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MIRA INFORM REPORT
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Report No. : |
515966 |
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Report Date : |
21.06.2018 |
IDENTIFICATION DETAILS
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Name : |
TORRENT PHARMACEUTICALS LIMITED |
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Registered
Office : |
Torrent House, Off. Ashram Road, Navarangpura 9, Ahmedabad – 380009, |
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Tel. No.: |
91-79-26583060 / 26585090 |
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Country : |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
15.07.1972 |
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CIN No.: [Company Identification
No.] |
L24230GJ1972PLC002126 |
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Capital
Investment / Paid-up Capital : |
INR 850.000 Million |
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IEC No.: [Import-Export Code No.] |
0888038241 |
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PAN No.: [Permanent Account No.] |
AAACT5456A |
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GSTN : [Goods & Service Tax Registration
No.] |
Not Divulged |
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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
: |
The company engaged in research, development, manufacturing and marketing of generic pharmaceutical formulations. [Registered Activity] |
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No. of Employees
: [As on
31.03.2017] |
11781 (Approximately) |
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a flagship company of Torrent Group in India based in
Ahmedabad, Gujarat and strong player of pharmaceutical industry. The company is one of the leading manufacturers and trader of branded
as well as unbranded generic pharmaceutical products and also has significant
presence in fast growing, life style related therapeutic segments like
cardiovascular (CVS) and Central nervous system (CNS). For the financial year 2018, the company has witnessed slight decline
in its revenue compared to previous year and also shows a dip in its
profitability margin from lasts year 18.35%. Ratings take into consideration healthy financial profile on back of
low financial leverage with favourable capital structure and comfortable
liquidity position. The recent company’s announcement of acquisition of “Biopharm Inc, USA
is expected to improve TPL’s foothold in the US market, despite sustained pricing
pressure of US pharma market, the financial profile remains supported by
healthy cash and liquid accruals. Rating also takes into consideration the company’s established track record
and enjoys strong market position in domestic formulation market with focus
on CVS, CNS and GI therapeutic areas. Further, the company is listed on BSE and NSE. Price quoted in BSE is
held at INR 1485.00 against its face value of INR 5. However, ratings strengths are partially offset by significant
acquisition of debt funded “Unichem’s domestic branded portfolio will lead to
stretched debt protection metrics in the near term. Further, managing legal
and regulatory changes in various markets in with the company operates. Payments are reported to be regular. 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Commercial Paper = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
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Date |
24.05.2018 |
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Rating Agency Name |
ICRA |
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Rating |
Non-convertible Debenture Programme = AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
24.05.2018 |
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
31-03-2018.
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 21.06.2018.
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 BY
|
Name : |
Mr. Kamal |
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Designation : |
Accounts Executive |
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Contact No.: |
91-79-26585090 |
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Date : |
19.06.2018 |
Given number [91-79-26583060] is continuously ringing
LOCATIONS
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Registered/
Corporate Office : |
Torrent House, Off. Ashram Road, Navarangpura 9, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26583060 /26585090 |
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Fax No.: |
91-79-26582100 |
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E-mail : |
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Website : |
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Factory 1 : |
Indrad Plant: Village Indrad,
Taluka Kadi, District: Mehsana – 382721, Gujarat, India |
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Tel. No.: |
91-2764-233671-75,
233678-80 |
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Fax No.: |
91-2764-233676 |
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E-Mail : |
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Factory 2 : |
Baddi Plant : Village Bhud and
Makhnu Majra, Baddi, Tehsil Nalagarh, District: Solan, |
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Tel. No.: |
91-1795-246821 |
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Fax No.: |
91-1795-247159 |
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Factory 3 : |
32 No. Middle Camp, NH-31A, East District, Gangtok, Sikkim, Himalaya,
India |
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Factory 4 : |
Plot
No. 810, Sector III, Industrial Area, Pithampura, District: Dhar, Madhya Pradesh, India |
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Factory 5 : |
Plot
No.77, J N Pharma City, Thanam Village, Parawada Mandal, Vizag, Andhra
Pradesh, India |
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Factory 6 : |
Plot No.
Z104-106, Dahej SEZ Phase II, Taluka Vagra, District: Bharuch, Gujarat, India |
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Project Site : |
Bileshwarpura, Taluka Kalol, District: Gandhinagar,
Gujarat, India |
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Research and
Development Facility : |
Torrent Research
Centre, Near Kanoria Hospital, Village Bhat, District: Gandhinagar – 382428,
Gujarat, India |
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Tel. No.: |
91-79-23269124/23969100 |
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Fax No.: |
91-79-23269135/23969135/
23969124-34 |
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E-Mail : |
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Mumbai Office
: |
215, Atrium, 'B' 3rd Floor, Beside Courtyard Marriot Hotel, Andheri - Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Sudhir Uttamlal Mehta |
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Designation : |
Chairman Emeritus and Director |
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Address : |
Akalpya, Opposite Jain Temple, Sarkhej
Gandhinagar Highway, Ahmedabad – 380058, Gujarat, India |
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Date of Birth /Age : |
43 years |
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Qualification : |
CA, CWA |
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Date of Appointment : |
23.06.1982 |
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DIN No.: |
00061871 |
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Name : |
Mr. Samir Uttamlal Mehta |
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Designation : |
Executive Chairman |
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Address : |
Akalpya, Opposite Jain Temple, Sarkhej
Gandhinagar Highway, Ahmedabad – 380058, Gujarat, India |
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Date of Birth /Age : |
52 years |
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Qualification : |
B.Com., MBA |
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Date of Appointment : |
01.08.2010 |
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DIN No.: |
00061903 |
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Name : |
Dr. Chaitanya Mavinkurve Dutt |
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Designation : |
Whole-time Director (Research and Development) |
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Address : |
Arvind Colony, Shahibaug, Ahmedabad –
380004, Gujarat, India |
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Date of Birth /Age : |
65 years |
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Qualification : |
M.D. (Medicine) |
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Date of Appointment : |
01.01.2012 |
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DIN No.: |
00110312 |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Director |
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Address : |
1104, Sterling Seaface, Dr. Annie Besant
Road, Worli, Mumbai – 400018, Maharashtra, India |
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Date of Appointment : |
23.07.2012 |
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DIN No.: |
00005290 |
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Name : |
Mr. Shailesh Vishnubhai Haribhakti |
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Designation : |
Director |
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Address : |
10 and 11 Sahil Apartment, S K Barodawala
Road, 14 Altamount Road, Cumballa Hill, Mumbai – 400026, Maharashtra, India |
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Date of Appointment : |
30.07.2011 |
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DIN No.: |
00007347 |
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Name : |
Mr. Markand Induprasad Bhatt |
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Designation : |
Director |
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Address : |
2 Panchsheel Enclave, Near Sundervan
Satellite Road, Ahmedabad – 380015, Gujarat, India |
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Date of Appointment : |
19.10.2000 |
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DIN No.: |
00061955 |
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Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Director |
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Address : |
Flat No. 19, Cozy Retreat No. 3 Sindh
Housing Society, Aundh, Pune – 411007, Maharashtra, India |
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Date of Appointment : |
26.07.2013 |
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DIN No.: |
00525234 |
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Name : |
Renu Challu |
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Designation : |
Director |
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Address : |
A 34/1, Afochs, Sainikpuri, Secunderabad – 500094,
Telangana, India |
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Date of Appointment : |
27.07.2015 |
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DIN No.: |
00157204 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Saligram Modi |
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Designation : |
Executive Director and Chief Financial Officer |
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Address : |
C-42, Akash Apartments, Near Judges
Bunglow, Premchand Nagar Road, Ahmedabad – 380015, Gujarat, India |
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Date of Birth /Age : |
53 years |
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Qualification : |
CA |
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Date of Appointment : |
09.05.2014 |
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PAN No.: |
AAPPM4742C |
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Name : |
Mr. Mahesh Dwarkaprasad Agrawal |
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Designation : |
VP (Legal) and Company Secretary |
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Address : |
B-3,Surdhara Apartment, Mehta Park Society,
Near Hira Baug Crossing, Ambawadi, Ahmedabad – 380006, Gujarat, India |
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Date of Appointment : |
28.11.2003 |
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PAN No.: |
AAYPA3793N |
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Audit and Risk
Management Committee : |
· Mr. Shailesh Haribhakti - Chairman · Mr. Haigreve Khaitan · Mr. Pradeep Bhargava · Mrs. Renu Challu |
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Securities transfer and stakeholders
Relationship committee : |
· Mrs. Renu Challu – Chairperson · Mr. Shailesh Haribhakti · Mr. Haigreve Khaitan |
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Nomination and
remuneration committee : |
· Mr. Ashish Nanda - Chairman · Mr. Markand Bhatt · Mr. Pradeep Bhargava |
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Corporate social
responsibility committee : |
· Mr. Pradeep Bhargava – Chairman · Mrs. Renu Challu · Dr. Chaitanya Dutt |
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|
Name : |
Mr. Kamal |
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Designation : |
Accounts Executive |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
120564720 |
71.25 |
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(B) Public |
48658000 |
28.75 |
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Grand Total |
169222720 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
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Individuals/Hindu undivided Family |
900 |
0.00 |
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SUDHIR UTTAMLAL MEHTA (HUF) |
100 |
0.00 |
|
|
SAMIR UTTAMLAL MEHTA (HUF) |
100 |
0.00 |
|
|
SUDHIR UTTAMLAL MEHTA |
100 |
0.00 |
|
|
SAMIR UTTAMLAL MEHTA |
100 |
0.00 |
|
|
ANITA SUDHIR MEHTA |
100 |
0.00 |
|
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SAPNA SAMIR MEHTA |
100 |
0.00 |
|
|
JINAL SUDHIR MEHTA |
100 |
0.00 |
|
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VARUN SUDHIR MEHTA |
100 |
0.00 |
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|
AMAN MEHTA |
100 |
0.00 |
|
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Any Other (specify) |
120563720 |
71.25 |
|
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TORRENT PRIVATE LIMITED |
120563720 |
71.25 |
|
|
Sub Total A1 |
120564620 |
71.25 |
|
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A2) Foreign |
0.00 |
|
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Individuals (NonResident Individuals/
Foreign Individuals) |
100 |
0.00 |
|
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SHAAN MEHTA |
100 |
0.00 |
|
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Sub Total A2 |
100 |
0.00 |
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A=A1+A2 |
120564720 |
71.25 |
|
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) |
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B1) Institutions |
0 |
0.00 |
|
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Mutual Funds/ |
16638979 |
9.83 |
|
|
ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE
LIMITED A/C ADITYA BIRLA SUN LIFE BALANCED 95 FUND |
1799502 |
1.06 |
|
|
HDFC TRUSTEE CO LTD- HDFC MULTIPLE YIELD
FUND- PLAN 2005 |
3569615 |
2.11 |
|
|
FRANKLIN TEMPLETON MUTUAL FUND A/C FRANKLIN
INDIA PRIMA FUND |
2426671 |
1.43 |
|
|
UTI-MAHILA UNIT SCHEME |
2266087 |
1.34 |
|
|
RELIANCE CAPITAL TRUSTEE COMPANY LIMITED
A/C RELIANCE GROWTH FUND |
1760638 |
1.04 |
|
|
SBI MAGNUM MULTIPLIER FUND |
1781993 |
1.05 |
|
|
Alternate Investment Funds |
526999 |
0.31 |
|
|
Foreign Portfolio Investors |
14217603 |
8.40 |
|
|
Financial Institutions/ Banks |
113183 |
0.07 |
|
|
Insurance Companies |
36763 |
0.02 |
|
|
Sub Total B1 |
31533527 |
18.63 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
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B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200
Million |
7182103 |
4.24 |
|
|
Individual share capital in excess of INR
0.200 Million |
5013665 |
2.96 |
|
|
NBFCs registered with RBI |
2515 |
0.00 |
|
|
Any Other (specify) |
4926190 |
2.91 |
|
|
Trusts |
1655 |
0.00 |
|
|
Non-Resident Indian (NRI) |
412702 |
0.24 |
|
|
Clearing Members |
139208 |
0.08 |
|
|
Bodies Corporate |
4321722 |
2.55 |
|
|
HDFC STANDARD LIFE INSURANCE COMPANY
LIMITED |
1696923 |
1.00 |
|
|
IEPF |
50903 |
0.03 |
|
|
Sub Total B3 |
17124473 |
10.12 |
|
|
B=B1+B2+B3 |
48658000 |
28.75 |
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BUSINESS DETAILS
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Line of Business : |
The company engaged in research, development, manufacturing and marketing of generic pharmaceutical formulations. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : [As on 31.03.2017] |
11781 (Approximately) |
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Bankers : |
·
Axis Bank Limited, 2nd Floor, 3rd
Eye One, Near Panchvati Circle, C. G. Road, Ahmedabad – 380009, Gujarat,
India ·
The Hongkong and Shanghai Banking Corporation
Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra,
India |
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Facilities : |
NOTES: LONG TERM
BORROWINGS (i)
Term Loans from banks referred above to the
extent of : (a)
INR 3761.400 million (Previous year INR 5495.900
million) are secured by first pari-passu mortgage/ charge on immovable as
well as tangible movable assets, present and future, located at village
Indrad (Manufacturing facility on identified land), Bhat (Research facility),
Corporate office, Ahmedabad, all in Gujarat, and village Baddi (Manufacturing
facility) in Himachal Pradesh. (b)
INR 324.200 million (Previous year Nil) will be
secured by first pari-passu mortgage/ charge on immovable as well as tangible
movable assets, present and future, located at village Indrad (Manufacturing
facility on identified land), Bhat (Research facility), Corporate office,
Ahmedabad, all in Gujarat, and village Baddi (Manufacturing facility) in
Himachal Pradesh. The Company is in the process of creating charge. (c)
INR 2126.800 million (Previous year INR 9995.000
million) are secured by first pari-passu mortgage/ charge on immovable and
tangible movable assets, present and future located at Dahej (SEZ) in Gujarat
(Manufacturing facility) and Gangtok in Sikkim (Manufacturing facility) as
well as on certain identified trademarks of the Company including its future
line extensions. (d)
Nil (Previous year INR 2000.000 million) is
secured by first pari-passu mortgage/ charge on freehold land located at
village Rakanpur and freehold land and buildings located at Delhi, to the
extent of Company’s share in such properties, as well as on certain
identified trademarks of the Company. (e)
INR 3242.000 million (Previous year Nil) from
bank is secured by first charge on certain identified trademarks of the
Company including its future line extensions. (ii)
(a)
Non-convertible debentures referred above to the
extent of INR 4878.200 million (Previous year INR 4870.600 million) are
secured by first pari-passu mortgage/ charge on immovable and tangible
movable assets, present and future located at Dahej (SEZ) in Gujarat
(Manufacturing facility) and Gangtok in Sikkim (Manufacturing facility) as
well as on certain identified trademarks of the Company including its future
line extensions. (b)
Non-convertible debentures referred above to the
extent of INR 9986.200 million (Previous year Nil) will be secured by first
pari-passu mortgage/ charge on immovable and tangible movable assets, present
and future located at Dahej (SEZ) in Gujarat (Manufacturing facility) and
Gangtok in Sikkim (Manufacturing facility) as well as on certain identified
trademarks of the Company including its future line extensions. The Company
is in the process of creating charge. (iii) The terms of repayment of loan obligations on principal amount repayable in yearly installments, for the secured and unsecured long-term loans are as under: [INR in million]
(iv)
Maturity profile and rate of interest of non-convertible debentures are set
out as below: [INR in million]
|
|
Auditors : [As on 31.03.2017] |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
19th Floor, Shapath-V, S.G. Highway, Ahmedabad – 380015, Gujarat, India |
|
Tel No.: |
91-79-66827300 |
|
Fax No.: |
91-79-66827400 |
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Membership No.: |
33590 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries
[having 100% proportion of ownership interest] : [As on 31.03.2017] |
· Zao Torrent Pharma, Russia · Torrent Do Brasil Ltda., Brazil · Torrent Pharma Gmbh (TPG), Germany · Torrent Pharma Inc., USA · Torrent Pharma Philippines Inc., Philippines · Laboratorios Torrent, S.A. de C.V., Mexico · Torrent Australasia Pty Limited, Australia · Torrent Pharma (Thailand) Co., Limited, Thailand · Torrent Pharma S.R.L., Romania · Torrent Pharma (UK) Limited (TPUK), United Kingdom · Laboratories Torrent (Malaysia) SDN.BHD., Malaysia · Torrent Pharma France S.A.S., France |
|
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Step-down subsidiaries
of TPG [having 100% proportion of ownership interest] : [As on 31.03.2017] |
· Heumann Pharma Gmbh and Co. Generica KG, Germany · Heunet Pharma Gmbh, Germany · Norispharm Gmbh, Germany |
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Step-down subsidiaries
of TPUK [having 100% proportion of ownership interest] : [As on 31.03.2017] |
· Aptil Pharma Limited, United Kingdom |
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Partnership Firm
[having 97% proportion of ownership interest] : [As on 31.03.2017] |
· Torrent Pharmaceuticals (Sikkim), India |
CAPITAL STRUCTURE
AS ON 31.03.2018
Authorised Capital : Not
Available
Issued, Subscribed & Paid-up Capital : INR 850.000 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 5/- each |
INR 1000.000 Million |
|
2500000 |
Preference Shares |
INR 100/- each |
INR 250.000 Million |
|
|
|
|
|
|
|
TOTAL |
|
INR 1250.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169236720 |
Equity Shares |
INR 5/- each |
INR 846.200 Million |
|
|
|
|
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169222720 |
Equity Shares |
INR 5/- each |
INR 846.200 Million |
|
|
Amount originally paid up on 14,000 Equity shares of INR 5 each forfeited * Amount INR 35,000 |
|
* |
|
|
|
|
|
|
|
Total |
|
INR 846.200
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
850.000 |
846.200 |
846.200 |
|
(b) Reserves & Surplus |
44720.000 |
43690.900 |
36226.900 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
45570.000 |
44537.100 |
37073.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
41110.000 |
22087.400 |
17842.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1007.300 |
1713.000 |
|
(c) Other long term
liabilities |
160.000 |
68.800 |
90.200 |
|
(d) long-term
provisions |
1490.000 |
1263.400 |
1146.900 |
|
Total Non-current
Liabilities (3) |
42760.000 |
24426.900 |
20792.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
10400.000 |
0.000 |
0.000 |
|
(b) Trade payables |
7750.000 |
5950.600 |
6651.700 |
|
(c) Other
current liabilities |
10920.000 |
5336.500 |
7898.300 |
|
(d) Short-term
provisions |
800.000 |
554.000 |
469.500 |
|
Total Current
Liabilities (4) |
29870.000 |
11841.100 |
15019.500 |
|
|
|
|
|
|
TOTAL |
118200.000 |
80805.100 |
72885.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
22990.000 |
18328.700 |
9437.600 |
|
(ii)
Intangible Assets |
48850.000 |
15469.900 |
16286.200 |
|
(iii)
Capital work-in-progress |
4230.000 |
4730.700 |
9836.900 |
|
(iv)
Intangible assets under development |
250.000 |
0.000 |
0.000 |
|
(v) Goodwill |
2440.000 |
1436.300 |
1090.100 |
|
(b) Non-current Investments |
1500.000 |
1484.100 |
1539.100 |
|
(c) Deferred tax assets (net) |
10.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
650.000 |
1088.200 |
1517.100 |
|
(e) Other
Non-current assets |
890.000 |
2101.700 |
1800.400 |
|
Total Non-Current
Assets |
81810.000 |
44639.600 |
41507.400 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4750.000 |
7874.300 |
7642.400 |
|
(b)
Inventories |
13000.000 |
10322.900 |
9701.300 |
|
(c) Trade
receivables |
11080.000 |
10184.700 |
9115.000 |
|
(d) Cash and
cash equivalents |
570.000 |
782.200 |
823.700 |
|
(e)
Short-term loans and advances |
1100.000 |
426.900 |
401.900 |
|
(f) Other
current assets |
5890.000 |
6574.500 |
3693.700 |
|
Total
Current Assets |
36390.000 |
36165.500 |
31378.000 |
|
|
|
|
|
|
TOTAL |
118200.000 |
80805.100 |
72885.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
42480.000 |
45926.800 |
54394.800 |
|
|
|
|
Other Income |
3320.000 |
2996.000 |
2931.400 |
|
|
|
|
TOTAL |
45800.000 |
48922.800 |
57326.200 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
9950.000 |
11764.000 |
10409.700 |
|
|
|
|
Purchase of Stock-in-trade |
3530.000 |
2209.900 |
1921.500 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(2320.000) |
(109.500) |
(503.600) |
|
|
|
|
Employee Benefits Expenses |
8260.000 |
6990.400 |
5721.000 |
|
|
|
|
Exceptional items |
0.000 |
0.000 |
1928.200 |
|
|
|
|
Other Expenses |
13980.000 |
13800.500 |
10433.500 |
|
|
|
|
TOTAL |
33400.000 |
34655.300 |
29910.300 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
12400.000 |
14267.500 |
27415.900 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
2940.000 |
2023.800 |
1798.300 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9460.000 |
12243.700 |
25617.600 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
3840.000 |
2693.600 |
2134.100 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
5620.000 |
9550.100 |
23483.500 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
800.000 |
1007.900 |
6053.600 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
4820.000 |
8542.200 |
17429.900 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
NA |
NA |
28934.300 |
|
|
|
|
Interest |
NA |
NA |
134.300 |
|
|
|
|
Other income [Product registration dossiers & others] |
NA |
NA |
116.800 |
|
|
|
TOTAL EARNINGS |
NA |
NA |
29185.400 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials and Packing
Material |
NA |
NA |
3197.900 |
|
|
|
|
Components and Spares
Parts |
NA |
NA |
265.800 |
|
|
|
|
Capital Goods |
NA |
NA |
1120.300 |
|
|
|
TOTAL IMPORTS |
NA |
NA |
4584.000 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
28.48 |
50.48 |
102.99 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
2368.900 |
4651.100 |
|
|
|
|
|
|
Cash generated from operations |
NA |
9309.100 |
28927.700 |
|
|
|
|
|
|
Net cash from operating activities |
NA |
6757.300 |
24030.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
95.20 |
80.94 |
61.16 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.83 |
4.51 |
5.97 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
209.85 |
155.43 |
196.89 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.95 |
1.38 |
2.83 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.16 |
0.37 |
0.77 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.60 |
0.45 |
0.51 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.13 |
0.55 |
0.61 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.66 |
0.27 |
0.41 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.67 |
0.87 |
0.96 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.22 |
7.05 |
15.25 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.35 |
18.60 |
32.04 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.08 |
10.57 |
23.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.58 |
19.18 |
47.01 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.22 |
3.05 |
2.09 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.78 |
2.18 |
1.44 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.39 |
0.55 |
0.51 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
60.60 |
28.90 |
26.58 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.22 |
3.05 |
2.09 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
|
|
|
Market Value |
INR 1485.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
846.200 |
846.200 |
850.000 |
|
Reserves & Surplus |
36226.900 |
43690.900 |
44720.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
37073.100 |
44537.100 |
45570.000 |
|
|
|
|
|
|
long-term borrowings |
17842.700 |
22087.400 |
41110.000 |
|
Short term borrowings |
0.000 |
0.000 |
10400.000 |
|
Total
borrowings |
17842.700 |
22087.400 |
51510.000 |
|
Debt/Equity
ratio |
0.481 |
0.496 |
1.130 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
54394.800 |
45926.800 |
42480.000 |
|
|
|
(15.568) |
(7.505) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
54394.800 |
45926.800 |
42480.000 |
|
Profit |
17429.900 |
8542.200 |
4820.000 |
|
|
32.04% |
18.60% |
11.35% |
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 |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G45704533 |
100104568 |
IDBI TRUSTEESHIP SERVICES LIMITED |
12/05/2017 |
- |
- |
5000000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17,R. KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
2 |
G33438094 |
100072246 |
CITI BANK N.A. |
20/12/2016 |
- |
- |
3316000000.0 |
14TH FLOOR, FIFC, PLOT NO C - 54 & C - 55, G BLOCKBANDRA KURLA COMPLEX, BANDRA (EAST) MUMBAI MH400051IN |
|
3 |
G12588687 |
10607195 |
IDBI TRUSTEESHIP SERVICES LIMITED |
09/11/2015 |
14/09/2016 |
- |
2500000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17,R. KAMANI MARG, BALLARD ESTATE MUMBAI MH400001IN |
|
4 |
G12589263 |
10607198 |
IDBI TRUSTEESHIP SERVICES LIMITED |
09/11/2015 |
14/09/2016 |
- |
2400000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17,R. KAMANI MARG, BALLARD ESTATE MUMBAI MH400001IN |
|
5 |
G05080767 |
10525000 |
AXIS BANK LIMITED |
20/09/2014 |
10/03/2016 |
- |
3000000000.0 |
2ND FLOOR, 3RD EYE ONE, NEAR PANCHVATI CIRCLE,C. G. ROAD, AHMEDABAD GJ380009IN |
|
6 |
G12589750 |
10500496 |
IDBI TRUSTEESHIP SERVICES LIMITED |
07/06/2014 |
14/09/2016 |
- |
14000000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17,R. KAMANI MARG, BALLARD ESTATE MUMBAI MH400001IN |
|
7 |
G21364526 |
10447179 |
HSBC BANK (MAURITIUS) LIMITED |
13/08/2013 |
13/10/2016 |
- |
1100000000.0 |
HSBC CENTRE18 CYBERCITY, EBENE MAURITIUS NA000MU |
|
8 |
B73713752 |
10421600 |
BNP PARIBAS |
05/04/2013 |
- |
- |
500000000.0 |
203, SAKAR-II, ELLISBRIDGE, AHMEDABAD GJ380006IN |
|
9 |
C50587385 |
10399912 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
31/12/2012 |
23/03/2015 |
- |
500000000.0 |
52/60, MAHATMA GANDHI ROAD FORT MUMBAI MH400001IN |
|
10 |
A02291342 |
10010037 |
STANDARD CHARTERED BANK |
04/07/2006 |
- |
- |
448000000.0 |
ABHIJEET II, GROUND FLOOR, MITHAKHALI SIX ROADS AHMEDABAD GJ380006IN |
UNSECURED LOANS:
|
PARTICULARS |
31.03.2018 INR
In Million |
31.03.2017 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Unsecured term loans from others |
NA |
112.600 |
|
|
|
|
|
Total |
NA |
112.600 |
CORPORATE INFORMATION [As on 31.03.2017]
The company is a public limited company incorporated and domiciled in India. The address of its registered office is Torrent House, Off Ashram Road, Ahmedabad – 380 009, Gujarat, India. The Company is one of the leading Indian Pharmaceutical Company engaged in research, development, manufacturing and marketing of generic pharmaceutical formulations. The Company’s research and development facility is located in the state of Gujarat, India, and its manufacturing facilities are located in the states of Gujarat, Himachal Pradesh, Madhya Pradesh, Andhra Pradesh and Sikkim.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2018 INR
In Million |
31.03.2017 INR
In Million |
|
Claims against the Company not acknowledged as debts: |
|
|
|
Disputed demand of income tax for which appeals have been preferred |
|
33.900 |
|
Disputed employee state insurance contribution liability under E.S.I. Act, 1948 |
|
104.400 |
|
Disputed demand of excise and service tax |
|
900.500 |
|
Disputed demand of local sales tax and C.S.T. |
|
9.900 |
|
Disputed cases at labour court / industrial court |
|
39.000 |
|
Disputed bonus liability under Payment of Bonus (Amendment) Act, 2015 |
|
4.000 |
|
Total |
NA |
1091.700 |
|
Against the claims not acknowledged as debts, the Company has paid INR 2.300 million (previous year INR 1.300 million). The expected outflow will be determined at the time of final outcome in respect of the concerned matter. No amount is expected to be reimbursed. |
||
FIXED ASSETS: [As
on 31.03.2017]
Tangible Assets
· Office buildings
· Factory buildings
· Plant and equipments
· Laboratory equipment
· Electrical equipment
· Furniture and Fixtures
· Office equipment
· Computer equipment
Intangible Assets
· Software
· Product license
· Brands
· Non-compete fees
· Drug master files
PRESS RELEASES :
TORRENT PHARMA BUYS US FIRM
BIO-PHARM
Jan 18, 2018
Torrent Pharmaceuticals NSE 0.29 % has acquired Bio-Pharm, a generic and over the-counter drugmaker based in Levittown, Pennsylvania, for an undisclosed sum.
“This acquisition is an important step for increasing Torrent’s presence in the United States, is consistent with our strategy of dosage form diversification, and provides us with new capabilities including manufacturing and R&D presence in the USA,” the Ahmedabad-based company said on Thursday.
Bio-Pharm, Inc. (BPI), which has a 75,000 sqft manufacturing facility, boasts of 10 abbreviated new drug applications (ANDAs) already approved by the US Food and Drug Administration (FDA). It has another 10 ANDAs — or applications for approval of a generic drug product — under review at FDA while its partners have an additional 17 products under development.
Torrent Pharma
said it plans further investments to expand the BPI facilities, including its
research and development (R&D) capabilities, and increase the number of
product filings from BPI.
This is the
third acquisition for Torrent Pharma in the last three years. Last year it had
acquired India business of UnichemNSE 5.20 % to strengthen its presence in the
domestic market.
TORRENT PHARMA
ACQUIRES BRANDS FROM NOVARTIS AG
May 8th
2017
Ahmedabad based Torrent Pharma, today announced that it has completed the acquisition of Regestrone and Pregachieve brands for India from global Pharma player Novartis AG, Switzerland. These brands are widely prescribed by Gynaecologists for the management of Abnormal Uterine bleeding, Peri & Post- menopausal symptoms and Infertility.
Women Healthcare is an important therapy area for Torrent Pharma, which it intends to focus in the future. With acquisition of key brands of Elder like Shelcal and Deviry, impetus on this therapy area has also increased. Regestrone and Pregachieve will further fortify the Hormone Segment. The use of Hormones amongst the Gynaecologists is on an increase because of lifestyle changes.
This acquisition would reaffirm Torrent’s commitment towards the key important therapy of women healthcare.
About Torrent Pharma
Torrent Pharma, with annual revenues of more than Rs. 6600 crores is the flagship Company of the Rs. 18,300 crores Torrent Group.
Torrent Pharma continues to be at the forefront of the Indian pharmaceutical industry with many of its products ranking amongst the top 500 brands (AIOCD Dataset) in India. Its widespread international presence also includes several markets where Torrent is amongst the leading pharmaceutical companies in the respective countries.
Torrent has a fully equipped Research Centre, employing almost 900 scientists, to support the Company's operations and product pipeline for both Domestic and Overseas markets. The Company's manufacturing plants located at Indrad, Baddi, Sikkim, Dahej, Pithampur and Vizag have facilities to produce Formulations and Bulk drugs. The plants are approved by authorities from various regulated and semi regulated markets like US, UK, Brazil, Germany, Australia and South Africa.
TORRENT PHARMA MAY
RAISE INR 15000.000 MILLION IN BID FOR SANOFI GENERICS BUSINESS
March 14 2018
The proposed fundraising will help Torrent Pharma strengthen its balance
sheet as it prepares a bid for Sanofi’s generics unit Zentiva
Mumbai: Torrent Pharma Ltd
is likely to raise at least INR 15000.000
million by selling
shares to institutional investors, as it prepares a bid for the generic drugs
unit of France’s Sanofi, two people aware of the development said.
Torrent Pharma is readying a €2 billion (INR
16000.000 million) binding bid for Sanofi’s unit Zentiva NV, Mint reported on 7 March. It has tied
up funding from several banks for the bid, the deadline for which ends on 28
March, the report added.
“Torrent has appointed JP Morgan and JM
Financial to help it raise INR 15000.000
million to support
its acquisition efforts. The firm has already had a couple of rounds of
meetings with probable investors for the purpose of the fund-raising,” one of
the people cited above said, requesting anonymity, as he is not authorized to
speak to reporters.
The proposed fundraising will help the pharma
company strengthen its balance sheet as it looks to absorb yet another major
asset, he added.
On 1 March, Torrent told exchanges that its
shareholders had approved raising as much as INR
50000.000 million of equity
capital through a qualified institutional placement (QIP) and other routes.
According to the second person cited above,
Torrent has a strong track record of growing through acquisitions and therefore
it should not see much difficulty in convincing investors to participate in its
QIP. He too requested anonymity. In January, the company announced the
acquisition of US-based generic pharmaceuticals company, Biopharm Inc (BPI).
BPI is a maker of oral solutions, suspensions and suppositories.
In November last year, it acquired the
domestic business of Unichem Laboratories for close to INR
36000.000 million. In 2014, Torrent acquired the branded domestic
formulations business of Elder Pharma for INR
20000.000 million and
acquired select brands of Novartis, and manufacturing plants of Zyg Pharma and
Glochem Industries in 2015.
According to analysts, Torrent has a track
record of turning around acquired assets and controlling its debt post
acquisition and that should comfort investors. “Post the Unichem acquisition,
net debt increased to INR 40000.000
million (as
against INR 23500.000 million in September 2017). Torrent Pharma’s track
record of successful turnaround of the acquired Elder business and debt
reduction post the acquisition in FY14, provides comfort,” Spark Capital said
in a research note last month.
Emails sent on Friday to Torrent Pharma and
JM Financial did not elicit any response. JP Morgan declined to comment.
Torrent’s acquisition of Zentiva, if it
happens, will be the biggest outbound transaction by an Indian drug maker. As
on date, the record for the largest outbound acquisition stands in the name of
Lupin Limited, which in 2015 acquired Gavis Pharmaceuticals LLC. and Novel
Laboratories Inc. for $880 million.
Sanofi had acquired Zentiva in 2009 for close
to $2.6 billion. It is currently the third-largest generics company in Europe
and sells medicines for cardiovascular, gastrointestinal, anti-inflammatory,
pain management, metabolic and blood disorders, among others.
Incorporated in 1971, Torrent Pharma has a
presence in markets such as the US, UK, Germany, Brazil and Mexico. On Monday,
its shares fell 0.38%, or INR 4.95, to INR
1305.65
while the benchmark Sensex shed 0.18%, or 61.16 points, to end the day at
33,856.78.
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 68.08 |
|
UK Pound |
1 |
INR 89.60 |
|
Euro |
1 |
INR 78.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
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.