MIRA
INFORM REPORT
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Report No. : |
308951 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
EISAI PHARMATECHNOLOGY AND MANUFACTURING PRIVATE LIMITED |
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Registered
Office : |
Plot Nos. 96,97,98,124 and 126, Ramky Pharmacity India Limited Sez,
Parawada, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.03.2007 |
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Com. Reg. No.: |
01-053247 |
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Capital
Investment / Paid-up Capital : |
Rs.2704.000 Millions |
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CIN No.: [Company Identification
No.] |
U24232AP2007PTC053247 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of pharmaceutical products. |
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No. of Employees
: |
Not Available [We tried to confirm
the number of employees but no one is ready to part any information from the
company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8700000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track.
Management has reported as decent profitability position, strongly backed by
a debt free balance sheet during FY 2014. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered for 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. T Anand |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-8924-660777 |
|
Date : |
20.02.2015 |
LOCATIONS
|
Registered Office : |
Plot Nos. 96,97,98,124 and 126, Ramky Pharmacity India Limited Sez,
Parawada, Visakhapatnam – 531021, Andhra Pradesh, India |
|
Tel. No.: |
91-8924-660777/3047100 |
|
Fax No.: |
91-8924-660759 |
|
E-Mail : |
DIRECTORS
As on 01.09.2014
|
Name : |
Mr. Sanjit Singh Lamba |
|
Designation : |
Managing director |
|
Address : |
D No. 7-5-1/55, Flat No. C-201, Clover Majestic Towers, Beach Road,
Pandurangapuram, Visakhapatnam – 530003, Andhra Pradesh, India |
|
Date of Birth/Age : |
23.04.1966 |
|
Date of Appointment : |
24.07.2007 |
|
DIN No.: |
01741827 |
|
PAN No.: |
AAJPL7997E |
|
|
|
|
Name : |
Mr. Takafumi Asano |
|
Designation : |
Director |
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Address : |
6-2-704, Irifue, Urayasu, Chiba 2790012, Japan |
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Date of Birth/Age : |
05.04.1957 |
|
Date of Appointment : |
17.08.2010 |
|
DIN No.: |
01742429 |
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|
|
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Name : |
Mr. Toshihiko Naito |
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Designation : |
Director |
|
Address : |
616-54, Kojirahazama, Tsukuba – Shi Ibaraki - 3050844, Japan |
|
Date of Birth/Age : |
22.05.1956 |
|
Date of Appointment : |
17.08.2010 |
|
DIN No.: |
03271317 |
KEY EXECUTIVES
|
Name : |
Mr. T Anand |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Eisai Company Limited, Japan |
240392000 |
88.90 |
|
Eisai Asia Regional Services Pte Limited, Singapore |
30008000 |
11.10 |
|
Total |
270400000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 01.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of pharmaceutical products. |
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Products : |
Pharmaceutical products |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information from
the company management] |
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Bankers : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Tower 3 27th -32 Floor, India Bulls Financial Centre, Elphinstone Mill Compound, Senpati Bapat marg, Mumbai-400013, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
· Eisai Company Limited |
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Fellow Subsidiary
company: |
· Eisai Pharmaceuticals India Private Limited, India [U24230MH2004PTC149272] · Sun Planet Company Limited · Eisai Asia Regionalservices Pte Limited · Eisai Europe Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.0000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270400000 |
Equity Shares |
Rs.10/- each |
Rs. 2704.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2704.000 |
2704.000 |
2704.000 |
|
(b) Reserves & Surplus |
347.916 |
230.086 |
95.193 |
|
(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) |
3051.916 |
2934.086 |
2799.193 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
136.409 |
93.697 |
59.683 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
136.409 |
93.697 |
59.683 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
245.484 |
149.382 |
37.753 |
|
(c) Other current liabilities |
80.388 |
125.170 |
130.476 |
|
(d) Short-term provisions |
23.689 |
18.305 |
55.789 |
|
Total
Current Liabilities (4) |
349.561 |
292.857 |
224.018 |
|
|
|
|
|
|
TOTAL |
3537.886 |
3320.640 |
3082.894 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2275.223 |
2230.850 |
2255.141 |
|
(ii) Intangible Assets |
26.124 |
24.086 |
0.000 |
|
(iii) Capital work-in-progress |
49.578 |
94.414 |
24.851 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
24.086 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.638 |
17.694 |
6.248 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2377.563 |
2367.044 |
2310.326 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
268.600 |
165.098 |
116.666 |
|
(c) Trade receivables |
168.063 |
115.698 |
52.922 |
|
(d) Cash and cash equivalents |
685.376 |
601.354 |
547.960 |
|
(e) Short-term loans and
advances |
38.284 |
71.446 |
55.020 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1160.323 |
953.596 |
772.568 |
|
|
|
|
|
|
TOTAL |
3537.886 |
3320.640 |
3082.894 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
REVENUE EARNED |
1121.000 |
896.000 |
637.00 |
|
|
|
|
|
|
|
|
EXPENDITURE
INCURRED |
917.000 |
685.000 |
441.000 |
|
|
|
|
|
|
|
|
NET FINANCIAL
RESULT |
203.540 |
211.130 |
195.000 |
|
|
|
|
|
|
|
|
DEPRECIATION TO END
OF THE FY |
480.100 |
347.130 |
222.160 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
117.830 |
134.890 |
148.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.44 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.32 |
3.26 |
3.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2704.000 |
2704.000 |
2704.000 |
|
Reserves & Surplus |
95.193 |
230.086 |
347.916 |
|
Net
worth |
2799.193 |
2934.086 |
3051.916 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue Earned |
637.000 |
896.000 |
1121.000 |
|
|
|
40.659 |
25.112 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue Earned |
637.000 |
896.000 |
1121.000 |
|
Profit |
148.000 |
134.890 |
117.830 |
|
|
23.23% |
15.05% |
10.51% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
NOTE:
· Registered office of the company has been shifted from Sea Breeze Villa, Plot No. 135, Visalakshi Nagar, Visakhapatnam – 530043, Andhra Pradesh, India to the present address w.e.f. 20.05.2009
·
INDEX OF CHARGES:
NO CHARGES EXIST FOR COMPANY
OPERATIONS
The company has registered a positive performance for the FY 2013-14 with an Operating profit of INR 203.540 Millions and with a Net Profit after Taxes of INR 117.830 Millions for the financial year ending 31st March, 2014 and with a net accumulated profit of INR 348.000 Millions. Increase in Deferred Tax component by 26% coupled with decrease in Interest on Time deposits by over 0.43% and deteriorating Foreign Currency Fluctuation and increase in inflation by 1.67% over previous year has crippled the net profit after taxes and registered a decrease of 13% over Previous Year
INDUSTRY OVERVIEW AND
OUTLOOK:
Global pharmaceutical
market outlook: 2015
The future level of global spending on medicines has implications for healthcare systems and policy makers across developed and emerging economies. Key decision makers share the common goals of improving health outcomes, while controlling costs and expanding access to more of their citizens.
Past spending growth offers few clues to the level of growth to expect through 2015. Unprecedented dynamics are at play � including historically high levels of patent expiry, rapid expansion of demand for medicines in the world's fastest growing economies, fewer new medicines reaching patients, and more moderate uptake of those that do become available. These dynamics are driving rapid shifts in the mix of spending between branded products and generics; and between spending in the major developed countries and those 17 high growth emerging countries referred to as 'pharmerging'.
Global market
scenario
Spending on medicines which was estimated at $856 billion in 2010, is expected to reach nearly $1,100 billion in 2015, reflecting a slowing growth rate of three-six per cent over the five year period compared to 6.2 per cent annual growth over the past five years. A distinct shift is also expected in the market shares across the globe, with the US share of global spending declining from 41 per cent in 2005 to 31 per cent in 2015, along with the share of spending from Europe declining from 27 per cent to 19 per cent over the same period. Meanwhile, 17 high growth emerging markets (pharmerging) including China, India, Brazil, Russia and Mexico will contribute 28 per cent of total spending by 2015, up from only 12 per cent in 2005.
The next five years will also see an accelerating shift in spending toward generics, rising to 39 per cent of spending in 2015, up from 20 per cent in 2005.
On the other hand, share of patented brands which accounted for nearly 70 per cent of global pharmaceutical spending in 2010 are expected to decline to 53 per cent in 2015, on account of patent expiries, mainly in the developed markets. Rapid growth in pharmerging markets is largely from spending on generic drugs which will contribute to the rise in the generic share of spending.
OUTLOOK OF THE
COMPANY:
In line with global and national upward movement of pharmaceutical industry, the company is not lagging behind and in-fact is taking a leap in terms of operational performance and it is poised to manufacture 1.26 billion tablets in 2014 which is roughly a 1.6 times of the volumes manufactured in 2013. EPM has ambitious plans ahead in operating entire pharmaceutical spectrum which encompasses Formulations, API, R and D, Global procurement and boosting Indian Market share.
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
Intangible assets
· Computer software
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.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.