MIRA
INFORM REPORT
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Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CENTAUR PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
Centaur House, Shantinagar, Vakola Santacruz (East), Mumbai – 400055,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.10.1980 |
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Com. Reg. No.: |
11-023291 |
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CIN No.: [Company
Identification No.] |
U24230MH1980PTC023291 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10186B |
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PAN No.: [Permanent
Account No.] |
AAACC0444K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals, Pharmaceutical Medicines in the form of Tablets, Capsules, Granules, Injections, Syrups or Any Other Suitable Form. |
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 929264 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Profit margin is under pressure. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. Mr. Nija Sure (Financial Manager) of the company once again requested to send official communication on his email pmn@centaurlab.com and reply is awaited. |
INFORMATION PARTED
BY
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Name : |
Mr. Nija Sure |
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Designation : |
Financial Manager |
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Date : |
17.04.2008 |
LOCATIONS
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Registered Office : |
Centaur House, Shantinagar, Vakola Santacruz (East), Mumbai – 400055,
Maharashtra, India |
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Tel. No.: |
91-022-56499100 |
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Fax No.: |
91-022-56499108/ 112 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 3, Tivim Industrial Estate, Karaswada, Mapusa, Goa – 403526, India |
DIRECTORS
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Name : |
Mr. Shivanand Dattatraya Sawant |
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Designation : |
Managing Director |
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Address : |
501, Vasant Vihar CHS Limited, TPS III, 10th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India |
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Date of Birth/Age : |
20.03.1938 |
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Date of Appointment : |
17.03.2006 |
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Name : |
Mr. Mahadeo Prabhakar Thakoor |
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Designation : |
Director |
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Address : |
1st Floor, Samadhan, Rajaram Tawde Road, Dahisar (West), Mumbai – 400068, Maharashtra, India |
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Date of Birth/Age : |
13.03.1938 |
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Date of Appointment : |
06.02.2001 |
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Name : |
Mr. Sudhakar Keshav Rangnekar |
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Designation : |
Director |
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Address : |
6, Vasant CHS Limited, Mogul Lane, Mahim, Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
28.03.1929 |
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Date of Appointment : |
01.11.2004 |
KEY EXECUTIVES
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Name : |
J. H. Ranade and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.07.2006)
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Names of Shareholders |
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No. of Shares |
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Shivanand D. Sawant |
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146250 |
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Jagdish M. Nadkarni |
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32400 |
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Shrikant D. Sawant |
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36000 |
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Gopinath D. Sawant |
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36400 |
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Veena S. Sawant |
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117000 |
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Supriya S. Sawant |
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144000 |
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Rakhi S. Kadam |
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149400 |
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Smita A. Phal |
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148500 |
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Sumitra M. Parulkar |
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103500 |
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Shyamsunder A. Powar |
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27000 |
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Total |
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940450 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (Not mentioned above) |
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7.00 |
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Directors or relatives of directors |
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87.00 |
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Other top fifty shareholders (other than listed above) |
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6.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals, Pharmaceutical Medicines in the form of Tablets, Capsules, Granules, Injections, Syrups or Any Other Suitable Form. |
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Products : |
· Sinarest Tablets · Sinarest Syrup · Ocupol-D Eye/ Ear · Psychotropic Bulk Drugs |
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Exports : |
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Countries: |
· North America ·
Europe |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Tablets and Capsules |
Millions |
300.00 |
220.06 |
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Liquids |
Kilolitres |
750.000 |
844.20 |
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Powder |
Tonnes |
50.00 |
-- |
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Injectibles |
Kilolitres |
20.00 |
6.33 |
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Ointments |
Tonnes |
25.00 |
-- |
GENERAL
INFORMATION
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No. of Employees : |
1000 |
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Bankers : |
· State Bank of India Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Facilities : |
Note: Term Loan from State Bank of India is secured against mortgage of land and building, plant and machinery and other fixed assets and personal guarantee of two directors. Term Loan Installments due within a years – Rs.10.500 Millions (Previous years – Rs.10.500 Millions) Open cash credit is secured by hypothecation of inventories, book debts and personal guarantee of two directors and mortgage of fixed assets as collateral Security.
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
A. K. Dhere Chartered Accountants |
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Address : |
Arunoday Society, Ground Floor, Subhash Road, Vile Parle, Mumbai – 400057, Maharashtra, India |
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Name : |
D V Kakodkar and Company Chartered Accountant |
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Address : |
306, Rayu Chamber, Dr. Atmaram Borkar Road, Panji – 403001, Goa, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7750000 |
Equity Shares |
Rs.10/- each |
Rs.77.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
70.000 |
12.600 |
12.600 |
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2] Share Application Money |
2.898 |
0.000 |
0.000 |
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3] Reserves & Surplus |
159.418 |
93.710 |
52.225 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
232.316 |
106.310 |
64.825 |
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LOAN FUNDS |
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1] Secured Loans |
228.385 |
99.584 |
92.597 |
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2] Unsecured Loans |
61.169 |
68.548 |
48.085 |
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TOTAL BORROWING |
289.554 |
168.132 |
140.682 |
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DEFERRED TAX LIABILITIES |
21.645 |
12.915 |
9.017 |
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TOTAL |
543.515 |
287.357 |
214.524 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
287.867 |
198.752 |
147.580 |
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Capital work-in-progress |
118.725 |
2.501 |
0.000 |
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INVESTMENT |
0.073 |
0.037 |
0.036 |
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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 |
121.102
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95.609 |
111.530 |
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Sundry Debtors |
92.046
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52.612 |
28.494 |
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Cash & Bank Balances |
47.543
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30.042 |
19.357 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
52.629
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23.086 |
13.760 |
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Total
Current Assets |
313.320
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201.349 |
173.141 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
176.470
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115.282 |
106.233 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
176.470
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115.282 |
106.233 |
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Net Current Assets |
136.850
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86.067 |
66.908 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
543.515 |
287.357 |
214.524 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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856.374 |
725.249 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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856.374 |
725.249 |
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Profit/(Loss) Before Tax |
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61.997 |
60.734 |
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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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61.997 |
60.734 |
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Export Value |
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66.087 |
48.833 |
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Expenditures : |
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Interests |
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16.510 |
16.084 |
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Depreciation |
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11.969 |
7.608 |
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Other Expenditure |
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765.898 |
640.823 |
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Total Expenditure |
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794.377 |
664.515 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.24
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8.37 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.24
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8.37 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.31
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15.18 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.57 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.00
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2.66 |
3.81 |
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Current Ratio (Current Asset/Current Liability) |
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1.77
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1.75 |
1.63 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U24230MH1980PTC023291 |
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Name of the Company
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CENTAUR PHARMACEUTICALS PRIVATE LIMITED |
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Address |
Centaur House, Shantinagar, Vakola Santacruz (East), Mumbai – 400055,
Maharashtra, India |
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This form is for |
Modification of Charge |
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Type of Charge |
Book Debts Movable Property (not
being pledge) |
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Particulars of
the charge holder |
State Bank of
India Commercial
Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Agreement of Loan cum Hypothecation |
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Date of the
instrument creating or modifying the charge |
19.02.2007 |
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Amount secured by
the charge |
Rs.64.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
NA |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of all
accessories and equipments to be purchases for office remises and equitable
mortgage of factory building, structure on. |
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Particular of the
present modification |
Now by the
present Modification dated 19.02.2007 the term loan limit increased to Rs.64.000
Millions |
Profile:
Established in 1978-79, Centaur is a fast growing,
professionally managed healthcare conglomerate, generating close to Rs.10.000
Millions prescriptions per year making us the 45th largest company in India in prescription
sales. They have built strengths across their formulations, bulk drugs and
exports businesses, and are now strategically poised to capitalize on the
emerging opportunities in the domestic and international markets.
Plans on the anvil include forays into the biotech sector
and the setting up of a USFDA approved manufacturing facility, both in the
biotech park at Pune.
FIXED ASSETS:
· Factory building
· Freehold and leasehold land
· Guest House Flats
· Plant and machinery
· Electrifications
· Air Conditions Plants
· Furniture and fixtures
· Office equipments
· Guest house flats
· Vehicles
· Laboratory equipments.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.96 |
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UK Pound |
1 |
Rs.78.66 |
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Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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42 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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