Tuesday, April 3, 2012

With Surya Pharma at the brink of Bankruptcy - Are there more black sheep in the Indian API Industry

Surya Pharma has shut down its plants and has asked employees to leave after paying their dues. What suddenly happened to this company which otherwise was showing superlative growth and ferociously doing acquisitions. Perhaps the state of affairs was already known to the more informed investors as the company has already shed 75% of its Market value, in the last few months. 
What is more important now, is to see that there are no more such black sheep in the Indian API industry. It seems, we might see more cats out of the bag as a majority of other companies in the sector as well are heavily reeling under debt and the looking at the coverage ratios, it seems impossible that these companies would ever pay back the debt. So there is more trouble for the banks coming in. Surya Pharma had a cumulative debt of about 1400 Cr (excluding payment to creditors - current ratio is less than one).  

24 comments:

  1. How true is this information? has this been declared to the press? Is the information authentic? Kindly revert back .

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  2. Is this information authentic? How this has been confirmed? Pl inform.

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  3. Employee's have confirmed this

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  4. This information is correct. we at PharmAsia News have done a detailed report early this week.

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  5. I expect many more API companies falling to debt pressures. Just look at their balance sheet they have a hopeless debt/interest coverage ratio. I just don't understand, how can banks continue to lend these companies.
    Please anybody who has any info about such companies facing trouble repyaing their loan, do share with the people, it can save the retail investors from lot of pains.

    Hari

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  6. employees have not been paid. They have been forced to write resignations and have been

    asked to leave else face consequences as confirmed by head HR Mr. Anshul PAl.

    Mr. Anshul Pal confirmed to the press journalist over the phone and through an email that the company is downsizing

    employees indiscrimanetly and plans to close down all plants and manufacturing facilities.


    The black sheep in API exists in plenty and a lot of players fudge books by bribing SBI officials by sendng them huge gifts

    and paybacks. Most MD's are involved in these affairs directly and presuurize their CFO's to take such actions as confirmed

    by Hariom Bhatia ex CFO and Executive director Surya Pharmaceutcials over a phone interview.

    Surya Pharma has been losing money since 3 years at the rate of 25 crs a month. they have been falsely booking invoices and

    hyping up the top line and fudging inventory figures to raise working capital through nationalized banks Mr. Singla Finance

    head for the group confirmed this statement when contacted by ET.

    Mr. Sandeep Garg Company Secreatry confirmed that false Share beneficiary statememt is shared by the company with SEBi and

    shares are falsely traded with the help of broker firms in Mumbai to hike the share price.

    the aquisation of Activon was an eye wash.
    reliable sources confirm that a large number of Surya pahrma shares have been pledged in foreign markets and the group

    raised fresh capital, then where did all the money go? in buying 100 acre of land, Then ex CFO Bhatia confimed to the press

    during a phone interview that The GDR issue was raised by the company.

    Anil Kohli ex- head of business development confimed that the group always had malafied bad intentions and sold sub

    standadrd products through middlemen.

    various Independent Journalist have been trying to reach the MD office for comments but have not been successful.

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    Replies
    1. logon ke paise maare. Aaj Rajeev Goyal ke khud ke bartan bik gaye.....What u give, comes back to you

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  7. This is an eye opener, just need to understand who may be the other ones about to surrender to the pressure

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  8. yes Surya pharmaceuticals ltd is totally bankrupt
    every employ is struggling for there salary and full and final settlement i am also one of them haven't got my 45 days salary and other expense.
    without giving any notice company is asking for resign.
    and the high authorities like HR says that company has no money to gave the dues of there employs.
    surya pharma is biggest fraud company i ever seen in my life

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  9. This comment has been removed by a blog administrator.

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  10. they have invested all their money in land near patiala area.. the owners are out of the country. the other company nectar lifescience owned by his brother is also facing similar problems and is on the verge of closure.

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  11. All they do is just rotate the stock entries, show false sales & purchase, cheat the tax authorities, investors and general public.
    CFO Hari Om Bhatia was fully involved in this along with MD Rajeev Goyal.

    The whole group is the BIGGEST fraud I have ever seen,

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    Replies
    1. NOT ONLY THIS, INFACT ALL THE PHARMA COMPANY'S IN CHANDIGARH REGION NAMELY, INDSWIFT, PARABOLIC, NECTAR LIFE, MORPAN INVOLVED IN LARGE SACLE FRAUD. THESE COMPANY IN CONNIVENCE WITH OFFICALS OF EXCISE, CUSTOMS, IMPORT EXPORT, BANKS, AND OTHER AGENICES NOT DEFRAUDED PUBLIC BUT ALSO DEFRAUDED GOVERNMENT. MOST OF THE EXPORT INCENTIVES SECURED BY THESE COMPANY WERE BASED IN ADMISSIBLE OR OBTAINED ON FALSE DOCUMENTS. OVER 10000 CRORE GALLOPED BY THESE BLACK SHEEP. WHY TO BLAME ONLY PROMOTERS EVEN EMPLOYEES WERE ALSO INVOLVED WHY NOT THEY WERE PAID HEAVILY AND ALSO RETAINED SOME PERSENT OF BRIBE THEY OFFERD TO GOVERNMENT OFFICIALS.

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  12. case of biggest bungler n thief of highest order rajeev goyal.. characterless n greedy blood sucker of poor hard working public money.... law and life will soon punish them severly !

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  13. THE HAVE NOT PAID RENT TO MANY SHOP OWNERS WHOSE ONLY SOURCE IS THE RENT ITSELF.
    I AM AGGRIEVED. THIS COMPANY ITS OWNERS ARE ALL PEOPLE WITH WRONG INTENTIONS.

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    Replies
    1. yes it is true....company have not paid rent to the landlords from last 6 months......
      fraud company...

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  14. Yes it is true ..company took shop on lease for viva pharmacy ..and not paying rent since last 6 months ..owners only source is the rent ..

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    Replies
    1. What is this Viva Pharmacy? have niot heard about it before

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    2. Retail chain of surya health care limited.

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  15. the college surya world of md rajiv goyal does work for them...this college provide enough loss to the owner.

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  16. acquired medimart of hyderabad and takenshops for lease for 9 years
    and not paying rent from 6 months noR CANCELLING THE LEASE DEEDS.

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