MIRA
INFORM REPORT
|
Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
FAMY CARE LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2006 |
|
|
|
|
Date of Incorporation : |
28.09.1987 |
|
|
|
|
Com. Reg. No.: |
11-44813 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24236MH1987PLC044813 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03740C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACF1663R |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturers of Reproductive Healthcare Products |
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 2100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Available information
indicates high financial responsibility of the company. Trade relations are
fair. Financial position is good. Payments are usually correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-30215555 |
|
Mobile No. : |
91-9820222325 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
3rd Floor, Brady House, 12/14, Veer Nariman Road, Fort,
Mumbai - 400 001, |
|
Tel. No.: |
91-22-30289655 / 30289636 |
|
Fax No.: |
91-22-3028
9656 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 1608 & 1609, G.I.D.C. Sarigam - 396 155
Gujarat, |
|
Tel. No.: |
91-260-2780674,
2780502 |
|
Fax No.: |
91-260-2780574 |
|
|
|
|
Factory 2 : |
Plot No. 688/10/11, Siddhi Vinayak Industrial Estate, Opp.
Somnath Temple, Somnath, Daman - 396 210, India |
|
Tel. No.: |
91-260- 224
2484, 224 3279 |
|
Fax No.: |
91 -260-224
3279 |
|
|
|
|
Branch Office : |
Plot No. L-20,Verna Industrial Estate, Salcette, Verna, |
|
|
|
|
Overseas Office : |
PK 7 Route Da Cabassou Remire |
|
Tel. No.: |
0694230726 |
|
Fax No.: |
0594 594 290645 |
|
|
|
|
Overseas Office : |
Mar 26 Street, Ward 5, Go Vap District, |
|
Tel. No.: |
84-8-5880322 |
DIRECTORS
|
Name : |
Mr. Jyotiprasad K. Taparia |
|
Designation : |
Director |
|
Address : |
Laxmi Vilas, 10th Floor, 87, |
|
Date of Birth/Age : |
21.11.1944 |
|
Date of Appointment : |
28.09.1987 |
|
|
|
|
Name : |
Mr. Sanjeev J. Taparia |
|
Designation : |
Managing Director |
|
Address : |
Laxmi Vilas, 10th Floor, 87, |
|
Date of Birth/Age : |
29.07.1967 |
|
Date of Appointment : |
10.09.1998 |
|
|
|
|
Name : |
Mr. Ashutosh J. Taparia |
|
Designation : |
Wholetime Director |
|
Address : |
Laxmi Vilas, 10th Floor, 87, |
|
Date of Birth/Age : |
25.01.1973 |
|
Date of Appointment : |
10.09.1998 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Jagannath Joshi |
|
Designation : |
Secretary |
|
Address : |
18, Seva Smruti, Shashtri Nagar, SBI Housing Society, Dombivali –
421202, |
|
Date of Birth/Age : |
01.03.1975 |
|
Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Jyotiprasad K. Taparia |
|
306250 |
|
Urmiladevi J. Taparia |
|
56250 |
|
Ashutosh J. Taparia |
|
361600 |
|
Sanjiv J. Taparia |
|
336750 |
|
Aruna S. Taparia |
|
125000 |
|
Anjali S. Taparia |
|
190000 |
|
Nidhi S. Taparia |
|
30000 |
|
Silverson Trading Private Limited |
|
2700 |
|
Total |
|
1408550 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Reproductive Healthcare Products |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
|
Copper T |
Pcs. in million |
|
39.500 |
|
Oral Contraceptive Pills |
Pcs. in million |
|
300.000 |
|
Tubal Rings |
Pcs. in million |
|
30.000 |
|
Exacta (Pep Smear Kit) |
Pcs. in million |
|
2.500 |
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
No. of Employees : |
800 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Malpani & Associates Chartered Accountants |
|
Address : |
307, Chartered House, 297/299, Dr. Cawasji Hormansi, Churchgat, Mumbai
– 400002, |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,408,550 |
Equity Shares |
Rs.10/- each |
Rs. 14.086
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.086 |
14.086 |
17.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
516.795 |
293.272 |
535.360 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
530.881 |
307.358 |
552.360 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.984 |
15.054 |
4.958 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
13.984 |
15.054 |
4.958 |
|
|
DEFERRED TAX LIABILITIES |
17.641 |
7.709 |
1.739 |
|
|
|
|
|
|
|
|
TOTAL |
562.506 |
330.121 |
559.057 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
219.841 |
162.762 |
114.298 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
87.001 |
|
|
DEFERREX TAX ASSETS |
6.879 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
100.439
|
52.475 |
99.645 |
|
|
Sundry Debtors |
266.125
|
24.553 |
23.650 |
|
|
Cash & Bank Balances |
4.152
|
91.352 |
13.960 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
48.432
|
47.375 |
259.716 |
|
Total
Current Assets |
419.148
|
215.755 |
396.971 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
65.983
|
46.683 |
27.805 |
|
|
Provisions |
17.379
|
1.713 |
11.408 |
|
Total
Current Liabilities |
83.362
|
48.396 |
39.213 |
|
|
Net Current Assets |
335.786
|
167.359 |
357.758 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
562.506 |
330.121 |
559.057 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
|
|
|
|
|
|
|
Sales Turnover |
625.409 |
2427.295 |
1213.547 |
|
|
Other Income |
6.304 |
23.220 |
17.497 |
|
|
Total Income |
631.713 |
2450.515 |
1231.044 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
253.009 |
287.263 |
195.451 |
|
|
Provision for Taxation |
11.012 |
20.970 |
22.301 |
|
|
Profit/(Loss) After Tax |
241.997 |
266.293 |
173.150 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
NA |
384.154 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
|
97.857 |
|
Total Imports |
NA |
NA |
97.857 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
177.361 |
157.826 |
201.056 |
|
|
Purchases made for re-sale |
0.000 |
1770.549 |
767.001 |
|
|
Salaries, Wages, Bonus, etc. |
43.604 |
28.625 |
24.154 |
|
|
Managerial Remuneration |
1.477 |
1.337 |
1.724 |
|
|
Payment to Auditors |
0.337 |
0.523 |
0.132 |
|
|
Interest |
16.510 |
1.722 |
2.634 |
|
|
Insurance Expenses |
5.433 |
2.355 |
2.123 |
|
|
Power & Fuel |
14.652 |
9.912 |
1.025 |
|
|
Depreciation & Amortization |
24.830 |
17.727 |
21.157 |
|
|
Other Expenditure |
94.501 |
172.676 |
14.587 |
|
Total Expenditure |
378.705 |
2163.252 |
1035.593 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
PAT / Total Income |
(%) |
38.31
|
10.87 |
14.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
40.45
|
11.83 |
16.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
39.60
|
75.89 |
38.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.93 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.21 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.03
|
4.46 |
10.12 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 28th September, 1987 at Mumbai in
Subject put up its first ultra modern manufacturing plant at Chakan (Near
Pune) in 1990 to manufacture Intra Uterine Devices (IUDs) in technical
collaboration with
Leiras is world renowed for unique Reproductive Healthcare Products. The
project, first of its kind in the country, caters to the needs of the
Government of India for its Family Planning and Welfare Program.
In 1993, another manufacturing unit was set up at
In 1998, the company’ new manufacturing plant at
The same year, the company acquired the Sarigam unit of Pfimax
Pharmaceuticals which manufactures oral contraceptive pills (OCPs). Pfimaz was
a regular supplier of OCPs to Ministry of Health (MOH), Government of India and
a few leading NGOs in the country. The plant has a capacity to manufacture 30
millions cycles of pills per annum.
The units conform to International Standards for cleanliness and
manufacturing is done strictly in accordance with Good Manufacturing Practices
(GMP).
BUSINESS
Subject is engaged in to carry on the business as manufacturers,
processors, traders, importers, exporters, contractors, dealers and agents of
Intrauterine Devices, Condoms, other Family Planning Products, Sterile Medical
Disposable Articles, Drugs, Hospital, Suppliers, Medical and Surgeon
Instruments, Sanitary Rods, Disposable Papers, Tissue Products and
Pharmaceuticals, Sanitary and Medical Goods of all kinds and descriptions.
Subject is also engaged in as manufacturer and trader of Children Wears.
FIXED ASSETS
Building
Plant & Machinery
Laboratory Equipment
Vehicles
Office Equipment
Furniture & Fixtures
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U24236MH1987PLC044813 |
|
Name of the
company |
FAMY CARE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
|
|
Particular of
charge holder |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013, |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of instrument
Creating the charge |
13.11.2006 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OD / Preshipment Financing
Under Export / Outward Bill [PCFC/PSFC] / Import LC/ Inland LC / Performance
bank Guarantee, Interest / Commission : At the rate as negotiated with and by
the Bank. The rate is subject to change without prior notice at the
discretion of the bank. Terms of
repayment OD : Tenor : 1
day Preshipment
Financing Under Export orders / Outward Bill [PCFC/PSFC]; Tenor : Maximum 180
days. Import LC /
Inland LC : Tenor : Maximum 180 days Performance bank
guarantee : Tenor : Maximum 1 Years Margin As applicable, if
any. As stipulated by the bank from time to time. Extent operation
of the charge Hypothecation by
way of first charge to the bank on current assets and movable fixed asset,
both present and future situated at Sarigam and Daman Manufacturing
Facility. |
|
Short particulars
of the property charged |
|
AS PER WEBSITE
Profile
Famy Care was incorporated in
They are engaged in the manufacturing of a wide range of
Reproductive Healthcare Products, like Oral Contraceptives, Emergency
Contraceptives, Intra Uterine Devices and Tubal Ligation Rings for the quality
conscious customers through quality research and development.
They are one of the largest suppliers of Intra Uterine
Contraceptive Devices (IUD) and Oral Contraceptive Pills (OCPs) to various
Ministries of Health & Family Welfare and Social organizations across the
World. .
Their products and services are distributed and maximized
through all appropriate channels in each geographic market.
Subject started manufacturing Intra Uterine Contraceptive
Devices (lUCDs) with technical know-how from World-renowned M/s.
Their products of Hormonal formulations and Medical devices
are available in more than 40 countries worldwide. They are an approved
supplier of UNFPA, PSI, Crown Agents-UK & PAHO. Their Products are supplied
to projects run by DKT, World Bank, IPPF and Ministry of Health in various
parts of the world.
- Exports to 40
countries in four continents.
- Focused on
the business of Female Healthcare.
- They are the
largest manufacturer of Hormonal tablets.
- Well
established with renowned international bodies relevant to their range of
products.
- They also
work on contract manufacturing arrangement with discerning quality
conscious customers.
Research & Development
Commitment of channelizing substantial revenues into R &
D has always made sound business sense to them at Famy Care. Their R&D
Centre is at MAHAPE (New Mumbai) with ultra-modern equipments.
Vast experience in handling hormones with low dosage form is
a specialization which Famy Care has built in last many years.
Very strong team of Senior Scientists with large experience
in global pharmaceutical company ably supported by Scientist.
Currently, much of the effort lies in generating new
formulations, which will be going off-patent in near future with improved
processes & new packaging. They have indigenized many of the novel
formulations with the support & teamwork of their R&D unit.
Foreseeing the rising demand of Hormonal and Reproductive
Health Care Products in Global Market, their facilities have been upgraded to
meet the US and EU regulatory requirements. Eventually, this will enable them
to become a dominant Global Player in the Hormonal and Reproductive Health Care
Segment.
They regularly participate in various trade fairs, seminars and
conference across the globe to meet like minded people for carrying out
business alliances.
Milestones in OCP Business
- Largest
producer and exporter of Oral Contraceptive Pills.
- Exporting
over 150 Million cycles of Pills annually to various countries around the
world.
- Famy Care has
a wide range of product to meet all specific needs of the Pill user.
- The
manufacturing plant not only has a WHO-GMP certification but also is the
only plant in
- First company
to start OCP’s export from
Milestones in IUD Business
- One of the
world's largest producer of Copper-T having the largest capacity to
produce IUD's.
- First
indigenous supplier of Copper- T to the Ministry of Health & Family
Planning, Government of India, since 1991 with an Excellent track record
of accomplishment for 16 years.
- Regular
supplier of IUD's to various National Family Welfare Programs around the
world like UNFPA, World Bank, and large NGOs like DKT.
- First company
to start exports of lUD's from
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.39.69 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.56.42 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--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 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. |
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 |
|