MIRA
INFORM REPORT
|
Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
ARCH PHARMALABS
LIMITED |
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Formerly Known
As : |
ARCH
COMMERZ PRIVATE LIMITED |
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Registered
Office : |
H Wing, 4th
Floor, |
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Country : |
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Financial (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
15.11.1996 |
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Com. Reg. No.: |
11-103946 |
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CIN No.: [Company Identification
No.] |
U51909MH1996PTC103946 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19603D |
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PAN No.: [Permanent
Account No.] |
AACCM0306Q |
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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 of
Pharmaceutical Intermediates in Isoxazole Penicillin range with a focus on
export market. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2500000 |
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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 having satisfactory track. Trade relations
are fair. Financial position is satisfactory. Payments are usually correct
and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office/ Corporate Office : |
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Tel. No.: |
91-22-28470555-0564 |
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Fax No.: |
91-22-2847
1234/1002 |
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Factory |
Survey No. 323, |
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Tel. No.: |
91-22-28560555/0560 |
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Fax No.: |
91-22-28561234/1002 |
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E-Mail : |
1. archcom@mtnl.net.in / archfin@vsnl.com / infor@archpharmalabs.com
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Website : |
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Area : |
5500 Sq.ft |
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Location : |
Owned |
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Plant: |
Ř
Plot
No. T- 84, 85 and 86 MIDC Tarapur, Taluka Palghar, District Thane, Ř
Plot
No. G-4 Kharvai MIDC, Badlapur, District Thane - 421 503, Ř
Vitalifa
Laboratories, Village Pathreri, Ř
Plot
No. W-45 (C) Anand Nagar, Additional Ambernath District Thane - 421 506, Ř
V-8,
MIDC, Taloja, Raigad, |
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Branch: |
Located at:- Ř
Sainath,
8-2-120/86/10/2, Muncipal No. 389, Road No. 14, Banjara hills, Ř
Shop
No.3, Village Pabhat, |
DIRECTORS
|
Name : |
Mr. Ajit A.
Kamath |
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Designation : |
Director &
Chief Executive Officer |
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Address : |
404, I la
Apartments, Sector 4, R. O. P. 7, Chrkop, Kandivli (West), Mumbai-400067,
Maharashtra, India |
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Age : |
34 years |
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Qualification
: |
Graduate |
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Experience : |
9 years |
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Name : |
Mr. Manoj Tejraj
Jain |
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Designation : |
Deputy Managing
Director |
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Address : |
Flat No. 5, |
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Age : |
34 years |
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Name : |
Mr. T. Mallikarjuna
Reddy |
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Designation : |
Vice Chairman |
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Address : |
B-13, Madhura
Nagar, Hyderabad-500038, |
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Age : |
44 years |
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Name : |
Mr. Manoj T. Jain |
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Designation : |
Deputy Managing
Director |
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Name : |
Mr. Shahzaad S. Dalal |
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Designation : |
Nominee Director |
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Name : |
Mr. Aluri S. Rao |
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Designation : |
Nominee Director |
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Name : |
Mr. Rajendra
Kaimal |
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Designation : |
Executive
Director |
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Address : |
C-411, Janakdeep,
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Age : |
31 years |
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Name : |
Mr. B. V. Raju |
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Designation : |
Executive
Director |
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Address : |
503, Sagar View
Apartments, Begumpet, Hyderabad-400016, |
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Age : |
45 years |
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Name : |
Mr. Subhash Mali |
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Designation : |
Non-Executive
Director |
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Address : |
F-11/604, Neelam
Nagar, Mulund (East), Mumbai-400081, |
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Age : |
41 |
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Name : |
Mr. Sudhir Ghate |
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Designation : |
Non-Executive
Director |
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Address : |
101, ‘Suprabhat’,
Bejal-Kapikad, Mangalore –575004 |
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Age : |
43 years |
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Name : |
Mr. Rashmikant
Choksey |
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Designation : |
Non-Executive
Director |
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Address : |
517, Ankita
Apartments, 53, |
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Age : |
49 years |
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Name : |
Dr. Shantilal
Jain |
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Designation : |
Non-Executive
Director |
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Address : |
Medichek, Ground
Floor, Gopal Bhawan, Mahim, Mumbai-400016, |
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Age : |
41 years |
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Name : |
Mr. Sudhir P.
Ghate |
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Designation : |
Non Executive
Director |
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Name : |
Mr. Vikas B.
Kedia |
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Designation : |
Company Secretary |
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Name : |
Mr. K. S. Baidwan |
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Designation : |
Nominee Director |
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Address : |
House No. 4506,
DLF city, Phase-IV, Gurgaon-122002 |
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Age : |
61 years |
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Name : |
Mr. Kishore
Gotety |
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Designation : |
Nominee Director |
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Address : |
ICICI Venture
Funds, Management Company Limited, Stanrose House, Ground Floor, Appasaheb Marathe
Marg, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Age : |
32 years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
Pre Issue Equity Holding |
Percentage of Holding |
Post
Issue Equity Holding |
Percentage of Holding |
|
Promoters
Holdings |
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Promoters |
4681959 |
34.21 |
4681959 |
29.12 |
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Persons Acting in
concert |
693095 |
5.06 |
693095 |
4.31 |
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Sub Total (I) |
5375054 |
39.27 |
5375054 |
33.43 |
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Non
Promoters Holdings |
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Swisstec Venture |
2045455 |
14.95 |
2045455 |
12.72 |
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ICICI Venture |
1214073 |
8.87 |
1214073 |
7.55 |
|
IL and FS Group |
2040000 |
14.91 |
2040000 |
12.69 |
|
Olympus Medica
Holding Limited, |
Nil |
Nil |
2390000 |
14.87 |
|
MFs/FLs/Bank |
4115 |
0.03 |
4115 |
0.03 |
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Private Corporate Bodies |
238123 |
1.74 |
238123 |
12.04 |
|
Indian Public |
1930069 |
14.10 |
1930069 |
1.48 |
|
NRIs/OCBs |
839585 |
6.13 |
839585 |
5.22 |
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Sub Total (II) |
8311420 |
60.73 |
10701420 |
66.57 |
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Total I + II |
13686474 |
100.000 |
16076474 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing of
Pharmaceutical Intermediates in Isoxazole Penicillin range with a focus on
export market. |
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|
|
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Products : |
·
CMIC
Chloride : 3 - (2 Chlorophenyl)-5-Methyl Isoxazole - 4 - Carbonyl Chloride ·
DICMIC
Chloride : 3 - (2,6 Dichlorophenyl)-5-Methyl Isoxazole-4-Carbonyl Chloride ·
FCMIC
Chloride : 3-(2 Chloro. 6-Flurophenyl)-5-Methyl Isoxazole-4-
Carbonyl Chloride.
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Exports to : |
Europe, Latin
America, Middle East and |
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Imports from : |
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GENERAL INFORMATION
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Suppliers : |
Ř BASF Indenting Agent BASF India Limited Rhone-Poulence House, Sudam Kalu Ahire Marg, Mumbai-400025, Tel. No. 91-22-4930703 Fax No. 91-22-4950512 Contact Person: Mr. Udipt
Agarwal Ř 12-D Tel. No. +86-5196626038 Fax No. +86-519-6609289 E-Mail: htchem@public.cz.js.cn
Contact Person: Mr. Fu-Qiang Sun Ř Zhejiang Medicines
& Health Products Imports & Exports
Corporation 2188, Fax No. (571) 5100777
/ 5105518 Ř Clariant
GmbH-Kundenbuchhaltung D-65840, Tel. No. + 49 (6196)
75760 SWITCHBOARD Fax No. +49 (6196)
7578856 Representative Office: Colour-Chem Limited Tel. No. 91-22-5345060 Fax No. 91-22-5349629 Contact Person: Mr. A. K.
Roy Ř Nissho Iwai
Corporation Fine and Bio Chemicals, Japan Representative Office Nissho Iwai Corporation ( Dalamal House, 8th Floor, Nariman Point, Mumbai-400021, Tel. No. 91-22-2837685 Fax No. 91-22-2024138 Contact Person: Mr. Saikat Bhowmik Ř Tessenderlo
Chemie S. A., Representative Office: Finorga ( 105-A, Neelam Centre, 249 B, Hind Cycle Road, Worli, Mumbai-400025, Tel. No. 91-22-4934627/4933310 Fax No. 91-22-4950504/4937925 Contact Person: Mr. Manish Vasaiwala Ř OG Corporation 8-7, Nihonbashi - Honcho 2
- Chome, Chuo-Ku, 8417, Japan Tel. No. +81 3 3665 - 8311 Fax No. +81 3 3665 - 8365 Ř Uwe Gers Chemie
Handels GmbH Romerweg 1, D -
67117, Tel. No. + 49 6236465032 Fax No. + 49
623648191 E Mail : ug-chemie@t-online.de Ř Benzo Petro
International Limited 5, Welcome Shopping Centre, Opp Punit Nagar, Tel. No. 91-265-333302 / 342395 Fax No. 91-265-342395 / 330640 Contact Person: Mr. D. C. Gami Ř Search Chem
Industries Private Limited Uniphos House, Mumbai-400052, Tel. No. 91-22-6041111/6000700 Fax No. 91-22-6041010 Contact Person: Mr. Sanjay
Singhania Ř Adani Exports
Limited 7th Floor, “The Eagle’s Flight”, Tel. No. 91-22-6836969 Fax No. 91-22-6833838 Contact Person: Mr. Ashish Tawakley / Mr. Uday Mehta Ř Tata Chemicals
Limited 57, Tel. No. 91-44-4996882 Fax No. 91-44-4981023 Contact Person: Mr. M. Vellodi – Regional Manager Ř Alkyl Amines
Chemicals Limited 401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17, Vashi, Navi
Mumbai-400703, Tel. No. 91-22-7890632 Fax No. 91-22-7890631 Contact Person: Mr. Sameer Ardekar Ř Haresh Kumar and
Company 23, Tel. No. 91-22-8375382 /83 Fax No. 91-22-8254417 Contact Person: Mr. Kailash Kasat Ř Chemplast Sanmar
Limited 8, Tel. No. (Chennai)
91-44-822 7739 (Mumbai) 91-22-5973390/91 Fax No. (Chennai) 91-44-822 1545 (Mumbai) 91-22-5973395 Contact Person: Mr.
Subramanium |
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Customers : |
Manufacturer |
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No. of Employees : |
275 |
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Bankers : |
Tel. No. 91-22-22885016/17 Fax No. 91-22-22020463 Facilities: Rs. 60 millions (Fund Based)
Tel. No.
91-22-22835782/84/87/89 Fax No. 91-22-22844113 Facilities: Rs. 90 millions (Fund Based)
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Facilities : |
Secured Loans |
Rs. in millions |
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a)
Term Loan |
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From Bank |
539.790 |
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From Institution |
100.000 |
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b)
Working Capital Loans |
419.409 |
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c) Loans under
Hire purchase arrangements |
9.537 |
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Total |
1068.736 |
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Unsecured
Loans |
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|
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Non Convertible
Debentures |
10.00 |
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Convertible
Debentures – OFCD |
6.300 |
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|
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Interest Free
Sales Tax Deferment |
2.126 |
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|
Inter Corporate
Deposits |
4.700 |
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Total
|
23.126 |
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Banking Relations : |
Satisfactory |
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Auditors : |
Nayak and Rane Chartered
Accountants Mumbai |
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Sister
Concern: |
Ř
Arch
Financial Services (Bom) Private Limited - Engaged
in providing financial services Ř
Arch Phytochemicals
Private Limited -
Engaged
in Preparing Registration Dossiers for Homeopathic medicines |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,60,00,000 |
Equity shares |
Rs. 10 each |
Rs. 160.000 millions |
|
140,00,000 |
Preference Share |
Rs. 10/- each |
Rs. 140.000 millions |
|
|
Total
|
|
Rs. 300.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23690000 |
Equity shares |
Rs. 10/- each |
Rs. 236.900 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 |
236.900 |
151.310 |
177.337 |
|
|
2] Share Application Money |
0.000 |
0.00 |
2.193 |
|
|
3] Reserves & Surplus |
691.200 |
514.422 |
163.262 |
|
NETWORTH
|
928.100 |
665.732 |
342.792 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1763.900 |
1068.736 |
290.674 |
|
|
2] Unsecured Loans |
5.300 |
23.126 |
15.126 |
|
TOTAL BORROWING
|
1769.200 |
1091.862 |
305.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
39.171 |
8.176 |
|
|
|
|
|
|
|
TOTAL
|
2697.300 |
1796.765 |
656.768 |
|
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APPLICATION OF FUNDS
|
|
|
|
|
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|
|
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|
FIXED ASSETS [Net Block]
|
1258.000 |
1022.612 |
281.532 |
|
Capital work-in-progress
|
226.200 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT
|
5.200 |
0.582 |
0.582 |
|
DEFERREX TAX ASSETS
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
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|
Inventories
|
719.500 |
518.960 |
246.311 |
|
|
Sundry Debtors
|
820.800 |
472.537 |
217.606 |
|
|
Cash & Bank Balances
|
78.400 |
62.033 |
38.904 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
161.600 |
125.720 |
60.277 |
Total Current Assets
|
1780.300 |
1179.250 |
563.098 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
522.800 |
393.023 |
172.886 |
|
|
Provisions
|
64.800 |
29.274 |
22.267 |
Total Current Liabilities
|
587.600 |
422.297 |
195.153 |
|
Net Current Assets
|
1192.700 |
756.954 |
367.945 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
15.200 |
16.617 |
6.709 |
|
|
|
|
|
|
|
TOTAL
|
2697.300 |
1796.765 |
656.768 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
2545.300 |
1560.328 |
967.701 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
231.700 |
161.389 |
101.279 |
Provision for Taxation
|
72.600 |
59.056 |
11.965 |
Profit/(Loss) After Tax
|
159.100 |
102.332 |
89.314 |
|
|
|
|
|
Export Value
|
NA |
1155.356 |
0.000 |
|
|
|
|
|
Import Value
|
NA |
251.633 |
0.000 |
|
|
|
|
|
Total Expenditure
|
2547.700 |
1398.939 |
866.422 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Debt-Equity Ratio
|
1.80 |
1.39 |
1.20 |
Long Term Debt-Equity Ratio
|
1.03 |
0.81 |
0.59 |
|
Current Ratio |
1.30 |
1.39 |
1.38 |
TURNOVER RATIO
|
|
|
|
|
Fixed Assets |
2.16 |
2.70 |
4.07 |
Inventory
|
3.99 |
4.18 |
4.78 |
|
Debtors |
3.82 |
4.63 |
5.47 |
Interest Cover Ratio
|
2.53 |
2.75 |
2.64 |
|
Operating Profit
Margin (%) |
18.87 |
17.92 |
17.51 |
Profit Before Interest And Tax Margin (%)
|
15.53 |
15.86 |
16.41 |
|
Cash Profit
Margin (%) |
9.79 |
8.46 |
10.08 |
|
Adjusted Net
Profit Margin (%) |
6.45 |
6.40 |
8.98 |
|
Return On capital
Employed (%) |
17.33 |
21.29 |
32.00 |
|
Return On Net
Worth (%) |
21.22 |
20.81 |
47.19 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.7.50/- |
|
Low |
Rs.7.11/- |
LOCAL AGENCY FURTHER INFORMATION
Wholly
Owned Subsidiaries
The management is
also pleased to announce the incorporation of the wholly owned subsidiaries in
the
The
The company has
acquired the Vita life Laboratories division from Apollo International Limited
w.e.f 16.12.2004
FIXED
ASSETS
The
company's fixed assets of important value include land and factory building,
electrical installation, plant & machinery, furniture & fixtures,
computers, ERP Software, office equipment and vehicles.
Generic Names of
the Principal Products of the company are :
|
Item
Code No. |
Product
Description |
|
29159000 |
CMIC - Chloride |
|
29159000 |
DICMIC - Chloride |
|
29159000 |
FCMIC - Chloride |
QUARTERLY
RESULTS
Status of Investors Complaints for the quarter ended
Complaints pending at the beginning of the quarter Nil Complaints received during
the quarter 77 Complaints disposed off during the quarter 77 Complaints
unresolved at the end of the quarter Nil 1. The above results were taken on
record by the Board at their meeting held on 4th August, 2005. 2. The figures
for the previous period have been regrouped and reclassified to confirm the
classification of the current period wherever necessary. 3. The Company
operates in a single Pharmaceutical Segment and hence Accounting Standard 17 on
Segment Reporting is not applicable. 4. The limited review of the above
financial results of the company for the quarter and quarter ended 30th June,
2005 has been completed by the Statutory Auditors of the Company.
BIODATA
Incorporated on 2 April,1993 as Merven Drug Products Private
Limited, Merven Drug Products (MDPL) was converted into a public limited
company on 13 September 1993. It was originally promoted by T V Raghava Reddy,
Rajgopala Reddy and P Vijayalakshmi. The company is been engaged in the
business of bulk drugs.
In October 1994, MDPL came out with a public issue of 4.160 millions equity
shares at par, aggregating Rs. 41.600 millions, to part-finance the Rs.147.500
millions project to manufacture basic and bulk drugs with an installed capacity
of 135 tpa. The production facility is planned in accordance with the US FDA
standards. The company is the first in the country to make certain speciality
products such as fluoxetine, esmolol and roxythromycin. The project is located
in Medak district of Andhra Pradesh. Commercial production commenced in 1995.
It also doubled the capacity which became opertional by December 1995. It
started production with CMIC chloride, an intermediate and a raw material for
cloxacillin sodium.
The company has an exclusive technical tie-up with Applied Chemtech,
Cash cruch and slow down in the bulk drugs industry has resulted in losses and
the net worth being eroded. As such, the company has become a sick
company.
The company is currently engaged in only job work for other companies,as the
company could not produce its products due to non-availability of working
capital facility
Website details are attached herewith
Quickly. Now. That is how Ajit A. Kamath, the 36-year-old chairman and
managing director of Arch Pharmalabs does things. If you ask him a question he
can't answer, he picks up the phone to talk to someone who can. And if you
request a document or a photo, he handles it with similar urgency.
Moving Soon Arch Pharmalabs chemists will move later this year to a new lab that
the company is building.
An accounting graduate who says he always wanted to be an entrepreneur, Kamath
started his first company, a financial services provider, at the age of 22,
when all he could put together as capital was $100. Later, with two friends who
were also financiers, he switched his attention to the opportunities offered by
the Indian pharmaceutical industry. They formed Arch in 1999.
Their firm is a rising star that has been growing at 50% annually since
then. Sales amounted to a modest $50 million in the latest fiscal year. But the
company already employs 1,100, it is building a large R&D lab, and it is
boosting its orders with new customers. Its main businesses are producing
active pharmaceutical ingredients (APIs) and advanced intermediates and
providing custom manufacturing services. About two-thirds of sales are to
foreign customers.
Arch's formula is a simple one. It buys loss-making pharmaceutical
chemical plants. It then turns them around by putting them in the hands of
experienced managers. To finance Arch's first years, Kamath and his partners
attracted $9 million from three key investors, including an initial $2 million
from Swisstec, which is the venture capital arm of the Swiss government.
Arch operates facilities at six locations across
Kamath says his plants are "quite new." The sellers were
companies that strayed into pharmaceuticals. "They had been sold on the
attractiveness of the pharma business, usually by a relative who had a degree
in the field," he says. For example, Vitalife Laboratories, which Arch
bought in 2004, belonged to a tire manufacturer.
Owing to contractual obligations and also to avoid having to lay off
workers, some plants are still being used to make bulk APIs sold to a number of
generic drug manufacturers. Kamath isn't especially fond of this business
because of limited growth opportunities and also because it can bring Arch in
competition with potential customers. But for now, bulk generics remains a
substantial business for Arch; for example, the company calls itself the
world's leading producer of isoxazole penicillin side chains.
Kamath is striving to make Arch better known for its custom
pharmaceutical chemical manufacturing business. "Their plan A is to have a
company with no product list, no 'ŕ la carte menu' of the things they
make," he says, envisioning that bulk generics production will be phased
out within two years. "They prefer to sell their competencies and the
quality of their production facilities." For the near future, he expects
that most customers of Arch's custom manufacturing business will be generic
drug producers that require tailor-made drug intermediates or APIs.
One key manager at Arch is Anand Prabhu, head of quality assurance, who
did postdoctoral work at Georgia Institute of Technology. With a career
spanning 30 years as a quality auditor at GlaxoSmithKline and Abbott
Laboratories, Prabhu is a key asset in convincing customers that Arch takes its
quality seriously, Kamath says. "He's the biggest challenge their
production team faces, but customers love him."
Earlier this year, Arch hired Ganesh Pai to head its R&D activities.
Pai holds a Ph.D. from the National Chemical Laboratories in
Managers at companies that do business with Arch have good things to
say. Christopher Bluemel, head of basic and fine chemicals at Lanxess in
Mumbai, says Arch is a buyer of the German company's o-chlorotoluene. Most
Indian companies prefer to take their chances on the spot market, he says, but
Arch signed a one-year supply contract. "If you want to be a world player,
it's better to have a secure source of raw materials," Bluemel notes.
Kamath recalls that when he first met Alan Shaw, the British-born chief
executive officer of Codexis, Shaw frowned and asked, "Arch? Why have I
never heard of you?"
Kamath expects that Arch's days of remaining unknown are coming to an
end. He manages European sales and says that talks with several multinational
corporations are going well. He will soon be seeking $30 million from private
investors to finance near-term growth. And in three years, he wants to list
Arch on a stock market. For a company launched only seven years ago, that is as
good as a long-term strategic plan.
CNBC-TV18 & ICICI Bank Emerging
Source : Company Release
Date : May 5th, 2006
Arch Pharmalabs Limited has won the prestigious "ICICI-CNBC
TV18 Emerging India Award (2006)" in Pharma and Chemicals category
conducted by ICICI Bank, India's largest Private Sector and Second Largest
Bank, CNBC-TV18, the undisputed leader in the business news space and CRISIL,
India's leading Credit Rating Agency. The Award was announced at a grand
presentation ceremony held in Mumbai on May 2, 2006.
The ICICI-CNBC TV18 'Emerging India Award' initiative aims
at recognizing the most sustainable Value Creators among SMEs in the country.
Indian SMEs with a maximum net worth of Rs 750.000 Millions, were eligible for
entry to the ICICI - CNBC TV18 'Emerging India Awards',
CNBC-TV18 and ICICI Bank's Emerging India Series is India's
first and only platform for recognizing and promoting India's small and medium
enterprises. The CNBC-TV18 and ICICI Bank Emerging India Initiative is a series
of forums that have culminated into the Emerging India Awards, which was
introduced last year.
The series, which has returned this year with a fresh new
line up of Emerging India forums, will tour the country once again.
The Emerging India Awards for 2005 posted a record number of
entries, a total of 35,000. This is an achievement no recognition platform
prior to this has been able to claim in
The economic reforms brought about the end of control regimes,
de-licensing and de-reservation of industries ensured that the small and medium
enterprises were allowed to grow. Statistically the SMEs make up over 90
percent of the Indian economy and provide employment to a robust 70 per cent of
the Indian working population.
Speaking on the landmark achievement of receiving 35,000
nominations for the award, Mr. K.V Kamath, MD & CEO, ICICI Bank, said
"The future for Indian SMEs looks bright across all Industry sectors.
Policy initiatives can take the economy growth rate to a much higher level than
8.1%. To take advantage of this growth, it is important for the SMEs to make
changes to consolidate and modernize their businesses, adopt best practices and
bring in enhanced transparency - the Emerging India Awards initiative
emphasizes these aspects and recognizes the companies that epitomize
them."
Speaking on this initiative Mr. Haresh Chawla-CEO-CNBC-TV18
said "In its second year, the Emerging India Awards has become not just the
benchmark for recognizing the best performing enterprises from the SME space
but it has also emerged as India's (and one of the world's) largest business
awards! A true testimony to the power of the SME story. They are extremely
proud to partner with ICICI Bank and CRISIL in this initiative. What is also
extremely heartening that SMEs are raring to go and willing to take on
challenges & opportunities thrown in by globalization! They will continue
to take up the SME cause at the TV18 network "
Evaluation Process
The Emerging India Initiative was conceptualised to reward
entrepreneurship and innovation in addition to business and financial
performance. The evaluation process was a rigorous 8 stage program designed to
select the best, sustainable value creator amongst the small and medium
enterprises. CRISIL,
The first round of selection for the CNBC-TV18 'Emerging
India Awards' involved a review of Financial Statements of the nominees by
CRISIL. The evaluation was based on the performance of the company over the
last four years to ensure consistency of performance.
During the second round of the screening, 25 short-listed
entities in each category provided detailed information on:
Audited
financial statements, verification from lead banker, any relevant references
from industry associations/ key large clients
Comprehensive
write-up on business
Future plans and strategies
Management
background, experience and track record
Brief
write-up and summarized financial performance on affiliate / group companies
CRISIL also used the following factors to evaluate the
nominated SME's:
Market
position, competitive strengths
Business
strategy, growth plans and future prospects
Management
vision, quality, experience and depth
The second round of screening resulted in the shortlisting
of 3 entities per category. Each of the 3 shortlisted entries made a final
round of offsite presentations about their respective businesses to a jury of
independent experts, comprising of BVR Subbu, President, Hyundai Motor India
Limited., Arun Nanda, M&M, ED, Mahindra & Mahindra Limited, D.D Rathi,
CFO, Grasim, Dilip Choksi, India head, Deloitte and Nilesh Patel , MD, Heinz
The jury selected the winners in each category after evaluating the SME's
overall business, financial and management strengths and their ability for
sustainable value creation for key stakeholders.
Mr. R Ravimohan, Managing Director & Chief Executive Director,
CRISIL added, "The vital role played by SMEs has so far gone largely
unnoticed. They are delighted to be a part of this initiative which
acknowledges and celebrates the best-performing SMEs"
About CNBC-TV18
CNBC-TVI8 is
About ICICI Bank
ICICI Bank,
SME banking is a high growth area for ICICI Bank. ICICI Bank's
Small Enterprises Group is focused on providing complete banking solutions to
SMEs including term loans, working capital, trade finance and transaction
banking services. These services are provided by a dedicated team of over 500
professionals spread across 100 cites. The Bank leverages its network of over
480 interconnected branches and strong technology platform to provide state-
of-the-art customized banking solutions to the SMEs. Some of its widely
accepted products in the SME space are the Roaming Current Account which
provides the convenience of anytime -anywhere banking and the Channel Finance
facilities for meeting the financing needs of the channel partners of its
corporate customers.
ICICI Bank has pioneered innovative credit-evaluation techniques,
which goes beyond just the evaluation of SME firm's financials and involves
deep understanding of the SME business and the industry. This approach has
substantially improved turnaround time for its customers. ICICI Bank's SME
business has grown substantially over the past few years.
About CRISIL
CRISIL is
Mr.Ajit Kamath, Chairman & Managing Director, Arch
Pharmalabs Limited, receives the Emerging India Award in the Pharma &
Chemicals Category
Arch Pharmalabs (USA) Inc. names Dr. Raj Iyer as President
Source :
Date : April 3, 2006
Arch Pharmalabs Limited, Mumbai, India, announces that
effective April 15, 2006, Raj Iyer Ph.D. becomes the President of their US
subsidiary, Arch Pharmalabs (USA) Inc. Dr. Iyer will lead Arch's strategic,
commercial and marketing initiatives aimed at the North American pharmaceutical
and biotech sectors with a goal of building a world-class provider of active
pharmaceutical ingredient and drug intermediate manufacturing services across
the product life cycle and creating winning partnerships within these sectors.
He will be based in the
In making the appointment, Ajit Kamath, Chairman and
Managing Director of Arch Pharmalabs Limited, said, "Dr. Iyer brings
several years of product, business development and program management experience
to Arch. He has an excellent understanding of the regulatory process and
industry models, and is adept at delivering cost-effective, customer-focused
solutions across product life cycles from development through commercialization
and genericization. They believe he will strengthen Arch's foothold in the
dynamic and innovative North American market because of his established
relationships within large, specialty pharma and biotech communities."
Prior to this new position, Dr. Iyer was the Director of
Business Development at Rhodia Pharma Solutions, Inc. where he spearheaded the
company's business initiatives for the North American specialty pharmaceutical
and biotech markets and significantly expanded market share, while crafting
value-added deals with several well-known players in these sectors. Dr. Iyer
has also been employed by Dey LP where he contributed to development of two
respiratory care, niche-market 505(b)(2) - based products which generate annual
sales in excess of USD 200 million. He began his professional career with
Pfizer, Inc (formerly Parke-Davis Pharmaceutical Research).
"I'm excited about joining Arch," Dr. Iyer
explained. "With the emergence of
Dr. Iyer holds both a Bachelor of Science and a Master of
Science from the University Institute of Chemical Technology in
About Arch Pharmalabs Limited and Arch Pharmalabs (
With more than 600 employees in 4 locations across
Arch Pharmalabs is supported by a number of marquee
investors, including the SwissTec Venture Capital Fund, sponsored by the Swiss
government; and ICICI Venture, owned by India's second largest bank. The
company has also recently announced that an additional $40MM USD will be raised
through private equity funding.
Steady growth has been demonstrated through the company's
history. Since FY02, Arch Pharmalabs has averaged approximately 60% in annual
revenue growth and approximately 20% in EBITDA margin. For 2005, Arch
Pharmalabs forecasts total worldwide revenues of more than $36MM USD.
Arch Pharmalabs (USA) was established in September 2005 as
the company's
From its commencement of business in 1999, Arch Pharmalabs
Limited. Is engaged in the production and
marketing of Pharma Intermediates. The company recently commenced
manufacturing of APIs in GMP approved plants
under exclusivity arrangements with major Pharma companies.
They are the Global Market Leaders in the Isoxazole
Pencillins Side-chains business
One of their key business strategies has been to maintain a No competing supplier
positioning
Its Production Capacity is over 1500 tpa. Spread over Four
manufacturing locations viz. , near
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.97 |
|
|
1 |
Rs.80.73 |
|
Euro |
1 |
Rs.54.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|