MIRA
INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BAFNA PHARMACEUTICALS LIMITED |
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Registered
Office : |
299, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.03.1995 |
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Com. Reg. No.: |
18-030698 |
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Capital
Investment / Paid-up Capital : |
Rs.159.813
Millions |
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CIN No.: [Company Identification
No.] |
L24294TN1995PLC030698 |
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IEC No.: |
0493012796 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEB05006B |
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PAN No.: [Permanent Account No.] |
AAACB3109Q |
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Legal Form : |
Public Limited Liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Drugs and Medicines. |
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No. of Employees
: |
80
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 1600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 |
|
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 |
LOCATIONS
|
Registered / Corporate Office : |
299, |
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Tel. No.: |
91-44-25267517/ 25270992 / 42677555 |
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Fax No.: |
91-44-25211331/ 25231264 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft |
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Location : |
Rented |
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Factory 1: |
No.13, |
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Tel. No.: |
91-44-25530329/ 25531965 |
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Fax. No.: |
91-44-25231264 |
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E-Mail : |
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Factory 2: |
No.147, |
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Tel. No. : |
91-44-26322900 |
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Fax No.: |
91-44-25231264 |
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E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Mahaveer Chand Bafna |
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Designation : |
Chairman and Managing Director |
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Address : |
96, |
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Date of Birth/Age : |
01.11.1961 |
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Qualification : |
B. Sc. [Chemistry] |
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Name : |
Mr. Paras Bafna |
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Designation : |
Whole Time Director (w. e. f. 15.12.2005) |
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Address : |
289, Purasawalkam High Road, Flat No. 106, 3rd Floor,
Waikki Complex, Chennai – 600 007, Tamilnadu, India |
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Date of Birth/Age : |
29.06.1966 |
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Name : |
Mr. V. Rajamani |
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Designation : |
Director |
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Name : |
Mr. A. Sahasranaman |
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Designation : |
Director |
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Name : |
Mr. R. Dwarakanathan |
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Designation : |
Director |
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Name : |
Mr. U. Sunil Bafna |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. Jayaraman |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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4,310,920 |
24.66 |
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2,749,070 |
15.73 |
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2,749,070 |
15.73 |
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|
7,059,990 |
40.39 |
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Total shareholding of Promoter and Promoter Group (A) |
7,059,990 |
40.39 |
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(B) Public Shareholding |
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2,242,047 |
12.83 |
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1,925,298 |
11.01 |
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5,424,075 |
31.03 |
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|
829,925 |
4.75 |
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|
12,839 |
0.07 |
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|
353,270 |
2.02 |
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|
463,816 |
2.65 |
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|
10,421,345 |
59.61 |
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Total Public shareholding (B) |
10,421,345 |
59.61 |
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Total (A)+(B) |
17,481,335 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Drugs and Medicines. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Tablets |
In Strips of 10 |
109414938 |
|
Capsules |
In Strips of 10 |
24989327 |
|
Syrups |
In Lts. |
239926 |
GENERAL INFORMATION
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No. of Employees : |
80
(Approximately) |
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Bankers : |
State Bank of India, Siruthozhil Branch, No. 34, Valluvar Kottam High Road, Nungambakkam, Chennai - 600 034, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Abhay Jain and Company Chartered Accountants |
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Address : |
Room No. 72, 3rd
Floor, 4/16, |
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Tel. No.: |
91-44-25382567/
25382360 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15981335 |
Equity Shares |
Rs.10/- each |
Rs.159.813
Millions |
Note:
Of the above 100000 Equity Shares of Rs.10/ - each were
issued as fully paid up Shares pursuant to an agreement without payment being
received in cash. Of the above 5429014 Equity Shares of Rs. 10/- each were
issued as fully paid up Bonus Shares by capitalization of General Reserve.
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 |
159.813 |
159.813 |
95.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
250.233 |
225.419 |
22.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
410.046 |
385.232 |
118.500 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
297.552 |
226.953 |
232.000 |
|
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2] Unsecured Loans |
0.390 |
12.073 |
16.000 |
|
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TOTAL BORROWING |
297.942 |
239.026 |
248.000 |
|
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DEFERRED TAX LIABILITIES |
22.080 |
12.282 |
1.200 |
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|
|
|
|
|
|
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TOTAL |
730.068 |
636.540 |
367.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
321.305 |
337.043 |
23.400 |
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Capital work-in-progress |
63.912 |
31.905 |
297.600 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
93.382
|
46.567 |
53.700 |
|
|
Sundry Debtors |
203.284
|
242.573 |
100.900 |
|
|
Cash & Bank Balances |
18.412
|
20.318 |
11.900 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
125.904
|
79.615 |
21.200 |
|
Total
Current Assets |
440.982
|
389.073 |
187.700 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
98.435
|
129.793 |
|
|
|
Other Current Liabilities |
7.737
|
8.996 |
141.700 |
|
|
Provisions |
5.040
|
2.960 |
1.900 |
|
Total
Current Liabilities |
111.212
|
141.749 |
143.600 |
|
|
Net Current Assets |
329.770
|
247.324 |
44.100 |
|
|
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MISCELLANEOUS EXPENSES |
15.081 |
20.268 |
2.600 |
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|
|
|
|
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|
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TOTAL |
730.068 |
636.540 |
367.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
|
|
393.000 |
|
|
|
Other Income |
|
|
3.200 |
|
|
|
TOTAL (A) |
751.813 |
472.536 |
396.200 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
629.742 |
356.955 |
|
|
|
|
Administrative Expenses |
13.608 |
9.504 |
|
|
|
|
Payment to Employees |
23.530 |
15.422 |
374.000 |
|
|
|
Selling and Distribution Expenses |
7.363 |
4.984 |
|
|
|
|
Income Tax For Earlier Year |
0.358 |
1.386 |
|
|
|
|
Preliminary Expenses Written Off |
5.187 |
5.187 |
|
|
|
|
Increase / Decrease in Stock |
(8.192) |
20.017 |
|
|
|
|
TOTAL (B) |
671.596 |
413.455 |
374.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
80.217 |
59.081 |
22.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.186 |
20.613 |
5.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.031 |
38.468 |
16.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.379 |
13.715 |
3.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
39.652 |
24.753 |
13.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.839 |
14.078 |
1.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
24.813 |
10.675 |
12.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.006 |
12.331 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.481 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
45.338 |
23.006 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.55 |
0.67 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
214.530 |
227.980 |
274.310 |
296.020 |
|
Total Expenditure |
180.820 |
200.880 |
243.070 |
273.490 |
|
PBIDT (Excl OI) |
33.710 |
27.100 |
31.240 |
22.530 |
|
Other Income |
0.190 |
0.000 |
1.790 |
1.5500 |
|
Operating Profit |
33.900 |
27.100 |
33.030 |
24.080 |
|
Interest |
12.280 |
6.020 |
12.510 |
12.150 |
|
Exceptional Items |
(1.300) |
(1.300) |
(1.300) |
(1.140) |
|
PBDT |
20.320 |
19.780 |
19.220 |
10.790 |
|
Depreciation |
4.370 |
6.880 |
5.940 |
5.470 |
|
Profit Before Tax |
15.950 |
12.900 |
13.280 |
5.320 |
|
Profit After Tax |
15.950 |
12.900 |
13.280 |
5.320 |
|
Net Profit |
15.950 |
12.900 |
13.280 |
5.320 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
3.30
|
2.26 |
3.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
3.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.20
|
3.41 |
6.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.00
|
0.99 |
3.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.97
|
2.74 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject was started as a proprietary concern in 1981 by Mr.
Bafna Mahaveer Chand in the name of Bafna Pharmaceutical and has been engaged
in the business of manufacturing pharmaceutical formulations of Betalactum and
Non Betalactum products. The first manufacturing unit was set up at Madhavaram
(Chennai) during October 1984 for manufacture of tablets with an installed
capacity of 420 lacs tablets p.a. Subsequently the capsule line was added
during 1987 with a capacity of 300 lacs capsule p.a. and then liquid line with
an installed capacity of 45000 lts p.a was added in 1990. During the year 1995,
Subject was incorporated and it acquired the entire business of the proprietary
concern. During the year 2001, the company constructed a separate block at
Madhavaram for manufacturing Betalactum products. During 2006, Bafna has set up
a 100% EOU unit at Madhavaram for the production of tablets and capsule with a
capacity of 6973.20 lacs and 2462.40 lacs. This facility has been set up as per
revised Schedule M under the Drugs and Cosmetics Act, 1947. The unit has been
WHO GMP certified and also ISO 9000 certified. The manufactured products in
this factory catered to the markets of
FINANCIAL
PERFORMANCE:
The company's revenue for the FY '10 is Rs. 760.000 millions as against
Rs. 452.500 millions in FY '09 registering a YOY growth of 68%. The company's
performance for this financial year is a clear indicator of the growth path
that the company plans to achieve in the coming years. The revenue from
MANAGEMENT
DISCUSSION AND ANALYSIS
STABILISING MACRO
ENVIRONMENT
There are good signs of positive growth rates, though mean in some
cases, bringing cheers to the businesses across the geographies. The global
financial crisis has helped to explore and reiterate some hypotheses with regards
the growing
Important outcome related to
In general, the global macro factors have moderated the perception of
the business houses about the economic outbursts and have made them prepared
for facing surprises like that of Dubai realty bubble and Euro market crisis
etc.
The factors like Macroeconomic stability, allocation of more funds for
health care in stimulus packages and improving health care awareness among upwardly
mobile middle class are bringing good news to the Global Pharma industry,
particularly to generics players.
GLOBAL
PHARMACEUTICAL INDUSTRY
According to a Pharma Industry report by Pricewaterhouse Coopers (PwC),
the global pharmaceutical industry is estimated to be US$ 773 Billion (Bn) in
2008 with the key geographies like North America, Europe and
1. Exploding generics market with about US$ 28 Bn worth of drugs going
off patent over next two years.
2. Increasing R&D cost and the pressure on price by various
stakeholders to increase the affordable health care net.
3. Slowing growth in the key geographies and emergence of low cost
producing countries like
4. Shifting business model of the integrated pharma players towards a
lean model by outsourcing key components of value chain paves way for the promising
CRAMS market.
5. There is greater scope for growth in emerging markets since
pharmaceutical spending is highly correlated to GDP growth and where the healthcare
spending as a percentage of GDP is lower. So, the respective domestic markets
of these economies themselves will offer more market space and the export led
companies will start looking inward.
Above factors contribute to the growth of generic players in the
emerging economies comprised of Asia, Africa and
INDIAN
PHARMACEUTICAL MARKET
A report published by PwC estimates Indian pharmaceutical market to be
US$ 11 Bn in March 2009 and is expected to grow 173 % in eleven years to become
US$ 30 Bn in 2020. The expanding middle class that has grown from mere 3% of
the population in 1995 to 13% in 2005, and is expected to reach 34% in near
future is a promising bet that will contribute to the growth in the domestic market.
Many international collaborations and the land mark deals like Ranbaxy -
Daichii Sankyo and Nicholas Piramal Healthcare - 'Abbott transactions
reiterates that there is an increasing focus in domestic market promising
investor confidence.
Increased social spend of the government towards healthcare, the inflow
of private investments and increasing awareness of medical insurance have expanded
the health care net in the country.
Inspired by promising domestic market, the export oriented Indian pharma
players are now looking inward to tap the branded generics market.
The demand composition for drugs in the therapeutic segments has also
changed due to changing lifestyles of the upwardly mobile population. The
lifestyle drugs addressing the segments like Cardio Vascular diseases and chronic
disorders are significantly contributing to the sizeable share of the domestic
market.
The success of the Indian players as quality suppliers of generics to
the developed market at competitive prices, has contributed to the growth of
CRAMS segment. This market is estimated to be around US$ 605 million (Mn) in
2008 and expected to grow to be around US$ 916 in 2010 (PwC report).
EXPORT FOCUS
Analysts estimate that the US$ 131 Bn European generics drug market is
under-penetrated leaving more space for the players from emerging economies to
grab a sizeable share. The top three markets
DOMESTIC MARKET
As a part of value migration, the company has planned for a launch of
series of branded formulations in the lifestyle segment. In a sharp move away
from institutional sale driven domestic sales, the company has lined up about
24 brands to be launched in the domestic market by Q2 of FY 2010.
OUTLOOK
Pharmaceutical markets both domestic and international are more prone to
regulatory risks apart from the regular business risks. Subject management has
a good understanding of the contours of these markets with hands-on experience to
handle the threats arising out of the uncertainties. Also, the company
mitigates the risks by strategic association with local partners The Company is
poised to strike a CAGR of above 20% for the next five years owing to the
stability in the external environment, well placed growth plans with realistic
execution plans and professional management.
Fixed Assets:
- Land
- Light Celling
- Aluminium
Partion
- Plant and
Machinery
- Lab
Equipments
- Factory
Equipments
- Electrical
Equipments and Installation
- Fittings
- Generator
- Air Floating
and Circulating
- Boiler
- Camera
- Air
Conditioner
- Office
Equipments
- Dies and Punches
- Computer
- Furniture and
Fittings
- Vehicles
- Bottle
Washing and Filling
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH 2011
Rs. in Millions
|
Particular |
Quarter Ended |
Year Ended |
|
|
31.03.2011 |
31.03.2011 |
|
|
|
|
|
(a)
Net Sales / Income from operations |
296.021 |
1013.032 |
|
(b)
Other Operating Income |
0.000 |
0.000 |
|
Total
Income |
296.021 |
1013.032 |
|
Expenditure |
|
|
|
a)
(Increase) / Decrease in stock in trade and work in progress |
(7.434) |
(24.343) |
|
b)
Consumption of raw materials |
261.394 |
862.742 |
|
c)
Purchase of traded goods |
0.000 |
0.000 |
|
d)
Employees cost |
9.504 |
30.913 |
|
e)
Depreciation |
5.469 |
22.659 |
|
f)
Other expenditure |
10.027 |
31.903 |
|
Total |
278.960 |
923.873 |
|
Profit
from operations before other income, interest and exceptional Items |
17.061 |
89.158 |
|
Other
income |
1.546 |
6.210 |
|
Profit
before interest and exceptional Items |
18.607 |
95.369 |
|
Interest |
12.154 |
42.963 |
|
Profit after Interest but
before Exceptional Items |
6.453 |
52.405 |
|
Exceptional
Items |
1.138 |
5.028 |
|
Profit (+)/Loss(-) from Ordinary
Activities before tax |
5.315 |
47.377 |
|
Tax
expense |
0.000 |
13.897 |
|
Net Profit (+)/Loss(-) from
Ordinary Activities after tax |
5.315 |
33.480 |
|
Extra Ordinary Items |
0.000 |
0.000 |
|
Net
Profit (+) / Loss (-) for the year period |
5.315 |
33.480 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
174.813 |
174.813 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
-- |
|
Earning
per share (EPS) |
|
|
|
(a) Basic and diluted
EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
0.30 |
2.71 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
0.30 |
1.92 |
|
Public
shareholding |
|
|
|
Number of shares |
10283853 |
10283853 |
|
Percentage of shareholding |
58.83 |
58.83 |
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
a)
Pledged /Encumbered |
|
|
|
Number
of shares |
450000 |
450000 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
6.25 |
6.25 |
|
Percentage
of shares (as a % of total share capital of the company) |
2.57 |
2.57 |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
Number
of shares |
6747482 |
6747482 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
93.75 |
93.75 |
|
Percentage
of shares (as a % of total share capital of the company) |
38.60 |
38.60 |
NOTE:
1.
The above audited quarterly financial results were
reviewed and recommended by the audit committee and subsequently approved by
the board of directors at their meeting held on 30.05.2011
2.
The company operates only in one segment i.e.
pharmaceutical formulations as such reporting is done on a single segment
basis.
3.
The figures for the previous periods have been
regrouped wherever necessary
4.
Status of investor complaints:
a)
Opening balance nil
b)
Pending at the beginning of the quarter
c)
No. of complaints received and disposed off during
the quarter
d)
Complaints pending at the end of the quarter.
AS PER WEBSITE
DETAILS:
PROFILE:
Subject forayed into
the pharmaceutical manufacturing industry, way back in 1981. The consistent
drive and determination of their CMD to expand their horizons resulted in the
metamorphosis of subject into a Public Limited Company in 1995. Subject has
expanded its operations and set up new and improved manufacturing facilities,
in
Several notable
achievements have come their way due to their ceaseless efforts towards
ensuring quality, honoring supply commitments, encouraging innovative research
and practicing professionalism in operations and management. They were awarded
the much-acclaimed WHO GMP in 1995 and have also been accredited with ISO
9001:2008 certifications. The State Pharmaceutical Corporation of
Subject has emerged
as one of the most competent player in the Contract Research and Manufacturing
industry, providing consistent and unmatched service to both domestic and
international markets. With state-of-the-art R&D facility, they look ahead
to strategic partnerships and global research projects in developing, testing
and validating new pharmaceutical formulations. Equipped with the latest
infrastructure, trained and experienced personnel and organized management, they
could be your trusted partner and facilitator in the global arena of contract
research and manufacturing.
MILESTONES
1981 Subject entered the pharmaceutical industry as a small-scale industry.
1984 Their first manufacturing unit was set up at Madhavaram on the
outskirts of Chennai in Tamilnadu with a manufacturing capacity of 43 million
tablets per annum.
1987 The capsule line was added to it and its capacity was 30 million
capsules p.a. The liquid dosage line installed in 1990 had a production
capacity of 45000 lts p.a.
1995 Subject was awarded the WHO GMP certification. After this their first
product was registered and exported to
2000 Subject registered 3 of its products in
2001 a separate block was constructed within the Madhavaram factory for
manufacturing Betalactam products. Bafna’s Madhavaram unit is ISO: 9000
certified and presently accredited with ISO: 9001: 2008
2003 was significant in the success of subject as they were granted the
Export House Status by the Govt. of India.
2005 Subject bagged the Best Supplier award from the Government of Sri Lanka
in 2005.
2006 Subject set up a 100% EOU unit at Madhavaram for the production solid
oral dosage forms. The production capacity totals up to approx. 700 million
tablets and 250 million capsules. This facility is built in line with the
revised Schedule M under the Drugs and Cosmetics Act, 1947.
Second manufacturing
unit, specializing in manufacturing Non-Betalactam products in solid oral
dosage, was set up in 2006 at Grantlyon, near Red Hills, Chennai. This
state-of-the-art facility is 100% EOU compliant unit and its primary focus is
supplying to the regulated markets globally. The Governor of Tamil Nadu
formally inaugurated this factory on October 2nd, 2006.
2007 Subject has secured the manufacturing contract from leading
In 2007 their Non-Betalactam
facility at Grantlyon, received the prestigious EU GMP accreditation from
2008 Subject was listed in the Bombay Stock Exchange (BSE). In 2008 Subject received approval for
manufacture and supply of SIMVASTATIN 40 mg tablets from
2009 Subject became the first company to launch the first brand of
Olmesartan tablets in
Subject received the
prestigious GOLD QUALITY EXCELLENCE AWARD from IDMA (Indian Drug Manufacturers
Association).
2010 In January 2010 granted approval of CLONIDINE tablets from
May 2010 has seen us
receiving the Good Manufacturing Practices (GMP) approval from
In May 2010 they received
Site Approval for Loperamide capsules and Paracetamol tablets by
In November 2010, they
received approval from UK Medicines and Healthcare products Regulatory Agency
(MHRA) to market Amlodipine 5mg and Amlodipine 10mg. Following this
development, it is the 13th formulation approval received from UK MHRA.
Amlodipine is a long-acting calcium channel blocker (dihydropyridine class)
used as an anti-hypertensive and in the treatment of angina. Amlodipine acts by
relaxing the smooth muscle in the arterial wall, decreasing total peripheral
resistance and hence reducing blood pressure; in angina it increases blood flow
to the heart muscle.
November 2010, they got
approval from UK Medicines and Healthcare products Regulatory Agency (MHRA) to
manufacture Finasteride 5mg. Finasteride is used for the treatment of urinary
problems in men caused by Benign Prostatic Hypertrophy (BPH) or enlargement of
the prostate gland. Finasteride 5 mg tablets is a prescription-only medicine
(POM) used for the treatment and control of Benign Prostatic Hyperplasia in
order to cause regression of an enlarged prostate, improvement of urinary flow
and improvement of other symptoms associated with BPH. It is also used to
reduce the incidence of acute urinary retention and the need for BPH-related surgical
procedures in patients.
2011 In January 2011, they received the prestigious Indian Manufacturers’
Association (IDMA) Quality Excellence Award 2010 – in the category of
Formulation Units from Shri Ghulam Nabi Azad, Union Minister of Health &
Family Welfare, Government of India.
January 2011, Their CMD
Mr. Bafna Mahaveer Chand received the very highly acclaimed “Udyog Rattan
Award” and their Company received “Excellence Award” from IES, handed over by
Mr. Korn Dabbaransi, former Deputy Prime Minister of
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.44.37 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.62.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.