MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TORQUE PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
693, Phase II, Industrial Area, Chandigarh 160002 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.08.1986 |
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Com. Reg. No.: |
53-7151 |
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CIN No.: [Company
Identification No.] |
U24230CH1986PTC007151 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLT11436F |
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PAN No.: [Permanent
Account No.] |
AABCT1244P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader, Exporter and Importer of Tablets, Capsules,
Ointments and Syrups |
RATING &
COMMENTS
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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 470000 |
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Status : |
Satisfactory |
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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 fine
track. Trade relations are
fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. P. S. Chhatwal |
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Designation : |
Managing Director |
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Date : |
05.04.2008 |
LOCATIONS
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Registered Office : |
693, Phase II, Industrial Area, Chandigarh 160002, India |
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Tel. No.: |
91-172-2653674/345 / 2641054/913 |
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Fax No.: |
91-172-2623954 |
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E-Mail : |
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Website : |
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Area : |
250 Sq. yards |
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Location : |
Owned |
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Corporate Office : |
232-34, Sector 34-A, Chandigarh, India |
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Tel. No.: |
91-172-3013000 |
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Fax No.: |
91-172-2623954 |
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E-Mail : |
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Factory 1 : |
Issapur, P. O. Dappar – 140506, Punjab, India |
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Tel. No.: |
91-1762-280383 |
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Fax No.: |
91-1762-281451 |
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E-Mail : |
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Area : |
10000 Sq. fts. |
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Location : |
Owned |
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Factory 2 : |
Himachal Pradesh, 13-B-14, EPIP, Jharmajri, Baddi, Himachal Pradesh,
India |
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E-Mail : |
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Area : |
4800 Sq. yards |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. P. S. Chhatwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
05.10.1951 |
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Date of Appointment : |
23.08.1989 |
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Name : |
Mr. A. I. Bedi |
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Designation : |
Director |
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Date of Birth/Age : |
14.04.1965 |
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Date of Appointment : |
23.08.1989 |
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Name : |
Mr. Rajeev Kansal |
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Designation : |
Director |
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Date of Birth/Age : |
02.06.1971 |
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Date of Appointment : |
26.08.2005 |
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Name : |
Mr. Bhagwan Singh |
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Designation : |
Director |
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Date of Appointment : |
01.06.2007 |
KEY EXECUTIVES
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Name : |
P. S. Bathla and Associates |
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Designation : |
Company Secretary |
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Address : |
SCO – 6, 3rd Feroze Gandhi Market, Ludhiana 141001 |
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Date of Birth/Age : |
91-2772759 / 2404526 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Exporter and Importer of Tablets, Capsules,
Ointments and Syrups |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
Credit, D/A and D/P [30 days] |
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Purchasing : |
Cash and Credit [30 days to 60 days] |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 472 |
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Bankers : |
Sector 35, Chandigarh
Sector 17, Chandigarh |
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Facilities : |
Overdraft facility Rs. 37.000 Millions from Centurion Bank Term Loan Rs. 35.000 Millions from SIDBI |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. Gupta and Associates Chartered Accountants |
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Address : |
Caliber Road, Rajpura |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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711307 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.113
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.113 |
7.113 |
7.113 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
111.974 |
80.412 |
74.125 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
119.087 |
87.525 |
81.238 |
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LOAN FUNDS |
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1] Secured Loans |
69.899 |
58.540 |
12.599 |
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2] Unsecured Loans |
9.944 |
6.650 |
3.952 |
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TOTAL BORROWING |
79.843 |
65.190 |
16.551 |
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DEFERRED TAX LIABILITIES |
8.860 |
12.165 |
11.120 |
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TOTAL |
207.790 |
164.880 |
108.909 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
168.978 |
157.325 |
82.002 |
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Capital work-in-progress |
5.638 |
4.849 |
14.230 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
46.009
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35.188 |
19.060 |
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Sundry Debtors |
81.356
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48.380 |
28.377 |
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Cash & Bank Balances |
4.776
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6.667 |
8.520 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
14.939
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14.548 |
20.142 |
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Total
Current Assets |
147.080
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104.783 |
76.099 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
113.907
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102.081 |
59.529 |
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Provisions |
0.000
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0.000 |
3.899 |
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Total
Current Liabilities |
113.907
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102.081 |
63.428 |
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Net Current Assets |
33.173
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2.702 |
12.671 |
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MISCELLANEOUS EXPENSES |
0.001 |
0.004 |
0.006 |
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TOTAL |
207.790 |
164.880 |
108.909 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
421.095 |
250.124 |
277.696 |
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Other Income |
0.172 |
0.000 |
0.000 |
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Total Income |
421.267 |
250.124 |
277.696 |
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Profit/(Loss) Before Tax |
34.764 |
10.117 |
12.584 |
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Provision for Taxation |
1.953 |
2.613 |
5.163 |
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Profit/(Loss) After Tax |
32.811 |
7.504 |
7.421 |
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Expenditures : |
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Manufacturing Expenses |
306.371 |
150.233 |
0.000 |
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Purchases on trading Sale |
0.000 |
5.028 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[10.100] |
[5.281] |
[3.990] |
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Excise Duty Paid |
12.490 |
43.387 |
0.000 |
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Personal Expenses |
25.355 |
14.110 |
0.000 |
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Administration and General Expenses |
25.812 |
17.516 |
0.000 |
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Selling Distribution |
17.765 |
9.338 |
0.000 |
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Financial Charges |
0.000 |
0.000 |
0.648 |
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Depreciation & Amortization |
8.810 |
5.676 |
4.028 |
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Other Expenditure |
0.000 |
0.000 |
264.426 |
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Total Expenditure |
386.503 |
240.007 |
265.112 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
7.78
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3.00 |
2.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.25
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4.04 |
4.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.99
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3.85 |
7.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.11 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.62
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1.91 |
0.98 |
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Current Ratio (Current Asset/Current Liability) |
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1.29
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1.03 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Macbrown Pharmaceuticals Private Limited
- Gilmore Pharmaceuticals Private Limited
- Maharani Sati
AS PER WEBSITE DETAILS:
PROFILE
TORQUE
Pharmaceuticals was launched in 1985 as a small unit with an investment of just
Rs 240,000 (US Dollars 18,000).
Today,
it is Schedule 'M' complying ISO 9001-2000 pharmaceuticals unit with nine
sections manufacturing 265 products. The total investment in the company is Rs
150 million.
Torque
is the first pharma company in Punjab (India) to be sanctioned WHO-GMP
Certification (World Health Organization - Goods Manufacturing Practices
Certification)
The
company has been certified by NDA, Uganda for the period of 5 years for export
of medicines
The
Company has been certified for ISO:9001:2000 for Quality Management System.
The
present turnover of the company is over Rs 400 million.
The
company was started with an inspiration 20 years ago to bring about a change to
the lives of people around them. They endeavored to do something better than
what others were doing. Backed only by courage, determination and faith to
invest in their business, they put everything on stake.
It
was a humble beginning.
True
to its name TORQUE, a penetrating force, they set a trend with focus on concept
of bioavailability of medicines and innovative packaging in the formulation
industry.
Today,
Torque Pharmaceuticals Pvt. Ltd. is one of the fastest growing pharmaceutical
companies in India . Its main manufacturing plant is near Derabassi (Punjab),
20 kilometres from the modern city of Chandigarh .
Their
plant has over 142,000-square-feet of covered area. The machinery and other
equipment is the latest and automated. It is amongst the best plants in India
Committed
to providing the best medicines, their company has ensured that the
manufacturing plant is free from pollution and environmental hazards.
TORQUE
is the only zero pollution industry in the country- The FIRST and the only ONE
of its kind in India
Their
public commitment is to provide medicines at affordable prices.
DEFINITE QUALITY
Quality
is their hallmark. In two decades of manufacturing, there has never been an
instance that any of their products have been found lacking in quality.
The
company enjoys a good reputation in the market due to its innovative
strategies. It comes up with new and quality products that are effective due to
their bioavailability, as well as economical to the customers. New standards of
packaging adopted by the company preserve the potency of the medicines till the
last drop or grain in order to deliver its full value to the patient
Their
in-house testing facilities for Quality Control and quality assurance are in
line with production.
The
Quality Control department is equipped with modern instruments to check
in-process parameters as per standard pharmacopoeia specifications.
The
company is a member of Basic Chemicals, Pharmaceuticals and Cosmetics Export
Promotion Council (CHEMEXCIL).
The Present and Future
The
company has two manufacturing plants at Derabassi, Punjab and Baddi, Himachal
Pradesh.
The
plant in Baddi caters to the domestic market in India and the Derabassi Plant
is an export oriented unit.
Their
operations are spread across 90 per cent of India 's geographical area and
exports are being made to 15 countries overseas.
Their
products are sold extensively in Indian states of Uttar Pradesh and Bihar – two
of the most populous states in India . Their combined population is more than
that of the third most populous country in the world – United States of America
(USA).
With
growing international demand for medicines and their commitment to quality,
they intend to expand their international operations.
All
the members of the TORQUE family look forward to achieve perfection by
accepting more challenges in their field.
The
company follows the policy of HEALTH FOR ALL HUMAN BEINGS their motto They Care
stands tall and they take the pledge to work towards making the company the
best in its class.
INTERNATIONAL MARKET WHERE GOODS ARE EXPORTED
- Canada
- London
- West Indies
- Singapore
- Afghanistan
- Uganda
- Angola
- Mozambique
- Guyana
- Tanzania
- Kenya
- Nigeria
- Rwanda
- Gambia
- Myanmar
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.02 |
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UK Pound |
1 |
Rs. 79.44 |
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Euro |
1 |
Rs. 62.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
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