MIRA
INFORM REPORT
|
Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
REKVINA PHARMACEUTICALS |
|
|
|
|
Registered Office : |
328/329, 3rd Floor, Paradise Complex, Sayajigunj, Vadodara – 390005, Gujarat
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 (Estimated) |
|
|
|
|
Year of Establishment : |
1989 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDR00551F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACFR9102Q |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business : |
Manufacturer of Pharmaceutical products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 25000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a family owned concern and Mr. Amit Shah, partner of the
concern denied business and financial details. Hence, this report is based on indirect sources of information. Trade relations are fair. Payments are reported as slow but correct. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Amit Shah |
|
Designation : |
Partner |
|
Contact No.: |
91-9227120360 |
|
Date : |
11.08.2008 |
LOCATIONS
|
Registered Office : |
328/329, 3rd Floor, Paradise Complex, Sayajigunj, Vadodara – 390005,
Gujarat |
|
Tel. No.: |
91-265-2362966/2362319 |
|
Fax No.: |
91-265-2226093 |
|
Website : |
|
|
Area : |
1000 Sq. ft |
|
Location : |
Leased |
|
|
|
|
Factory 1 : |
Plot No.165/P, At.
Vadadala 391 520, Tal. Savli, Dist Baroda |
|
Tel. No.: |
91-2667-2510522 |
|
E-Mail : |
|
|
Area : |
Medium Sized |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. M J Shah |
|
Designation : |
Partner |
|
Profile : |
Mr. Mukesh J.
Shah, Chairman of the Rekvina group of companies renders his valuable
services to the organization. Now 52 years of age Mr. Mukesh Shah is a very well
experienced person and has a great deal of knowledge. It is because of his
efforts the organization has so very well flourished. His hard work has
helped Rekvina make the World feel its presence in the Indian market as well
as the market Overseas. |
|
|
|
|
Name : |
Mr. Amit M Shah |
|
Designation : |
Partner |
|
Profile : |
Mr. Amit M. Shah has done his graduation in Computer Science and his MBA in Marketing and I.T. and has joined this organization as a Partner in Rekvina Pharmaceuticals and as Director in M/s Radiant Parenterals Limited. He is young, dynamic, full of ideas and has a very pleasing personality which has helped the organization to look through a new prospective. His efforts to modernize the organization are indeed valuable. With such a blend of talented youth as well as experienced and knowledgeable people, Rekvina is one of the most promising and upcoming companies in the Indian Pharma Market. |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical products |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
(Office – 5 + Factory – 15) = 20 |
|
|
|
|
Bankers : |
Bank of Baroda, Baroda, Gujarat |
|
|
|
|
Facilities : |
The concern enjoy substantial facilities from its bankers |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Rakvina Laboratories Limited Vadodara, Gujarat |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 5.000 Millions (Estimated) |
|
Borrowed : |
-- |
|
Total : |
Rs. 5.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2007
(Estimated) |
|
Sales Turnover |
|
|
100.000 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS
REKVINA - is headquartered in Baroda, Gujarat. The Rekvina group promoted by Mr. M. J. Shah and Mr. K.P. Shah, commenced business more than 15 years ago.
The first unit of REKVINA group was established in 1986 with a handful of
committed people. But it was finally in the year 1989 that Rekvina
Pharmaceuticals was established under the Rekvina group. Today Rekvina has come
to be recognized as one of the fastest growing pharmaceutical company in India.
Rekvina manufactures like Tablets, Capsules, oral liquids, dry powder and
injectables, which have found its way very well into the practitioner's
prescription and in people's lives. It was for the first time that the concept
of dispersible kid tablets for Pediatric Patients was established, and it had
to be none other than Rekvina. They at Rekvina take a pride to fulfill the
instinct of success by taking an oath to serve and satisfy the needs of their
customers through innovative medicines from both conventional and alternative
healthcare systems.
Rekvina's world-class manufacturing plants are based in Waghodia & Vadadala
(Near Baroda) in Gujarat. These manufacturing facilities have been approved by
the cGMP and ISO-9002. And a WHO-GMP plant at baddi, HP having a production
capacity of ( ). Rekvina is in the process of establishing an R&D
facility at Baroda to spearhead the discovery of New Chemical Entities (NCE)
VISION – REKVINA
To emerge as a global Pharma player. To enter the advanced markets of the world with a sustained presence over the long-term.
Planning proactively to produce the right products at the right time with the support of WHO-GMP and other quality certifications.
Introducing products in the gynecological disorders and surgical therapeutic segments.
Entering advanced markets with New Chemical Entities (NCE).
- Maintaining the highest standards of current Good Manufacturing Practices (cGMP).
-
Delivering customer value through a high quality of technical support, analytical data, technical documentation and regulatory compliance.
Generating a cost advantage for its customers and the company through process innovation of raw material efficiency, innovative R&D and engineering.
Making operations safe and reliable by minimizing waste, implementing effective waste treatment and protecting the environment.
MISSION – REKVINA
While committing to an on-going improvement in performance revolving around effective customer management, they maintain:
The highest levels of integrity in business conduct,
A strong sense of public responsibility.
They are orienting ourselves to excel in technology, research, marketing, manufacturing and distribution. Through continuous company-wide improvement and innovations, they strengthen their position worldwide. They promote and provide an open and participative work environment with growth opportunities for all employees.
Top level
Management
Mr. Arvind B. Patel: - He is working as General Manager (production) and over all in charge of factory operation. His association with the organization is since the beginning. He is talking care of Purchase, Maintaining the Inventory, Quality Control and all Manufacturing processes ensuring maintenance of Quality Standards. In addition he is also dealing with all F.D.A matters.
Mr. Suresh C. Gandhi: - He is with organization since more than a decade. His calculative mind always thinks in one direction i.e. benefit of the company. His belief is "A penny saved is a penny earned." His ability to deal with all finance matters is really appreciable. He is in charge of the Finance Department dealing with Statutory Compliances and Tax matters.
Exports
REKVINA believes in being a part of the people's life and to
achieve this goal Rekvina manufactures the best drug formulation from the best
available Raw Materials and keeping a thorough check on the quality.
The next step for REKVINA is going global. Planning to have a global presence
means that there must be internationally acceptable quality products that
promise consistency in its quality and continuous innovation in the field of
manufacturing. Also the volume of production would increase and for this
technical soundness is mandatory, because going global would increase the
volume of production many folds.
Rekvina has all the plan to collaborate with multinational companies in Russia,
South Africa, Canada etc. This would be a major milestone for Rekvina because
this would help Rekvina to establish itself in international market. With
collaboration, Rekvina would get a better technical exposure being used in
other countries whereby enhancing its capacities in India too. This would also
assist Rekvina in manufacturing and introducing latest molecules in India.
Future
After the successful introduction of anti-hypertensive and diabetic product range, Rekvina has all the plans to come out with anti-cancer, and drugs for the treatment of HIV and other viral infections.
To spread their wings all over India in domestic market and enter into the new foreign markets of eastern Asia, Europe as well as Gulf countries. Also to expand the market in African continental.
They have already set up a plant in baddi having the compliances of WHO-GMP in tablets, capsules including soft gelatin, syrup and injectables. They have all the plans to go for US-FDA in coming years.
They are planning to establish a Research and Development Department with all kind of technical advancement.
To have a chain of company's retail medical outlets in all the metros in India, which will remain open 24 hrs a day.
Their company is running three clinics where free medical check-up and free medications are given to financially needful people. They are planning to setup more clinics like this in all the cities.
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 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.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
|