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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

498786

Report Date :

19.03.2018

 

 

 

 

IDENTIFICATION DETAILS

 

Name :

GLAXOSMITHKLINE PHARMACEUTICALS LIMITED

 

 

Registered Office :

Dr. Annie Besant Road, P. O. Box 202, Worli, Mumbai – 400030, Maharashtra

Tel. No.:

91-22-24933871

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

13.11.1924

 

 

Com. Reg. No.:

11-001151

 

 

Capital Investment / Paid-up Capital :

INR 847.030 Million

 

 

CIN No.:

[Company Identification No.]

L24239MH1924PLC001151

 

 

IEC No.:

[Import-Export Code No.]

0388040092

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACG4414B

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACG4414B1Z8

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturing, Distributing and Trading of Pharmaceuticals. (Registered activity)

 

 

No. of Employees :

4697 (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++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a step-down subsidiary of “GlaxoSmithKline PLC” based in U.K and it was incorporated in the year 1924.

 

It is engaged in business of manufacturing, distributing and trading in pharmaceuticals.

 

As per financials of March 2017, the company has registered a growth of 5.96% in its revenue as compared to its previous year’s revenue and reported good profit margin of 11.25% under review.

 

Rating takes into consideration the company’s long established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position.

 

Rating also takes into account the strong financial and managerial support received from its holding entity and well experienced management team.

 

Share are quoted very high Stock Exchanges. (Share are traded a price of INR 2,220.05 against its face value of INR 10.)

 

As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 7,039 million and has reported a good profit margin of 12.74%.

 

Payments seems to be regular as per commitments.

 

In view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions.

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 19.03.2018

 

 

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 DENIED BY

 

MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-24959595]

 

 

LOCATIONS

 

Registered Office/ Warehouse :

Dr. Annie Besant Road, P. O. Box 202, Worli, Mumbai – 400030, Maharashtra, India

Tel. No.:

91-22-24933514/ 24959595/ 24959415

Fax No.:

91-22-24935358/ 24959494

E-Mail :

info@glaxowellcome.co.in

ajay.a.nadkarni@gsk.com

askus@gsk.com

Website :

http://www.gsk-India.com

 

 

Factory 1 :

2nd Pokhran Road, Thane, Maharashtra, India

 

 

Factory 2 :

Ambad, Nashik, Maharashtra, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Deepak Shantilal Parekh

Designation :

Chairman

Address:

Flat No. 4607, The Imperial Tower, North 46th Floor, B B Nakashe Marg, (Tardeo Road), Tardeo, Mumbai - 400034, Maharashtra, India

Date of Appointment :

28.09.1994

DIN No.:

00009078

 

 

Name :

Mr. Damodarannair Sundaram

Designation :

Director

Address:

Flat No. 1901, Tower-A, Beaumonde Appasaheb Marathe Marg, Prabhadevi Mumbai-400025, Maharashtra, India

Date of Appointment :

27.07.2009

DIN No.:

00016304

 

 

Name :

Mr. Nihal Kaviratne

Designation :

Director

Address:

A-5, Sea Face Park, 2nd Floor, Breach Candy, Bhulabhai Desai Road, Mumbai -400026, Maharashtra, India

Date of Appointment :

26.07.2005

DIN No.:

00032473

 

 

Name :

Mrs. Anjali Bansal

Designation :

Director

Address:

3202, A-Wing, Vivarea, Sane Guruji Marg Jacob Circle, Mahalaxmi Mumbai -400011, Maharashtra, India

Date of Appointment :

19.02.2013

DIN No.:

00207746

 

 

Name :

Mr. Rajeshwar Raj Bajaaj

Designation :

Director

Address:

Flat No. 2, Ajanta Apartments, 11th Floor 75, Colaba, Mumbai - 400005, Maharashtra, India

Date of Appointment :

10.10.2002

DIN No.:

00419623

 

 

Name :

Mr. Anami Narayan Prema Roy

Designation :

Director

Address:

62, Sagar Tarang Worli Seaface, Mumbai - 400025, Maharashtra, India

Date of Appointment :

04.11.2011

DIN No.:

01361110

 

 

Name :

Mr. Vaidheesh Annaswamy

Designation :

Managing Director

Address:

3203 The Imperial Tower, South BB Nakashe Marg, Near Ac Market, Tardeo Tu lsiwadi, Mumbai – 400034, Maharashtra, India

Date of Appointment :

03.08.2015

DIN No.:

01444303

 

 

Name :

Mr. Raju Krishanaswamy

Designation :

Wholetime Director

Address:

55 Hill Park, Dr AG Bell Road, Opposite Malabar Hill, Telephone Exchange Mala bar Hill, Mumbai – 400006, Maharashtra, India

Date of Appointment :

01.08.2011

DIN No.:

03043004

 

 

Name :

Mr. Pradeep Vasudeo Bhide

Designation :

Director

Address:

D - 1/48, (First Floor), Vasant Vihar, New Delhi - 110057,

Date of Appointment :

28.10.2010

DIN No.:

03304262

 

 

Name :

Mr. Marc Grahame Jones

Designation :

Director

Address:

Micklea Farm, Micklea Lane, Longsdon, Stoke, Staffs Stokeontrent ST99QA GB

Date of Appointment :

07.04.2017

DIN No.:

07785549

 

 

Name :

Mr. Subesh Ronald Willams

Designation :

Casual Vacancy Director

Address:

27 Lydford Rd, London NW2 5QX, United Kingdom

Date of Appointment :

07.04.2017

DIN No.:

07786724

 

 

Name :

Ms. Puja Thakur

Designation :

Wholetime Director

Address:

G 19/29, DLF Phase 1, Gurugram – 122002, Haryana, India

Date of Appointment :

01.01.2018

DIN No.:

07971789

 

 

KEY EXECUTIVES

 

Name :

Mr. Ajay Avinash Nadkarni|

Designation :

Company Secretary

Address :

303/304, Vilas Apts, Navghar Road, Mulund East, Mumbai - 400084, Maharashtra, India

Date of Appointment :

01.11.2001

PAN No.:

AAAPN4414B

 

 

Name :

Ms. Puja Thakur

Designation :

Chief Executive Officer

Address:

G 19/29, DLF Phase 1, Gurugram – 122002, Haryana, India

Date of Appointment :

01.01.2018

DIN No.:

ACOPT5750A

 

 

Audit Committee :
  • D. Sundaram - Chairman
  • P. V. Bhide
  • N. Kaviratne CBE
  • D. S. Parekh

 

 

Stakeholders’ Relationship

Committee:
  • D. S. Parekh - Chairman
  • R. R. Bajaaj
  • P. V. Bhide
  • A. Vaidheesh

 

 

Nomination and Remuneration

Committee:
  • N. Kaviratne CBE - Chairman
  • Ms. A. Bansal
  • D. S. Parekh

 

 

Corporate Social Responsibility

Committee:
  • D. S. Parekh - Chairman
  • Ms. A. Bansal
  • N. Roy
  • A. Vaidheesh

 

 

Executive Directors :
  • Aristidou – Chief Financial Officer
  • R. Krishnaswamy – Technical

 

 

Executive Vice-Presidents :
  • R. Bartaria – Pharmaceuticals
  • S. Dheri – Vaccines
  • K. Hazari – Legal and Corporate Affairs
  • B. Kotak – Medical
  • R. Sequeira – Human Resources
  • S. Webb – Quality

 

 

Vice-Presidents:
  • V. Balakrishnan – Pharmaceuticals
  • Ms. S. Choudhary – Regulatory Affairs
  • R. D’Souza – Corporate Communications and Government Affairs
  • Nadkarni – Administration, Real Estate and Company Secretary

 

 

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

Promoter and Promoter Group

63527262

75.00

Public

21175755

25.00

Grand Total

84703017

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

A1) Indian

0.00

A2) Foreign

0.00

Any Other (specify)

63527262

75.00

GLAXO GROUP LIMITED

30485250

35.99

ESKAYLAB LIMITED

5880000

6.94

BURROUGHS WELLCOME INTERNATIONAL LIMITED

3360000

3.97

GLAXOSMITHKLINE PTE LIMITED

23802012

28.10

Sub Total A2

63527262

75.00

A=A1+A2

63527262

75.00

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

B1) Institutions

0

0.00

Mutual Funds/

1832137

2.16

BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED A/CBIRLA SUN LIFE FRONTLINE EQUITY FUND

1681060

1.98

Foreign Portfolio Investors

1416517

1.67

Financial Institutions/ Banks

7215942

8.52

GENERAL INSURANCE CORPORATION OF INDIA

965718

1.14

LIC OF INDIA WEALTH PLUS FUND

5483831

6.47

Any Other (specify)

1665

0.00

Foreign Insitutional investors

1665

0.00

Sub Total B1

10466261

12.36

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

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

9439809

11.14

NBFCs registered with RBI

7230

0.01

Any Other (specify)

1262455

1.49

NRI – Repat

1434

0.00

Trusts

16019

0.02

NRI

65357

0.08

Clearing Members

26341

0.03

NRI – Non- Repat

256086

0.30

Bodies Corporate

423227

0.50

HUF

148388

0.18

Foreign Individuals

2875

0.00

IEPF

322728

0.38

Sub Total B3

10709494

12.64

B=B1+B2+B3

21175755

25.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Distributing and Trading of Pharmaceuticals. (Registered activity)

 

 

Products :

Item Code No.

Product Description

21002

Pharmaceutical

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

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 :

4697 (Approximately) 

 

 

Bankers :

Bank Name

Uti Bank Limited

Branch

Royal Accord - Iv; Lokahandwala Complex, Andheri West, Mumbai, Maharashtra, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

·         Citibank N.A.

·         Deutsche Bank

·         HDFC Bank Limited

·         The Hongkong and Shanghai Banking Corporation Limited

 

Banking Institution :

 

Name :

The Hongkong And Shanghai Banking Corporation Limited

Address :

52/60; MG Road, Mumbai, Maharashtra, India

 

 

Auditors :

 

Name :

Price Waterhouse and Company Bangalore LLP

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivji Park, Dadar (West), Mumbai – 400028, Maharashtra, India

Tel. No.:

91-22-66691500

Fax No.:

91-22-66547804 / 07

 

 

Cost Auditors

 

Name:

R. Nanabhoy and Company

Cost Accountants

 

 

Solicitors

 

Name:

Gagrat and Company

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Shareholders (the Glaxosmith Kline (GSK) Group Shareholding) in the company :
  • Glaxo Group Limited, U.K.
  • GlaxoSmithKline Pte Limited, Singapore
  • Eskaylab Limited, U.K.
  • Burroughs Wellcome International Limited, U. K.
  • Castleton Investment Limited, Mauritius (Upto March 30, 2017)

 

 

Holding Company / Ultimate holding company of the above shareholders :

  • GlaxoSmithKline Finance Plc, U.K.
  • GlaxoSmithKline Plc, U. K.
  • Selfirst Limited, U.K.*
  • Smithkline Beecham Limited, U.K.*
  • Wellcome Limited, U.K.*
  • The Wellcome Consumer Healthcare Limited, U.K.*
  • The Wellcome Foundation Limited, U.K.

 

* No transaction during the year

 

 

Wholly owned Subsidiary Company :
  • Biddle Sawyer Limited

 

 

Other related parties in the GlaxoSmithKline (GSK) Group where common control exists and with whom the Company had transactions during the year:
  • GlaxoSmithKline Asia Private Limited, India
  • GlaxoSmithKline Brasil Limited, Brazil
  • GlaxoSmithKline Consumer Healthcare Limited, India
  • GlaxoSmithKline Biologial S. A. Belgium
  • GlaxoSmithKline Services Unlimited, U.K.
  • Glazo Operations UK Limited, U.K.
  • GlaxoSmithKline Export Limited, U.K.
  • GlaxoSmithKline Latin America S. A. 
  • GlaxoSmithKline Pakistan Limited, Pakistan
  • GlaxoSmithKline Research and Development Limited, U.K.
  • GlaxoSmithKline Pte Limited, Singapore
  • GlaxoSmithKline Philippines Inc., Philippines
  • GlaxoSmithKline Australia Pty Limited, Australia 
  • GlaxoSmithKline Australia Pty Limited, Ireland
  • GlaxoSmithKline Limited, Hong Kong
  • GlaxoSmithKline South Africa (Pty) Limited, South Africa
  • GlaxoSmithKline LLC, U.S.A.
  • Stiefel India Private Limited, India
  • Glaxo Wellcome Ceylon Limited, Sri Lanka
  • US MS Financial Services, U.S.A.
  • Chiro Behring Vaccines Private Limited, India (w.e.f 31st March, 2016)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

90000000

Equity Shares

INR 10/- each

INR 900.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

84703017

Equity Shares Fully Paid up

INR 10/- each

INR 847.030 Million

 

 

 

 

 

 

* Excludes 4693 equity shares of INR 10 each of the company (3352 equity shares of INR 10 each of erstwhile Burroughs welcome (India) limited) held in abeyance.

 

Particulars

31.03.2017

 

Number of shares

INR in Million

Reconciliation of the number of shares

 

 

Balance at all the beginning

84703017

847.030

Issued during the year

--

--

Balance at the end of the year

84703017

847.030

 

Rights, preferences and restrictions attached to equity shares:

 

The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding

 

Shares held by subsidiaries of ultimate holding company in aggregate:

 

PARTICULARS

As at 31st March, 2017

Number of

Shares

INR in Million

Equity shares of INR 10 each (representing 75.00% of total shareholding)

63527262

635.273

 

Details of equity shares held by shareholders holding more than 5% shares of the aggregate shares in the Company:

 

PARTICULARS

As at 31st March, 2017

Number of

Shares

Percentage of Holding

Glaxo Group Limited, U.K.

30485250

35.99%

GlaxoSmithKline Pte Limited, Singapore

23802012

28.10%

Eskaylab Limited, U.K.

5880000

6.94%

Life Insurance Corporation of India

5488062

.6.48%

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

(15 months)

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

847.030

847.030

847.030

(b) Reserves & Surplus

19435.101

21199.392

17669.651

(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)

20282.131

22046.422

18516.681

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

9.890

15.950

26.260

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

34.895

56.633

52.886

(d) long-term provisions

2710.017

2839.011

2709.587

Total Non-current Liabilities (3)

2754.802

2911.594

2788.733

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

2759.223

3230.908

3058.863

(c) Other current liabilities

3932.876

2066.649

1315.553

(d) Short-term provisions

482.488

451.077

6684.192

Total Current Liabilities (4)

7174.587

5748.634

11058.608

 

 

 

 

TOTAL

30211.520

30706.650

32364.022

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2527.095

2040.432

1230.596

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

5732.168

2676.684

1152.244

(iv) Intangible assets under development

322.473

0.000

0.000

(b) Non-current Investments

529.933

536.288

476.697

(c) Deferred tax assets (net)

913.114

1008.091

829.143

(d)  Long-term Loan and Advances

132.796

138.462

2883.103

(e) Other Non-current assets

3555.493

2828.695

140.403

Total Non-Current Assets

13713.072

9228.652

6712.186

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4254.814

5216.625

0.000

(c) Trade receivables

1707.967

1265.650

3688.559

(d) Cash and cash equivalents

9139.793

13776.781

1003.179

(e) Short-term loans and advances

687.337

551.288

18980.175

(f) Other current assets

692.242

610.119

1197.432

(g) Asset classified as held for sale

16.295

57.535

782.491

Total Current Assets

16498.448

21477.998

25651.836

 

 

 

 

TOTAL

30211.520

30706.650

32364.022

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

(15 months)

 

SALES

 

 

 

 

Income

29945.050

28262.122

32875.780

 

Other Income

717.624

1218.251

1986.717

 

TOTAL

30662.674

29480.373

34862.497

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

5235.763

6321.706

7267.346

 

Purchases of Stock-in-Trade

7906.996

7399.366

7798.939

 

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

794.909

(1444.856)

(13.869)

 

Employees benefits expense

4830.122

4433.745

4930.223

 

Exceptioanl items

(457.305

(23.107)

518.814

 

Other expenses

6977.929

6784.654

6621.290

 

TOTAL

25288.414

23471.508

27122.743

 

 

 

 

 

 

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

5374.260

6008.865

7739.754

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

5374.260

6008.865

7739.754

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

263.469

249.498

253.525

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

5110.791

5759.367

7486.229

 

 

 

 

 

Less

TAX

1743.040

2014.096

2769.771

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3367.751

3745.271

4716.458

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 NA

4.448

63.118

 

Recovery of expenses

 NA

0.000

1.310

 

Clinical research and data management

 NA

362.389

520.272

 

Others

 NA

152.302

114.564

 

TOTAL EARNINGS

 NA

519.139

699.264

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw and packing materials

 NA

769.112

1161.449

 

Traded Goods

 NA

3429.749

3013.91

 

Components and spare parts for machinery

 NA

35.274

6.986

 

Capital Goods

 NA

2.691

151.291

 

TOTAL IMPORTS

 NA

4236.826

4333.636

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

39.76

44.22

55.68

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

(15 months)

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

3913.121

3535.071

5979.395

Net cash flow from operating activity

2331.262

1382.664

3408.773

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

30.09.2017

31.12.2017

Audited / Unaudited

Unaudited

Unaudited

Unaudited

 

1ST Quarter

2nd Quarter

3rd Quarter

Net Sales

6070.900

8362.600

7039.100

Total Expenditure

5874.100

6441.700

5621.000

PBIDT (Excl OI)

196.800

1920.900

1418.100

Other Income

136.600

96.100

119.500

Operating Profit

333.400

2017.000

1537.600

Interest

NA

NA

NA

Exceptional Items

126.400

51.600

NA

PBDT

459.800

2068.600

1537.600

Depreciation

75.200

77.300

133.800

Profit Before Tax

384.600

1991.300

1403.800

Tax

120.400

688.100

506.900

Provisions and contingencies

NA

NA

NA

Profit After Tax

264.200

1303.200

896.900

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

264.200

1303.200

896.900

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

(15 months)

Average Collection Days

(Sundry Debtors / Income * 365 Days)

20.82

16.35

40.95

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

17.53

22.33

8.91

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

76.63

85.95

74.10

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.26

1.15

0.00

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.63

1.27

3.25

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

(15 months)

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.24

0.19

0.34

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.35

0.26

0.60

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.42

0.21

0.13

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

0.00

0.00

0.00

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

(15 months)

Net Profit Margin

((PAT / Sales) * 100)

%

11.25

13.25

14.35

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

11.15

12.20

14.57

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

16.60

16.99

25.47

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

(15 months)

Current Ratio

(Current Assets / Current Liabilities)

2.30

3.74

2.32

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.71

2.83

2.32

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.67

0.72

0.57

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.01

0.02

0.03

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.30

3.74

2.32

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

 

 

STOCK PRICES

 

Face Value

INR 10.00/- each

Market Value

INR 2220.05/- each

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

(15 months)

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

847.030

847.030

847.030

Reserves & Surplus

17669.651

21199.392

19435.101

Net worth

18516.681

22046.422

20282.131

 

 

 

 

Long Term borrowings

26.260

15.950

9.890

Short Term borrowings

0.000

0.000

0.000

Total borrowings

26.260

15.950

9.890

Debt/Equity ratio

0.001

0.001

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

(15 months)

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

32875.780

28262.122

29945.050

 

 

(14.034)

5.955

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

(15 months)

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

32875.780

28262.122

29945.050

Profit

4716.458

3745.271

3367.751

 

14.35%

13.25%

11.25%

 

 

 

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

 

 

MANAGEMENT DISCUSSION AND ANALYSIS ECONOMIC SCENARIO

 

With buoyant financial markets and a cyclical recovery in manufacturing and trade under way, world growth is projected to rise from 3.1% in 2016 to 3.5% in 2017 and 3.6% in 2018, according to the International Monetary Fund''s World Economic Outlook (WEO) forecast (April 2017). Growth in Emerging Markets and developing economies is forecast to rise to 4.5% and 4.8%, in 2017 and 2018 respectively, from an estimated growth of 4.1% in 2016, according to the IMF.

 

 

In India, Gross Domestic Product (GDP) grew by 7.1% in the Fiscal Year 2016-2017, which makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strengthening growth impetus. Recent deregulation measures and efforts to improve the ease of doing business have boosted foreign investment. (Source: 2017 Economic Survey of India, OECD). In April 2017, the World Economic Outlook (WEO) report by the International Monetary Fund, estimated that domestic demand and a growth in exports will remain key drivers towards GDP growth. Medium-term growth prospects remain favorable, according to the WEO report, with growth forecast to rise to about 8% due to the implementation of key reforms, loosening of supply-side bottlenecks, and appropriate fiscal and monetary policies. In addition, the country''s most significant tax reform in decades, the Goods & Services Tax (GST), was approved in Parliament with an expectation for implementation during the latter half of 2017.

 

In the Union Budget 2017, the government has demonstrated its commitment to increase healthcare spending. The National Health Plan has been approved by the Cabinet and aims at a holistic approach to address the healthcare problems of all sectors of society and their solutions with participation from the private sector as strategic partners in this mission.

 

 

OVERVIEW OF THE INDIAN PHARMACEUTICALS MARKET

 

 

In this economic scenario, the Indian Pharmaceuticals Market (IPM) has seen double-digit growth in the last one year. The Indian pharmaceutical market is forecasted to grow at a compound annual growth rate (CAGR) of 11.8% ( /-3%), between 2015 to 2020, reaching '' 1859.5 billion by 2020. (Source: IMS Market Prognosis 2016-2020)

 

BUSINESS PERFORMANCE

 

 

In this environment, The Company has delivered value, aided predominantly through manufacturing and supply chain excellence to ensure continuity and secure supply of medicines, with initiatives to increase reach so that patients can easily access medicines. The Company continues to enjoy a leadership position in many of the therapy areas in which it provides healthcare solutions to patients. Six of The Company’s brands feature in the top-50 IPM brand list (IMS MAT March ''17), namely Augmentin, Calpol, Zinetac, Betnovate - N, Betnovate - C, and Synflorix. The Company has set in motion, initiatives to re-engineer its business model to maintain competitive margins and to best deliver value to patients and stakeholders.

 

 

PHARMACEUTICALS BUSINESS PERFORMANCE AND OUTLOOK

 

The Company has been focused on increasing access to its medicines in order to serve patients better. Around 68% of the Indian population resides in rural India. The expanding rural economy is expected to increase the pool of patients at a much faster rate than metros and major towns. Healthcare professionals (HCPs) that serve rural patients find it difficult to update their knowledge due to inadequate educational infrastructure. The Company expanded its presence in these markets through the REACH division with the aim of improving patient access by educating HCPs on The Company''s portfolio for appropriate therapy areas. The Company conducted unique scientific programmes like Van SPMs (Scientific Promotional Meetings) wherein, The Company''s doctors travel as speakers to interior towns and conduct scientific promotional meetings in a modified bus. The Company also conducted chemist meetings, to educate pharmacists about the right ways of inventory management, dispensing and their role in guiding patients on treatment adherence. The Company is one of the first few to reach rural doctors through webcasts to educate them on disease therapy areas in which The company is present with a portfolio. The Company is clearly ahead of the curve in leveraging technology to increase access and train HCPs.

 

The Company launched the innovative strain LGG as brand Entero Plus in India for the very first time as a probiotic capsule and sachet. The strain is in-licensed from Chr Hansen, Denmark, and is the world''s most researched probiotic strain. Entero Plus was recognized as the best new introduction in the Indian Pharmaceutical market by Quintiles IMS, amongst 359 new launches in the last quarter of 2016-17. EnteroPlus is received well by HCPs and the trial feedback has been positive.

 

In Mass Markets, according to IMS data (December 2016), Calpol, a significant 50-year old brand of The Company’s Mass Markets portfolio saw 27% unit volume growth and still remains the most prescribed brand in the Indian Pharmaceutical Market (IPM). Calpol also won the Silver award for Brand of the Year for Marketing Excellence.

 

Another classic and established product, Zinetac, completed 30 years of serving patients. It remains the top brand in the highly competitive acid peptic ulcer therapy area with a double-digit growth rate (IMS Dec 2016). The team behind Zinetac initiated an expansion plan in 2016 by entering many new specialties and in keeping with The Company’s new ways of working, the focus was on expansion through multi-channel marketing initiatives.

 

Though Zentel de-grew by value (-5%) due to inclusion in the NLEM, it grew by 36% in volume and attained market share of 47% in its category for 2016 (IMS Dec 2016). The Company plans to expand this category and reach out to the maximum number of patients by increasing awareness on worm infestations through digital channels, in addition to our HCP engagement initiative to improve diagnosis of worm infestation.

 

The company maintained its leadership in the Dermatology segment in the Indian Pharmaceutical Market during the year. Within the GSK global dermatology franchise, The Company continued to maintain significant salience. Amongst notable initiatives for the year under consideration, the team rolled out a “Treat and Care” campaign to present a complete management approach for Psoriasis - a psychologically debilitating condition. Keeping patients at the focus of activities, the team sought to help HCPs optimize management of the condition, with a steroid portfolio in conjunction with the emollient range - Oilatum. The team also took on the challenge of increasing awareness amongst patients on the dangers of self-medication and the appropriate use of steroids through posters and educational material both in clinic and at pharmacists. The team has been in the forefront in engaging dermatologists, pediatricians and GPs through multi-channel activities and webinars that have seen up to 7000 HCP registrations.

 

During the year, The Company took the initiative to launch team “Invictus”, a dedicated team of therapy executives for high-quality scientific engagement with endocrinologists for Eltroxin, The Company’s flagship therapeutic solution for thyroid management. An innovative media awareness campaign on congenital hypothyroidism was undertaken in six cities. The Company won the ''Social Responsibility Communication'' award for our campaign on Congenital Hypothyroidism by the Association of Business Communicators of India.

 

In order to aid rapid and early diagnosis of thyroid disorders and to improve treatment outcomes, The Company undertook several digital Scientific Promotional meetings (SPMs) on “maternal hypothyroidism” and “translating thyroid guidelines to Indian practice.” The team engaged 20,000 HCPs during the year. The team conducted a nation-wide pharmacist campaign on Appropriate Corticosteroid Dispensing, engaging around 17,000 pharmacists in the year.

 

In the respiratory segment, The Company undertook a price-volume initiative in 2015 to make Seretide  Accuhaler accessible to more asthma and COPD (Chronic Obstructive Pulmonary Disorder) patients in India. As a result, patient share in the ICS-LABA market tripled in the first 18 months, with a volume growth of 45%. The respiratory team re-launched the Seretide  Accuhaler in March 2015, since then, there has been an increase in patient user base from 0.2 million in 2000-2010 to 1 million in 2016. This has made Seretide the fastest growing brand in the ICS-LABA market.

 

The Company’s flagship brand in the Mass Specialty segment, Augmentin, faced fresh mandatory price reductions in 2016. The management team used this opportunity to increase access of the drug to more patients. This helped Augmentin to achieve unit leadership in the market with Augmentin Solids 625 mg.

 

Neosporin, The Company’s range of topical antibiotics, has returned to the market after a gap of almost two years. The brand faced a temporary setback related to supply of its API (Active Pharmaceutical Ingredients) and its absence has impacted patients across the country. IMS prescription audit indicated a modest prescription erosion of Neosporin and subsequent share gain by other companies. One million prescriptions were reported for the Neosporin range according to IMS January 2017 data on a MAT basis. CCM & Fefol Z returned to the market during the year. In a crowded market of more than 300 calcium oral solid brands, CCM registered a growth of 25%. Avamys, Fluticasone furoate nasal spray, grew by 28% for the year under consideration.

 

 

The Company’s success in these Mass Specialties can be attributed to the efforts of the field force in conducting more activities like virtual scientific promotional meetings (SPMs) - ''AOM vs. OME'' (Acute Otitis Media vs. Otitis Media with Effusion), ''Understanding Allergic Rhinitis'', ''Appropriate Antibiotic Prescribing'', ''SSP clinics for Paramedics''.

 

 

In the hospital business segment, the Key Account Management programme was rolled out to all the Area Business Managers and Key Account Executives of the Hospital Business Team. This enabled them to provide value addition to hospitals by identifying attributes that are important to hospitals. The Green Cross pharmacy programme for hospital pharmacists was one such educational programme certified by the Indian Pharmaceutical Association (IPA). This has already seen participation of ten hospitals. In addition, the hospital business team, along with the Association of Healthcare Professionals of India (AHPI) and Bureau Veritas (BV) launched the “Green and Clean Hospital Programme” in 2016. This unique certification programme is the first in the industry and aims at achieving high standards of hygiene and sustainability, for which the hospital will be certified by AHPI and Bureau Veritas.

 

 

 

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER, 2017

 

(INR in Million)

 

 

Particulars

31.12.2017

(3 Months Ended)

30.06.2017

(Preceding 3 months ended)

31.12.2017

(Nine Months ended)

1

 

Income from Operations

 

 

 

 

 

Sales/Income from Operations (Gross)

7039.100

8362.600

21472.600

 

 

b) Other Operating Income

119.500

96.100

352.200

 

Total Income from Operations (Net)

7158.600

8458.700

21824.800

2

Expenses              

 

 

 

 

a)

Cost of Materials consumed

382.000

1033.800

3149.700

 

b)

Purchase of Stock-in-trade

1854.800

2541.900

5907.700

 

c)

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

565.300

189.600

219.500

 

d)

Employee benefit expenses

1239.100

1356.500

3917.000

 

e)

Depreciation and amortization expense

133.800

77.300

286.300

 

f)

Other expenses

1579.800

1319.900

4742.900

 

Total Expenses

5754.800

6519.000

18223.100

 

 

 

 

 

3

Profit before exceptional items and tax

1403.800

1939.700

3601.700

4

Exceptional items

0.000

51.600

178.000

5

Profit before Tax

1403.800

1991.300

3779.700

6

Tax Expense

506.900

688.100

1315.400

7

Net Profit for the period after tax

896.900

1303.200

2464.300

 

 

 

 

 

8

Other Comprehensive Income

 

 

 

 

Items that will not be reclassified of profit or loss

56.000

0.000

56.000

 

Income tax related to that will not be reclassified of profit or loss

(19.400)

0.000

(19.400)

 

Total other Comprehensive Income, net of income tax

36.600

0.000

36.600

 

 

 

 

 

 

Total Comprehensive Income

933.500

1303.200

2500.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

10.60

15.40

29.10

 

NOTE :

 

1. Revenue was flat during the quarter ended 31 December 2017 as compared to the corresponding quarter in the previous year. The revenue for the quarter is impacted by a deflationary impact on prices from GST and consequently this quarter and nine months ended 31 December 2017 are not strictly comparable to the corresponding quarter and prior year period.

 

2. Consumption Ratio to Revenue for the Quarter is lower on account of improved sales mix, other credits and lower stock impairments.

 

3. There are no Exceptional Items for the current quarter ended 31 December 2017.

 

4. During the quarter, the Company has received the money in advance towards disposal of Thane Land. The transfer will conclude against obtaining all relevant statutory and other approvals /consents / permissions as required in law. The amount received has been accounted as advance against sale of land.

 

5. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

 

6. The Company has only one reportable segment which is Pharmaceuticals. Accordingly, no separate disclosures of segment information have been made.

 

7. The above Results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on 2 February 2018.

 

8. The statutory auditors have carried out a limited review of the standalone results for the quarter and nine months ended 31 December 2017.

 

9. The review of the unaudited comparative financial information for the quarter and nine months ended 31 December 2016 and the audit of financial information for the year ended 31 March 2017 was performed by the predecessor auditor.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Interest free sales tax loan from SICOM Limited

9.890

15.950

 

 

 

Total

9.890

15.950

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

Y10334448

90231657

The Hongkong and Shanghai Banking Corporation Ltd.

13/07/1989

-

-

218700000.0

52/60; Mg Road, Mumbai, Maharashtra, India

2

G39542972

90227070

Uti Bank Ltd.

20/09/2004

-

23/03/2017

1300000000.0

Royal Accord - Iv; Lokahandwala Complex, Andheri West, Mumbai, Maharashtra, India

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Cheque discounted with banks

24.556

10.924

In respect of claims made against the company not acknowledged as debts by the company 

 

 

Sales tax matters

3508.438

2786.620

Excise matters

59.330

59.330

Services tax matters

12.920

12.920

Labour matters

555.906

746.070

Other legal matters

897.826

825.045

Which net of current tax amount to

3292.107

2896.856

Income-tax matter in respect of which appeals are pending

 

 

Tax on matter in dispute

1725.080

1978.879

 

 

FIXED ASSETS

 

·         Land

·         Building

·         Plant and equipment’s

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

 

 

 

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 64.99

UK Pound

1

INR 90.83

Euro

1

INR 80.58

 

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

KJL

 

 

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.