MIRA
INFORM REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
AFFY PHARMA PRIVATE LIMITED |
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Registered Office : |
G-1/701, Industrial Area, Phase II, Bhiwadi, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.08.1990 |
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Com. Reg. No.: |
17-5545 |
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CIN No.: [Company
Identification No.] |
U24232RJ1990PTC005545 |
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Legal Form : |
Private Limited liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical Formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 320000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established
company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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
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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
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Name : |
Mr. Pradip Kumar |
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Designation : |
Accounts Department |
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Date : |
29.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
G-1/701, Industrial Area, Phase II, Bhiwadi, |
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Tel. No.: |
91-120-4102865 |
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Fax No.: |
91-120-3019291 |
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E-Mail : |
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Website: |
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Area : |
600 Sq. Ft. |
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Location : |
Owned |
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Branch : |
510-513, |
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Tel. No.: |
91-120-4116861 / 63 / 4102865/ 4297000 |
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Fax No.: |
91-120-3019291 |
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Location : |
Owned |
DIRECTORS
AS ON 29.09.2010
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Name : |
Mr. Arvind Billa |
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Designation : |
Director |
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Address : |
N-101, Anupam Apartments, East Arjun Nagar, |
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Date of Birth/Age : |
18.08.1960 |
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Date of Appointment : |
17.08.1990 |
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Name : |
Mrs. Sangeeta Billa |
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Designation : |
Director |
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Address : |
N-101, Anupam Apartments, East Arjun Nagar, |
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Date of Birth/Age : |
01.04.1962 |
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Date of Appointment : |
28.10.2001 |
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Name : |
Mr. Piarelal Billa |
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Designation : |
Director |
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Address : |
N-101, Anupam Apartments, East Arjun Nagar, |
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Date of Birth/Age : |
15.06.1935 |
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Date of Appointment : |
15.07.2005 |
KEY EXECUTIVES
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Name : |
Mr. Pradip Kumar |
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Designation : |
Accounts Department |
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Name : |
Mr. Ghosh |
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Designation : |
Manager Operation |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Arvind Billa |
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126050 |
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Sangeeta Billa |
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19500 |
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Piarelal Billa |
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1500 |
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Kaushlya Billa |
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1950 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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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 Formulations. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Approximately 400 (Office 20, Factory 370, Branch- 10) |
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Bankers : |
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Facilities: |
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Banking
Relations : |
-- |
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Financial Institute: |
District Industries Centre S.W.C.A. Baddi (H.P), District Industrial
Centre, S.W.C.A., Baddi-173205, |
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Auditors : |
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Name : |
Rajesh Prem and Associates |
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Address : |
3E/6, Jhandewalan Extension, |
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Tel No.: |
91-11-23529703 |
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Mobile No.: |
91-9810771472 |
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E mail: |
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Group Companies: |
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Sister Concern : |
Name : |
Mati Link ECS Technology |
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Address : |
Himachal Pradesh |
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Line of Business : |
Manufacturer of Pharmaceutical Formulations. |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Share |
Rs.10/- Each |
Rs. 1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Share |
Rs.10/- Each |
Rs.1.500 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
80.832 |
51.346 |
27.258 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.332 |
52.846 |
28.758 |
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LOAN FUNDS |
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1] Secured Loans |
33.220 |
23.015 |
24.343 |
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2] Unsecured Loans |
2.241 |
3.909 |
3.809 |
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TOTAL BORROWING |
35.461 |
26.924 |
28.152 |
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DEFERRED TAX LIABILITIES |
0.537 |
0.399 |
0.477 |
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Capital Subsidy |
0.000 |
0.000 |
0.250 |
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TOTAL |
118.330 |
80.169 |
57.637 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.947 |
39.925 |
33.401 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
62.472 |
22.467 |
0.000 |
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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 |
38.465
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32.318 |
29.469
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Sundry Debtors |
46.029
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40.757 |
22.162
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Cash & Bank Balances |
6.294
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3.271 |
1.332
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Other Current Assets |
1.602
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1.602 |
1.480
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Loans & Advances |
9.869
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6.837 |
6.778
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Total
Current Assets |
102.259
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84.785 |
61.221
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
69.695
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54.523 |
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Other Current Liabilities |
10.872
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8.762 |
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Provisions |
5.781
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3.723 |
3.354
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Total
Current Liabilities |
86.348
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67.008 |
36.985
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Net Current Assets |
15.911
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17.777 |
24.236
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
118.330 |
80.169 |
57.637 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
385.713 |
287.122 |
171.518 |
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Other Income |
2.320 |
0.032 |
0.494 |
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TOTAL |
388.033 |
287.154 |
172.012 |
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Less |
EXPENSES |
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Cost of Goods Sold |
302.761 |
207.088 |
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Administrative Expenses |
48.971 |
47.586 |
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TOTAL |
351.732 |
254.674 |
143.910 |
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PROFIT BEFORE
TAX |
36.301 |
32.480 |
28.102 |
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Less |
TAX |
6.815 |
3.645 |
3.351 |
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PROFIT AFTER TAX
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29.486 |
28.838 |
24.751 |
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Earnings Per
Share (Rs.) |
196.57 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
7.60 |
10.04 |
14.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.41 |
11.31 |
16.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.53 |
26.04 |
29.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.44 |
0.61 |
0.98 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.48 |
1.78 |
2.27 |
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Current Ratio (Current Asset/Current Liability) |
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1.18 |
1.27 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Pharmet Limited
Financial results:
The turnover of the company has increased to Rs. 385.713 Millions and
resulting in a net profit of Rs. 36.300 Millions as compared to be the previous
year the turnover of Rs. 287.122 Millions and profit of Rs. 32.480 Millions
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24232RJ1990PTC005545 |
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Name of the
company |
AFFY PHARMA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
G1/701, Industrial Area, Phase II, Bhiwadi, |
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This form is for |
Creation of
Charge |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
District Industries Centre S.W.C.A. Baddi (H.P), District Industrial Centre,
S.W.C.A., Baddi-173205, |
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Nature of
instrument creating charge |
Agreement of
hypothecation for Central Capital Investment Subsidy |
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Date of
instrument Creating the charge |
21.12.2010 |
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Amount secured by
the charge |
Rs. 19.045
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of
Repayment Breach of Terms
and conditions of the Central Subsidy Scheme, 2003 or the terms of agreement
dated 21.12.2010 Extent and Operation
of the charge Immovable
property of the company. |
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Short particulars
of the property charged |
Plant and
Machinery situated at village |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10006554 |
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Corporate
identity number of the company |
U24232RJ1990PTC005545 |
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Name of the
company |
AFFY PHARMA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
G1/701, Industrial Area, Phase II, Bhiwadi, |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
The Nainital Bank Limited GB Pant Road Branch, Nainital, Uttar Pradesh - 263001, E-mail : nainitalbank@yahoo.com
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of goods,
Hypothecation of book-debts, Hypothecation of movable machinery |
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Date of
instrument Creating the charge |
25.03.2008 |
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Amount secured by
the charge |
Rs.25.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1% OPLR that is
14% per annum with monthly rest Terms of
Repayment 12 months,
subject to review Margin 25% against stock
and 50%against book-debts Extent and
Operation of the charge As per sanction
letter dated 24.03.2008 |
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Short particulars
of the property charged |
Extn. Of E. M. of
shop no. 510-513, at 5th Floor, Devika Tower, Chander Nagar, Ghaziabad,
Uttar Pradesh, India and plant and machinery of the company |
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Date of latest
modification prior to the present modification |
30.03.2007 |
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Particulars of
the present modification |
Cash credit limit
enhance from Rs.12.500 Millions to Rs.25.000 Millions |
Fixes Assets :
- Land
- Building
- Electric Installatic
- Car
- Dies and Block
- Office Furniture
- Computer
- Weighing Machinery
- Air Conditioner
- Refrigerator
- Mahindra Champion
- Generator
- U.P.S
- Plant and Machinery
AS PER WEBSITE
Profile:
They are an ISO 9001:2000 /CGMP certified company that
formulates quality products like ointments, liquid syrups, Betalactam tablets
and Non-Betalactam tablets, Betalactam capsules, Non Betalactam capsules, soft
gelatin capsules, medicated soaps, shampoos and nutritional supplements etc.
They widely cater to all major pharmaceutical industries, medical industries
and many more and they are proud to be able to serve 400 satisfied clients
across the country. In 2005, they have acquired a manufacturing plant at Baddi
in Himachal Pradesh which has all the latest technology machines and laboratory
equipments.
They offer soft gelatin capsules, liquid syrups, medicated soaps, nutritional
supplements, tablets betalactum, tablets non betalactum, capsules betalactum,
ointments etc.
Group Profile:
Affy
group of companies are companies closely held by Arvind Billa
and family members supported by good professionals and very strong committed
work force ensuring steady growth year on year with a vision to achieve Rs. 100
Cr. Turnover by 2010 – 2011. The group is composed of following companies:
1.AFFY PHARMA Private Limited
2.AFFY PARENTERALS
3.MEDILINKS
4.ECS TECHNOLOGIES
5.AVANS HEALTHWAYS
6.AFFY LIFE SCIENCES
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
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Indian Rupees |
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US Dollar |
1 |
Rs.45.38 |
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|
1 |
Rs.73.08 |
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Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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.