MIRA
INFORM REPORT
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Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ATHENA DRUG DELIVERY SOLUTIONS PRIVATE LIMITED (w.e.f. 07.04.2011) |
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Formerly Known
As : |
ETHYPHARM LL PRIVATE LIMITED LLOYDS LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
Fortune 2000, C-1, 2nd Floor, Bandra Kurla Complex, Mumbai-400051,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
16.11.1995 |
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Com. Reg. No.: |
11-94546 |
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Capital
Investment/ Paid-up Capital: |
Rs.223.315 millions |
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CIN No.: [Company Identification
No.] |
U24230MH1995PTC094546 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04847D / MUME05389G |
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PAN No.: [Permanent Account No.] |
AAACE9894R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 760000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
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 |
LOCATIONS
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Registered Office : |
Fortune 2000, C-1, 2nd Floor, Bandra Kurla Complex,
Mumbai-400051, Maharashtra, India |
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Tel. No.: |
91-22-30619000 |
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Mobile No.: |
91-9324310611 (Mr. Subhash Nair) |
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Fax No.: |
91-22-30619001 |
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E-Mail : |
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Website : |
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Area : |
4512 Sq. ft. |
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Location : |
Rented |
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Factory : |
Plot No. A3/A4, MIDC Chemical Zone, Near ION Exchange, Ambernath
(West)-421501, Maharashtra, India |
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Tel. No.: |
91-251-2610035 / 34 |
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Fax No.: |
91-251-2610035 / 34 |
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Area : |
5500 Sq. yard |
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Location : |
Owned |
DIRECTORS
(AS ON 29.03.2011)
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Name : |
Mr. Gerard Leduc |
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Designation : |
Director |
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Address : |
6, Parc De Montretout Paris 92210 |
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Date of Birth/Age : |
26.06.1947 |
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Qualification : |
B.SC. |
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Date of Appointment : |
14.06.2000 |
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DIN No. : |
00501175 |
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Name : |
Mr. Jean Hugues Lecat |
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Designation : |
Additional Director |
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Address : |
20, Rue Edouard Nortier, 92200, Neuilly Sur Seine, France-92200,
France |
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Date of Birth/Age : |
17.03.1956 |
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Date of Appointment : |
13.01.2011 |
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DIN No. : |
03223892 |
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Name : |
Mr. Alexandre Luc Williams |
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Designation : |
Additional Director |
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Address : |
21, Avenue Mozart, 75016, Paris 16, France, APris-45016, France |
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Date of Birth/Age : |
31.07.1968 |
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Date of Appointment : |
08.03.2011 |
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DIN No. : |
03451876 |
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Name : |
Mr. Pierre Behnam |
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Designation : |
Additional Director |
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Address : |
Flat No.2, Ground Floor, American View, Oomer Park, Bhulabhai Desai
Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
18.01.1968 |
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Date of Appointment : |
08.03.2011 |
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DIN No. : |
03451907 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
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Names of Shareholders |
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No. of Shares |
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Ethypharm Asia Company Limited, |
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22331506 |
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Ethypharm SA, France |
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2 |
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Total
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22331508 |
Equity Share Capital
(AS ON 30.06.2011)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Products. |
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Products : |
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PRODUCTION STATUS AS ON 31.12.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Pellets and granules |
Kg |
159000 |
22566 |
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Tablets |
Units |
432000000 |
15614940 |
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Capsules |
Units |
170000000 |
7317819 |
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Sachets |
Units |
3600000 |
1176575 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
BNP Paribas Bank, ·
Axis Bank, Branch BKC, Mumbai |
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Facilities : |
(Rs.
in millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Joshi Nair and Associates Chartered Accountants |
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Address : |
A-201, Mangal Arambh, Off S.V. Road, Near Kora Kendra, Borivali
(West), Mumbai – 400 092, Maharashtra, India |
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Tel. No.: |
91-22-28339292/ 42469292 |
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Fax No.: |
91-22-28339293/ 42469293 |
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E-Mail : |
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Website : |
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Branch Office : |
39, Ida Mansion, 18, Vaju Kotak Marg, Fort, Mumbai-400001,
Maharashtra, India |
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Tel. No.: |
91-22-22622722 |
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Holding Company
: |
Ethypharm Asia Company Limited, |
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Ultimate Holding
Company : |
Ethypharm SA, France |
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Associates : |
Financiere Verdi, France |
CAPITAL STRUCTURE
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50750000 |
Equity Share |
Rs.10/- each |
Rs.507.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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22331508 |
Equity Share |
Rs.10/- each |
Rs.223.315
millions |
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Note :
All the above shares are held by Ethypharm Asia Company Limited,
Mauritius, the holding company and its nominees.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
223.315 |
223.315 |
223.315 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.890 |
2.890 |
3.243 |
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4] (Accumulated Losses) |
(33.801) |
(18.414) |
0.000 |
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NETWORTH |
192.404 |
207.791 |
226.558 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
56.845 |
63.772 |
66.397 |
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TOTAL BORROWING |
56.845 |
63.772 |
66.397 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
249.249 |
271.563 |
292.955 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
263.330 |
276.393 |
284.984 |
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Capital work-in-progress |
0.000 |
0.822 |
1.084 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.519
|
10.544
|
9.787
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Sundry Debtors |
29.995
|
35.437
|
59.823
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Cash & Bank Balances |
2.653
|
3.490
|
28.222
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
25.975
|
26.371
|
29.728
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Total
Current Assets |
67.142
|
75.842
|
127.560
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
38.789
|
45.215
|
72.733
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Other Current Liabilities |
34.625
|
30.716
|
42.478 |
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Provisions |
7.810
|
5.564
|
5.463
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Total
Current Liabilities |
81.224
|
81.495
|
120.674
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Net Current Assets |
(14.082)
|
(5.653)
|
6.886
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
249.249 |
271.563 |
292.955 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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Income |
86.125 |
176.665 |
235.236 |
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Other Income |
49.505 |
16.185 |
10.469 |
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|
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TOTAL |
135.630 |
192.850 |
245.705 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
151.017 |
196.304 |
254.756 |
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Advertising Expenses |
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TOTAL |
151.017 |
196.304 |
254.756 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.381 |
(3.454) |
(9.051) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
15.768 |
15.188 |
14.845 |
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PROFIT/LOSS
BEFORE TAX |
(15.387) |
(18.642) |
(23.896) |
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Less |
TAX |
0.000 |
0.125 |
0.607 |
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PROFIT/LOSS
AFTER TAX |
(15.387) |
(18.767) |
(24.503) |
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
70.235 |
133.027 |
172.360 |
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|
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Income from services rendered |
29.617 |
16.185 |
10.469 |
|
|
|
License fees received |
8.833 |
10.380 |
4.626 |
|
|
|
Other miscellaneous income |
0.000 |
0.654 |
0.847 |
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TOTAL EARNINGS |
108.685 |
160.246 |
188.302 |
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IMPORTS |
|
|
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|
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|
|
Capital Goods |
0.000 |
2.595 |
7.300 |
|
|
|
Raw Materials |
0.000 |
0.000 |
0.393 |
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TOTAL IMPORTS |
0.000 |
2.595 |
7.693 |
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Earnings Per
Share (Rs.) |
(0.69) |
(0.84) |
(1.10) |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(11.34)
|
(9.73)
|
(9.97)
|
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Net Profit Margin (PBT/Sales) |
(%) |
(17.86)
|
(10.55)
|
(10.16)
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.66)
|
(5.29)
|
(5.79)
|
|
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.09)
|
(0.10)
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.72
|
0.70
|
0.82
|
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|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
0.83
|
0.93
|
1.05
|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from C 1, Fortune
200, 2nd Floor, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India to the present
address with effect from 19.04.2011.
BACKGROUND:
The Company was incorporated by Lloyd’s group as a Private Limited
Company is 1995. Suring 1999-2000 the Company was taken over by Ethypharm
group. The Company is currently a wholly owned subsidiary of Ethypharm Asia
Company Limited, which is in Mauritius. The ultimate holding company is
Ethypharm SA, France. The Company is in the business of manufacturing
pharmaceutical products. The Company also provides R and D services and
Clinical Research services.
OPERATIONS:
The year 2010 was a year of de - growth for the Company. This was mainly
due to the general slowdown in the economy. The off take for all the major
brands for the Company was lower than the level of the previous year in the
domestic market. Even in the export markets, there were delays in registration
and cancellation of orders, due to which the exports did not grow at the rate
expected.
With increase in volumes and introduction of high margin products, the
Company expects to turnaround so as to achieve positive bottomline.
The company used the time to de-risk the business and grow the business
to export markets. In line with this strategy, the Company approached many
markets in the Latin America, and signed many agreements for generic and
generic+ products with clients. In the year the company has further
strengthened its domestic customer base by signing agreement with Astra Zeneca
and Solvay Pharma for products like Nitroglycerine Capsules, Voglibose Tablets,
Meslamine sachet and Prochioperazine tablets . It must be noted that these
products were developed by in house R and D team.
The Company has also signed a Pan EU development and supply deal for a
generic Product woth an eminent British company. The Company has also received
an approval for Demperidone ODT, based on its ODT Platform Technology in
Malaysia. During the year, the company also filed Dossiers for
Paracetamol+Tramadol and Ibuprofen in South Africa.
On the side of speciality pharma, the Company has received the first approval
for its filings in Sri Lanka. In the first phase, 6 products have been approved
in Srilanka and would be launched in the first half of the year. In the Second
phase, another 6 products would be filed and approved. This business shall be
the first in speciality pharma and shall be a precursor to the repetition of
model in
The company is strategically targeting the big MNC companies in
On the domestic regulatory front, the company has maximized the approval
of CoPPs and has also obtained DCGI approval for some products, which should be
launched in 2011. For export markets, the company has made some very good
dossiers which have passed the scrutiny of leading companies.
The Company continues to enjoy the status of SINGLE STAR TRADING HOUSE
awarded by Director General Foreign Trade, Ministry of Commerce, Government of
India.
FUTURE OUTLOOK
Business outlook for the company looks better in the coming years.
There is a decided shift toward finished product business shifting from
the bulk business. The markets of
The Company also plans to extend its development of value added,
innovative and generic plus products based upon the patented technology
platforms for both the markets of SE Asia and also Latin America.
The changing environment in
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs.
in millions)
|
|
As on 31.12.2010 |
As
on 31.12.2009 |
|
Bank guarantees |
0.095 |
0.095 |
|
Claims against the company not acknowledged as debts |
2.983 |
2.983 |
|
DPEA claims (There is a complaint filed by State of Andhra Pradesh through Drug
Inspector against the company alleging excess rate charged under Drugs (price
control) order 1995 and the matter is pending for hearing) |
Amount
Unascertainable |
Amount Unascertainable |
|
In December 2009, the Company has received a show cause notice from
The Commissioner of Service Tax, Mumbai for non payment of service tax
amounting to Rs.4.341 millions for the clinical test conducted to Ethypharm
LL Limited, SA and service tax amounting to Rs.0.454 million for the
commission paid to commission agent for procurement of order overseas sales. |
4.794 |
4.794 |
|
In the Current year, the Company has received a show cause notice from
The Commissioner of Service Tax, Mumbai demanding for an amount of Rs.4.580
millions for non-maintenance of separate account for receipt, consumption and
inventory of input services meant for use in the manufacture of exempted
goods and non-reversal of proportionate credit in respect of services. |
4.580 |
0.000 |
FIXED ASSETS:
Tangible Assets:
- Building
- Plant and Machinery
- Laboratory Equipment
- Furniture and Fixtures
- Office Equipment
- Computers and Fixtures
- Electrical Installation
- Vehicles
Intangible Assets:
- Trade Marks
- Bio-equivalence study
WEBSITE DETAILS:
PRESS RELEASE:
APRIL 2010 – JOINT
PRESS RELEASE: COLORCON ACQUIRES NP PHARM
HARLEYSVILLE,
The addition of NP Pharm SUGLETS sugar spheres complements Colorcon’s
SureSpheres sugar spheres product line and barrier membrane systems for
multiparticulates. Colorcon will now have two production facilities for
sugar spheres offering critical business continuity planning for their customer
base. ETHISPHERES® microcrystalline cellulose pellets, NPTAB neutral
pellets for direct compression, and other excipient products are also added to
the Colorcon product portfolio as a result of this acquisition.
The headquarters and main production facilities of NP Pharm, located in
William Motzer, Colorcon Chief Executive Officer states, We are excited
about this opportunity to expand Colorcon’s product offerings and leverage our
global distribution, technical service and sales infrastructure.
Newly appointed Chairman and CEO of the Management Board of Ethypharm,
Hugues Lecat states, We are delighted to see NP Pharm join Colorcon, Inc.
The new shareholder will permit NP Pharm to reinforce its development and
growth projects. This divestiture will enable us to go on investing in
the growth of Ethypharm, in line with our strategy. Ethypharm will
continue to invest in its R and D sites, notably that of Grand Quevilly,
France, our most recent state-of-the-art manufacturing plant, in which we have
invested over 15 million Euros over the last two years.
About Colorcon, Inc.
Colorcon is a world leader in the development, supply and technical
support of formulated film coating systems, modified release technologies, and
functional excipients for the pharmaceutical industry. Our best-in-class
products and technologies are complemented by our value-added services, which
support all phases of solid oral dose design and development.
About Ethypharm
Ethypharm is one of the leading pharmaceutical companies dedicated to
the development of innovative medicines. Its patented technologies offer
multiple benefits for patients by improving efficacy, administration,
compliance, and reducing side-effects. Ethypharm provides its clients with
solutions for the life cycle management of their drugs. The company has one of
the broadest portfolios of technologies to become the worldwide privileged
partner of pharmaceutical companies. Ethypharm offers customized solutions for
the development of the medicines of the future.
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.51.35 |
|
|
1 |
Rs.80.50 |
|
Euro |
1 |
Rs.69.14 |
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 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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.