|
Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
AFFY PHARMA PRIVATE LIMITED |
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Registered
Office : |
G-1/701, Industrial Area, Phase II, Bhiwadi - 301019, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.08.1990 |
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Com. Reg. No.: |
17-005545 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1.500 Millions |
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CIN No.: [Company Identification
No.] |
U24232RJ1990PTC005545 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Formulations. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 380000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has failed to file its financial information with
government department since 2011. As per previous company operation seems to
be normal. Trade relation of company reported as fair. Business is active.
Payment terms are unknown due to absence of financial information. The company can be considered for business dealing 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE3A |
|
Rating Explanation |
Moderate performance capability and high
financial strength. |
|
Date |
11.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Pradip Kumar |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-120-4116861 |
|
Date : |
16.09.2013 |
LOCATIONS
|
Registered Office/ Factory : |
G-1/701, Industrial Area, Phase II, Bhiwadi - 301019, Rajasthan, India
|
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Tel. No.: |
91-120-4102865 |
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Fax No.: |
91-120-3019291 |
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E-Mail : |
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Website : |
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Area : |
600 Sq. Ft. |
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Location : |
Owned |
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Branch Office : |
510-513, |
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Tel. No.: |
91-120-4116861 / 63 / 4102865/ 4297000 |
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Fax No.: |
91-120-3019291 |
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Location : |
Owned |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Arvind Billa |
|
Designation : |
Director |
|
Address : |
N-101, Anupam Apartments, East Arjun Nagar, |
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Date of Birth/Age : |
18.08.1960 |
|
Date of Appointment : |
17.08.1990 |
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DIN No.: |
00148194 |
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Name : |
Mrs. Sangeeta Billa |
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Designation : |
Director |
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Address : |
N-101, Anupam Apartments, East Arjun Nagar, |
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Date of Birth/Age : |
01.04.1962 |
|
Date of Appointment : |
28.10.2001 |
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DIN No.: |
00147714 |
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|
|
|
Name : |
Mr. Piarelal Billa |
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Designation : |
Director |
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Address : |
N-101, Anupam Apartments, East Arjun Nagar, |
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Date of Birth/Age : |
15.06.1935 |
|
Date of Appointment : |
15.07.2005 |
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DIN No.: |
01033903 |
KEY EXECUTIVES
|
Name : |
Mr. Pradip Kumar |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Billa |
|
126050 |
|
Sangeeta Billa |
|
19500 |
|
Piarelal Billa |
|
1500 |
|
Kaushlya Billa |
|
1950 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Formulations. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Financial Institute: |
District Industries Centre S.W.C.A. Baddi (H.P), District Industrial
Centre, S.W.C.A., Baddi-173205, |
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Auditors : |
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|
Name : |
Rajesh Prem and Associates Chartered Accountants |
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Address : |
3E/6, Jhandewalan Extension, |
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Tel. No.: |
91-11-23529703 |
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Mobile No.: |
91-9810771472 |
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E-Mail : |
||
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PAN No.: |
ACZPG4443N |
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Group Companies: |
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Sister Concern : |
Name : |
Mati Link ECS Technology |
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Address : |
Himachal Pradesh |
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Line of Business
: |
Manufacturer of Pharmaceutical Formulations. |
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CAPITAL STRUCTURE
As on: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.500 |
1.500 |
1.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
94.097 |
80.832 |
51.346 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
95.597 |
82.332 |
52.846 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.006 |
33.220 |
23.015 |
|
|
2] Unsecured Loans |
0.006 |
2.241 |
3.909 |
|
|
TOTAL BORROWING |
26.012 |
35.461 |
26.924 |
|
|
DEFERRED TAX LIABILITIES |
0.544 |
0.537 |
0.399 |
|
|
Capital Subsidy |
0.250 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
122.403 |
118.330 |
80.169 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
42.342 |
39.947 |
39.925 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
INVESTMENT |
70.506 |
62.472 |
22.467 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.535
|
38.465
|
32.318 |
|
|
Sundry Debtors |
38.941
|
46.029
|
40.757 |
|
|
Cash & Bank Balances |
2.714
|
6.294
|
3.271 |
|
|
Other Current Assets |
1.601
|
1.602
|
1.602 |
|
|
Loans & Advances |
13.367
|
9.869
|
6.837 |
|
Total
Current Assets |
85.158
|
102.259
|
84.785 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.576
|
69.695
|
54.523 |
|
|
Other Current Liabilities |
14.262
|
10.872
|
8.762 |
|
|
Provisions |
5.765
|
5.781
|
3.723 |
|
Total
Current Liabilities |
75.603
|
86.348
|
67.008 |
|
|
Net Current Assets |
9.555
|
15.911
|
17.777 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
122.403 |
118.330 |
80.169 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
364.946 |
385.713 |
287.122 |
|
|
|
Other Income |
3.365 |
2.320 |
0.032 |
|
|
|
TOTAL |
368.311 |
388.033 |
287.154 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
298.186 |
302.761 |
207.088 |
|
|
|
Administrative Expenses |
53.917 |
48.971 |
47.586 |
|
|
|
TOTAL |
352.103 |
351.732 |
254.674 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
16.208 |
36.301 |
32.480 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.693 |
6.815 |
3.645 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
13.515 |
29.486 |
28.838 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
90.16 |
196.57 |
-- |
|
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
390.000 |
370.000 |
The above information has been parted by Mr. Pradip Kumar
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.67 |
7.60 |
10.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.44 |
9.41 |
11.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.71 |
25.53 |
26.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.44 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27 |
0.44 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.18 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last four years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL RESULTS
During the year the turnover of the company has increased to Rs. 364.945 millions and resulting in a net profit of Rs. 16.207 millions as compared to be the previous year the turnover of Rs. 385.713 millions and profit of Rs. 36.300 millions before tax but after depreciation.
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2011 |
As on 31.03.2010 |
|
Citi Bank (Personal Loan) |
0.000 |
0.044 |
|
Arvind Billa |
0.000 |
0.656 |
|
P. L. Billa |
0.000 |
0.290 |
|
Sangeeta Billa |
0.006 |
0.726 |
|
Arvind Nagpal |
0.000 |
0.034 |
|
Anita Billa |
0.000 |
0.066 |
|
Kaushalaya Billa |
0.000 |
0.425 |
|
|
|
|
|
Total |
0.006 |
2.241 |
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10431411 |
24/05/2013 |
97,800,000.00 |
CITIBANK N.A |
DLF Square, Jacaranda Marg, M Block, DLF City II, |
B77221554 |
|
2 |
10415052 |
12/06/2013 * |
25,000,000.00 |
CITIBANK N.A |
Jeevan Bharti Building, 4th Floor, 124 Connaught Circus,
Connaught Place, New Delhi, Delhi - 110001 |
B77976827 |
|
3 |
10258175 |
21/12/2010 |
19,045,136.00 |
DISTRICT INDUSTRIES CENTRE S.W.C.A. BADDI (H.P.) |
DISTRICT INDUSTRIES CENTRE, S.W.C.A., BADDI, Himachal Pradesh - 173205, INDIA |
B02752897 |
|
4 |
10214171 |
15/03/2010 |
10,000,000.00 |
THE NAINITAL BANK LIMITED |
G B PANT ROADNAINITAL, NAINITAL, UTTARANCHAL, Uttar Pradesh - 263001, INDIA |
A83841296 |
|
5 |
10214168 |
06/02/2012 * |
100,000,000.00 |
THE NAINITAL BANK LIMITED |
G B PANT ROADNAINITAL, NAINITAL, UTTARANCHAL, Uttar Pradesh - 263001, INDIA |
B36219285 |
|
6 |
10190556 |
30/10/2009 |
1,657,000.00 |
THE NAINITAL BANK LIMITED |
G B PANT ROADNAINITAL, NAINITAL, UTTARANCHAL, Uttar Pradesh - 263001, INDIA |
A75358739 |
|
7 |
10107431 |
30/11/2007 |
650,000.00 |
THE NAINITAL BANK LIMITED |
G B PANT ROADNAINITAL, NAINITAL, UTTARANCHAL, Uttar Pradesh - 263001, INDIA |
A28877249 |
|
8 |
10006554 |
25/03/2008 * |
25,000,000.00 |
THE NAINITAL BANK LIMITED |
G B PANT ROADNAINITAL, NAINITAL, UTTARANCHAL, Uttar Pradesh - 263001, INDIA |
A38251740 |
* Date of charge modification
Fixes Assets:
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 :
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. 62.24 |
|
|
1 |
Rs. 99.90 |
|
Euro |
1 |
Rs. 84.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.