MIRA INFORM REPORT
|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CONCORD BIOTECH LIMITED (w.e.f.16.02.2001) |
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|
|
|
Formerly Known
As : |
CONCORD PHARMACEUTICALS LIMITED (w.e.f.24.09.1985) SERVOMED PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
1482-86, Trasad Road, Dholka, Ahmedabad - 387810, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.11.1984 |
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Com. Reg. No.: |
04-007440 |
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Capital
Investment / Paid-up Capital : |
Rs. 46.026
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230GJ1984PLC007440 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00391G |
|
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PAN No.: [Permanent Account No.] |
AAACC8514G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in research and development,
manufacturing, marketing and selling of active pharmaceutical ingredients, semi-synthesis
and synthesis based products. |
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 7400000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track
record. The company has achieved a better growth in its profitability during 2013.
Profit margin is good. Financial position of the company seems to be healthy. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. The company 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-79-26937681/ 91-2714-222604]
LOCATIONS
|
Registered Office/ Factory : |
1482-86, Trasad Road, Dholka, Ahmedabad - 387810, Gujarat, India |
|
Tel. No.: |
91-2714-222604/ 221904 |
|
Mobile No.: |
91-7926937681 [Mr. Vishal] |
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Fax No.: |
91-2714-222504 |
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E-Mail : |
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|
Website : |
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|
Head Office : |
302, Sakar III, Opposite Old Gujarat High Court, Off ITO Circle,
Ahmedabad - 380014, Gujarat, India |
|
Tel. No.: |
91-79-27544998 |
|
Fax No.: |
91-79-27540802 |
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E-Mail : |
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Corporate Office : |
B – 1002, Safal Pegasus, 10th Floor, Near Prahladnagar
Garden, 100 Ft Road, Satellite Road, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-40321179 |
DIRECTORS
AS ON 14.08.2013
|
Name : |
Mr. Sudhir Jairam Vaid |
|
Designation : |
Managing Director |
|
Address : |
99, Basant Bahar, Opposite Sterling City, Bopal, Ahmedabad – 380058,
Gujarat, India |
|
Date of Birth/Age : |
03.09.1952 |
|
Qualification : |
B.Sc.(Microbiology) |
|
Experience : |
37 Years |
|
Date of Appointment : |
14.02.2011 |
|
PAN No.: |
ABVPV9184E |
|
DIN No.: |
00055967 |
|
|
|
|
Name : |
Mr. Ankur Sudhir Vaid |
|
Designation : |
Whole Time Director |
|
Address : |
99, Basant Bahar, Opposite Sterling City, Bhopal, Ahmedabad – 380058, Gujarat,
India |
|
Date of Birth/Age : |
14.04.1982 |
|
Qualification : |
M.B.A |
|
Date of Appointment : |
01.09.2011 |
|
PAN No.: |
ADWPV0192K |
|
DIN No.: |
01857225 |
|
|
|
|
Name : |
Mr. Ravi Narendranath Kapoor |
|
Designation : |
Director |
|
Address : |
202, Pravesh 10, Mahadev Nagar Society, Sardar Patel Road, Ahmedabad –
380014, Gujarat, India |
|
Date of Birth/Age : |
25.07.1963 |
|
Date of Appointment : |
15.12.2003 |
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PAN No.: |
ABJPK1504D |
|
DIN No.: |
00003847 |
|
|
|
|
Name : |
Mr. Rajiv Ambrish Agarwal |
|
Designation : |
Director |
|
Address : |
Chamaria Niwas, 3rd Floor, 41, Mahant Road, Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
|
Date of Birth/Age : |
28.03.1971 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
00379990 |
|
|
|
|
Name : |
Mr. Harcharan Mohan Singh |
|
Designation : |
Director |
|
Address : |
10, Waterloo Crt, Thornhill, On – L3T6L9 |
|
Date of Birth/Age : |
19.05.1949 |
|
Date of Appointment : |
14.09.2010 |
|
DIN No.: |
02852915 |
|
|
|
|
Name : |
Mr. Utpal Hemendra Sheth |
|
Designation : |
Director |
|
Address : |
2901, 29th
Floor, B Wing, Beaumonde, A.S. Marathe Marg PBD, Mumbai - 400025,
Maharashtra, India |
|
Date of Birth/Age : |
20.06.1971 |
|
Qualification : |
B.Com Grade CWA |
|
Date of Appointment : |
14.09.2010 |
|
DIN No.: |
00081012 |
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|
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|
Name : |
Mr. Satish Khanna |
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Designation : |
Director |
|
Address : |
Flat No.71/A/71B, Royal Accord III, Lokhandwala Complex, Andheri
(West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1953 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
01827559 |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Sajnani |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.6, 2nd Floor, Suryarath Flats B/H, |
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Date of Birth/Age : |
05.06.1971 |
|
Date of Appointment : |
15.02.2004 |
|
PAN No.: |
AHHPS5622G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.08.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 14.08.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
5.57 |
|
Bodies
corporate |
10.63 |
|
Directors
or relatives of directors |
42.14 |
|
Other
top fifty shareholders |
41.66 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in research and development,
manufacturing, marketing and selling of active pharmaceutical ingredients,
semi-synthesis and synthesis based products. |
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Products/ Services : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Biotechnology |
MT |
15.00 |
9.863 |
|
Bulk Drugs |
MT |
119.00 |
32.596 |
NOTE:
Licensed and Installed Capacities are as certified by the Management and
accepted by the Auditors.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India · Citibank N. A., Kalapurnam, Main C.G. Road, Navarngpura,, Ahmedabad - 380009, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage', 3rd Floor, Near Gujarat Vidhyapith, Opposite
Ashram Road, Ahmedabad – 380014, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
CAPITAL STRUCTURE
AFTER 14.08.2013
Authorised Capital : Rs. 100.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 92.052
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,602,596 |
Equity Shares |
Rs. 10/- each |
Rs. 46.026
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
46.026 |
46.026 |
46.026 |
|
(b) Reserves & Surplus |
1809.155 |
1416.925 |
1065.960 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1855.181 |
1462.951 |
1111.986 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
87.519 |
73.907 |
71.830 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.787 |
5.450 |
7.824 |
|
Total
Non-current Liabilities (3) |
90.306 |
79.357 |
79.654 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
36.158 |
65.899 |
38.639 |
|
(b)
Trade payables |
90.320 |
69.511 |
52.192 |
|
(c)
Other current liabilities |
22.829 |
35.758 |
64.525 |
|
(d)
Short-term provisions |
126.206 |
71.477 |
54.700 |
|
Total
Current Liabilities (4) |
275.513 |
242.645 |
210.056 |
|
|
|
|
|
|
TOTAL |
2221.000 |
1784.953 |
1401.696 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
815.806 |
691.828 |
633.686 |
|
(ii)
Intangible Assets |
0.394 |
2.929 |
5.693 |
|
(iii)
Capital work-in-progress |
39.680 |
144.168 |
70.038 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.564 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
19.989 |
37.733 |
24.074 |
|
(e)
Other Non-current assets |
2.061 |
1.897 |
0.066 |
|
Total
Non-Current Assets |
883.494 |
878.555 |
733.557 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
20.000 |
20.164 |
0.000 |
|
(b)
Inventories |
343.642 |
236.643 |
187.487 |
|
(c)
Trade receivables |
854.346 |
548.307 |
301.750 |
|
(d)
Cash and cash equivalents |
15.333 |
10.417 |
122.220 |
|
(e)
Short-term loans and advances |
35.193 |
33.987 |
56.682 |
|
(f)
Other current assets |
68.992 |
56.880 |
0.000 |
|
Total
Current Assets |
1337.506 |
906.398 |
668.139 |
|
|
|
|
|
|
TOTAL |
2221.000 |
1784.953 |
1401.696 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1649.116 |
1355.997 |
1085.884 |
|
|
|
Other Income |
53.110 |
25.784 |
38.068 |
|
|
|
TOTAL (A) |
1702.226 |
1381.781 |
1123.952 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
368.287 |
307.136 |
205.574 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(25.381) |
(57.272) |
(37.733) |
|
|
|
Employee benefit expense |
134.444 |
108.831 |
82.733 |
|
|
|
Other expenses |
411.590 |
340.695 |
245.095 |
|
|
|
TOTAL (B) |
888.940 |
699.390 |
495.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
813.286 |
682.391 |
628.283 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.525 |
3.203 |
2.951 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
811.761 |
679.188 |
625.332 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
101.391 |
89.687 |
72.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
710.370 |
589.501 |
552.757 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
216.505 |
171.671 |
159.95 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
493.865 |
417.830 |
392.807 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
600.598 |
811.445 |
462.260 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
129.911 |
24.789 |
22.945 |
|
|
|
Stores & Spares |
2.543 |
3.058 |
2.767 |
|
|
|
Capital Goods |
8.281 |
55.280 |
42.971 |
|
|
TOTAL IMPORTS |
140.735 |
83.127 |
68.683 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
107.30 |
90.78 |
85.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
29.01
|
30.24 |
49.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
43.08
|
43.47 |
50.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.65
|
35.93 |
41.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.40 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02
|
0.05 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66
|
0.97 |
1.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
46.026 |
46.026 |
46.026 |
|
Reserves & Surplus |
1065.960 |
1416.925 |
1809.155 |
|
Net
worth |
1111.986 |
1462.951 |
1855.181 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
38.639 |
65.899 |
36.158 |
|
Total
borrowings |
38.639 |
65.899 |
36.158 |
|
Debt/Equity
ratio |
0.035 |
0.045 |
0.019 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1085.884 |
1355.997 |
1649.116 |
|
|
|
24.875 |
21.616 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1085.884 |
1355.997 |
1649.116 |
|
Profit |
392.807 |
417.830 |
493.865 |
|
|
36.17% |
30.81% |
29.95% |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90099613 |
31/01/2014 * |
160,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B97745095 |
* Date of charge modification
CORPORATE INFORMATION
Subject is a public company domiciled in India and
incorporated under the provisions of Companies Act, 1956. The Company is
engaged in research and development, manufacturing, marketing and selling of
active pharmaceutical ingredients, with focus on the fermentation,
semi-synthesis and synthesis based products.
OPERATIONS:
Company focus on new products has benefited it. It is continuing its
endeavor to identify and develop new products and with support of the Research
and development team Company is in the final stage of adding few more products
to its list during the current year.
Company’s income from operation has grown to Rs. 1624.000 Millions from
Rs. 1358.000 millions which is around 20 % higher from the previous year.
FIXED ASSETS:
· Land
· Buildings
· Office building
· Factory building
· Plant and equipment
· Factory equipments
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Computer software
· Know-how
PRESS RELEASE
CONCORD BIOTECH PLANS
OVERSEAS FORAY, INVEST $20 MILLION
June 7, 2012
AHMEDABAD: Ahmedabad-based Concord Biotech will invest $20 million in setting up a fermentation facility abroad to save on power and fuel costs. The company did not disclose the location, but Chairman Sudhir Vaid said the project would be in Asia.
"We are in talks with the government of an Asian country," Mr. Vaid said, adding that Concord was looking for cheaper land and easier project clearance.
Concord Biotech is the only producer of the generic versions of active pharmaceuticals ingredients (API) that go into the making of all four major immunosuppresants or biotech drugs used after organ transplant.
Globally, the immunosuppresants drugs market is around $1.5 billion and is estimated to reach $5.6 billion in 2018.
The making of biotech drugs involves fermentation, a process that requires continuous supply of power and petroleum-based products. The plant has to run non-stop throughout the year.
Mr. Vaid says, India is no longer a low-cost destination for producers because of high fuel costs. "Gujarat has quality power supply compared to other states, but power cost is high." he said.
Also, ethanol, used to process the final product, is expensive because of the high duties in India. Generic API makers therefore, look for a competitive advantage in terms of price and quality in a market flooded by Chinese products.
The new overseas facility will have production capacity of 450,000 litres along with various downstream processing areas. The facility will be used for the niche molecules. Products made there will be exported to the regulated markets like the US and Europe and to semi-regulated markets like India and other Asian countries.
Concord has installed capacity of 450,000 litres in Ahmedabad and would need to expand for its future product pipeline, post 2014. In 2009, Mylan, world's second largest generic drug maker, sold its majority stake in Concord to promoters Sudhir Vaid and stock market veteran Rakesh Jhunjhunwala. The duo now holds close to 92%. The remaining stake is held by a Canadian pharma company Glopec and Concord employees.
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 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. 59.30 |
|
|
1 |
Rs. 99.34 |
|
Euro |
1 |
Rs. 80.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.