MIRA
INFORM REPORT
|
Report Date : |
14.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
MANEESH PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
23-24, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
25.07.1985 |
|
|
|
|
Com. Reg. No.: |
36952 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24230MH1985PLC036952 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM08382D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced respectable and resourceful businessmen. Their trade relations are reported as fair. Financial position is food. Payments are usually correct and as per commitments. The company can be considered good for any business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
23-24, |
|
Tel. No.: |
91-22-25202122/23/24 |
|
Fax No.: |
91-22-25202121 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 Sq.ft – owned |
|
|
|
|
Factory 1 : |
Plot No. 40, Ancillary Industrial Plots, Govandi,
Mumbai-400043, |
|
Tel. No.: |
91-22-25565738/5559/7093 |
|
Fax No.: |
91-22-25565620/7095/25565620/7093 |
|
E-Mail : |
|
|
Area : |
Owned |
|
Location : |
[Around 10-12 manufacturing plants in |
DIRECTORS
|
Name : |
Mr. Vinay Ramakant Sapte |
|
Designation : |
Managing Director |
|
Address : |
Shree Dattabhuvan, Vijay Manjrekar Marg, |
|
Date of Birth/Age : |
1st June, 1955 |
|
Date of Appointment : |
25th July, 1985 |
|
|
|
|
Name : |
Mr. Maneesh R. Sapte |
|
Designation : |
Director |
|
Address : |
51, |
|
Date of Appointment : |
1st October, 2002 |
|
|
|
|
Name : |
Mrs. Rashmi V. Sapte |
|
Designation : |
Director |
|
Address : |
61, |
|
Date of Appointment : |
18th March, 2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Madhvi R. Sapte and Mr. Ramakant Sapte |
|
128320 |
|
Mr. Vinay R. Sapte |
|
6379000 |
|
Mrs. Suman R. Sapte |
|
192480 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin |
|
|
|
|
Products : |
Generic Name of the Principal Product of the company is : ˜ Pharmaceutical Products The company’s product range includes : ˜ Anti-Tubercular Drugs SCC-2 SCC-3 SCC-4 SCC KIT RAMCIN PDR-825 PYRA-1200 ˜ NSAIDs NIMBET MOBYLE GEL ˜ Antibiotics CEFKING 250 CEFKING 500 SPARTECH MOXER 250 MOXER 500 |
|
|
|
|
Exports : |
|
|
Products : |
Machinery |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
European Countries, |
|
|
|
|
Terms : |
|
|
Selling : |
Cash [30 days], L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Tablets |
Millions |
|
|
3120 |
|
Capsules |
Millions |
|
|
312 |
|
Liquids |
Litres (Thosand) |
|
|
1560 |
|
Injectables |
Ampoules |
|
|
12480 |
GENERAL INFORMATION
|
Suppliers : |
·
Gautam Chemicals, Mumbai, ·
Esskay Fine Chemicals, Mumbai, · Boots India Limited |
|
|
|
|
Customers : |
Wholesalers, Suppliers and Retailers
|
|
|
|
|
No. of Employees : |
3000 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M. Nanday and Company Chartered Accountants |
|
Address : |
D/13, Samruddhi Co-operative Housing Society Limited, B.
Parulekar Marg, Dadar, Mumbai-400028, |
|
|
|
|
Associates : |
· Maneesh Exports · Atul Pharma Agency · Svizera Labs Private Limited |
|
|
|
|
Subsidiaries : |
· Meghdoot Chemicals Limited ·
Shanbag Storage & Warehousing Private
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9211086 |
Equity Shares |
Rs. 10/- Each |
Rs. 92.111 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
92.111 |
67.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1207.727 |
287.019 |
|
|
NETWORTH |
|
1299.838 |
354.019 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
874.195 |
784.147 |
|
|
2] Unsecured Loans |
|
135.419 |
201.246 |
|
|
TOTAL BORROWING |
|
1009.614 |
985.393 |
|
|
DEFERRED TAX LIABILITIES |
|
235.423 |
248.948 |
|
|
|
|
|
|
|
|
TOTAL |
|
2544.875 |
1588.360 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
997.901 |
930.950 |
|
|
Capital work-in-progress |
|
93.591 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
374.116 |
60.377 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
641.670 |
483.802 |
|
|
Sundry Debtors |
|
553.038 |
340.800 |
|
|
Cash & Bank Balances |
|
349.915 |
211.758 |
|
|
Loans & Advances |
|
334.306 |
173.570 |
|
Total
Current Assets |
|
1878.929 |
1209.930 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
809.524 |
621.753 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
809.524 |
621.753 |
|
|
Net Current Assets |
|
1069.405 |
588.177 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
9.734 |
8.712 |
|
|
Pre Operating Expenses |
|
0.128 |
0.144 |
|
|
|
|
|
|
|
|
TOTAL |
|
2544.875 |
1588.360 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
2892.792 |
1860.271 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
317.261 |
198.559 |
|
|
Provision for Taxation |
|
106.997 |
99.378 |
|
|
Profit/(Loss) After Tax |
|
210.264 |
99.181 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
|
960.910 |
700.970 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
|
35.000 |
143.480 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
94.358 |
32.566 |
|
|
Depreciation & Amortization |
|
79.144 |
65.340 |
|
|
Other Expenditure |
|
2402.029 |
1563.805 |
|
Total Expenditure |
|
2575.531 |
1661.711 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
7.27 |
5.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
10.97 |
10.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
11.13 |
9.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.24 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.40 |
4.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.32 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
The company has a private limited company upto April 2007. The company was concerted into a deemed
public company w.e.f. may 2007.
Fixed Assets :
· Plant & Machinery
· Allied Equipment
· Elec Installation
· Vehicles
·
· Garage
· Furniture
· Office Equipment
· Office (Pune)
· Office (Chembur)
· Building
· Furniture unit Dwelling
· Computer Software
As Per Website
Corporate Overview
“Maneesh” Pharmaceuticals evolved from a small trading
activity in 1975 to a highly sophisticated brand of quality and affordable
healthcare today. “Maneesh” Pharmaceuticals is the fastest multiplying
pharmaceutical company in
“Maneesh” Pharmaceuticals is fast expanding globally through
joint ventures and subsidiaries in more than 70 countries across Africa, South
America, Europe,
“Maneesh” Pharmaceuticals pioneered in the revolutionary concept
of providing the 4 first line Anti TB drugs together in granular form, packed
in a Single Dose Sachet through its Globally registered brand SVIZERA. This
Novel Drug Delivery system is awaiting global patent. “Maneesh” Pharmaceuticals
is one of the leading manufacturers and exporters of anti TB drugs globally.
“Maneesh” Pharmaceuticals is simultaneously focusing mainly on its penetration
in Indian market and a simultaneous application of research and discovery of
better drugs.
History
Maneesh
Pharmaceuticals incepted in 1975 with a small trading facility of providing
biological raw materials, with a gradual expansion in Manufacturing of Generics
followed by formulation and marketing of breakthrough brands.
2006
- International Patent Applications
published for Anti-TB formulation in a single dose sachet
- USFDA compliant manufacturing facility
at Himachal Pradesh
- Co-marketing arrangement between
‘Maneesh & Kopran’ for the well known ‘Smyle’ Products range
- R & D
Centre
2005
- Acquisition of ‘Pharmacia'
- Clinical Research Organization
commenced
- Tie up with ‘Se-Cure' Pharmaceuticals
Israel, for the sole marketing & distribution rights in
- Acquired
marketing & distribution countrywide from Pune based Pure Health
Products Private Limited & merged with Maneesh Healthcare
2004
- Acquired domestic marketing &
distribution countrywide from Sigma labs.
- Independent Antibiotic Facility
Commenced
- Svizera-Europe Tie Up
- Proud recipient
of the 3G- 2004 award for Introduction of rationalized Fixed Dose
Combination of 2, 3 and 4 Anti TB drugs in Sachet.
2003
- Launch Of 4
Fixed Dose Combination In Sachet, First Time In The World
- Amoxicillin
Clavulanate With Lactic Acid Bacillus For The First Time In The World
- WHO-Geneva
Approval
2002
- Supply Of
Anti-TB Drugs in 77 Countries Trough WHO-Global Drug Facility
- Acquired
Glaxo Facility Dedicated To Hormones Approved By Glaxo SmithKline Plc
2001
- First Time 4 FDC tablet Approved By
WHO-Global Drug Facility For Worldwide Program
- Installed
Imported, hi tech Sophisticated Machinery
2000
- First 3 FDC
In Single Dose Formulation For TB
1999
- First 4 Fixed Dose Combination As Per
WHO Recommendations
- Dedicated Anti-TB
Manufacturing Facility
1998
- Tie Up With
Medical Export Group (
1994
- Exports
Commenced
1992
- WHO-GMP For
The First Plant In Mumbai
Management
The journey from a small trading activity to an indian
multinational is because of the able, focused and persevering efforts and
direction of the core team. The hard working team is the one, who are
responsible to make it happen .
Formulations
Today, “Maneesh” Pharmaceuticals is one of the
leading producers and suppliers of Anti TB range in
Maneesh Healthcare
Svizera Healthcare
Maneesh - OTC
Associates
At 'Maneesh Phramaceuticals' they take this opportunity to thank
their customers, partners & associates for their support. Encouraged by the
mutually beneficial association & success and motivated by the partners
support they are ready to explore yet another business opportunity. They take a
great pleasure in announcing the tie up with KOPRAN for co-marketing
and distribution of the OTC/ FMCG Range of Products, The SMYLE Range of
products. The product range includes Mouth Ulcer Gel, Sore Throat Reliever,
Herbal Toothpaste, Vaporub, Throat Drops, Prickly Heat Powder & many more.
All these products are available for distribution from January 2006.They are
confident that with retail coverage you have in the market, together they
can make these products available in every chemist outlet in the
respective city. Needless to say, SMYLE comes with ATTRACTIVE SCHEMES to
enhance the earnings.
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
For Maneesh Pharmaceuticals Private Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NAME AND ADDRESS OF CA/C&F AGENT |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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.40.44 |
|
|
1 |
Rs.82.01 |
|
Euro |
1 |
Rs.56.20 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
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 |
|
55 |
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 |
|