MIRA INFORM REPORT

 

 

Report No. :

494529

Report Date :

28.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SUN PHARMACEUTICAL INDUSTRIES LIMITED

 

 

Registered Office :

Sun Pharma Advanced Research Centre (SPARC), Tandalja, Vadodara-390020, Gujarat

Tel. No.:

91-265-6615500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

01.03.1993

 

 

Com. Reg. No.:

04-019050

 

 

Capital Investment / Paid-up Capital :

INR 2399.300 Million

 

 

CIN No.:

[Company Identification No.]

L24230GJ1993PLC019050

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AADCS3124K1ZJ

 

 

TIN No:

24250900383

 

 

IEC No.:

[Import-Export Code No.]

0392072823

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCS3124K

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing, Producing, Developing and Marketing a wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). [Registered Activity]

 

 

No. of Employees :

17516 (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+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 596000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Sun Pharma is one of the fastest-growing Indian pharmaceutical companies, with a leading position in the high-value cardiovascular and neuro/central nervous system segments. Incorporated in the year 1993 and is based in Vadodara Gujarat. It is well established and reputed company having excellent track records.

 

The company has been continuously incurring losses from its operational activities. However, general financial of the company is sound. Fundamentals of the company are strong and healthy.

 

Share price are quoted high on stock exchange. (Face value INR 1 with Share price INR 550).

 

The rating also takes into consideration Sun Pharma’s leading and well established position in the domestic formulations segment, strong presence in the regulated generics market, and increasing reach in the emerging markets and over-the- counter (OTC) segment, following Ranbaxy’s acquisition.

 

Directors are reported to be experienced and knowledgeable, resourceful and respectable businessmen.

 

Trade relations are reported as trustworthy. Business is active. Payments are reported as regular and as per commitment.

 

In view of long track record and extensive experience of its promoters the company can be considered good for normal 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

CRISIL

Rating

Long Term Rating= (AAA)

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

September 29, 2017

 

Rating Agency Name

CRISIL

Rating

Short Term Rating=(A1+)

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

September 29, 2017

 

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

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 28.02.2018.

 

 

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.

 

 

INFORMATION DENIED

 

91-265-6615500/ 6001700/ 91-22-6615500/ 6001700/ 43244324 (Management non cooperative) 

 

 

LOCATIONS

 

Registered Office :

Sun Pharma Advanced Research Centre (SPARC), Tandalja, Vadodara-390020, Gujarat, India

Tel. No.:

91-265-6615500/ 600/ 700

Fax No.:

91-265-2354897

E-Mail :

ashok.bhuta@sunpharma.com

secretarial@sunpharma.com

Website :

http://www.sunpharma.com

Area :

10000 sq. ft.

Location :

Owned

 

 

Head Office:

ACME Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-66969696/ 42244156

Fax No.:

91-22-28212010

 

 

Corporate Office :

Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India

Tel. No.:

91-22-43244324

Fax No.:

91-22-43244343

 

 

Research Centre 1 :

Sun Pharma Advanced Research Centre (SPARC), Akota Road, Akota, Vadodara – 390 020, Gujarat, India

 

 

Research Centre 2 :

F.P.27, Part Survey No. 27, C.S. No. 1050, TPS No. 24, Village Tandalja, District Vadodara - 390020, Gujarat, India

 

 

Research Centre 3 :

17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India

 

 

Research Centre 4 :

Chemistry and Discovery Research Israel, 14 Hakitor Street, P.O. Box 10347 Haifa Bay 2624761, Israel

 

 

Research Centre 5 :

Village Sarhaul, Sector-18, Gurugram – 122015, Haryana, India

 

 

Research Centre 6 :

Taro Pharmaceuticals Inc., 130 East Drive, Brampton, Ontario L6T 1C1, Canada

 

 

Research Centre 7 :

Ohm Laboratories Inc., Terminal Road, New Brunswick, New Jersey 08901 USA

 

 

Plants :
  • Survey No.214 and 20, Govt. Industrial Area, Phase-II, Piparia, Silvassa – 396 230, U.T. of Dadra and Nagar Haveli, India
  • Plot No.24/2 and No.25, GIDC, Phase- IV, Panoli – 395 116, District Bharuch, Gujarat, India
  • A-7 and A-8, MIDC Industrial Area, Ahmednagar – 414 111, Maharashtra, India
  • Plot No. 4708, GIDC, Ankleshwar – 393 002, Gujarat, India
  • Sathammai Village, Karunkuzhi Post, Maduranthakam T.K. Kanchipuram District– 603 303, Tamilnadu, India
  • Halol-Baroda Highway, Near Anand Kendra, Halol, District Panchmahal- 389350, Gujarat, India
  • Plot No. 817/A, Karkhadi – 391 450, Taluka: Padra, District Vadodara, Gujarat, India
  • Survey No. 259/15, Dadra – 396191, U.T. of U.T. of Dadra and Nagar Haveli, India
  • Plot No. Z/15, Sez-1, Po. Dahej, Taluko vagra, District Bharuch, Gujarat, India
  • Village Toansa, P.O. Railmajra District Nawansahar-144533, Punjab, India
  • A-41, Industrial Area, Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali-160071, Punjab, India
  • Plot No. K - 5,6,7, Ghirongi Industrial Area, Malanpur, District Bhind, Madhya Pradesh, India
  • Pharma Manufacturing Industrial Area, 3 A.B. Road, Dewas-455001, Madhya Pradesh
  • SY. No. 16, Ekarajapura, Hoskote, Bengaluru, Karnataka, India
  • Plot No. B-2 Madkaim Industrial Estate, Ponda, Goa, India
  • Plot No. 1341 and 1342 EPIP-1, Hill Top Industrial Area, Village Bhatolikalan (Barotiwala), Baddi – 174103 Himachal Pradesh, India
  • Village and PO Ganguwala, Tehsil Paonta Sahib-173025, District Sirmour, Himachal Pradesh, India
  • Village Batamandi,Tehsil Paonta Sahib-173025, District Sirmour, Himachal Pradesh, India
  • Sun Pharma Laboratories Limited, 6-9 Export Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133, Jammu and Kashmir, India
  • Sun Pharma Laboratories Limited, Plot No.754, Nandok Block, Setipool, P.O., Ranipool – 737135, Sikkim, India

 

  • Sun Pharma Laboratories Limited, Plot No. 107/108, Namli Block, Setipool, P.O., Ranipool – 737135, Sikkim, India

 

  • Sun Pharma Laboratories Limited, I.G.C. Phase-I, Samba-184121, Jammu and Kashmir, India

 

  • Sun Pharma Laboratories Limited, Guwahati, Assam, India

 

 

Overseas Plant:
  • Sun Pharmaceutical Industries Inc., 705, E. Mulberry Street, Bryan, Ohio – 43506, USA
  • Sun Pharmaceutical (Bangladesh) Limited, Joydevpur, Gazipur, Bangladesh.
  • Taro Pharmaceuticals Inc., 130 East Drive, Brampton, Ontario L6T 1C1, Canada
  • Ranbaxy Egypt (L.L.C.), October City, Giza, Egypt.
  • Alkaloida Chemical Company Zrt, H-4440 Tiszavasvari , Kabay, Janos u.29, Hungary
  • Taro Pharmaceutical Industries Limited, 14 Hakitor Street, P.O. Box 10347 Haifa Bay 2624761, Israel
  • Ranbaxy Malaysia Sdn. Bhd., Kuala Lumpur, Malaysia.
  • Sun Pharma de Mexico S.A. de C.V, Av. Rio Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico, Distrito Federal
  • Ranbaxy Nigeria Limited, Lagos, Nigeria.
  • S.C Terapia S. A. Cluj, Romania.
  • Ranbaxy Pharmaceuticals (Pty) Limited, Roodepoort, Johannesburg, South Africa.
  • Chattem Chemicals, Inc., 3708, St. Elmo Avenue, Chattanooga, TN 37409, USA
  • Dusa Pharmaceuticals Inc., 25, Upton Drive, Wilmington, Massachusetts, 01887, USA
  • Sun Pharmaceutical Industries Inc., 270 Prospect Plains Road, Cranbury, New Jersey – 08512, USA
  • Pharmalucence Inc., Billerica, Massachusetts, USA.
  • Ohm Laboratories, Inc., Brunswick, New Jersey, USA.
  • Sun Pharmaceutical Industries, (Australia) Pty Limited, Latrobe, Australia
  • Sun Pharmaceutical Industries, (Australia) Pty Limited, Port Fairy, Australia
  • JSC Biosintez, Penza, Russia
  • Caraco Pharmaceutical Laboratories Limited,** 1150 Elijah McCoy Drive, Detroit –48202, Michigan, USA
  • TKS Farmaceutica, Rodovia GO-080, Km 02, Chacaras 01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170
  • URL Pharmaceuticals Inc., 1100 Orthodox Street, Philadelphia, PA 19124, USA

 

  • URL Pharmaceuticals Inc., 2500 Molitor Road, Aurora, IL 60502, USA

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Dilip Shantilal Shanghvi

Designation :

Managing Director

Address :

801, Abhay Building, 8th Floor, NS 9th Road,Nutan Laxmi Co-Operative Society JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

61 Years

Date of Appointment :

01.04.2008

Qualification :

Mr. Dilip S. Shanghvi is a graduate in commerce from the Kolkata University. He is the Managing Director of the Company and Chairman & Managing Director of Sun Pharma Advanced Research Company Limited. He is the founding partner of Sun Pharmaceutical Industries, a firm which was later converted into Sun Pharmaceutical Industries Limited (SPIL) in 1993. Under his leadership, SPIL has recorded an all-round growth in business. He has extensive experience in the pharmaceutical industry. As the promoter of SPIL, he has been actively involved in international pharmaceutical markets, business strategy, business development and research and development functions in the Company.

Profile :

Mr. Shanghvi was conferred with the prestigious ‘Padma Shri’ award by the Hon’ble President of India in the year 2016. He is recipient of several awards as listed under ‘Recognition or Awards’ in point 3 of Clause II of ‘Statement of Information provided under Schedule V’ in the Explanatory Statement

DIN No.:

00005588

 

 

Name :

Mr. Sailesh Trambaklal Desai

Designation :

Whole-time Director

Address :

1003, Building A, Shri Aditya CHS, MHB Colony, Samarth Ramdas Road, Vile Parle (West), Opposite Juhu Suprema SH Centre, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

62 Years

Qualification :

Mr. Sailesh T. Desai is a science graduate from Kolkata University and is a successful entrepreneur with more than three decades of wide industrial experience including more than two decades in the pharmaceutical industry.

Date of Appointment :

20.09.2006

DIN No.:

00005443

 

 

Name :

Mr. Sudhir Vrundavandas Valia

Designation :

Whole-time Director

Address :

801, Alaap Building, 8th Floor 173, Sir Balchandra Road, Dadar (East), Mumbai – 400014, Maharashtra, India

Date of Appointment :

31.01.1994

DIN No.:

00005561

 

 

Name :

Keki Minoo Mistry

Designation :

Director

Address :

Flat No. 2603, 26th Floor Vivarea, B-Wing, S G Marg, Mahalaxmi (East), Mumbai – 400011, Maharashtra, India

Date of Appointment :

28.08.2002

DIN No.:

00008886

 

 

Name :

Mr. Ashwin Suryakant Dani

Designation :

Director

Address :

Home Villa 48, Krishna Sanghi Path, Mumbai – 400007, Maharashtra, India

Date of Appointment :

28.01.2004

DIN No.:

00009126

 

 

Name :

Subhagmal Mohanchand Dadha

Designation :

Director

Address :

New No.250/ Old No 268, Lloyds Road, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Appointment :

29.05.1997

DIN No.:

00087414

 

 

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

Villa No. 40, Dubai Creek Villas Dubai Creek Golf and Yacht Club, Port Saeed Deira Dubai UAE

Date of Appointment :

14.11.2017

DIN No.:

00291126

 

 

Name :

Israel Makov

Designation :

Director

Address :

20, Hanarkis Street, Karne Yosef 99797, Israel 99797 Il

Date of Birth/Age :

78 Years

Qualification :

Mr. Israel Makov holds a B.Sc. in Agriculture and M. Sc. in Economics from the Hebrew University, Jerusalem.

Date of Appointment :

29.05.2012

DIN No.:

05299764

 

 

Name :

Ms. Rekha Sethi

Designation :

Director

Address :

30/19, East Patel Nagar, New Delhi – 110008, India

Date of Appointment :

27.09.2014

Date of Birth/Age :

52 Years

DIN No.:

06809515

 

 

Name :

Mr. Kalyanasundaram Iyer Natesan Subramanian

Designation :

Additional Director

Address :

25, Hill Park, Dr. A. G. Bell Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Appointment :

14.02.2017

Qualification :

Mr. Kal is a Chemistry graduate and a Chartered Accountant from India with 37 years of experience of which some 30 years in the pharmaceutical industry

DIN No.:

00179072

 

 

KEY EXECUTIVES

 

Name :

Mr. Sunil Roshanlal Ajmera

Designation :

Company Secretary

Address :

802, Orchid, Vasant Valley, Flimcity Road, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Appointment :

01.04.2011

PAN No.:

AACPA0366P

 

 

Name :

Mr. Chinnadharavaram Sundaresan Muralidharan

Designation :

Chief Financial Officer (w.e.f. June 19, 2017)

Address :

302, B Wing, Avalon Building, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Appointment :

19.06.2017

PAN No.:

AEVPM8378J

 

 

Name :

Mr. Uday V. Baldota

Designation :

Chief Financial Officer (Upto June 19, 2017)

Address :

X-601,Callalily Nahar Amrit Shakhti, Chandivali, Mumbai – 400072, Maharashtra, India

Date of Appointment :

12.08.2014

PAN No.:

ABAPB4075D

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on DECEMBER 2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

(A) Promoter and Promoter Group

1304855381

54.38

(B) Public

1094453965

45.62

Grand Total

2399309346

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

A1) Indian

0.00

Individuals/Hindu undivided Family

259370161

10.81

Dilip Shantilal Shanghvi

230285690

9.60

Sudhir Valia

14345019

0.60

Vibha Dilip Shanghvi

8840280

0.37

Aalok Dilip Shanghvi

2877280

0.12

Vidhi Dilip Shanghvi

2822427

0.12

Kumud S. Shanghvi

199465

0.01

Any Other (specify)

1045485220

43.57

Shanghvi Family and Friends Benefit Trust

1276774

0.05

Aditya Medisales Limited

40153960

1.67

Raksha S. Valia

33830352

1.41

Unimed Investments Limited

10400850

0.43

Viditi Investment Private Limited

200846362

8.37

Tejaskiran Pharmachem Industries Private Limited

194820971

8.12

Family Investment Private Limited

182437880

7.60

Quality Investments Private Limited

182379237

7.60

Virtuous Finance Private Limited

96851821

4.04

Virtuous Share Investments Private Limited

83751259

3.49

Sholapur Organics Private Limited

15992110

0.67

Jeevanrekha Investrade Private Limited

1458806

0.06

Package Investrade Private Limited

895039

0.04

Shanghvi Finance Private Limited

282603

0.01

Asawari Investment And Finance Private Limited

49468

0.00

Flamboyawer Finance Private Limited

20865

0.00

Sanghvi Properties Private Limited

15479

0.00

Gujarat Sun Pharmaceutical Industries Private Limited

14362

0.00

Nirmit Exports Private Limited

7022

0.00

Sub Total A1

1304855381

54.38

A2) Foreign

0.00

A=A1+A2

1304855381

54.38

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0

0.00

Mutual Funds/

175402036

7.31

ICICI Prudential Value Discovery Fund

63519616

2.65

Alternate Investment Funds

1806005

0.08

Foreign Portfolio Investors

412686542

17.20

Government of Singapore

30037965

1.25

Financial Institutions/ Banks

22047855

0.92

Insurance Companies

156281920

6.51

Life Insurance Corporation of India

132627785

5.53

Any Other (specify)

2254600

0.09

Foreign Bank

25422

0.00

UTI

2229178

0.09

Sub Total B1

770478958

32.11

B2) Central Government/ State Government(s)/ President of India

0

0.00

Central Government/ State Government(s)/ President of India

469252

0.02

Sub Total B2

469252

0.02

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

153900491

6.41

Individual share capital in excess of INR 0.200 Million

26338232

1.10

Any Other (specify)

143267032

5.97

Trusts

15346588

0.64

Foreign Individuals

20865

0.00

HUF

4468644

0.19

Foreign Companies

671865

0.03

NRI – Non- Repat

2642156

0.11

Director or Director's Relatives

3782726

0.16

NRI – Repat

5160842

0.22

Overseas corporate bodies

46000

0.00

Clearing Members

2134157

0.09

Bodies Corporate

108993189

4.54

Lakshdeep Investments & Finance (P) Ltd.

35124907

1.46

Sub Total B3

323505755

13.48

B=B1+B2+B3

1094453965

45.62

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Producing, Developing and Marketing a wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). [Registered Activity]

 

 

Products :

NIC Code No.

Product Description

210

Pharmaceuticals

 

 

Brand Names :

·         Pantocid

·         Gemer

·         Susten

·         Levipil

·         Pantocid-D

·         Aztor

·         Glucored Group

·         Istamet

·         Rozavel

·         Montek-LC

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

17516 (Approximately)

 

 

Bankers :
  • Bank of Baroda
  • Bank of Nova Scotia
  • Citibank N.A
  • Deutsche Bank
  • Hong Kong and Shanghai Banking Corporation Limited
  • ICICI Bank Limited
  • Kotak Mahindra Bank Limited
  • Punjab National Bank
  • Royal Bank of Scotland
  • Standard Chartered Bank
  • State Bank of India
  • ABN Amro Bank N V

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Term Loan from Department of Biotechnology

108.200

77.300

Short-term borrowings

 

 

Loans Repayable on Demand From Banks

198.100

2560.500

Total

306.300

2637.800

 

Auditors 1:

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Indiabulls Finance Centre, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013, Maharashtra, India

Tel. No.:

91-22-61854000

Fax No.:

91-22-67854501/ 4601

 

 

Auditors 2:

 

Name :

SRBC and Co. LLP

Chartered Accountants

Address :

14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (East), Mumbai – 400028, Maharashtra, India

Tel. No.:

91-22-61920000

Fax No.:

91-22-61921000

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries
  • Green Eco Development Centre Limited, India
  • Sun Pharmaceutical (Bangladesh) Limited, Bangladesh
  • Sun Pharmaceutical Industries, Inc., United States of America
  • Sun Farmaceutica Do Brasil Ltda., Brazil
  • Sun Pharma De Mexico S.A. DE C.V., Mexico
  • SPIL De Mexico S.A. DE C.V., Mexico
  • Sun Pharmaceutical Peru S.A.C., Peru
  • OOO "Sun Pharmaceutical Industries" Limited, Russia
  • Sun Pharma De Venezuela, C.A., Venezuela
  • Sun Pharma Laboratories Limited, India
  • Faststone Mercantile Company Private Limited, India
  • Neetnav Real Estate Private Limited, India
  • Realstone Multitrade Private Limited, India
  • Skisen Labs Private Limited, India
  • Sun Pharma Holdings, Mauritius
  • Softdeal Trading Company Private Limited, India
  • Ranbaxy Pharmacie Generiques, France
  • Ranbaxy Drugs Limited, India
  • Vidyut Investments Limited, India
  • Gufic Pharma Limited, India
  • Ranbaxy (Malaysia) Sdn. Bhd, Malaysia
  • Ranbaxy Nigeria Limited, Nigeria
  • Ranbaxy (Netherlands) B.V., Netherlands
  • Foundation for Disease Elimination and Control of India, India

 

 

Step down Subsidiaries
  • Caraco Pharma Inc., United States of America
  • Chattem Chemicals Inc., United States of America
  • The Taro Development Corporation, United States of America
  • Alkaloida Chemical Company Zrt., Hungary
  • Sun Pharmaceuticals UK Limited, United Kingdom
  • Sun Pharmaceutical Industries (Australia) Pty Limited, Australia
  • Aditya Acquisition Company Limited, Israel
  • Sun Pharmaceutical Industries (Europe) B.V., Netherlands
  • Sun Pharmaceuticals Italia S.R.L., Italy
  • Sun Pharmaceuticals Spain, S.L.U., Spain
  • Sun Pharmaceuticals Germany GmbH, Germany
  • Sun Pharmaceuticals France, France
  • Sun Pharma Global FZE, United Arab Emirates
  • Sun Pharmaceuticals (SA) (Pty) Limited, South Africa
  • Sun Global Canada Pty. Limited Canada
  • Sun Pharma Philippines, Inc. Philippines
  • Sun Pharmaceuticals Korea Limited Korea
  • Sun Global Development FZE United Arab Emirates
  • Caraco Pharmaceuticals Private Limited India
  • Sun Pharma Japan Limited Japan
  • Sun Pharma Healthcare FZE United Arab Emirates
  • Morley & Company, Inc. United States of America
  • Sun Laboratories FZE United Arab Emirates
  • Taro Pharmaceutical Industries Limited (TARO) Israel
  • Taro Pharmaceuticals Inc. Canada
  • Taro Pharmaceuticals U.S.A., Inc. United States of America
  • Taro Pharmaceuticals North America, Inc. Cayman Islands, British West Indies
  • Taro Pharmaceuticals Europe B.V. Netherlands
  • Taro Pharmaceuticals Ireland Limited Ireland
  • Taro International Limited Israel
  • Taro Pharmaceuticals (UK) Limited United Kingdom
  • Taro Hungary Intellectual Property Licensing Limited Liability Company, Hungary
  • 3 Skyline LLC United States of America
  • One Commerce Drive LLC United States of America
  • Taro Pharmaceutical Laboratories Inc United States of America
  • Taro Pharmaceuticals Canada, Limited Canada
  • Taro Pharmaceutical India Private Limited,  India
  • Alkaloida Sweden AB Sweden
  • Dusa Pharmaceuticals, Inc. United States of America
  • Dusa Pharmaceuticals New York, Inc. United States of America
  • Sirius Laboratories Inc (Refer Footnote 3) United States of America
  • URL Pharma, Inc  United States of America
  • AR Scientific, Inc  United States of America
  • Mutual Pharmaceutical Company Inc. United States of America
  • United Research Laboratories, Limited  United States of America
  • Dungan Mutual Associates, LLC United States of America
  • URL PharmPro, LLC United States of America
  • 2 Independence Way LLC United States of America
  • Thallion Pharmaceutical Inc.,  United States of America
  • Universal Enterprises Private Limited India
  • Sun Pharma Switzerland Limited Switzerland
  • Silverstreet Developers LLP  India
  • Sun Pharma East Africa Limited  Kenya
  • Pharmalucence, Inc.  United States of America
  • PI Real Estate Ventures, LLC  United States of America
  • Sun Pharma ANZ Pty Limited (formerly known as Ranbaxy Australia Pty Limited), Australia
  • Ranbaxy Belgium N.V.  Belgium
  • Ranbaxy Farmaceutica Ltda. Brazil
  • Ranbaxy Pharmaceuticals Canada Inc. Canada
  • Ranbaxy Egypt LLC Egypt
  • Rexcel Egypt LLC Egypt
  • Office Pharmaceutique Industriel Et Hospitalier France
  • Basics GmbH Germany
  • Ranbaxy GmbH Germany
  • Ranbaxy Ireland Limited Ireland
  • Ranbaxy Italia S.P.A. Italy
  • Sun Pharmaceutical Industries S.A.C. (formerly known as Ranbaxy - PRP (Peru) S.A.C.) Peru
  • Ranbaxy (Poland) Sp. Z o.o. Poland
  • Ranbaxy Portugal - Com E Desenvolv DeProd Farmaceuticos Unipessoal Lda  Portugal
  • S.C Terapia S.A. Romania
  • AO Ranbaxy (formerly known as ZAO Ranbaxy) Russia
  • Ranbaxy South Africa Proprietary Limited South Africa
  • Ranbaxy Pharmaceutical Proprietary Limited South Africa
  • Be-Tabs Investments Proprietary Limited South Africa
  • Sonke Pharmaceuticals Proprietary Limited South Africa
  • Laboratorios Ranbaxy, S.L.U. Spain
  • Ranbaxy (U.K.) Limited United Kingdom
  • Ranbaxy Holdings (U.K.) Limited United Kingdom
  • Ranbaxy Europe Limited United Kingdom
  • Ranbaxy Inc. United States of America
  • Ranbaxy Pharmaceuticals, Inc. United States of America
  • Ranbaxy (Thailand) Company Limited Thailand
  • Ohm Laboratories, Inc. United States of America
  • Ranbaxy Laboratories, Inc. United States of America
  • Ranbaxy Signature LLC United States of America
  • Sun Pharmaceuticals Morocco LLC (formerly known as Ranbaxy Morocco LLC) Morocco
  • "Ranbaxy Pharmaceuticals Ukraine" LLC Ukraine
  • Perryton Wind Power LLC  United States of America
  • Insite Vision Incorporated  United States of America
  • Insite Vision Limited  United Kingdom
  • Thea Acquisition Corporation  United States of America
  • Zalicus Pharmaceuticals Limited  Canada Sun Pharma Medisales Private Limited (formerly known as Solrex Pharmaceuticals Company)  India
  • Sun Pharmaceutical Medicare Limited  India
  • Ocular Technologies SARL  Switzerland
  • JSC Biosintez  Russia
  • Sun Pharmaceuticals Holdings USA, INC  United States of America

 

 

Joint Ventures

S and I Ophthalmic LLC United States of America

 

 

Associates
  • Zenotech Laboratories Limited India
  • Daiichi Sankyo (Thailand) Limited (Refer Footnote 15) Thailand

 

 

Enterprise under control of Key Managerial Personnel or their relatives

Makov Associates Limited

 

 

Enterprise under significant Influence of Key Managerial

Personnel or their relatives
  • Sun Pharma Advanced Research Company Limited
  • Sun Petrochemicals Private Limited
  • PV Power Technologies Private Limited

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5990000000

Equity Shares

INR 1/- each

INR 5990.000 Million

100000

Cumulative Preference Shares

INR 100/- each

INR 10.000 Million

 

Total

 

INR 6000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2399260815

Equity Shares

INR 1/- each

INR 2399.300 Million

 

 

 

 

 

 

b) Reconciliation of the number of shares outstanding at the beginning and the end of the reporting period:

 

 

31.03.2017

 

No. of Shares held

INR in Million

Opening balance

2406605118

2406.600

Add : shares allotted to employees on exercise of employee stock option (excluding shares held by ESOP trust)

155697

0.200

Less : buy-back of shares

(7500000)

(7.500)

Outstanding at the end of the period

2399260815

2399.300

 

c) The movement of equity shares issued to ESOP Trust at face value is as follows: (As at April 01, 2015, excluding share suspense account):

 

 

31.03.2017

 

No. of Shares held

INR in Million

Opening balance

123381

0.100

Add : shares allotted pursuant to the scheme of amalgamation

 

 

Less : shares allotted by ESOP Trust on exercise of employee stock

option

(93015)

(0.100)

Outstanding at the end of the period

30366

0.00

 

 

d) Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

 

Name of Shareholders

31.03.2017

 

No. of Shares held

% of Holding

Dilip Shantilal Shanghvi

230,285,690

9.60

Viditi Investment Private Limited

200,846,362

8.40

Tejaskiran Pharmachem Industries Private Limited

194,820,971

8.10

Family Investment Private Limited

182,437,880

7.60

Quality Investments Private Limited

182,379,237

7.60

 

 

(i)     1,035,581,955 (upto March 31, 2016: 1,035,581,955; upto April 01, 2015: 1,035,581,955) equity shares of INR 1 each have been allotted as fully paid up bonus shares during the period of five years immediately preceding the date at which the Balance Sheet is prepared.

(ii)    334,956,764 (upto March 31, 2016: 334,956,764; upto April 01, 2015: Nil) equity shares of INR 1 each have been allotted, pursuant to scheme of amalgamation, without payment being received in cash during the period of five years immediately preceding the date at which the Balance Sheet is prepared.

(iii)   7,500,000 (upto March 31, 2016: Nil, upto April 01, 2015: Nil) equity shares of INR 1 each have been bought back during the period of five years immediately preceding the date at which the Balance Sheet is prepared. The shares bought back in the current year were cancelled immediately.

(iv)  Rights, Preference and Restrictions attached to equity shares: The Equity Shares of the Company, having par value of INR 1 per share, rank pari passu in all respects including voting rights and entitlement to dividend.

(v)   50 for number of employee stock options against which equity shares are to be issued by the Company / ESOP Trust upon vesting and exercise of those stock options.

 

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

(a) Share Capital

2399.300

2406.600

2071.200

(b) Reserves & Surplus

206315.800

212424.300

68719.500

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

6.700

483.800

Total Shareholders’ Funds (1) + (2)

208715.100

214837.600

71274.500

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7606.400

19292.700

11703.200

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

6.800

135.700

143.700

(d) long-term provisions

11328.300

19245.500

24225.100

Total Non-current Liabilities (3)

18941.500

38673.900

36072.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

40540.400

37337.200

42528.100

(b) Trade payables

20942.000

17724.400

14849.700

(c) Other current liabilities

29873.400

19068.300

32475.500

(d) Short-term provisions

18469.900

14257.900

11977.700

Total Current Liabilities (4)

109825.700

88387.800

101831.000

 

 

 

 

TOTAL

337482.300

341899.300

209177.500

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

38319.400

35129.000

42758.600

(ii) Intangible Assets

484.600

552.700

0.000

(iii) Capital work-in-progress

10533.200

7677.300

0.000

(iv) Intangible assets under development

453.900

0.000

0.000

(b) Non-current Investments

193510.200

222831.100

93666.200

(c) Deferred tax assets (net)

7517.000

0.000

0.000

(d)  Long-term Loan and Advances

48.500

21654.700

18952.300

(e) Other Non-current assets

22916.900

617.500

419.500

Total Non-Current Assets

273783.700

288462.300

155796.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

400.100

824.900

939.300

(b) Inventories

22866.200

21321.600

21892.500

(c) Trade receivables

27256.700

20168.100

18028.200

(d) Cash and cash equivalents

1638.100

1693.900

3042.700

(e) Short-term loans and advances

138.200

7450.300

6966.900

(f) Other current assets

11399.300

1978.200

2511.300

Total Current Assets

63698.600

53437.000

53380.900

 

 

 

 

TOTAL

337482.300

341899.300

209177.500

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

78067.000

76144.600

77309.300

 

Other Income

5144.100

4318.200

3924.700

 

TOTAL

83211.100

80462.800

81234.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

22845.200

20198.500

22611.100

 

Purchases of Stock-in-Trade

12365.000

11700.000

9342.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1627.900)

(684.800)

3181.000

 

Employees benefits expense

14861.700

14805.100

14866.900

 

Other expenses

28670.300

34475.600

34689.500

 

Exceptional Items

0.000

701.300

0.000

 

TOTAL

77114.300

81195.700

84690.700

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

6096.800

(732.900)

(3456.700)

 

 

 

 

 

Less

FINANCIAL EXPENSES

2235.600

5306.400

5512.500

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3861.200

(6039.300)

(8969.200)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

4185.600

4639.800

6606.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(324.400)

(10679.100)

(15576.000)

 

 

 

 

 

Less

TAX

25.100

54.500

(848.400)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(349.500)

(10733.600)

(14727.600)

 

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(0.10)

(4.50)

6.12

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

13319.300

1722.800

13838.700

Cash generated from operations

(8450.600)

(8917.200)

3420.700

Net cash flow from operating activity

(16239.500)

(12444.500)

1485.900

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

30.09.2017

31.12.2017

 

Unaudited

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

18025.200

18238.400

20452.300

Total Expenditure

19753.300

19073.700

18669.100

PBIDT (Excl OI)

(1728.100)

(835.300)

1783.200

Other Income

257.900

8918.200

334.700

Operating Profit

(1470.200)

8082.900

2117.900

Interest

834.400

1295.800

647.000

Exceptional Items

(9505.000)

NA

NA

PBDT

(11809.600)

6787.100

1470.900

Depreciation

1087.700

1050.800

1060.500

Profit Before Tax

(12897.300)

5736.300

410.400

Tax

12.600

(34.200)

5.400

Provisions and contingencies

NA

NA

NA

Profit After Tax

(12909.900)

5770.500

405.000

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

(12909.900)

5770.500

405.000

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

127.44

96.68

85.12

 

 

 

 

Account Receivables Turnover

( Income / Sundry Debtors)

2.86

3.78

4.29

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

217.09

202.81

169.63

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.27

(0.03)

(0.16)

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.12

(0.02)

(0.08)

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.39

0.32

0.61

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.29

0.27

0.96

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.53

0.41

1.43

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.24

0.20

0.60

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

2.73

(0.14)

(0.63)

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

[(PAT / Sales) * 100]

%

(0.45)

(14.10)

(19.05)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(0.10)

(3.14)

(7.04)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(0.17)

(5.00)

(20.66)

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

0.58

0.60

0.52

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.37

0.36

0.31

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.62

0.63

0.34

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

25.62

24.25

32.87

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.58

0.60

0.52

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 1.00/-

Market Value

INR 550.00/-

 

 

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

2071.200

2406.600

2399.300

Share Suspense Account

68719.500

212424.300

206315.800

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

483.800

6.700

0.000

Net worth

70790.700

214830.900

208715.100

 

 

 

 

long-term borrowings

11703.200

19292.700

7606.400

Short term borrowings

42528.100

37337.200

40540.400

Current Maturities of Long term debt

13838.700

1722.800

13319.300

Total borrowings

68070.000

58352.700

61466.100

Debt/Equity ratio

0.962

0.272

0.294

 

 

 

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

77309.300

76144.600

78067.000

 

 

(1.507)

2.525

 

 

 

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

77309.300

76144.600

78067.000

Profit/ (Loss)

(14727.600)

(10733.600)

(349.500)

 

(19.05%)

(14.10%)

(0.45%)

 

 

 

ABRIDGED BALANCE SHEET - CONSOLIDATED

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

2399.300

2406.600

(b) Share Suspense Account

 

0.000

0.000

(c) Reserves & Surplus

 

363997.400

311635.600

(d) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

6.700

(3) Minority Interest

 

37908.600

40852.500

Total Shareholders’ Funds (1) + (2)

 

404305.300

354901.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

14360.800

31167.300

(b) Deferred tax liabilities (Net)

 

3147.900

616.100

(c) Other long term liabilities

 

1307.100

2237.100

(d) long-term provisions

 

12111.100

20797.000

Total Non-current Liabilities (3)

 

30926.900

54817.500

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

66549.200

52213.700

(b) Trade payables

 

43953.900

34895.800

(c) Other current liabilities

 

28208.000

11192.400

(d) Short-term provisions

 

40159.100

34174.700

Total Current Liabilities (4)

 

178870.200

132476.600

 

 

 

 

TOTAL

 

614102.400

542195.500

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

84952.900

75559.200

(ii) Intangible Assets

 

36436.600

40708.500

(iii) Capital work-in-progress

 

15647.600

12034.600

(iv) Intangible assets under development

 

12366.200

5303.700

(b) Goodwill of consolidated

 

55362.200

41811.100

(c) Non-current Investments

 

9610.000

5933.200

(d) Deferred tax assets (net)

 

24928.200

21875.200

(e)  Long-term Loan and Advances

 

698.100

29360.300

(f) Other Non-current assets

 

44564.100

964.000

Total Non-Current Assets

 

284565.900

233549.800

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

2308.800

7152.800

(b) Inventories

 

68328.100

64236.300

(c) Trade receivables

 

72026.100

67958.900

(d) Cash and cash equivalents

 

151408.400

139892.500

(e) Short-term loans and advances

 

10190.800

26403.900

(f) Other current assets

 

25274.300

3001.300

Total Current Assets

 

329536.500

308645.700

 

 

 

 

TOTAL

 

614102.400

542195.500

 

 

PROFIT & LOSS ACCOUNT - CONSOLIDATED

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

315784.400

282697.100

 

Other Income

 

6231.500

6169.700

 

TOTAL

 

322015.900

288866.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

51246.100

43881.300

 

Purchases of Stock-in-Trade

 

32777.600

25429.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(2716.300)

(4478.600)

 

Employees benefits expense

 

49023.000

47971.300

 

Other expenses

 

84561.300

86655.000

 

Exceptional Items

 

0.000

6851.700

 

TOTAL

 

214891.700

206309.900

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

 

107124.200

82556.900

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

3998.000

4768.900

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

103126.200

77788.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

12647.500

10135.200

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

90478.700

67652.800

 

 

 

 

 

Less

TAX

 

12115.700

9349.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

78363.000

58303.800

 

 

 

 

 

Less

Share in Loss of Associates

 

99.300

 18.700

 

 

 

 

 

 

Profit after Tax before adjustment for Minority Interest

 

78263.700

58285.100

 

 

 

 

 

Less

Share of Profit attributable to Minority Interest

 

8818.600

11126.000

 

 

 

 

 

 

Profit for the Year attributable to the Shareholders of the Company

 

69445.100

47159.100

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

29.00

19.60

 

 

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

Yes

5

Buyer visit details

-

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

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

No

33

Market information

---

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

GLOBAL PHARMACEUTICAL INDUSTRY

 

The global spending on medicines is expected to reach nearly US$ 1.5 Trillion by 2021. This is an increase of nearly US$ 370 Billion from the 2016 estimated spending level, representing a CAGR of 4-7%. The two main drivers of this growth will be introduction of new innovative products in the developed markets and increased volumes of branded generics in the emerging markets.

 

The growth of a country’s pharmaceutical industry closely mirrors its general economic progress. As economies of the world demonstrate widely divergent growth patterns, industry growth is also different. However, taking a macro perspective, global pharmaceutical growth depends on worldwide economic momentum, government healthcare programmes and spending patterns. While R&D efforts will drive the introduction of new products in the market, challenges remain. For countries grappling with sluggish economies and limited resources, funding access to these medicines remains an uphill task.

 

Each country in the world is facing these challenges and addressing them in its own way. Overall, generic products will continue to be an integral part of these efforts, targeted at striking a balance between access to healthcare and ability to fund it.

 

The key trends for the next five years:

 

The US will continue as the world’s largest pharmaceutical market.

 

New innovative products will drive the growth in pharmaceutical spending in developed markets, but will be partly offset by patent expires. Growth will be driven primarily by oncology, autoimmune and diabetes treatments.

 

Pharmerging markets will grow faster than developed markets, driven mainly by rising income levels, increased healthcare awareness, government policies directed at achieving universal healthcare and increasing incidence of chronic ailments.

 

Innovation in specialty medicines will drive the share of global specialty spending from 30% in 2016 to 35% in 2021. This increase will be driven by the acceptance of new breakthrough medicines.

 

The specialty segment will be a key focus area for payers and they are likely to focus on lowering healthcare costs and the therapeutic value offered by such specialty medicines. The US and Western Europe will be the key drivers of specialty medicines.

 

 

GLOBAL GENERICS

 

The global generics market consists of both non-branded and branded generics. Branded generics in emerging markets will be the key drivers of growth for the overall generics market. This growth will be driven by many macroeconomic factors like rising per capita incomes, growing healthcare awareness, increasing medical insurance penetration and higher incidence of chronic ailments. The efforts of governments in emerging markets to achieve universal healthcare are also expected to drive the growth of branded generics.

 

The global demand for non-branded generic drugs will continue to grow as governments, payors and consumers pursue avenues to reduce healthcare costs, mainly in the developed economies.

 

 

GROWTH DRIVERS OF GLOBAL PHARMACEUTICAL INDUSTRY

 

Changing demographic pattern Ageing population and growing life expectancy will remain a longterm growth driver for global pharmaceutical consumption. The combination of population ageing and increased life expectancy — up from an estimated 72.3 years in 2014 to 73.3 years in 2019 — will take the number of people aged 65-plus to over 604 Million, or 10.8% of the total global population. This number is anticipated to be even higher in Western Europe (nearly 21%) and Japan (28%).

 

 

Factors that have contributed to enhanced life expectancy are declining infant mortality, enhanced living conditions, improved sanitation, better prevention of communicable diseases, and growing access to healthcare. Increased life expectancy, coupled with other macroeconomic factors (rising per capital incomes, growing healthcare awareness, enhanced medical insurance penetration) will remain key growth drivers for the pharmaceutical industry.

 

OUTLOOK

 

The global spending on medicines is estimated to grow at 4-7% CAGR between 2016 and 2021, to reach approximately US$ 1.5 Trillion. Pharmaceutical spending growth in developed markets, will be driven by oncology, autoimmune and diabetes treatments. Developed market spending growth will be driven by original brands but will be partly constrained by patent expiries and the cost and access controls instituted by payors. Growth in pharmerging markets will continue to be fuelled by branded-generic and pure generic products.

 

 

INDIAN PHARMACEUTICAL MARKET8

 

India’s pharmaceutical market ranks third in the world in terms of volume and 11th in terms of value. At US$ 17.4 Billion, the market in India accounted for 1.6% share of the global market in 2016. It is expected to grow at a CAGR of 10-13% to US$ 26-30 Billion by 2021.

 

 

The overall penetration of modern medicines is quite low in India. The per capita spending on pharmaceuticals in India is one of the lowest among emerging markets. Compared to the emerging market average per capita spend of about US$ 117 per year, the spending in India is approximately US$ 15-25 per year. Affordability, access and awareness are the prime factors, which determine demand for pharmaceutical products in the Indian market.

 

Other factors like rising per capita income, improving access to healthcare facilities, and higher government spending on healthcare drive market demand. Moreover, increasing insurance penetration, more healthcare awareness and enhanced investments for treating chronic ailments serve as key growth drivers.

 

 

GENERAL INFORMATION

 

Subject the Company is a public limited company incorporated and domiciled in India and has its listing on the BSE Limited and National Stock Exchange of India Limited. The addresses of its registered office and principal place of business are disclosed in the introduction to the annual report. The Company is in the business of manufacturing, producing, developing and marketing a wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). The Company has various manufacturing locations spread across the country with trading v and other incidental and related activities extending to the global markets.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Term Loans from Banks

7498.200

19215.400

Short-term borrowings

 

 

From Banks

25021.500

26756.800

Loans and Advances from a related party

0.000

8019.900

Other Loans and Advances Commercial Paper

15320.800

0.000

Total

47840.500

53992.100

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

Claims against the Company not acknowledged as debts

355.0000

Liabilities Disputed - Appeals filed with respect to :

 

Income Tax on account of Disallowances / Additions

45998.300

Sales Tax on account of Rebate / Classification

45.700

Excise Duty on account of Valuation / Cenvat Credit

1102.200

ESIC Contribution on account of applicability

132.800

Service tax on certain services performed outside India under reverse charge basis

0.000

Drug Price Equalisation Account [DPEA] on account of demand towards

unintended benefit, enjoyed by the Company

3488.200

Demand by JDGFT import duty with respect to import alleged to be in excess of entitlement as per the Advanced License Scheme

16.700

Fine imposed for anti-competitive settlement agreement by European Commission

715.400

Octroi demand on account of rate difference

171.000

Other matters - employee / worker related cases, State electricity board, Punjab Land Preservation Act related matters etc.

67.500

 

 

INDEX OF CAHREGS:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G05259965

10351563

BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL

31/03/2012

29/02/2016

-

178140000.0

MTNL Building, 1st Floor,9 CGO Complex, Lodi RoadNew DelhiDe110003IN

2

Y10182237

90095637

NVFC FINANCE PRIVATE LTD

26/05/1999

27/04/2000

-

7500000.0

1843; 6TH CROSS 20TH MAINJ.P. NAGAR; II PHASEBANGLOREKA560078IN

3

Y10181712

90095112

RISK CAPITAL AND TECHNOLOGY FINANCE CORPORATION LTD

29/04/1999

05/08/2004

-

15000000.0

E-216; 3RD FLOOREAST KAILASHNEW DELHIDL110065IN

4

Y10181683

90095083

INDUSTRIAL DEVELOPMENT BANK OF INDIA

17/11/1998

09/07/2005

-

32500000.0

IDBI TOWERCOLABAMUMBAIMH400005IN

5

Y10181537

90094937

INDUSTRIAL DEVELOPMENT BANK OF INDIA

13/09/1996

28/11/1997

-

92000000.0

IDBI TOWERCOLABAMUMBAIMH400005IN

6

Y10191137

90101445

GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD.

11/10/1993

11/10/1993

-

13600000.0

CHUNIOBHAI CHAMBERSASHRAM ROADAHMEDABADGJ380009IN

7

G74082454

90098193

ICICI BANK LIMITED

03/07/1995

26/08/2013

19/01/2018

1260000000.0

ICICI BANK TOWERSBANDRA KURLA COMPLEX, BANDRA (EAST),MUMBAIMH400051IN

8

G74058710

90097707

BANK OF BARODA

06/04/1993

06/04/1993

17/01/2018

87831000.0

INDUSTRIAL ESTATE BRANCHVAPIGJIN

9

G74064015

90101587

BANK OF BARODA

03/07/1995

03/10/2001

17/01/2018

252500000.0

ALKAPURI BRANCH; OPP. PETROL PUMPLAKAPURIBARODAGJ338159IN

10

G74062829

90098061

BANK OF BARODA

28/01/1995

-

17/01/2018

178000000.0

ALKAPURI BRANCHR. C. DUTT ROADBARODAGJIN

 

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Buildings
  • Buildings – Leased
  • Plant and Equipment
  • Plant and Equipment – Leased
  • Vehicles
  • Office Equipment
  • Furniture and Fixtures
  • Computer Software

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND Nine MONTHS 31.12.2017

 

        (INR In Million)

PARTICULARS

3 Months

9 Months

 

31.12.2017

30.09.2017

31.03.2017

 

[Unaudited]

[Unaudited]

[Unaudited]

1. Income from Operations

 

 

 

Net Sales/income from operations

20452.300

18238.400

56644.200

Other Operating Income

334.700

8918.200

9511.500

Total income from operations (net)

20787.000

27156.600

66155.700

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

2057.500

3385.000

11398.200

Purchases of stock-in trade

2955.600

1954.800

7102.800

Changes in inventories of finished goods. work-in-progress and stock in trade

4051.700

3660.200

7689.600

Employee benefits expense

4040.700

3929.600

12111.100

Depreciation and Amortization Expenses

1060.500

1050.800

3207.600

Other Expenses

5563.600

6144.100

19074.500

Finance Costs

647.000

1295.800

2777.200

Total expenses

20376.600

21420.300

63361.000

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items

410.400

5736.300

2794.700

Exceptional items

0.000

0.000

9505.000

Profit/ (Loss) from ordinary activities before tax

410.400

5736.300

(6710.300)

Tax expenses

5.400

(34.200)

(1.800)

Net Profit / (Loss) from ordinary activities after tax

405.000

5770.500

(6708.500)

Extraordinary item (net of tax expense)

0.000

0.000

0.000

Net Profit / (Loss) for the period

405.000

5770.500

(6708.500)

Comprehensive Income

(184.500)

(165.900)

(504.000)

Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates

220.500

5604.600

(7212.500)

 

 

 

 

Paid up equity share capital (Face Value of INR 1/-each)

2399.300

2399.300

2399.300

Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year

- 

- 

- 

Earnings per share (before extraordinary items) of INR 1/- each (not annualized):

- 

- 

- 

(a) Basic

0.20

2.40

-2.80

(b) Diluted

0.20

2.40

-2.80

 

 

Notes:

 

1) The above standalone unaudited financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 14, 2018. The statutory auditors of the Company have conducted a "Limited Review" of the above standalone unaudited financial results. 




2) The Company has adopted Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, and accordingly, these standalone unaudited financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 Interim financial reporting, and other accounting principles generally accepted in India. 

 


3) During the quarter ended December 31, 2017, 1,260 equity shares of INR 1 each have been allotted under Employee Stock Option Scheme of the Company. 

 


4) Post implementation of Goods and Service Tax ("GST") with effect from July 01, 2017, revenue from operations is disclosed net of GST. Revenue from operations for the earlier periods included excise duty which is now subsumed in GST. Revenue from operations for the nine months ended December 31, 2017 includes excise duty for the period ended June 30, 2017. Accordingly, revenue from operations for quarter and nine months ended December 31, 2017 are not comparable with those of the previous periods presented. 

 


5) The Board of Directors of the Company at their meeting held on November 10, 2016 and the shareholders and unsecured creditors of the Company at their respective meetings held on June 20, 2017 approved the proposed scheme of arrangement u/s 230 to 232 of the Companies Act, 2013 for amalgamation of Sun Pharma Medisales Private Limited, Ranbaxy Drugs Limited, Gufic Pharma Limited and Vidyut Investments Limited into the Company with effect from April 01, 2017, the appointed date ("the Proposed Scheme"). The Company received the amalgamation order effective September 06, 2017. The results for previous periods have been restated to give effect to the merger. 

 


6) In respect of an antitrust litigation, relating to a product Modafinil, the Company and one of its wholly-owned subsidiaries entered into settlements with certain plaintiffs (Apotex Corporation and Retailer Purchasers), whereby the Company agreed to pay an aggregate amount of USD 147 Million. The equivalent Indian rupee liability of INR 9505.000 Million has been provided in nine months ended December 31, 2017 and disclosed as an exceptional item. 


7) The Company has only one reportable segment namely 'Pharmaceuticals'. 

 

 

 

WEBSITE DETAILS

 

PRESS RELEASES/ NEWS

 

SUN PHARMA FALLS 3% POST HALOL OBSERVATIONS; NOMURA REMAINS NEUTRAL

 

The US FDA conducted Good Manufacturing Practices (GMP) inspection of Sun Pharma's Halol facility from February 12 - 23.

 

 

Feb 26, 2018: Shares of Sun Pharma fell around 3 percent intraday on Monday as investors turned wary of observations issued to its Halol plant by the US drug regulator.

 

US FDA issued three Form 483 observations for its Halol site in Gujarat.

 

The company didn't disclose the nature of these observations.

 

A Form 483 is issued by the US FDA inspectors at the end of the inspection outlining any deviations from GMP.

 

The US FDA conducted Good Manufacturing Practices (GMP) inspection of Sun Pharma's Halol facility from February 12 - 23.

 

"The company is preparing the response to the observations, which will be submitted to the US FDA within 15 business days. The company is committed to addressing these observations promptly," said Sun Pharma in a statement to stock exchanges.

 

"The company remains committed to working closely with the US FDA and continues to enhance its GMP compliance on an ongoing basis," the statement added.

 

The company's founder and managing director Dilip Shanghvi expressed confidence about resolving the three issues pointed out by the American drug regulator.

 

Brokerage houses are neutral on the stock citing closure time for the observations and EIR issuance.

 

Brokerage: Nomura | Rating: Neutral | Target At INR 479

 

Nomura said that it is awaiting 483 observation details to assess potential time to resolution. Further, it expects closure of inspection and EIR issuance to take about six months. It expects slight slippage from assumption of early FY19 resolution.

 

Brokerage: Jefferies | Rating: Hold | Target: INR 520

 

The global research firm said that it is building a resolution for Halol in the current quarter. Further, the resolution remains a key with valuations at 21.5 times FY20 PE. Earnings recovery will be gradual as investment in specialty to continue.

 

ANALYSTS EXPECT SUN PHARMA TO FALL UP TO 25% POST Q3 EARNINGS, AWAIT HALOL RESOLUTION

All brokerage houses barring Motilal Oswal highlighted in this article are having Reduce to Hold rating and expect the stock to fall up to 25 percent.

 

Feb 15, 2018: Brokerage houses are not positive on Sun Pharmaceutical Industriesafter its disappointing Q3 earnings and expect the stock to fall up to 25 percent over next 12 months. The stock fell as much as 1.6 percent in early trade, but then gradually recovered to gain up to 1.8 percent before closing up 0.5 percent.

 

The pharma major's profit fell sharply by 75.2 percent year-on-year to INR 3654.000 million, dragged by exceptional tax expenses.

 

"Tax expenses (exceptional) for the quarter represented estimated impact of INR 5130.200 million on account of re-measurement of the group's deferred tax assets as a result of the Tax Cut and Jobs Act enacted in the US on December 2017," the pharma major said in its filing.

 

Consolidated revenue from operations also slipped 16 percent year-on-year to INR 66532.300 million in Q3 due to decline in the US business. Consolidated operating profit degrowth of INR 40.8 percent year-on-year INR 14534.000 million and margin decline of 910 basis points at 21.8 percent for December quarter 2017 were lower than CNBC-TV18 poll estimates of INR 14348.000 million and 21.1 percent, respectively.

 

All brokerage houses barring Motilal Oswal highlighted in this article are having Reduce to Hold rating and expect the stock to fall up to 25 percent.

 

Brokerage - Edelweiss | Rating - Hold | Target - INR 550

 

Challenging macro environment, regulatory woes and endeavour to create a US specialty business are exerting significant pressure on the business.

 

They believe two things can reverse the tide in the short term: 1) clearance of Halol, for which re-inspection is underway; and 2) approval for and launch of MK-3222 and Seciera, respectively, in FY19.

 

The stock has run up 10 percent over the past few days on the Halol re-inspection news. It is now trading at around 20 percent premium to the sector at 23x FY20E earnings of INR 25, i.e., 70 percent growth on FY18 earnings estimates assuming all the upsides from the re-inspection and the successful launch of the specialty pipeline.

 

They believe, the risk-reward is unfavourable, and perceive limited upside from the current level. Therefore, they downgrade to Hold with revised target price of INR 550.

 

Brokerage - Motilal Oswal | Rating - Buy | Target - INR 675

 

US business declined around 36 percent YoY to USD 328 million due to inclusion of sales from Imatinib (six months’ exclusivity) in the base quarter. Sequential improvement in the US business can be attributed to re-coup of deferred sales from Q2FY18 and some expansion in market share.

 

They expect the stock to remain under pressure in the near term due to challenges related to growth and margins. They maintain Buy rating with a target price of INR 675. They cut FY18/19 EPS estimates by 6/5 percent, building in a slower recovery in the US business and margin improvement.

 

Brokerage - Prabhudas Lilladher | Rating - Reduce | Target - INR 447

US generics are impacted with a) strong competition in Derma portfolio of Taro, b) competitive intensity in older generics, and c) supply disruption from Halol. These have resulted in impacting its core generic sales.

 

There is no visibility of generic Glumetza launch in FY18 as management remained cautious of any launch that invokes recall of products in US. Nevertheless, there are array of competitive issues those impact sales growth while build-up costs for investments in generic pipeline and front-end for specialty/NDA products in US need to be incurred upfront.

 

The return on specialty and NDA products are back-ended with expected break-even in FY20. They believe Sun will be facing higher challenges even meeting their guidance due to likely increase in overhead costs going forward. There is a chance of further reduction in Taro and in Lipodox revenue and margins (with launch of DRL generics).

 

They maintain recommendation to Reduce and increase target price to INR 447 (from INR 359).

 

Brokerage - ICICIdirect | Rating - Hold | Target - INR 530

 

Broadly, the challenges persist on the generics pricing front in the base business. Unlike other generic players, the approval momentum is slightly slow in Sun’s case, mainly due to pending Halol resolution.

 

However, progress in the speciality portfolio is promising, which is the key differentiator vis-a-vis peers. They maintain Hold rating with a new target price of INR 530 based on 22x FY20E EPS of INR 22.4 and INR 38 NPV for Tildrakizumab.

 

Brokerage - CLSA | Rating - Sell | Target - INR 430

 

Risks to specialty ramp-up/delay in Halol clearance is not priced in. Key earnings driver going forward will be improvement in US revenue.

 

They retain Sell call with a target price of INR 430.

 

Brokerage - Nomura | Rating - Neutral | Target - INR 479

 

Nomura maintains Neutral call on the stock with a target price at INR 479 per share. Halol resolution is a key as it’s factored into stock price.

 

The approval from USFDA to Tildrakizumab by March 2018 is also critical.

 

Brokerage - Morgan Stanley | Rating - Underweight | Target - INR 448

 

Morgan Stanley has Underweight call on the stock with a target price of INR 448. They believe earnings are bottoming.

 

Brokerage - Jefferies | Rating - Hold | Target - INR 520

 

Jefferies has Hold call on Sun Pharma with increased target price at INR 520 from INR 475 per share.

 

They build a Halol resolution by FY18-end & see strong growth in FY19. Company guided for Q4 revenue is similar to Q3, implying over 15 percent decline in FY18 versus earlier target.

 

Investment in specialty can limit near-term earnings recovery. Valuations & Halol re-inspection leave little room for upside risk.

 

 

 

 

 

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

US Dollar

1

INR 64.85

UK Pound

1

INR 90.58

Euro

1

INR 79.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MTN

 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.