MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRENDS PHARMA PRIVATE LIMITED |
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Registered Office : |
6th Floor, Mathura Arcade, Subhash Road, Vile Parle, Mumbai
– 400057, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.1985 |
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Com. Reg. No.: |
11-37469 |
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CIN No.: [Company
Identification No.] |
U24230MH1985PTC037469 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drugs and Pharmaceuticals Products |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having steady business. Trade
relations are fair. Payments are reported as slow but correct. Directors are reported as respectable, resourceful and having satisfactory
means of their own. Trade relations are fair. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
6th Floor, Mathura Arcade, Subhash Road, Vile Parle, Mumbai
– 400057, Maharashtra, India |
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Tel. No.: |
91-22-26830172/ 26830275 |
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Fax No.: |
91-22-26830031 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Gautam Parikh |
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Designation : |
Director |
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Address : |
6, Moti Apartment, Play Ground Road, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
14.01.1948 |
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Date of Appointment : |
11.09.1985 |
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Name : |
Mr. Amit B. Parikh |
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Designation : |
Director |
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Address : |
Atit, 7th N. S. Road, 56 Hateleswar Society, Juhu Scheme,
Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
11.10.1959 |
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Date of Appointment : |
11.09.1985 |
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Name : |
Mr. Sonar G. Parikh |
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Designation : |
Director |
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Address : |
6, Moti Apartment, Play Ground Road, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
05.03.1980 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Kartik G. Parikh |
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Designation : |
Director |
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Address : |
6, Moti Apartment, Play Ground Road, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
25.02.1976 |
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Date of Appointment : |
01.04.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Gautam Parikh |
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59600 |
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Amit B. Parikh |
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61990 |
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Gita G. Parikh |
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12400 |
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Jagruti Parikh |
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15010 |
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Sonar G. Parikh |
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5000 |
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Total |
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154000 |
(As on 04.09.2006)
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Names of Shareholders |
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No. of Shares |
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Gautam Parikh |
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25000 |
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Amit B. Parikh |
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25000 |
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Total |
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50000 |
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(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs and Pharmaceuticals Products |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Vile Parle (East) Branch, Nitin Niwas, 47 M. G. Road, Vile Parle,
Mumbai – 400057, Maharashtra, India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramesh C. Shah Chartered Accountant |
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Address : |
307, Venkatesh Chambers, Prescot Road, Behind Khadi Bhandar Fort,
Mumbai – 400001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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155000 |
Equity Shares |
Rs.100/- each |
Rs.15.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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154000 |
Equity Shares |
Rs.100/- each |
Rs.15.400
Millions |
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Note:
(Of the above
shares 39000 shares of Rs.100/- each issued as fully paid up Bonus shares by
capitalizing reserves)
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 |
15.400 |
10.400 |
10.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.556 |
17.731 |
14.779 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.956 |
28.131 |
25.179 |
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LOAN FUNDS |
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1] Secured Loans |
72.279 |
58.968 |
22.757 |
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2] Unsecured Loans |
13.078 |
11.545 |
1.245 |
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TOTAL BORROWING |
85.357 |
70.513 |
24.002 |
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DEFERRED TAX LIABILITIES |
3.693 |
3.587 |
3.368 |
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TOTAL |
123.006 |
102.231 |
52.549 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.338 |
25.036 |
17.454 |
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Capital work-in-progress |
0.000 |
0.000 |
7.598 |
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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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Inventories |
89.822
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69.870 |
21.659 |
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Sundry Debtors |
33.487
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39.256 |
26.949 |
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Cash & Bank Balances |
1.836
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1.798 |
0.357 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.880
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5.580 |
2.550 |
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Total
Current Assets |
130.025
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116.504 |
51.515 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
31.357
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37.306 |
23.618 |
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Provisions |
0.000
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2.003 |
0.400 |
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Total
Current Liabilities |
31.357
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39.309 |
24.018 |
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Net Current Assets |
98.668
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77.195 |
27.497 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
123.006 |
102.231 |
52.549 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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412.067 |
419.793 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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412.067 |
419.793 |
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Profit/(Loss) Before Tax |
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0.900 |
4.774 |
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Provision for Taxation |
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0.100 |
1.822 |
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Profit/(Loss) After Tax |
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0.800 |
2.952 |
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Export Value |
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4.804 |
1.338 |
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Import Value |
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NA |
2.697 |
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Total Expenditure |
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411.167 |
415.019 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.19
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0.70 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.22
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1.14 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
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3.37 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.17 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.44
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3.90 |
1.91 |
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Current Ratio (Current Asset/Current Liability) |
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4.15
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2.96 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Future Prospects:
The company is planning to concentration more on loan Licence Business and
earns Labour charged from Reputed Multinational Companies.
Fixed Assets:
- Land
- Factory
Building
- Bore well
- Plant and
Machinery
- Utility
Equipment
- Electrical
Installations
- Office
Equipment
- Laboratory
Equipment
- Vehicles
- Furniture and
Fixture
- Computers
- Book and
Periodics
Website Details:
Profile:
Company was the hope a decade ago and today, it’s their
pleasure to announce the viability of company a flickering exult backstays to Mr.
Bhupendra V Parikh with a fond Reminiscence. Three decades later the entire
gamut of Vision being drawn by Strategy, Planning, Tactics, implementation,
development, ultimately growth and survival. From stages of conceptualisation
to the current ongoing scenerio, the entire period hovered around immense
difficulties leading to achievement and hope.
Mr. B V Parikh, who conceived the vision from Dream is a
high level Technocrat in Pharmaceutical manufacturing and with the exposure to
a multinational May & Baker (India) Limited, (later known as Rhone –
Poulenc Limited) as the manufacturing Director for a considerable period, as on
date to about 50 years expertise in the industry.
Mr. Parikh, working relentlessly got a notable fillip as the Driving force through
his two sons, the elder, Mr. Gautam B Parikh, expertised in Chemistry
Post-graduation with specialization in Finance and Administration, while the
younger, Mr. Amit B Parikh, with Pharmacy specialization involved himself in
the innovation of Pharmaceutical Formulations followed by Foreign
Collaborations and exports.
As we present this scenario today, Mr. Parikh made his
strength multifactorial through his two Grandsons joining the industry with
their enthusiasm and youthfulness. The elder grandson, Mr. Kartik G Parik
completed his graduation in Pharmacy and Post graduation in Business Management
from Australia and the younger, Mr. Sonar G Parikh, mastering in Financial
Management and also mastering in International Business Administration. This basic
infrastructure / skeleton is supported in totality by professionals from
multinationals and Indian Industry in the disciplines of manufacturing, quality
control, licensing, marketing, medico marketing, finance, material management,
logistics, services and administration.
About two decades earlier, but exactly on 11th September 1985, on a clear
autumn sky cover; Company was incorporated in Gujarat. The composite 15 acre
plot of land at Rajpipla, about 90 kms from Baroda or 60 kms from Baruch in
Ecological environment, the foundation stone was laid with the very intent of
going better. Trends initiated the layout but the platform was focused for
Global participation.
As on date, the state-of-the-art manufacturing unit stands in composite
construction of 75000 square feet with all modern equipment, facilities and
other related structures. Trends kept in high control with in-built quality
control with quality assurance facilities. Over the years Trends have attained
the expertise manufacturing excellence and most multinationals, organized
Indian companies used to get their leading Brands manufactured at our base. The
factory has no windows and all controls starting from air conditioning,
dehumidification at all level, water purification controlled on DM system.The
stores are divided into many segments to have the finest control on Inventory
including effluent disposal process.
The factory is a GMP unit and is Schedule ‘M’ compliant and
is certified under ISO 9001-2000. The unit has been recorded WHO GMP in July
2005. All related training besides all other requirements are virtually on
board and is looking for a universal recognition.
They expanded the area with built-up capacity of 5000 sq. ft
for production of animal health products within the composite 15 acre area.
Both the activities are exclusive and separate with the best quality GMP in
command.
The manufacture solid dosage forms like tablets, capsules
and powders oral liquids, also liquid externals of any specification along with
allowing people to utilize our R & D facility. The manufacture more than
100 formulations belonging to over 50 Therapeutic segments besides being proud
to offer some exclusive delivery systems.
They signed a joint collaboration with WISCON
Pharmaceuticals LLC, Rhode Island, USA for a number of high tech molecules
including biologicals, to market in India and Asia. This is a great
breakthrough for looking at the developed market and the first initiative to
participate globally in manufacturing and marketing. This has followed by a
manufacturing collaboration with Plethico Pharmaceuticals Limited, a WHO GMP
based company in Indore, India for manufacture of high tech injectable
Cephalosporins and latest Parenteral Quinghaosu derivatives for malaria.
Earlier to foregoing, Trends has a collaboration with
Stallen AG, Switzerland and affiliated to market their animal health products
in South East Asia by Stallen South Asia Private Limited. Company further to
that made a marketing arrangement with FATRO ITALY to market Animal Health
Vaccines. Pharmaceuticals are marketed through divisions of Branded promotions
and the generic division. It has a large distribution network all over India
and in the process of Global explorations.
Manufacturing
Facilities:
Subject was formed
on a composite 15 acres of a plot having a combined plant area of around 75,000
sq. feet has dedicated facilities towards human formulations, food section and
a separate premises for manufacturing of feed as well as veterinary
supplements.
Subject is a WHO-GMP, revised Schedule ‘M’ approved Company,
is also an ISO 9001: 2000 compliant Company and is the only Pharma Company in
the town employing over 100 people for its manufacturing expertise.
Production Capacity – per Shift of 8 hours:-
Tablets :
3.00 Millions
Capsules : 1.00 Million
Oral Liquids :
4000 liters / 50,000 bottles
External Liquids :
1000 liters
Ointments : 100 kgs.
Powders : 500 kgs / 20,000 pouches
The entire factory is built state of the art and there are no windows and in all
sections clean filtered air is fed, where required air conditioning and
controlled humidity conditions are provided. Materials and Personnel flows are
controlled during processing operations. The Employees engaged in the
manufacture have been trained to maintain hygiene to best possible standard.
Water is purified and passed through U.V sensitizers and micro-biologically
tested for use in processing.
Large Capacity modern plant and equipments are installed in
the factory for production of compressed, film and sugar coated, sustained
release tablets, capsules, liquids, suspensions, ointments, creams, gels and
powders. Dedicated Facilities are provided for manufacture of veterinary
premixes and food products.
The Company is using sophisticated manufacturing and
packaging equipment such as mixer granulators, fluid bed dryers, high speed
double rotary G.M.P model, compression machines, strip and blister packing
machines. Capsules of a wide range of products are filled under optimum
conditions and accuracy of fill weight is constantly monitored.
Oral Liquids such as Syrups & Suspensions are
manufactured under most hygienic conditions. High Speed Homogenizers are used
for preparing stable suspensions. Filling of powders is done on fully automatic
form-fill-seal pouch machines housed in a separate air conditioned and humidity
controlled area.
Air Handling System:-
All manufacturing areas are suitably ventilated. As required
filled, cooled, de-humidified air of 3 to 5 micron is provided to specific
areas. To prevent possible contamination separate fully contained airflow
systems are provided in critical areas.
Dust Generating locations and activities are provided
with specifically developed and custom built dust collection systems.
Water Systems:-
The Company has an elaborate system for treating raw water.
Raw Water is regularly examined chemically and microbiologically and confirmed
to be free from pathogen. Water used for all operations is provided through
various stages and only Demineralised water confirming to prescribed
specification is used in manufacturing process.
Demineralised water system has a large capacity for
producing purified water (1000 liters per hour). Purified water is supplied continuous
positive pressure in a plumbing system free of defects that could contribute
contamination to any drug product. All storage tanks and piping works are
constructed with SS 316 L materials. The whole water system in the plant is
based on a loop system.
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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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