MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MANKIND PHARMA LIMITED |
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Registered Office : |
236, Okhla Industrial Estate, Phase – 111, New Delhi – 110 020 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.07.1991 |
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Com. Reg. No.: |
55-44843 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PLC044843 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09991C |
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PAN No.: [Permanent
Account No.] |
AAACM9401C |
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Legal Form : |
A closely held public
limited liability company. |
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Line of Business : |
Manufacturer of Pharmaceutical Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 4200000 |
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Status : |
Very 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 fine track.
Available information indicated high financial responsibility of the company
and its management. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vinod Singhania |
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Designation : |
General Manager in Finance |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office : |
236, Okhla Industrial Estate, Phase – 111, New Delhi – 110 020, India |
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Tel. No.: |
91-11-55608088 / 46541400 / 55608089 |
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Fax No.: |
91-11-55608081 / 91-121-2516432 |
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E-Mail : |
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Website : |
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Area : |
30000 Sq. ft. |
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Location : |
Leased |
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Head Office : |
6-B, Mohakampur Enclave,
Meerut, Uttar Pradesh, India |
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Factory 1 : |
Poanta Sahib (Himachal Pradesh), India |
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Mobile No.: |
91-9218498896 |
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Factory 2 : |
Udyog Vihar. 485 &
490, Phase 5, Gurgaon, Haryana, India |
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Branch : |
Located at ·
Meerut ·
Secunderabad ·
Indore |
DIRECTORS
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Name : |
Mr. Ramesh Chand Juneja |
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Designation : |
Managing Director |
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Address : |
A-2/4, 1st Floor, Vasant Vihar, New Delhi, India |
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Date of Birth/Age : |
28.07.1950 |
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Date of Appointment : |
03.07.2001 |
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Date of Ceasing : |
11.08.2007 |
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Name : |
Mr. Rajeev Juneja |
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Designation : |
Director |
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Address : |
C-4/3, 1st Floor, Safdarjung Dev Area, New Delhi, India |
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Date of Birth/Age : |
28.07.1965 |
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Date of Appointment : |
22.12.1992 |
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Name : |
Ms. Prabha Arora |
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Designation : |
Director |
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Address : |
K-26, Hauz Khas, New Delhi, India |
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Date of Birth/Age : |
05.07.1948 |
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Date of Appointment : |
06.02.1995 |
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Name : |
Mr. Sanjiv Kaul Dwarkanath |
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Designation : |
Additional Director |
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Address : |
22, Siris Road, DLF Qutab Enclave, Phase-3, Gurgaon – 122 002,
Haryana, India |
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Date of Birth/Age : |
25.07.1957 |
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Date of Appointment : |
24.04.2007 |
KEY EXECUTIVES
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Name : |
Mr. Ashish Jain |
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Designation : |
Secretary |
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Address : |
295/1, Adarsh Nagar, Near Railway Road, Gurgaon, Haryana, India |
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Date of Birth/Age : |
31.05.1981 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Sanjeev Kumar Singh |
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Designation : |
Secretary |
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Address : |
2531 (G), Sector – 3, Faridabad – 121 004, Haryana, India |
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Date of Birth/Age : |
10.05.1976 |
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Date of Appointment : |
01.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Ramesh Chand Juneja |
387232 |
|
Rajeev Juneja |
261152 |
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Prabha Arora |
277560 |
|
Pooja Juneja |
66560 |
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Lalit Kumar Arora |
10 |
|
Medifore Health Care Limited |
10 |
|
Rita Arora |
10 |
|
Wisdom Pharma Private Limited |
10 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident indian(s)
or Overseas corporate bodies or Others |
11.00 |
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Directors or relatives of Director |
89.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Products. |
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Products : |
·
OTC |
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Imports : |
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Countries : |
·
China ·
Taiwan |
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Terms : |
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Selling : |
Credit (30 days) |
GENERAL
INFORMATION
|
Suppliers : |
·
Madra Pharmaceuticals,
Chennai, Tamilnadu, India ·
Unimax Laboratories,
Faridabad, India |
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Customers : |
·
Wholesalers ·
Stockist ·
Associated Trading
Corporation Agency, Lucknow, India ·
Bansal Enterprises,
Meerut, India ·
Aggarwal Enterprises,
Indore, India ·
Drugs Trading, Varanasi,
Uttar Pradesh, India ·
O. S. Medica; Hall,
Amballa, India |
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No. of Employees : |
4500 |
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Bankers : |
·
ICICI Bank Limited Landmark Race Cource Circle, Alkapuri,
Baroda – 390 015, Gujarat, India ·
State Bank of Patiala Meerut City Branch, Meerut – 250 002,
Uttar Pradesh, India ·
Punjab National Bank,
Delhi, Gurgaon, Meerut and Agra. ·
Vysya Bank, Meerut and
Delhi. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Bhagi Bhardwaj Gaur and Comapany Chartered Accountants |
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Address : |
2952-53/2, Sangtarashan, Paharganj, New Delhi – 110 055, Delhi, India |
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Subsidiaries : |
·
Luxor Metaltec India Private Limited CIN No.: U74899DL1996PTC008081 ·
Alankrit Handicrafts Private Limited CIN No.: U99999DL1974PTC007499 ·
Madhusudan Realtors Private Limited CIN No.: U70101DL2005PTC133168 ·
Rekhi Steels Private Limited CIN No.: U74899DL1973PTC006492 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10790261 |
Equity Shares |
Rs.10/- each |
Rs.107.903
millions |
(As on 31.03.2007)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9927000 |
Equity Shares |
Rs.10/- each |
Rs.99.270
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
99.270 |
99.270 |
99.270 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
731.005 |
340.897 |
168.878 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
830.275 |
440.167 |
268.148 |
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LOAN FUNDS |
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1] Secured Loans |
305.261 |
181.863 |
29.209 |
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2] Unsecured Loans |
27.151 |
36.322 |
63.268 |
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TOTAL BORROWING |
332.412 |
218.185 |
92.477 |
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DEFERRED TAX LIABILITIES |
0.129 |
1.392 |
2.225 |
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TOTAL |
1162.816 |
659.744 |
362.850 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
160.383 |
88.296 |
73.834 |
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Capital work-in-progress |
222.165 |
38.832 |
1.898 |
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INVESTMENT |
106.000 |
130.435 |
47.850 |
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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 |
1016.449 |
694.802 |
376.625 |
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Sundry Debtors |
405.742
|
276.130 |
195.049 |
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Cash & Bank Balances |
32.475
|
16.775 |
12.633 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
471.277
|
337.300 |
135.609 |
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Total
Current Assets |
1925.943
|
1325.007 |
719.916 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
839.431
|
692.279 |
388.700 |
|
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Provisions |
412.826
|
231.376 |
92.188 |
|
Total
Current Liabilities |
1252.257
|
923.655 |
480.888 |
|
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Net Current Assets |
673.686
|
401.352 |
239.028 |
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MISCELLANEOUS EXPENSES |
0.582 |
0.829 |
0.240 |
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TOTAL |
1162.816 |
659.744 |
362.850 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
4913.811 |
3385.342 |
2079.082 |
|
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Other Income |
13.927 |
10.601 |
9.411 |
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Total Income |
4927.738 |
3395.943 |
2088.493 |
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Profit/(Loss) Before Tax |
674.492 |
350.499 |
134.056 |
|
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Provision for Taxation |
256.086 |
150.182 |
48.531 |
|
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Profit/(Loss) After Tax |
418.406 |
200.317 |
85.525 |
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Expenditures : |
|
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Raw Material Consumed |
36.099 |
85.279 |
69.443 |
|
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Purchases made for re-sale |
2759.911 |
1862.483 |
1127.781 |
|
|
Increase/(Decrease) in Finished Goods |
30.096 |
(6.620) |
(19.786) |
|
|
Salaries, Wages, Bonus, etc. |
535.100 |
374.538 |
247.956 |
|
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Managerial Remuneration |
28.018 |
14.220 |
12.540 |
|
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Payment to Auditors |
1.086 |
0.669 |
0.110 |
|
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Interest |
33.904 |
22.964 |
14.943 |
|
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Insurance Expenses |
8.971 |
7.331 |
5.271 |
|
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Power & Fuel |
3.460 |
3.269 |
3.136 |
|
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Depreciation & Amortization |
7.768 |
6.684 |
5.868 |
|
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Other Expenditure |
808.833 |
674.627 |
487.175 |
|
Total Expenditure |
4253.246 |
3045.444 |
1954.437 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.49
|
5.90 |
4.10 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.73
|
10.35 |
6.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.33
|
24.80 |
168.89 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.81
|
0.80 |
0.50 |
|
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|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
2.59 |
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.43 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
Relax Pharmaceutical – Himachal Pradesh
Form No. 8
|
Corporate identity
number of the company |
U74899DL1991PLC044843 |
|
Name of the
company |
MANKIND PHARMA LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
236, Okhla Industrial Estate, Phase – 111, New Delhi – 110 020, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
State Bank of Patiala Meerut City Branch, Meerut – 250 002, Uttar Pradesh, India |
|
Nature of
instrument creating charge |
Supplement
Agreement of loan for increase in the overall limit from Rs.160.000 millions
to Rs.250.000 millions |
|
Date of instrument
Creating the charge |
23.04.2007 |
|
Amount secured by
the charge |
Rs.250.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 1.5% below BPLR i.e. 11.5% p.a. at monthly rest (floating) ·
Terms of
repayment Repayable on Demand ·
Margin Raw Materials – 25% Stocks in process – 33% Finished Goods = 33% Book debts / receivables (not older than 45 days ) – 50% ·
Extent and
operation of the charge As per original agreement executed between the State Bank of Patiala
and the company (borrower) and amended from time to time. |
|
Particulars of
the property charged |
As per original
agreement dated 18.01.2003 executed between the state bank of patiala and the
company (borrower) and amended from time to time in addition to existing
properties and Property situsted at C-14, Block No.7, ward No.2, Industrial
Estate Santha Nagar, Hyderabad measuring 906.22 Square Meter and registered
in the name of the Company. |
|
Particulars of
the present modification |
Whereas by a
Supplementary Agreement dated 23.04.2007 executed between the Borrower and
the Bank, the Bank has agreed to finance the business of the Borrower by
agreeing to grant all or some or any of the credit facilities either in
Indian or foreign currencies etc. for sums not exceeding at any one time
aggregate the sum of Rs.250.000 millions |
News
Mankind Pharma to invest Rs. 70 cr.
Staff Correspondent
CHENNAI: The Delhi-based
Mankind Pharma Private Limited plans to invest Rs. 700 millions in the next two
years to scale up its manufacturing capability and invest in research and
development (R&D).
Addressing a
press conference here on Tuesday, R. C. Juneja, Managing Director, Mankind
Pharma, said the new manufacturing plant, complying with the U.S. Food and Drug
Administration standards, was being set up in Poanta Sahib, Himachal Pradesh.
It would set up a latest R and D facility in the National Capital Region (NCR).
The company was planning to export its products to other semi-regulated markets
of Southeast Asia, South Africa and some CIS (Commonwealth of Independent
States) countries, said Rajiv Juneja, Director, Marketing.
"Currently,
we have a 1,900 strong field force. Over the next two years, this number was
likely to grow to 3,000," he added.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|