MIRA
INFORM REPORT
|
Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SG PHARMA PRIVATE LIMITED |
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Registered Office : |
542, 3/10, Bhuta Niwas, Dr. Ambedkar Road, Matunga (East), Mumbai –
400019, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.2004 |
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Com. Reg. No.: |
11-146356 |
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CIN No.: [Company
Identification No.] |
U24230MH2004PTC146356 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and
Distributors of Finished Pharmaceutical Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2500 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Company’s profitability
is improving and is expected to wipe-off previous losses soon. Trade
relations are fair. Payments are reported as sloe but correct. The company can be considered good for small to mediocre business
dealings. |
LOCATIONS
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Registered Office/ Factory : |
542, 3/10, Bhuta Niwas, Dr. Ambedkar Road, Matunga (East), Mumbai –
400019, Maharashtra, India |
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Tel. No.: |
91-22-24152010 |
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Fax No.: |
91-22-24151565 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Bhavesh Bhagat |
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Designation : |
Chairman Cum Managing Director |
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Address : |
323/f, Bhagat Bhuvan, Dr, Ambedkar Road, Matunga (East), Mumbai –
400019, Maharashtra, India |
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Date of Birth/Age : |
17.06.1973 |
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Date of Appointment : |
17.05.2004 |
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Name : |
Mr. Chetan Bhagat |
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Designation : |
Managing Director |
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Address : |
323/f, Bhagat Bhuvan, Dr, Ambedkar Road, Matunga (East), Mumbai –
400019, Maharashtra, India |
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Date of Birth/Age : |
11.08.1971 |
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Date of Appointment : |
17.05.2004 |
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Name : |
Mr. Vijay Mehta |
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Designation : |
Director - R&D Production |
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Address : |
601, Chimy Apartment, Haridas Nagar, Shimpoli Road,
Borivali (West), Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
01.04.1960 |
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Date of Appointment : |
13.06.2004 |
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Name : |
Mrs. Nayana Parekh |
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Designation : |
Director – QA and QC |
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Address : |
604-A, Rajsatyam, Shiv Vallabh Road, Dahisar (East), Mumbai – 400068,
Maharashtra, India |
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Date of Birth/Age : |
20.06.1959 |
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Date of Appointment : |
13.06.2004 |
KEY EXECUTIVES
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Name : |
Mr. Kirit Bhagat |
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Designation : |
President |
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Name : |
Mr. Cheman Bhagat |
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Designation : |
Chief Executive Officer |
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Name : |
Dr. Dipti
Bhagat |
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Designation : |
Product Development |
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Name : |
Mrs. Arati Kudtarkar |
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Designation : |
Manager - Administration |
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Name : |
Mr. Hoshang Messman |
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Designation : |
Sr. Manager-International |
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Name : |
Mr. Bharat
Shah |
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Designation : |
Corporate Affairs |
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Name : |
Mrs.
Suchitra Mestry |
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Designation : |
Customer Care |
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Name : |
Mrs. Punam
Gada |
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Designation : |
Manager - Regulatory |
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Name : |
Mr. Prashant
Kulkarni |
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Designation : |
Co-ordinator - Accounts |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.11.2005)
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Names of Shareholders |
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No. of Shares |
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Bhavesh K Bhagat |
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15000 |
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Chetan K Bhagat |
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10000 |
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Prachi B. Bhagat |
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5000 |
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Dipti C Bhagat |
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5000 |
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Kshitji C. Bhagat |
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1 |
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Kusumben K. Bhagat |
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13000 |
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Kirit Bhagat |
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5000 |
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Total |
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53001 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors are relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers and
Distributors of Finished Pharmaceutical Products. |
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Exports : |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Jamesh Shah and Company Chartered Accountant |
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Address : |
230/231, Majestic Shopping Centre, 2nd Floor, 144, JSS Road,
Girgaon, Mumbai – 400004, Maharashtra, India |
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Name : |
Vipul Jitendra and Associates Chartered Accountant |
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Address : |
2nd Floor, Kerawala Mansion Mangaladas Road, Crawford
Market, Mumbai – 400002, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.500 |
0.500 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
3.940 |
3.676 |
0.927 |
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TOTAL BORROWING |
3.940 |
3.676 |
0.927 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.440 |
4.176 |
1.427 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.229 |
0.122 |
0.105 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
4.712
|
3.253 |
0.407 |
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Sundry Debtors |
1.370
|
1.435 |
0.123 |
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Cash & Bank Balances |
0.851
|
0.213 |
0.499 |
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Other Current Assets |
0.085
|
0.000 |
0.000 |
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Loans & Advances |
0.440
|
0.069 |
0.011 |
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Total
Current Assets |
7.458
|
4.970 |
1.040 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.268
|
1.039 |
0.362 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
3.268
|
1.039 |
0.362 |
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Net Current Assets |
4.190
|
3.931 |
0.678 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit and Loss Account |
0.021 |
0.123 |
0.644 |
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TOTAL |
4.440 |
4.176 |
1.427 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
15.356 |
8.339 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
15.356 |
8.339 |
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Profit/(Loss) Before Tax |
|
0.102 |
0.522 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.102 |
0.522 |
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Expenditures : |
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Interests |
|
0.294 |
0.149 |
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Depreciation & Amortization |
|
0.036 |
0.031 |
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Other Expenditure |
|
14.924 |
7.637 |
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Total Expenditure |
|
15.254 |
7.817 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.66
|
6.26 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.66
|
6.26 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.33
|
10.25 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
1.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
14.42
|
9.43 |
2.58 |
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Current Ratio (Current Asset/Current Liability) |
|
2.28
|
4.78 |
2.87 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Introduction:
Soon after the Independence of India in 1947, Mr. Kirit
Bhagat a young entrepreneur from a small city of India - 'Surat' (historically
named as "The Golden Bird"), established a pharmaceutical company in
Bombay, with a far-sighted visionary
and dedication to provide world-class life saving medicines within the reach of
a common man.
Since 1947 (5 decades), they have been pioneers in the field
of specialty medicines globally sourced, as well as indigenously manufactured,
and making them accessible to people at affordable prices. Mr. Bhagat, was the
only entrepreneur who took the initiation to launch and market many vaccines
for the 1st time in India, viz;
- Anti-Tetanus & Diphtheria vaccine in 1950's
- Oral Polio vaccine in 1961 from Russia
- Measles vaccine in 1979 from France
- Rabies vaccine in 1981 from France
- M.M.R. vaccine in 1984 from France
Apart from Vaccines, they have also been instrumental in the
introduction of several Anti-neoplastic, Cardiac and Anaesthetic products.
Over the years company
has developed expertise
in Manufacturing, R&D, Quality Assurance, and compliance to International
Regulatory, and they take the pride in providing wide therapeutic range of products.
Group Companies:
Shree
Ganesh Pharmaceuticals
Shree Ganesh Pharmaceuticals was incorporated in the year
1992, to carry on the mission of Mr. Bhagat, by following modern marketing techniques.
It is an Export unit specialised in catering services only to the International
markets.
Export:
Overview
Subject ability to produce drugs conforming to world-class standards and
specifications has been recognised and appreciated in many developing and
advanced western countries across the world, and today, they hold many product
registrations in more than 21 countries in South East Asia, Australia, Middle
East, Africa, Europe, Canada and Latin America.
Subject is strongly committed to maintaining and developing
close relations with its customers across the Globe that is why they have
established a dedicated Export unit to provide worldwide services. Thus the
company…
- Constantly scans for the need of new potential products
- Studies the requirements of their customers and their market
- Undertakes the development of product packaging as per the
guideline of MOH
- Meets the registration requirements of various MOH
- Participating in the Government, WHO, Common Wealth, Social
Security tenders
Export: Export Team
Export team is always in direct personal relations with the customers to,
- Explore new markets, and focused to understand the growing market
requirements
- Effectively co-ordinating with other teams in the company, and
translating requirements to cutting edge solutions
- Search, selection and participation into potential deals / tenders
- Professionalised to attend Medical Coventions, Exhibitions, &
Trade fairs
- Committed to provide quality customer services, with prompt
results, which is very important to meet the growing,
complex requirements
Export: Design Team:
Subject manufactures world class life saving
medicines, used by specialists in various therapeutic segments across the
world. They always strive to develop new innovative packaging concepts so that
their products standout on the shelves, and helps brand building, besides
providing a customized pack, meeting the regulatory requirements of the MOH.
They have an in-house team of DTP/Packing developers, a creative team committed
to provide customized packaging solutions by consistently meeting customers
expectations within shortest turn around time. The Team…
- Designs unique presentation for each product
- Study's & Incorporates the guidelines of the MOH
- Supports customer's with multiple design options & color combinations for the presentation selection suitable for their market
- Stringently monitors the printing process
- All these with prompt communication and reverts, meeting the targets of supplies
Export:
Logistics:
The cost of the freight is the major direct burden to the
final product cost; hence it is most important to have a winning edge on this
factor, without any compromise on the service and transit time.
They are having direct agreements with the major Airlines
viz., British Airways, Air France, FedEx and Swiss Air.
Their Logistic team heads in providing Complete Logistic
Solution….
- Co-ordination for the collection of the goods from the manufacturing locations
- Getting the best flight schedules, and connectivity
- Effective & Fast pre-shipment Custom clearance in India
- Taking special care of temperature sensitive shipments and air-lifting them in temperature-controlled flights.
- Attaching required documentations along with the shipment
- Constantly updating the shipment status at each point and taking care of the goods till it reaches the final destination
Export:
Global Presence
They are proud that today the
concept on which their business was built has become a Global Success.
Subject has its
presence in the following countries, where its products are registered and
being ethically promoted:
South
American Countries:
- Bolivia
- Chile
- Peru
- Colombia
- Guyana
- Venezuela
- Ecuador
Central American Countries:
- Panama
- Guatemala
- Costa Rica
- Nicaragua
- El Salvador
- Honduras
South-East
Asian Countries:
- Vietnam
- Philippines
- Sri-Lanka
Caribbean
Countries:
- Cuba
- Bahamas
- Barbados
- Jamaica
- Trinidad & Tobago
- Dominican Republic
- Haiti
African
Countries:
- Mozambique
- Zimbabwe
- Nigeria
- Mauritius
Manufacturing: Overview
Subvject is professionally managed with rapidly progressing team
engaged in Research
and Manufacturing of
world class specialty pharmaceutical formulations. All their facilities are WHO-GMP approved, and equipped with the latest state-of-the-art technology to produce products meeting international standards.
They have the ability to manufacture a broad range of small
volume parenterals, liquid, dry powder, lyophilized, solid and semi-solid
forms:
- Capsules
- Tablets
- Injectables
- Lyophilized Injectables
- Eye Drops
- Oral Solutions
- Creams
- Ointments
- Gels
- Suppositories
Manufacturing:
Production
They
believe that the
quality does not occur but it is built into the product through strict
adherence to the approved procedures, trained work force and good atmosphere of
working.
In addition to the procedures followed by the QC, stringent in-process checks are
imposed and the results recorded, at every stage right from receiving of raw
material to delivery of the finished goods. The manufacturing is conducted
under controlled air filtering and
handling system, in a clean room with Class 10000 standards and the filling is done in a steriled area
with Class 100 standards at
positive pressure with 30 to 40 air changes per minute.
The entire activity is supported by detail documentation on
the production process, flowchart, methods of in-process controls, and batch
manufacturing (BMR).
They strictly follow current
Good Manufacturing Practices (cGMP) as guided by the World Health
Organization (WHO), including compliance with national and international
regulations, industry standards and customer requirements.
Products: Formulation
Company mission is to
develop and commercialise world class pharmaceutical products for the specialty
market.
They offer formulations representing wide therapeutic
segments viz;
- Oncology
- Cardiology
- Neurology
- Gynaecology
- Immunology
- Urology
- Anaesthetics
- AIDS
- Cephalosporin
- Tuberculosis
- Hormonals
- Steroids
- Vitamins & Others
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
30 |
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 |
|