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MIRA
INFORM REPORT
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Report Date : |
15.02.2011 |
Note: Given address could not be confirmed.
IDENTIFICATION DETAILS
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Name : |
RHONE-POULENC ( |
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Registered
Office : |
Rhone-Poulenc House, S K Ahire Marg, Worli, Mumbai – 400025, |
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Country : |
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Date of
Incorporation : |
20.03.1950 |
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Com. Reg. No.: |
008025 |
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CIN No.: [Company Identification
No.] |
U24110MH1950PLC008025 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR06040G |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
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Manufacture of Pharmaceutical Formulations. |
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the financials of the company with the Government
Departments. Payment terms are not
known. 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 – 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 |
LOCATIONS
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Registered Office : |
Rhone-Poulenc House, S K Ahire Marg, Worli, Mumbai – 400025, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
DIRECTORS
Not Available
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
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Line of Business : |
Manufacture of Pharmaceutical Formulations. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
Not Available |
Not
Available |
Not
Available |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Available
LOCAL AGENCY FURTHER INFORMATION
Website Details:
1928
- The Company was
incorporated at
1956
- The Company changed
its name to May and Baker (
- At the Bhandup
factory, May and Baker Limited,
1979
- Towards the implementation of the Research Bank of India's directives, the entire business and undertaking in India of May and Baker Limited, U.K., were with effect from 1st January, 1975 transferred to and vested in the Company as a going concern in terms of the Scheme of Amalgamation sanctioned by the Mumbai High Court by its Order dated 26th April.
- Under the Scheme of
Amalgamation sanctioned by the Mumbai High Court on 26th April, the total
consideration payable to May and Baker Limited,
- (i) by the issue
and allotment of 17,50,000 No. of equity shares
of Rs.10 each to May and Baker
Limited,
- (ii) Rs 1,75,00,000 to be paid to May and Baker Limited, U.K., in cash in 5 equal annual instalments the first installment to fall due after the expiry of 30 days.
- (iii) Balance of Rs.32.591 Millions to be remitted in cash to May and Baker Limited, U.K., without interest and grant of no objection/tax clearance certificate from the tax authorities of India.
- The letter of RBI dated 11th January, stated that it would be prepared to consider permitting remittances by the Company to May and Baker Limited, U.K., only to the extent of Rs.27.170 Millions towards unremitted past profit as on 31st December, 1974.
- May and Baker
Limited,
1980
- 11,98,400 shares issued at par out of which 5,98,400 shares reserved and allotted (2,00,000 shares each to LIC and UTI; 1,00,000 shares to GIC; 78,400 shares to employees of the Company and 20,000 shares to business associates). 6,00,000 shares offered to the public in November 1979.
1983
- The Company issued 3, 00,000-15% secured debentures of Rs.100 each and 15, 00,000 No. of equity shares of Rs.10 each. Of these, 1,44,000 debentures and 7,20,00 No. of equity shares were offered as rights to resident Indian equity shareholders in the proportion of 3 debentures and 15 No. of equity shares for every 25 No. of equity shares held. 1, 31,000 debentures and 6, 55,000 No. of equity shares were offered to the public.
1984
- The Company decided to set up a plant at Paithan to manufacture pharmaceutical formulations.
- The agrochemical
products were grouped under a subsidiary company known as Rhone-Poulenc
Agrochemicals (
1988
- Three new products, namely, `EMTHROCIN', an antibiotic, `SECTRAL', a unique beta blocker and `EMBESEL', an antacid were introduced in the market. Government had amended the Drugs (Price Control) Order, 1987 and deleted certain drugs from price control.
1989
- The Company's factory
at Paithan was approved by Department of Health,
- `Rhone-Poulenc
Chemicals (
- In order to take
the benefit of the association with Rhone-Poulenc Limited, the Company entered
into Name Licence Agreement with
1990
- The Company's plant and machinery, land and buildings were revalued as at 1st April, and the resultant surplus amounting to Rs.461.861 Millions was credited to revaluation reserve.
1991
- The Company introduced new products such as Profenid CR – Controlled Release Ketoprofen and Piflasyn - new generation Quinolone. The Company proposed to introduce new Macrolide - Rovamycin in tablet as well as suspension forms.
1992
- The Company introduced a macrolide antibiotic, spiramycin under the trade name Rovamycin.
1993
- The Company introduced SECNIL, a revoluntionary anti-protozoal molecule. The Company also undertook to introduce new molecules developed through Rhone-Poulenc Rovers original research in the Indian market.
1994
- The Company introduced a new formulation viz Secnidazole 1 gm in the market. As new generation anti-malarial drug, a quinolone antibiotic, an antihistamine, and an anticancer drug one under registration.
1995
- The Company proposed to introduce a novel highly efficacious anti malarial drug in the near future.
1996
- The company introduced Artemether, a novel highly efficacious antimalarial, the first of its kind for the treatment of resistant malaria, under the brand name PALUTHER. The company also introduced two major brands viz; MAYLOX - Antacid/Antiflatulent and DOLIPRANE -Antipyretic/Analgelic.
- A part of the branded and generic pharmaceutical business of Max India Limited was acquired by the company, which will provide critical mass, particularly in anti-infective range and also address the paediatric segment. The generic business was launched in February 1997.
1997
- The Company introduced new formulations of Phensedyl D.M. and M and B cough syrup.
- The company started refurbishment and modernisation of sterile and liquid facilities at Bhandup and also upgradation of Research and Development as well as Quality Assurance Laboratory. Technical assistance for entire refurbishing was extended to the company by Rhone-Poulenc Rorer, France.
- The Company received renewal of recognition of Inhouse R and D unit from Dept. of Scientific and industrial research, Ministry of Science and Technology, Government of India for the period upto 31st March, 2000.
1998
- The Company proposed to introduce formulations of branded Betalactum antibiotics and also paediatric formulations of Secnil granules and Gardenal syrup.
- Rhone Poulenc, the seventh largest pharmaceutical group in the world, has launched a preservation programme for the Taj Mahal involving a total outlay of 36,000.
- Rhone Poulenc India (RPI) is a 40 per cent subsidiary of Rhone Poulenc Rorer, France.
- The company had successfully introduced new formulations of Phensedyl D M and MandB cough syrup.
1999
- The company has launched five new products and four line extensions, including Nivaquine vials, Secnil and Gardenal, in different therapeutic groups.
2000
- Crisil has reaffirmed the P1+ (very strong with relatively higher standing within the category) rating assigned to the Rs.180.000 Millions commercial paper programme of the company.
- The Company has divested its shareholding of 10,000 No. of equity shares of Rs.10 each in Rhodia Chemicals India Limited in favour of Albright and Wilson Chemicals India Limited at a price of Rs.150 per share.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.50 |
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1 |
Rs.73.06 |
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Euro |
1 |
Rs.61.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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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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
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.