MIRA INFORM
REPORT
|
Report
Date : |
18.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
TORRENT PHARMACEUTICALS LIMITED |
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Registered
Office : |
Torrent House, Near Dinesh Hall, Off |
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Country
: |
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Financials
as on : |
31-03-2006 |
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Date
of Incorporation : |
15.07.1972 |
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Com.
Reg. No.: |
2126 |
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CIN
No.: [Company
Identification No.] |
L24230GJ1972PLC002126 |
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Tan.
No.: |
AHMT00474F |
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Pan
No.: |
AAACT5456A |
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Legal
Form : |
Public
Limited Liability Company. The company’s shares are listed on the Stock
Exchanges. |
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Line
of Business : |
Manufacturing and Marketing of Pharmaceutical formulations
viz. Tablets, Capsules, Liquids, Injections, Vials, Ointments, Bulk Drugs and
others and Medical Electronic Equipments. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
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Maximum
Credit Limit : |
USD
15000000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established and reputed company and a
part of Torrent Group. The company is progressing well. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. business is active. Payments are usually correct and as per
commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings
at usual trade terms and conditions. The company can be regarded as a promising business
partner in a medium to long run. |
LOCATIONS
|
Registered
Office : |
Torrent House, Near Dinesh Hall, Off |
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Tel.
No.: |
91-79-26585090/26583060 |
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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 : |
Village
Indrad, Taluka Kadi, District Mehsana-382721, |
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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 : |
Village Bhud and Makhnu Majra, Baddi, Tehsil Nalagarh,
District: Solan, Himachal Pradesh |
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Tel.
No.: |
91-1795-246821 |
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Fax
No.: |
91-1795-247159 |
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Factory
3 : |
Baddi Plant : SCO-387, 2nd Floor, Sector-8, Panchkula – 134109 (Haryana) |
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Tel.
No.: |
91-172-2567976,24564517,2567802 |
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Fax
No.: |
91-172-2565519 |
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R
& D Facility : |
Torrent
Research Centre, Near |
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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
: |
DIRECTORS
|
Name : |
Mr. Sudhir Mehta |
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Designation
: |
Executive Chairman |
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Name : |
Mr. Kiran Karnik |
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Designation
: |
Director |
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Name : |
Mr. S. H. Bhojani |
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Designation
: |
Director |
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Name : |
Dr. Prasanna Chandra |
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Designation
: |
Director |
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Name : |
Mr. Mihir Thakore |
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Designation
: |
Non Executive and Independent
Director (w.e.f. 23.10.2002) |
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Name : |
Mr. Sanjay S. Lalbhai |
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Designation
: |
Director (w.e.f. 23.01.2003) |
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Name : |
Mr. Markand Bhatt |
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Designation
: |
Director |
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Name : |
Dr. C. Dutt |
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Designation
: |
Director (Research &
Development) |
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Name : |
Mr. Samir Mehta |
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Designation
: |
Managing Director |
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Name : |
Prof. S Ramnarayan |
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Designation
: |
Director |
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OTHER
PERSONNEL: |
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Name : |
Mr. Parthiv Parikh |
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Designation
: |
Company Secretary |
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Name : |
Mr. Mahesh Agrawal |
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Designation
: |
GM (Legal) and Company
Secretary |
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Audit
Committee : |
Dr.
Prasanna Chandra, Chairman Mr. S. H.
Bhojani Mr. Kiran
Karnik Mr. Mihir
Thakore Mr. Samir
Mehta |
MAJOR SHAREHOLDERS
Category
|
No. of shares
|
Total Shares
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% of shareholding
|
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Electronic
|
Physical
|
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Promoters'
Group |
62691528 |
-- |
62691528 |
74.09 |
|
Mutual
Funds and UTI |
2757782 |
1600 |
2759382 |
3.26 |
|
Banks,
FIs and Insurance Companies |
1158056 |
1200 |
1159256 |
1.37 |
|
Foreign
Institutional Investors/NRIs/OCBs |
9453691 |
2920 |
9456611 |
11.18 |
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Other
Bodies Corporate |
1670745 |
10360 |
1681105 |
1.99 |
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Indian
Public |
5776728 |
1086750 |
6863478 |
8.11 |
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Total |
83508530 |
1102830 |
84611360 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Marketing of Pharmaceutical formulations
viz. Tablets, Capsules, Liquids, Injections, Vials, Ointments, Bulk Drugs and
others and Medical Electronic Equipments. |
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Products
: |
Generic Names of Three Principal Products of the company
are as under:
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Imports
: |
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Products : |
Raw materials, consumables stores, capital goods and
medical electronic equipments |
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Countries : |
Europe and |
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Terms
: |
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Purchasing : |
L/C, D/A and D/P |
PRODUCTION STATUS
The
company’s production status for the year 31.03.2005 was as under :
|
Class of Goods |
Units |
Installed Capacity |
Actual Production |
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|
31.03.2006 |
31.03.2005 |
31.03.2006 |
31.03.2005 |
|
Formulations Tablets |
Millions / ‘000 Nos |
9400 |
5,000 |
2704104 |
1,904,668 |
|
Capsules |
Million/’000 Nos |
480 |
260 |
277166 |
146,952 |
|
Suspension/Liquid |
Ltr. |
1 |
-- |
496823 |
379,477 |
|
Injection /Vials |
Million /Ltr. |
26 |
20 |
58696 |
44,270 |
|
Vials / Cartidges |
Nos |
-- |
-- |
15743958 |
12,521,229 |
|
Ointment |
Kg |
-- |
-- |
16345 |
10,505 |
|
Bulk Drugs |
Kg |
18000 |
10,000 |
8828 |
9,279 |
GENERAL INFORMATION
|
Suppliers
: |
v
Creative Printers Private Limited v
Dot Graphics Private Limited v
Faipack Private Limited v
Gujarat Printpack Publications Limited v
Kruti Print Packs v
Maulik Plastic Industries v
Non Stop Print N Pack v
Parikh Engineering Private Limited v
Patel Printing Press Private Limited v
Patwa & Sons v
Shree Rangam Packaging Private Limited v
Swastic Offset v
Unique Offsets v
Vapi Engineering Aids Private Limited v
Wellpack Papers & Containers Private Limited |
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Customers
: |
v
Amishi Drugs & Chemicals v
Bharat Rubber Works v
Creative Printers Private Limited v
Dot Graphics Private Limited v
Kruti Print Pack v
Maulik Plastic Industries v
Parikh Packaging Private Limited v
Shree Rangam Packaging Private Limited v
Shreenath Packaging Private Limited v
Shree Kamlesh Art Printery v
Unique Offset v
Vishna Polypack v
Vasu Containers |
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No. of
Employees : |
500 |
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Bankers
: |
v
Bank of v
Corporation Bank, Ahmedabad, v
Canara Bank, Ahmedabad, v
State Bank of v
Oriental Bank of Commerce, Ahmedabad, v
Punjab National Bank, Ahmedabad, v
UTI Bank Limited, Ahmedabad, |
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Facilities : |
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Banking Relations : |
Good |
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Auditors
: |
C. C.
Chokshi & Company Chartered Accountants |
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Membership
: |
v Confederation of Indian Industry |
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Associates/Subsidiaries
: |
v
Ahmedabad Electricity Company Limited v
Gujarat Lease & Finance Limited v
Gujarat Torrent Energy Corporation Limited v
Surat Electricity Company Limited v
Torrent Cables Limited v
Torrent Exports Limited v
Torrent Gujarat Bio-Tech Limited v
Torrent Investments Private Limited v
Torrent Leasing and Finance Limited v
Tsunami Tours & Travels Private Limited v
Tsunami Pharmaceutical Private Limited v
Torrel Cosmetics Private Limited v
Zeal Pharmachem India Private Limited v
Zeal Drug & Chemicals v
Torrent Scitech India Private Limited v
Sanofi-Torrent ( SUBSIDIARIES v
TPL Finance Limited v
Torrent Do v
Zao Torrent |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.5/-
each |
Rs. 750.000 millions |
|
2,500,000 |
Preference Shares |
Rs.100/-
each |
Rs. 250.000 millions |
|
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TOTAL |
|
Rs. 1000.000 millions |
Issued
& Subscribed :
|
No. of
Shares |
Type |
Value |
Amount |
|
84625360 |
Equity Shares |
Rs. 5/- each |
Rs. 423.127 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
84611360 |
Equity Shares |
Rs. 5/- each |
Rs. 423.057 millions |
|
|
Add: Amount originally paid up on 14000 Equity Shares
forfeited |
|
Rs. 0.035 million |
|
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TOTAL |
|
Rs. 423.092 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
423.092 |
211.563 |
211.563 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
3402.148 |
3196.555 |
2860.330 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
3825.240 |
3408.118 |
3071.893 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
2440.850 |
1812.500 |
0.000 |
|
|
2]
Unsecured Loans |
0.000 |
296.681 |
0.000 |
|
TOTAL
BORROWING
|
2440.850 |
2109.181 |
0.000 |
|
|
DEFERRED
TAX LIABILITIES |
554.876 |
448.217 |
415.418 |
|
|
|
|
|
|
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TOTAL
|
6820.966 |
5965.516 |
3487.311 |
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APPLICATION OF FUNDS
|
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|
|
|
|
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FIXED ASSETS [Net Block]
|
3515.701 |
2186.072 |
2026.705 |
|
Capital work-in-progress
|
339.297 |
770.613 |
69.755 |
|
|
|
|
|
|
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INVESTMENT
|
737.749 |
1855.866 |
547.224 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1633.645
|
1451.085
|
946.404 |
|
|
Sundry Debtors
|
1111.015
|
598.021
|
430.024 |
|
|
Cash & Bank Balances
|
609.613
|
83.018
|
97.861 |
|
|
Other Current Assets
|
121.991
|
57.659
|
39.336 |
|
|
Loans & Advances
|
360.974
|
359.149
|
263.555 |
Total Current Assets
|
3837.238 |
2548.932
|
1777.180 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1289.979
|
1139.673
|
697.306 |
|
|
Provisions
|
319.040
|
256.294
|
236.247 |
Total Current Liabilities
|
1609.019 |
1395.967
|
933.553 |
|
Net
Current Assets
|
2228.219 |
1152.965
|
843.627 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
6820.966 |
5965.516 |
3487.311 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
6919.698 |
|
4642.321 |
|
|
Other Income |
13.030 |
41.616 |
|
|
|
Total
Income |
6932.728 |
5017.508 |
4642.321 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
909.781 |
608.665 |
909.650 |
|
|
Provision for Taxation |
170.878 |
79.483 |
251.935 |
|
|
Profit/(Loss) After Tax |
738.903 |
529.182 |
657.715 |
|
|
|
|
|
|
|
|
Earnings
in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
1344.249 |
808.753 |
|
|
|
Licence Income |
0.000 |
138.930 |
449.375 |
|
|
Other Earnings |
38.233 |
51.226 |
|
|
Total
Earnings |
1382.482 |
998.909 |
449.375 |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Raw Materials |
1109.236 |
916.893 |
|
|
|
Stores & Spares |
38.511 |
22.589 |
937.036 |
|
|
Capital Goods |
114.409 |
265.927 |
|
|
Total
Imports |
1262.156 |
1205.409 |
937.036 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
1751.250 |
1325.313 |
|
|
|
Raw Material Consumed |
2686.664 |
2023.671 |
|
|
|
Increase/(Decrease) in Finished Goods |
(43.005) |
(262.780) |
|
|
|
Salaries, Wages, Bonus, etc. |
772.626 |
608.220 |
3735.034 |
|
|
Depreciation & Amortization |
236.585 |
181.772 |
|
|
|
Other Expenditure |
564.244 |
505.193 |
|
|
Total
Expenditure |
5968.364 |
4381.389 |
3735.034 |
|
SUMMARISED
RESULTS
|
PARTICULARS |
|
|
31.03.2007 (Full year) |
|
Sales Turnover |
|
|
8829.000 |
|
Other Income |
|
|
23.700 |
|
Total Income |
|
|
8852.700 |
|
Total Expenditure |
|
|
7177.800 |
|
Operating Profit |
|
|
1674.900 |
|
Interest |
|
|
131.500 |
|
Gross Profit |
|
|
1543.400 |
|
Depreciation |
|
|
302.400 |
|
Tax |
|
|
111.400 |
|
Reported PAT |
|
|
1129.600 |
|
Dividend (%) |
|
|
600.000 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.63 |
0.33 |
0.01 |
|
Long Term Debt-Equity Ratio |
0.59 |
0.28 |
0.01 |
|
Current Ratio |
1.48 |
1.24 |
1.35 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.88 |
1.76 |
1.82 |
|
Inventory |
4.77 |
4.47 |
5.62 |
|
Debtors |
8.62 |
10.42 |
13.78 |
|
Interest Cover Ratio |
10.42 |
17.32 |
163.47 |
|
Operating Profit Margin(%) |
15.67 |
15.46 |
21.70 |
|
Profit Before Interest And Tax
Margin(%) |
12.46 |
12.06 |
18.48 |
|
Cash Profit Margin(%) |
12.16 |
13.28 |
16.41 |
|
Adjusted Net Profit Margin(%) |
8.94 |
9.88 |
13.19 |
|
Return On Capital Employed(%) |
15.57 |
15.04 |
31.36 |
|
Return On Net Worth(%) |
18.20 |
16.33 |
22.54 |
STOCK PRICES
|
Face Value |
Rs. 10.00 |
|
High |
Rs. 253.00 |
|
Low |
Rs. 249.00 |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY:
Subject was incorporated on 15th July, 1972 at
Ahmedabad in
It was originally incorporated as a private limited
liability company by Mr. Rajnikant C. Patel and his family members. It was taken over by Mr. Uttamlal Mehta of
the Torrent group in June 1982.
On 28th June, 1989 the company became a deemed
public company and by a special resolution passed on 25th July, 1992
at the Annual General Meeting, the company became public limited company. Torrent Laboratories Limited was amalgamated
with the Company with effect from 1st April 1992 by an Order of Honourable High
Court of Gujarat, dated 22nd December 1992.
In February 1994, the company came out with a public issue
to set up manufacturing units, a new R & D centre, modernisation of
manufacturing facilities and to augment long-term working capital. The company manufactures formulations in
diverse product groups including Cardio-Vascular, Psychotropic, Anti-Diabetic,
etc. At present, it is one of the top
five pharmaceutical companies in
In 1988, Torrent Medi-Systems (TMSL) was amalgamated with
the company and in 1992, another group company, Torrent Laboratories Limited
(TLL) was amalgamated with it. In 1994-95,
Recently, the company made a debut in therapeutic area of
diabetics by introducing Enselin (Rosiglitazone) & Eurepa
(Repaglanide). In addition, Vasoprin
(ISMN), Topcef (Cefexime), Slenfig (Sibutramine), Deplatt (Clopidogrel),
Venlift (Venlafaxime) are some of the other notable new products introduced
during the year.
In February, 2001, it has launched De Platt (Clopidogrel),
the drug for treating heart attack and stroke.
De Platt is the first brand of clopidogrel to be launched in
The company entered into European market by incorporating
subsidiary viz. Torrent Pharma GmbH.
BUSINESS
Subject is engaged in Manufacturing and Marketing of
Pharmaceutical formulations viz. Tablets, Capsules, Liquids, Injections, Vials,
Ointments, Bulk Drugs and others and Medical Electronic Equipments.
The company manufactures formulations in diverse product
groups including cardio-vascular, psychotropic, anti-diabetic, etc. Bulk drugs
manufactured by company include atenolol and ciprofloxacin, etc.
The company has alliances with
The company made a debut in therapeutic area of diabetics by
introducing Enselin (Rosiglitazone) and Eurea (Repaglanide). In addition
Vasoprin (ISMN), Topcef (Cefexime), Slenfig (Sibutramine), Deplatt
(Clopidogrel), Venlift (Venlafaxime) are some of the other notable new products
introduced during the year.
During
the year, equity shares of the Company of face value Rs.10 each were
sub-divided into two new equity shares of Rs.5 each and bonus shares were
issued on post-split basis in the ratio of one bonus share for every existing
share held.
The Board
has recommended a dividend of Rs.2.50 per equity share on the expanded capital
post issuance of bonus shares (50 % on fully paid up face value of Rs.5)
(previous year Rs.8 per equity share, 80% on fully paid up face value of
Rs.10), amounting to Rs.211.500 millions (previous year Rs. 169.200 millions).
The tax on distributed profits payable on this dividend is Rs.29.700 millions
(previous year Rs.23.800 millions) making the aggregate distribution Rs.241.200
millions (previous year Rs. 193.000 millions). The distributed profits are 37%
(previous year 36%) of the net profits for the year. The proposed dividend would
be tax free in the hands of the shareholders.
DOMESTIC
BRANDED FORMULATIONS
The year
2005-06 saw the domestic pharmaceutical market growing at a healthy rate of
15.4%, shrugging off the low growth witnessed in the last three financial
years. The year started on a positive note for their
Turnover
The net
turnover for the year was Rs. 3921.000 millions, registering a growth of 35%
over the previous year. This growth rate was largely due to buoyant performance
of the Neurology, Psychiatry and Anti Infective portfolio, field force expansion
and improved doctor coverage, recoupment of sales deferred from the previous
year on account of VAT implementation and new introductions made during the
year. Twenty Seven brands (as compared to Twenty in the previous year) of the
Company enjoyed leadership positions in the respective molecule segments and
top 10 brands contributed to 47% of the total domestic formulation sales as
against 54% during previous year.
The year
had its share of setbacks through the regulatory-led worldwide withdrawal of
rofecoxib (impacting their brand Torrox during 04-05) followed by valdecoxib
(impacting their brand Valz) announced in the current year. The Company has
been successful to large extent to recoup the sales loss by replacing these
brands with few brands newly launched during the year. Other adverse
development impacting the sales v/as significant regulatory price cuts announced
by NPPA for few key brands of the Company. The impact due to these were blunted
to large extent through volume increase in these brands.
New
Products
New
products have been a consistent growth driver of the market. The year witnessed
introduction of a slew of new molecules and new combinations of existing
products. The Company continued its prominent position in various segments by
introducing new molecules and also line extensions of existing brands. During
the year, 43 (as compared to 22 in the previous year) new products (including
line extensions) were brought to the market.
The
Company achieved significant market share in some of the products launched
during the last two years and realized incremental sales from new products
introduced during the year, contributing significantly to higher sales growth
achieved during the year. The Company will continue its focus on strengthening
existing therapies through new product introductions as also expand into new
therapies.
Sales
Operations
During
the year, the Company in order to tap increasing business opportunities in CNS
segment launched new divisions AXON and NEURON and expanded its field force.
The Company also launched a new division 'PSYCAN AZUCA' in April-06 to
exclusively cater to the needs of the significant and growing diabetes
population in the country.
With this
the Company has put in place an extensive and effective marketing network
comprising of 8 marketing divisions with expanded field force across the
country enabling faster introduction of new products and improved market
penetration.
Price
Regulation
The price
control regime continues to be governed by Drug Price Control Order, 1 995.
During the year, NPPA brought some of the products of Company under price
control. On account of this, the proportion of sales under price control has
increased from 1 1% in the last year to about 15% in the current year.
INTERNATIONAL
OPERATIONS
International
generic opportunity is the future growth engine. The opportunity in this market
segment is expanding due to many blockbuster drugs going out of patent
protection over next few years. An added factor is the mounting health care
costs in developed markets, which is paving way for a more favourable
regulatory regime for generics in such countries. Generics now get faster
approvals and are actively encouraged by the governments. Over the last few years,
the Company has developed a strategy and built infrastructure and capabilities
focused on tapping this lucrative opportunity. The manufacturing facilities are
upgraded to meet stringent quality assurance standards of the highly regulated
developed countries; at the same time maintaining the competitive cost
advantage. Torrent Research Center (TRC), the research & development
facility, is upgraded to develop international generic versions of selected molecules
in the required time frame and prepare the necessary regulatory dossiers for
obtaining timely marketing approval in regulated markets. Going forward these
processes will be further strengthened to sustain the growth.
Within
the above-mentioned overall strategy, the current international operations are
focused on five thrust areas:
Brazil
& Latin America, Russia & CIS countries, Europe, North America and Rest
of the World comprising of less regulated countries of Africa and Asia.
In
Besides
successfully launching its product basket in the North / North Eastern region,
it has also doubled its Sales Force in the other regions so as to increase
doctor coverage. Also refer to the section on "Torrent do Brasil
Ltda" in this report.
Laboratories
Torrent SA de CV was incorporated in March-06 to enable the Company to seek
registrations of its products in
The
performance in the
During
the year, the Company acquired Heumann Pharma GmbH & Company Generica KG
(Heumann) of
This
acquisition has given access to the 90-year-old "Heumann" brand name,
over 300 marketing authorizations and 30 product registration applications,
together giving the Company a strong presence in
Torrent
Pharma GmbH (TPG),
The
Company has developed 3 new products during the year, one of them a unique
off-patent product with no generic competition in
Torrent
Pharma Inc. (TPI), the subsidiary in
Sales and
operating revenues at consolidated level in Rest of World (ROW) territory,
comprising of Asian & African countries increased by 28%, from Rs. 405.000 millions
to Rs. 516.700 millions during the year. The strategy of shifting from distributor
driven to marketing based business model in select countries with focus on
niche therapeutic areas has led to significant growth in the business of the
existing major markets like
Torrent
Pharma Philippines Inc. (TPPI), the subsidiary of TPL in
Torrent
Pharma Japan Co. Limited., was incorporated in April 2006 as a wholly owned
subsidiary in
The
progress done by Company in various markets such as
MANUFACTURING
During
the financial year 2005-06, the Company has successfully completed capacity
expansion and consolidation of bulk drug plant at manufacturing unit in Indrad.
Upon
commencement of commercial production at new manufacturing unit at Baddi,
Himachal Pradesh, production of over 90% domestic products has been
successfully transferred to the new unit. Indrad manufacturing unit would now cater
primarily to export markets. Company has commenced the process of transferring
manufacturing of products of Heumann, its newly acquired wholly owned
subsidiary in
The
Company has entered into an agreement with Novo Nordisk India Private Limited
(a wholly owned subsidiary of Novo Nordisk A/S,
INFORMATION
TECHNOLOGY (IT)
FY
2005-06 was the year of IT collaboration, consolidation and extension to bring
the higher value for their business. Field Force Management System was
integrated with existing ERP System. ERP system was also extended to operation of
new plant at Baddi, H.P., and Heumann, newly acquired subsidiary at
SUBSIDIARIES
ZAO
Torrent Pharma (ZAO TP),
ZAO
Torrent Pharma, the wholly owned subsidiary of the Company in
Net loss
after fax for the year was lower at RRU 5.83 million (Rs. 10.600 millions) as
against a net loss after tax of RRU 8.63 million (Rs.14.100 millions) for the
previous year. The reduction in loss reflects improved productivity of
marketing spend on the back of higher sales growth achieved during the year. At
consolidated level, for the year 2005-06, the Russia & CIS operations of
the Company registered sales of Rs. 376.600 millions (previous year Rs.130.400 millions)
and loss before tax of Rs. 32.700 millions (previous year Loss before tax of
Rs. 112.100 millions)
Torrent
Pharma GmbH (TPG),
During
the year, TPG earned revenues of Euro 1.01 million (Rs. 54.500 millions) as
compared to Euro 1.09 million (Rs.62.200 millions) for the previous year. Net
loss for the year was at EURO 0.77 million (Rs. 37.000 millions) as against a net
profit of EURO 0.05 million (Rs.3.500 millions) for the previous year. The loss
was primarily on account of increase in product registration expenses incurred
in
Heumann
Pharma GmbH & Co Generica KG (Heumann),
Heumann
posted revenues of 33.42 million Euros (Rs 1789.600 millions) for the nine
months ended 31-Mar-06, post acquisition. During the year Heumann focused on
revenue growth by day one product launches, sharper doctor / pharmacy focus and
product rationalisation. Shifting of manufacturing to its low cost
manufacturing facilities in
Torrent
Do Brasil Ltda. (TDBL),
TDBL
achieved revenue of R$ 60.16 million (Rs. 1161.200 millions), as compared to R$
37.72 million (Rs.596.200 millions) in the previous year. The drivers of sales
growth include expansion of geographical reach as also increasing its sales force
in the existing geographical areas to improve doctor coverage on the back of
robust product pipeline.
TDBL
earned a net profit after tax of R$ 1.54 million (Rs. 52.300 millions), as
compared to a net loss after tax of R$ 2.14 million (Rs.22.900 millions) in the
previous year. At a consolidated level, for the year 2005-06, TDBL earned a
revenue of Rs. 1177.200 millions (previous year Rs. 604.800 millions) and made
a net loss before tax of Rs. 13.800 millions (previous year loss before tax of
Rs. 45.000 millions).
Torrent
Pharma Inc. (TPI),
TPI was
incorporated in FY 2003-04 as a wholly owned subsidiary in the
Torrent
Pharma Philippines Inc. (TPPI),
TPPI has
achieved a revenue of peso 27.68 million (Rs. 22.700 millions) in first full
year of operation. The year witnessed building up a strong corporate image
backed by a good product pipeline and promotional set up in the country. At a
consolidated level, for the year 2005-06, TPPI earned revenue of Rs. 27.500 millions
as against revenue in the previous year of Rs. 11.600 millions. Net Profit
before Tax for the year was Rs. 7.800 millions (previous year loss before tax
of Rs. 1.000 millions). As on 31-Mar-06, the Company has invested peso 11.17
million (Rs. 9.200 millions) as capital in the subsidiary and given a loan of
peso 10.35 million (Rs.8.922 Millions).
OVERVIEW
Torrent
Pharmaceuticals Limited. is one of the leading companies in the Indian
Pharmaceutical market. The Company's revenues are mainly from manufacture and
sale of branded-generic and unbranded-generic pharmaceutical products.
A further
break down of pharmaceutical sales can be done as, Domestic formulations
(comprising branded pharmaceutical formulations sold in the domestic market),
Contract manufacturing (comprising sourcing, manufacturing and supplying insulin
formulations to Novo Nordisk (India) Limited. under their brand name) and
International operations (comprising sales outside India of branded and
unbranded-generic pharmaceutical formulations to foreign subsidiary companies and
third parties).
The
operating cests primarily comprise raw and packing materials, purchase of
finished goods, staff cost (not including R&D staff), selling and marketing
expenses, manufacturing overheads, research & development expenses
(including cost of R&D staff) and general overheads.
RESULTS
OF OPERATIONS OF FY 2005-06 COMPARED WITH FY 2004-05
Net Sales and Other Operating Income
Consolidated
gross sales for the year was Rs. 10010.100 millions compared with previous
year's sales of Rs. 5659.100 millions showing the growth of 77%.
The
stand-alone net sales for FY 2005-06 was Rs. 6780.200 millions compared with
Rs. 4720.100 millions for FY 2004-05, representing a 44% increase in sales.
COLLABORATION
The company has entered into Research Collaborations with:
v William Harvey Research Institute,
v Charterhouse Therapeutics Limited,
v National Chemical Laboratory, Pune,
v Centre for Cellular and Molecular
Biology,
v Centre for Biotechnology,
v
The company’s fixed assets of important value include
CONTROLLING
COMPANY
v Torrent Private Limited
Website Details :
History
These words sum up the efforts of the Torrent group, which
integrates people, processes and potential towards the betterment of mankind.
It all began with the toil of one enterprising individual,
Shri. U
The foundations for Torrent were laid when 'Trinity
Laboratories' began operations under the able guidance of Shri Mehta whose
efforts are worthy of emulation.
'Trinity' was renamed 'Torrent' and with this not only did
the company get a new name, it also focused on establishing its own
manufacturing facilities in the early 80s. Torrent augmented its efforts with
the expansion of its manufacturing capacity, emphasis on marketing and creating
business opportunities through focus on exports. Torrent Pharmaceuticals
Limited recorded a quantum leap in the year 1994. It has also been rated
In recognition of the consistent performance Torrent
Pharmaceuticals Limited has been receiving accolades from various quarters,
such as the President's award for highest pharmaceuticals exports of Rs. 1570
million in 1991-92. The Company that had a humble beginning has now grown to
become one of the leading players in pharmaceuticals.
It has ambitious plans for the years ahead. The emphasis is
on Post-2005 opportunities with greater focus on the international market, in
particular the lucrative North American market.
Corporate Profile
The flagship company of Torrent group, Torrent Pharmaceuticals
Limited, is a dominant player in the therapeutic areas of cardiovascular (CV)
and central nervous system (CNS) and has achieved significant presence in
gastro-intestinal, diabetology, anti-infective and pain management segments.
To cater to new niche segments and sharpen its focus among
customers, Torrent Pharma has six marketing divisions, each catering to defined
therapeutic segment. A 2300 strong field force caters to around 2,00,000
doctors across the country, which makes it rank fifth in terms of market reach.
Torrent Pharma’s competitive advantage as a manufacturer
stems from its world-class manufacturing facilities. Its manufacturing
facilities at Indrad,
With a view to cater to its growth requirements, Torrent
Pharma commissioned a new formulations manufacturing facility at Baddi,
Himachal Pradesh, in November 2005. The facility has a capacity to manufacture
3600 million tablets, 400 million capsules and 18 million Oral Liquid bottles,
per annum and would cater to the domestic formulations requirement.
Torrent has a modern and well-equipped state-of-the-art
R&D Centre, built with an investment of US $ 40 million. It is manned by
more than 525 highly qualified scientists, with a combined experience of over
2500 scientific man-years in Drug Discovery and Development. Torrent Pharma has
earmarked 9% of sales year-after-year for R&D advancement.
In the International operations arena, Torrent Pharma
exports to more than 50 countries around the world with over 1000 product
registrations. The international business has been broadly divided into five zones-
Torrent Pharma is now gearing up to enter the advanced
highly regulated international markets. Torrent Pharma has incorporated Zao
Torrent Pharma in
Milestones
|
2006 |
The API and formulations manufacturing facilities located
at Indrad ( |
|
2006 |
Entered into an in-licensing deal with Tasly of China to
market its Cardiotonic pill in |
|
2006 |
Torrent Pharma Japan Co., Ltd. incorporated in |
|
2005 |
Torrent Australasia Pty Ltd. incorporated in |
|
2005 |
New manufacturing unit at Baddi, Himachal Pradesh, set up
to cater to domestic formulations market. Torrent Pharma signed an agreement with Novo Nordisk Acquired Heumann Pharma GmbH & Co Generica KG, a
Pfizer group company, in Two new marketing divisions- AXON and NEURON set up to
cater to neuropsychiatry segment. Entered into a research collaboration with AstraZeneca for
developing novel anti-hypertensive drug. |
|
2004 |
Torrent Pharma Philippines Inc. set up. Torrent Pharma’s manufacturing facility at Indrad received
MHRA (UK) and TGA ( Restructuring of marketing divisions and addition of new
division, Delta. |
|
2003 |
Brazilian Sanitary Surveillance Agency accredited
Torrent’s R&D Centre with ANVISA, authorizing it to conduct
Bioequivalance Studies. IDMA Quality Excellence Award Gold Trophy for its
formulations and API facilities. Torrent Pharma Inc. set up in GMP Certification received from European Union by Torrent
Pharmaceuticals Manufacturing Plant MCC South Africa approval received by Torrent
Pharmaceuticals manufacturing plant. |
|
2002 |
Acquisition of a small Brazilian company, renamed
"Torrent do Brasil Ltda." Discovered and patented AGE (Advanced Glycosylation
End-products) molecule. Torrent Pharma’s manufacturing facilities certified with
ISO 14001:1996. Torrent Pharma’s manufacturing facilities accredited with
OHSAS 18001:1999. Torrent’s R&D Centre received ISO/IEC 17025:1999 for
its facilities by National Accreditation Board for Testing and Calibration
Laboratories (NABL). Addition of a new marketing division, MIND |
|
2001 |
Torrent Pharma’s manufacturing facilities received ISO
9001:2000 Certificate. IDMA Quality Excellence Award Gold Trophy for its
formulation facility. Torrent Pharma ranked in the top 10 Indian Companies in
terms of Return on Capital Employed (ET - BCG Study Feb - 2001). |
|
1999 |
Restructuring of Torrent Pharmaceuticals Ltd. through
formation of three new divisions – Prima, |
|
1998 |
Torrent Exports renamed as Torrent Ltd. as part of
restructuring and consolidation exercise. |
|
1997 |
India Infusions Ltd. merged with Torrent Pharmaceuticals
Limited. |
|
1996 |
State-of-the-art R&D Centre commissioned. Torrent Pharmaceuticals Limited acquires pharma related
investments and business of Torrent Exports Limited. |
|
1995 |
Torrent Gujarat Biotech Limited plant commissioned. |
|
1989 |
Second manufacturing plant of Torrent. Pharmaceuticals
Limited at Chhatral. |
|
1983 |
First Export Order |
|
1980 |
First major manufacturing facility of Torrent
Pharmaceuticals Limited at Vatva. |
|
1971 |
Trinity Laboratories renamed as Torrent Pharmaceuticals
Limited. |
|
1959 |
Mr. U.N.Mehta started pharma operations. |
Awards ::
2002-03
Torrent Pharma bagged the Gold Trophy for IDMA Quality
Excellence Award 2003 for both Formulations and API manufacturing facilities
2001-02
Torrent
Pharmaceuticals bagged the 'Best Suppliers' award by the Sri Lankan State
Pharmaceutical Corporation.
Torrent
Pharma bagged the Gold Trophy
for IDMA Quality Excellence Award for its Formulations facility and Silver
Trophy for
its API manufacturing facility
2000-01
Torrent Pharma bagged the Gold Trophy for IDMA Quality
Excellence Award for its Formulations facility
1999-00
GCCI Export
Appreciation Award.
Torrent
Pharma bagged the Gold Trophy
for IDMA Quality Excellence Award for its Formulations facility.
1996-97
Corporate Business Man of the year Award to Shri U.N.Mehta.
1992-93
Torrent Pharmaceuticals Limited received IDMA Quality Excellence
Award.
1991-92
Torrent
Exports Limited received Export Award from Govt. of Gujarat.
Torrent
Exports Limited received National Export Award.
1990-91
Torrent
Exports Limited received Export Award from Govt. of Gujarat.
Pride of
Asia International award for excellence in Pharmaceuticals Products by
international Friendship.
1989-90
Torrent
Exports Limited received Chemexcil Trishul Award for highest Pharma Exports.
Torrent
Pharmaceuticals Limited received IDMA Quality Excellence Award.
1988-89
Torrent Laboratories Limited received Chemexcil Export
Award.
1987-88
Torrent
Laboratories Limited received Chemexcil Export Award.
Torrent
Exports Limited received Export Award from Govt. of Gujarat.
1986-87
Torrent
Laboratories Limited received Chemexcil Export Award.
Torrent
Laboratories Limited received IDMA Quality Excellence Award.
Torrent
Exports Limited received Export Award from Govt. of Gujarat.
1985-86
Torrent
Laboratories Limited received Chemexcil Export Award.
Torrent
Laboratories Limited received IDMA Quality Excellence Award.
Torrent
Exports Limited received Export Award From Govt. of Gujarat.
Torrent
Laboratories Limited received IMC Golden Jubilee Endowment Award for Export
Performance.
1984-85
Torrent
Laboratories Limited received Chemexcil Export Award.
Torrent
Laboratories Limited received Udyog Ratna Award.
Certifications ::
2005-06
Torrent
Pharma’s QC department at Chhatral manufacturing plant accredited with
ISO/IEC-17025 by NABL
Torrent
Pharma’s Chhatral plant certified by TGA,
2004-05
Torrent Pharma’s Chhatral plant certified by MHRA of UK.
2003-04
Brazilian Sanitary Surveillance Agency accredited Torrent’s
R & D Centre with ANVISA, authorizing it for conducting Bioequivalence
Studies.
2002-03
Torrent
Pharmaceuticals Ltd. Manufacturing Facilities received ISO 14001:1996
Certificate.
Torrent
Pharmaceuticals Ltd. Manufacturing Facilities received OHSAS 18001:1999
Certificate.
Torrent
Research Centre received ISO/IEC 17025:1999 for its facilities by National Accreditation
Board for Testing and Calibration Laboratories (NABL).
2001-02
Torrent Pharmaceuticals Ltd. Manufacturing Facilities
received ISO 9001:2000 Certificate.
2000-01
Torrent Research Centre received OECD Standards of Good Lab.
Practices Certificate from Dutch Health Ministry.
Torrent’s manufacturing facility at Indrad,
Torrent firmly believes that quality can not be talked into a product, but has
to exist inherently. Its efforts towards realizing world-class quality
standards came into limelight with the “Quality Excellence Gold Award” received
from the Indian Drug Manufacturers’ Association (IDMA) for four consecutive
years viz. 2000, 2001, 2002 and 2003.
Land - 178,000 sq. metres
Built-up Area - 50,000 sq. metres for Formulations, 10,000 sq.
meters for API
Excellent Support Services
Finished Products - Oral Dosage Form, Injectables, Freeze
Dried Sterile Injections
API - Multi Product, Versatile Facility, Upgraded to
International Standards
Hygiene Zones – Process step dependent special zones created
for each type of activity
Manufacturing Capacities (per annum)
::
|
Formulations - Tablets, capsules and vials |
6,000 million |
|
Bulk Drugs/API |
15,000 kg |
They have signed an agreement with Novo Nordisk
This facility will have the requisite flexibility to expand and the production
will be done with the same state of the art technology and quality standards as
practiced across the world by Novo Nordisk.
They have been manufacturing Insulin for Novo Nordisk’s
Baddi Plant :
Set up with an investment of over Rs. 1300 millions, the
Baddi Plant is a most modern, state-of-the-art facility that will cater to the
requirements of domestic markets. The Plant commenced operations in November
2005 and has a capacity to manufacture 3600 million tablets, 400 million
capsules and 18 million Oral Liquid bottles, per annum. Other operations at the
Plant have been streamlined, with the critical machines and operations already
functional at the Plant. Production of most of the domestic products has
already been shifted to Baddi.
Infrastructure :
Land – 82, 237 sq. metres
Built-up Area – 23, 000 sq. metres
Finished Products:
- Oral Dosage Forms (Main Plant): Tablets, Capsules,
Liquids
- Oral Dosage Forms (Cephalosporins Plant under
construction): Tablets, Capsules, Dry Powder
Suspension, Insta use liquids.
Hygiene Zones - 'O' Open Product Area, 'E' Closed Product
Area, 'F' Non Production Area
The Plant has been approved by ISO/IEC 17025 in May 2006.
The Chemical and Biological testing Labs have been accredited by NABL and the
QC Lab attested by NABL to be in accordance with the international standards.
Media Releases
Torrent Pharma’s Q4 operating profit jumps 200%
May 23rd, 2007
Ahmedabad-based pharma major, Torrent Pharmaceuticals
Limited, today released its audited financial results for the year 2006-07. The
consolidated sales of the company stood at Rs. 12920 millions, up by 29% from
Rs. 10010 millions registered during previous year. Consolidated sales outside
Consolidated operating profits (PBDIT) were at a historic high of Rs. 1560 millions,
growing a healthy 44% from the previous year. Consolidated net profit for the
year jumped by 84 % at Rs. 940 millions as against Rs. 510 millions during the
previous year, partly benefiting from the exceptional charge of last year. The
growth in net profit was also driven by strong profitability in domestic and
For the quarter ended March 2007, the consolidated sales of the company grew by
36% to Rs. 3370 millions from Rs. 2480 millions in the corresponding period
last year on the back of a robust growth of 49% in International sales. This
was further aided by 33% growth in the domestic formulation business.
Consolidated operating profits (PBDIT) of Rs. 450 millions grew by more than
200% vis-à-vis Rs. 140 millions recorded in the corresponding quarter last
year.
Adjusting for VAT spillover, the domestic formulation sales grew by 29 % during
the year. This growth rate was largely due to buoyant performance of the
Diabetology, Neuro-Psychiatry and Pain management portfolios, impact of field
force expansion done in previous years, improved doctor coverage and new
introductions made during the year. Shifting of production for domestic brands
to Baddi, Himachal Pradesh has also bolstered margins for the year due to the
fiscal benefits by way of excise duty exemption and lower income tax.
During the year Brazilian operations clocked an aggressive growth of 44 % with
sales of Rs. 1670 millions up from Rs. 1160 millions last year. Effective
product promotion, expansion in doctor coverage and focus on prescription
generation is expected to maintain the growth momentum in
Russian market (including the CIS countries) delivered a noticeable performance
with sales moving up from Rs. 370 millions to Rs. 570 millions, a growth of 52%
during the period. Entry into CIS countries like
For the year under reference European operations (other than Heumann)
registered a sale of Rs. 390 millions as against revenue in the previous year
of Rs. 480 millions resulting in a negative growth of 18%. This was mainly due
to price erosion, less than expected generic substitution in Lamotrigine and no
major new product introduction.
During the year, Heumann operations posted sales of Rs. 2680 millions compared
with Rs. 1690 millions for the previous period of 9 months. The German market
has faced severe price erosions partly off set by curbs on sales promotion
spends during the course of the year. This is expected to continue in the
coming year which will be partly cushioned by reducing manufacturing costs by
shifting product manufacturing to
Sales in Rest of the World markets, comprising less regulated countries of
Africa & Asia moved up by 38% from Rs. 490 millions to Rs. 680 millions.
Extending the existing product portfolio of domestic and other regulated
markets like
Upto March 07, the company has filed 6 ANDAs and 5 DMFs with US FDA as part of
its
Significant investments are being made to expand the existing R&D
infrastructure. During the year, the total revenue expenditure on R&D was
5.9% (previous year 5.8%) of consolidated net sales and operating income. The
strength of scientific staff has been increased to 635. The increase in R&D
cost is mainly attributable to continuing build up of product pipeline for
regulated markets of US & EU. In the domestic market too, the R&D
activities are expected to provide the necessary impetus to introduction of new
products in the coming years.
About Torrent Pharma:
The Rs.12920 millions Torrent Pharma has a significant presence in more than 50
countries, in addition to a strong position in the domestic market. With many
of its products ranking among the Top 200 brands, Torrent continues to be at
the forefront of the Indian pharmaceutical industry through research,
innovation and breakthrough discoveries in the therapeutics areas of
Diabetology, Cardiovascular, Central Nervous System, Gastro-Intestinal,
Anti-infective and Pain management. Its R&D Centre employs over 635
scientists in the areas of drug discovery and development. Currently, Torrent
has seven discovery projects in pipeline. It has filed 231 patents for NCEs in
all major markets worldwide, of which 129 patents have been granted so far.
Torrent’s manufacturing plant at Chhatral has a capacity to manufacture approx.
6,000 million Tablets, capsules and vials and 15000 kgs of Bulk Drugs/API. The
facility has already been approved by authorities from regulated markets like
US,
Indians to get slimmer and fitter: Torrent Pharma launches
Rimoslim;
May 15th, 2007
The Dark Side of Obesity: Obesity & Related Diseases
(Global Statistics) 80% of type II diabetes related to obesity;70% of
Cardiovascular diseases related to obesity; 42% breast and colon cancer
diagnosed among the obese; 30% of gall bladder surgery related to obesity; 26%
of obese people have high blood pressure
Obesity and related complexities are one of the most prevalent health ailments
in India. It poses a major risk for chronic diseases, including Type II
diabetes, cardiovascular disease, hypertension and stroke and certain forms of
cancer. Today more than 194 million adults or 5% of adults worldwide have been
diagnosed with diabetes, with type 2 diabetes constituting 85-95% of all
diabetes in developed countries. Approximately 90% of type 2 diabetes is
attributed to people being overweight or obese. 70-80% people with diabetes die
of cardiovascular disease. Even childhood obesity is a stark reality today.
Diets and exercises can only help to an extent, but are no sure cure for
obesity.
Alarming statistics. But help is near. The world will get slimmer. Ahmedabad
based healthcare major, Torrent Pharma has launched Rimonabant, an anti-obesity
molecule, for the first time in
Rimonabant is a promising drug in an entirely new class of drugs called
selective cannabinoid (CB1) receptor antagonists. Rimoslim targets multiple
cardio-metabolic risk factors. These risk factors can lead to obesity, type 2
diabetes or dyslipidaemia. Unlike other anti-obesity drugs, Rimoslim acts
favourably on the lipid parameters and reduces Triglycerides (Bad cholesterol)
and haemoglobin A1C levels, increases HDL-C (Good Cholesterol) levels and thus
helps in managing the blood sugar levels. Rimoslim also has the potential to
help in smoking cessation.
Rimoslim is the perfect add-on therapy in such cases, given its superior
performance across the complete metabolic syndrome chain.
Rimonabant has undergone extensive Clinical Trials. The results of these phase
III studies called RIO (Rimonabant in obesity)
RIO Up§ Up to 8.6 kg weight reduction §(Rimonabant
in obesity) Studies Inference Average
23 % decrease in TG levels§to 9.1 cm reduction in waist circumference Enhancement in insulin sensitivity§
Average 15 % increase in HDL levels §
Mr. Ruchir Modi, Vice-President- Marketing, says: “Rimoslim is vastly superior
to all the others in the anti-obesity therapy segment. And it’s priced
aggressively too. While the second-in-class molecules sell at upwards of Rs. 40
per tablet, Rimoslim is priced at around Rs. 8 per tablet. Thus, it’s an
extremely affordable therapy for the masses unlike the others that service only
the niche, upwardly - mobile population.”
Besides the
The market for anti-obesity products in
About Torrent Pharma: Torrent Pharma, with an annual turnover of over Rs. 12500
millions, is the flagship company of Rs. 4000 million Torrent Group. With many
of its products ranking among the Top 200 brands, Torrent continues to be at
the forefront of the Indian pharmaceutical industry through research,
innovation and breakthrough discoveries in the therapeutics areas of
Diabetology, Cardiovascular, Central Nervous System, Gastro-Intestinal,
Anti-infective and Pain management.
Its Research Centre employs over 600 scientists in the areas of drug discovery
and development. Currently, Torrent has seven discovery projects in pipeline.
It has filed 219 patents for NCEs in all major markets worldwide, of which 123
patents have been granted so far.
CMT
REPORT [Corruption,
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The Public Notice information has been collected from
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1] INFORMATION ON DESIGNATED PARTY
No
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.36 |
|
|
1 |
Rs. 82.23 |
|
Euro |
1 |
Rs. 55.65 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT
LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
73 |
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
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING
EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for
credit transaction. It has above average (strong) capability for payment of
interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not recommended |