MIRA
INFORM REPORT
|
Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TITAN LABORATORIES PRIVATE LIMITED |
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Registered Office : |
210, A Wing, Kanara Business Centre, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.06.2004 |
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Com. Reg. No.: |
146928 |
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CIN No.: [Company
Identification No.] |
U24100MH2004PTC146928 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM22848A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufactures of Sustained and Modified Release Pellets using Innovative
Drug Delivery Technologies Utilizing some of best and latest processing
machineries |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 43548 |
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Status : |
Satisfactory |
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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 satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
210, A Wing, Kanara Business Centre, |
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Tel. No.: |
91-22-67974849 / 67974850 / 67974852 / 55974850 |
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Fax No.: |
91-22-67974851 / 25006678 |
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E-Mail : |
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Website: |
DIRECTORS
|
Name : |
Mr. Piush Bhailal Shah |
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Designation : |
Director |
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Address : |
F – 6, |
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Date of Birth/Age : |
05.12.1977 |
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Date of Appointment : |
14.06.2004 |
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Name : |
Mr. Hemant Dharamsi Godha |
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Designation : |
Director |
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Address : |
Emrai D / SLE / Flat No. 202, Survey No. 169, Aarey Milk Colony, Near Unit
No. 26, Goregaon, Mumbai 400 065, |
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Date of Appointment : |
14.06.2004 |
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Name : |
Mr. R Jayesh Shah |
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Designation : |
Director |
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Address : |
17, |
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Date of Appointment : |
07.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Piyush B Shah |
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150000 |
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Mr. Deepak B Shah |
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20000 |
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Mr. Virendra B Shah |
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6000 |
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Mr. Anil V Shah |
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40000 |
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Mr. Ranjan B Shah |
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4000 |
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Mr. Bhailal B Shah |
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130000 |
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Total |
|
350000 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of Sustained and Modified Release Pellets using Innovative
Drug Delivery Technologies Utilizing some of best and latest processing
machineries |
GENERAL INFORMATION
|
Bankers : |
Union
Bank of Khand Bazar Branch, 109, Kazi Sayed Street, Khand Bazar,
Mumbai 400 003, |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Bhatt and Mathur Chartered Accountants |
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Address : |
402, Star Manor Apartments, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1077000 |
Equity shares |
Rs. 10/-
each |
Rs. 10.770
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.770 |
0.100 |
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2] Share Application Money |
|
0.100 |
1.780 |
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3] Reserves & Surplus |
|
0.017 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
10.887 |
1.880 |
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LOAN FUNDS |
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1] Secured Loans |
|
33.159 |
0.904 |
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2] Unsecured Loans |
|
3.706 |
0.686 |
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TOTAL BORROWING |
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36.865 |
1.590 |
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DEFERRED TAX LIABILITIES |
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0.013 |
0.000 |
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TOTAL |
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47.765 |
3.470 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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56.930 |
3.992 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.022 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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2.336 |
0.000 |
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Cash & Bank Balances |
|
1.398 |
0.039 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
2.216 |
0.298 |
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Total
Current Assets |
|
5.950 |
0.337 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
15.349 |
0.888 |
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Provisions |
|
0.015 |
0.000 |
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Total
Current Liabilities |
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15.364 |
0.888 |
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Net Current Assets |
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(9.414) |
0.551 |
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MISCELLANEOUS EXPENSES |
|
0.227 |
0.029 |
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TOTAL |
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47.765 |
3.470 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
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Sales Turnover |
|
14.860 |
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Total Income |
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14.860 |
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Profit/(Loss) Before Tax |
|
0.045 |
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Provision for Taxation |
|
0.000 |
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Profit/(Loss) After Tax |
|
0.045 |
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Expenditures : |
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Interest |
|
0.115 |
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Depreciation & Amortization |
|
0.155 |
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Other Expenditure |
|
14.545 |
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Total Expenditure |
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14.815 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
0.30 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.30 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.07 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.79 |
1.31 |
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Current Ratio (Current Asset/Current Liability) |
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0.38 |
0.37 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
TITAL
LABORATORIES PRIVATE LIMITED |
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Presented
By |
UNION
BANK OF |
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1) Date and description of instrument creating the change |
Packing credit agreement Dated 19.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge of all those movable properties of the borrower ment or intended for export of goods such as pharmaceuticals and chemicals including raw materials, semi finished goods and finished goods and / or any other goods meant intended or being manufactured for export lying in the factory or stored at the borrower’s factory or in sheds whether situate in the main factory shed or godown at Mumbai, Maharashtra and Gujarat or at shed / godowns hired by the Borrower for storage wherever situate and / or in transit belonging to or that may at any time during the continuance of this security belong to the borrower and meant or intended or being manufactured for export or that may be held by any party to the order and disposition of the borrower all of which said properties, goods and assets both present and future (herinfafter referred to as “Hypothecated Goods” |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate of 7% p. a. for packing credit facility under L/C Contract for Rs. 1.500 Millions granted by the Bank to the Company. |
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5) Name and Address and description of the person entitled to the charge. |
Union
Bank of Khand
Bazar Branch, 109, Kazi Sayed Street, Khand Bazar, Mumbai 400 003, |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Website Details:
About the company
Company is the one
of select few Company in
Subject is a speciality Pharmaceutical company engaged in developing and manufacturing Sustained and Modified Release
Pellets using Innovative Drug Delivery Technologies Utilizing some of best and
latest processing machineries like Fluid Bed Processor with inherent
built in rotary unit coupled with Top And Bottom Spray arrangement. This is
essential to achieve uniformity and efficiency in layering and/ coating process
which in turn will ensure in consistent release characteristics. Facility of
Extruder & spheronizer is also available for effective pelletizing
selectivity depending upon dose requirements of actives.
Their specialized
product development needs are well service by In-house R&D facilities
comprising of Formulation and Analytical competencies.
The CGMP led
manufacturing facility is approved by Indian Drug Authorities, while they are
in state of preparedness for impending customer triggered inspection from their
foreign clients. These activities are ably supported by their QA&
Regulatory set-up for country /customer specific needs.
The Company’s Drug
Delivery System development thrust is based on following principles
Ř
Off
Patent Generics
Ř
Custom
development
Ř
Process
Patenting of Technologies
Ř
Customized
Release as per Pharmacokinetic profile
SALIENT FEATURES OF
MANUFACTURING FACILITY.
Ř
Manufacturing
facilities designed to conform to EU and FDA cGMP regulations.
Ř
Three
manufacturing modules – one for high volume products; other 2 for low volume
products.
Ř
Capsulation
section for Commercial Supply under P2P & Loan License .
Ř
Purified
water distribution Pipeline from GEORGE FISCHER Switzerland. PLC based
distribution system
Ř
Facilities
conform to class 100,000 requirements, up-gradable to class 10,000.
BUSINESS MODEL
Ř
Supply
of pellets & granules in bulk
Ř
Development
of formulation dossiers
Ř
Joint
venture from development to commercialization of products
Ř
Contract
manufacturing for pellets & finished form (capsules)
Ř
Out
license manufacturing technology
Technical package is
available for each product and DMF (CTD format) is ready for key products .
They are interested in developing new products exclusively for customer
specific needs and produce them on commercial scale.
They extend their
invitation to you and the QA team to visit their facility and R &D. If any
additional information is required then do let them know. Their Product list is
attached.
Subject is a specialty pharmaceutical company that develops sustained and modified pellets using innovative drug delivery technologies with latest manufacturing technologies like
Ř Fluid Bed Processor Top Spray
Ř Rotary Spray
Ř Extruder + Spherodizer
Ř Fluid Bed Processor Bottom Spray
Ř Coating Pan
The manufacturing facility is approved by Indian FDA with SCH M and is awaiting
inspection from their foreign buyers. The brand new state of the art
manufacturing facility is located at Mahad (Riagad Dist) , on MUMBAI GOA
highway . Their R & D is inspected by Indian FDA & received test
license for more than 50 pellet products.
The following products have been developed and commercialized in recent years.
Ř Manufacturing facilities designed to conform to MHRA, EU and FDA cGMP regulations.
Ř Three manufacturing modules – one for high volume products; other 2 for low volume products.
Ř A capsulation facility for Commercial Supply under P2P & Loan License .
Ř Each module has separate AHUs with HEPA filters mounted in plenum to prevent cross contamination.
Ř Facilities conform to class 100,000 requirements, up-gradable to class 10,000.
Ř Separate men and materials’ entry. Secondary change in each module.
Ř Internal partition made of modular panels.
Ř Service corridor for ease of maintenance.
Products:
|
SUSTAINED & IMMEDIATE RELEASE PELLETS |
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|
No |
PRODUCT |
CATEGORY |
|
1 |
Ambroxol HCL SR Pellets 75mg |
Anti Cough |
|
2 |
Ambroxol HCL Pellets 60mg +Cetirizine |
Anti Histamine / Mucolytic |
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3 |
Ambroxol HCL SR Pellets 75mg + |
Anti Histamine / Mucolytic |
|
4 |
Aspirin EC Pellets 45% W/W |
Analgesics |
|
5 |
Clopidogrel Pellets 75mg |
Cardiovascular |
|
6 |
Diclofenac Sodium SR Pellets 40%W/W |
NSAID |
|
7 |
Rabeprazole EC 20mg + Diclofenac Sodium 100mg |
NSAID |
|
8 |
Diltiazem SR Pellets 90,120 & 180mg |
Anti-Hypertensive |
|
9 |
Domperidone Pellets Plain 20 % & SR Pellets 20%W/W |
Anti – Emetics |
|
10 |
Fenofibrate Pellets 200mg |
Cardiovascular |
|
11 |
Ferrous Sulphate 150mg SR + Folic Acid 0.5mg + |
Multi-Vitamin |
|
12 |
Carbonyl 50mg/ 100mg + Folic Acid 0.5mg + |
Multi-Vitamin |
|
13 |
Isosorbide Di Nitrate SR Pellets 20mg / 40mg |
Anti-Hypertensive |
|
14 |
Itraconazole Pellets 22% W/W |
Antifungal |
|
15 |
Ketoprofen SR Pellets 100mg/ 200mg |
NSAID |
|
16 |
LevoCetIrizine Di HCL Pellets 5mg |
Anti Histamine |
|
17 |
Nifedipine SR Pellets 20mg & 30mg |
Anti – Hypertensive |
|
18 |
Nitroglycerine SR Pellets 2.5mg |
Anti Hypertensive |
|
19 |
Orlistat Pellets 40% W/W & 50% W/W |
Anti Obesity |
|
20 |
Oxybutynine Immediate Release Pellets 5mg,10mg&15mg |
Anti – Spasmodic |
|
21 |
Pseudoephdrine Hcl SR 120mg + Cetrizine Di Hcl 5mg Pellets |
Anti –Histamine /Anti Allergic |
|
22 |
Sildeanfil Citrate Immediate Release Pellets |
Erectile dysfunction |
|
23 |
Sugar/Starch Neutral Pellets |
Inactive |
|
24 |
Tamsulosin SR Pellets 400 Mcg / 200 Mcg |
Anti BPH |
|
25 |
Theophylline SR Pellets 60% W/W |
Bronchodilator |
|
26 |
Tramadol SR Pellets 60% w/w |
NSAID |
|
27 |
Venlafexine Hcl SR Pellets 32% W/W |
Anti Depressant |
|
28 |
Verapamil SR Pellets 120mg & 240mg |
Anti-Hypertensive / Antianglal |
|
GASTROINTESTINAL |
||
|
No |
PRODUCT |
CATEGORY |
|
1 |
Esomerpazole EC Pellets 8.5% W/W & 22% W/W |
Hyperacidity, |
|
2 |
Lansoprazole EC Pellets 8.5% , 7.5% W/W |
Hyperacidity |
|
3 |
Omeprazole EC Pellets 8.5% ,7.5%, |
Hyperacidity |
|
4 |
Pantoprazole EC Pellets 15% W/W |
Proton Pump Inhibitor |
|
5 |
Rabeprazole EC Pellets 8.5% / 15% W/W |
Hyperacidity |
|
6 |
Omeprazole EC Pellets 10/20mg + |
Anti Hyperacidity& Anti – Emetics |
|
7 |
Esomeprazole 20/40mg + |
Anti Hyperacidity& Anti – Emetics |
|
8 |
Lansoprazole 15/30mg + |
Anti Hyperacidity& Anti – Emetics |
|
9 |
Pantoprazole EC 40mg + |
Anti Hyperacidity & Anti Emetics |
|
10 |
Pantoprazole EC 40mg + |
Proton Pump Inhibitor & Anti Emetics |
|
11 |
Rabeprazole EC 20mg + |
Anti Hyperacidity & Anti Emetics |
|
12 |
Rabeprazole EC 20mg + |
Anti Hyperacidity & Anti Emetics |
|
PRODUCTS UNDER DEVELOPMENT |
||
|
No |
PRODUCT |
CATEGORY |
|
1 |
Tolteridone Pellets 0.4mg |
Anti Spasmodic |
|
2 |
Oxybutynin SR Pellets |
Anti Spasmodic |
|
3 |
Fluoxetine Pellets 90mg |
Anti Depressant |
|
4 |
Mezalasine Pellets |
Anti – Emetics |
|
5 |
Ciprofloxacin Taste Masked Granules for Suspension |
Anti Biotic |
|
6 |
Clopidogrel 75mg + Aspirin 75mg Pellets |
Cardiovascular |
|
7 |
Clarithromycin Granules for suspension 27.5% and 42% w/w |
Anti Bacterial |
|
8 |
Clarithromycin SR Pellets |
Anti Bacterial |
|
9 |
Duloxetine HCL EC Pellets |
Anti Depressant |
|
10 |
Lansoprazole EC granules for Suspension (Zoton) |
Hyperacidity, |
|
11 |
Tacrolimus 0.5mg & 1mg |
Immuno suppressant |
Patent
None of the products will be supplied to countries in which this could be in
conflict with the existing patents. However the final responsibility lies with
the buyer.
Packing
All the above products are available in capsule and packed in blisters.
Documentation
technical package available for each product dmf available for key products.
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 records 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.41.24 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.56.06 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|