MIRA
INFORM REPORT
|
Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TEVA API INDIA LIMITED |
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Formerly Known As : |
REGENT DRUGS LIMITED |
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Registered Office : |
M 14, Saket, New Delhi – 110 017. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.04.2002 |
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Com. Reg. No.: |
55-138679 |
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CIN No.: [Company
Identification No.] |
U74899DL2005PLC138679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR12387E |
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PAN No.: [Permanent
Account No.] |
AAATR9882R |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturers of
Active Pharmaceutical Ingredients (API’s) and Intermediates |
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 1057852 |
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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. The company has
been successful in wiping-off all its previous losses during the year
2006-07. 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 : |
M -34 Saket New Delhi, Delhi – 110 017, India |
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E-Mail : |
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Head Office : |
13th
Milestone, Delhi Mathura Road, Faridabad – 121 003, Haryana, India |
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Tel. No.: |
91-129-2258945 to
2258945 |
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Fax No.: |
91-129-2274362 |
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E-Mail : |
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Website: |
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Location : |
Industrial |
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Corporate Office : |
C-215 Defence Colony, New Delhi-110024,
India |
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Factory: |
Plot No. A-2,
A-2, A-2/1,A-2/2, UPSIDC Industrial Area, Gujraula-244 235, District J P
Nagar, Uttar Pradesh |
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Tel. No.: |
91-5924-252590 to
252593 |
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Fax No.: |
91-59245252314 |
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Area : |
26.5 hectors |
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Location : |
Industrial |
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Administrative
Office : |
8, Bahadur Shah
Zafar Marg, New Delhi – 110 002, India. |
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Tel. No.: |
91-11-23316791 /
23716811 /23716663 |
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Fax No.: |
91-11-51509449 /
23350993 |
DIRECTORS
|
Name : |
Mr. Vijay Kumar
Batra |
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Designation : |
Managing Director |
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Address : |
161, Dayanand
Vihar, Vikas Marg Extension, Delhi – 110 092, India. |
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Date of
Birth/Age : |
13.03.1947 |
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Qualification
: |
B. Tech |
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Experience : |
36 Years |
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Date of
Appointment : |
26.04.2002 |
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Previous
Employment: |
President and
Whole time Director in J K Ph Drugs and Pharmachem Limited |
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Name : |
Dr. Gilead
Fortuna |
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Designation : |
Director |
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Address : |
54, Sweden Street,
Haifa, Israel - 34980 |
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Date of
Birth/Age : |
04.08.1941 |
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Date of
Appointment : |
01.08.2003 |
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Name : |
Mr. David Kadmon |
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Designation : |
Director |
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Address : |
Post Box No.
1307, Ganyavne 70800, Israel |
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Date of
Birth/Age : |
31.07.1950 |
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Date of
Appointment : |
01.08. 2003 |
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Name : |
Mr. Sanjay Khatau
Asher |
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Designation : |
Director |
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Address : |
32 Modi Street,
Fort, Mumbai – 400001, Maharashtra, India |
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Date of
Birth/Age : |
26.11.1963 |
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Date of
Appointment : |
01.08.2003 |
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Name : |
Mr. Rajesh
Kumar Goel |
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Designation : |
Company Secretary
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Address : |
House No. 1362,
Sector –37, Faridabad – 121 003, Haryana |
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Date of
Birth/Age : |
23.12.1968 |
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Date of
Appointment : |
10.09.2003 |
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Name : |
Mr. Erez Israeli |
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Designation : |
Director |
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Address : |
Tamar 19, Rannana
– 75321, Israel |
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Date of
Birth/Age : |
21.03.1967 |
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Date of
Appointment : |
29.12.2005 |
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Name : |
Mr. Kapil Sapra |
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Designation : |
Director |
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Address : |
M -34 Saket New Delhi, Delhi – 110 017, India |
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Date of
Appointment : |
29.09.2006 |
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Other
Directorship Companies : |
Teva
Pharmaceutical and Chemical Industries India Private Limited Director U24230MH2003FTC140276 Ivax India
Private Limited Director U73100MH2000PTC130011 |
KEY EXECUTIVES
|
Name : |
Mr. Purushottam Das Aggarwal |
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Designation : |
Secretary |
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Address : |
19/702, East End Apartment, Mayur Vihar Phase – 1, Delhi – 110 096, |
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Date of Birth/Age : |
03.01.1967 |
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Date of Appointment : |
23.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2006)
|
Names of Shareholders |
No. of Shares |
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Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Asher Khatau
Sanjay [2nd Holder] |
1 |
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Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Ramchandran
Madhvi [2nd Holder] |
1 |
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Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Chowdhury
Malashree [2nd Holder] |
1 |
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Teva Pharmaceuticals
Finance Netherlands B V [1st Holder] Mehta Shraddha [2nd
Holder] |
1 |
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Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Pardi Wala Armi N
[2nd Holder] |
1 |
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Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Asher Prashant [2nd
Holder] |
1 |
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Teva
Pharmaceuticals Finance Netherlands B V |
20685244 |
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Total |
20685250 |
(As on 31.03.2007)
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Category |
Percentage |
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Foreign holdings (Foreign institutional investor(s),
Foreign companies (s), Foreign Financial institution(s), Non – resident
Indian(s) or Overseas corporate bodies or Others |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Active
Pharmaceutical Ingredients (API’s) and Intermediates |
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Products : |
·
Advanced Intermediates of Anti bacterial Drugs ·
CNS and Anti Hypertensive Drugs ·
Anti Inflammatory Drugs ·
Anti Cholesterol Drugs ·
Anti Coagulant Drug
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Terms : |
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Selling : |
Cash, L/C
and Credit |
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Purchasing : |
Cash, L/C and
Credit |
PRODUCTION STATUS as on
31.12.2004:
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Bulk Drugs and
Intermediates |
MT |
41.6 |
18.39 |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
4 |
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Bankers: |
Not Divulged |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse Chartered
Accountants |
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Address 1: |
P-1, Aditya Vihar, Saidulajab, Opposite D Block, Saket, Mehrauli
Badarpur Road, New Delhi -110 030, Delhi, India |
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Address 2: |
Building 8, 7th and
8th Floor, Tower 8, DLF Cyber City, Gurgaon – 122002, Haryana,
India |
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Associates/Subsidiaries : |
Teva
Pharmaceutical and Chemical Industries India Private Limited U24230MH2003FTC140276 Ivax India
Private Limited U73100MH2000PTC130011 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
221000000 |
Equity shares |
Rs.10/- each |
Rs. 2210.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
20685250 |
Equity shares |
Rs.10/- each |
Rs.206.853
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 [15 months] |
31.12.2004 |
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SHAREHOLDERS FUNDS |
|
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1] Share Capital |
206.853 |
206.853 |
206.853 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
57.610 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[46.078] |
(130.251) |
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NETWORTH |
264.463 |
160.775 |
76.602 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1019.697 |
928.148 |
288.746 |
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TOTAL BORROWING |
1019.697 |
928.148 |
288.746 |
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DEFERRED TAX LIABILITIES |
37.839 |
26.166 |
8.745 |
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DEFERRED PAYMENT LIABILITIES |
2.255 |
3.014 |
3.757 |
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TOTAL |
1324.254 |
1118.103 |
377.850 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
800.826 |
563.610 |
278.573 |
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Capital work-in-progress |
48.276 |
94.592 |
11.325 |
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INVESTMENT |
0.000 |
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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|
|
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|
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Inventories |
438.078 |
365.966 |
86.613
|
|
|
Sundry Debtors |
101.509 |
145.058 |
63.723
|
|
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Cash & Bank Balances |
413.390 |
270.658 |
94.824
|
|
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Other Current Assets |
41.538 |
30.233 |
11.336
|
|
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Loans & Advances |
69.671 |
17.113 |
8.047
|
|
Total
Current Assets |
1064.186 |
829.028 |
264.543 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
539.705 |
353.146 |
174.098
|
|
|
Provisions |
49.329 |
15.981 |
2.493
|
|
Total
Current Liabilities |
589.034 |
369.127 |
176.591 |
|
|
Net Current Assets |
475.152 |
459.901 |
87.952 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1324.254 |
1118.103 |
377.850 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 [15 Months] |
31.12.2004 |
|
|
|
|
|
|
|
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Sales Turnover |
1388.802 |
1313.135 |
598.461 |
|
|
Other Income |
72.360 |
28.301 |
15.322 |
|
|
Total Income |
1461.162 |
1341.436 |
613.783 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
164.043 |
116.274 |
0.911 |
|
|
Provision for Taxation |
60.355 |
32.101 |
16.324 |
|
|
Profit/(Loss) After Tax |
103.688 |
84.173 |
[15.413] |
|
|
|
|
|
|
|
|
Export Value |
1388.802 |
1313.135 |
598.461 |
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
809.442 |
885.345 |
366.164 |
|
|
Consumption of stores and spares parts |
41.470 |
39.013 |
19.613 |
|
|
Increase/(Decrease) in Finished Goods |
(26.697) |
(114.432) |
15.200 |
|
|
Salaries, Wages, Bonus, etc. |
113.797 |
102.470 |
52.448 |
|
|
Managerial Remuneration |
7.255 |
8.064 |
5.785 |
|
|
Payment to Auditors |
1.880 |
1.359 |
1.245 |
|
|
Interest |
50.875 |
22.008 |
5.341 |
|
|
Insurance Expenses |
5.515 |
4.383 |
1.241 |
|
|
Power & Fuel |
82.695 |
76.931 |
41.933 |
|
|
Depreciation & Amortization |
72.673 |
54.529 |
37.317 |
|
|
Other Expenditure |
138.214 |
145.492 |
66.585 |
|
Total Expenditure |
1297.119 |
1225.162 |
612.872 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 [15 Months] |
31.12.2004 |
|
PAT / Total Income |
(%) |
7.10
|
6.41
|
(2.51) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.81
|
8.85
|
0.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.79
|
7.81
|
0.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.72
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.08
|
8.06
|
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
2.24
|
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
NoteS:-
The company was
originally incorporated in Kolkata having company registration No. 21-94558 and
the registered office was transferred to Delhi w.e.f. 13/07/2005
Subject import raw
materials and chemicals, spares
Subject reportedly
exports medicines and sells locally
About Tava
With its manpower strength of over 14,000 employees Teva Pharmaceuticals Industries Limited is a global healthcare group, with headquarters located in Israel.
Specializing in
API’s and finished form of pharmaceuticals, Subject is among the largest
generic pharmaceutical companies in the world.
Subject has
manufacturing bases for API’s and pharmaceuticals spread out in various parts
of the world with its units in Israel, USA, Europe and India.
With its main focus of
business in US and Europe, Subject has spread its wings in Far east and Latin
America too. Not only this, Subject is a leader in innovative drug for Multiple
Sclerosis.
With an aim to stay ahead
always Subject is focusing in the field of neurological and auto immune
diseases.
Directors Profile
V.K. Batra,
Managing
Director
B.Tech (Chemical Engg.)
from IIT, Delhi, heading the Company since 1988, having experience of more than
36 years in projects and operations for reputed companies in India with about
12 years as head of the unit/company for Drugs and Pharmaceuticals.
Dr. Vinod
Kansal,
Head of R
and D
PhD (Chemistry), heading the R and D Centre since 2004, having a rich experience of about 24 years in the field of research and development at different research institutes in India and abroad, followed by varied and vast experience of process development of APIs at the research centres of reputed companies in India.
Dr. N.C.
Tewari,
Sr. Vice President (Works)
PhD (Chemistry), heading the factory activities since 1996, having experience of about 31 years in quality assurance, R and D and manufacturing activities in reputed companies in India.
Press
Clippings
Source: The Hindu dated December 29, 2005
Teva inaugurates R
and D facility in Noida- Plans tie-ups with Indias cos for clinical research
New Delhi, December 28
The world’s largest
generic company, Teva Pharmaceutical Industries Limited, is stepping up its
presence in India.
Besides setting up
a new research and development (R and D) center here, it is also planning to
enter into partnerships with Indian firms
for biotechnology and conducting clinical research.
Speaking to newspersons
after the inauguration of the R and D center in greater Noida, Mr. Aharon
Yaari, President and CEO, Active Pharmaceutical Ingredient (API), Division –
Teva Group, said, “India plays an important part in their development
programmers and they are looking at
collaborations with Indian companies in clinical programme and cutting edge
scientific areas like biotechnology”.
Initially, studies
could be conducted on drugs for the central nervous system (CNS) and later
other therapeutic segments could be added.
“They would also
look at collaborating with India research institutes,” said Mr. Lazer Bezdin,
Country Manager of Teva in India.
Here the company is
operating through its wholly owned subsidiary, Regent Drugs Limited that it
acquired in 2003
The Israel based
company is currently focusing on the API business and so would the new research
center, which has been set up with an initial investment of $ 3 million- $ 4
million.
The center would
start with 60 scientists that would go up to 125 in three to four years. Teva
has close to half –a dozen R and D
centers globally and the facility in India is the third largest after Israel
and Hungary.
Beside, the company
has a manufacturing facility at Gajrola in Uttar Pradesh for APIs that caters
to Teva’s global requirements.
This was inherited through the Regent
acquistion with an investment of over $ 10 million.
“About 10 molecules for various therapeutic
segments including infections diseases, antidepressants and CNS products worth
$ 20 million- $ 30 million are sourced by the parent company
From regent.
Another three new molecules will be added next year”. Said Mr. V K Batra,
Managing Director
He further added
that the strategy for entering the formulation business has not yet been
finalized.
On acquisitions in
India Mr. Yaari said the company is at the moment, looking at organic growth.
“However, if at any point the company feels that acquisitions is the right way
forward, they will do so” he said.
Some months ago the market
was abuzz with talks of Teva scouting for a generic company in India. Early this year it announced a $7.4 billion
purchase of the US-based Ivaxz Corporation helping it regain the No 1 global
slot, bypassing rival Novartis.
Fixed assets:
· Leasehold Land
· Buildings
· Plant and machinery
· Office equipment
· Furniture and Fittings
· Vehicles
· Leasehold improvements.
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.
sOur 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.47.18 |
|
UK Pound |
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.60.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--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 |
|
50 |
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/normal. |
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 |
|