MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
APOTEX RESEARCH PRIVATE LIMITED |
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Registered
Office : |
Site No.1, Bommasandra Industrial Area, 4th Phase, Jigani
Link Road, Jigani Hobli, Bangalore – 560 099, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.06.2003 |
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Com. Reg. No.: |
08-.032103 |
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CIN No.: [Company Identification
No.] |
U73100KA2003PTC032103 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA04663B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is involved in providing research and development services
in the field of generic science and manufacturing of formulations. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4469000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vishwash Agarwal |
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Designation : |
Finance Controller |
|
Date : |
09.04.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Site No.1, Bommasandra Industrial Area, 4th Phase, Jigani
Link Road, Jigani Hobli, Bangalore – 560 099, Karnataka, India |
|
Tel. No.: |
91-80-22891095/ 26557190/ 26557196/ 22891000 |
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Fax No.: |
91-80-26453666/ 22891099 |
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E-Mail : |
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Website : |
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Area : |
3000 sq ft (Approximately) |
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Location : |
Owned |
DIRECTORS
As on 30.08.2010
|
Name : |
Mr. Parizad Adil Elchindana |
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Designation : |
Managing Director |
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Address : |
# 798, Tehmi Villa, Ground Floor, Jame Jamshed Road, Dadar, Mumbai –
400 014, Maharashtra, India |
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Date of Birth/Age : |
06.11.1961 |
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Qualification : |
Ph.D (Pharma Science) |
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Experience : |
25 Years |
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Date of Appointment : |
10.06.2004 |
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DIN No.: |
00394075 |
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Name : |
Mr. Jeremy Bharat Desai |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.02.1960 |
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Date of Appointment : |
24.06.2004 |
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DIN No.: |
00361213 |
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Name : |
Mr. Robert Craig Baxter |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
27.12.1955 |
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Date of Appointment : |
24.06.2004 |
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DIN No.: |
00202338 |
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Name : |
Mr. Jim Berhanlter |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.12.1958 |
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Date of Appointment : |
24.06.2004 |
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DIN No.: |
00198596 |
KEY EXECUTIVES
|
Name : |
Mr. Vishwash Agarwal |
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Designation : |
Company Secretary and Finance Controller |
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Address : |
Alpine Eco A606, 13, Doddnakudi, |
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Date of Birth/Age : |
14.11.1971 |
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Date of Appointment : |
17.06.2005 |
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Name : |
Dr. Sanjay Kapadia |
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Designation : |
Head of Quality and Regulatory Compliance |
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Name : |
Mr. Ravi |
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Designation : |
Head Product Development |
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Name : |
Dr. Naveen Kaler |
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Designation : |
Head Bioequivalence |
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Name : |
Mr. Jayaprakash Narayanan |
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Designation : |
Head Manufacturing |
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Name : |
Dr. Jitendra R. Dixit |
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Designation : |
Head Clinical Research (worked till 15.02.2010) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Apotex Pharmaceutical Holdings Inc., |
|
8422451 |
|
Apotex Pharmachem Inc., |
|
1 |
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Total
|
|
8422452 |
As on 30.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is involved in providing research and development services
in the field of generic science and manufacturing of formulations. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days)
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed
Capacity (Units)
|
Actual
Production (Units)* |
|
Tablets/ Capsules |
300 Million |
252775070 |
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* Production does not include tablets used for stability purpose.
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage-II, 100/2,
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Holding Company : |
Apotex
Pharmaceutical Holdings Inc. Address: |
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Fellow Subsidiaries : |
·
Apotex Pharmachem India Private Limited Address: Site No.1, Bommasandra Industrial Area, 4th Phase,
Line of Business: The company is involved in providing research and
development services in the field of generic science and manufacturing of
Formulations. ·
Apotex Inc. ·
Apotex Pharmachem Inc. ·
Apotex Corporation ·
Apotex Pty Limited ·
·
Apotex UK Limited ·
Apotex Czech Republic ·
Apotex N.V. ·
Doc Generici S.r.l. |
CAPITAL STRUCTURE
As on 30.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46000000 |
Equity Shares |
Rs.100/- each |
Rs.4600.000 millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8422452 |
Equity Shares |
Rs.100/- each |
Rs.842.245
millions |
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|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.100/- each |
Rs.900.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8422452 |
Equity Shares |
Rs.100/- each |
Rs.842.245
millions |
|
|
|
|
|
(Of the above 8422451 equity shares are held
by Apotex Pharmaceutical Holdings Inc., the holding company and 1 equity share is
held by Apotex Pharmachem Inc., subsidiary company of Apotex Pharmaceutical
Holdings Inc., the holding company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
842.245 |
684.845 |
280.164 |
|
|
2] Share Application Money |
0.000 |
0.000 |
139.693 |
|
|
3] Reserves & Surplus |
274.996 |
94.679 |
53.705 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1117.241 |
779.524 |
473.562 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
936.352 |
954.755 |
945.574 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
936.352 |
954.755 |
945.574 |
|
|
DEFERRED TAX LIABILITIES |
72.894 |
66.086 |
45.345 |
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|
|
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|
|
|
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TOTAL |
2126.487 |
1800.365 |
1464.481 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1342.327 |
1282.762 |
1111.987 |
|
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Capital work-in-progress |
18.868 |
5.197 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
451.008
|
370.656 |
76.206 |
|
|
Sundry Debtors |
427.170
|
321.314 |
290.717 |
|
|
Cash & Bank Balances |
120.972
|
50.465 |
39.455 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.446 |
|
|
Loans & Advances |
194.381
|
97.786 |
79.752 |
|
Total
Current Assets |
1193.531
|
840.221 |
486.576 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
397.329 |
187.216 |
96.248 |
|
|
Other Current Liabilities |
16.768
|
121.825 |
33.636 |
|
|
Provisions |
14.158
|
18.795 |
4.225 |
|
Total
Current Liabilities |
428.255
|
327.836 |
134.109 |
|
|
Net Current Assets |
765.276
|
512.385 |
352.467 |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.016 |
0.021 |
0.027 |
|
|
|
|
|
|
|
|
TOTAL |
2126.487 |
1800.365 |
1464.481 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
1295.083 |
480.634 |
81.422 |
|
|
|
Pre-production receipts |
577.592 |
477.979 |
535.205 |
|
|
|
Other Income |
5.640 |
1.554 |
3.891 |
|
|
|
TOTAL (A) |
1878.315 |
960.167 |
620.518 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
1016.626 |
378.046 |
124.947 |
|
|
|
Decrease/ (Increase) in stock |
(33.577) |
(48.655) |
(2.227) |
|
|
|
Operating and Other Expenses |
498.178 |
419.083 |
304.535 |
|
|
|
Exchange Loss |
100.502 |
37.209 |
31.544 |
|
|
|
Amortisation of miscellaneous expenditure |
0.005 |
0.005 |
0.005 |
|
|
|
TOTAL (B) |
1581.734 |
785.688 |
458.804 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
296.581 |
174.479 |
161.714 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.243 |
41.991 |
54.607 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
272.338 |
132.488 |
107.107 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
85.212 |
68.704 |
53.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
187.126 |
63.784 |
53.679 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.809 |
22.811 |
19.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
180.317 |
40.973 |
33.926 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
94.679 |
53.706 |
19.780 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
274.996 |
94.679 |
53.706 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales |
1295.083 |
480.634 |
81.422 |
|
|
|
Pre-production activities/ services |
577.592 |
477.979 |
535.205 |
|
|
TOTAL EARNINGS |
1872.675 |
958.613 |
616.627 |
|
|
|
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
88.822 |
102.631 |
197.363 |
|
|
|
Materials |
107.196 |
133.170 |
38.282 |
|
|
TOTAL IMPORTS |
196.018 |
235.801 |
235.645 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
24.86 |
8.46 |
13.14 |
|
|
|
- Diluted |
24.86 |
8.46 |
8.08 |
|
Expected Sales (2010-2011): Rs.2000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.60
|
4.27 |
5.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.45
|
13.27 |
65.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.38
|
3.00 |
3.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.08 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
1.65 |
2.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.56 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Dues to micro
enterprises and small enterprises |
-- |
-- |
-- |
|
- Others |
397.329 |
187.216 |
96.248 |
BACKGROUND:
The Company was incorporated under the provisions of Companies Act 1956
as a Private Limited Company on June 16, 2003. The Company is involved in providing
Research and Development services in the field of generic science and
manufacturing of formulations.
OPERATIONS:
In the year the Company recorded a turnover of Rs.1878.315 millions as
against Rs.960.167 millions in the previous year. Net profit, after tax, during
the year was Rs.180.317 millions.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10004034 |
|
Corporate
identity number of the company |
U73100KA2003PTC032103 |
|
Name of the
company |
APOTEX RESEARCH PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Site No.1, Bommasandra Industrial Area, 4th Phase, Jigani Link
Road, Jigani Hobli, Bangalore – 560 099, Karnataka |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Apotex
Pharmaceutical Holdings Inc., 150, E-Mail: jberhalter@apotexpharmachem.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Memorandum of
Deposit of Title Deeds. |
|
Date of
instrument Creating the charge |
06/08/2008 |
|
Amount secured by
the charge |
Rs.875.147
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1. Rate of
Interest - LIBOR +2% p.a. Terms of
Repayment: 1. Repayment - 3 Equal
Installment commencing on the third Anniversary of the draw down date. Extent and
Operation of the charge: 1. Period of
Loan- 6 Years from the initial draw down date. |
|
Short particulars
of the property charged |
Charge on all the
immovable properties viz. Buildings, Plant and Machinery, Furniture and
Fixture, Office Equipment situated at Plot No. 1 and Plot No.2, Bommasandra
Industrial Area, IV Phase, Jigani Link Road, Bangalore- 560099 (Karnataka). |
|
Particulars of
the present modification |
Amount Secured
from Rs.838.493 millions to Rs.875.147 millions. |
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
Excise duty relating to disallowances of
certain claims |
-- |
|
Service tax relating to refund claim of
various years |
4.487 |
|
|
|
FIXED ASSETS:
·
·
Buildings
·
Computer
·
Office Equipment
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.