1. Summary Information
|
|
|
Country |
|
|
Company Name |
RFCL LIMITED |
Principal Name 1 |
Mr. Sushil Mehta |
|
Status |
Good |
Principal Name 2 |
Mr. Rajeev Bakshi |
|
|
|
Registration # |
55-175849 |
|
Street Address |
A-3, Okhala
Industrial Area, Phase1, New Delhi-110020, |
||
|
Established Date |
22.01.1991 |
SIC Code |
-- |
|
Telephone# |
91-11-42395700/702
/ 41609171-75 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-41609189 /
26813676 |
Business Style 2 |
Chemicals |
|
Homepage |
Product Name 1 |
Reagents |
|
|
# of employees |
300 |
Product Name 2 |
Fine chemicals |
|
Paid up capital |
Rs. 71,863,000 Millions |
Product Name 3 |
|
|
Shareholders |
Venture capital
- 54.51% Foreign holdings - 38.10% Directors or
relatives of Directors - 2.33% Other - 5.06% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
19 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries
: |
-- |
|
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,011,812,000 |
Current Liabilities |
551,111,000 |
|
Inventories |
455,403,000 |
Long-term Liabilities |
642,056,000 |
|
Fixed Assets |
298,133,000 |
Other Liabilities |
0 |
|
Deferred Assets |
21,424,000 |
Total Liabilities |
1,193,167,000 |
|
Invest& other Assets |
158,154,000 |
Retained Earnings |
679,896,000 |
|
|
|
Net Worth |
751,759,000 |
|
Total Assets |
1,944,926,000 |
Total Liab. & Equity |
1,944,926,000 |
|
Total Assets (Previous Year) |
1,739,378,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
2,375,498,000 |
Net Profit |
11,433,000 |
|
Sales(Previous yr) |
2,508,929,000 |
Net Profit(Prev.yr) |
143,079,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
RFCL LIMITED
(w.e.f 17.11.2006) |
|
|
|
|
Formerly Known As : |
RANBAXY FINE
CHEMICALS LIMITED |
|
|
|
|
Registered Office : |
A-3, Okhala Industrial Area, Phase1, New Delhi-110020, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
22.01.1991 |
|
|
|
|
Com. Reg. No.: |
55-175849 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24209DL1991PLC175849 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PTLR11106E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCR7314N |
|
|
|
|
Legal Form : |
A Closely held
Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of
chemicals, reagents and fine chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The company’s
entire shares has been brought by The Western India Trustee and Executor
Company Limited [India Advantage Fund – I] acting through its Fund Manager ICICI
venture Funds Management Company Limited. Trade relations are fair. Financial
position is satisfactory. Payments are usually correct and as per
commitments. The company is
doing well. It can be
considered good for normal 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
|
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. Ashok Jain |
|
Designation : |
Vice President and Finance and Legal |
|
Date : |
16.03.2011 |
LOCATIONS
|
Registered Office/ Factory : |
A-3, Okhala Industrial Area, Phase1, New Delhi-110020, |
|
Tel. No.: |
91-11-42395700/702 / 41609171-75 |
|
Fax No.: |
91-11-41609189 / 26813676 |
|
E-Mail : |
|
|
Website : |
http://www.rfcl.in |
|
|
|
|
Branches : |
Locate at:
|
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Sushil Mehta |
|
Designation : |
Managing director |
|
Address : |
MA-1/6-2A, Garden Estate, DLF Phase-3, Gurgaon-122001, |
|
Date of Birth/Age : |
09.03.1957 |
|
Qualification : |
Postgraduate in Microbiology |
|
Date of Appointment : |
06.12.2005 |
|
DIN No. : |
01010831 |
|
|
|
|
Name : |
Mr. Rajeev Bakshi |
|
Designation : |
Director |
|
Address : |
3, Club drive, Ghitorni, New Delhi-110030, |
|
Date of Birth/Age : |
07.05.1957 |
|
Qualification : |
Bachelor’s degree in Economics |
|
Date of Appointment : |
30.06.2008 |
|
Date of cessation : |
29.04.2010 |
|
DIN No. : |
00044621 |
|
|
|
|
Name : |
Mr. Rajiv Sarman Shukla |
|
Designation : |
Director |
|
Address : |
B-1101, Prathamesh Residency, |
|
Date of Birth/Age : |
21.12.1974 |
|
Qualification : |
Master’s degree in Healthcare Management |
|
Date of Appointment : |
30.06.2008 |
|
Date of cessation : |
16.02.2010 |
|
DIN No. : |
02143904 |
|
|
|
|
Name : |
Mr. Prafull Chandra Dhiraj Lal Sheth |
|
Designation : |
Director |
|
Address : |
E-256, 1ST Floor , G.K.- I, New Delhi-110048, |
|
Date of Birth/Age : |
08.02.1939 |
|
Qualification : |
Bachelor Degree in Chemistry |
|
Date of Appointment : |
27.07.2007 |
|
DIN No. : |
00184581 |
|
|
|
|
Name : |
Mrs. Beena Mukesh Chotai |
|
Designation : |
Director |
|
Address : |
102, West Block , R.J. gardens Apartment,
Eswara Layout, Bangalore-560038, |
|
Date of Birth/Age : |
28.05.1968 |
|
Date of Appointment : |
01.12.2007 |
|
Date of cessation : |
05.10.2009 |
|
DIN No. : |
00177773 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chopra |
|
Designation : |
Director |
|
Address : |
174 Venus Apartments, Cuffe Parde,
Mumbai-400005, |
|
Date of Birth/Age : |
06.03.1948 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
30.06.2008 |
|
DIN No. : |
02103940 |
|
|
|
|
Name : |
Mr. Sumant Kasliwal |
|
Designation : |
Director |
|
Address : |
801-B, |
|
Date of Birth/Age : |
01.10.1975 |
|
Date of Appointment : |
30.06.2010 |
|
DIN No. : |
01669708 |
|
|
|
|
Name : |
Mr. Prashant Purker |
|
Designation : |
Director |
|
Address : |
05.07.1962 |
|
Date of Birth/Age : |
1-C-1, Llyod’s Garden, Appa Saheb Marathe Marg, Prabhadevi, Mumbai –
400058, |
|
Date of Appointment : |
30.06.2010 |
|
DIN No. : |
00082481 |
|
|
|
|
Name : |
Mr. Vyas Anand |
|
Designation : |
Director |
|
Address : |
301, West Wind, |
|
Date of Birth/Age : |
29.05.1973 |
|
Date of Appointment : |
05.03.2010 |
|
Date of cessation : |
30.06.2010 |
|
DIN No. : |
00152769 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Kumar Jain |
|
Designation : |
Company Secretary |
|
Address : |
K- 298 Sarita Vihar, New Delhi-110076, |
|
Date of Birth/Age : |
02.07.1966 |
|
Date of Appointment : |
01.12.2006 |
|
Pan No.: |
ADIPJ8199G |
|
|
|
|
Name : |
Mr. Ashok Jain |
|
Designation : |
Vice President and Finance and Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
IDBI Trusteeship Services Limited ( |
|
3894146 |
|
Dynamic |
|
1906364 |
|
Rainbow Trust |
|
22106 |
|
Sushil Mehta |
|
167712 |
|
Veena Kohli |
|
83856 |
|
K.S. Vijay kumar |
|
83854 |
|
Anand Sonbhadra |
|
55903 |
|
R. Govindan |
|
55903 |
|
Rajeev Janeshwar Gautam |
|
27951 |
|
Nandlal Choudhary |
|
27951 |
|
Ashok Kumar Jain |
|
27952 |
|
GLG Emerging Markets Special Situation Fund – |
|
832613 |
|
Total |
|
7186311 |
As on 29.09.2010
|
Category |
Percentage |
|
Venture capital |
54.51 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
38.10 |
|
Directors or relatives of Directors |
2.33 |
|
Other |
5.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
chemicals, reagents and fine chemicals. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
300 (40 – In Office
+ 260 – In Factory) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
7th |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
Website: |
|
|
DIN No. : |
AABFD0295B |
|
|
|
|
Holding Entity : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Share |
Rs.10/- Each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7186311 |
Equity Share |
Rs.10/- Each |
Rs. 71.863
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
71.863 |
65.745 |
65.745 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
679.896 |
555.885 |
1174.299 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
751.759 |
621.630 |
1240.044 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
642.056 |
722.139 |
927.669 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
642.056 |
722.139 |
927.669 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
9.387 |
|
|
|
|
|
|
|
|
TOTAL |
1393.815 |
1343.769 |
2177.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
298.133 |
228.996 |
715.184 |
|
|
Capital work-in-progress |
41.655 |
65.133 |
134.470 |
|
|
|
|
|
|
|
|
INVESTMENT |
116.499 |
0.500 |
114.019 |
|
|
DEFERREX TAX ASSETS |
21.424 |
6.252 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
455.403
|
535.521
|
575.209 |
|
|
Sundry Debtors |
591.138
|
545.102
|
620.696 |
|
|
Cash & Bank Balances |
229.573
|
165.219
|
466.875 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
191.101
|
192.655
|
184.852 |
|
Total
Current Assets |
1467.215
|
1438.497
|
1847.632 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
454.550
|
331.440
|
560.763 |
|
|
Current Liabilities |
74.514
|
42.685
|
49.174 |
|
|
Provisions |
22.047
|
21.484
|
24.268 |
|
Total
Current Liabilities |
551.111
|
395.609
|
634.205 |
|
|
Net Current Assets |
916.104
|
1042.888
|
1213.427 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1393.815 |
1343.769 |
2177.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2375.498 |
2508.929 |
2702.599 |
|
|
|
Other Income |
47.563 |
16.317 |
62.098 |
|
|
|
TOTAL (A) |
2423.061 |
2525.246 |
2764.697 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
1609.538 |
1504.051 |
1633.657 |
|
|
|
Personnel Costs |
226.980 |
226.137 |
252.981 |
|
|
|
Manufacturing, administration and other expenses |
389.242 |
414.173 |
421.679 |
|
|
|
TOTAL (B) |
2225.760 |
2144.361 |
2308.317 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
197.301 |
380.885 |
456.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.336 |
89.162 |
35.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.965 |
291.723 |
421.024 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.854 |
68.943 |
100.948 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.111 |
222.780 |
320.076 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.678 |
79.701 |
120.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
11.433 |
143.079 |
200.023 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
472.374 |
329.295 |
130.138 |
|
|
|
|
|
|
|
|
|
|
Retirement
benefit transitional liability |
0.000 |
0.000 |
0.866 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
483.807 |
472.374 |
329.295 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
52.714 |
75.198 |
63.796 |
|
|
|
Agency Commission |
56.951 |
27.793 |
18.594 |
|
|
|
Other Earnings |
0.000 |
16.000 |
10.327 |
|
|
TOTAL EARNINGS |
109.665 |
118.991 |
92.717 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
268.420 |
220.895 |
89.679 |
|
|
|
Finished Goods |
535.740 |
468.727 |
426.390 |
|
|
|
Capital Goods |
0.000 |
3.087 |
14.685 |
|
|
TOTAL IMPORTS |
804.160 |
692.709 |
530.754 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
1.74 |
21.74 |
30.75 |
|
|
|
- Diluted |
1.74 |
20.79 |
29.34 |
|
Expected Sales (2010-2011) : Rs. 2500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.47 |
5.67 |
7.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.68 |
9.01 |
11.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.91 |
13.36 |
12.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.36 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59 |
1.80 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66 |
3.64 |
2.91 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered Office of
the company has been shifted from Village Gangguwala Paonta Sahib,
Sirmour-173025,
BACKGROUND
Subject was
incorporated on 22.01.1991 in the name of Ranbaxy Bio Chemicals Limited. The
name of the Company was changed to Ranbaxy Fine Chemicals Limited on 26.02.1996
and further to RFCL Limited on 17.11.2006. Pursuant to a business purchase
agreement entered into with Ranbaxy Laboratories Limited on 30.09.2005, the
Animal Health Care and Diagnostic Business Divisions were taken over by the
Company as a going concern on a slump sale basis with effect from 30.11.2005.
Pursuant to the
Composite scheme of Arrangement, Amalgamation and Reconstruction under Section
391 to 394 of the Companies Act,1956 between the Company, Vetnex Animal Health
Limited (VAHL) and Alved Pharma and Foods Private Limited, the entire Vetnex
Division of the Company is de-merged and stands transferred and vests in VAHL
with effect from April 1, 2008.
Operations
The Company recorded
a sales of Rs 2423.000 millions as against Rs 2525.000 millions in the previous
year. The dip in revenue was owing to unforeseen and dramatic price movements
with regards to the realization price in Acetonitrile products. Acetonitrile
products prices rose unusually high as a global phenomenon and similarly
dropped back to pre rise levels in FY 10 .The Company carried high cost
inventory and lost margins in selling dealing with the same.
Therefore the
Company's PBJDT is down to Rs 197.000 Millions as against Rs 381.000 Millions of previous year. The PAT also got
affected substantially and is at Rs 11.000 Millions against Rs 143.000 Millions of previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24209DL1991PLC175849 |
|
Name of the
company |
RFCL LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-3, Okhala Industrial Area, Phase1, New Delhi-110020, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
ICICI Bank
Limited – Email ID: shanthi.venkatesan@icicibank.com |
|
Date of
instrument Creating the charge |
03.11.2010 |
|
Amount secured by
the charge |
Rs. 260.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As on date
"I-base" is 7.75% and Spread is 3.50%p.a. at monthly rests Terms of
Repayment - repayable in 20 equal quarterly installments commencing from
31.12.2011 Extent and
Operation of the charge – A First charge by
Hypothecation in favour of the Lender of all the Borrower's movables
including movable machinery spares, tools and accessories , movable fixed
assets present and Future. |
|
Short particulars
of the property charged |
A First charge by
Hypothecation in favour of the Lender of all the Borrower's movables
including movable machinery spares, tools and accessories , movable fixed
assets present and Future. |
Fixed Assets
- Land
- Leasehold
Improvements
- Plant and
Machinery:
- Factory Plant
and Machinery
- Computer and
Software
- Office
equipment
- Furniture and
Fixtures
- Vehicles
Trade References:
o
Dr. Reddy
o
Ranbaxy
AS PER WEB DETAILS
OVERVIEW
Subject, is owned by ICICI Venture Funds Management Company Limited, and is managed by a highly dynamic group of professionals with focus on 2 strategic business units, RANKEM and DIAGNOVA. RFCL has recorded a CAGR of more than 25% in sales revenue for the last 3 years. Guided by its philosophy of becoming a globally respected company in the field of Life Sciences and Laboratory Solutions, Subject aims to inculcate a value system which places the customer interest as the foremost, fosters integrity and mutually beneficial relations with all its business partners, provides a challenging environment which encourages learning and innovation, and empowers its people to deliver exceptional customer value.
About ICICI
Venture
ICICI Venture’s primary investment objective is capital investment
through investments by way of equity or equity-related securities in unlisted
companies with significant growth potential. ICICI Venture is
Key Milestones
September 2005
Project
October 2005
Development of new identity for corporate and SBUs is initiated
December 2005
Unveiling of the identity of Diagnova, the SBU for in vitro Diagnostics
at Synapse ’05, the first All India Distributors’ Meet held by any diagnostic
company in
January 2006
• Launch of “Time to consolidate”, an HR endeavor to channelize fresh
thought processes and build teamwork across the company
• Harmony ’06 – All of RFCL, panning the four SBUs came together for the
first time in
• Concurrently held the First All India CFA Partners’ Meet – Fulcrum
2006 and the All India Manufacturing Partners Meet – Synergy 2006
February 2006
• Announcement of the Core Team for RFCL
• Launch of DIAGCARE – The Customer Support Program of Diagnova with the
aim to “Strive for Perfection…On Time, All the Time”
• Launched the “Biosecurity Program”, an initiative of Vetnex Poultry
Division to combat the Avian Influenza
• Exports initiative showcased RFCL and the four SBUs – Diagnova, Rankem,
Vetnex and Neosynth at Arab Lab – the international exhibition in
March 2006
• Launch of i-BEAMS – The Infrastructure and Business Enabling
Architecture and Modeling Solutions
• Launch of Project PLANT – the indigenous manufacturing facility project in
Haridwar for Diagnostics and Animal Healthcare products
• Embraced employment engagement philosophy, achieved 70th percentile on
engagement and 81% on overall satisfaction in a world wide data base of 7.2 m
employees across 537 organisations located in 105 countries
April 2006
• Symbiosis – the 2nd All India Stockists’ Meet of Rankem, showcased its
launch as an SBU of RFCL
May 2006
• Sprint 2010 laid down the Visions, Values and Targets for RFCL to
sprint towards
• Fusion 2006, First All India Distributors’ Meet marked the launch of
former Ranbaxy Animal Healthcare as Vetnex. First event of its kind witnessed
by Veterinary industry
• Launch of Capsola Gold and Ceftivet to Distributors and Media
sensitization to poultry journals at Fusion 2006
• Launch of well-equipped packaging development and testing lab to provide
international packaging for their products
July 2006
• Biospectrum Magazine showcases RFCL and its SBUs along with Core
Management
August 2006
• Launch of Avatec as a mark of their successful strategic alliance with
Alpharma during the international exhibition ILDEX 2006 at
• Launch of Eclectica Wet Lab by Diagnova at RFCL Headquarters
• Catalyst - The first newsletter aimed at internal communication is
launched
October 2006
• Time to Consolidate, a company wide outdoor activity based
motivational, team building endeavor covers over 500 employees and associates
• Program MPower launched to promote operational excellence and empower
second line management at RFCL
• Vetnex launches nationwide “Vetnex Learning Program” a continued education
program through technical seminars for veterinarians
November 2006
• Rankem networks at Analytica Anacon 2006 and showcases new products
and services
• Launch of Neosynth’s Process Development and Analytical labs
December 2006
• December 1, 2006: Ranbaxy Fine Chemicals Limited formally becomes RFCL
Limited and this day is committed as the RFCL Day
• A Day to cherish their Achievements and Rededicate theirselves to a
Better Future as they celebrate RFCL Day
BUSINESS PROFILE:
Subject has a diversified business presence spanned across many
verticals of Laboratory Solutions, Chemical Research and Veterinary care which
are primarily divided into two strategic business units, RANKEM and DIAGNOVA. These separate entities utilize the collaborated
expertise to focus on providing comprehensive solutions and services to the
each industry segment they cater.
Rankem –
Scientific Laboratory Solutions
Rankem is a leading manufacturer and supplier ofpremium quality
Laboratory Reagents, Laboratory Consumable and Custom synthesized advanced
intermediates, catering to the growing and varying needs of customers by
expanding product portfolio into:
- Laboratory
Chemicals and Organic Chemicals
- Filtration
and Chromatography Consumables
- Pharmacopoeial
- Certified
Reference Materials
- Glassware and
Plasticware Products
- Molecular
Biology Reagents
- Dehydrated
Culture Media
Diagnova –
Inegrating Biomedical and Life-sciences Solutions
Diagnova offers quality products and services under Immunochemistry,
Routine Chemistry, Hematology, Microbiology, Endoscopy and Critical Care and tools
for Life sciences research to over 6000 customers across Clinical Laboratories,
BOARD OF DIRECTOR
Mr. Sushil Mehta
Sushil has a total of 30 years of experience
in Life Sciences Business. At RFCL, he spearheads 2 key business areas; the
Scientific Laboratory Solutions business (Rankem) and the Biomedical Solutions
business (Diagnova). RFCL, which is owned by ICICI Ventures, is aspiring to
become a leading player in the Life Sciences and Lab Solutions Business.
Sushil has worked with leading MNCs such as Glaxo and Becton Dickinson (BD) and
is currently leading RFCL as Managing Director and CEO.
Sushil is a Postgraduate in Microbiology from
Mr. Prafull D.
Sheth
Mr. Prafull D. Sheth retired as Executive Vice President, Global
Manufacturing, Ranbaxy Laboratories Limited after spending more than 3 decades.
He served as an Executive Director on the Board for more than 5 years before
his retirement.
Mr. Sheth is currently Board Member, International Pharmaceutical Federation
(FIP) and also on the Board of Directors of Unichem Laboratories and Medicine
Shoppe.
Mr. Sheth is also serving as a Vice President, Federation of Asian
Pharmaceutical Association,
He holds a Bachelor Degree in Chemistry from
Mr. V. K. Chopra
Mr. V.K. Chopra, a Chartered Accountant has had a very distinguished
career spanning nearly 4 decades in banking, financial institutions and as a
regulator.
His last assignment was as Whole Time Member with Securities and Exchange Board
of India. Prior to this he was Chairman and Managing Director of Corporation
Bank, SIDBI as also
He also worked as Executive Director of Oriental Bank of Commerce for a period
of three years. Prior to this he had a long association of almost three decades
with Central Bank of
During his tenure with all these institutions, he was able to steer them to
greater heights. Further during his tenure as CMD of Corporation Bank, the bank
was adjudged as the "Best Public Sector Bank" in Business India
survey.
He was also on the Board of Indo Zambia Bank at
Mr. Prashant
Purker
Prior to joining ICICI Venture, Prashant has over 21 years of experience
in Global Markets. Prior to ICICI Venture, Prashant’s most recent job was with
Nomura
Prashant has a Bachelor’s degree in Engineering from Indian Institute of
Technology,
Mr. Sumant
Kasliwal
Sumant Kasliwal has over 10 years of experience across Private Equity
investments, Consulting and Media. Sumant joined ICICI Venture in 2008 and
focuses on investments in the Consumer and Media and Entertainment space.
Sumant has held multiple leadership and operating roles at STAR
Sumant is a Chartered Accountant and began his professional career with Arthur
Andersen.
PRESS
RELEASE:
Avantor™
Performance Materials Completes Acquisition of RFCL Limited, a Leader in
Laboratory, Electronic Materials and Medical Diagnostics Markets in
Acquisition represents significant investment to support
growth in India
Avantor identified RFCL as an attractive target to build on its current
presence in the laboratory and pharmaceutical markets in
Headquartered in
“We see significant growth opportunities resulting from the combined
resources of Avantor and RFCL, and we believe that both Avantor and
“This acquisition will enable RFCL to take advantage of new
opportunities,” said Prashant Purker, Executive Director at ICICI Venture.
“This type of outcome is consistent with ICICI Venture’s way of investing,
where we create value for all stakeholders. With this transaction, we have
affected a complete exit from our investment in RFCL.”
“We look forward to working with the RFCL leadership team to capture the
full potential from this combination,” said Jean-Marc Gilson, President and CEO
of Avantor. “We believe that RCFL is the perfect partner for us as we expand
our presence in this region and provide solutions for global customers in the
laboratory, pharmaceutical and electronic materials industries.”
Matt Holt, Managing Director at New Mountain Capital, said, “As Avantor
continues to significantly expand its global presence, this acquisition in
particular represents an important, strategic step in becoming a leading global
supplier of performance chemistries. We look forward to supporting the effort
to build the combined business.”
Lazard India Private Limited acted as the sole financial advisor to
Avantor and New Mountain Capital. Fried, Frank, Harris, Shriver & Jacobson
LLP and AZB & Partners acted as legal advisors to Avantor and New Mountain
Capital.
N M Rothschild and Sons (
About Avantor™ Performance Materials – formerly Mallinckrodt Baker
Avantor Performance Materials, formerly Mallinckrodt Baker, manufactures
and markets high-performance chemistries and materials around the world under
two well-known and respected brand names, J.T.Baker® and Macron™ (formerly
Mallinckrodt® Chemicals). These products are widely used in biotechnology and
pharmaceutical production; in the manufacturing of semiconductors, flat panel
displays and photovoltaic cells; and in research, academic and quality control
laboratories. Based in
N M Rothschild and Sons (
About Avantor™ Performance Materials – formerly Mallinckrodt Baker
Avantor Performance Materials, formerly Mallinckrodt Baker, manufactures
and markets high-performance chemistries and materials around the world under
two well-known and respected brand names, J.T.Baker® and Macron™ (formerly
Mallinckrodt® Chemicals). These products are widely used in biotechnology and
pharmaceutical production; in the manufacturing of semiconductors, flat panel
displays and photovoltaic cells; and in research, academic and quality control
laboratories. Based in
About RFCL Limited
RFCL Limited covers the expanse of Life Sciences industries including
pharmaceuticals, biotechnology, R&D laboratories, life sciences, in vitro diagnostic
facilities in clinical labs and hospitals through its two Strategic Business
Units: Rankem and Diagnova. RFCL has evolved its corporate philosophy around
Science, Solutions and Life. This philosophy is the foundation for RFCL’s
vision: “Leveraging Science To Provide Solutions for a Better Life.” RFCL has
approximately $50 million in annual sales.
About New Mountain Capital
New Mountain Capital is a New York-based private equity firm investing
for long-term capital appreciation through direct investment in growth equity
transactions, leveraged acquisitions, and management buyouts. The firm
currently manages private and public equity funds with approximately $9.0
billion in aggregate capital commitments. New Mountain Capital seeks out the
highest-quality growth leaders in carefully selected industry sectors and then
works intensively with management to build the value of these companies.
About ICICI Venture
ICICI Venture is one of the largest private equity firms 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 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 :
Their
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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.