MIRA
INFORM REPORT
|
Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WINGS PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
J-13, Udyog Nagar, Industrial Area, Peera Garhi Chowk, New Delhi – 110
041 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.04.1987 |
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Com. Reg. No.: |
55-27499 |
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CIN No.: [Company
Identification No.] |
U74899DL1987PTC027499 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELW00269D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Innovative branded and genric
pharmaceutical products in cost effective manner. |
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 2500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
J-13, Udyog Nagar, Industrial Area, Peera Garhi Chowk, New Delhi – 110
041 |
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Tel. No.: |
91-11-25182242 / 25182243 / 25186555 / 25186556 |
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Fax No.: |
91-11-25483248 |
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E-Mail : |
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Website : |
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Factory : |
35, Hpsidc Industrial Area, Baddi Solan, Solan – 173 205 |
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Tel. No.: |
91-1792-247484 / 247864 / 244040 |
DIRECTORS
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Name : |
Mr. Rajinder Prasad Arora |
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Designation : |
Whole Time Director |
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Address : |
B-4/48, Paschim Vihar, Delhi – 110 063, India |
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Date of Birth/Age : |
11.05.1960 |
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Date of Appointment : |
26.03.1991 |
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Name : |
Mr. Rakesh Arora |
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Designation : |
Whole Time Director |
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Address : |
B-4/48, Paschim Vihar, Delhi – 110 063, India |
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Date of Birth/Age : |
03.02.1962 |
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Date of Appointment : |
03.04.1987 |
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Name : |
Mr. Anil Arora |
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Designation : |
Whole Time Director |
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Address : |
B-4/48, Paschim Vihar, Delhi – 110 063, India |
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Date of Birth/Age : |
11.09.1965 |
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Date of Appointment : |
03.04.1987 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Anil Arora |
61076 |
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Rakesh Arora |
21718 |
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Rajinder Prasad Arora |
17911 |
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Kamal Krishan Arora |
11576 |
|
Ram Bai Arora |
10524 |
|
Usha Arora |
14556 |
|
Anisha Arora |
588 |
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Shiv Dayal Arora |
5813 |
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Kiran Arora |
16012 |
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Renu Arora |
14441 |
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Akshay Arora |
5380 |
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Deepanshu Arora |
56 |
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Divya Arora |
21 |
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Varun Arora |
6417 |
|
RSD Marketing Private Limited |
107163 |
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Shiv Dayal Arora and Sons (HUF) |
17812 |
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Kamal Krishan Arora and Sons (HUF) |
16162 |
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Rajinder Prasad Arora and Sons (HUF) |
13937 |
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Rakesh Arora and Sons (HUF) |
16357 |
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Total |
357520 |
Equity share breakup
(percentage of total equity)
(As on
29.09.2007)
|
Category |
Percentage |
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Bodies corporate |
30.00 |
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Directors or relatives of
directors |
70.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Innovative branded and genric
pharmaceutical products in cost effective manner. |
PRODUCTION STATUS
(As on 31.03.2007)
|
Particulars |
Installed
Capacity (Per
Annum) in millions |
Production
(Qty)
in Millions |
|
Tablets (Nos.) |
2500.00 |
1231.715 |
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Syrups and Dry Syrups (Litres) |
2.00 |
331905.200 |
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Capsules (Nos.) |
37.50 |
17.300 |
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Ointment and Lotions (Kgs.) |
0.80 |
270458.400 |
GENERAL
INFORMATION
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Bankers : |
·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
Bank of
India SSI Branch, Udyog Nagar, Delhi – 110 041, India ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
R Chadha and Associates Chartered Accountants |
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Address : |
A-43, Nariana Industrial Area, Phase – II, New Delhi – 110 028, India |
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Associates/Subsidiaries : |
·
Wings Plastics Private Limited ·
Empire Castings Private Limited ·
Kambros ·
Goverdhan Financial Services Limited ·
RSD Marketing Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
360000 |
Equity Shares |
Rs.100/- each |
Rs.36.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
357520 |
Equity Shares |
Rs.100/- each |
Rs.35.752
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
35.752 |
35.752 |
35.752 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
460.059 |
270.171 |
106.677 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
495.811 |
305.923 |
142.429 |
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LOAN FUNDS |
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1] Secured Loans |
1.173 |
1.187 |
6.816 |
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2] Unsecured Loans |
12.574 |
37.549 |
51.568 |
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TOTAL BORROWING |
13.747 |
38.736 |
58.384 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.027 |
0.027 |
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TOTAL |
509.558 |
344.686 |
200.840 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.889 |
77.148 |
53.793 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
152.639 |
103.577 |
21.077 |
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DEFERREX TAX ASSETS |
2.217 |
1.739 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
167.641
|
93.919 |
72.076 |
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Sundry Debtors |
106.576
|
97.441 |
60.723 |
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Cash & Bank Balances |
27.053
|
4.559 |
6.061 |
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Other Current Assets |
86.119
|
25.771 |
6.152 |
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Loans & Advances |
0.689
|
10.000 |
0.000 |
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Total
Current Assets |
388.078
|
231.690 |
145.012 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
128.496
|
70.836 |
20.419 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
128.496
|
70.836 |
20.419 |
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Net Current Assets |
259.582
|
160.854 |
124.593 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Preliminary Expenses |
1.231 |
1.368 |
1.377 |
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TOTAL |
509.558 |
344.686 |
200.840 |
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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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Total Income |
657.007 |
562.338 |
492.402 |
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Profit/(Loss) Before Tax |
220.132 |
178.058 |
9.894 |
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Provision for Taxation |
24.878 |
14.608 |
3.540 |
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Profit/(Loss) After Tax |
195.254 |
163.450 |
6.354 |
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Imports : |
6.197 |
13.266 |
NA |
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Expenditures : |
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Interest |
2.295 |
3.583 |
5.888 |
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Depreciation & Amortization |
11.997 |
8.555 |
7.117 |
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Other Expenditure |
422.583 |
372.142 |
469.503 |
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Total Expenditure |
436.875 |
384.280 |
482.508 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
29.72
|
29.07 |
1.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
33.51
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31.66 |
2.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
45.67
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57.65 |
4.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
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0.58 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.29
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0.36 |
0.55 |
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Current Ratio (Current Asset/Current Liability) |
|
3.02
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3.27 |
7.10 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
WINGS PHARMACEUTICALS PRIVATE LIMITED |
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Presented By |
Bank of India,
SSI Branch, Udyog Nagar, Delhi |
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1) Date and description of instrument creating the change |
Hypothecation Agreement
dated 06.02.1998 regd. on 12.03.1998, modified on 19.12.2000 and again on of
all goods, book debts and movable plant and machinery fro cash credit
(Hypothecation of stock) limit of Rs.6.500 millions and finally on 10.07.2001
to enhance the charge on stock of all goods from Rs.6.500 millions to
Rs.9.050 millions to secure LC limit of Rs.2.550 millions thereby making the charge on stock of all goods
available for a total of Rs.26.150 millions, last modification regd. on
07.08.2001. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.000 millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all tangible movable assets including in particular all types of medicines,
formulations in the form of tablets, capsules, oral and dry syrups, ointments
etc. raw material, work-in-process, finished products, packing material etc.
whether lying loose or in bottles / packing etc. at borrower’s premises at
Udyog Nagar, Rohtak Road, Delhi and / or in transit and / or elsewhere. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest on Cash
Credit (hypothecation of stocks) limit shall be charged @ 4% p.a. over BOI
PLR plus interest tax with a minimum of 18.36% p.a. or at such other rate (s)
as may be specified by the RBI / Bank from time to time. Margin : 25% Payable on
demand. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India SSI Branch, Udyog
Nagar, Delhi – 110 041, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement dated 10.09.2001. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The charge on
stock of all goods stands enhanced from Rs.9.050 millions to Rs.10.534
millions to secure LC limit of Rs.2.484 millions now granted to the company. |
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Corporate
identity number of the company |
U74899DL1987PTC027499 |
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Name of the
company |
WINGS PHARMACEUTICALS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
New Delhi – 110 041, India |
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This form is for |
Creation of
charge |
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Type of charge |
Movable Property
(not being pledge) |
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Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India |
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Nature of
instrument creating charge |
Agreement for
vehicle Loan and Guarantee (Contract No.
2950529) |
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Date of instrument
Creating the charge |
19.02.2007 |
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Amount secured by
the charge |
Rs.0.730 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest Rate @
11.66% p.a. On delay in the repayment
of interest and / or any other repayment by the Company beyond such repayment
due date, the Bank shall be entitled to charge an additional Interest @ 2%
p.m. or such other rate as may be specified by the Bank from time to time on
the entire such outstanding amount due to the Bank. Terms of
repayment The Loan is
repayable in total 36 EMIs of Rs.0.024 million, starting from 15th
March, 2007 Margin As may be
stipulated Bank from time to time Extent and
operation of the charge The Company
hypothecated to and charges in favour of the Bank by way of first and
exclusive charge of the equipment described in item No. 14 as security for
the repayment / payment by the company of the loan granted or to be granted
to the company by the Bank together with all fees, interest, costs and
expenses incurred / to be incurred by the Bank and all other monies payable
or to become payable by the company to the Bank. Others The Bank shall be
absolutely entitled and have full power and authority to sell, assign or
transfer in any manner, in whole or in part, and in such manner and on such
terms as the Bank may decide, including reserving a right to the Bank to
retain its power to proceed against the company on behalf of the purchaser,
assignee or transferee, any or all outstanding dues of the company, to any
third party of the Bank’s choice without reference to or without written
intimation to the company. |
|
Particulars of
the property charged |
Hypothecation of
Vehicle namely : Make : Tata, Model ; 1109 (Year of Manufacture 2007) |
Operation
The company has made Net Profit of Rs.220.132 millions during the year
2006-07 as against a Profit of Rs.178.058 millions in the previous year.
Dividend
Since the Company is in a position to declare a handsome dividend, but
the Board of Directors has decided not to declare the Dividend this year. The
Board of Director has decided to use the fund for further expansion.
Fixed Assets
·
Plant and Machinery
·
Computer
·
Scooter
·
Vehicles
·
Cycle
·
Furniture
·
Fan
·
Generator
·
Office Equipment
·
Cellular Phone
·
Pager
·
Building
·
Air conditioner
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.48.71 |
|
UK Pound |
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
51 |
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 |
|