MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLAMINGO PHARMACEUTICALS LIMITED |
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Registered Office : |
7/1, Corporate Park,Sion –Trombay Road,Chembur,Mumbai- 400071, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.06.1985 |
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Com. Reg. No.: |
036572 |
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CIN No.: [Company
Identification No.] |
U51900MH1985PLC036572 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03725B |
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PAN No.: [Permanent
Account No.] |
AAACF4211B |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of pharmaceutical products such as Tablets, Capsules, Dry Syrups and Injectibles. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1500000 |
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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 controlled and managed by Thacker family. It is engaged in the business of manufacturing and marketing of Pharmaceutical Formulations in the form of Tablets, Capsules, Syrups, Injectables, etc. The company’s profitability is under pressure on account of increase in overheads, interest payment, etc. However, it is optimistic about future growth. Trade relations are reported as fair. Payments are usually made 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 : |
7/1, Corporate Park, Post Box No. 27257, Sion - Trombay Road, Chembur,
Mumbai - 400 071, Maharashtra, India |
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Tel. No.: |
91-22-25234120 / 25235242 / 43 / 45 , 67975242 / 43/ 45 |
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Fax No.: |
91-22-25233085 / 25246837 / 55975249 |
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E-Mail : |
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Website : |
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Factory 1 : |
R-662, T.T.C. Industrial Area, Rabale, Navi Mumbai - 400 071,
Maharashtra. |
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Tel. No.: |
91-22-27695593/27696998/27694571/27902397/27603835 |
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Fax No.: |
91-22-27693844 |
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E-Mail : |
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Factory 2 : |
E-28, Taloja Industrial Area, Taloja, Raigad – 410 208, Maharashtra |
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Tel. No.: |
91-2145-27695593/27696998/27901782/27902742 |
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Fax No.: |
91-2145-27693844/27902743 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashwin Jethalal Thacker |
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Designation : |
Chairman and Managing Director |
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Address : |
154-B, Shiv Enclave, Sindhi Society, Chembur, Mumbai – 400071, Maharashtra |
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Date of Birth : |
13.10.1989 |
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Qualification : |
B. Sc. (Hons), DBM, DMM (Bom) |
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Date of Appointment : |
23.06.1986 |
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Previous Employment: |
Haria Export Limited - Export Executive (4 ˝ years) |
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Name : |
Mr. Jethalal Khatau Thacker |
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Designation : |
Director |
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Address : |
154-B, Shiv Enclave, Sindhi Society, Chembur, Mumbai – 400071, Maharashtra |
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Date of Birth: |
29.01.1927 |
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Date of Appointment : |
22.12.1986 |
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Name : |
Mr. Deepak B. Goradia |
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Designation : |
Director |
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Address : |
806, Somnath Neelkant Valley, Rajawadi, Ghatkopar (East), Mumbai – 400077, Maharashtra |
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Date of Birth : |
09.04.1956 |
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Date of Appointment : |
03.09.1997 |
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Name : |
Mr. Rohit Rajpal Puri |
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Designation : |
Director |
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Address : |
29, Udayagiri Co-operative Housing Society, Opp-Telecom Factory,
Sion-Trombay Road, Deonar, Mumbai – 400088, Maharashtra, India |
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Date of Birth : |
05.05.1955 |
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Date of Appointment : |
03.09.1997 |
KEY EXECUTIVES
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Name : |
Mr. Parambadi Madhavan Nair |
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Designation : |
Company Secretary |
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Address : |
215/5779, Darshan, Pant Nagar Hig Scheme, 90 Feet Road, Ghatkopar
[East], Mumbai – 400075, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Ashwin Jethalal Thacker |
|
1387800 |
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Mr. Jethalal Khatau Thacker |
|
4470 |
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Mrs. Raju A. Thacker |
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631800 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
|
0.33 |
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Directors of relatives of directors |
|
99.67 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of pharmaceutical products such as Tablets, Capsules, Dry Syrups and Injectibles. |
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Products : |
v Tablets v Capsules v Dry Syrups v Injectibles |
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Exports : |
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Countries : |
Belgium, Germany and UK |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Tablets |
In lakhs |
|
18009 |
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Capsules |
In lakhs |
|
5793 |
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Dry Syrup |
In lakhs |
|
108 |
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Injectibles |
In lakhs |
|
211 |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
v State Bank of India Overseas Branch, Cuffe Parade, Mumbai, Maharashtra v Canara Bank Sindhi Society Branch, Chembur, Mumbai, Maharashtra v HDFC Bank Limited Dr. D. N. Road, Mumbai, Maharashtra v ICICI Bank Limited ICICI Tower, Bandra-Kurla Complex, Mumbai, Maharashtra v Export Import Bank of India Centre 1, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra v Times Bank Limited Dr. D. N. Road, Mumbai, Maharashtra v State Bank of India Madame Cama Road, Mumbai – 400021, Maharashtra, India v Central Bank of India, Mahatma Gandhi Road, Mumbai – 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pravin Sarvaiya and Company Chartered Accountants |
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Address : |
5, Kermani Building, 1st Floor, Sir P. M. Road,
Fort, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-2852344 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.05.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
68,040,00 |
Equity Shares |
Rs. 10/- each |
Rs. 68.040
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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1] Share Capital |
22.680 |
22.680 |
22.680 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
356.875 |
303.582 |
292.797 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
379.555 |
326.262 |
315.477 |
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LOAN FUNDS |
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1] Secured Loans |
473.933 |
376.848 |
381.994 |
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2] Unsecured Loans |
19.000 |
17.500 |
17.500 |
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TOTAL BORROWING |
492.933 |
394.348 |
399.494 |
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DEFERRED TAX LIABILITIES |
39.813 |
36.056 |
30.899 |
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TOTAL |
912.301 |
756.666 |
745.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
463.172 |
433.964 |
418.225 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
323.273
|
236.867 |
192.165 |
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Sundry Debtors |
304.240
|
214.333 |
171.238 |
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Cash & Bank Balances |
6.100
|
9.204 |
10.258 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
83.193
|
93.611 |
72.441 |
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Total
Current Assets |
716.806
|
554.015 |
446.102 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
276.161
|
234.219 |
117.992 |
|
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Provisions |
11.468
|
4.387 |
0.465 |
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Total
Current Liabilities |
287.629
|
238.606 |
118.457 |
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Net Current Assets |
429.177
|
315.409 |
327.645 |
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MISCELLANEOUS EXPENSES |
19.952 |
7.293 |
0.000 |
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TOTAL |
912.301 |
756.666 |
745.870 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
1229.671 |
856.596 |
633.823 |
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Other Income |
2.894 |
16.910 |
18.711 |
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Total Income |
1232.565 |
873.506 |
652.534 |
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Profit/(Loss) Before Tax |
70.005 |
0.207 |
3.493 |
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Provision for Taxation |
12.833 |
7.345 |
3.189 |
|
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Profit/(Loss) After Tax |
57.172 |
[7.138] |
0.304 |
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Earnings in Foreign Currency : |
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|
|
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Total Earnings |
NA |
842.205 |
613.777 |
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Imports : |
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|
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|
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Raw & Packing Materials |
NA |
107.305 |
119.899 |
|
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Capital Goods |
NA |
1.050 |
0.000 |
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Total Imports |
NA |
108.355 |
119.899 |
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Expenditures : |
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Raw Material Consumed |
781.476 |
538.865 |
423.709 |
|
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Personnel Expenses |
0.000 |
0.000 |
44.277 |
|
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Purchases made for re-sale |
53.666 |
8.293 |
0.000 |
|
|
Consumption of stores and spares parts |
5.854 |
3.564 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[56.724] |
45.690 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
68.696 |
43.414 |
0.000 |
|
|
Managerial Remuneration |
1.080 |
1.080 |
0.000 |
|
|
Payment to Auditors |
0.375 |
0.224 |
0.000 |
|
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Interest |
33.591 |
23.192 |
20.304 |
|
|
Insurance Expenses |
5.964 |
3.437 |
0.000 |
|
|
Power & Fuel |
37.943 |
26.562 |
0.000 |
|
|
Depreciation & Amortization |
28.044 |
24.211 |
22.934 |
|
|
Other Expenditure |
202.595 |
154.766 |
163.177 |
|
Total Expenditure |
1162.560 |
873.298 |
674.401 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.64
|
[0.82] |
0.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.69
|
0.02 |
0.55 |
|
|
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|
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.93
|
0.02 |
0.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
1.94 |
1.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.49
|
2.32 |
3.77 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 12th June, 1985 at Mumbai in Maharashtra having Company Registration Number 36572.
The company was originally incorporated under the name and style of Flamingo Impex Private Limited and converted into public limited liability company on 30th June, 1994. Further the name of the company was changed to the present on 25th September, 1995.
It’s products range include:-
· Tablets
· Capsules
· Dry Syrup
· Liquid Syrup
· Injection-Sterile Dry Powder
· Liquid Injections
· Dosage Form – Tablets
· Dosage Form – Capsules
· Dosage Form – Injection
· Dosage form – Dry Powder for Suspension
It is in trade terms with :-
˛ Medral GmbH, Germany
˛ Pharm Inter Sprl, Italy
˛ Exphar S.A., Belgium
˛ M. S. Chemical, Italy
˛ Ita Lab Private Limited
˛ Geo Chem Laboratories (Rajkot) Private Limited
˛ Regal Pharmaceuticals Limited
˛ Dilip Traders
˛ Oboi Laboratories
˛ Elys Chemicals Industries Limited
˛ Jain Exports
˛ Minimed Laboratories Private Limited
The company spans some of the largest therapeutic segments in the Health-Care industry, using a selective product mix. From Tablets to Capsules and from Dry Powders for syrups to Dry Powder Injectables, the company can display an extensive list of products. The range of products in capsules form covers : Anti-bacterial, Chloramphenicols, Macrolides, Penicillin in different strengths and packing. Penicillin products are manufactured in a separate area. A wide range of syrups are manufactured in the Dry Syrup department: Dry Powder suspensions such as Ampicillin, Amoxycillin, Cloxacillin, Cefalexin, etc.
Erythromycin, Cotrimoxazole, Paracetamol and Metronidazole. Syrups are packed in P.E.T. or glass bottles, which in turn are packed individually in cartons with measuring cups and leaflets. Injectables included in the product range are Penicillins, Cephalosporins, Chloramphenicols, Kanamycin and Aminoglycoside.
Fixed Assets
- Leasehold Land
- Factory Building
- Office Premises Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U51900MH1985PLC036572 |
|
Name of the
company |
FLAMINGO PHARMACEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
7/1, Corporate Park, Post Box No. 27257, Sion - Trombay Road, Chembur, Mumbai - 400 071, Maharashtra |
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Type of charge |
Movable property |
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Particular of
charge holder |
Export Import
Bank of India Centre One, Floor
21, World Trade Centre
Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested deed
of hypothecation of movable fixed assets dated 23 February 2007, Executed by
flamingo pharmaceuticals limited in favour of Export Import Bank of India |
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Date of
instrument Creating the charge |
23.02.2007 |
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Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The per annum
rate equal to Exim Bank’s PLR less a spread of 1.75 % subject to
minimum of 9.75 % p.a. payable the borrower with monthly rests on 20th
day of each month each year. Provided however Exim Bank shall be at liberty
to revise th spread on PLR and Provided further that interest rate shall be
subject to reset in accordance with provisions of the loan agreement. Terms of
repayment The Rupee loan
shall be repaid by the borrower in 16 substantially equal quarterly
installments commencing at the end of one year from the date of first
disbursement. Extent operation
of the charge The charge
created by the aforesaid deed of hypothecation shall operate as a continuing
security by way of first pari-passu charge for repayment by the borrower to
Exim Bank of the loan of Rs. 50.000 Millions The said charge
shall bank in the order of property set out in schedule IV to the deed of
hypothecation. |
|
Short particulars
of the property charged |
|
On Tablet and Capsule Dosage forms.
AS PER WEB SITE DETAILS
Introduction
They are one such rare company that has drawn the attention
of many in Indian pharmaceutical industry, because, in the times when other Indian
companies are striving to reach global customers and achieve standards for
global presence, they already have an impressive and impeccable achievement of
having their wings of success spread all across the globe in as many as 50
countries world wide, by achieving and maintaining global healthcare standards
backed by their contemporary marketing strategies.
They are now marching ahead in India with their
key customer specialties and therapeutic areas, for ensuring that every Indian
is benefited with their global expertise of quality healthcare. Their business
objective is to achieve leadership in key therapeutic areas. They operate with
innovative and advanced formulations for notable therapeutic benefits, thereby,
achieving a value turnover of 3000 Millions INR in the next three years of
operation.
Milestones
Started in 1986 as Flamingo Impex Private Limited as
trading company by Ashwin Thacker , with export of branded and generic
formulations to East Africa . Ashwin Thacker is a science graduate from Bombay
university with post graduate specialisation in marketing management.
1988 - Commenced Trading Operations in
pharmaceutical formulations in Europe
1991 - Commenced exporting
formulations to South East Asia and Central America
1995 - Started manufacturing unit - Rabale
- on the outskirts of Mumbai
1997 - Received WHO GMP status for the
Rabale facility
1998 - Received ISO 9000 status for the
Rabale facility
2001 - Started second manufacturing
facility in Taloja (in the Raigad district) for regulated markets
2003 - Received WHO GMP accredition for the
Taloja facility
2004 - Received plant approval from Uganda,
Zimbabwe for the Taloja facility
2005 - Received UK MHRA approval for the
Taloja facility
2005 - Received IDMA quality excellence
award for the Taloja manufacturing facility
2006 - Received 100% EOU certification for
the Rabale and Taloja manufacturing facilities
2006 - Successfully launched Domestic
Division
2007 - Received plant approval from Ethopia
and Yemen (GCC countries)
Domestic Operations
In the first year of their domestic operations,
they intend to extend the benefit of their world class products to significant
number of patients with the help of sales force of approximately 500 Managers
and Officers across India. Their launch operation has already started in the
state of Uttar Pradesh, Andrapradesh, Maharahstra, Jammu and Kashmir, Rajsthan,
Bihar, Karnataka and Tamilnadu. By mid-end of year 2007, they will be
operational all across the country.
Flamingo has a wide range of generics and
branded Quality Pharmaceutical Products for both regulated and semi-regulated
markets.
Flamingo currently in its Domestic Division
engages 300 employees – all experienced and competent in the field of
pharmaceutical marketing and sales.
Their products are a outcome of highly advanced
manufacturing facilities supported by advanced well equipped Laboratory
facilities, Analytical Method Development, and sophisticated RandD departments.
Their Quality level is no mere coincidence. They
aim at safeguarding quality and delivering products that match their clients
expectations and needs.
They follow international and national
regulations. Their facility is approved by WHO-GMP, MHRA, and RSSL
The company recognized as a prestigious Export House by the Government of India. This is a distinction conferred upon only selected companies with proven track record in the international markets.
Since its formative years, the company has strived to establish a firm foothold in the highly competitive Pharma Industry. This, they achieved, by creating the perfect blend of a professional business approached with the caring human touch. Their, meticulous planning, focused team effort instant innovations helps them to achieve impressive year after year.
Subject has been recognised as a prestigious Export House by the Government of India. This is a distinction conferred upon only selected companies with proven track record in the international market.
Since its formative years, the company has strived to establish a firm foothold in the highly competitive pharma industry. This it achieved, by creating the perfect blend of a professional business approach with the caring human touch. Their meticulous planning, focused team effort and instant innovations help to achieve impressive growth year after year.
It has a professional expert group of 30 pharmaceuticals, 15 Post Graduate pharmacists, 5 doctors and a number of other qualified personnel in production team.
Their marketing set up consists of 20 management experts with specialisation in exports, are fully geared to service the vast clientele all over the world.
With this vast pool of resources at their disposal, the company is fully immersed in the business of manufacturing and marketing latest pharmaceutical formulations catering to a wide variety of therapeutic catagories across, the globe. Its’ business clientele from 50 countries from Europe, Africa, South America, Southeast Asia and New Zealand spans five continents of the globe.
“Quality Medicines at Affordable Prices” had been the company’s motto for the past few years. Being quality driven had brought the prestigious ISO 9002 certification and also the WHO GMP certification for own manufacturing facility.
To meet the growing demands of clientele, they are in the process of setting up a world class pharma plant at Taloja Industrial Area in Navi Mumbai with excellent infrastructural facilities at par with the international standards. The company has earmarked an investment of about 5 Mio USD for this prestigious project. One of its kind in Asia.
Subject is an organisation in tune with the current trends and the growing technological expertise in its chosen field.
Tapping into this knowledge, they had consciously invested capital and efforts, to create global class manufacturing facilities.
Their manufacturing site at Mumbai, in India, is a picture of the optimum blend of production and the most stringent quality control procedures.
Introduction
They are one such rare company that has drawn the attention
of many in Indian pharmaceutical industry, because, in the times when other
Indian companies are striving to reach global customers and achieve standards
for global presence, they already have an impressive and impeccable achievement
of having their wings of success spread all across the globe in as many as 50
countries world wide, by achieving and maintaining global healthcare standards
backed by their contemporary marketing strategies.
They are now marching ahead in India with their
key customer specialties and therapeutic areas, for ensuring that every Indian
is benefited with their global expertise of quality healthcare. Their business
objective is to achieve leadership in key therapeutic areas. They operate with
innovative and advanced formulations for notable therapeutic benefits, thereby,
achieving a value turnover of 3000 Millions INR in the next three years of
operation.
Milestones
Started in 1986 as Flamingo Impex Private Limited as
trading company by Ashwin Thacker , with export of branded and generic
formulations to East Africa . Ashwin Thacker is a science graduate from Bombay
university with post graduate specialisation in marketing management.
1988 - Commenced Trading Operations in pharmaceutical
formulations in Europe
1991 - Commenced exporting
formulations to South East Asia and Central America
1995 - Started manufacturing unit - Rabale
- on the outskirts of Mumbai
1997 - Received WHO GMP status for the
Rabale facility
1998 - Received ISO 9000 status for the
Rabale facility
2001 - Started second manufacturing
facility in Taloja (in the Raigad district) for regulated markets
2003 - Received WHO GMP accredition for the
Taloja facility
2004 - Received plant approval from Uganda,
Zimbabwe for the Taloja facility
2005 - Received UK MHRA approval for the
Taloja facility
2005 - Received IDMA quality excellence
award for the Taloja manufacturing facility
2006 - Received 100% EOU certification for
the Rabale and Taloja manufacturing facilities
2006 - Successfully launched Domestic
Division
2007 - Received plant approval from Ethopia
and Yemen (GCC countries)
Domestic Operations
In the first year of their domestic operations,
they intend to extend the benefit of their world class products to significant
number of patients with the help of sales force of approximately 500 Managers
and Officers across India. Their launch operation has already started in the
state of Uttar Pradesh, Andrapradesh, Maharahstra, Jammu and Kashmir, Rajsthan,
Bihar, Karnataka and Tamilnadu. By mid-end of year 2007, they will be
operational all across the country.
Flamingo has a wide range of generics and
branded Quality Pharmaceutical Products for both regulated and semi-regulated
markets.
Flamingo currently in its Domestic Division
engages 300 employees – all experienced and competent in the field of
pharmaceutical marketing and sales.
Their products are a outcome of highly advanced
manufacturing facilities supported by advanced well equipped Laboratory facilities,
Analytical Method Development, and sophisticated RandD departments.
Their Quality level is no mere coincidence. They
aim at safeguarding quality and delivering products that match their clients
expectations and needs.
They follow international and national
regulations. Their facility is approved by WHO-GMP, MHRA, and RSSL
The company recognized as a prestigious Export House by the Government of India. This is a distinction conferred upon only selected companies with proven track record in the international markets.
Since its formative years, the company has strived to establish a firm foothold in the highly competitive Pharma Industry. This, they achieved, by creating the perfect blend of a professional business approached with the caring human touch. Their, meticulous planning, focused team effort instant innovations helps them to achieve impressive year after year.
Subject has been recognised as a prestigious Export House by the Government of India. This is a distinction conferred upon only selected companies with proven track record in the international market.
Since its formative years, the company has strived to establish a firm foothold in the highly competitive pharma industry. This it achieved, by creating the perfect blend of a professional business approach with the caring human touch. Their meticulous planning, focused team effort and instant innovations help to achieve impressive growth year after year.
It has a professional expert group of 30 pharmaceuticals, 15 Post Graduate pharmacists, 5 doctors and a number of other qualified personnel in production team.
Their marketing set up consists of 20 management experts with specialisation in exports, are fully geared to service the vast clientele all over the world.
With this vast pool of resources at their disposal, the company is fully immersed in the business of manufacturing and marketing latest pharmaceutical formulations catering to a wide variety of therapeutic catagories across, the globe. Its’ business clientele from 50 countries from Europe, Africa, South America, Southeast Asia and New Zealand spans five continents of the globe.
“Quality Medicines at Affordable Prices” had been the company’s motto for the past few years. Being quality driven had brought the prestigious ISO 9002 certification and also the WHO GMP certification for own manufacturing facility.
To meet the growing demands of clientele, they are in the process of setting up a world class pharma plant at Taloja Industrial Area in Navi Mumbai with excellent infrastructural facilities at par with the international standards. The company has earmarked an investment of about 5 Mio USD for this prestigious project. One of its kind in Asia.
Subject is an organisation in tune with the current trends and the growing technological expertise in its chosen field.
Tapping into this knowledge, they had consciously invested capital and efforts, to create global class manufacturing facilities.
Their manufacturing site at Mumbai, in India, is a picture of the optimum blend of production and the most stringent quality control procedures.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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 |
|