MIRA
INFORM REPORT
|
Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
CTX LIFESCIENCE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Survey No. 91, Opposite Navinflorine, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
05.02.2004 |
|
|
|
|
Com. Reg. No.: |
043554 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24114GJ2004PTC043554 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTC00591D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Pharmaceutical, Drugs, Enzymes and
Sanitary Napkins and all classes of chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Financial position of the company is poor. It’s networth has been
eroded. It’s payments are reported as slow. The company can be considered for any business dealings on safe and secured
trade terms and conditions only in view of substantial accumulated losses. |
LOCATIONS
|
Registered Office : |
Survey No. 91, Opposite Navinflorine, |
|
Tel. No.: |
91-261-2891419/ 2891420 |
|
Fax No.: |
91-261-2892364 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Office : |
8000 Corporate |
|
E-Mail : |
|
|
|
|
|
Sales and Marketing Office : |
4th Floor, |
|
Tel. No.: |
91-22-32012829 |
|
Fax No.: |
91-22-66434848 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Vishadkumar J Jariwala |
|
Designation : |
Director |
|
Address : |
3, Ekta Bungalows, Opposite Tinidhi Apartment, |
|
Date of Appointment : |
05.02.2004 |
|
|
|
|
Name : |
Mr. Kanakkumar J Jariwala |
|
Designation : |
Director |
|
Address : |
3, Ekta Bungalows, Opposite Tinidhi Apartment, |
|
Date of Appointment : |
05.02.2004 |
|
|
|
|
Name : |
Mr. Pravinchandra D Kabutarwala |
|
Designation : |
Director |
|
Address : |
4, Ekta Bungalows, Opposite Trinidhi Apartment, |
|
Date of Appointment : |
05.02.2004 |
|
|
|
|
Name : |
Mr. Bipinchandra D Kabutarwala |
|
Designation : |
Director |
|
Address : |
4, Ekta Bungalows, Opposite Trinidhi Apartment, |
|
Date of Appointment : |
05.02.2004 |
|
|
|
|
Name : |
Mr. Narendra Borkar |
|
Designation : |
Board of Director |
KEY EXECUTIVES
|
Name : |
Mr. M.S Balaji |
|
Designation : |
Senior Vice President Sales, Marketing and Bus Devision |
|
|
|
|
Name : |
Mr. P. P S Kishore |
|
Designation : |
Vice President Operations |
|
|
|
|
Name : |
Mr. Amit Mondal |
|
Designation : |
Vice President Q.A and Regulatory Affairs |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Pravinchandra D Kabutarwala |
|
500000 |
|
Bipinchandra D Kabutarwala |
|
500000 |
|
Kanakkumar J Jariwala |
|
662500 |
|
Vishadkumar J Jariwala |
|
662500 |
|
Jayantilal T Jariwala |
|
675000 |
|
Rameshchandra D Kabutarwala |
|
500000 |
|
Maheshchandra D Kabutarwala |
|
500000 |
|
Total |
|
4000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceutical, Drugs, Enzymes and
Sanitary Napkins and all classes of chemicals |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Export: |
|
||||
|
Countries: |
·
·
·
·
·
|
GENERAL INFORMATION
|
Employees: |
100 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Bankers : |
Bank of |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SNK and Company Chartered Accountant |
|
Address : |
“SNK House”, A-31, Adarsh Society, Opposite Seventh Day Adventist School,
Athwalines, Surat-395001, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 40.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
40.000 |
0.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
1.358 |
|
|
4] (Accumulated Losses) |
[44.506] |
[39.696] |
0.000 |
|
|
NETWORTH |
[4.506] |
0.304 |
1.558 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
85.978 |
53.744 |
0.000 |
|
|
2] Unsecured Loans |
194.676 |
102.899 |
102.704 |
|
|
TOTAL BORROWING |
280.654 |
156.643 |
102.704 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.021 |
|
|
|
|
|
|
|
|
TOTAL |
276.148 |
156.947 |
105.283 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
189.212 |
118.856 |
103.951 |
|
|
Capital work-in-progress |
30.182 |
17.670 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.560 |
0.560 |
0.050 |
|
|
DEFERREX TAX ASSETS |
24.668 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.088
|
22.143 |
1.366 |
|
|
Sundry Debtors |
162.330
|
28.679 |
0.266 |
|
|
Cash & Bank Balances |
8.303
|
1.241 |
1.548 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
27.063
|
14.654 |
11.315 |
|
Total
Current Assets |
252.784
|
66.717 |
14.495 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
220.868
|
46.272 |
12.904 |
|
|
Provisions |
0.566
|
0.848 |
0.660 |
|
Total
Current Liabilities |
221.434
|
47.120 |
13.564 |
|
|
Net Current Assets |
31.350
|
19.597 |
0.931 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.176 |
0.264 |
0.351 |
|
|
|
|
|
|
|
|
TOTAL |
276.148 |
156.947 |
105.283 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
550.723 |
42.491 |
|
|
Other Income |
|
0.210 |
0.062 |
|
|
Total Income |
|
550.933 |
42.553 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[29.269] |
[42.598] |
|
|
Provision for Taxation |
|
[24.486] |
[0.954] |
|
|
Profit/(Loss) After Tax |
|
[4.783] |
[41.644] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
2935.600 |
925.700 |
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Import Value |
|
5142.100 |
1089.700 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
|
72.419 |
25.103 |
|
|
Administrative Expenses |
|
29.201 |
5.919 |
|
|
Raw Material Consumed |
|
464.542 |
48.605 |
|
|
Financial Charges |
|
28.855 |
12.593 |
|
|
Increase/(Decrease) in Finished Goods |
|
[22.352] |
[12.097] |
|
|
Preliminary Expenses written off |
|
0.088 |
0.088 |
|
|
Depreciation & Amortization |
|
7.449 |
4.940 |
|
Total Expenditure |
|
580.202 |
85.151 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
[0.87]
|
[97.86] |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[5.31]
|
[100.25] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[6.62]
|
[22.95] |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[6.49]
|
[141.38] |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[111.43]
|
[670.27] |
74.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.42 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The company has earned a loss before taxes of Rs. 29.269 Millions as
compared to last year’s loss of Rs. 42.598 Millions.
Dividend:
The company has not recommended declaration of any dividend in absence
of adequate distributable suplus.
Fixed Assets:
The Company has not accepted any deposits within the meaning of Section
58A of the Companies Act, 1956 read with Companies (Acceptance of Deposit
Rules) 1975 as on March 31, 2008.
The Company has not accepted deposit from small depositors within the
meaning of section 58AA of the Companies Act, 1956 read with companies
(Amendment) Act 2000.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24114GJ2004PTC043554 |
|
Name of the
company |
CTX LIFECIENCE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 91, Opposite Navinflorine, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Bank of |
|
Nature of
instrument creating charge |
Hypothecation
Agreement |
|
Date of
instrument Creating the charge |
13.07.2006 |
|
Amount secured by
the charge |
Rs. 110.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Facility: Cash
Credit, Term Loan and Bank Guarantee Interest : C/C 10.50% p.a. Term Loan BPLR
i.e. 11% p.a. Security: Stock, Book Debts, Machinery of the Company |
|
Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery Stock in trade Book debts |
Fixed Assets:
·
·
Plant and Machinery
·
Laboratary Equipment
·
Electric Installation
·
Office Equipment
·
Furniture and Fixtures
·
Motor Car
·
·
Computer
AS PER WEBSITE:
Profile:
Subject is an Active Pharmaceutical Ingredient (API) and
Intermediate manufacturing company, having a cGMP facility spread over 36 acres
of land at Sachin,
CTX Lifesciences has the support and access to Colourtex’s
large infrastructure suitable for chemical and pharmaceutical operatio
MILESTONES:
2008
US DMF & CEP filed for Metoprolol Tartrate
Canadian DMF filed for Hydrochlorothiazide
US DMF & CEP filed for Xylometazoline HCL
US DMF & CEP filling in October for Oxymetazoline HCL
Canadian DMF filling in October for Metoprolol Tartrate
2007
US DMF & CEP filed for Hydrochlorothiazide
WHO GMP Certificates.
2006
The plant qualification and commissioning is completed and validation
activities commence.
2005
The manufacturing facility installation is completed.
2004
Colourtex acquires 36 acres of land supported by large infrastructure, to
construct a
2003
Colourtex strategically decides to diversify into pharmaceuticals.
CTX Lifesciences strongly believes that with its excellent
infrastructure and extensive chemical business background, it is aptly
positioned for APIs & Intermediates manufacturing and outsourcing for
global pharmaceutical & chemical industries.
The ultimate business strategy of CTX Lifesciences is “to be a partner in the global
pharmaceutical and chemical industries and continue to be a reliable and
consistent supplier of APIs and Intermediates”.
STRATEGY:
APIs and Intermediates
CTX Lifesciences inherits the ‘chemistry’ strength from its parent company to become
a global supplier of APIs and Intermediates to pharmaceutical and chemical
industries, by utilizing its ability to handle complex chemical synthesis. The
company has built up strength in the development, process optimization,
scale-up and cGMP
The company carefully analyses & evaluates Intellectual Property Rights
(IPR) to avoid patent infringement.
CTX Lifesciences capabilities include non-infringing synthetic route selection
with respect to patents, processes and analytical validation, optimization and
successful scale-up from bench to manufacturing. Production is undertaken in
the state-of-the-art multi-purpose cGMP compliant manufacturing facility. In
order to meet the regulatory requirements, molecule formation, isolation of API
and their subsequent operations such as drying, milling, blending and packing
are carried out in a facility having controlled air, treated water and cGMP
practices.
Intermediates
CTX Lifesciences has a large intermediate plant capable of handling complex
reactions and has the capability of manufacturing as per customer requirements.
The layout of facility is guided by a well-designed master
plan. The location of various buildings, roads & Green zones are well
defined.
The
State-of-the-art facility stands on 36 acres of land and covers the following
installations:
R&D
QA/QC
Production
Materials & Finished Goods Stores
Solvent, Acid, Alkali Storage
Generator building
QA-QC
Spread over an area of 13,000 sq. ft, with Instrument, Chemical and
Microbiology Laboratories and separate offices for QA, the laboratory
instruments and equipments meet all requirements of 21CFR guidelines. All
operations are guided by Validation Master Plan, Protocols, SOPs, well
documented manufacturing and laboratory procedures, preventive maintenance and
calibration qualification schedules.
Manufacturing Plant
Covering an area of 100,000 sq. ft in a three level building, the manufacturing
plant has well designed air-handling units as per cGMP.
Separate intermediate plant covers an area of 50,000 sq. ft.
The facility has 24 reactors ranging from 0.1 m3 to 4 m3, with total reactor
volumes of 51 m3 and two independent powder processing areas. The supply of
utilities and utility headers are isolated from manufacturing area to avoid
congestion and cross contamination inside the plant.
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 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.48.49 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.67.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
-- |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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 |
|