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Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
AJANTA PHARMA PHILS. INC. |
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Registered Office : |
710 AXA Life Center, Sen. Gil Puyat Ave. Corner Tindalo St., San Antonio Village, Makati City 1200 |
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Country : |
Philippines |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
11.04.2008 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Manufacturer, Import, Sell of Pharmaceutical Products. |
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No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
PHILIPPINES - ECONOMIC OVERVIEW
The economy has weathered global
economic and financial downturns better than its regional peers due to minimal
exposure to troubled international securities, lower dependence on exports,
relatively resilient domestic consumption, large remittances from four- to
five-million overseas Filipino workers, and a rapidly expanding business
process outsourcing industry. The current account balance had recorded
consecutive surpluses since 2003; international reserves are at record highs;
the banking system is stable; and the stock market was Asia's second
best-performer in 2012. Efforts to improve tax administration and expenditure
management have helped ease the Philippines' tight fiscal situation and reduce
high debt levels. The Philippines has received several credit rating upgrades
on its sovereign debt, and has had little difficulty tapping domestic and
international markets to finance its deficits. Economic growth in the
Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration, but
poverty worsened during her term. Growth has accelerated under the AQUINO
government, but with limited progress thus far in bringing down unemployment,
which hovers around 7%, and improving the quality of jobs. Underemployment is
nearly 20% and more than 40% of the employed are estimated to be working in the
informal sector. The AQUINO administration has been working to boost the
budgets for education, health, cash transfers to the poor, and other social
spending programs, and is relying on the private sector to help fund major
infrastructure projects under its Public-Private Partnership program. Long term
challenges include reforming governance and the judicial system, building
infrastructure, improving regulatory predictability, and the ease of doing
business, attracting higher levels of local and foreign investments. The
Philippine Constitution and the other laws continue to restrict foreign
ownership in important activities/sectors (such as land ownership and public
utilities).
|
Source
: CIA |
Company: AJANTA PHARMA PHILS. INC.
Address: 710 AXA Life Center, Sen.
Gil Puyat Ave. Corner Tindalo St., San Antonio Village, Makati City
1200
Country: PHILIPPINES
Service Type: Normal
We conducted research and investigation on AJANTA PHARMA
PHILS. INC. and showed the following, viz:
VERIFICATION
WITH SECURITIES & EXCHANGE COMMISSION (SEC): AJANTA PHARMA PHILS. INC.
Legal Entity
- PRIVATE CORPORATION
Certificate No.
: CS200805544
Date : April 11, 2008
Term : Fifty (50) years
Corporate Tax No.
: 007-011-901
Address : Unit 710 AXA Life Centre, 1280 Sen. Gil
J. Puyat Avenue corner Tindalo St., Brgy. San Antonio, Makati City
(Note: Currency in
Philipine Peso, unless otherwise specified)
(As of 2013)
Authorized Capital Stock - 8,200,000. –
82,000 Common Shares
Amount Subscribed &
Fully Paid Up - 8,200,000.
Par value per share - 100.
Manufacture, Import, Sell of pharmaceutical products.
Ajanta Pharma Ltd., Ajanta House, 98 Government
Industrial Area, Charkop, Kadivli
(West), Mumbai, India.
(As of 2013)
|
Name |
Position |
Subscribed &
Paid Up |
|
Rajesh Mannalal Agrawal |
Vice President/Director |
100. |
|
Yagesh Mannalal Agrawal |
President & Chairman |
100. |
|
Sam S. Gioskos |
Treasurer/Director |
100. |
|
Machere Gioskos |
Director |
100. |
|
Ruby Rose J. Yusi |
Secretary/Director |
100. |
|
Joselito M. Bautista |
Assistant Secretary |
NIL |
|
Ajanta Pharma Ltd. |
NIL |
8,199,500. |
|
|
Total Amount |
8,200,000. vvvvvvvvvv |
As gathered, subject’s parent company, AJANTA PHARMA LTD. Is a special
pharmaceutical company engaged in the development,
manufacture & marketing of quality finished dosages. Established in 1973 with Headquarters in Mumbai, India. It
has 3 subsidiaries located in Mauretius, Philippines, & USA.
Subject firm currently market seveal unique fixed dosage combination for
the treatment of allergic Rhinitis, Type 2 Diabetic Acid related disorder,
hypertension & BPH, as well as, market branded generics for treatment of
COPA/Asthma & Dyslipadermia.
Website : www.ajantapharma.com.ph
Email : inquiry@ajantapharma.com.ph
(Audited
Financial Statement for years 2012, 2011, & 2010, as compiled)
Balance Sheet
|
ASSETS |
|||
|
Current Assets |
2012 |
2011 |
2010 |
|
Cash |
24,663,210. |
10,675,444. |
2,450,846. |
|
Trade and Other Receivables |
91,180,808. |
46,886,359. |
18,627,619. |
|
Inventories |
35,711,607. |
15,143,435. |
13,163,705. |
|
Prepayments & Other Current Assets |
697,506. |
305,491. |
1,775,021. |
|
Total
Current Assets |
152,253,131. |
73,010,729. |
36,017,191. |
|
Non-Current Assets |
|
|
|
|
Property
and Equipment, Net |
10,503,399. |
9,349,891. |
6,813,185. |
|
Deferred Tax Assets |
77,355. |
6,128,825. |
7,914,930. |
|
Total
Non-Current Assets |
10.580,754. |
15,478,696. |
14,728,115. |
|
Total
Assets |
162,833,885. vvvvvvvvvvvvvv |
88,489,425. vvvvvvvvvvvvv |
50,745,306. vvvvvvvvvvvvvv |
|
LIABILITIES AND EQUITY |
|||
|
Current Liabilities |
|
|
|
|
Account Payable & Accrued Liabilities |
82,253,496. |
41,036,257. |
21,807,261. |
|
Long Term Obligation under Finance/Lease –
Current Portion |
2,756,979. |
1,792,601. |
1,060,281. |
|
Advances from Stockholder & Related
Party –
Current Portion |
15,000,000. |
NIL |
NIL |
|
Income Tax Payable |
NIL |
497,121. |
NIL |
|
Total
Current Liabilities |
100,010,475. |
43,325,982. |
22,867,542. |
|
Non- Current Liabilities |
|
|
|
|
Long Term Obligation under Finance/Lease –
Non Current Portion |
6,819,134. |
6,091,172. |
4,552,339. |
|
Advances from Stockholder & Related
Party –
Non Current Portion |
31,509,199. |
46,759,122. |
33,579,372. |
|
Total
Non-Current Liabilities |
38,328,333. |
52,850,294. |
38,131,711. |
|
Equity |
|
|
|
|
Capital Stock |
8,200,000. |
8,200,000. |
8,200,000. |
|
Retained Earnings (Deficit) Appropriated |
15,000,000. |
|
(18,453,947.) |
|
Retained Earnings (Deficit) Unappropriated
|
1,295,077. |
( 15,886,852.) |
NIL |
|
Total
Equity |
24,495,077. |
7,686,851. |
( 10,253,047.) |
|
Total
Liabilities and Equity |
162,833,885. vvvvvvvvvvvvv |
88,489,425. vvvvvvvvvvvvv |
50,745,306. vvvvvvvvvvvvv |
INCOME STATEMENT
|
|
2012 |
2011 |
2010 |
|
Sales |
270,688,583. |
141,273,188. |
40,314,834. |
|
Gross
Profit |
172,612,958. |
81,746,126. |
23,810,542. |
|
Selling & Marketing Expenses |
( 90,418,213.) |
( 63,894,365.) |
( 27,744,752.) |
|
General & Administrative Expenses |
( 42,575,923.) |
( 13,522,125.) |
( 6,975,,656.) |
|
Interest Expense |
( 928,444.) |
( 736,788.) |
( 354,748.) |
|
Foreign Exchange Gain or losses |
4,730,550 |
2,451,579.) |
862,274. |
|
Interest Income |
117,816. |
52,729. |
12,498. |
|
Net
Income before Tax |
43,538,744. |
6.037,155. |
10,389,843. |
|
Income Tax Expense - Current |
6,989,300. |
1,683,954. |
(3,118.372.) |
|
Income Tax Expense - Deferred |
4,367,515. |
1,786,105. |
NIL |
|
|
11,356,816. |
3,470,059. |
( 3,118,372.) |
|
Net
Income/(Loss) |
32,181,928.
vvvvvvvvvv |
2,569,096.
vvvvvvvvv |
( 7,271,471.)
vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.