MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARABOLIC DRUGS LIMITED |
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Registered Office : |
SCO 99 100, Level 4, Sector 17-B, Chandigarh – 160017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.02.1996 |
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Com. Reg. No.: |
53-17755 |
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CIN No.: [Company
Identification No.] |
U24231CH1996PLC017755 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of drugs |
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 1800000 |
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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 satisfactory
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. |
LOCATIONS
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Registered Office : |
SCO 99 100, Level 4, Sector 17-B, Chandigarh - 160017,
India |
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Tel. No.: |
91-172-5087671 / 5087672 / 28471234 |
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Fax No.: |
91-172-2721096 |
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E-Mail : |
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Website : |
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Corporate Office : |
9 AB, Taimoor Nagar, IInd floor, New Friends Colony, New
Delhi, India |
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Factory 1 : |
Village Sundhran, Derabassi, Punjab, India |
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Tel. No.: |
91-1762-280305 |
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Factory 2 : |
45, Industrial Area, Phase II, Panchkula, Haryana, India |
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Tel. No.: |
91-172-5057773 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pranav Gupta |
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Designation : |
Chairman &
Managing Director |
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Address : |
230, Sector 6
Panchkula – 134109, Haryana, India |
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Date of Birth/Age : |
26.08.1967 |
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Qualification : |
Bachelor in Technology (Mechanical Engineering) |
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Date of Appointment : |
22.06.1996 |
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Name : |
Mr. Vineet Gupta |
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Designation : |
Whole Time
Director |
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Address : |
230, Sector 6
Panchkula |
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Date of Birth/Age : |
24.07.1969 |
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Qualification : |
Bachelor of Technology (Mechanical Engineering) from
Indian Institute of Technology, New Delhi |
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Date of Appointment : |
22.02.1996 |
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Name : |
Mr. M L Jaggi |
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Designation : |
Director |
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Address : |
177 Vasant Enclave, New Delhi
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Date of Birth/Age : |
19-06-1934 |
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Date of Appointment : |
02.08.1997 |
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Name : |
Mrs. Rama Gupta |
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Designation : |
Director |
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Address : |
230, Sector 6
Panchkula |
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Date of Birth/Age : |
08.10.1943 |
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Qualification : |
Bachelor of Arts |
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Date of Appointment : |
30.06.2003 |
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Name : |
Dr. Ram Kumar |
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Designation : |
Director |
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Date of Birth/Age : |
60 years |
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Qualification : |
MBBS and M.S. and is an eye specialist |
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Name : |
Mr. Pardeep Diwan |
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Designation : |
Director |
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Date of Birth/Age : |
42 years |
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Qualification : |
B.Com. |
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Name : |
Mr. Sumant
Baukhandi |
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Designation : |
Technical
Director |
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Qualification : |
M. Sc. and Ph.D. in Microbiology |
KEY EXECUTIVES
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Name : |
Dr. S. S. Bhukhandi |
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Designation : |
Technical
Director |
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Name : |
Mr. Arun Mathur |
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Designation : |
President
(Operations) |
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Name : |
Mr. S. R. Venkatesh |
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Designation : |
Sr.
Vice President (Operations) |
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Name : |
Mr. Ajeet Nigam |
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Designation : |
Vice
President (Marketing Global) |
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Name : |
Dr. Parveen Kumar Luthra |
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Designation : |
Vice
President (R&D) |
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Name : |
Mr. R. C. Goyal |
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Designation : |
Vice
President (Finance) |
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Name : |
Mr. Ranjit Singh Marwah |
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Designation : |
Asst.
Vice President (Hr & Admn.) |
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Name : |
Mr. Tushar Sharma |
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Designation : |
Company Secretary |
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Address : |
H No. 129, Milak Colony, Dhanas, Chandigarh – 160014,
India |
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Date of Appointment : |
01.12.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Pranav Gupta |
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119700 |
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Deepali Gupta |
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14100 |
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Santosh Goel |
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10450 |
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Vineet Gupta |
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95650 |
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Rama Gupta |
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66550 |
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Sachin Gupta |
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95000 |
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Sanjay Singal |
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42000 |
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S K Singal |
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30500 |
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T N Goel |
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150000 |
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Renu Singhal |
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12300 |
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Rakesh Jaggi |
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90000 |
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Pranav Gupta Family Trust |
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173900 |
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PNG Trading Private Limited |
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1928600 |
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Bharti Bansal |
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23000 |
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M R Bansal Family Trust |
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53000 |
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Emerging Capital Advisors Limited
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500000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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69.33 |
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Directors or relatives of directors |
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13.67 |
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Other top fifty shareholders |
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16.81 |
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Other |
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0.19 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of drugs |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Licensed
Capacity |
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Ampicillin Trihydrate |
Tonnes |
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45 |
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Amoxillin Trihydrate |
Tonnes |
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90 |
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Cloxacillin Sodium |
Tonnes |
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45 |
GENERAL
INFORMATION
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Suppliers : |
· Lalas Biotech Limited · Indian Oil Corporation · Japson Pharmaceuticals Private Limited · J. K. Pharma Limited · Kedia Chemical Industrial Limited · Paramount Chem Tech. Private Limited · Sistax Pharma Private Limited · Torrent Gujarat Biotech Limited · Vardhman Chemtech Private Limited · Vineet Packaging Industries |
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Customers : |
· Adroit Pharmaceuticals Private Limited · Alicon Pharmaceuticals Private Limited · Ankur Drugs & Pharma Limited · Bioethicals Pharma Limited · Anuja Impex Private Limited · Goa Antibiolics & Pharma · Hoffleine Ajintha Pharmaceuticals · Pesticon Chemical Private Limited · Sharthi Capsules Private Limited · Techno Economic Private Limited ·
Universal Drug House Private Limited ·
Ranbaxy Laboratories Limited ·
Alkem Laboratories Limited ·
Aristro Pharmaceutials Limited ·
Cipla Limited ·
FDC Limited ·
Lyka Labs Limited ·
DSM Private Limited |
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No. of Employees : |
183 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Financial
Institution : |
Sundram Finance Limited, Chennai |
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Auditors : |
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Name : |
S. K. Bansal & Company Chartered Accountants |
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Address : |
Kothi No. 3193, Sector 28 D, Chandigarh – 160002, India |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 Millions |
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900000 |
Preference Shares |
Rs. 100/- each |
Rs. 90.000 Millions |
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Total |
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Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7799500 |
Equity Shares |
Rs. 10/- each |
Rs. 77.995
Millions |
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900000 |
Preference Shares |
Rs. 100/- each |
Rs. 90.000 Millions |
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Total |
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Rs. 167.995 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 |
166.995 |
76.995 |
40.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
294.735 |
155.994 |
49.762 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
461.730 |
232.989 |
89.762 |
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LOAN FUNDS |
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1] Secured Loans |
558.361 |
322.348 |
164.313 |
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2] Unsecured Loans |
138.265 |
90.986 |
58.619 |
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TOTAL BORROWING |
696.626 |
413.334 |
222.932 |
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DEFERRED TAX LIABILITIES |
17.035 |
11.747 |
10.072 |
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TOTAL |
1175.391 |
658.070 |
322.766 |
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7APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
324.037 |
134.286 |
92.305 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.250 |
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 |
555.980
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298.356 |
159.896 |
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Sundry Debtors |
448.652
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209.252 |
103.201 |
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Cash & Bank Balances |
30.704
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29.636 |
24.717 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
76.920
|
61.040 |
60.696 |
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Total
Current Assets |
1112.256
|
598.284 |
348.510 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current
Liabilities |
375.594
|
153.337 |
129.903 |
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Provisions |
18.243
|
7.731 |
0.000 |
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Total
Current Liabilities |
393.837
|
161.068 |
129.903 |
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Net Current Assets |
718.419
|
437.216 |
218.607 |
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MISCELLANEOUS EXPENSES |
132.685 |
86.568 |
11.854 |
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TOTAL |
1175.391 |
658.070 |
322.766 |
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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 |
1668.339 |
980.627 |
568.239 |
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Other Income |
11.529 |
29.304 |
34.250 |
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Total Income |
1679.868 |
1009.931 |
602.489 |
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Profit/(Loss) Before Tax |
162.595 |
91.868 |
36.344 |
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Provision for Taxation |
23.830 |
9.407 |
4.773 |
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Profit/(Loss) After Tax |
138.765 |
82.461 |
31.571 |
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Earnings in Foreign Currency : |
1170.479 |
533.262 |
NA |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
22.942 |
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Administrative Expenses |
0.000 |
0.000 |
8.406 |
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Raw Material Consumed |
1322.727 |
828.862 |
434.334 |
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Consumption of stores and spares parts |
1.184 |
0.784 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[177.020] |
[144.184] |
0.000 |
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Salaries, Wages, Bonus, etc. |
14.062 |
7.964 |
5.737 |
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Managerial Remuneration |
2.420 |
1.650 |
0.000 |
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Payment to Auditors |
0.090 |
0.128 |
0.000 |
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Interest |
23.880 |
17.307 |
17.170 |
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Insurance Expenses |
4.054 |
2.575 |
0.000 |
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Power & Fuel |
23.068 |
17.493 |
0.000 |
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Depreciation & Amortization |
26.402 |
6.151 |
3.864 |
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Other Expenditure |
276.405 |
179.334 |
73.691 |
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Total Expenditure |
1517.272 |
918.064 |
566.144 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
8.26
|
8.17 |
5.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.75
|
9.37 |
6.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.32
|
12.54 |
8.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.39 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
2.47 |
3.93 |
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Current Ratio (Current Asset/Current Liability) |
|
2.82
|
3.71 |
2.68 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Factory
Building
- Plant and
Machinery
- Electric
Installation
- Furniture and
Fixture
- Office
Equipment
- Vehicles
- Computer
- Computer
Software
- Lab Equipment
- Cell Phone
- Cooling Tower
- Air
Conditioners
- D. G. Set
Bankers Charges
Report as per Registry
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Name of the company |
PARABOLIC DRUGS
LIMITED |
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Presented By |
Pranav Gupta, Managing Director |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of Goods and assets more particularly known as C 2 executed by
the company on 28.04.2005 to secure working capital facilities availed by the
company from State Bank of Indore Loan agreement executed by the company on
28.04.2005 to secure the corporate loan facility. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Export Packing
credit / Foreign bill purchase / Foreign bill discounting / Negotiation of
bill under LC RS. 20.000 Millions Letter of Credit
Rs. 35.000 Millions Bank Guarantee
Rs. 10.000 Millions Secured Corporate
Loan Rs. 30.000 Millions Total Rs. 35.000
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 |
All the company
current assets viz. Raw Materials, Stock in process, Finished Goods, Spares,
Stores, Book Debts and all the movable fixed assets both present and future. All the Company’s
immovable fixed assets including plant and machinery permanently embedded to
the earth and all erections, structures etc both present and future. All the company’s immovable fixed assets
including plant and machinery permanently embedded to the earth and all
erections, structures etc both present and future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Working capital /
corporate loan : as per the respective loan agreements. First charges on all
the current assets and fixed assets of the company charged to both UCO Bank
and State Bank of Indore ranking pari passu with each. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Indore Sector 34-A, Chandigarh |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24231CH1996PLC017755 |
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Name of the
company |
PARABOLIC DRUGS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
SCO 99 100, Level 4, Sector 17-B, Chandigarh – 160017 |
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Type of charge |
|
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Particular of
charge holder |
YES Bank Limited 9th
Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai
– 400018, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
23.01.2007 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WCDL – Floating
Interest Rate – Yes Bank Prime lending rate [PLR] 3.25 % p.a. Cash Credit –
Floating Interest rate – yes bank Prime Lending Rate [PLR 2.50 % p.a.] Letter of Credit
– Commission @ FEDAL Charges Terms of
Repayment WCDL – East
advance shall be repaid in full on the last business day of the term for
which such advance was drawdown. Margin Cash credit 25 %
on debts and inventories Extent and
Operation of the charge First pari passu
charge on current assets and second pari passu charge on movable fixed assets
|
|
Short particulars
of the property charged |
First pari passu
charge on current assets and second pari passu charge on movable fixed assets
|
AS PER
WEBSITE
Profile
The Company is an API (Active Pharmaceutical Ingredients) and API
intermediates company based in India. The company has two manufacturing plants
(in Derabassi and Panchkula respectively) located close to Chandigarh in North
India. Subject was started in 1998 with a state of the art manufacturing
facility in Derabassi, Punjab. Over the years, Subject’s management has created
a scalable business model in the API & API Intermediates segment to offer a
product basket of Semi Synthetic Penicillin’s (oral) and Cephalosporin’s (oral).
The Company has also commissioned a 6-APA facility at Panchkula, Haryana in FY
2005 and has been approved by USFDA to supply the product to US Markets With a
product basket of more than 31 products (refer to product offerings),During the
financial year 2005-2006, the Company registered a turnover of Rs. 101.00 crore
($ 22 million). The company has grown annually at a rate of over 60% in the
last three years, both in terms of revenues and profits.
The Company’s long-term strategy is to increase its product basket
and become a preferred supplier to large global pharmaceutical players for
supplying APIs and API intermediates to the regulated markets. The Company has
set up a manufacturing facility for sterile APIs that has already commenced its
production. Subject’s key highlights are its young & dynamic management,
strong client relationships and its focus towards regulated markets.
The
Company has been setup by a young and dynamic management team. The management's
continuous dedication and commitment has enabled PDL to grow phenomenally over
the years in terms of client relationships, product offerings and revenues.
PROMOTERS:
CHAIRMAN & MANAGING DIRECTOR:
Mr. PRANAV GUPTA
Mr. Pranav Gupta is the Chairman & Managing Director of the Company. He
holds a Bachelor's in Engineering in Mechanical Engineering & an MBA from
USA and worked with Ford Motor Co. of USA before moving to India. Mr. Pranav
Gupta drives the overall management of the Company.
WHOLE TIME DIRECTOR:
Mr. VINEET GUPTA
Mr. Vineet Gupta is the Whole time Director of the Company. He holds a
Bachelor's in Technology in Mechanical Engineering from the Indian Institute of
Technology, Delhi and has vast entrepreneurial experience in India. Mr. Vineet
Gupta has been instrumental in driving the International marketing network of
the Company.
Both key promoters of the Company are in their mid thirties and represent the
young face of entrepreneurs in India. The Promoters & Directors of the
Company are accompanied by a strong team of professionals from the
Pharmaceutical industry.
TECHNICAL DIRECTOR:
DR.S.S.BHUKHANDI.
Dr. S.S. Baukhandi, Director GMP Pharma Institute has vast experience in
regulatory affairs and worked with Orchid as president (Regulatory). He has
associated with PDL as a Technical Director guiding the Company in Regulatory
Markets in various areas.
PRESIDENT:(OPERATIONS)
Mr. Arun Mathur
Mr.
Arun Mathur, President - Operations is a Chemical Engineer from Indian
Institute of Technology, Kanpur.He has 38 years of enriched experience in
various reputed Pharma companies like Lupin, Ranbaxy Laboratories Limited,
Beximco Pharmaceuticals Limited and Matrix Laboratories Limited before joining
PDL in 2007. As Operational head his focus areas in the organization is to look
after the overall functions of all the business plans of the Company and
assists the management in the implementation of proposed facilities.
SR. VICE PRESIDENT:(OPERATIONS)
Mr. S.R.VENKATESH
Mr. S.R. Venkatesh, Sr. Vice President - Operations was employed with Kopran
and Surya Pharmaceuticals before joining PDL in 2004. Mr. Venkatesh is the
operations head for the manufacturing facilities of PDL and is also driving the
Company's expansion projects.
VICE PRESIDENT:(MARKETING GLOBAL)
Mr. AJEET NIGAM
Mr. Ajeet Nigam, Vice President – Marketing Global is post graduate in Sales
& Marketing Management and Business Management He is heading the team of
Sales & Marketing. He has 26 years of enriched experience across various
companies like Ranbaxy Labs in the field of sales, marketing of API & API
intermediates. His core functional strengths are in areas of Strategic
Management, Business Operations, Marketing/Business Development, Team &
Relationship Management.
VICE PRESIDENT:(R&D)
DR. PARVEEN KUMAR LUTHRA
Dr. Parven Kumar Luthra, Vice President – R&D is post graduate and PhD in
chemistry from Delhi University. He has done post graduate diploma in Patent
Law from NALSAR University. He is heading and guiding the team of scientists
working in R&D and IP department for developing non infringing processes
and their timely protection by filing the patent applications in different
countries. Dr. Luthra has worked in companies like Ranbaxy Labs, Orchid Pharma,
Alembic Limited before joining Parabolic.
VICE PRESIDENT:(FINANCE)
R.C.GOYAL
Mr. R.C. Goyal, Vice President Finance is a Chartered Accountant by profession
and is having more than 25 years of enriched experience in various companies
such as Bhushan Steels Limited before joining PDL in 2005.
ASST. VICE PRESIDENT:(HR & ADMN.)
RANJIT SINGH MARWAH
Mr. Ranjit Singh Marwah, Asst. Vice President – HR & Admn. is a Post
Graduate Diploma in Business Management with specialization in Human Resources
Management from Indian Institute of Management Services with Master Degree in
an Economics. He has around 20 years of enriched experience in various reputed
companies like Kudos Chemie Limited, Dumex India Private Limited, Winsome Yarns
Limited & Williamsons Magor Company Limited before joining PDL in 2007. As
HR & Admn. head his focus areas in the Organization are analysis of
Manpower Requirements, Budgeting, Recruitment & Training, Performance
monitoring and appraisal system, statutory compliance of applicable Industrial
Laws & General Administration & Liaison with various Govt. Authorities.
The above mentioned people are some of the key professionals driving the
Company. However, the strength of the Company lies in the fact that it has been
able to build a talented team of chemists, engineers, accountants, sales
people, technicians and workers who take ownership of their actions and strive
to work together as a team.
The Company also has a strong advisory team comprising of some eminent
scientists. Dr. A.K. Vig who is the Head of Pilot Plant at NIPER Chandigarh is
associated in an official capacity with PDL as ‘Advisor” and has been a guiding
force to the Company in Product Development, R&D and in achieving better
efficiencies in solvent recoveries. Dr. A.K. Sabharwal, Director
Pharmaffiliates Asia, has vast experience in R&D and regulatory affairs and
worked with Ranbaxy Laboratories Limited, before starting his own consultancy.
He has been associated with PDL as a ‘Consultant” and has guided the Company in
regulatory filings.
Board of Director
Mr. Pranav Gupta
Mr. Pranav Gupta, aged 38 years, is the Chairman and
Managing Director of the Company. He is a Bachelor in Technology (Mechanical
Engineering) from Thapar Engineering College, Patiala and M.B.A. from
University of Kansas, USA. Before moving to India in 1994, he was working with the
Ford Motor Company, USA, and gained vital exposure to international markets and
best management practices. He has been involved with the Company as a promoter
since its inception and is actively involved in the day to day operations of
the Company specifically overlooking after production, finance and technology
related areas. He is the member of the executive committee of the Punjab
Chapter of PHD Chambers of Commerce. He is the founder member and past
president of St. John Old Boys School Association (SJOBA) and is presently
acting as Secretary of the SJOBA said Foundation and is also an Executive
member of TIE Chapter, Chandigarh
Mr. Vineet Gupta
Mr. Vineet Gupta, aged 36, is a whole time Director of the
Company. He is a Bachelor of Technology (Mechanical Engineering) from Indian
Institute of Technology, New Delhi. He has been associated with the Company
since inception as a Promoter and has been actively managing the affairs of the
Company by developing the marketing network of the Company's products in India
as well as abroad. He is widely traveled across the globe and has critical
knowledge of technology, products and markets. He is also one of the promoters
of Jamboree, an institute engaged in training and advising students on
education abroad. He is also the Vice President of the EPS Recycling
Association of India and also serves on the Board of the AIESEC Alumni
Association.
Mrs. Rama Gupta
Mrs. Rama Gupta, aged 63 years, is a home maker with a
Bachelor of Arts degree from Lady Shri Ram College, Delhi University. An active
social worker, she is the Organising Secretary of the Haryana Gramin Mahila
Sangha.
Dr. Ram Kumar
Dr. Kumar, aged 60 years, has done his MBBS and M.S. and is
an eye specialist; presently acting as the President of Chandigarh Ophthalmic
Society. He also holds memberships of various Scientific Societies like Indian
Medical Association, North Zone Ophthalmological Society etc. He is the author
of various books published in the field of Medical Science and his various
Articles were also published in leading newspapers. He has vast experience in
the field of Medical Science specializing in Ophthalmology. Public Health
Education is also one of his main fields of interest.
Mr. Pardeep Diwan
Mr. Diwan, aged 42 years, has done his B.Com. and is a
fellow of the Institute of Chartered Accountants of India. He has been a
practicing Chartered Accountant and is partner of P.K. Diwan & Company. He
has vast experience in Audit, Income Tax and Company Law matters. As a key
advisor to the company for the last eight years, he brings with him his
expertise in corporate finance.
Sumant Baukhandi, Ph.D. - Technical Director
Sumant Baukhandi, Ph.D. has been appointed by the Board of
Directors as a Director with effect from 01.08.2007. Dr. Baukhandi is M. Sc.
and Ph.D. in Microbiology from the University of Pune. He is the Founder –
Director of Pharma Institute of GMPs. He is a Pharmaceutical Consultant and
having more than 35 years of rich experience in Analytical Method Development,
Quality Control, Quality Assurance & Regulatory functions of Pharmaceutical
Industry. He holds memberships of various Scientific Societies like Parenteral
Drug Association (PDA), Institute of Validation Technology (IVT), American
Society for Quality (ASQ), Regulatory Affairs Professional Society etc. He has
delivered numberous seminars and lectures on subject related to GMPs,
Regulatory, QC & QA etc. and also organized various Conferences on various
maters relating to Pharma Industry. His major professional contribution to the
Pharma Industry is introduction of special microbiological techniques and his
nomination as member of Parenteral Committee of the IP.
Financial
Highlights
Key financial highlights of the company for the last six
years are mentioned in the tables below. As is evident, the company has shown
explosive growth in the last three years and is confident to keep the momentum
going in the next few years.
Summary
of Profit & Loss
(Rs. In Millions)
|
PARTICULAR |
For
the year ended |
|
||||
|
|
31.03.2002 |
31.03.2003 |
31.03.2004 |
31.03.2005 |
31.03.2006 |
31.03.2007 |
|
INCOME |
|
|
|
|
|
|
|
Gross Sale |
159.190
|
163.940
|
409.890
|
568.240
|
980.630
|
1668.340
|
|
Income from Job Work |
40.660
|
54.540
|
30.260
|
7.040
|
11.810
|
7.990
|
|
Other Income |
0.540
|
1.300
|
6.220
|
27.210
|
17.490
|
3.540
|
|
Total |
200.390
|
219.780
|
446.370 |
602.490 |
1009.930 |
1679.870
|
|
|
|
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
|
|
|
Raw Material Consumed |
143.900
|
153.340
|
339.260
|
434.340
|
691.780
|
1146.890
|
|
Manufacturing Expenses |
8.580
|
16.520
|
15.980
|
22.940
|
41.520
|
66.120
|
|
Employees Cost |
2.800
|
3.910
|
5.180
|
5.740
|
9.600
|
17.310
|
|
Administrative Expenses |
3.880
|
4.770
|
6.980
|
7.760
|
10.270
|
13.860
|
|
Selling & Dist. Expenses |
2.430
|
2.970
|
5.440
|
6.380
|
6.520
|
13.530
|
|
Financial Expenses |
8.210
|
8.460
|
11.210
|
17.170
|
41.470
|
58.260
|
|
Excise Duty |
23.760
|
21.530
|
49.71
|
67.320
|
107.850
|
174.890
|
|
R & D expenses written off
|
0.000
|
0.000
|
0.000
|
0.000
|
2.870
|
16.960
|
|
Preliminary Expenses written
off |
0.000
|
0.000
|
0.000
|
0.000
|
0.040
|
0.420
|
|
Depreciation |
1.94
|
2.310
|
2.720
|
3.860
|
6.150
|
9.030
|
|
Total |
195.500
|
213.810 |
436.470
|
565.500
|
918.060
|
1517.270
|
|
Profit
Before Tax |
4.890 |
5.970 |
9.900 |
36.990 |
91.870 |
162.590 |
|
Provision for Taxation |
0.380
|
0.480
|
0.770
|
2.850
|
7.730
|
18.240
|
|
Fringe Benefit Tax |
0.000
|
0.000
|
0.000
|
0.000
|
0.210
|
0.300
|
|
Deferred Tax |
0.000
|
1.860
|
2.510
|
1.920
|
1.680
|
5.290
|
|
Profit
After Tax |
4.510 |
3.630
|
6.620
|
32.220
|
82.250 |
138.760 |
|
Taxation Adjustment |
-3.830
|
0.000
|
0.090
|
0.000
|
0.000
|
0.020
|
|
Adjusted
Profit After Tax |
0.680
|
3.630
|
6.710
|
32.220 |
82.250
|
138.740 |
|
Balance B/F from last year |
6.520
|
7.200
|
10.840
|
17.550
|
49.760
|
132.010
|
|
Profit transfer to B/S |
7.200
|
10.840
|
17.550
|
49.760
|
132.010
|
270.750
|
|
E.P.S. (Basic) |
0.340
|
1.810
|
3.340
|
8.050
|
10.680
|
18.020 |
Markets and Customers
The
Company has in the past years worked continuously to strengthen its
infrastructure and enhance its presence in international markets. They have
already penetrated the East Asian, North European, Chinese, Mexican, Brazilian
and other Latin American Markets. 60% of the sales of the Company are through
exports of these markets. The Company has also entered into an agreement with
the Ranbaxy Laboratories Limited to manufacture 6APA.
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.39.73 |
|
UK Pound |
1 |
Rs.78.96 |
|
Euro |
1 |
Rs.59.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|