MIRA INFORM
REPORT
|
Report
Date : |
03.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
ANUH
PHARMA LIMITED |
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Registered
Office : |
A-3, Shivasagar
Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
19.02.1960 |
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Com.
Reg. No.: |
11-11586 |
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CIN No.: [Company
Identification No.] |
U24230MH1960PLC011586 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMA20261D |
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PAN
No.: [Permanent
Account No.] |
AAACA4478P |
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Legal
Form : |
Subject is a Public Limited Liability company. The
company’s shares are listed on the Stock Exchanges. |
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Line
of Business : |
Manufacturers
and Marketers of Metallic Sterates and antibiotics. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
1160000 |
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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 company having fine track. Financial
position is good. Their trade relations are fair. Payment are correct and as
per commitments. The company can be considered good for normal business
dealings at usual trade terms and condition |
LOCATIONS
|
Registered
Office : |
A-3, Shivasagar
Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel.
No.: |
91-22-66227575/
55527575 |
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Fax
No.: |
91-22-55527600 |
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E-Mail
: |
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Website
: |
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Factory
1 : |
E-17/3 and 17/4,
M. I. D. C. Tarapur, Boisar, Dist. Thane – 401 506, |
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Branch
: |
Mehta
Mahal, 15, |
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Tel.
No.: |
91-22-23648882 |
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Fax
No.: |
91-22-23633900 |
DIRECTORS
|
Name : |
Mr. J. P.
Shah |
|
Designation
: |
Chairman |
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|
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|
Name : |
Mr. Bipin
N. Shah |
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Designation
: |
Managing Director |
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Name : |
Mr. L. P.
Shah |
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Designation
: |
Director |
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Name : |
Mr.
Bharat N. Shah |
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Designation
: |
Director |
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Name : |
Mr. S. P.
Sonawala |
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Designation
: |
Director |
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|
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|
Name : |
Mr.
Kantilal M. Chokshi |
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Designation
: |
Director |
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|
Name : |
Mr. J. G.
Shah |
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Designation
: |
Director |
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|
Name : |
Mr. Jagdish M. Shah |
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Designation
: |
Director |
KEY
EXECUTIVES
|
Name |
Mr. Bipin
N. Shah |
|
Designation |
Managing
Director |
|
Age |
53 years |
|
Qualification |
B. E.
(Chem.) |
|
Experience |
30 years |
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Previous
Employment |
Eskay
Fine Chemicals – Director |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter’s Holding |
|
|
|
Promoters |
|
|
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Indian Promoters |
622550 |
89.45 |
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Others Investors |
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Private
Corporates Bodies |
5554 |
0.80 |
|
Directors
and Employees |
3450 |
0.50 |
|
Others |
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|
|
Sub Total |
9004 |
1.29 |
|
General
Public |
64446 |
9.26 |
|
Grand Total |
696000 |
100.00 |
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturers
and Marketers of Metallic Sterates and antibiotics. |
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|
|
|
Products
: |
Item Code No. (ITC Code)-2941.50 Product Description-Erythromycin Salts Item Code No. (ITC Code)-2931.00 Product Description-Metallic Stearates Item Code No. (ITC Code)-2941.40 Product Description-Chloramphenicol |
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PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Antibiotics |
Kg. |
400000 |
315335 |
GENERAL
INFORMATION
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No. of
Employees : |
300 |
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Bankers
: |
Bank of |
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Facilities : |
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Banking Relations : |
Good |
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Auditors
: |
S. I.
Mogul & Company Chartered
Accountants Mumbai, |
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Associates
: |
v
S. Kant Pharma Private Limited v
Sevak Pharma Private Limited v
Japosha Investment & Trading Private Limited v
L. P. Shah Holdings & Trading Private Limited v
East India Pharmaceutical Works Private Limited v
Sevantilal Kantilal & Company v
S. K. Age Exports v
Sevak Corporation v
Duchem Laboratories Limited v
S. K. Pharma v
S. K. Brothers v
S. K. Age Exports v
S. K. Distributors v
S. K. Trust v
Bhari and Company v S. Kant Healthcare Limited v Sevantilal Kantilal Private
Limited v Jay Pharma v Sevantilal Kantilal Trust |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1,500,000 |
Equity
Shares |
Rs.10/- each |
Rs. 15.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
6,96,000 |
Equity
Shares |
Rs.10/- each |
Rs. 6.960 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 |
6.960 |
6.960 |
6.960 |
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
3]
Reserves & Surplus |
284.211 |
236.846 |
205.791 |
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
NETWORTH
|
291.171 |
243.806 |
212.751 |
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|
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LOAN FUNDS |
|
|
|
|
1] Secured Loans |
14.713 |
2.042 |
4.740 |
|
2] Unsecured Loans |
0.000 |
0.000 |
7.982 |
TOTAL BORROWING
|
14.713 |
2.042 |
12.722 |
|
|
|
|
|
|
Deferred Tax Liabilities |
0.055 |
0.487 |
0.345 |
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|
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GRAND
TOTAL
|
305.939 |
246.335 |
225.818 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.667 |
29.149 |
15.868 |
|
Capital Work-in-progress |
47.359 |
7.548 |
-- |
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INVESTMENTS |
119.609 |
153.925 |
194.117 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
47.397 |
48.550 |
16.977 |
|
Sundry Debtors |
202.587 |
96.657 |
104.488 |
|
Cash & Bank Balances |
34.332 |
36.599 |
25.657 |
|
Loans & Advances |
86.795 |
57.910 |
43.886 |
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Total Current Assets |
371.111 |
239.716 |
191.008 |
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Less : |
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|
|
|
Current Liabilities |
162.859 |
119.721 |
116.843 |
|
Provisions |
102.948 |
64.283 |
58.332 |
|
Total Current Liabilities |
265.807 |
184.004 |
175.175 |
Net
Current Assets
|
105.304 |
55.713 |
15.833 |
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|
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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GRAND
TOTAL
|
305.939 |
246.335 |
225.818 |
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales
Turnover |
771.200 |
|
554.742 |
|
|
Other Income |
26.746 |
22.209 |
|
|
|
Total
Income |
798.146 |
539.204 |
554.742 |
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|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
101.296 |
71.756 |
83.041 |
|
|
Provision for Taxation |
34.874 |
25.141 |
22.746 |
|
|
Profit/(Loss) After Tax |
66.422 |
46.615 |
60.295 |
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Total
Earnings |
NA |
257.082 |
320.099 |
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Total
Imports |
NA |
NA |
471.652 |
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Expenditures : |
|
|
|
|
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Cost of Goods Sold |
27.274 |
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Manufacturing Expenses |
624.880 |
401.716 |
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Administrative Expenses |
39.996 |
26.821 |
471.652 |
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Interest |
0.270 |
0.360 |
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|
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Depreciation & Amortization |
4.114 |
3.331 |
|
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Total
Expenditure |
696.534 |
467.184 |
471.652 |
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SUMMARISED
RESULTS
|
PARTICULARS |
|
|
31.03.2007 (Full year) |
|
Sales Turnover |
|
|
822.500 |
|
Other Income |
|
|
22.200 |
|
Total Income |
|
|
844.700 |
|
Total Expenditure |
|
|
725.100 |
|
Operating Profit |
|
|
119.600 |
|
Interest |
|
|
0.600 |
|
Gross Profit |
|
|
119.000 |
|
Depreciation |
|
|
12.000 |
|
Tax |
|
|
31.200 |
|
Reported PAT |
|
|
75.800 |
|
Dividend (%) |
|
|
0.000 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.03 |
0.03 |
0.03 |
|
Long Term Debt-Equity Ratio |
0.00 |
0.02 |
0.02 |
|
Current Ratio |
1.31 |
1.17 |
1.03 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
15.57 |
13.63 |
18.33 |
|
Inventory |
16.87 |
16.48 |
30.52 |
|
Debtors |
5.41 |
5.36 |
7.91 |
|
Interest Cover Ratio |
20.86 |
15.37 |
22.50 |
|
Operating Profit Margin(%) |
13.66 |
11.43 |
14.40 |
|
Profit Before Interest And Tax
Margin(%) |
13.15 |
10.82 |
13.77 |
|
Cash Profit Margin(%) |
8.71 |
7.19 |
10.21 |
|
Adjusted Net Profit Margin(%) |
8.21 |
6.58 |
9.58 |
|
Return On Capital Employed(%) |
38.57 |
24.78 |
39.27 |
|
Return On Net Worth(%) |
24.82 |
15.55 |
28.25 |
STOCK PRICES
|
Face Value |
Rs. 10/- |
|
High |
Rs. 330.90 |
|
Low |
Rs. 323.00 |
LOCAL
AGENCY FURTHER INFORMATION
OPERATIONS
The sales and operating income for the year ended 31st March
2006 amounted to Rs. 771 millions as against Rs. 517 millions for the previous
year. The turnover of the company has increased by about 49.14% as compared to
last year's turnover.
During the year 2005-06 profit before tax as compared to
last year has increased by 41.28% from Rs. 71.700 millions to Rs. 101.300
millions and profit after tax has increased by 41.57% from Rs.46.900 millions
to Rs.66.400 millions.
EXPORTS
Exports for the year ended 31st March 2006 have increased to
Rs. 374.22 millions as against Rs. 261.5 millions in the previous year, showing
an increase of 43.1%. The company expects good growth in its exports during the
current year also.
CURRENT OUTLOOK
The construction of new factory has been completed and it
has already come on stream during the current year. The Directors expect good
growth in export as well as local sales turnover.
CHANGE OF
REGISTERED OFFICE
The Company has shifted the Registered
Office
from : Mehta Mahal,
To new modern office at:
A-3 Shivsagar Estate, North Wing,
FIXED ASSETE:
Leasehold Land, Office Premises, Factory
Building, Plant and Machinery, Laboratory Equipments, Material Storage and,
Handling Equipments, Plumbing Installations, Electric Installations, Furniture
and Fixtures, Motor Vehicles, Computer Hardware, Office Equipments, Air
conditioning Equipments, and Refrigerators, Intangible Assets: Computer
Software
Website
Details :
Manufacturers
Of Quality Bulk Drugs Like
v
Betamethasone Sodium Phosphate B.P. / U.S.P.
v
Betamethasone Valerate B.P. / U.S.P.
v
Betamethasone Dipropionate B.P. / U.S.P.
v
Calcium Stearate B.P. / N.F.
v
Chloramphenicol B.P. / U.S.P.
v
Chloramphenicol Palmitate B.P. / U.S.P.
v
Clobetasol Propionate B.P. / U.S.P.
v
Dexamethasone Sodium Phosphate B.P.
v
Erythromycin B.P. / U.S.P.
v
Erythromycin Estolate B.P. / U.S.P.
v
Erythromycin Ethyl Succinate B.P. / U.S.P.
v
Erythromycin Oxime Base
v
Erythromycin Propionate F.P.
v
Erythromycin Stearate B.P. / U.S.P.
v
Magnesium Stearate B.P. / N.F.
v
Roxithromycin E.P. / B.P.
v
Zinc Stearate B.P. / U.S.P.
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. 40.90 |
|
|
1 |
Rs. 81.29 |
|
Euro |
1 |
Rs. 55.47 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
63 |
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
|
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 |