MIRA
INFORM REPORT
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Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
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Name : |
AGILA SPECIALTIES PRIVATE LIMITED (w.e.f 02.07.2010) |
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Formerly Known
As : |
STRIDES SPECIALTIES PRIVATE LIMITED (we.f 20.04.2009) QUANTUM LIFE SCIENCES PRIVATE LIMITED |
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Registered
Office : |
“Strides House”, Bilekahalli, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
03.03.2004 |
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Com. Reg. No.: |
08-033503 |
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CIN No.: [Company Identification
No.] |
U02429KA2004PTC033503 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufactures and Markets Pharmaceutical Products Including Penicllin,
Oncology Drugs and Sterile Injectables. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 4800000 |
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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 a subsidiary of Strides Arcolab Limited. It is an
established company having moderate track. Profitability of the company
appears to be under pressure. 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 – 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 DENIED BY
|
Name : |
Mr. Venkatesh |
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Designation : |
Accounts Department |
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Date : |
25.03.2011 |
LOCATIONS
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Registered Office : |
“Strides House”, Bilekahalli, |
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Tel. No.: |
91-80-66580734 |
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Fax No.: |
91-80-66580800 |
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E-Mail : |
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Factory : |
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DIRECTORS
As On 28.05.2010
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Name : |
Mr. Arun Kumar Pillai |
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Designation : |
Director |
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Address : |
E 101, Adarsh Residency, Jayanagar 8th Block, |
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Date of Birth/Age : |
25.03.1961 |
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Date of Appointment : |
03.03.2004 |
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DIN No.: |
00084845 |
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Name : |
Mr. Venkatraman Subramanian Iyer |
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Designation : |
Director |
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Address : |
L-204, Mantri Woodlands, |
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Date of Birth/Age : |
18.03.1957 |
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Date of Appointment : |
31.03.2006 |
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DIN No.: |
00408092 |
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Name : |
Mr. Srinivasan Rangan Thirukandalam |
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Designation : |
Director |
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Address : |
202, II Block, 3rd Main, 5th Cross, Bilekahalli Dollar
Layout, BTM II Stage, Bangalore – 560076, Karnataka, India |
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Date of Birth/Age : |
14.06.1965 |
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Date of Appointment : |
16.03.2009 |
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DIN No.: |
02578755 |
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Name : |
Mr. Mohan Babu |
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Designation : |
Manager |
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Address : |
41/B, Hosahally Handenahally Post, Anekal Taluk, |
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Date of Birth/Age : |
22.07.1971 |
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Date of Appointment : |
26.07.2006 |
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Pan No.: |
ANUPM8158Q |
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Name : |
Rayula Sayisiva Prasad |
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Designation : |
Director |
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Address : |
72, Soubhagya Bhagyanagar Co-op Housing Society, Phase II, Kukatpally,
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Date of Appointment : |
27.10.2005 |
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Name : |
S. Subramanian |
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Designation : |
Resigned as Director |
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Address : |
Flat No. 101, Blue Bells No.48, 3rd Cross, BCC Layout, 1st
State, Vijayanagar, |
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Date of Appointment : |
27.10.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Pratap Rudra Bhuvanagiri |
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Designation : |
Company Secretary |
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Address : |
413, 5th B Main Road, HRBR Layout, 2nd Block,
Kalyan Nagar, |
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Date of Birth/Age : |
27.06.1982 |
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Date of Appointment : |
11.05.2009 |
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Pan No.: |
AWDPP9893R |
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Name : |
Mr. Venkatesh |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.05.2010
|
Names of Shareholders |
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No. of Shares |
|
Strides Arcolab Limited – |
|
12599990 |
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N T Venkatesha |
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5 |
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Kannan N |
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5 |
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Total |
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12600000 |
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Names of Shareholders |
|
No. of Shares |
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Strides Arcolab Limited – |
|
200000 |
As On 28.05.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufactures and Markets Pharmaceutical Products Including Penicllin,
Oncology Drugs and Sterile Injectables. |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2009)
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Particulars |
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Unit |
Installed
Capacity |
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Betalactam Plant
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Capsules and tables |
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Numbers in
Millions |
350.000 |
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Dry powder vials |
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Numbers in
Millions |
20.000 |
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Sterile products
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Ampoules |
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Numbers in
Millions |
48.000 |
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Liquid vials |
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Numbers in
Millions |
48.000 |
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Pre-filled syringes |
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Numbers in
Millions |
7.500 |
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Dry powder vials |
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Numbers in
Millions |
16.000 |
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Sterile
formulations facility |
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Liquid vials |
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Numbers in
Millions |
86.350 |
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Dry powder vials |
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Numbers in
Millions |
54.700 |
Installed Capacities
are as certified by the management and relied upon by the auditors. The
Installed Capacities serve multiple purposed and will vary according to product
mix.
** Not applicable as
the products have been delicensed.
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lakshmy Chandrasekharan Chartered Accountant |
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Address : |
S-616 Manipal Centre, |
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Pan No.: |
AABFP1536H |
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Holding Company : |
CIN: L24230MH1990PLC057062 |
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Subsidiaries : |
CIN:U24231KA2003PTC039016 |
CAPITAL STRUCTURE
As On 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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13000000 |
Equity Shares |
Rs. 10/- each |
Rs. 130.000 Millions |
|
200000 |
0.1% Redeemable Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Total |
|
Rs. 150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
12600000 |
Equity Shares |
Rs. 10/- each |
Rs. 126.000
Millions |
|
200000 |
0.1% Redeemable Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Total |
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Rs. 146.000 Millions |
Note:
Entire share capital is held by – Strides Arcolab
Limited, the Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
146.000 |
146.000 |
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2] Monies Pending Allotment |
|
1000.000 |
0.000 |
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3] Reserves & Surplus |
|
180.000 |
180.000 |
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4] (Accumulated Losses) |
|
(115.820) |
(94.790) |
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NETWORTH |
|
1210.180 |
231.210 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
2287.410 |
0.000 |
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TOTAL BORROWING |
|
2287.410 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
22.240 |
22.240 |
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TOTAL |
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3519.830 |
253.450 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2343.340 |
309.820 |
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Capital work-in-progress |
|
458.450 |
0.000 |
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INVESTMENT |
|
12.750 |
7.600 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
398.460
|
6.130 |
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Sundry Debtors |
|
610.250
|
0.020 |
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Cash & Bank Balances |
|
421.060
|
0.000 |
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Other Current Assets |
|
6.740
|
3.610 |
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Loans & Advances |
|
508.950
|
128.910 |
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Total
Current Assets |
|
1945.450
|
138.680 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
882.850 |
198.580 |
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Other Current Liabilities |
|
308.400
|
0.520 |
|
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Provisions |
|
48.910
|
3.550 |
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Total
Current Liabilities |
|
1240.160
|
202.650 |
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Net Current Assets |
|
705.290
|
(63.970) |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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TOTAL |
|
3519.830 |
253.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
|
104.180 |
96.940 |
|
|
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Other Income |
|
1.400 |
0.000 |
|
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TOTAL (A) |
|
105.580 |
96.940 |
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
|
23.120 |
27.980 |
|
|
|
Increase/Decrease in stock |
|
0.000 |
0.000 |
|
|
|
Personnel Cost |
|
17.370 |
16.000 |
|
|
|
Operating and other expenses |
|
48.520 |
44.950 |
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|
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TOTAL (B) |
|
89.010 |
88.930 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
16.570 |
8.010 |
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Less |
FINANCIAL
EXPENSES (D) |
|
2.560 |
1.840 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
14.010 |
6.170 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
35.030 |
33.700 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
(21.020) |
(27.530) |
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Less |
TAX (I) |
|
0.001 |
0.180 |
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PROFIT AFTER TAX
(G-I) (J) |
|
(21.030) |
(27.710) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(94.790) |
(67.080) |
|
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BALANCE CARRIED
TO THE B/S |
|
(115.820) |
(94.790) |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Deemed Export |
|
51.610 |
9.970 |
|
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TOTAL EARNINGS |
|
51.610 |
9.970 |
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IMPORTS |
|
|
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Raw Materials |
|
10.080 |
13.940 |
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Capital Goods |
|
0.000 |
6.210 |
|
|
TOTAL IMPORTS |
|
10.080 |
20.150 |
|
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Earnings Per
Share (Rs.) |
|
(1.67) |
(2.20) |
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KEY RATIOS
|
PARTICULARS |
|
|
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
|
(19.92) |
(28.58) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(20.18) |
(28.40) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.49) |
(6.14) |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.02) |
(0.12) |
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.91 |
0.88 |
|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
1.57 |
0.68 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors
Rs.
In Millions
|
Particulars |
|
31.12.2009 |
31.12.2008 |
|
Sundry Creditors (include amount due to small and micro industries |
|
882.850 |
198.580 |
Operational
Highlights:
Total revenue of the company stood at Rs. 105.580 Million for the year ended 31.12.2009 as against Rs. 96.940 Million for the previous
year ended 31.12.2008. The company incurred a net loss of Rs. 21.030 Million
during the year.
Contingent
Liabilities:
Estimated amount of
contracts remaining to be executed on capital account and not provided for -
Rs. 213.810 Millions (Previous Year – Rs..Nil)
Bank Guarantee for
Rs.1.000 Million and B 17 Bond amounting to Rs.20.000 Millions favouring the
Commissioner of Customs and Central Excise for removal of goods and capital
items without payment of duty.
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Corporate
identity number of the company |
U02429KA2004PTC033503 |
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Name of the
company |
AGILA SPECIALTIES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
"Strides
House",Bilekahalli, |
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This form is for |
Creation of
charge |
||||||
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
18.12.2010 |
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Amount secured by
the charge |
Rs. 2400.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest as may be stipulated by the Bank from time to time. Terms of
Repayment - Working Capital facility shall be repayable On Demand Margin - As may
be stipulated by the bank from time to time. Extent and
Operation of the charge - Hypothecation by way of Exclusive first charge on
goods and book debts, as described in Column No.15, for the due repayment of
credit facilities, including the
interest/commission, costs charges and
expenses and all other moneys,
whatsoever due owing and payable by the Company to the Bank. |
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Particulars of
the property charged |
All and singular
the Borrower's Stock in Trade comprising of raw materials, semi-finished and
finished goods, stores and spares not relating to the Plant and
Machinery (Consumable Stores and Spares),
Bills Receivable, Book Debts, claims & all monies receivable & all
other movables of the Borrower (excluding such movables as are permitted by
the said Banks from |
Fixed Assets:
- Leasehold
land
- Building
- Furniture and
fixtures
- Office equipment
and computers
- Plant and
machinery
- Motor vehicle
- Registrations
and brands
- Software
licenses
PRESS RELEASE
STRIDES
SPECIALTIES REBRANDED AS AGILA SPECIALTIES
•
New name reflective of Strides’ focus on specialties
• Venkat
Iyer appointed as Chief Executive Officer
Strides Arcolab
Limited (Strides) today announced that its Specialties division, Strides
Specialties Private Limited which was spun off as a separate division post the
restructuring announced in 2009, will now be known as Agila Specialties Private
Limited. It will continue to function as a wholly owned subsidiary of Strides
Arcolab Limited (BSE: 532531, NSE: STAR). The name Agila reflects the brand
ethos of Strides’ specialised product offering which is smart, agile,
determined and pragmatic.
Concurrent with
this announcement, Strides also announced the appointment of Venkat Iyer as
Chief Executive Officer of Agila Specialties. Venkat has been with Strides for
11 years and in the healthcare industry for 28 years. Earlier this year he was
inducted onto the Board of Strides Arcolab Limited as an Executive Director
“Against the rapid
growth of our Specialties division and the increasing role it is playing in our
Company’s growth, we felt the need for a new identity that will reflect our
position in this dynamic and challenging segment of the healthcare industry,”
said Arun Kumar, Vice Chairman and Group CEO, Strides Arcolab Limited. “The new
identity also communicates our seriousness and intent to be a steriles
powerhouse. I have no doubt that under Venkat’s leadership, Agila will only
grow in stature and reputation.”
With a world class
sterile injectables platform, robust product pipeline and record regulatory
filings, hi-tech manufacturing capacities across countries, an impeccable
record of quality and marquee customers and partners across the healthcare
industry, Agila Specialties is well positioned to build a distinct identity for
itself in the industry. Strategic partnerships with the big pharma, continuing
licensing income and new product launches in regulated markets have been key
growth drivers for the Company.
“I am delighted to
assume leadership of Agila Specialties at a very exciting stage in our growth,”
said Venkat Iyer. “Our focus on key domains has given us a competitive
advantage in the industry, validated by the recent partnerships we have entered
into with GSK and Pfizer. We will consolidate and build on our domain portfolio
while exploring opportunities for more partnerships against the background of
growing convergence in the industry.”
Agila Specialties
will operate from 7 world-class global manufacturing facilities, including one
of the largest steriles capacity in
Agila Specialties
is in the process of rolling out its new brand identity across the globe. While
the Company will share some common administrative resources with the Strides
Group, all employees of the erstwhile Strides Specialties division will now be
employees of Agila Specialties.
About Strides Arcolab Limited:
Strides Arcolab, listed
on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of
India Limited (STAR), is a global pharmaceutical company headquartered in
Bangalore, India that develops and manufactures a wide range of IP-led niche
pharmaceutical products with an emphasis on sterile injectables.
The company has 14
manufacturing facilities across 6 countries with presence in more than 75
countries in developed and emerging markets. Manufacturing is ably supported by
a 350- scientist strong global R and D Centre located in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.