MIRA
INFORM REPORT
|
Report Date : |
10.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PARAS PHARMACEUTICALS LIMITED |
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Registered Office : |
“Paras House”, 6/B, Sattar Taluka Society, Near Navjinva Post
Office, Ahmedabad – 380 014, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.11.1980 |
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Com. Reg. No.: |
04-4048 |
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CIN No.: [Company
Identification No.] |
U24231GJ1980PLC004048 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP00763A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing of Pharmaceutical Products and Bulk Drugs. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Maximum Credit Limit : |
USD 6100000 |
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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 having fine track.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Payments are correct and as per commitments. The company is doing extremely well. It can be considered good for any
normal business dealings. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
“Paras House”, 6/B, Sattar Taluka Society, Near Navjinva
Post Office, Ahmedabad – 380 014, Gujarat, India. |
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Tel. No.: |
91-79-7544475 / 27544484 |
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Fax No.: |
91-79-7544485 |
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E-Mail : |
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Website : |
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Factory : |
Plot 1/7, GIDC Estate, Kalol, District Mehsana, Gujarat,
India |
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Tel. No.: |
91-2762-23040 / 21042 |
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Fax No.: |
91-2762-20959 |
DIRECTORS
|
Name : |
Mr. Darshanbhai Naranbhai Patel |
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Designation : |
Managing Director |
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Address : |
19, Royal Cresent, Near Asopalav bungalows, Thaltej, Ahmedabad –
380059, Gujarat, India |
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Date of Birth/Age : |
08.03.1962 |
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Date of Appointment : |
31.01.1991 |
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Name : |
Mr. Girishbhai Naranbhai Patel |
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Designation : |
Director |
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Address : |
20/476, Satyagrah Chhawani, Behind ISRO, Ramdevnagar,
Ahmedabad - 380 054, Gujarat, India |
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Date of Birth/Age : |
15.09.1959 |
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Date of Appointment : |
29.03.1995 |
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Name : |
Mr. Manekchand Bhagirathmal Harshwal |
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Designation : |
Director |
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Address : |
141, Nandanvan Society, New Sharma Road, Abhilasha Char Rasta, Baroda
– 390008 |
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Date of Birth/Age : |
10.11.1934 |
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Date of Appointment : |
04.11.1996 |
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|
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|
Name : |
Mr. Devendrabhai Naranbhai Patel |
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Designation : |
Managing Director |
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Address : |
20/476, Satyagrah Chhawani, Behind ISRO, Ramdevnagar,
Ahmedabad - 380 054, Gujarat, India |
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Date of Birth/Age : |
27.08.1964 |
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Date of Appointment : |
08.05.2000 |
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Name : |
Mr. Khodabhai Tribhovandas Patel |
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Designation : |
Director |
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Address : |
3 B Mitra Milan Society, Naranpura, Ahmedabad – 380013 |
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Date of Birth/Age : |
07.11.1940 |
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Date of Appointment : |
01.06.2001 |
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Name : |
Mr. Ketanbhai Shambhuprasad Acharya
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Designation : |
Director |
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Address : |
49, Sakan Twins, Managemnt Enclave, Vastrapur, Ahmedabad – 380015 |
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Date of Birth/Age : |
10.12.1965 |
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Date of Appointment : |
01.06.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Samir Bhattacharjee |
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Designation : |
V.P. International Business |
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Tel No.: |
91-79-7544475 |
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Fax No.: |
91-79-7544485 |
SHAREHOLDING
PATTERN
AS ON 29.09.2007
|
Equity Share
Breakup |
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Percentage of Holding |
|
Category |
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Bodies corporate |
|
33.04 |
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Directors or relatives of directors |
|
66.89 |
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Other top fifty shareholders |
|
0.07 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Pharmaceutical Products and Bulk Drugs. |
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Products : |
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
About 1500 |
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Bankers : |
Industrial Development Bank of India Limited IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandulal M Shah
and Company Chartered Accountants 601, “Samruddhi”, Opposite Sakar III, Sattar Taluka Society, Ahmedabad
– 380009, Gujarat, India BSR and Company Chartered Accountants Maruthi Info-Tech Center, 11-12/1 Inner Ring Road, Bangalore – 560071,
Karnataka, India |
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Associates/Subsidiaries : |
Sterling Addlife India Limited U85110GJ2000PLC039121 Needwise Advertising Private Limited U74300GJ1997PTC032021 Addlife Medical
Institute Private Limited Paras Advertising & Marketing Services Limited |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9033708 |
Equity Shares |
Rs. 10/- each |
Rs. 90.337
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
90.337 |
87.346 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1439.907 |
1073.130 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1530.244 |
1160.476 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
|
373.069 |
101.088 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
373.069 |
101.088 |
|
|
DEFERRED TAX LIABILITIES |
|
15.153 |
5.420 |
|
|
|
|
|
|
|
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TOTAL |
|
1918.466 |
1266.984 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
722.000 |
159.683 |
|
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Capital work-in-progress |
|
256.130 |
404.665 |
|
|
|
|
|
|
|
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INVESTMENT |
|
742.350 |
557.310 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
265.191 |
133.108 |
|
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Sundry Debtors |
|
245.309 |
122.498 |
|
|
Cash & Bank Balances |
|
123.600 |
85.185 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
89.802 |
129.886 |
|
Total
Current Assets |
|
723.902 |
470.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
478.583 |
319.861 |
|
|
Provisions |
|
47.333 |
5.490 |
|
Total
Current Liabilities |
|
525.916 |
325.351 |
|
|
Net Current Assets |
|
197.986 |
145.326 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1918.466 |
1266.984 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
3012.273 |
2307.562 |
|
|
Other Income |
|
24.157 |
42.240 |
|
|
Total Income |
|
3036.430 |
2349.802 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
548.262 |
508.355 |
|
|
Provision for Taxation |
|
201.880 |
169.255 |
|
|
Profit/(Loss) After Tax |
|
346.382 |
339.100 |
|
|
|
|
|
|
|
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Earnings in Foreign Currency |
|
185.379 |
203.956 |
|
|
|
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|
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Expenditures : |
|
|
|
|
|
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Raw Material Consumed |
|
622.649 |
468.894 |
|
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Purchases made for re-sale |
|
436.684 |
299.850 |
|
|
Increase/(Decrease) in Finished Goods |
|
59.493 |
29.503 |
|
|
Salaries, Wages, Bonus, etc. |
|
70.590 |
50.992 |
|
|
Managerial Remuneration |
|
44.230 |
57.733 |
|
|
Payment to Auditors |
|
3.071 |
2.325 |
|
|
Interest |
|
14.571 |
7.606 |
|
|
Insurance Expenses |
|
2.786 |
2.428 |
|
|
Power & Fuel |
|
15.033 |
5.272 |
|
|
Depreciation & Amortization |
|
49.902 |
13.375 |
|
|
Other Expenditure |
|
1169.159 |
903.469 |
|
Total Expenditure |
|
2488.168 |
1841.447 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
11.41 |
14.43 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
18.20 |
22.03 |
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
37.92 |
76.10 |
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.36 |
0.44 |
|
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.59 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.38 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
Name of the company |
PARAS PHARMACEUTICALS LIMITED |
|
Presented By |
Mr. Ketan S Acharya, Director |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation
of Goods and Assets dated 10.08.2005 executed by Paras Pharmaceuticals
Limited in favour of IDBI Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
250 Millions together with interest, costs, charges, expenses payable by the
borrower to the lender under facilities agreement dated 03.08.2005 made
between the borrow and the lender. |
|
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 |
The whole of
Borrower’s movable properties, both present and future, including movable
plant and machinery, equipment, machinery spares and stores, tools and
accessories furnishing, fittings and fixtures, whether installed or not and
whether in course of transit or delivery, whether now belonging or which may
hereafter belong to the borrower or which may be held by any person at any
place within or outside India to the order or disposition of the borrower and
all present and future Goods, Book debts, all other movable assets,
outstanding and receivable and cash inventive etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge created
by aforesaid agreement of hypothecation shall operate as a continuing
security by way of first charge for the due repayment by the borrower to the
lender of the loan of Rs. 250.000 millions together with interest, costs,
charges, expenses payable by the borrower to the lender under facilities
agreement dated 03.08.2005 made between the borrow and the lender. |
|
5) Name and Address and description of the person entitled to the charge. |
IDBI Limited,
IDBI Complex, Lal Bunglow, Off C.G. Road, Ahmedabad – 380006 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80018704 |
|
Corporate
identity number of the company |
U24231GJ1980PLC004048 |
|
Name of the
company |
PARAS PHARMACEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
“Paras House”, 6/B, Sattar Taluka Society, Near Navjinva
Post Office, Ahmedabad – 380 014, Gujarat, India. |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Industrial Development Bank of India Limited IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
|
Nature of
description of the instrument creating or modifying the charge |
IDBI Bank vide
letter dated 30.11.2007 have released collateral security by way of charge
over the fixed assets of the Company [Mortgages in respect of Kalol
Properties, Gujarat and Baddi Properties, Himachal Pradesh] |
|
Date of
instrument Creating the charge |
30.11.2007 |
|
Amount secured by
the charge |
Rs. 105.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per individual
facility sanction letter dated 27.07.2007 Terms of
Repayment As per individual
facility sanction letter dated 27.07.2007 Margin As per individual
facility sanction letter dated 27.07.2007 Extent and
Operation of the charge The overall limit
of Rs. 105.000 Millions is secured by first charge on all present and future
Current Assets including goods, book debts, all other movable assets outstanding
and receivables and cash incentives etc. |
|
Short particulars
of the property charged |
The overall limit
of Rs. 105.000 Millions is secured by first charge on all present and future
Current Assets including goods, book debts, all other movable assets
outstanding and receivables and cash incentives etc |
|
Date of latest
modification prior to the present modification |
27.12.2006 |
|
Particulars of
the present modification |
IDBI Bank vide letter
dated 30.11.2007 have released collateral security by way of charge over the
fixed assets of the Company [Mortgages in respect of Kalol Properties,
Gujarat and Baddi Properties, Himachal Pradesh] |
AS PER WEBSITE
Actis news
Actis to invest in Paras Pharmaceuticals Limited
07 September 2006
Actis, a leading private equity investor in emerging markets, is
to invest US$42 million in the
equity ofParas Pharmaceuticals Limited (Paras), one of India's leading OTC healthcare and personal care
companies based in Gujarat.
Paras has a track record of
developing innovative brands and is well respected in India for its ability to
build and maintain differentiated brands. Paras has a portfolio of 15 successful brands, two of which, Moov
and D'Cold, are in the top ten of OTC brands in India. Both the FMCG and
pharmaceutical sectors are undergoing strong growth in India, (FMCG at CAGR of
9% until 2010 with personal care growing at CAGR of 14%), driven by changing
demographics, increasing disposable income and continued low per-capita
consumption.
JM Trivedi, Partner, Actis South
Asia, commented: "We believe that Girish Patel and Devendra Patel, the
founders of Paras, have built a
strong business through a combination of excellent brand building and the
development of a strong distribution network, from which they intend to drive
rapid growth in the personal care segment going forward. Actis will actively work with the
management of Paras to achieve
this objective. This partnership will benefit all stakeholders."
Girish Patel, CEO of Paras,
said: "We have a strong relationship with the Actis team and are impressed by their ability to add value. We
welcome Actis as an active
partner and are sure that the association will help us take the business to the
next level of growth. The capital infusion is to help us expand our business
and strengthen our brand and product portfolio."
Donald Peck, Managing Partner, Actis
South Asia, said: "Actis
has a successful track record in the pharma and FMCG sectors. Our investment in
Paras demonstrates our continued
interest in these sectors which we believe will witness sustained strong growth
in the next few years."
THE BEGINNING
The year was 1965. Mr. N A Patel and Mr. B J Saraf - the Founders of a fledgling
pharmaceuticals company in Orissa commenced manufacture of ethical
pharmaceutical products with a range of antipyretic, analgesic and antibiotic
preparations. At the same time, they were looking and waiting for better
business opportunities.
Self-medication products became
the best choice from a business perspective. The scope was high. The potential
was high. Stopache - the
analgesic and antipyretic tablet they conceptualized and developed-
revolutionized the industry by being the First OTC brand to be launched as a
single dosage tablet. The year
was 1968. And then on, the company specialized in OTC products. The need arose
for another manufacturing unit.
It was then in 1984, that Mr. N A Patel, shifted
his base of operations to Ahmedabad and launched a new company called Paras Pharmaceuticals Private Limited
THE BASIC PHILOSOPHY
FOCUS is
one of the primary emphasis at Paras. Focus
that enables Paras to consistently identify need gaps in the market and launch brands
satisfying these gaps. Thereby creating niche products in the otherwise
overcrowded OTC market.
Paras believes that a Brand is a relationship that develops between
a consumer and a product category. And like any other relationship it
has to be built more on consumer behavior and the target audience`s mindset
than on emotions.
And when one understands that a
product`s success hinges on its capacity to identify and satisfy a consumer
need, you realize the critical role that building relationships plays in the
success of a brand. Ample evidence of which can be seen in the loyal and
still-growing consumer base that Krack
Cream has amassed to date.
THE PRODUCTS
In keeping with the company`s overall
philosophy to continually seek solutions for a healthier life, Paras has
developed a horde of relevant value-added products based on consumer feedback.
As a matter of fact, Paras today specializes in OTC products spread across
different categories sucha as Antiseptic, Anti-Infective, Analgesic, Cough
& Cold, Beauty Skin Cream etc.
Most of the brands enjoy
leadership position in their categories like Krack SR Cream, Itch Guard Cream, Ring Guard Cream with some like Moov, Dermi Cool, BoroSoft and the D`Cold range challenging the leaders
in their category.
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.41.38 |
|
UK Pound |
1 |
Rs.80.76 |
|
Euro |
1 |
Rs.63.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|