MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NAPROD LIFE SCIENCES PRIVATE LIMITED |
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Formerly Known As : |
NEON ANTIBIOTICS PRIVATE LIMITED |
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Registered Office : |
304, Town Centre, Andheri - |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.07.1990 |
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Com. Reg. No.: |
057496 |
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CIN No.: [Company
Identification No.] |
U24230MH1990PTC057496 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN10162F |
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PAN No.: [Permanent
Account No.] |
AAACN1291M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Oncology Formulations, Anticancer Medicines, Solid and
Injectables |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 694496 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported as experience 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 : |
304, Town Centre, Andheri - |
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Tel. No.: |
91-22-66490034 / 37 / 38 |
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Fax No.: |
91-22-66490036 |
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E – Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Hanumandas Chandak |
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Designation : |
Director |
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Address : |
16, Jeevanratan Building, Shree Rajasthan CHS Limited, J.B. Nagar, Andheri
(East), Mumbai – 400059, |
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Date of Birth/Age : |
10.07.1956 |
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Date of Appointment : |
03.02.2007 |
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Name : |
Mr. Rakesh Satpaul Gupta |
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Designation : |
Director |
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Address : |
1304-A, |
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Date of Birth/Age : |
28.03.1952 |
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Date of Appointment : |
03.02.2007 |
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Name : |
Mr. Mohan Babulal Jain |
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Designation : |
Director |
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Address : |
B-83, |
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Date of Birth/Age : |
24.12.1966 |
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Date of Appointment : |
02.03.1994 |
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Name : |
Mrs. Kamala Babulal Jain |
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Designation : |
Director |
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Address : |
B-83, |
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Date of Birth/Age : |
11.04.1948 |
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Date of Appointment : |
25.03.1996 |
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Name : |
Mr. Ashok K Jain |
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Designation : |
Director |
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Address : |
504 – 505, |
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Date of Birth/Age : |
13.09.1957 |
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Date of Appointment : |
25.03.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Uttam K. Jain |
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63480 |
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Mr. Pravin K. Jain |
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15620 |
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Mr. Babulala K. Jain |
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28000 |
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Mr. Ashok K. Jain |
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127390 |
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Mr. Babulal K. Jain (HUF) |
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50150 |
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Mr. Ashok K. Jain (HUF) |
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17850 |
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Mrs. Chanchal U. Jain |
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95400 |
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Mrs. Kamla B. Jain |
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109150 |
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Mr. Bharti P. Jain |
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200500 |
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Mr. Manish B. Jain |
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27600 |
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Mr. Mohan B. AJin |
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58500 |
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Mrs. Meena A. Jain |
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100900 |
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Mrs. Sunita U. Jain |
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84742 |
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Mr. Uttam K. Jain (HUF) |
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54700 |
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Mr. Abhay U. Jain |
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62792 |
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Mr. Rahul A. Jain |
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67192 |
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Mrs. Prachi P. Jain |
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125092 |
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Mr. Pravin K. Jain (HUF) |
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9750 |
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Mr. Rohan A. Jain |
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54792 |
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Pravin – Mira and Company Jain |
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15150 |
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Mr. Manish B. Jain (M.AG.) |
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11500 |
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Mrs. Sangeeta M. Jain |
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109350 |
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Mr. Aarya M. Jain |
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100 |
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Mr. Misal P. Jain |
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100 |
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Mrs. Niyati P. Jain |
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10100 |
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Mr. Mohan B. Jain (HUF) |
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100 |
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Category |
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Percentage of
Holding |
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Director or Relatives of director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Oncology Formulations, Anticancer Medicines, Solid and
Injectables |
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Export : |
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Countries : |
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GENERAL INFORMATION
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No of Employees : |
101 - 500 |
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Bankers : |
State Bank of Industrial Finance Branch, Andheri (East), Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sohan S Jain and Company Chartered Accountants |
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Address : |
301 – Verma Chambers, 11, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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15.000 |
15.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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158.624 |
82.209 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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173.624 |
97.209 |
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LOAN FUNDS |
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1] Secured Loans |
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0.737 |
36.228 |
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2] Unsecured Loans |
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37.758 |
35.552 |
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TOTAL BORROWING |
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38.495 |
71.780 |
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DEFERRED TAX LIABILITIES |
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11.873 |
9.277 |
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TOTAL |
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223.992 |
178.268 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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102.988 |
45.409 |
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Capital work-in-progress |
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0.000 |
19.793 |
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INVESTMENT |
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0.500 |
1.569 |
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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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17.510 |
24.198 |
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Sundry Debtors |
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108.509 |
84.688 |
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Cash & Bank Balances |
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0.822 |
1.997 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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72.640 |
74.695 |
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Total
Current Assets |
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199.481 |
185.578 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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35.098 |
39.106 |
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Provisions |
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43.879 |
34.978 |
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Total
Current Liabilities |
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78.977 |
74.084 |
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Net Current Assets |
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120.504 |
111.494 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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223.992 |
178.268 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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316.618 |
286.049 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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316.618 |
286.049 |
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Profit/(Loss) Before Tax |
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125.192 |
85.321 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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125.192 |
85.321 |
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Earnings in Foreign Currency : |
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Export Earnings |
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29.199 |
8.373 |
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Total Earnings |
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29.199 |
8.373 |
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Expenditures : |
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Interest |
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1.505 |
1.952 |
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Depreciation & Amortization |
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3.395 |
2.991 |
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Other Expenditure |
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186.526 |
195.784 |
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Total Expenditure |
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191.426 |
200.727 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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36.20 |
28.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
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36.20 |
28.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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41.39 |
36.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.72 |
0.87 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.45 |
0.76 |
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Current Ratio (Current Asset/Current Liability) |
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2.52 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
As per Web Details
Company Profile:
Subject formerly know as Neon Antibiotics has been associated with
pharmaceutical industry for the last two decades.
Earlier on Subject visualized the need for achieving
self - sufficiency in formulation as well as in bulk. As a result, subject entered into the
production of Active Pharmaceutical Ingredient (API) & now has to its
credit a number of new molecules to strengthen its product portfolio.
In 1994, subject set up a facility for
production of Generic as well as ONCOLOGY formulations. The company
initiated the manufacturing of lyophilized injection and introduced more than
100 No. of stable lyophilized formulations throughout the country.
Subject
production facility and systems follow international levels of GMP and are
approved through periodic inspections by expert team auditors.
Besides marketing its parentral formulation
as well as Solid dosage forms in every nook and corner of the domestic market
through its strong marketing network; Subject also exports its
formulations to many
Subject today has multi product in its
portfolio - more than 10 APIs, 100 No. of formulations in the anticancer and
over 30 in other therapeutic category.
Contract Manufacturing of Lyophilized
Injectable is the core area of competence at Naprod.
With a spectrum of
products that have earned the confidence of millions, today is the undisputed
leader in anticancer
lyophilized formulations.
Subject was founded in 1994
and after a humble beginning it has reached a leading position in
Products
Anticancer Formulation list carries
Parenteral Products, Tablets & Capsules.
General
Formulation list carries Lyophilized Injectables, Sterile Bulk
APIs
API Product list carries Anticaner
APIs, General APIs and Bulk sterile APIs
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Multi product portfolio - more than 40 APIs, 50 formulations
in anticancer and over 20 products in other therapeutic category.
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Toll / Contract manufacturing with recognized
Pharmaceutical Companies.
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Expertise in Lyophilization: Freeze drying
technology.
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Dynamic team of professionals who cater to the demands
and requirements of the International Business.
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Expertise in APIs - CTD & formulation dossiers.
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Exports to Latin America, East Europe,
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Name of the company |
NEON ANTIBIOTICS
PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of small Indl advances and hypothecation of bills and stocks dt. 09.12.1997 |
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ll2) Amount secured by the charge/amount owing on the securities of charge |
Rs.19.100
millions Demand Cash
Credit (Stock) 6.000 millions Clean Cash Credit
(Bills) 3.800 millions Letter of
Credit 7.000
millions Bank
Guarantee 1.500 millions Forward Contract
Purchase 0.800 million
---------------- Total
19.100 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 of
all movable, book debts and other assets whether present or future with
restriction against the creation of any further charge thereon for all
indebtness an liabilities of the company to the bank by way of working
capital present and future, the present limit having been determined at
Rs.19.100 millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : As determined
by the bank from time to time |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
a. Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit form C 2-A b. Letter
regarding the grant of individual limits within the overall limits Form C5.
Both the above agreement dt. 21.03.2001 and executed for the creation of a
single modification |
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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. |
The original
charge was created on 9.12.1997 for Rs.19.100 millions. Now by the present
modification dt.21.03.2001 the limit of the credit facilities increased from
Rs.19.100 millions toe Rs.27.500 millions are as follows Nature of
facility Limit (Rs. In
millions) Demand Cash Credit 17.500 Letter of
Credit 8.500 Bank
Guarantee 1.500 Total
27.500 ROI : O.C.C. : 3%
over SBAR. Min 15%p.a. commission. L/c.: As per their
standard rate Bank Guarantee :
As per their standard rate Margin: Raw
Materials 25% Stock in
process 40% Finished
Goods 33.33 Any other
(specify) consumable stores and
spares, bank debts / receivable
retention period for book debts 90
days 40% Since these
account has been transferred for State Bank of |
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.39.73 |
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|
1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
|