
1331.512 |
1289.237 |
1535.596 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
59.850 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1893.567 |
1851.292 |
2072.001 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2859.137 |
3018.772 |
2770.976 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
3.833 |
|
(c)
Other long term liabilities |
147.125 |
13.725 |
80.888 |
|
(d)
long-term provisions |
15.095 |
11.818 |
2.977 |
|
Total
Non-current Liabilities (3) |
3021.357 |
3044.315 |
2858.674 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1407.746 |
1370.852 |
1204.433 |
|
(b)
Trade payables |
1498.398 |
1156.842 |
702.484 |
|
(c)
Other current liabilities |
357.895 |
300.267 |
178.112 |
|
(d)
Short-term provisions |
1.984 |
1.284 |
0.365 |
|
Total
Current Liabilities (4) |
3266.023 |
2829.245 |
2085.394 |
|
|
|
|
|
|
TOTAL |
8180.947 |
7724.852 |
7016.069 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3738.662 |
3985.224 |
4025.310 |
|
(ii)
Intangible Assets |
9.362 |
9.759 |
2.894 |
|
(iii)
Capital work-in-progress |
212.593 |
43.120 |
42.079 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.399 |
0.400 |
0.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
90.005 |
90.238 |
107.622 |
|
(e)
Other Non-current assets |
4.266 |
27.562 |
2.900 |
|
Total
Non-Current Assets |
4055.287 |
4156.303 |
4181.205 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.500 |
0.457 |
0.100 |
|
(b)
Inventories |
2626.219 |
2279.437 |
2134.243 |
|
(c)
Trade receivables |
1127.675 |
872.599 |
326.719 |
|
(d)
Cash and cash equivalents |
163.903 |
119.373 |
127.013 |
|
(e)
Short-term loans and advances |
207.363 |
296.683 |
246.789 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4125.660 |
3568.549 |
2834.864 |
|
|
|
|
|
|
TOTAL |
8180.947 |
7724.852 |
7016.069 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
7106.531 |
5804.153 |
3847.253 |
|
|
|
Other Income |
11.803 |
12.276 |
13.166 |
|
|
|
TOTAL |
7118.334 |
5816.429 |
3860.419 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4963.504 |
4348.000 |
3008.522 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(169.598) |
(211.957) |
(216.243) |
|
|
|
Employees benefits expense |
437.220 |
351.270 |
247.185 |
|
|
|
Other expenses |
858.800 |
803.094 |
695.176 |
|
|
|
TOTAL |
6089.926 |
5290.407 |
3734.640 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1028.408 |
526.022 |
125.779 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
674.167 |
614.660 |
591.054 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
354.241 |
(88.638) |
(465.275) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
299.467 |
296.864 |
289.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
54.774 |
(385.502) |
(754.380) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
12.499 |
14.756 |
(87.873) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
42.275 |
(400.258) |
(666.507) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
1959.913 |
1316.681 |
657.290 |
|
|
TOTAL EARNINGS |
1959.913 |
1316.681 |
657.290 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
351.611 |
99.547 |
2.652 |
|
|
|
Capital Goods |
5.880 |
6.862 |
0.000 |
|
|
|
Stores & Spares |
1.601 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
359.092 |
106.409 |
2.652 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
0.75 |
(7.60) |
(16.72) |
|
|
|
Diluted |
0.75 |
(7.60) |
(16.63) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term Borrowings |
207.596 |
136.526 |
29.343 |
|
|
|
|
|
|
Cash generated from/(used in) operations |
789.504 |
177.033 |
(465.371) |
|
|
|
|
|
|
Net cash flow from/(used in) operating activities |
778.875 |
177.033 |
(469.603) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
57.92 |
54.87 |
31.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.30 |
6.65 |
11.78 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
110.19 |
97.11 |
85.23 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.39 |
0.23 |
0.06 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.26 |
0.13 |
0.03 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.77 |
0.77 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.36 |
2.44 |
1.93 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.72 |
1.53 |
1.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.09 |
2.18 |
1.96 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.53 |
0.86 |
0.21 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.59 |
(6.90) |
(17.32) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.52 |
(5.18) |
(9.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.23 |
(21.62) |
(32.17) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.26 |
1.26 |
1.36 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.46 |
0.46 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.23 |
0.24 |
0.30 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.96 |
8.05 |
8.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.26 |
1.26 |
1.36 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 78.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
476.555 |
562.055 |
562.055 |
|
Reserves & Surplus |
1535.596 |
1289.237 |
1331.512 |
|
Money received against share
warrants |
59.850 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2072.001 |
1851.292 |
1893.567 |
|
|
|
|
|
|
long-term borrowings |
2770.976 |
3018.772 |
2859.137 |
|
Short term borrowings |
1204.433 |
1370.852 |
1407.746 |
|
Current Maturities of Long
term Borrowings |
29.343 |
136.526 |
207.596 |
|
Total
borrowings |
4004.752 |
4526.150 |
4474.479 |
|
Debt/Equity
ratio |
1.933 |
2.445 |
2.363 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
3847.253 |
5804.153 |
7106.531 |
|
|
|
50.865 |
22.439 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
3847.253 |
5804.153 |
7106.531 |
|
Profit/ (Loss) |
(666.507) |
(400.258) |
42.275 |
|
|
(17.32%) |
(6.90%) |
0.59% |
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 |
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 |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G53007191 |
100037862 |
Punjab National Bank |
21/06/2016 |
05/09/2017 |
- |
3300000000.0 |
Large Corporate Branch1st Floor,Bhagwati Tower,R K RoadLudhianaPB141003IN |
|
2 |
G06065999 |
100034269 |
Oriental Bank of Commerce |
31/05/2016 |
- |
- |
150000000.0 |
Overseas Branch, Jandu Tower,G. T. Road, Miller Ganj,LudhianaPB141003IN |
|
3 |
G47942669 |
10559118 |
Punjab National Bank |
23/03/2015 |
12/06/2017 |
- |
5668100000.0 |
Large Corporate Branch1st Floor,Bhagwati Tower,R K RoadLudhianaPB141003IN |
|
4 |
B70894365 |
10314198 |
EXPORT-IMPORT BANK OF INDIA |
24/10/2011 |
13/03/2013 |
- |
400000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,MUMBAIMH400005IN |
|
5 |
B16710824 |
10248563 |
EXPORT-IMPORT BANK OF INDIA |
26/10/2010 |
23/06/2011 |
- |
180000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,MUMBAIMH400005IN |
|
6 |
C75926774 |
10168109 |
State Bank of India |
10/07/2009 |
18/02/2013 |
04/01/2016 |
190400000.0 |
College Road,BarnalaBarnalaPB148001IN |
|
7 |
C75586016 |
10158800 |
Punjab National Bank |
09/05/2009 |
31/12/2014 |
31/12/2015 |
300000000.0 |
Large Corporate Branch1st Floor,Bhagwati Tower,R.K. RoadLudhianaPB141003IN |
|
8 |
C75583385 |
10147116 |
Punjab National Bank |
27/02/2009 |
31/12/2014 |
31/12/2015 |
59600000.0 |
Large Corporate Branch1st Floor,Bhagwati Tower,R.K. RoadLudhianaPB141003IN |
|
9 |
C75590844 |
10098782 |
Punjab National Bank |
02/04/2008 |
31/12/2014 |
31/12/2015 |
600000000.0 |
Large Corporate Branch1st Floor,Bhagwati Tower,R.K. RoadLudhianaPB141003IN |
|
10 |
C75588632 |
10241454 |
Punjab National Bank |
09/09/2010 |
31/12/2014 |
31/12/2015 |
500000000.0 |
Large Corporate Branch1st Floor,Bhagwati Tower,R.K. RoadLudhianaPB141003IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and
advances |
|
|
|
From Bank |
76.264 |
85.553 |
|
From others |
0.000 |
0.897 |
|
|
|
|
|
Total |
76.264 |
86.450 |
CORPORATE
INFORMATION
IOL Chemicals and
Pharmaceuticals Limited (The Company) is a public company domiciled in India
and incorporated under the provisions of the Companies Act, 1956 on 29th
September 1986. Its shares are listed on two stock exchanges in India. The
Company is engaged in the manufacturing and selling of Organic Chemicals and
Bulk Drugs. The Company caters to both domestic and international market.
PERFORMANCE REVIEW
The Company has achieved
total revenue from operations of INR 7743.700 Million during the year in
comparison to INR 6454.400 Million during the previous year, registering an
increase of 19.98 %. The Company has turnaround during the year and earned net
profits against loss during the previous year. The profit after tax stood at
INR 42.300 Million during the year under review against loss of INR 400.300
Million during the previous year, mainly due to increase in sales and improved
operational efficiencies achieved by the Company.
The Company
continues to give more focus to increase the pharma share in its total business
and is able to increase pharma share to 56% during the year against 53% during
the previous year.
AWARDS &
RECOGNITIONS
Members would be
happy to note the receipt of following awards and recognitions by the Company
during the year:
Ø EUGMP
Certification from National Institute of Pharmacy and Nutrition, Hungary, for
its product Ibuprofen, Lamotrigine, Metformin Hydrochloride confirming
compliance with principals of Good Manufacturing Practices as provided by
European Union Legislation.
Ø The Company has
won National Energy Conservation Award 2016, the Second Prize in Chemical
Sector for its continued efforts towards new technology implementation so as to
conserve energy resources of the country.
EXPANSION SCHEMES
The Company has converted its existing multiple purpose plant into a dedicated ibuprofen manufacturing facility during the current year, resulting in increase of ibuprofen manufacturing from 6200 TPA to 7200 TPA on its conversion.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
WORLD ECONOMY
Global growth is
set to reach 3.5 percent this year and 3.6 percent in 2018, IMF has raised its
growth forecasts slightly from estimates released last October as macro
economic conditions eased for commodity exporters and investment levels grew in
advanced economies. However, the IMF warned that risks to global growth remain
to the downside with structural issues holding back economic development. With
persistent structural problems—such as low productivity growth and high income
inequality—pressures for inward-looking policies are increasing in advanced
economies. These threaten global economic integration and the cooperative
global economic order that has served the world economy, especially emerging
market and developing economies as well.
INDIAN ECONOMY
According to IMF
World Economic Outlook Update (January 2017), Indian economy is expected to grow
at 7.2 per cent during FY2017 and further accelerate to 7.7 per cent during
FY2018. Corporate earnings in India are expected to grow by over 20 per cent in
FY 2018 supported by normalisation of profits, especially in sectors like
automobiles and banks, while GDP is expected to grow by 7.5 per cent during the
same period, according to Bloomberg consensus. The Government of India, has
approved the Central Goods and Services Tax (CGST), Integrated GST (IGST),
Union Territory GST (UTGST), and Compensation Bill to promote ease of doing
business in the country.
CHEMICAL INDUSTRY
Indian chemical
industry is the 3rd largest producer in asia and 6th by volume in
the world. By 2025, the Indian chemical industry is projected to reach USD403
billion. The chemical industry in India is
a key constituent
of Indian economy, accounting for about 2.11 per cent of the GDP. India
accounts for approximately 16 per cent of the world production of dyestuff and
dye intermediates, particularly for reactive acid and direct dyes. India is
currently the world’s third largest consumer of polymers and third largest
producer of agrochemicals. India specialty chemical market is expected to reach
USD70 billion by 2020.
PHARMACEUTICAL
INDUSTRY
The Indian
pharmaceuticals market is the third largest in terms of volume and thirteenth
largest in terms of value. India is the largest provider of generic drugs
globally with the Indian generics accounting for 20 per cent of global exports
in terms of volume. Of late, consolidation has become an important
characteristic of the Indian pharmaceutical market as the industry is highly
fragmented. The Indian pharma industry, which is expected to grow over 15 per
cent per annum between 2015 and 2020, will outperform the global pharma
industry, which is set to grow at an annual rate of 5 per cent between the same
period. The market is expected to grow to US$ 55 billion by 2020, thereby
emerging as the sixth largest pharmaceutical market globally by absolute size.
Branded generics dominate the pharmaceuticals market, constituting nearly 80
per cent of the market share (in terms of revenues).
BUSINESS SEGMENT
PERFORMANCE AND FUTURE PROSPECTS
Their operations
are broadly comprises of Bulk Drugs; APIs and specialty industrial chemicals.
Their APIs segment
includes manufacturing of mainly Ibuprofen. Their Specialty Industrial
Chemicals segment includes manufacturing of Ethyl Acetate, Iso Butyl Benzene
(IBB), Mono Chloro Acetic Acid (MCA) and Acetyl Chloride.
BULK DRUGS
Bulk Drugs are
commonly known as Active Pharmaceutical Ingredients (API’s). APIs are mixed
with other components to produce tablets, capsules or liquids.
They are
increasing their APIs product portfolio and improving their cost
competitiveness through efficient manufacturing processes and systems and
expanding relationships with major Indian and foreign generic companies for
sale of our APIs. Their APIs are exported worldwide. Their key markets are
Europe, Latin America, Africa, and the Middle East. Their API customers are
leading global generic companies.
They have also
received the approval from eminent drug authority i.e they United State Food
and Drug Authority (USFDA) in July 2015 for Ibuprofen manufacturing facilities.
Indeed ,this approval will enable the Company to enter into the United State .
They have been accredited from various regulatory authorities across the World
like, USFDA, CEP certification, EUGMP & WHO GMP.
SPECIALTY
INDUSTRIAL CHEMICALS
Ethyl Acetate is having
varied uses in different industries like pharmaceuticals, flexible packaging
and printing ink manufacturing, paints and adhesives etc. Their key markets in
chemicals are African countries, Middle East, SAARC Countries and Russia. Since
inception, they have been gradually enhancing their manufacturing capacities.
Moreover, other chemicals produced by the Company such as Iso Butyl Benzene (
IBB), Mono Chloro Acetic Acid (MCA) and Acetyl Chloride are used in
manufacturing of Ibuprofen. All the products manufactured in their plants are
having continuous demand from different industries in domestic as well as
foreign market. To tap the opportunity of increase in demand in the market, we
are increasing our capacity utilization by streamlining production processes.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
2626.800 |
2177.900 |
7134.400 |
|
Other Income |
3.400 |
3.500 |
10.200 |
|
Total
Income from Operations |
2630.200 |
2181.400 |
7144.600 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1563.000 |
1363.700 |
4411.700 |
|
Purchases of Stock-in-Trade |
15.700 |
4.000 |
19.700 |
|
Changes in inventories of finished goods and
work-in-progress |
273.300 |
128.100 |
429.700 |
|
Employee benefits expense |
143.200 |
139.900 |
418.600 |
|
Finance Costs |
155.800 |
166.100 |
493.300 |
|
Depreciation and Amortization expenses |
76.400 |
75.700 |
225.200 |
|
Excise Duty |
--- |
--- |
176.600 |
|
Other Expenditure |
307.200 |
245.500 |
784.100 |
|
Total
Expenses |
2534.600 |
2123.000 |
6958.900 |
|
Profit/(Loss) before Exceptional Items and tax |
95.600 |
58.400 |
185.700 |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
95.600 |
58.400 |
185.700 |
|
Tax Expense |
|
|
|
|
Current
tax |
21.400 |
13.800 |
41.600 |
|
Deferred
tax |
(13.800) |
0.300 |
(18.000) |
|
Total tax expenses |
7.600 |
14.100 |
23.600 |
|
Profit/ loss for the period for continuing
operation |
88.000 |
44.300 |
162.100 |
|
Profit/ loss from discontinued operations |
--- |
--- |
--- |
|
Tax expenses of discontinued operations |
--- |
--- |
--- |
|
Profit/ loss from discontinued operations
(after tax) |
--- |
--- |
--- |
|
Profit/ loss for the period |
88.000 |
44.300 |
162.100 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
--- |
--- |
--- |
|
Income tax relating of items that will not be reclassified to profit or loss |
--- |
--- |
--- |
|
Items that will be reclassified to profit or loss |
--- |
--- |
--- |
|
Income tax relating of items that will be reclassified to profit or loss |
--- |
--- |
--- |
|
Total comprehensive income for the
period |
88.000 |
44.300 |
162.100 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
562.100 |
562.100 |
562.100 |
|
Earnings per Share (EPS) of INR 10/- each (for continuing
operations) |
|
|
|
|
Basic |
1.56 |
0.79 |
2.88 |
|
Diluted |
1.56 |
0.79 |
2.88 |
|
Cash
|
2.68 |
2.14 |
6.57 |
|
Earnings per Share (EPS) of INR 10/- each (for
discontinued operations) |
|
|
|
|
Basic |
--- |
--- |
--- |
|
Diluted |
--- |
--- |
--- |
|
Cash
|
--- |
--- |
--- |
|
Earnings per Share (EPS) of INR 10/- each (for continuing
and discontinued operations) |
|
|
|
|
Basic |
1.56 |
0.79 |
2.88 |
|
Diluted |
1.56 |
0.79 |
2.88 |
|
Cash
|
2.68 |
2.14 |
6.57 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1.
Segment Revenue |
|
|
|
|
a)
Chemicals |
1296.500 |
1049.400 |
3481.800 |
|
b)
Drugs |
1661.500 |
1437.800 |
4402.100 |
|
c)
Unallocated |
25.900 |
25.500 |
57.600 |
|
Total |
2983.900 |
2512.700 |
7941.500 |
|
Less: Inter – segment revenue |
353.700 |
331.300 |
973.500 |
|
Total income
from operations (net sales) |
2630.200 |
2181.400 |
6968.000 |
|
2.
Segment Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Chemicals |
14.200 |
8.600 |
26.800 |
|
b)
Drugs |
233.300 |
214.600 |
636.400 |
|
Total |
247.500 |
223.200 |
663.200 |
|
Less: Interest |
155.800 |
166.100 |
493.300 |
|
Add: Other
un-allocable expenditure net off un-allocable other operating income |
3.900 |
1.300 |
15.800 |
|
1.Total Profit
Before Tax and Extraordinary Items |
95.600 |
58.400 |
185.700 |
|
3.
Segment Assets |
|
|
|
|
a)
Chemicals |
2913.500 |
2988.300 |
2913.500 |
|
b)
Drugs |
4786.000 |
4859.300 |
4786.000 |
|
c)
Unallocated |
512.800 |
484.500 |
512.800 |
|
Total Assets |
8212.300 |
8332.100 |
8212.300 |
|
4.
Segment Liabilities |
|
|
|
|
a)
Chemicals |
2717.600 |
2828.200 |
2717.600 |
|
b)
Drugs |
3189.900 |
3324.200 |
3189.900 |
|
c)
Unallocated |
257.600 |
220.500 |
257.600 |
|
Total Liabilities |
6165.100 |
6372.900 |
6165.100 |
Notes:
1. The above results have been reviewed by the Audit & Risk Management Committee and thereafter approved by the Board of Directors in their respective meetings held on 12 February 2018. These results have been subjected to limited review by the Statutory Auditors.
2. Post implementation of Goods and Service Tax (GST) w.e.f. 01 July 2017,
revenue from operations is disclosed net of GST. Accordingly, revenue from
operations for the quarter and nine month ended 31 December 2017 are not
comparable with those of the previous periods presented in the results.
Had the previously reported revenue shown net of excise duty, comparative revenue of the company would have been as follows:
|
Particulars |
Quarter
ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Net revenue from
operations |
2626.800 |
2177.900 |
6957.800 |
3. The Company has successfully set up unit IV to manufacture Metformin, an anti-diabetic drug with a capacity of 3000 MT per annum with project cost of about INR 100.000 million which was financed through internal accruals.
4. The Company has adopted Indian Accounting Standards ('Ind AS') notified by
the Ministry of Corporate Affairs with effect from 01 April 2017 (being
transition from 01 April 2016).
5. The Ind AS financial results for the quarter ended 31 December 2016 have not
been subjected to any limited review.
6. The reconciliation of the financial results for the quarter and nine month
ended 31 December 2016 to those reported under previous Generally Accepted
Accounting Principles (GAAP) is summarised as follows:
|
Particulars |
Quarter
ended |
Nine month ended |
|
|
31.12.2016 (Unaudited) |
31.12.2016 (Unaudited) |
|
Profits after
tax as per previous Indian GAAP |
10.300 |
27.400 |
|
Add/less adjustments |
|
|
|
Loan
processing fees recognized using effective interest method |
(0.500) |
(1.700) |
|
Profit on reinstatement of investments |
--- |
0.100 |
|
Subsidy income amortized |
0.300 |
0.900 |
|
Reversal
of depreciation on account of loan processing fee decapitalized |
0.200 |
0.600 |
|
Additional depreciation on account of capital subsidy capitalized |
(0.200) |
(0.600) |
|
Deferred
tax adjustments |
--- |
--- |
|
Total adjustments |
(0.200) |
(0.700) |
|
Net profit
before Other Comprehensive Incoem (OCI) as per Ind AS |
10.100 |
26.700 |
9. Figures for the previous corresponding period have been regrouped, wherever considered necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims not acknowledged as debts |
2.100 |
5.618 |
|
Letter of Credit outstanding |
84.041 |
21.269 |
|
Bank Guarantee issued in favour of others |
0.350 |
0.350 |
|
|
|
|
|
Total |
86.491 |
27.237 |
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Leasehold Land
·
Buildings
·
Plant and Machinery
· Office Equipments
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
· Computer Softwares
·
Technical Know How
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 records 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
|
INR |
|
1 |
INR 65.05 |
|
|
UK Pound |
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.