MIRA
INFORM REPORT
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Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
THEMIS LABORATORIES PRIVATE LIMITED |
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Registered Office : |
Unit No. S-4, Khira Industrial Estate, B.M. Bhargava Road,
Santacruz (West), Mumbai – 400054, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.09.1985 |
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Com. Reg. No.: |
11-37597 |
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CIN No.: [Company
Identification No.] |
U24239MH1985PTC037597 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Capsules and Pellets. |
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 1130348 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Financial position is good.
Payments are usually correct and as per commitments. The company is doing well. Nothing adverse reported. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Unit No. S-4, Khira Industrial Estate, B.M. Bhargava Road, Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Tel. No.: |
91-22-26615333 / 25822445 / 25820605 / 267163200 |
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Fax No.: |
91-22-26604047 / 25800308 / 267163300 |
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Email: |
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Website : |
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Factory : |
A 214, Road No 30, Wagle Industrial Estate, Thane 400604, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Vinodkanta R Shah |
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Designation : |
Director |
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Address : |
30 Saujanya Vallabh Nagar Society
, NS Road, No. 3, JVPD Scheme, Vile Parle (West), Mumbai -400 056,
Maharashtra, India |
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Date of Birth/Age : |
06.03.1928 |
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Date of Appointment : |
27.09.1985 |
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Name : |
Mr. Janak R Shah |
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Designation : |
Chairman cum Managing Director |
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Address : |
30 Vallabh Nagar Soc, N S Road 3, Vile Parle (West) , Mumbai -400 056,
Maharashtra, India |
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Date of Birth/Age : |
19.11.1947 |
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Date of Appointment : |
01.11.1991 |
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Name : |
Mr. Maya J Shah |
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Designation : |
Director |
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Address : |
30 Vallabh Nagar Soc, N S Road 3, Vile Parle (West) , Mumbai -400 056,
Maharashtra, India |
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Date of Birth/Age : |
08.04.1950 |
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Date of Appointment : |
27.09.1985 |
SHAREHOLDING PATTERN
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
99.99 |
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2 |
Others |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Capsules and Pellets |
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Products : |
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PRODUCTION STATUS As on 31.03.2005:-
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Capsules |
Millions |
N.A. N.A. |
210.000 (210.000) |
185.40 (153.74) |
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Tablets |
Millions |
N.A. N.A. |
150.000 (100.000) |
92.41 (42.82) |
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Pellets & Granules |
Kg |
N.A N.A |
210000 (96000) |
354.33 (27090) |
GENERAL INFORMATION
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No. of Employees : |
450 |
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Bankers : |
· The Saraswat Co Operative Bank Limited Address: Juhu Branch, Juhu, Mumbai – 400 049, Maharashtra, India · HDFC Bank Limited Address 1: Motwane Chambers, Manechjiwadi Building, Mumbai – 400 023, Maharashtra, India Address 2: HDFC Bank Houses SB Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
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Ravi A Shah & Associates Chartered Accountant , Mumbai |
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10, Shriniket Apartments, 23 Bajaj Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/-
each |
Rs.60.000 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 |
60.000 |
30.000 |
9.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
222.587 |
126.648 |
56.530 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
282.587 |
156.648 |
66.030 |
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LOAN FUNDS |
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1] Secured Loans |
183.548 |
77.381 |
83.544 |
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2] Unsecured Loans |
60.000 |
13.000 |
0.000 |
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TOTAL BORROWING |
243.548 |
90.381 |
83.544 |
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DEFERRED TAX LIABILITIES |
31.584 |
21.288 |
14.466 |
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TOTAL |
557.719 |
268.317 |
164.041 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
184.636 |
134.541 |
106.727 |
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Capital work-in-progress |
192.396 |
3.996 |
8.834 |
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INVESTMENT |
3.825 |
0.025 |
0.025 |
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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 |
72.987
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49.919 |
35.498
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Sundry Debtors |
170.148
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125.624 |
70.765
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Cash & Bank Balances |
8.845
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7.382 |
4.617
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
146.183
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85.234 |
20.869 |
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Total
Current Assets |
398.163
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268.159 |
131.749 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
99.201
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66.642 |
83.295
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Provisions |
122.100
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71.762 |
0.000 |
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Total
Current Liabilities |
221.301
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138.404 |
83.295 |
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Net Current Assets |
176.862
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129.755 |
48.455 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
557.719 |
268.317 |
164.041 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1255.400 |
692.700 |
410.206 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
1255.400 |
692.700 |
410.206 |
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Profit/(Loss) Before Tax |
231.700 |
155.400 |
60.422 |
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Provision for Taxation |
65.200 |
53.000 |
19.503 |
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Profit/(Loss) After Tax |
166.500 |
102.400 |
40.919 |
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Export Value |
NA |
NA |
25.494 |
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Import Value |
NA |
NA |
11.963 |
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Expenditures : |
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Depreciation & Amortization |
19.900 |
16.600 |
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Other Expenditure |
1003.800 |
520.700 |
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Total Expenditure |
1023.700 |
537.300 |
349.784 |
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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 |
(%) |
13.26
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14.78 |
9.97
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Net Profit Margin (PBT/Sales) |
(%) |
18.45
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22.43 |
14.73
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Return on Total Assets (PBT/Total Assets} |
(%) |
60.84
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38.21 |
25.33
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Return on Investment (ROI) (PBT/Networth) |
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1.64
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0.99 |
0.91
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Debt Equity Ratio (Total Liability/Networth) |
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1.64
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1.46 |
1.26
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Current Ratio (Current Asset/Current Liability) |
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1.79
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1.93 |
1.58
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LOCAL AGENCY
FURTHER INFORMATION
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Name of the
company |
THEMIS
LABORATORIES PRIVATE LIMITED |
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Presented By |
Mr. Janak Ramanlal Shah, Managing Director |
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1) Date and
description of instrument creating the change |
Letter of
hypothecation of stocks, Book Debts and Machinery dated 10.0.12006 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 50.000
millions, by way of fund based and non fund based facilities. |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation by way
of first Pari passu charge on both present and future Stock in trade
consisting of raw material, finished goods, work in process and other trading
merchandise. Book debts and other trade bills receivables now due or which
may be due in future. Hypothecation by
way of second charge Pari passu charge on all movable assets including plant
and machinery , Lab equipments, furniture and fixtures , computer / office
Electrical equipments of production , packing testing machinery. |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Rate of Interest – 10% p.a + Int. Tax or at such other rates as may
from time to time be fixed by the bank by notice in writing to the borrower
with monthly rests . Repayment: Repayable on Demand |
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5) Name and
Address and description of the person entitled to the charge. |
HDFC Bank Limited Address: Motwane Chambers , Manechjiwadi Building, Mumbai – 400 023 HDFC Bank Houses, S B Marg,
lower Parel, Mumbai – 13 |
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Corporation identity number or foreign company registrations number of
the company |
U24239MH1985PTC037597 |
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Name of the company |
THEMIS LABORATORIES PRIVATE LIMITED |
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Address |
Unit S -4, Khira Industrial Estate Premises, Co op Society
Limited, B M Bhargava Road, Santacruz (West), Mumbai – 400 054, Maharashtra,
India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
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The Saraswat Co-Operative Bank Limited Address: Madhusagar N S Road, Road No. 10, Juhu , Vile Parle (West),
Mumbai – 400 049, Maharashtra, India Email: ms_vaidya@saraswatbank.com |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of movable
property |
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Date of the instrument creating charge |
18.05.2007 |
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Amount Secure by the charge |
Rs. 18.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 10.5% or such rate as the bank may notify from time to time with
quarterly / half yearly rests Terms of Repayment 5 years with moratorium of 6 months Margin: 40%
All R and D quality control equipments for place of business at unit S
-4, Khira Industrial Estate Premises, Co op Society
Limited, B M Bhargava Road, Santacruz (West), Mumbai – 400 054, Maharashtra,
India and also at R and D Centre Road No. 23, Wagle Industrial Estate, Thane.
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Short particulars of the Property charged |
All R and D quality control equipments for place of business at Unit S-4, Khira Industrial Estate Premises, Co op Society
Limited, B M Bhargava Road, Santacruz (West), Mumbai – 400 054, Maharashtra,
India and also at R and D Centre Road No. 23, Wagle Industrial Estate, Thane. |
Fixed Assets:
- Freehold Land
- Household Land
- Building
- Plant and Machinery
- Laboratory equipments
- Machine holding equipments
- Furniture
- Fixtures
- Office equipments
- Compute equipments
- Vehicles
- Plant and Machinery (R and D)
- Laboratory equipments (R and D)
- Computer equipment (R and D)
WEBSITE DETAIL:
The Company is one of the leading drug delivery systems (DDS) companies in India that provides a range of effective solutions to optimise the delivery of pharmaceutical products.
The Company is a R and D-driven organization that offers a complete range of oral delivery technologies including :
· Controlled and Delayed Release Matrix
· Multiparticulate Deliveries
· Taste-Masked Dosage Forms
· Melt-in-Mouth Tablets
· Effervescent Tablets
· Dispersible Tablets
The use of The Company's DDS technologies delivers important benefits such as:
· Improving the Drug's Efficacy
· Enhancing Patient Compliance and Comfort
· Extending the Life Cycles of Existing Pharmaceutical Products
· Reducing the Total Cost of Treatment
The plant is located at about 50 kms away from Mumbai in Thane, a Hub of Indian Pharmaceutical Industry. The
operational facility is designed to comply with cGMP guidelines for development
and manufacturing of formulations. The Head Office is located in Santacruz area which is in the vicinity of
both the domestic as well as international
airports.
The company strength lies in its ability to provide a tailored solution
to fulfill the specific needs of its customers in question. Their
"after-deliverance of technology" service includes problem solving
and trouble shooting at customer's site.
Subject also provides total
solutions including :
· Contract Formulation Development
· Manufacturing
· Packaging and Delivery
· Establishing Quality Standards
· Stability Profiles
· Medical Assessments
· Adequate Documentation for Registration
Subject designs, manufactures
and packages the various range of formulations in ready-to-market form. The
company has developed and marketed more than 40 products to several clients
Domestically and Internationally
PRESS RELEASES:
Mumbai, July 27:
Themis Laboratories Pvt Ltd has signed a technology transfer agreement with Aventis Pharma Ltd for fixed-dose combinations using two of its best selling medicines, glibenclamide (Daonil) and glimepiride (Amaryl).
The two drugs would be combined individually with sustained-release metformin through a technology developed by Themis Laboratories, and the product would be used in the treatment of Type 2 diabetes.
Daonil and Amaryl are among the best selling products from the Sanofi-Aventis research pipeline and were available as single-ingredient drugs for the treatment of Type 2 diabetes. Metformin is another ingredient used in diabetes medicines.
Fixed-dose need
There was a need to introduce a fixed dose combination for
both drugs with metformin sustained-release formulation through a technology
that would ensure the required bioavailability, a note from Sanofi-Aventis
said.
As per the agreement, Aventis Pharma (part of the Sanofi-Aventis group) will retain
exclusive rights for these combinations developed by Themis.
In a company statement, Dr Shailesh Ayyangar, Managing
Director of Aventis Pharma Ltd, said that the technology transfer agreement with
Themis has enabled Aventis Pharma to introduce Daonil M and Amaryl M in India
to give doctors and patients access to quality combination products with
indigenously developed patented technology of Themis Laboratories.
Patented tech
This will widen their portfolio of drugs to manage Type 2 diabetes at various disease progression points.
“The new fixed-dose combination products use, on an exclusive basis, a patented
technology developed by Themis Laboratories that ensures the required
bio-availability of individual components and improves convenience and
compliance with therapy,” he said.
CMT REPORT
(Corruption, Money Laundering and 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.39.89 |
|
UK Pound |
1 |
Rs.79.65 |
|
Euro |
1 |
Rs.63.06 |
SCORE and RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
|
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 |
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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 and 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 and 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 |
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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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