MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ARCH PHARMALABS
LIMITED |
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Formerly Known
As : |
ARCH
COMMERZ PRIVATE LIMITED |
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Registered
Office : |
H Wing, 4th
Floor, Tex Centre, Narayan Properties, Off Saki Vihar Road, Chandivali,
Mumbai, 400072, Maharashtra |
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Country : |
India |
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Financial (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
02.04.1993 |
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Com. Reg. No.: |
11-150891 |
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CIN No.: [Company
Identification No.] |
U51909MH1996PTC103946
/ U24231MH1993PLC150891 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19603D |
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PAN No.: [Permanent
Account No.] |
AACCM0306Q |
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Legal Form : |
A closely held
Public Limited Liability Company |
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Line of
Business : |
Manufacturing of
Pharmaceutical Intermediates in Isoxazole Penicillin range with a focus on
export market. |
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 1000000 |
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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 company having fine track. Tarde relations are fair. Financial
position is good. Payments are correct and as per commitments. The company is doing
well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office / Corporate
Office : |
H Wing, 4th
Floor, Tex Centre, Narayan Properties, Off Saki Vihar Road, Chandivali,
Mumbai, 400072, Maharashtra, India |
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Tel. No.: |
91-22-28470555-0564/28577070 |
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Mobile No.: |
91-986702250 |
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Fax No.: |
91-22-2847
1234/1002/28471234-1002 |
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E. Mail.: |
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Website: |
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Factory |
Survey No. 323, Gundlamachnur
Village, Hathnoora Mandal, Medak-502296, Andhra Pradesh, India |
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Tel. No.: |
91-22-28560555/0560 |
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Fax No.: |
91-22-28561234/1002 |
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E-Mail : |
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Website : |
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Area : |
5500 Sq.fts |
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Location : |
Owned |
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Plant: |
Ø Plot No. T- 84, 85 and 86 MIDC Tarapur,
Taluka Palghar, District Thane, Maharashtra
Ø Plot No. G-4 Kharvai MIDC, Badlapur,
District Thane - 421 503, Maharashtra Ø Vitalifa Laboratories, Village Pathreri,
Bilaspur Tauru Road, District Gurgoan – 122 001, Haryana Ø Plot No. W-45 (C) Anand Nagar, Additional
Ambernath District Thane - 421 506,
Maharashtra Ø V-8, MIDC, Taloja, Raigad, Maharashtra,
India |
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Branch: |
Located at:- Ø Sainath, 8-2-120/86/10/2, Muncipal No. 389,
Road No. 14, Banjara hills, Hyderabad - 500 034, Andhra Pradesh Ø Shop No.3, Village Pabhat, Chandigarh
Road, Zirakpur District, Ropar, Punjab |
DIRECTORS
|
Name : |
Mr. Ajit A.
Kamath |
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Designation : |
Director and Chief
Executive Officer |
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Address : |
404, I la
Apartments, Sector 4, R. O. P. 7, Chrkop, Kandivli (West), Mumbai-400067,
Maharashtra, India |
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Age : |
34 years |
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Qualification
: |
Graduate |
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Experience : |
9 years |
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Name : |
Mr. Manoj Tejraj Jain |
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Designation : |
Deputy Managing
Director |
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Address : |
Flat No. 5,
Anchorage, 10/12, L. J. Road, Mahim, Mumbai-400016, Maharashtra, India |
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Age : |
34 years |
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Name : |
Mr. T.
Mallikarjuna Reddy |
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Designation : |
Vice Chairman |
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Address : |
B-13, Madhura
Nagar, Hyderabad-500038, Andhra Pradesh, India |
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Age : |
44 years |
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Name : |
Mr. Manoj T. Jain |
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Designation : |
Deputy Managing
Director |
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Name : |
Mr. Shahzaad S. Dalal |
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Designation : |
Nominee Director |
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Name : |
Mr. Aluri S. Rao |
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Designation : |
Nominee Director |
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Name : |
Mr. Rajendra
Kaimal |
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Designation : |
Executive
Director |
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Address : |
C-411, Janakdeep,
J. P. Road, 7 Bunglow, Andheri (West), Mumbai-400061, Maharashtra, India |
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Age : |
31 years |
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Name : |
Mr. B. V. Raju |
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Designation : |
Executive
Director |
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Address : |
503, Sagar View
Apartments, Begumpet, Hyderabad-400016, Andhra Pradesh, India |
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Age : |
45 years |
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Name : |
Mr. Subhash Mali |
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Designation : |
Non-Executive
Director |
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Address : |
F-11/604, Neelam
Nagar, Mulund (East), Mumbai-400081, Maharashtra, India |
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Age : |
41 |
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Name : |
Mr. Sudhir Ghate |
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Designation : |
Non-Executive
Director |
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Address : |
101, ‘Suprabhat’,
Bejal-Kapikad, Mangalore –575004 |
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Age : |
43 years |
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Name : |
Mr. Rashmikant
Choksey |
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Designation : |
Non-Executive
Director |
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Address : |
517, Ankita
Apartments, 53, Nehru Road, Vile Parle (East), Mumbai-400057, Maharashtra,
India |
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Age : |
49 years |
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Name : |
Dr. Shantilal
Jain |
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Designation : |
Non-Executive
Director |
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Address : |
Medichek, Ground
Floor, Gopal Bhawan, Mahim, Mumbai-400016, Maharashtra, India |
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Age : |
41 years |
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Name : |
Mr. Sudhir P.
Ghate |
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Designation : |
Non Executive
Director |
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Name : |
Mr. Vikas B.
Kedia |
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Designation : |
Company Secretary |
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Name : |
Mr. K. S. Baidwan |
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Designation : |
Nominee Director |
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Address : |
House No. 4506,
DLF city, Phase-IV, Gurgaon-122002 |
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Age : |
61 years |
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Name : |
Mr. Kishore
Gotety |
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Designation : |
Nominee Director |
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Address : |
ICICI Venture
Funds, Management Company Limited, Stanrose House, Ground Floor, Appasaheb
Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Age : |
32 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Indian Promoters |
5111437 |
31.77 |
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Persons acting in concert |
553325 |
3.44 |
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Financial Institution, Nationalized and other banks |
3730 |
0.02 |
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Private Corporate Bodies |
263283 |
1.63 |
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Indian Public |
536054 |
3.33 |
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NRI’s /OCB’s |
134700 |
0.83 |
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Other – Venture Capital Funds |
9483945 |
58.03 |
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Grand Total |
16086474 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing of
Pharmaceutical Intermediates in Isoxazole Penicillin range with a focus on export
market. |
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Products : |
·
CMIC
Chloride : 3 - (2 Chlorophenyl)-5-Methyl Isoxazole - 4 - Carbonyl Chloride ·
DICMIC
Chloride : 3 - (2,6 Dichlorophenyl)-5-Methyl Isoxazole-4-Carbonyl Chloride ·
FCMIC Chloride
: 3-(2 Chloro. 6-Flurophenyl)-5-Methyl Isoxazole-4- Carbonyl Chloride.
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Exports : |
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Countries : |
Europe, Latin America,
Middle East and South Asia |
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Imports : |
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Countries : |
Japan, China,
Germany, Switzerland, U.A.E., Belgium and South Korea |
GENERAL
INFORMATION
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Suppliers : |
Ø
BASF Aktiengesellschaft, Germany Indenting Agent BASF India Limited Rhone-Poulence House, Sudam Kalu Ahire
Marg, Mumbai-400025, Maharashtra Tel. No. 91-22-4930703 Fax No. 91-22-4950512 Contact Person: Mr. Udipt Agarwal Ø
Changzhou Foreign Economic Technical and Trading (Group) Corporation 12-D Midsouth Tower, 33 West, Guanhe Road,
Changzhou, Jiangsu, China Tel. No. +86-5196626038 Fax No. +86-519-6609289 E-Mail: htchem@public.cz.js.cn Contact Person: Mr. Fu-Qiang Sun Ø
Zhejiang Medicines & Health Products Imports & Exports Corporation 2188, Ti Yu Chang Road,
Hangzhou 310003, China Fax No. (571) 5100777 /
5105518 Ø
Clariant GmbH-Kundenbuchhaltung
D-65840, Sulzbach, Germany Tel. No. + 49 (6196)
75760 SWITCHBOARD Fax No. +49 (6196) 7578856 Representative Office: Colour-Chem Limited Mumbai-Agra Road, Balkaum,
Thane-400608 Tel. No. 91-22-5345060 Fax No. 91-22-5349629 Contact Person: Mr. A. K.
Roy Ø
Nissho Iwai Corporation Fine and Bio Chemicals, Japan Representative Office Nissho Iwai Corporation (Bombay Liaison
Office) Dalamal House, 8th Floor, Nariman Point,
Mumbai-400021, Maharashtra Tel. No. 91-22-2837685 Fax No. 91-22-2024138 Contact Person: Mr. Saikat Bhowmik Ø
Tessenderlo Chemie S. A., Belgium Representative Office: Finorga (India) Private Limited 105-A, Neelam Centre, 249 B, Hind Cycle
Road, Worli, Mumbai-400025, Maharashtra Tel. No. 91-22-4934627/4933310 Fax No. 91-22-4950504/4937925 Contact Person: Mr. Manish Vasaiwala Ø
OG Corporation 8-7, Nihonbashi - Honcho
2 - Chome, Chuo-Ku, Tokyo, 103 – 8417, Japan Tel. No. +81 3 3665 -
8311 Fax No. +81 3 3665 - 8365 Ø
Uwe Gers Chemie Handels GmbH Romerweg 1, D - 67117, Limburgerhof,
Germany Tel. No. + 49 6236465032 Fax No. + 49 623648191 E Mail : ug-chemie@t-online.de Ø
Benzo Petro International Limited 5, Welcome Shopping Centre, Opp Punit
Nagar, Old Padra Road, Vadodara-390007, Gujarat Tel. No. 91-265-333302 / 342395 Fax No. 91-265-342395 / 330640 Contact Person: Mr. D. C. Gami Ø
Search Chem Industries Private Limited Uniphos House, 11th Road,
Madhu Park, Khar (West), Mumbai-400052, Maharashtra Tel. No.
91-22-6041111/6000700 Fax No. 91-22-6041010 Contact Person: Mr.
Sanjay Singhania Ø
Adani Exports Limited 7th Floor, “The Eagle’s Flight”, Suren
Road, Andheri (East), Mumbai-400093, Maharashtra Tel. No. 91-22-6836969 Fax No. 91-22-6833838 Contact Person: Mr. Ashish Tawakley / Mr.
Uday Mehta Ø
Tata Chemicals Limited 57, Luz Lane, Mylapore, Chennai-600004,
Tamilnadu Tel. No. 91-44-4996882 Fax No. 91-44-4981023 Contact Person: Mr. M. Vellodi – Regional
Manager Ø
Alkyl Amines Chemicals Limited 401-407, Nirman Vyapar Kendra, Plot No.
10, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra Tel. No. 91-22-7890632 Fax No. 91-22-7890631 Contact Person: Mr. Sameer Ardekar Ø
Haresh Kumar and Company 23, Anant Building, 217, Shamaldas Gandhi
Marg, Mumbai-400002, Maharashtra Tel. No. 91-22-8375382 /83 Fax No. 91-22-8254417 Contact Person: Mr. Kailash Kasat Ø
Chemplast Sanmar Limited 8, Cathedral Road,
Chennai - 600 086, Tamilnadu Tel. No. (Chennai)
91-44-822 7739 (Mumbai) 91-22-5973390/91 Fax No. (Chennai)
91-44-822 1545 (Mumbai) 91-22-5973395 Contact Person: Mr.
Subramanium |
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Customers : |
Manufacturer |
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No. of Employees : |
275 |
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Bankers : |
v
Karnataka Bank Limited, Overseas Branch, 2 Firuz Ara, 160, M.K. Road,
Cooperage, Mumbai - 400 021 Tel. No.
91-22-22885016/17 Fax No. 91-22-22020463 v Axis Bank
Limited, Universal Insurance Building, Sir P. M. Road, Fort Branch,
Mumbai-400001, Maharashtra Tel. No.
91-22-22835782/84/87/89 Fax No. 91-22-22844113 v Export import
bank of India v
HDFC Bank Limited v
IL and FS Limited v
India Bank v
State Bank of India v
State Bank of Indore v
State Bank of Mysore v
State Bank of Patiala v
The Greater Bombay Co-operative Bank Limited v
The Karur Vysya Bank Limited |
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Facilities : |
Notes a) Non -
Convertible Debentures is secured by Subservient Charge on the Movable assets
of the company, and personal guarantee of the Promoters of the Company. b) Out of Term
Loan of Rs. 873.244 Millions, Rs. 813.244 Millions is secured on first
pari-passu charge basis on complete fixed assets of the company, on second
pari-passu charge basis on the complete current assets of the company and
personal guarantee of the Promoters and Rs. 60.000 Millions is secured by
Subservient Charge on current assets of the company. c) Working
Capital Loans under multiple bank arrangement is secured on first pari-passu
charge basis on the complete current assets of the Company & second
pari-passu charge basis on complete fixed assets of the company, and personal
guarantee of the Promoters of the Company. d) Secured by the hypothecation of each vehicle financed by the
respective bank.
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nayak and Rane Chartered
Accountants |
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Address: |
Mumbai,
Maharashtra, India |
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Sister
Concern: |
Ø Arch Financial Services (Bom) Private
Limited - Engaged
in providing financial services Ø Arch Phytochemicals Private Limited -
Engaged in
Preparing Registration Dossiers for Homeopathic medicines |
CAPITAL STRUCTURE
(As on 31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity shares |
Rs. 10/- each |
Rs. 200.000 millions |
|
20000000 |
Preference Share |
Rs. 10/- each |
Rs. 200.000 millions |
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Total |
|
Rs. 400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16086474 |
Equity shares |
Rs. 10/- each |
Rs. 160.865 Millions |
|
10000000 |
7.5% Redeemable Preference Share Redeemable within a period of 36 months from the date of allotment |
Rs. 10/- each |
Rs. 100.000 Millions |
|
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Total |
|
Rs. 260.865 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
260.865 |
236.900 |
151.310 |
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2] Share Application Money |
0.000 |
0.000 |
0.00 |
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3] Reserves & Surplus |
1550.467 |
691.200 |
514.422 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1811.332 |
928.100 |
665.732 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
2463.164 |
1763.900 |
1068.736 |
|
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2] Unsecured Loans |
405.980 |
5.300 |
23.126 |
|
TOTAL BORROWING
|
2869.144 |
1769.200 |
1091.862 |
|
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DEFERRED TAX LIABILITIES |
139.380 |
0.000 |
39.171 |
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TOTAL
|
4819.856 |
2697.300 |
1796.765 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1913.277 |
1258.000 |
1022.612 |
|
Capital work-in-progress
|
0.000 |
226.200 |
0.000 |
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INVESTMENT
|
131.232 |
5.200 |
0.582 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
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Inventories
|
1193.071 |
719.500 |
518.960 |
|
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Sundry Debtors
|
1179.506 |
820.800 |
472.537 |
|
|
Cash & Bank Balances
|
495.523 |
78.400 |
62.033 |
|
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
487.102 |
161.600 |
125.720 |
Total Current Assets
|
3355.202 |
1780.300 |
1179.250 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
571.981 |
522.800 |
393.023 |
|
|
Provisions
|
19.425 |
64.800 |
29.274 |
Total Current Liabilities
|
591.406 |
587.600 |
422.297 |
|
Net Current Assets
|
2763.796 |
1192.700 |
756.954 |
|
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|
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MISCELLANEOUS EXPENSES
|
11.551 |
15.200 |
16.617 |
|
|
|
|
|
|
|
TOTAL
|
4819.856 |
2697.300 |
1796.765 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3625.519 |
2545.300 |
1560.328 |
|
|
Other Income |
15.564 |
0.000 |
0.000 |
|
|
Total Income |
3641.083 |
2545.300 |
1560.328 |
|
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|
|
|
|
|
|
Profit/(Loss) Before Tax |
334.301 |
231.700 |
161.389 |
|
|
Provision for Taxation |
96.650 |
72.600 |
59.056 |
|
|
Profit/(Loss) After Tax |
237.651 |
159.100 |
102.332 |
|
|
|
|
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|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
863.000 |
NA |
1155.356 |
|
Total Earnings |
863.000 |
NA |
1155.356 |
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
803.462 |
NA |
251.633 |
|
|
Capital Goods |
27.752 |
NA |
0.000 |
|
Total Imports |
831.214 |
NA |
251.633 |
|
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|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
2367.789 |
1576.640 |
0.000 |
|
|
Manufacturing Expenses |
304.921 |
229.703 |
0.000 |
|
|
Administrative Expenses |
265.147 |
202.011 |
0.000 |
|
|
Financial Charges |
249.581 |
151.545 |
0.000 |
|
|
Depreciation & Amortization |
119.344 |
0.825 |
0.000 |
|
|
Other Expenditure |
0.000 |
152.876 |
1398.939 |
|
Total Expenditure |
3306.782 |
2313.600 |
1398.939 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
Debt-Equity Ratio
|
1.69 |
1.80 |
1.39 |
Long Term Debt-Equity Ratio
|
0.97 |
1.03 |
0.81 |
|
Current Ratio |
1.56 |
1.30 |
1.39 |
TURNOVER RATIO
|
|
|
|
|
Fixed Assets |
2.09 |
2.16 |
2.70 |
Inventory
|
3.79 |
3.99 |
4.18 |
|
Debtors |
3.62 |
3.82 |
4.63 |
Interest Cover Ratio
|
2.36 |
2.53 |
2.75 |
|
Operating Profit
Margin (%) |
19.51 |
18.87 |
17.92 |
Profit Before Interest And Tax Margin (%)
|
16.22 |
15.53 |
15.86 |
|
Cash Profit
Margin (%) |
10.35 |
9.79 |
8.46 |
|
Adjusted Net
Profit Margin (%) |
7.06 |
6.45 |
6.40 |
|
Return On capital
Employed (%) |
16.00 |
17.33 |
21.29 |
|
Return On Net
Worth (%) |
19.56 |
21.22 |
20.81 |
LOCAL AGENCY
FURTHER INFORMATION
BIODATA
Incorporated on 2 April,1993 as Merven Drug Products Private
Limited, Merven Drug Products (MDPL) was converted into a public limited company
on 13 September 1993. It was originally promoted by T V Raghava Reddy,
Rajgopala Reddy and P Vijayalakshmi. The company is been engaged in the
business of bulk drugs.
In October 1994, MDPL came out with a public issue of 4.160 millions equity shares
at par, aggregating Rs. 41.600 millions, to part-finance the Rs.147.500
millions project to manufacture basic and bulk drugs with an installed capacity
of 135 tpa. The production facility is planned in accordance with the US FDA
standards. The company is the first in the country to make certain speciality
products such as fluoxetine, esmolol and roxythromycin. The project is located
in Medak district of Andhra Pradesh. Commercial production commenced in 1995.
It also doubled the capacity which became opertional by December 1995. It
started production with CMIC chloride, an intermediate and a raw material for
cloxacillin sodium.
The company has an exclusive technical tie-up with Applied Chemtech, India. The
company has entered into arrangements to undertake conversion work on job order
basis in order to improve the plant capacity utilisation.
Cash cruch and slow down in the bulk drugs industry has resulted in losses and
the net worth being eroded. As such, the company has become a sick
company.
The company is currently engaged in only job work for other companies, as the
company could not produce its products due to non-availability of working
capital facility
WATSOL ORGANICS
LIMITED:
The company has acquired a majority stake of 86.54% in Watsol Organics
Limited, a Hyderabad based company engaged in the manufacture of various
pharmaceutical intermediates and specialty chemicals.
The benefits to Arch will be;
1. Backward integration of their Isoxazoles Side Chains business
2. Rationalisation of their global intermediates capacity enabling them
to offer an added range of intermediates from their current sites.
Given the pool of resources available at the Watsol site, including a massive
proportion of unutilized land, excellent talent pool and environmental
clearances, they intend to enhance the current capacities thereby creating
facilities for shifting of certain products and also to ready Arch for
additional product offerings for the CRAMS space from other Arch sites.
Set-up and expansion
at Corporate R and D Centre at Taloja:
Reports by global consulting firms suggest an impending boom for India in the R
and D outsourcing arena. This is expected to set off a revolution similar to
what was witnessed in the IT and BPO space in India over the past five years.
It will not be unfair to hazard a guess that this translates into a revenue
potential for Indian Pharmaceutical Services companies engaged in Custom
Synthesis, Small Scale Production for pre-clinicals and clinical studies and the
Clinical Research Organisations (CROs).
The company's Corporate R and D centre is a small step towards that direction.
Well equipped with state of the art analytical equipment, currently they
have a bench strength of 125 chemists and plans are underway to double it over
the next few months. Besides the analytical laboratory, they have six process
development labs in operation. They propose to expand the same by an equivalent
number by middle of next year.
The company is the beneficiary of keen interest by companies wanting to
avail of their Full Time Equivalence (FTE) model for R and D services. Besides
FTE deals that are already underway, they expect to attract more such deals in
the current financial year.
MANAGEMENT'S DISCUSSION
AND ANALYSIS:
INDUSTRY OVERVIEW:
The
global pharmaceutical industry is going through a fundamental shift with a
rapidly changing business landscape. Mounting cost pressures, declining R and D
productivity and increasing drug development costs are forcing MNC companies to
outsource their core and non-core activities to low cost destinations like
India.
The proposed cost savings plan of big pharma companies offer significant
opportunities to the Indian pharmaceutical Industry, which with its strong
chemistry skills, low labour costs, proven process expertise and large number
of US FDA approved plants, is at the forefront of capturing a larger pie of the
global CRAMS space,
In the drug development process, a new drug spends around 8-10 years in the
clinical development stage. With looming patent expiries, faster time to market
at lower costs has become the need of the hour for innovator pharmaceutical
companies.
Various industry sources estimate the global CRAMS market to be worth USD
55 bn by 2010.
The Indian Pharmaceutical Industry:
According
to economic survey for 2006-07 'Driven by the knowledge skills, growing
enterprises, low costs, improved quality and buoyant demand (both domestic and
international), the pharmaceutical sector's value of output grew more than
tenfold from US$ 1.1 billion in 1990 to over US$ 12.4 billion during 2005-06.
With value of exports at over US$ 4.7 billion in 2005-06, India is today
recognised as one of the leading global players in pharmaceuticals.'
Globally the Indian pharmaceutical industry ranks 4th in terms of volume (with
an 8 per cent share in global sales) and 13th in terms of value (with a share
of 1 per cent in global sales).
India is emerging as the global hub for contract research and manufacturing
services (CRAMs) due to a combination of low cost and world-class quality
standards. In fact, this segment is estimated to touch US$ 55 billion by
2010.
Currently, India accounts for 6 - 7 per cent of the total CRAMS market and many
estimate it to reach 15 per cent by 2010. In 2005, the Indian CRAMS market was
estimated at US$ 533 million, out of which 84 per cent was contributed by
contract manufacturing and the rest by contract research.
India is also one of the top five active pharmaceutical ingredients (API)
producers (with a share of about 6.5 per cent) and has the world's third
largest manufacturing industry valued at US$ 2 billion.
Growing consistently at 9.5 per cent in the last 5 years, the Indian
pharmaceutical industry could zip at 13.6 per cent between 2006 and 2010 and
reach a market size of US$ 9.48 billion by 2010 from its present level of about
US$ 5.7 billion.
After the introduction of product patent in India, the domestic industry has
witnessed a fresh spell of new product launches. New products launched since
2005 have accounted for 12 per cent of overall market growth.
OPPORTUNITIES AND
THREATS:
Opportunities:
The strong generic pipeline is expected to unleash a USID $60 Billion
opportunity for Indian pharmaceutical companies.
A buoyant Indian market place where the Year-on-Year growth is in double
digits.
Plans by Big Pharma (Top Five innovator companies) to retrench a large number
of employees and outsource a large part of their production to cost efficient
countries like India and China
Opportunities for Custom Synthesis of pre-clinical and clinical trial
quantities of Active Pharmaceutical Ingredients by innovator companies.
Consolidation evolving in the Indian market place wherein small scale players
are weeding out owing to environmental and regulatory issues.
Threats:
The
flight of business to India and China has prompted Contract Manufacturers in
Europe to take note. Consolidation and Investments currently the order of the
day in Europe.
The burgeoning opportunities in the R and D outsourcing arena has resulted in a
sharp skewing of the demand-supply scenario of experienced personnel.
This gap will result in heightened mobility and higher
remuneration.
The rising Indian rupee vis a vis the stagnant Chinese RMB puts India at a
disadvantage over Chinese competitors.
Higher Capital inflows have resulted in Capacity Expansion across the Pharma
spectrum. This could result in the supply side dominating the demand
side.
Wholly
Owned Subsidiaries
The management is
also pleased to announce the incorporation of the wholly owned subsidiaries in
the United Kingdom (U. K.) and the United States of America. The UK subsidiary
has been formed with the primary objective of facilitating logistics for their
European customers.
The US subsidiary
has been formed with the primary objective of acting as the beachhead for all
their US based initiatives. Mr. Stuart Needleman, marketing professional coupled
with a Chemical Engineering background, has been appointed as the president of
the US subsidiary. They are confident that their US initiative will gain
further momentum by incorporation of the subsidiary and the appointment of Mr.
Needleman.
The company has
acquired the Vita life Laboratories division from Apollo International Limited
w.e.f 16.12.2004
FIXED
ASSETS
· Land
· Factory Building
· Electrical Installation
· Plant and Machinery
· Furniture and Fixtures
· Computers
· ERP Software
· Office Equipment
· Vehicles.
Generic Names of
the Principal Products of the company are :
|
Item Code No. |
Product Description |
|
29159000 |
CMIC - Chloride |
|
29159000 |
DICMIC - Chloride |
|
29159000 |
FCMIC - Chloride |
Website DETAILS:-
Arch Pharmalabs chemists will move later this year to a new lab that the
company is building.
An accounting graduate who says he always wanted to be an entrepreneur,
Kamath started his first company, a financial services provider, at the age of 22,
when all he could put together as capital was $100. Later, with two friends who
were also financiers, he switched his attention to the opportunities offered by
the Indian pharmaceutical industry. They formed Arch in 1999.
Their firm is a rising star that has been growing at 50% annually since
then. Sales amounted to a modest $50 million in the latest fiscal year. But the
company already employs 1,100, it is building a large R and D lab, and it is
boosting its orders with new customers. Its main businesses are producing
active pharmaceutical ingredients (APIs) and advanced intermediates and
providing custom manufacturing services. About two-thirds of sales are to
foreign customers.
Arch's formula is a simple one. It buys loss-making pharmaceutical
chemical plants. It then turns them around by putting them in the hands of
experienced managers. To finance Arch's first years, Kamath and his partners
attracted $9 million from three key investors, including an initial $2 million from
Swisstec, which is the venture capital arm of the Swiss government.
Arch operates facilities at six locations across India. Three sites were
acquired, one was built by Arch, and two others are Arch's under a long-term
leasing arrangement.
Kamath says his plants are "quite new." The sellers were
companies that strayed into pharmaceuticals. "They had been sold on the
attractiveness of the pharma business, usually by a relative who had a degree
in the field," he says. For example, Vitalife Laboratories, which Arch
bought in 2004, belonged to a tire manufacturer.
Owing to contractual obligations and also to avoid having to lay off
workers, some plants are still being used to make bulk APIs sold to a number of
generic drug manufacturers. Kamath isn't especially fond of this business
because of limited growth opportunities and also because it can bring Arch in
competition with potential customers. But for now, bulk generics remains a
substantial business for Arch; for example, the company calls itself the
world's leading producer of isoxazole penicillin side chains.
Kamath is striving to make Arch
better known for its custom pharmaceutical chemical manufacturing business.
"Their plan A is to have a company with no product list, no 'à la carte
menu' of the things they make," he says, envisioning that bulk generics
production will be phased out within two years. "They prefer to sell their
competencies and the quality of their production facilities." For the near
future, he expects that most customers of Arch's custom manufacturing business
will be generic drug producers that require tailor-made drug intermediates or
APIs.
One key manager at Arch is Anand Prabhu, head of quality assurance, who
did postdoctoral work at Georgia Institute of Technology. With a career
spanning 30 years as a quality auditor at GlaxoSmithKline and Abbott
Laboratories, Prabhu is a key asset in convincing customers that Arch takes its
quality seriously, Kamath says. "He's the biggest challenge their
production team faces, but customers love him."
Earlier this year, Arch hired Ganesh Pai to head its R and D activities.
Pai holds a Ph.D. from the National Chemical Laboratories in Pune, India, and
did postdoctoral work at Purdue University under Chemistry Nobelist Herbert C.
Brown. He later worked for more than two decades in the Indian pharmaceutical
industry, most recently for a start-up company that was failing to grow. Pai's
new domain will be a 40,000-sq-ft R and D facility that Arch is building in
Taloja, a city near Mumbai.
Managers at companies that do business with Arch have good things to
say. Christopher Bluemel, head of basic and fine chemicals at Lanxess in
Mumbai, says Arch is a buyer of the German company's o-chlorotoluene. Most
Indian companies prefer to take their chances on the spot market, he says, but
Arch signed a one-year supply contract. "If you want to be a world player,
it's better to have a secure source of raw materials," Bluemel notes.
California biotechnology firm Codexis is both a supplier and a buyer. Under
a deal signed in October, Codexis licensed Arch biocatalytic technology to make
an undisclosed pharmaceutical intermediate. Codexis then buys the intermediate
from Arch and sells it to customers in the generic drug industry.
Kamath recalls that when he first met Alan Shaw, the British-born chief
executive officer of Codexis, Shaw frowned and asked, "Arch? Why have I
never heard of you?"
Kamath expects that Arch's days of remaining unknown are coming to an
end. He manages European sales and says that talks with several multinational
corporations are going well. He will soon be seeking $30 million from private
investors to finance near-term growth. And in three years, he wants to list
Arch on a stock market. For a company launched only seven years ago, that is as
good as a long-term strategic plan.
CNBC-TV18 & ICICI Bank Emerging India Awards felicitates
India's most promising SMEs for 2005
Source : Company Release
Date : May 5th, 2006
Arch Pharmalabs Limited has won the prestigious "ICICI-CNBC
TV18 Emerging India Award (2006)" in Pharma and Chemicals category
conducted by ICICI Bank, India's largest Private Sector and Second Largest
Bank, CNBC-TV18, the undisputed leader in the business news space and CRISIL,
India's leading Credit Rating Agency. The Award was announced at a grand
presentation ceremony held in Mumbai on May 2, 2006.
The ICICI-CNBC TV18 'Emerging India Award' initiative aims
at recognizing the most sustainable Value Creators among SMEs in the country.
Indian SMEs with a maximum net worth of Rs 750.000 Millions, were eligible for
entry to the ICICI - CNBC TV18 'Emerging India Awards', India largest
recognition platform.
CNBC-TV18 and ICICI Bank's Emerging India Series is India's
first and only platform for recognizing and promoting India's small and medium
enterprises. The CNBC-TV18 and ICICI Bank Emerging India Initiative is a series
of forums that have culminated into the Emerging India Awards, which was
introduced last year.
The series, which has returned this year with a fresh new
line up of Emerging India forums, will tour the country once again.
The Emerging India Awards for 2005 posted a record number of
entries, a total of 35,000. This is an achievement no recognition platform
prior to this has been able to claim in India. With the maximum number of
entries received from the state of Maharashtra, it was no surpsise when it
walked away with 2 awards in the categories of ICE & ITES and Pharma &
Chemicals. Mr. Ajit Kamath, MD, Arch Pharmalabs accepted the Emerging India Award
for Pharma and Chemicals category while Mr. Anupam Mittal, MD, People
Interactive Limited. accepted the Emerging India Award for ICE and ITES.
The economic reforms brought about the end of control
regimes, de-licensing and de-reservation of industries ensured that the small
and medium enterprises were allowed to grow. Statistically the SMEs make up
over 90 percent of the Indian economy and provide employment to a robust 70 per
cent of the Indian working population.
Speaking on the landmark achievement of receiving 35,000
nominations for the award, Mr. K.V Kamath, MD & CEO, ICICI Bank, said
"The future for Indian SMEs looks bright across all Industry sectors.
Policy initiatives can take the economy growth rate to a much higher level than
8.1%. To take advantage of this growth, it is important for the SMEs to make
changes to consolidate and modernize their businesses, adopt best practices and
bring in enhanced transparency - the Emerging India Awards initiative
emphasizes these aspects and recognizes the companies that epitomize
them."
Speaking on this initiative Mr. Haresh Chawla-CEO-CNBC-TV18
said "In its second year, the Emerging India Awards has become not just
the benchmark for recognizing the best performing enterprises from the SME
space but it has also emerged as India's (and one of the world's) largest
business awards! A true testimony to the power of the SME story. They are
extremely proud to partner with ICICI Bank and CRISIL in this initiative. What
is also extremely heartening that SMEs are raring to go and willing to take on
challenges & opportunities thrown in by globalization! They will continue
to take up the SME cause at the TV18 network "
Evaluation Process
The Emerging India Initiative was conceptualised to reward entrepreneurship
and innovation in addition to business and financial performance. The
evaluation process was a rigorous 8 stage program designed to select the best,
sustainable value creator amongst the small and medium enterprises. CRISIL,
India's premier credit ratings agency was called upon to execute the evaluation
process.
The first round of selection for the CNBC-TV18 'Emerging
India Awards' involved a review of Financial Statements of the nominees by
CRISIL. The evaluation was based on the performance of the company over the
last four years to ensure consistency of performance.
During the second round of the screening, 25 short-listed
entities in each category provided detailed information on:
Audited financial statements,
verification from lead banker, any relevant references from industry
associations/ key large clients
·
Comprehensive write-up on business
·
Future plans and strategies
·
Management background, experience and track record
·
Brief write-up and summarized financial performance on affiliate
/ group companies
·
CRISIL also used the following factors to evaluate the
nominated SME's:
·
Market position, competitive strengths
·
Business strategy, growth plans and future prospects
·
Management vision, quality, experience and depth
The second round of screening resulted in the shortlisting
of 3 entities per category. Each of the 3 shortlisted entries made a final
round of offsite presentations about their respective businesses to a jury of
independent experts, comprising of BVR Subbu, President, Hyundai Motor India
Limited., Arun Nanda, M&M, ED, Mahindra & Mahindra Limited, D.D Rathi,
CFO, Grasim, Dilip Choksi, India head, Deloitte and Nilesh Patel , MD, Heinz
The jury selected the winners in each category after evaluating the SME's overall
business, financial and management strengths and their ability for sustainable
value creation for key stakeholders.
Mr. R Ravimohan, Managing Director & Chief Executive
Director, CRISIL added, "The vital role played by SMEs has so far gone
largely unnoticed. They are delighted to be a part of this initiative which
acknowledges and celebrates the best-performing SMEs"
About CNBC-TV18
CNBC-TVI8 is India's No.1 business medium. CNBC Asia Pacific
holds a strategic equity stake in the Indian registered broadcaster; Television
18. CNBC-TV18 is the undisputed leader in the business. The channel's benchmark
coverage extends from corporate news, financial markets coverage, expert
perspective on investing and management to industry verticals and beyond.
CNBC-TV18 has been constantly experimenting with new genres of programming that
helps make business more relevant to different constituencies across India.
CNBC-TV18 is currently available in over 18 million households in India.
About ICICI Bank
ICICI Bank, India's second largest bank, provides a broad
spectrum of financial services to individuals and companies. ICICI Bank today
services a growing customer base of more than 10 million customer accounts
through a multi-channel access network including over 480 branches and
extension counters, over 1,800 ATMs and telephone, mobile and Internet banking
(www.icicibank.com).
SME banking is a high growth area for ICICI Bank. ICICI
Bank's Small Enterprises Group is focused on providing complete banking
solutions to SMEs including term loans, working capital, trade finance and
transaction banking services. These services are provided by a dedicated team
of over 500 professionals spread across 100 cites. The Bank leverages its
network of over 480 interconnected branches and strong technology platform to
provide state- of-the-art customized banking solutions to the SMEs. Some of its
widely accepted products in the SME space are the Roaming Current Account which
provides the convenience of anytime -anywhere banking and the Channel Finance
facilities for meeting the financing needs of the channel partners of its
corporate customers.
ICICI Bank has pioneered innovative credit-evaluation
techniques, which goes beyond just the evaluation of SME firm's financials and
involves deep understanding of the SME business and the industry. This approach
has substantially improved turnaround time for its customers. ICICI Bank's SME
business has grown substantially over the past few years.
Arch Pharmalabs (USA) Inc. names Dr. Raj Iyer as President
Source : San Francisco, CA
Date : April 3, 2006
Arch Pharmalabs Limited, Mumbai, India, announces that
effective April 15, 2006, Raj Iyer Ph.D. becomes the President of their US
subsidiary, Arch Pharmalabs (USA) Inc. Dr. Iyer will lead Arch's strategic,
commercial and marketing initiatives aimed at the North American pharmaceutical
and biotech sectors with a goal of building a world-class provider of active
pharmaceutical ingredient and drug intermediate manufacturing services across
the product life cycle and creating winning partnerships within these sectors.
He will be based in the San Francisco Bay area.
In making the appointment, Ajit Kamath, Chairman and
Managing Director of Arch Pharmalabs Limited, said, "Dr. Iyer brings
several years of product, business development and program management
experience to Arch. He has an excellent understanding of the regulatory process
and industry models, and is adept at delivering cost-effective,
customer-focused solutions across product life cycles from development through
commercialization and genericization. They believe he will strengthen Arch's
foothold in the dynamic and innovative North American market because of his
established relationships within large, specialty pharma and biotech
communities."
Prior to this new position, Dr. Iyer was the Director of
Business Development at Rhodia Pharma Solutions, Inc. where he spearheaded the
company's business initiatives for the North American specialty pharmaceutical and
biotech markets and significantly expanded market share, while crafting
value-added deals with several well-known players in these sectors. Dr. Iyer
has also been employed by Dey LP where he contributed to development of two
respiratory care, niche-market 505(b)(2) - based products which generate annual
sales in excess of USD 200 million. He began his professional career with
Pfizer, Inc (formerly Parke-Davis Pharmaceutical Research).
"I'm excited about joining Arch," Dr. Iyer
explained. "With the emergence of India as a global scientific powerhouse
and her Parliament's ratification of the WTO-sponsored Trade-Related Aspects of
Intellectual Property (TRIPS) Agreement in 2005, Arch is poised to achieve
global recognition as a customer-centric provider of custom active
ingredient and intermediate manufacturing services across the product life
cycle. They will work hard to empower their customers and partners with
cost-advantaged, timely and quality-focused manufacturing solutions in support
of product development, launch and line extension efforts with innovation,
transparency and integrity. Arch will strive to bridge the gap between product
conceptualization, development and marketing approval by helping their
customers achieve more milestones / goals within finite budgets through the
India Advantage and an unwavering commitment to quality and delivery."
Dr. Iyer holds both a Bachelor of Science and a Master of
Science from the University Institute of Chemical Technology in Mumbai, India.
He received his Ph.D. in analytical biochemistry from George Washington
University in Washington, DC. and was a Post Doctoral Research Fellow in
Psychiatry & Neuroscience at Yale University School of Medicine in New
Haven, CT.
About Arch Pharmalabs Limited and Arch Pharmalabs (USA).
With more than 600 employees in 4 locations across India,
Arch Pharmalabs is a leading supplier of APIs and Intermediates to the
pharmaceutical and biotech industry. Created in 1999 through the lease and subsequent
purchase of Merven Drug Products Limited., Arch Pharmalabs now operates
multiple manufacturing and R&D facilities with a total asset value of more
than $18MM USD. The company is recognized as a global leader in isoxazole
penicillin side chains, and maintains a product portfolio that supports
numerous therapeutic segments including antibiotics, psychotropics,
cardiovascular, antiulcerants, antihistamines and antifungals.
Arch Pharmalabs is supported by a number of marquee
investors, including the SwissTec Venture Capital Fund, sponsored by the Swiss
government; and ICICI Venture, owned by India's second largest bank. The
company has also recently announced that an additional $40MM USD will be raised
through private equity funding.
Steady growth has been demonstrated through the company's
history. Since FY02, Arch Pharmalabs has averaged approximately 60% in annual
revenue growth and approximately 20% in EBITDA margin. For 2005, Arch
Pharmalabs forecasts total worldwide revenues of more than $36MM USD.
Arch Pharmalabs (USA) was established in September 2005 as
the company's United States subsidiary. Arch Pharmalabs (USA) is uniquely
positioned to offer the US pharmaceutical and biotech market a combination of
North American market expertise and Indian research and manufacturing
technology. This subsidiary office will help allow Arch Pharmalabs to enhance
its status as a preferred supplier of APIs and Intermediates and grow the
company's custom synthesis business.
From its commencement of business in 1999, Arch Pharmalabs
Limited. Is engaged in the production and
marketing of Pharma Intermediates. The company recently commenced
manufacturing of APIs in GMP approved plants
under exclusivity arrangements with major Pharma companies.
They are the Global Market Leaders in the Isoxazole
Pencillins Side-chains business
One of their key business strategies has been to maintain a
No competing supplier positioning
Its Production Capacity is over 1500 tpa. Spread over Four manufacturing
locations viz. , near Hyderabad
(Southern India), Tarapur and Badlapur (both near Mumbai) and at Gurgoan (Near
New Delhi).
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/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 |
|