MIRA
INFORM REPORT
|
Report Date : |
23.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
APTUIT LAURUS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Serene Chambers, Road No. 7, Banjara Hills, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.09.2005 |
|
|
|
|
Com. Reg. No.: |
047518 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239AP2005PTC047518 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDL01327E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1170C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Drugs |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3113452 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sitaram Aya |
|
Designation : |
Accounts Manager |
|
Date : |
21.01.2011 |
LOCATIONS
|
Registered Office/Factory : |
2nd Floor, Serene Chambers, Road No. 7, Banjara Hills, |
|
Tel. No.: |
91-40-39804333 |
|
Fax No.: |
91-40-23420503 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
20000sq.fts |
|
Location : |
Owned |
DIRECTORS
AS ON 6.09.2010
|
Name : |
Mr. Chava Satyanarayana |
|
Designation : |
Whole Time Director and CEO |
|
Address : |
H No.8-2-293/82/A/33, Plot No.303, Road No.25, Jubilee Hills, |
|
Date of Birth/Age : |
10.03.1961 |
|
Date of Appointment : |
21.01.2006 |
|
|
|
|
Name : |
Mr. Shri Hari Raju Kalidindi |
|
Designation : |
Executive Director |
|
Address : |
B-4, Canton Park, Jeedimetla Village, Sl. No.9,10,15, Opp: JJ Gardens,
PetBasheerbag, Hyderabad, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.07.1963 |
|
Date of Appointment : |
24.04.2006 |
|
|
|
|
Name : |
Mr. Venkata Ravi Kumar Vantaram |
|
Designation : |
Executive Director |
|
Address : |
No.8, Sai Ansh Arcade, Durga Vihar Colony, Tirumalgherry, |
|
Date of Birth/Age : |
01.07.1965 |
|
Date of Appointment : |
30.11.2006 |
|
|
|
|
Name : |
Mr. Francis J Wright |
|
Designation : |
Director |
|
Address : |
10, |
|
Date of Birth/Age : |
24.01.1948 |
|
Date of Appointment : |
29.06.2007 |
|
|
|
|
Name : |
Mr. Thierry G V E Amat |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
10.10.1960 |
|
Date of Appointment : |
10.02.2009 |
|
|
|
|
Name : |
Mr. Timothy C Tyson |
|
Designation : |
Director |
|
Address : |
3, |
|
Date of Birth/Age : |
14.04.1952 |
|
Date of Appointment : |
07.10.2008 |
|
|
|
|
Name : |
Mr. Amal Ganguli |
|
Designation : |
Director |
|
Address : |
J-6/7, DLF, Phase – II, Gurgaon, Haryana – 122002, |
|
Date of Birth/Age : |
17.10.1939 |
|
Date of Appointment : |
30.08.2007 |
|
|
|
|
Name : |
Mr. Stuart Eva |
|
Designation : |
Director |
|
Address : |
43, |
|
Date of Birth/Age : |
21.06.1967 |
|
Date of Appointment : |
14.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sitaram Aya |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Subbaraju G V |
|
Designation : |
Senior Vice President |
|
|
|
|
Name : |
Mr. B Vasudevan |
|
Designation : |
Senior Vice President, Operations |
|
|
|
|
Name : |
Dr. C S Rao |
|
Designation : |
Technical Advisor |
|
|
|
|
Name : |
Dr. Anjaneyulu G S R |
|
Designation : |
Senior Vice President (R and D) |
|
|
|
|
Name : |
Dr. Lakshamn Chunduru |
|
Designation : |
Assistant Vice President (R and D) |
|
|
|
|
Name : |
Mr. M Bhakaraiah |
|
Designation : |
Assistant Vice President – Supply Chain Management |
|
|
|
|
Name : |
Dr. Rama Mohan Hindupur |
|
Designation : |
Assistant Vice President (R and D) |
|
|
|
|
Name : |
Mr. A Nagaraj Kumar |
|
Designation : |
Company Secretary |
|
Address : |
5-22, Sai Vihar Nagar, Phase – I, Meerpet, Ranga Reddy - 079 |
|
Date of Birth/Age : |
05.05.1975 |
|
Date of Appointment : |
05.04.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 6.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
3434500 |
|
Rama |
|
5500 |
|
Srihari Raju K |
|
1300000 |
|
Venkata |
|
400000 |
|
Gonunla Seeta Ramanjanayulur |
|
50000 |
|
P Raiya Lakhsmi |
|
25000 |
|
Yalavathi Vijayalakshmi |
|
225000 |
|
Sowjanya B Kalldindi |
|
25000 |
|
Chalapathi Raju RGS Kalldindi |
|
75000 |
|
Gorantla Venkateshwara Rao |
|
100000 |
|
Kommana Karnala |
|
10000 |
|
Chavla Pramila |
|
10000 |
|
Suryadevana Suneetha |
|
10000 |
|
Suryadevana Vijaya Kumari |
|
10000 |
|
Vasireddy Krishnavanl |
|
10000 |
|
Suryadevana Rama |
|
10000 |
|
Vinod Nair |
|
25000 |
|
Chintalapati Jayapadma |
|
10000 |
|
Chintalapati Vijaya Durga |
|
10000 |
|
Mula Ravinder |
|
920000 |
|
C Naga Rani |
|
1560000 |
|
Veliko Zorzut |
|
350000 |
|
V Hyamavati |
|
10000 |
|
Sharat K R |
|
75000 |
|
Nilu Poddar |
|
75000 |
|
Vijaya Kumar D |
|
50000 |
|
Vivek Mumdra |
|
50000 |
|
Anirudh Mumdra |
|
100000 |
|
Krishnam Raju A V |
|
150000 |
|
Beavar Engg. Limited |
|
50000 |
|
Prasad Varma |
|
25000 |
|
Rajendra Kumar Mishra |
|
50000 |
|
All Time Project Limited, Secunderabad |
|
380000 |
|
Latha S Kallidindi |
|
200000 |
|
Venkata lakshmana Rao Chundunu |
|
600000 |
|
G Yamuna Subba Raju |
|
10000 |
|
C Shekhar Babu |
|
5000 |
|
T Naga mani |
|
5000 |
|
Aptuit ( |
|
1000 |
|
Total Equity
Shares |
|
10411000 |
Preference Shares AS ON 6.09.2010
|
Aptuit ( |
|
6888690 |
|
Total Preference
Shares |
|
6888690 |
As On 6.09.2010
|
S. No. |
Category |
Percentage |
|
1 |
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
46.33 |
|
2 |
Directors or
relatives of Directors* |
36.94 |
|
3 |
Bodies corporate |
2.49 |
|
4 |
Other top fifty shareholders |
14.24 |
|
|
Total |
100.00 |
* Dr. K Srihari Raju, Executive Director allotted and holding 7.51% of
equity as of 24th August 2009 as Non-Resident Indian.
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Drugs |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash, Credit (30 days, 60 days, 90 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash, Credit (30 days, 60 days, 90 days) |
PRODUCTION STATUS AS ON
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Active Pharmaceutical Ingredients (API) and Intermediates |
Kgs |
* |
** |
198958 |
|
|
|
|
|
|
* Licensed Capacity - Exempted from the licensing provision of the Industries (Development and Regulation) Act, 1951.
** Installed Capacity has not been disclosed as these are variable and subject to changes in product mix, and utilization of manufacturing facilities, given the nature of operations.
***Includes 29,391 Kgs (March 31, 2009: 13,243 Kgs) used for
captive consumption
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
125 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Cash Credit – Rs.3061.600 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountant |
|
Address : |
205, 2nd Floor, Ashoka Bhoopal Chambers, |
|
Tel No.: |
91-40-66274000 |
|
Fax no.: |
91-40-27898851 |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
6900000 |
0.001% Compulsorily Convertible Participatory Cumulative Preference shares |
Rs.10/- each |
Rs.69.000
Millions |
|
|
Total |
|
Rs.219.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10411000 |
Equity Shares |
Rs.10/- each |
Rs.104.110
Millions |
|
6888690 |
Compulsorily Convertible Participatory Cumulative Preference share |
Rs.10/- each |
Rs.68.887
Millions |
|
|
Total |
|
Rs.172.997 Millions |
|
|
|
|
|
Notes: Compulsorily Convertible Participatory Cumulative Preference shares
- Of the above 88,690 preference shares have been issued for consideration other than cash as part of scheme of amalgamation of Aptuit Informatics India Private Limited with the Company in the previous year
- Each Preference share may be converted at any time, at the option of the holder, into one Equity share of the Company or will automatically converted into one Equity share on the twentieth anniversary of the initial issuance of the Preference shares. Till now, Preference shareholders have not exercised its option.
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.250.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
172.997 |
172.997 |
172.110 |
|
|
2] Share Application Money Pending Allotment |
0.000 |
0.000 |
0.000 |
|
|
3] Preference Share Warrant |
0.010 |
0.010 |
0.010 |
|
|
4] Reserves & Surplus |
1146.122 |
1146.122 |
1113.141 |
|
|
5] (Accumulated Losses) |
(540.766) |
(663.273) |
(219.458) |
|
|
NETWORTH |
778.363 |
655.856 |
1065.803 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1985.071 |
1802.935 |
534.025 |
|
|
2] Unsecured Loans |
0.000 |
38.445 |
129.697 |
|
|
TOTAL BORROWING |
1985.071 |
1841.380 |
663.722 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2763.434 |
2497.236 |
1729.525 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1892.239 |
1937.472 |
1350.172 |
|
|
Capital work-in-progress |
9.880 |
79.904 |
415.101 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
62.000 |
0.000 |
74.624 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
466.197
|
305.840
|
114.366 |
|
|
Sundry Debtors |
731.209
|
464.421
|
67.182 |
|
|
Cash & Bank Balances |
39.549
|
14.401
|
11.618 |
|
|
Other Current Assets |
18.498
|
0.729
|
0.215 |
|
|
Loans & Advances |
119.919
|
113.700
|
127.133 |
|
Total
Current Assets |
1375.372
|
899.091
|
320.514 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
322.015
|
326.794
|
412.117 |
|
|
Other Current Liabilities |
239.227
|
8.498
|
15.510 |
|
|
Provisions |
14.815
|
9.939
|
3.259 |
|
Total
Current Liabilities |
576.057
|
419.231
|
430.886 |
|
|
Net Current Assets |
799.315
|
479.860
|
(110.372) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2763.434 |
2497.236 |
1729.525 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2135.392 |
1051.707 |
92.137 |
|
|
|
Other Income |
39.578 |
6.841 |
34.425 |
|
|
|
TOTAL (A) |
2174.970 |
1058.548 |
126.562 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
972.889 |
525.811 |
64.304 |
|
|
|
Other Manufacturing |
138.049 |
84.187 |
56.540 |
|
|
|
Personal Expenses |
276.598 |
209.235 |
88.079 |
|
|
|
Operating and Other Expenses |
147.096 |
140.220 |
|
|
|
|
Research and Development Expenses |
213.437 |
190.694 |
161.846 |
|
|
|
TOTAL (B) |
1748.069 |
1150.147 |
370.798 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
426.901 |
(91.599) |
(244.236) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
237.493 |
184.403 |
12.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
189.408 |
(273.002) |
(256.671) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
132.464 |
121.038 |
36.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
56.944 |
(394.040) |
(293.221) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(65.564) |
77.374 |
(73.763) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
122.508 |
(471.414) |
(219.458) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(663.273) |
(219.458) |
NA |
|
|
|
|
|
|
|
|
|
Less |
BALANCE BROUGHT FORWARD OF AMALGAMATING COMPANY |
0.000 |
27.599 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(540.765) |
(663.273) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Travelling |
2.559 |
2.604 |
NA |
|
|
|
Legal and professional charges |
13.415 |
1.548 |
NA |
|
|
|
Other expenditure |
24.359 |
6.036 |
NA |
|
|
TOTAL EARNINGS |
40.333 |
10.188 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods |
10.862 |
29.872 |
NA |
|
|
|
Raw materials |
663.298 |
254.165 |
NA |
|
|
|
Stores and Spares |
1.622 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
675.782 |
284.037 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.77 |
(45.28) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.63
|
(44.82)
|
(173.39) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.67
|
(37.46)
|
(318.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.75
|
(13.88)
|
(17.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
(0.60)
|
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.29
|
3.44
|
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
2.14
|
0.74 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars |
Rs. in Millions 31.03.2010 |
Rs. in Millions 31.03.2009 |
Rs. in Millions 31.03.2008 |
|
Sundry creditors |
|
|
|
|
Dues to micro, medium and small enterprises |
0.000 |
0.000 |
0.000 |
|
Dues to creditors other than micro, medium and small
enterprises |
322.015
|
326.794
|
412.117 |
Note: The
Registered office of the company has been shifted from 3rd Floor, Uma
Hyderabad House,
MANAGEMENT’S
DISCUSSION AND ANALYSIS
Global pharmaceutical
industry
The global pharmaceutical industry grew a healthy 7% to USD 837 bn in 2009, compared with a 4.8% growth rate in 2008. In 2009, global generics generated a substantial USD 83 bn in sales and this is expected to rise as generic firms eagerly await the patent expiration of several branded blockbuster drugs.
The global pharmaceutical market is expected to grow to USD 975 bn by 2013 and USD 1,110 bn by 2014. The 5%-8% compound annual growth rate (CAGR) during this period reflects the impact of leading products losing patent protection in developed markets, as well as strong growth in emerging countries like India and China (Source: IMS Health).
The geographic balance of the pharmaceutical market is shifting towards ‘pharmerging’ (pharma emerging) countries, which are expected to grow 14-17% through 2014, while major developed markets will grow 3-6%. As a result, the aggregate growth through 2014 from pharmerging markets will be similar to the growth experienced in developed markets – about USD 120-140 bn (Source: IFPW).
Indian pharmaceutical
industry
The Indian pharma market is growing at a CAGR of 12-15% and will surpass the global average growth of 4-7% in 2008-13 (Source: First Global Research). The domestic formulation industry registered a CAGR of 14% during FY 2003-08 from around USD 3.9 bn to USD 7.7 bn, outpacing the global pharma industry growth rate of 7% (Source: The Financial Express, October 5, 2009).
The Indian pharma market is estimated to grow at a CAGR of 18% in 2015, doubling revenues to USD 40 bn in five years. This growth will be driven by all verticals: domestic formulations, generic exports and more significantly, the CRAMS (contract research and manufacturing) opportunity (Source: expresspharmaonline.com).
Exports
In 2009,
Export prospects remain attractive, derived from the burgeoning global generic and CRAMS opportunity. These exports are likely to grow at a CAGR of 20-22% to USD 15-17 bn by 2010-11, fuelled by the growing generics and outsourcing opportunity in regulated markets (Source: Times of India, July 7, 2009).
Budget impact,
2010-11
• Customs duty was reduced from 10% to 5% on imports of select life saving drugs and their bulk actives for treating breast cancer, hepatitis and rheumatic arthritis, among others
• Customs duty reduced from 7.5% to 5% for two specified life saving devices used in the treatment of heart conditions. These devices are now fully exempt from excise duty and countervailing duty (CVD).
Generics
Global scenario
The global generics pharmaceutical market grew approximately 13% in 2009 to about USD 115 bn, about 15% of overall pharma (patented and generics) market. The generics pharma market registered 18% CAGR between 2004 and 2009. Patent expiry over the next three-five years will provide significant opportunities for generic players. The expiry of a patent leads to increased competition owing to the entry of generic players, which, in turn, results in price erosion (in some cases more than 90%). Even with such high price erosion, a robust growth opportunity exists for generics. Nearly USD 224 bn of patent expiries are expected over six years , indicating significant opportunity for generic players (Source: Centrum Research).
Over the next five years, products with sales of over USD 142 bn are expected to face generic competition in major developed markets. Collectively, the impact of patients shifting to lower cost generics in major therapy areas like cholesterol regulators, antipsychotics and antiulcerants will reduce total drug spending by about USD 80-100 bn worldwide by 2014 (Source: IFPW).
The
Indian scenario
The generics business will remain the principal growth driver of Indian pharma companies as patents of a number of major brands - Lipitor, Nexium, Advair etc – expire in the next few years. Indian generic players are well placed to capitalise on this opportunity with ready regulatory filings, technical capabilities and adequate manufacturing capacity.
CRAMS (contract
research and manufacturing sector)
Global scenario
Most big pharma companies outsource their R and D and
manufacturing activities to low cost countries like
The global CRAMS industry is expected to report a 14% CAGR over 2007-11 to USD 73 bn from USD 43 bn (17.6% CAGR in contract research and 11.4% in contract manufacturing) (Source: Centrum Research)
Indian CRAMS scenario
Outlook
The Indian CRAMS sector is expected to register secular growth, of 29% over CY 2009-12E to USD 5.1 bn from USD 2.4 bn as all the drivers of outsourcing are intact (Source: SMR Research). The CRAMS business, which recorded revenues of USD 4 bn in 2007, is expected to grow about 25% and record revenues of USD 10 bn by 2015. Contract manufacturing activities of MNCs are likely to be a USD 7-8 bn opportunity by 2015, while the potential for contract RandD could amount to another USD 8-10 bn by 2020. By 2015, the overall CRAMS opportunity for Indian pharma companies could be around USD 18-20 bn (Source: First Global Research).
Domestic formulations
sector
The Indian formulations market grew by 9.8% in 2008, lower than the 13.4% growth recorded in 2007. The lower rate was mainly on account of a reduction in inventory at the retail level owing to the global slowdown. Segment-wise, the growth was driven by the anti-diabetic, cardiac, gynecology and anti-infective segments. The size of the domestic pharma market was estimated at Rs. 341.2 bn in December 2008, with anti-infective, cardiovascular and gastro-intestinal being the leading categories.
The lifestyle pattern in
Financial performance
Total revenue of the Company increased from Rs.1,051.71 mn in the previous year to Rs. 2,135.39 mn with a growth rate of 103%. Net profit increased from net loss of Rs. 471.41 mn in the previous year to Rs. 122.51 mn.
The Company invested Rs.220.000 million (2008-09: Rs.214.000 million) in research and development, which included Rs.213.000 million (2008-09: Rs.200.000 million) on the revenue account, which has been expensed in the books of account.
The company has deferred tax asset of Rs.235.000 million for the year ended March 31, 2010. However, the company has recognised only Rs.62.000 million during 2009-10 on a conservative basis, which is likely to be realised during the next financial year. The Company will be able to realise the entire Deferred Tax Assets of Rs.235 .000 million based on its future profitability.
Business Operations
The Company successfully accomplished major milestones by
receiving regulatory approvals from US FDA, UK MHRA and Australia TGA without
any major observations for its drug substance facility located at
Total Revenue of the Company increased from Rs.1051.71 mn in the previous year to Rs.2,135.39 mn with a growth rate of 103%. Net profit of Rs. 122.51 mn increased from net loss of Rs. 471.41 mn during the previous year.
The Company has developed and commercialised around 36 products including five Nutraceutical products. The Company also manufactured several clinical trial materials to the customers. The Company also filed DMFs for 11 products in the regulatory markets. The Company has filed 34 patents since inception, which strengthens its intellectual property capability to realise commercial benefits over a period of time.
The Company has a net deferred tax asset of Rs. 234.52 mn as against Rs. 219.40 mn in the previous year. However based on virtual certainty and on conservative basis during the year the Company has recognised deferred tax asset (net) of Rs. 62.00 mn. The Company expects to realise the entire deferred tax asset based on future profitability.
The Company continued its focus on Research and Development and incurred an amount of Rs. 220.46 mn on RandD drug substances. With reference to Clause [ix (a)] of Annexure to Auditors Report, it is clarified that “during the last financial year there were a few instances of slight delay in payment of income taxes and professional tax and steps were taken to ensure that such instances do not recur.”
Aptuit Informatics
Aptuit Informatics is a CMMi Level-3 certified division develops and markets the services best-of-breed, mission-critical information systems to support customers throughout the drug discovery and development continuum. Aptuit Informatics has built Clinicopia Software Suit, industry’s first IT system that enables end-to-end client accessible project management and test data to help streamline and support the entire drug development process, from drug discovery through to commercialization.
Aptuit Informatics has also developed and launched a new software product suit called Clinicopia Connect which provides for building a data mart, data warehouse and web based portal, by connecting and collating data from various clinical supply databases. The Clinicopia Connect portal provides for working with vendors and customer with on-line information exchange.
Outlook
With the regulatory approvals, existing business contracts, established business relationships, the processes developed and under development for several products, patents filed, and the filing of DMFs; the Directors are quite confident that the Company would achieve significant growth in the revenues during 2010-11 and the following years.
Form 8:
|
Corporate identity
number of the company |
U24239AP2005PTC047518 |
|
Name of the
company |
APTUIT LAURUS Private LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, Serene
Chambers, Road No.7, Banjara Hills, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
STATE BANK OF |
|
Nature of
instrument creating charge |
1. Memorandum of
Entry regarding creation of mortgage by deposit of title deed 2. Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit 3. Supplemental
Agreement of loan for increase in the overall limit 4. Supplemental
deed of guarantee for increase in overall limit 5. Letter cum
agreement for precondition of the loans given 6. Omnibus
counter guarantee 7. Agreement cum
Indemnity 8. Letter
regarding grant of individual limits within the overall limit |
|
Date of
instrument Creating the charge |
31/03/2010 |
|
Amount secured by
the charge |
Rs.2333.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1. Term Loan I
& II: SBAR, Present effective interest rate being 11.75% p.a. with
monthly rests 2. CC (Hyp): 0.5%
above SBAR. Present effective rate being 12.25% 3. CC (EPC):As
per extant instructions Terms of
Repayment Working capital
limits on demand Margin Raw Materials -
25% SIP - 25% Finished Goods -
25% Receivables
(Cover:90 Days):25% EPC - 10% FBD (Non LC) -
180 Days LC (Import &
Inland) (Usance: 180 days) - 10% Bank Guarantee -
10% Extent and
Operation of the charge First charge on existing
and future assets of the company for term loan First charge on
all current assets of the company for working capital limits on pari passu
basis with other member banks (SBH & PNB) Second charge on
the all current existing/future fixed assets of the company for working
capital limits on pari passu basis with other member banks (SBH & PNB) Second charge on
all current assets of the company for term loan |
|
Short particulars
of the property charged |
First charge on
existing and future fixed assets of the company for term loan Second charge on
all current assets of the company for term loan First charge on
all current assets of the company for working capital limits on pari passu
basis with SBH and PNB Second charge on
existing and future fixed assets of the company for working capital limits on
pari passu basis with SBH and PNB |
|
Date of
instrument modifying the charge |
08/07/2009 |
|
Particulars of
the present modification |
Working capital limits
enhanced from Rs.455.000 Millions to Rs.572.000 Millions Term loan limits
reduced from Rs.135.00 crores to Rs.1311.800 Millions Pari passu 2nd
charge created on the existing/future fixed assets of the company in favour
of Punjab National Bank, 4-1-427, AGM's Office, |
|
Corporate
identity number of the company |
U24239AP2005PTC047518 |
|
Name of the
company |
APTUIT LAURUS Private LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, Serene
Chambers, Road No.7, Banjara Hills, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
STATE BANK OF |
|
Nature of
instrument creating charge |
1. Memorandum for
recording extension of mortgage by deposit of title deeds 2. Supplemental Agreement
of Hypothecation of Goods and Assets for increase in the overall limit 3. Supplemental
Agreement of Loan for increase in the overall limit 4. Supplemental
Deed of Guarantee for increase in overall limit 5. Letter cum
agreement for precondition of the loans given 6.Omnibus Counter
Guarantee 7. Agreement cum
Indemnity 8. Letter
regarding grant of individual limits within the overall limit |
|
Date of
instrument Creating the charge |
13/10/2010 |
|
Amount secured by
the charge |
Rs.3061.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest TL:4.25% above BR
Present rate is 11.75% pa with monthly rests CC(Hyp) 4.50%
above BR Present rate is 12.00% SLC: 5.25% above BR
Present rate is 12.75% CorpLoan: 6.50%
above BR Present rate is 14.00% Terms of
Repayment Working Capital
limits on demand Repayment of
Corporate Loan: Repayable in 29 monthly instalments commencing from November
2010 Margin Raw Material -
25% SIP - 25% Finished Goods
- 25% Receivable
(Cover:90 days) - 25% EPC - 10% FBD (Non LC) -
180 Days LC (Import and
Inland) (Usance: 180 Days) - 10% Bank Guarantee -
10% Extent and
Operation of the charge First charge on
existing and future fixed assets of the company for term and corporate loans First charge on
all current assets of the company for working capital limits on pari passu
basis with SBH and PNB Second charge on
all existing and future fixed assets of the company for working capital
limits on pari passu basis with SBH and PNB Second charge on
all current assets of the company for term and corporate loans |
|
Short particulars
of the property charged |
First charge on
existing and future fixed assets of the company for term and corporate loans
Second charge on all current assets of the company for term and corporate
loans First charge on all current assets of the company for working capital
limits on pari passu basis with SBH and PNB Second charge on all existing and
future fixed assets of the company for working capital limits on pari passu
basis with SBH and PNB |
|
Date of
instrument modifying the charge |
31/03/2010 |
|
Particulars of
the present modification |
Working capital
limits enhanced from Rs.572.000 Millions to Rs.892.000 Millions Term loan limits
reduced from Rs.1311.800 Millions to Rs.1249.600 Millions Corporate loan
sanctioned for an amount of Rs.150.000 Millions |
Trade References:
- Innovative
Chemical Technologies
- Yen Plas
Private Limited, Andhra Pradesh
- GM
Engineering,
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Computers
- Vehicles
- Goodwill
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.