MIRA INFORM REPORT
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Report No. : |
342087 |
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Report Date : |
21.09.2015 |
IDENTIFICATION DETAILS
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Name : |
PAR FORMULATIONS PRIVATE LIMITED (w.e.f. 21.02.2012) |
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Formerly Known
As : |
EDICT PHARMACEUTICALS PRIVATE LIMITED (w.e.f.23.04.2010) NOVEL THERAPEUTICS PRIVATE LIMITED (w.e.f. 24.09.2007) CHK ELECTRONIKS PRIVATE LIMITED |
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Registered
Office : |
Old No. 1/63, New No. 1/58, Padupakkam Village, Via. Vandalur-Kekambakkam
Road, Kelambakkam, Chennai – 603103, Tamilnadu |
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Tel. No.: |
91-44-67480000 / 27474516-18 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.09.1982 |
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Com. Reg. No.: |
18-009602 |
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Capital
Investment / Paid-up Capital : |
Rs.10.607 Million |
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CIN No.: [Company Identification
No.] |
U33111TN1982PTC009602 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACC2463N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Company is engaged in the business development and manufacture of generic pharmaceutical formulations, The Company is an Export Oriented Unit (EOU) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2700000 |
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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 was incorporated on 1982. It is engaged in business
development and manufacturing of generic pharmaceutical formulations. It is
an established company having fine track record. The company has shown a significant growth in its turnover during FY
2014. The company possesses a healthy profile marked by decent networth base
along with ample liquidity and comfortable capital structure. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitments. The company can be considered normal for business dealing 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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
31-03-2015.
INFORMATION DENIED
Management non-cooperative (91-44-67480000)
LOCATIONS
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Registered Office / Research and Development and Manufacturing / Unit: |
Old No. 1/63, New No. 1/58, Padupakkam Village, Via.
Vandalur-Kekambakkam Road, Kelambakkam, Chennai – 603103, Tamilnadu, India |
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Tel. No.: |
91-44-67480000 / 27474516-18 |
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Fax No.: |
91-44-27474519 |
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E-Mail : |
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Website : |
DIRECTORS
As on 27.09.2013
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Name : |
Mr. Thomas Joseph Haughey |
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Designation : |
Director |
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Address : |
22 Spring Garden Drive, Madison, New Jersey |
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Date of Birth/Age : |
01.12.1963 |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
03555315 |
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Other
Directorship:
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Name : |
Mr. Paul Victor Campanelli |
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Designation : |
Director |
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Address : |
7 Cheyenne Court, Oakland, New Jersey |
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Date of Birth/Age : |
10.03.1962 |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
03559887 |
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Other
Directorship:
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Name : |
Mr. Venkatesh C |
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Designation : |
Alternative Director |
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Address : |
M 31, Heera Apartment, Jigani Industrial Area, Jigani, Anekal,
Bangalore – 562106, Karnataka, India |
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Date of Birth/Age : |
01.06.1968 |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
05226939 |
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Other
Directorship:
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KEY EXECUTIVES
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Name : |
Mr. K. Krishnamoorthy |
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Designation : |
Company Secretary |
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Address : |
3/7, Ramachandra Road, T. Nagar, Chennai - 600017, Tamilnadu,
India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.09.2014
|
Names of Shareholders |
No. of Shares |
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Par Pharmaceutical Inc., U.S.A. |
106066 |
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Par Inc., U.S.A. |
1 |
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Total |
106067 |
As on 03.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of developing and manufacturing generic branded drugs. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors 1 : |
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Name : |
S. R. Batliboi and Associates
LLP Chartered Accountants |
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Address : |
6th & 7th Floor, A Block, Title Park (Module 601, 701 and 702), No.4, Rajiv Gandhi Salai, Taramani, Chennai - 600113, Tamilnadu, India |
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PAN No.: |
ACHFS9118A |
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Auditors 2 : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
ASV N Ramana Tower, 52, Venkatnarayana Road, T Nagar, Chennai –
600017, Tamilnadu, India |
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Tel. No.: |
91-44-66885000 |
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Fax No.: |
91-44-66885050 |
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PAN No.: |
AACFD3771D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company: |
·
Par
Pharmaceuticals Companies Inc. |
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Holding Company: |
·
Par
Pharmaceuticals Inc. |
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Fellow Subsidiary Company : |
·
Anchen Pharmaceuticals Inc. |
CAPITAL STRUCTURE
After 03.09.2014
Authorised Capital : Rs.20.000 Million
Issued, Subscribed & Paid-up Capital : Rs.17.921 Million
As on 03.09.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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145000 |
Equity Shares |
Rs.100/- each |
Rs.14.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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106067 |
Equity Shares |
Rs.100/- each |
Rs.10.607 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
10.607 |
10.607 |
6.307 |
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(b) Reserves & Surplus |
935.172 |
847.252 |
549.680 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
215.679 |
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Total
Shareholders’ Funds (1) + (2) |
945.779 |
857.859 |
771.666 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
20.158 |
5.767 |
2.951 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
1.615 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
21.773 |
5.767 |
2.951 |
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(4) Current Liabilities |
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(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
213.655 |
135.722 |
39.167 |
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(c) Other current liabilities |
96.110 |
68.154 |
10.597 |
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(d) Short-term
provisions |
2.400 |
13.784 |
197.558 |
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Total Current
Liabilities (4) |
312.165 |
217.660 |
247.322 |
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TOTAL |
1279.717 |
1081.286 |
1021.939 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
554.293 |
276.849 |
213.576 |
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(ii) Intangible Assets |
6.560 |
1.109 |
3.261 |
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(iii) Capital
work-in-progress |
12.467 |
123.974 |
8.128 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
3.432 |
1.289 |
14.945 |
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(e) Other Non-current
assets |
3.103 |
2.749 |
2.974 |
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Total Non-Current
Assets |
579.855 |
405.970 |
242.884 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
214.539 |
220.733 |
56.118 |
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(c) Trade receivables |
306.440 |
434.886 |
45.217 |
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(d) Cash and cash
equivalents |
45.531 |
16.775 |
18.742 |
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(e) Short-term loans
and advances |
133.352 |
2.811 |
6.130 |
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(f) Other current
assets |
0.000 |
0.111 |
652.848 |
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Total Current Assets |
699.862 |
675.316 |
779.055 |
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TOTAL |
1279.717 |
1081.286 |
1021.939 |
PROFIT
& LOSS ACCOUNT
|
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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TOTAL
REVENUE |
1098.000 |
517.000 |
N.A |
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Less |
EXPENSES |
924.000 |
353.000 |
N.A |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
174.000 |
164.000 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
40.000 |
32.000 |
NA |
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PROFIT BEFORE
TAX |
134.000 |
132.000 |
560.478 |
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Less |
TAX |
45.000 |
46.000 |
190.961 |
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PROFIT AFTER TAX
|
89.000 |
86.000 |
369.517 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
451.824 |
365.630 |
(3.887) |
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BALANCE CARRIED
TO THE B/S |
540.824 |
451.630 |
365.630 |
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Earnings Per
Share (Rs.) |
839.09 |
810.80 |
-- |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
316.818 |
316.410 |
(180.782) |
|
Net cash flows from (used in) operating activities |
239.417 |
84.180 |
(180.782) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.11 |
16.63 |
N.A |
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Return on Total Assets (PBT/Total Assets) |
(%) |
10.57 |
13.79 |
55.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.73 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
|
2.24 |
3.10 |
3.15 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
6.307 |
10.607 |
10.607 |
|
Reserves & Surplus |
549.680 |
847.252 |
935.172 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
215.679 |
|
Net
worth |
555.987 |
857.859 |
1161.458 |
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|
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|
long-term borrowings |
0.000 |
0.000 |
0.000 |
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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 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Revenue |
517.000 |
1098.000 |
|
|
0.000 |
112.379 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Revenue |
517.000 |
1098.000 |
|
Profit |
86.000 |
89.000 |
|
|
16.63% |
8.11% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last two years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The Registered address of the company
has been shifted from 2, May Flower Garden, Srinivasa Avenue Raja Annamalai
Puram, Chennai – 600023, Tamilnadu, India to
the present address w.e.f 14.08.2007
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
PERFORMANCE REVIEW
The company generates revenue from two sources Contract Manufacturing and Research and Development activities.
Revenue from Contract manufacturing has increased substantially from Rs.126 million in 2012-13 to Rs.567 million in 2013-14. This is mainly on account of increase in Export Sales made to the Holding company, Par Pharmaceuticals Inc.
Revenue from Research and Development activity has increased from Rs.341 million in 2012-13 to Rs.525 million in 2013-14. This is mainly on account of the increased number of ANDAs filed during the year 2013-14.
There are no exceptional income made during the year 2013-14.
BUSINESS
The company continued with the activities of developing and filing ANDAs under the direction and control of the Holding Company. The company has tech-transferred few products from the holding company for the commercial manufacturing operations during the year. The company is well poised to increase its commercial production with the expansion plans of its facility and planned investment in additional equipments.
FIXED ASSETS
¨
Building
¨
Plant and Equipment
¨
Furniture and Fixture
¨
Vehicles
¨
Computers
¨
Office Equipment
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.65.92 |
|
|
1 |
Rs.102.75 |
|
Euro |
1 |
Rs.75.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
54 |
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.