MIRA
INFORM REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
APOTEX PHARMACHEM INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known as : |
BRANTFORD CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Site No. 1 A, Bommasandra Industrial Area, IVth Phase, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
16.06.2003 |
|
|
|
|
Com. Reg. No.: |
08-032104 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24231KA2003PTC032104 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB03762D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCB1658E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
The Company is involved in providing Research and Development services
in the field of generic science and manufacturing of bulk drugs. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Site No. 1 A, Bommasandra Industrial Area (Post Office), IV th Phase, |
|
Tel. No.: |
91-80-22891000 |
|
Fax No.: |
91-80-22891034 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As On : 13.09.2010
|
Name : |
Mr. Jim Berhalter |
|
Designation : |
Director |
|
Address : |
2163, |
|
Date of Birth/Age : |
05.12.1958 |
|
Date of Appointment : |
24.06.2004 |
|
DIN No : |
00198596 |
|
|
|
|
Name : |
Mr. Padiyath Akberalli Mohammed |
|
Designation : |
Chairman |
|
Address : |
C (S), B 1 – 4104, 1st Floor, Shobha Jasmine, |
|
Date of Birth/Age : |
12.03.1960 |
|
Date of Appointment : |
11.03.2005 |
|
DIN No : |
00372132 |
|
|
|
|
Name : |
Mr. Baxter Craig Robert |
|
Designation : |
Director |
|
Address : |
108, |
|
Date of Birth/Age : |
27.12.1955 |
|
Date of Appointment : |
24.06.2004 |
|
DIN No : |
00202338 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Kumar Goel |
|
Designation : |
Secretary |
|
Address : |
Flat No. A – 007, |
|
Date of Birth/Age : |
23.12.1968 |
|
Date of Appointment : |
25.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Apotex Pharmachem Inc., Canada |
|
4999 |
|
Apotex Pharmaceutical Holding Inc., Canada |
|
6249944 |
|
|
|
|
|
Total |
|
6254943 |
AS ON 13.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is involved in providing Research and Development services
in the field of generic science and manufacturing of bulk drugs. |
PRODUCTION STATUS (As On : 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Intermediates |
Kgs |
* |
** |
71208 |
|
Active Pharmaceutical Ingredient |
Kgs # |
* |
** |
24598 |
Notes :
* Exempted from the licensing provisions of the Industries
(Development and Regulation) Act, 1951.
** Installed capacity has not been disclosed
as these are variable and subject to change in products mix, and utilization of
manufacturing facilities, given the nature of operations. It is certified by
the management and relied upon by the auditors.
# Includes production used for internal
consumption, for production and Research and Development
services-intermediates-65,225 kgs (previous year 22,668 kgs.)
GENERAL INFORMATION
|
Bankers : |
State Bank of India, Specialized Commercial Branch, Krishi Bhavan,
First Floor, Hudson Circle, Bangalore-560001, Karnataka, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Notes: Secured by first
change on the immovable and movable fixed assets hypothecation of stock receivable
and other current assets of comfort from the holding company. Secured by second charge on the immovable and movable fixed assets of
the company as per the Reserve Bank of India approval. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Deloitte Centre, |
|
|
|
|
Holding Company : |
·
Apotex Pharmaceuticals Holdings Inc. |
|
|
|
|
Fellow Subsidiaries : |
·
Apotex Research Private Limited ·
Apotex Pharmachem Inc. ·
Apotex Inc. ·
Apotex Fermentation Inc. ·
Apotex Nederland B. V. |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs. 100/- each |
Rs. 700.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6254943 |
Equity Shares |
Rs. 100/- each |
Rs. 625.494 millions |
|
|
|
|
|
Notes : (of the above 6249944 (p.y.5780444) equity
shares are held by Apotex Pharmaceutical Holding Inc., the holding company and 4999
(p.y.4999) equity shares are held by Apotex Pharmachem Inc. a subsidiary company
of Apotex Pharmaceutical Holding 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 |
625.494 |
578.544 |
287.854 |
|
|
2] Share Application Money |
0.000 |
0.000 |
58.680 |
|
|
3] Reserves & Surplus |
178.039 |
50.729 |
8.355 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
803.533 |
629.273 |
354.889 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
681.375 |
635.140 |
608.809 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
681.375 |
635.140 |
608.809 |
|
|
DEFERRED TAX LIABILITIES |
18.172 |
28.122 |
12.708 |
|
|
|
|
|
|
|
|
TOTAL |
1503.080 |
1292.535 |
976.406 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
813.167 |
827.642 |
745.257 |
|
|
Capital work-in-progress |
9.563 |
47.872 |
12.974 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
595.639
|
532.452
|
139.313 |
|
|
Sundry Debtors |
376.443
|
74.367
|
78.605 |
|
|
Cash & Bank Balances |
31.776
|
26.160
|
34.591 |
|
|
Other Current Assets |
0.000
|
0.546
|
0.856 |
|
|
Loans & Advances |
44.276
|
82.387
|
64.752 |
|
Total
Current Assets |
1048.134
|
715.912 |
318.117 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
56.984
|
154.116 |
74.770 |
|
|
Other Current Liabilities |
287.227
|
131.333
|
22.654 |
|
|
Provisions |
23.573
|
13.442
|
2.517 |
|
Total
Current Liabilities |
367.784
|
298.891
|
99.941 |
|
|
Net Current Assets |
680.350
|
417.021
|
218.176 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1503.080 |
1292.535 |
976.406 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1256.681 |
704.018 |
|
|
|
|
Other Income |
13.750 |
13.352 |
253.832 |
|
|
|
Exchange Gain |
0.000 |
0.785 |
|
|
|
|
TOTAL (A) |
1270.431 |
718.155 |
253.832 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
764.793 |
556.024 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
(48.672) |
(224.684) |
198.996 |
|
|
|
Operating and Other Expenses |
261.674 |
219.421 |
|
|
|
|
Exchange Loss |
23.381 |
0.000 |
|
|
|
|
TOTAL (B) |
1001.176 |
550.761 |
198.996 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
269.255 |
167.394 |
54.836 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.523 |
26.696 |
21.921 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
253.732 |
140.698 |
32.915 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.373 |
77.011 |
19.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
166.359 |
63.687 |
13.694 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.050 |
21.313 |
3.544 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
127.309 |
42.374 |
10.150 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.729 |
8.355 |
(1.795) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
178.038 |
50.729 |
8.355 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
407.471 |
111.598 |
NA |
|
|
|
Research and Development |
197.534 |
332.402 |
NA |
|
|
|
Exchange Gain |
0.000 |
0.785 |
NA |
|
|
TOTAL EARNINGS |
605.005 |
444.785 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
567.986 |
454.535 |
NA |
|
|
|
Stores & Spares |
6.140 |
36.131 |
NA |
|
|
TOTAL IMPORTS |
574.126 |
490.666 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.02
|
5.90
|
4.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.24
|
9.05
|
5.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.94
|
4.13
|
1.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.10
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
1.48
|
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.85
|
2.40
|
3.18 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
In the year the company recorded a turnover of Rs. 1256.681 millions as
against Rs. 704.018 millions in the previous year. Net Profit after tax during
the year was Rs. 127.309 millions.
BACKGROUND
The company was incorporated under the provision 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 bulk drugs.
FIXED ASSETS:
- Buildings
- Office
Equipments
- Plant and
Machinery
- Vehicles
- Software
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.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.