MIRA
INFORM REPORT
|
Report Date : |
24.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CENTAUR
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Shantinagar,
Vakola, Santacruz (East), Mumbai – 400055, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.11.1981 |
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Com. Reg. No.: |
11-25661 |
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CIN No.: [Company
Identification No.] |
U24100MH1981PTC025661 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC01322G |
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PAN No.: [Permanent
Account No.] |
AAACC0443Q |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
subject is engaged in the business of manufacture, deal, distribute, buy,
sell, exchange of fine chemicals, chemical intermediates, drug intermediates,
medical and herbal extracts, synthetic organic, inorganic chemicals,
distilled water, pharmaceutical medicines in the form of tablets capsules
granules, injections, syrups or any other suitable form. |
RATING & COMMENTS
|
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 : |
USD750000 |
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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.
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
|
Registered Office : |
Shantinagar,
Vakola, Santacruz (East), Mumbai – 400055, India |
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Tel. No.: |
91-22-56499100 |
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Fax No.: |
91-22-56499108
/ 112 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr
Deepak Sadanand S |
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Designation : |
Director |
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Address : |
Plot
No 8/A, Green Valiey, Chogma Road, Pilrne Bardez, Goa |
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Date of Birth/Age : |
20.08.1949 |
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Date of Appointment : |
06.02.2001 |
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Name : |
Mr
Govind Guno |
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Designation : |
Director |
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Address: |
Kedar
Apartment, Bhandara Gali, Off L J Road, Mumbai |
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Date of Appointment : |
06.02.2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr
Shivanand Dattatraya Sawant |
|
5820 |
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Mr
Jagdish Marutio Nadkarani |
|
60 |
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Mr Shrikant
Dattatraya Sawant |
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Mr
Anil Mahadev Naik |
|
150 |
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Ms
Smita Abhaykumar Phal |
|
4410 |
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Ms
Supriya Shivanand Sawant |
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Ms
Rakhi Shridhar Kadam |
|
5964 |
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Ms
veena Shivanand Kadam |
|
360 |
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Mr
Sudhakar Keshav Rangnekar |
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|
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Ms
Rekha Gopinath Sawant |
|
210 |
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Mr
Gopinath Dattatraya Sawant |
|
210 |
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Ms
Sheela Shrikant Sawant |
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|
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Ms
Sudha Manohar Padgonkar Mr
Millind Manohar Padgonkar |
|
1500 |
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Mrs
Geeta Ramesh Powar |
|
60 |
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Mr
Aswin Shrikant Sawant Ms
Sheela Shrikant Sawant |
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|
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Mr
Tushar Shrikant Sawant Ms
Sheela Shrikant Sawant |
|
582 |
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Ms
Sumitra Mohan Parulkar |
|
10500 |
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Mr
Shivanand Dattatraya Sawant Ms
Veena Shivanand Sawant |
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Ms
Veena Shivanand Sawant Mr
Shivanand Dattatraya Sawant |
|
6054 |
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Ms
Smita Abhaykumar Phal Ms
Veena Shivanand Sawant |
|
4554 |
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Ms
Rakhi Shridhar Kadam Ms
Veena Shivanand Sawant |
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|
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Ms
Supriya Shivanand Sawant Ms
Veena Shivanand Sawant |
|
4554 |
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Mr
Shrikant Dattatraya Sawant Ms
Sheela Shrikant Sawant |
|
9648 |
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Ms
Sheela Shrikant Sawant Mr Shrikant
Dattatraya Sawant |
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MrAnil
Mahadev Naik Ms
Deepa Anilkumar Naik |
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2850 |
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Mr
Sudhakar Keshav Rangnekar Ms
Usha Sudhkar Rangnekar |
|
1320 |
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Mr
Gopinath Dattatraya Sawant Ms
Rekha Gopinath Sawant |
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Mr
Sachin Ramesh Powar |
|
540 |
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Category
of Shareholders |
|
Percentage of Holding |
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Directors
or relatives of director |
|
81.00 |
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Other
top 50 share holder |
|
19.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
subject is engaged in the business of manufacture, deal, distribute, buy,
sell, exchange of fine chemicals, chemical intermediates, drug intermediates,
medical and herbal extracts, synthetic organic, inorganic chemicals,
distilled water, pharmaceutical medicines in the form of tablets capsules
granules, injections, syrups or any other suitable form. |
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Products : |
The subject has been able to carve a niche as India's leading manufacturer and exporter of APIs based on intellectual strength, core competence and a right vision. This vision has translated into Centaur being the first in India to manufacture Clobazam, Clonazepam, Melitracen, Metolazone, Nortriptyline, Oxazepam, Zaleplon, Zolpidem and Zopiclone bulk actives. Current API comprises of ·
Alprazolam ·
Brimonidine Tartrate ·
Chlordiazepoxide ·
Clobazam ·
Diazepam ·
Fluphenazine HCI ·
Melitracen HCI ·
Benzydamine HCI ·
Bromazepam ·
Clonazepam ·
Clorazepate Dapotassium ·
Flupentixol Dhihydrochloride ·
Lorazepam ·
Methvi Phenidate HCI |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Bulk drugs and drug Intermediates |
Kilos |
|
12500 (5000) |
10894 (10661) |
GENERAL
INFORMATION
|
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Bankers : |
Vile Parle, commercial Branch,
Mumbai – 400057
Thane Demand and Diu Regional
Office, Office Complex
Building, 6th Floor, Wagie Estate, MIDC, Thane (West) |
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Banking Relations : |
Satisfactory |
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Auditors : |
A K
Dhere Chartered
Accountants |
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Address: |
Arunoday
Society, Ground Floor, Subhash Road, Vile Parle, Mumbai – 400057, Maharashtra
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity
Shares |
Rs 100/- each |
Rs 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
90,000 |
Equity
Shares |
Rs 100/- each |
Rs 9.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
9.000 |
9.000 |
9.000 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
187.774 |
184.572 |
182.525 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
196.774 |
193.572 |
191.525 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
72.335 |
67.569 |
36.558 |
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2] Unsecured Loans |
47.920 |
49.319 |
0.785 |
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TOTAL BORROWING |
120.255 |
116.888 |
37.343 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
13.239 |
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TOTAL |
317.029 |
310.460 |
242.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
204.666 |
183.182 |
69.064 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
2.424 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
54.308
|
61.186 |
75.162 |
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Sundry Debtors |
42.727
|
39.772 |
31.737 |
|
Cash & Bank Balances |
19.135
|
17.782 |
55.677 |
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
Loans & Advances |
103.146
|
108.208 |
130.866 |
|
Total Current Assets |
219.316
|
226.948 |
293.442 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
39.339
|
38.765 |
|
|
Provisions |
67.615
|
63.330 |
|
|
Total Current Liabilities |
106.954
|
102.095 |
120.401 |
|
Net Current Assets |
112.362
|
124.853 |
173.041 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
317.029 |
310.459 |
242.105 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
231.580 |
190.388 |
246.830 |
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|
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Profit/(Loss)
Before Tax |
27.849 |
17.671 |
73.359 |
|
Provision
for Taxation |
16.874 |
12.544 |
42.680 |
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Profit/(Loss)
After Tax |
10.975 |
5.127 |
30.679 |
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|
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Total
Expenditure |
203.731 |
172.717 |
173.471 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
4.73
|
2.69 |
12.42 |
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Net
Profit Margin(PBT/Sales) |
|
12.02
|
9.28 |
29.72 |
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Return
on Total Assets(PBT/Total Assets} |
|
6.56
|
4.30 |
20.23 |
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Return
on Investment (ROI)(PBT/Networth) |
|
0.14 |
0.09 |
0.38 |
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Debt
Equity Ratio(Total Liability/Networth) |
|
1.15
|
1.13 |
0.82 |
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Current
Ratio(Current Asset/Current Liability) |
|
2.05
|
2.22 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
India’s largest manufacturer and exporter of
psychotropic APIs
Centaur, with a strong focus, has built strengths across their API, intermediates and exports business. We are now strategically poised to capitalize on the emerging opportunities in the domestic and international markets and deliver enhanced long term value.
Centaur is India's leading
manufacturer and exporter of Psychotropic APIs with a footprint extending
across more than 50
Manufacturing
Centaur leverages state-of-the-art manufacturing
facility at Ambernath, near Mumbai, conforming to ISO 9001 : 2000 standards, to ensure quality products. As a future
focused organization, we are building capacities and capabilities in India and
across international geographies with strong demand potential.
Areas of specialization range from APIs and intermediates to
process development and contract Manufacturing
Object of the company
The
subject is engaged in the business of deal, distribute, buy, sell, exchange of
chemicals, pharmaceuticals, medicines, dyes and colours used in food articles
including food preparations, food supplements, confectionaries.
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Name of the company |
CENTAUR CHEMICALS PRIVATE LIMITED |
|
Presented By |
Mr Shrikant D Sawant |
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1) Date and description of instrument creating the change |
1]
General agreement for grant medium term advances to small scale industries
and hypothecation of movables. Book debts and other assets 2]
Ancillary agreement for medium term loan against pledge of movables
machineries. 3]
Memorandum of deposits of title deeds. (all document dated 24.01.2003 to
constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
40.500 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 |
A]
hypothecation of all movable plant and machinery of the company present and
future more particularly described in the schedule ‘A’ and ‘B’ to the
ancillary agreement for medium term loan B]
equitable mortgage of the following 1]
factory building / structures on plot
no 75 admeasuring 2899 sq. meter situated at Chikloli MIDC, Ambernath 2] 3rd and 4th floor admeasuring
around 7200 Sq ft at shantinagar industrial estate, vakola, santacruz (east),
Mumbai more particularly described in schedule to the deed details of
securities more particularly specified in agreements dated 24.01.2003 as
referred herein above under clause No 1 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest 1.75% over minimum of 13.25% p.a. Loan
repayable in 18 quarterly instalments. Amount of first 17 installments Rs
2.225 Millions each and last 18th instalment of Rs 2.165 Millions
commencing from 30th June, 2003 Margin
: 33.60% Charge
to cover all outstanding sums, interests, costs, and charges payable by the
company to the bank. |
|
5) Name and Address and description of the person entitled to the charge. |
State
bank of India Vile
Parle, commercial Branch, Mumbai – 400057 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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 |
|
Name of the company |
CENTAUR CHEMICALS COMPANY PRIVATE LIMITED |
|
Presented By |
CENTAUR CHEMICALS COMPANY PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
No
instrument was executed but an equitable mortgage was created by the company
on the 08.09.1998 In
favour of the Maharashtra state financial corporation by deposit of title
deeds of the company’s flat bearing no 403 on the 4th floor in ‘A’
wing No 1, of padmavati complex, of plot no 8 and 24 of development scheme no
15 of ambernath and bearing CTS no 4717 to 4719 and 4723 to 4728, village
kohop, within the village limits of ambernath municipal council, taluka
ulhasnagar, district thane, described in the second schedule therto with
Maharashtra state financial corporation with intent to create a security
thereon by way of equitable mortgage pursuant to a resolution passed by the
board of directors of the company on the 30.04.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
2.300 Millions |
|
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 |
1]
Mortgage by deposit of title deeds of flat bearing flat no 403 by way of
second charge on flat on 4th floor, in a ‘A’ wing no 1 of
padmavati complex, of plot no 8 and 24 of development scheme no 15 of
ambernath and bearing CTS No 4717 to 4719 and 4723 to 4728 village kohop
within the limits of ambernath municipal council taluka ulhasnagar district
thane |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In
consideration of the said loan of rs 2.300 millions from the corporation the
company has mortgage the said flat owned by it in favour of the corporation
as collateral security. |
|
5) Name and Address and description of the person entitled to the charge. |
Maharashtra
State Financial Corporation Thane
Demand and Diu Regional Office, Office Complex Building, 6th
Floor, Wagie Estate, MIDC, Thane (West) |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Name of the company |
CENTAUR CHEMICALS PRIVATE LIMITED |
|
Presented By |
Mr Shrikant D Sawant |
|
1) Date and description of instrument creating the change |
Mortgage
deed dated 09.08.1994 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
6.750 Millions |
|
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 |
Plot
No 75, chikhloli, MIDC, Ambernath |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per
RBI rules |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.21 |
|
UK
Pound |
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.57.23 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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/normal. |
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 |
|