MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALPS PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
Ground floor, Panchadeep Complex, Near Mayur Colony, Mithakhali,
Ahmedabad – 380 009, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.04.1980 |
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Com. Reg. No.: |
047642 |
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CIN No.: [Company
Identification No.] |
U24230GJ1980PTC047642 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTA01263D |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturers of all kinds of Medicines and Animal Feed Suppliments. |
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 485900 |
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Status : |
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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is good. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Darshan Vyas |
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Designation : |
Accounts Manager |
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Contact No.: |
Mobile no.91-9898573924 |
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Date : |
24.07.2008 |
LOCATIONS
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Registered Office : |
Ground floor, Panchadeep Complex, Near Mayur Colony, Mithakhali,
Ahmedabad – 380 009, Gujarat, India. |
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Tel. No.: |
91-2764-221046/ 227890/ 227891 |
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E-Mail : |
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Area : |
500 sq ft |
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Location : |
Owned by C.A |
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Factory/ Office : |
Industrial Estate, Patel Devi, Almora 263 601, Uttar Pradesh, India. |
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Tel. No.: |
91-5962-222240/ 233028/ 233061 |
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Depos : |
· At Rajasthan · At Uttar Pradesh · At Gujarat |
DIRECTORS
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Name : |
Mr. Shailesh Ramprasad Chaturvedi |
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Designation : |
Director |
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Qualification : |
B Com, LLB |
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Date of Appointment : |
28.01.2005 |
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Name : |
Mr. Khajanchandra Mathurdatt Joshi |
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Designation : |
Director |
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Date of Appointment : |
16.04.1980 |
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Name : |
Mr. Jayesh Kanaiyalal Shukla |
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Designation : |
Director |
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Qualification : |
BE in Chemical |
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Date of Appointment : |
28.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Jayesh Kanaiyalal Shukla |
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800 |
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Ms. Deepal Jayesh Shukla |
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5100 |
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Mr. Shailesh Ramprasad Chaturvedi |
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100 |
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Parth Parental Private Limited |
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85288 |
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Mr. Dhiren Rawal |
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10000 |
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TOTAL |
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101288 |
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Equity Share
Break-up (as on 29.09.2007) |
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Percentage
of Holding |
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Bodies Corporate |
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84.20 |
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Directors or Relatives Of Directors |
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5.92 |
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Other top fifty shareholders |
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9.88 |
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TOTAL |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of all kinds of Medicines and Animal Feed Supplements. |
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Products : |
· Medicines · Animal Feed
Supplements |
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Imports : |
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Products : |
Raw Material (Through Broker) |
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Countries : |
China |
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Terms : |
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Selling : |
Credit 30/ 45/ 60 Days |
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Purchasing : |
Cash, Credit 50/ 60 Days |
GENERAL
INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
470 (at Ahmedabad Office – 220, at Almora Factory – 250) |
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Bankers : |
· Dena Bank Kalol Branch, Station Road, Kalol – 382 725, Gujarat, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deepak C Gandhi and Company Chartered Accountants |
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Address : |
7, Shakti Shopping Center, Vepari Jeen, Kalol – 382 721, Gujarat,
India. |
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Holding Company : |
Parth Parenteral Private Limited CIN No.: U24231GJ1987PTC010097 Address: Kalol E-Mail: parth_parenteral@rediffmail.com |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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91288 |
Equity Shares |
Rs.100/- each |
Rs.9.129
millions |
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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 |
9.129 |
9.129 |
4.939 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
88.060 |
44.098 |
1.898 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
97.189 |
53.227 |
6.837 |
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LOAN FUNDS |
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1] Secured Loans |
85.901 |
20.156 |
0.000 |
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2] Unsecured Loans |
17.842 |
27.516 |
15.201 |
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TOTAL BORROWING |
103.743 |
47.672 |
15.201 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.154 |
1.020 |
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TOTAL |
200.932 |
102.053 |
23.058 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.570 |
48.654 |
21.585 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.315 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
59.012
|
40.072 |
15.004 |
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Sundry Debtors |
129.214
|
55.324 |
4.386 |
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Cash & Bank Balances |
2.942
|
2.143 |
0.826 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.558
|
1.009 |
0.181 |
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Total
Current Assets |
199.726
|
98.548 |
20.397 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
57.132
|
38.148 |
18.896 |
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Provisions |
8.547
|
7.001 |
0.030 |
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Total
Current Liabilities |
65.679
|
45.149 |
18.926 |
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Net Current Assets |
134.046
|
53.399 |
1.471 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
200.932 |
102.053 |
23.058 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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538.190 |
425.933 |
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Other Income |
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2.212 |
1.168 |
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Total Income |
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540.402 |
427.101 |
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Profit/(Loss) Before Tax |
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49.204 |
46.127 |
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Provision for Taxation |
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5.243 |
3.927 |
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Profit/(Loss) After Tax |
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43.961 |
42.200 |
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Expenditures : |
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Financial Charges |
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6.751 |
0.258 |
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Depreciation & Amortization |
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10.047 |
4.875 |
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Other Expenditure |
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474.400 |
375.841 |
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Total Expenditure |
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491.198 |
380.974 |
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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 |
(%) |
8.13
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9.88 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
9.14
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10.83 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.48
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31.34 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.51
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0.87 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74
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1.74 |
4.99 |
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Current Ratio (Current Asset/Current Liability) |
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3.04
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2.18 |
1.08 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24230GJ1980PTC047642 |
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Name of the
company |
ALPS PHARMACEUTICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Ground floor, Panchadeep Complex, Near Mayur Colony, Mithakhali,
Ahmedabad – 380 009, Gujarat, India. |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Dena Bank Kalol Branch, Station Road, Kalol – 382 725, Gujarat, India. E-Mail: kalol@denabank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation (Goods, Book debts and Other Movable Assets to secure multiple
facilities.) |
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Date of
instrument Creating the charge |
23.04.2007 |
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Amount secured by
the charge |
Rs.115.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of
Interest:- Cash Credit – Hypothecation of Stock and Book debts: BPLR – 1.25%
i.e. 11.50% at present Term Loan: BPLR +
0.50% - 1.75% i.e. 11.50% at present Terms of
Repayment:- Working capital repayable on demand Term Loan to be
repaid in 60 EMI of Rs.0.583 Million Margin:- Cash
Credit : Stock : 25%, Book debts-Up to 90 days 25%, 91-120 days 40%, 121-180
days 50%, Term Loan 26.60% Extent and
Operation of the charge:- 1st Charge in favour of Bank |
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Short particulars
of the property charged |
Hypothecation of
Stock of raw material, Semi finished goods and finished goods, Stores, Spares,
Packing Material used for manufacturing. Book debts except Debtors of Intas
Pharmaceuticals Limited, Milton Pharma Limited. Term Loan:
Hypothecation of all assets purchased / to be purchased as per project |
TRADE REFERENCES:
·
Ranbaxy
·
Intas Pharmaceutical Limited - Ahmedabad
Web Site Detail:
Location
.
The Company
is located on a lush, green campus just a few minutes drive from Almora town
the unit boasts of superb infrastructure. It is ideally located in a
picturesque one acre campus in the north of Almora facing Himalaya and covers
an area exceeding ten thousand square feet. Close by are the magnificent
forests of DRDO and Patal Devi, situated in pollution control measures for the
prevention and control of pollution arising from different sources. It is free
from risks of contamination from external environment including open Sewage,
rainage, fumes, smokes. etc.
A Unit of Parth
.
Parth
Pharmaceutical Private Limited is a name to reckon in Indian pharmaceutical
Industry. Commenced in late eighties (1987). Parth expended its wings
subsequently into various other dosage form sections such as tablet etc. to
cater to ever-increasing demand of the pharmaceutical market. this was possible
because of advanced manufacturing facility, optimum utilisation of
manufacturing facility. optimum utilisation of manufacturing capacity,
infrastructure facility and dedicated staff. Many Indian giants such as Cadila and Ranbaxy have entrusted Parth to manufacture their products. This
is nothing but simply a testimonial and a recognition with envied track record.
Today, the vivid range of Parth products are available in each and every corner
of the country and prescribed by many well-known medical practitioners of
different medical specialities. The company has also earned reputation in
international market with quality products and market-driven policy.
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.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|