MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANEESH PHARMACEUTICALS LIMITED |
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Registered Office : |
23-24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai-400074, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.07.1985 |
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Com. Reg. No.: |
36952 |
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CIN No.: [Company
Identification No.] |
U24230MH1985PLC036952 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM08382D |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced respectable and resourceful businessmen. Their trade relations are reported as fair. Financial position is food. Payments are usually correct and as per commitments. The company can be considered good for any business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
23-24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai-400074, Maharashtra |
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Tel. No.: |
91-22-25202122/23/24 |
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Fax No.: |
91-22-25202121 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq.ft – owned |
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Factory 1 : |
Plot No. 40, Ancillary Industrial Plots, Govandi, Mumbai-400043, Maharashtra |
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Tel. No.: |
91-22-25565738/5559/7093 |
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Fax No.: |
91-22-25565620/7095/25565620/7093 |
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E-Mail : |
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Area : |
Owned |
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Location : |
[Around 10-12 manufacturing plants in India] |
DIRECTORS
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Name : |
Mr. Vinay Ramakant Sapte |
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Designation : |
Managing Director |
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Address : |
Shree Dattabhuvan, Vijay Manjrekar Marg, Gokhale Road, Dadar, Mumbai-400028, Maharashtra, India |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
25.07.1985 |
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Name : |
Mr. Maneesh R. Sapte |
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Designation : |
Director |
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Address : |
51, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai-400022, Maharashtra, India |
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Date of Appointment : |
01.10.2002 |
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Name : |
Mrs. Rashmi V. Sapte |
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Designation : |
Director |
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Address : |
61, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai-400022, Maharashtra, India |
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Date of Appointment : |
18.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mrs. Madhvi R. Sapte and Mr. Ramakant Sapte |
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128320 |
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Mr. Vinay R. Sapte |
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6379000 |
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Mrs. Suman R. Sapte |
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192480 |
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TOTAL |
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6699800 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin |
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Products : |
Generic Name of the Principal Product of the company is : ˜ Pharmaceutical Products The company’s product range includes : ˜ Anti-Tubercular Drugs SCC-2 SCC-3 SCC-4 SCC KIT RAMCIN PDR-825 PYRA-1200 ˜ NSAIDs NIMBET MOBYLE GEL ˜ Antibiotics CEFKING 250 CEFKING 500 SPARTECH MOXER 250 MOXER 500 |
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Exports : |
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Products : |
Machinery |
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Countries : |
Korea, Italy |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
European Countries, America and China |
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Terms : |
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Selling : |
Cash [30 days], L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS:
|
Particulars |
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Unit |
Installed
Capacity |
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Tablets |
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Millions |
3120 |
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Capsules |
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Millions |
312 |
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Liquids |
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Litres (Thousand) |
1560 |
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Injectables |
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Ampoules |
12480 |
GENERAL
INFORMATION
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Suppliers : |
· Gautam Chemicals, Mumbai, Maharashtra, India · Esskay Fine Chemicals, Mumbai, Maharashtra, India · Boots India Limited |
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Customers : |
Wholesalers, Suppliers and Retailers
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No. of Employees : |
3000 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. Nanday and Company Chartered Accountants |
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Address : |
D/13, Samruddhi Co-operative Housing Society Limited, B. Parulekar Marg, Dadar, Mumbai-400028, Maharashtra, India |
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Associates : |
· Maneesh Exports · Atul Pharma Agency · Svizera Labs Private Limited |
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Subsidiaries : |
· Meghdoot Chemicals Limited ·
Shanbag Storage and Warehousing Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 200.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9211086 |
Equity Shares |
Rs. 10/- Each |
Rs. 92.111 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
99.200 |
92.111 |
67.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2827.500 |
1207.727 |
287.019 |
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NETWORTH |
2926.700 |
1299.838 |
354.019 |
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LOAN FUNDS |
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1] Secured Loans |
2328.900 |
874.195 |
784.147 |
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2] Unsecured Loans |
246.600 |
135.419 |
201.246 |
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TOTAL BORROWING |
2575.500 |
1009.614 |
985.393 |
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DEFERRED TAX LIABILITIES |
0.000 |
235.423 |
248.948 |
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TOTAL |
5502.200 |
2544.875 |
1588.360 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1679.000 |
997.901 |
930.950 |
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Capital work-in-progress |
0.000 |
93.591 |
0.000 |
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INVESTMENT |
1721.500 |
374.116 |
60.377 |
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CURRENT ASSETS, LOANS & ADVANCES |
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1286.800
|
641.670 |
483.802 |
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743.700
|
553.038 |
340.800 |
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602.500
|
349.915 |
211.758 |
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1391.000
|
334.306 |
173.570 |
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Total
Current Assets |
4024.000
|
1878.929 |
1209.930 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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1856.100
|
809.524 |
621.753 |
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75.200
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Total
Current Liabilities |
1931.300
|
809.524 |
621.753 |
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Net Current Assets |
2092.700
|
1069.405 |
588.177 |
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MISCELLANEOUS EXPENSES |
09.000 |
9.734 |
8.712 |
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Pre Operating Expenses |
|
0.128 |
0.144 |
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TOTAL |
5502.200 |
2544.875 |
1588.360 |
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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 |
3748.400 |
2892.792 |
1860.271 |
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Other Income |
48.900 |
0.000 |
0.000 |
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Total Income |
3797.300 |
2892.792 |
1860.271 |
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Profit/(Loss) Before Tax |
422.800 |
317.261 |
198.559 |
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Provision for Taxation |
66.800 |
106.997 |
99.378 |
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Profit/(Loss) After Tax |
356.000 |
210.264 |
99.181 |
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Export Value |
N.A. |
960.910 |
700.970 |
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Import Value |
N.A. |
35.000 |
143.480 |
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Expenditures : |
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Manufacturing Expenses |
35.600 |
0.000 |
0.000 |
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Administrative Expenses |
803.800 |
0.000 |
0.000 |
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Raw Material Consumed |
2168.200 |
0.000 |
0.000 |
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Interest |
180.100 |
94.358 |
32.566 |
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Power & Fuel |
23.000 |
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Depreciation & Amortization |
89.700 |
79.144 |
65.340 |
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Other Expenditure |
74.100 |
2402.029 |
1563.805 |
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Total Expenditure |
3374.500 |
2575.531 |
1661.711 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
09.37 |
7.27 |
5.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.27 |
10.97 |
10.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
06.06 |
11.13 |
9.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
14.44 |
0.24 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.53 |
1.40 |
4.54 |
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Current Ratio (Current Asset/Current Liability) |
|
2.08 |
2.32 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
The company is a private limited company upto April 2007. The company was concerted into a deemed
public company w.e.f. may 2007.
OPRATIONAL
AND FINANCIAL PREFORMANCE
Sales for the year were Rs.3748.370 millions as against
Rs.2841.130 millions in the previous year representing a growth of 32%. The PBT
was higher at Rs.422.690 millions as against Rs.238.120 millions in the
previous year representing a robust growth of 77%. The PAT was also higher at
Rs.355.970 millions as against Rs.229.930 millions in the previous year
representing a sizable growth of 55%.
NEW
STATUS OF THE COMPANY
Effective 27th March, 2007, the company has been
converted to public limited company.
MERGER
AND AMALGATION
Two of the wholly owned subsidiaries – Bombay Biosyntex and
Chemical Private Limited Liability Company Limited and shanbag storage and
service private limited have been merge with the company under the order dated
12th June 2007 received from honorable high court of judicature at
Mumbai in this behalf. Both the subsidiaries where in operation for post few
years and were having profitable operations at the time of merger with the
company. Merger of this wholly own subsidiaries will create new synergies and
thus will be beneficial to the company.
ACQUISITION
The company acquired two manufacturing unit of Emcure at
Pune at the cost Rs.108.000 millions. This acquisition will be beneficial to
the company in due course. The company has been consistently endeavoring to
expand its operation through new projects.
On the global sense, Company acquired :
i) Laboratorial Sanobiol Limited Brazil at a cost of USD
7.90 Millions .
ii) Lasa Industrial Pharmaceutical Brazil at cost of USD
3.70 Millions by way of direct investment and USD1.575 Millions by way of
conversion of loan in to equity
iii) Faromed handelsgesellcsschaft MBH, Austria at a cost of
EURO 1.200 millions
In all above acquisitions, company has secured 100%
ownership. This acquisition will give good impetus to operation of the company
SUBSIDIARYCOMPANIES
During the year company established a new wholly owned
subsidy in the named Svizera Holding B. V. Natherlands.
The financial statement of the subsidiaries are provided as
require U/s. 212 of the companies Act, 1956.
PREFERENCES
ALLOWTMENT OF EQUITY SHARE
i) The company on 30th March, 2007 allotted
3,04,200 equity share of Rs.10/- each fully paid up at a premium of Rs.1746/-
per shares. This shares were issued in terms of provisions of unlisted public
companies (Preferences allotment) Rules, 2003. The above allotment of share
have been made to NRI.
ii) The company has entered in to facility agreement for
Rs.500.000 millions with ICICI Bank Limited ( the bank). Under the agreement,
the bank has right to convert its entire outstanding facility amount or part thereof into fully paid equity share of
the company in multiple trenches, within 12 month of the date of withdrawn of
the facility of the price 18% lower than valuation done by the valuer, if the
conversion right the exercise within 18 Months but after 12 Months
from the date of the first drawdown.
Fixed Assets:
· Plant and Machinery
· Allied Equipment
· Electrical Installation
· Vehicles
· Factory Building
· Garage
· Furniture
· Office Equipment
· Office (Pune)
· Office (Chembur)
· Building
· Furniture unit Dwelling
· Computer Software
As Per Website
Corporate Overview
Subject evolved from a small trading activity in 1975 to a highly sophisticated brand of quality and affordable healthcare today. Subject is the fastest multiplying pharmaceutical company in India. With its command center located in Mumbai, the financial capital of India, subject is a blend of Quality Manufacturing, Domestic and International Marketing besides Research and Development activities for conventional therapies and novel drugs. Subject is one of the very few companies which are able to provide significant additional product security due to the fact that the entire specialized facilities are dedicated to the same therapeutic group of products. Subject is a dependable name amidst doctors and patients all over. Certified by SGS Ltd (UK) for ISO9001:2000, subject ranks in the top 50 manufacturing companies in the Indian market of more than 8000 companies, 1,50,000 brands and 3,30,000 product packing competing for a share in the $2600 million market.
Subject is fast expanding globally through joint ventures and subsidiaries in
more than 70 countries across Africa, South America, Europe, Middle East, and
the Asian Continents. Subject has a very strong marketing presence in the
Indian market through its two marketing arms, Svizera Healthcare and Maneesh
Healthcare. Both these Divisions together have a strong fleet of over 1000
medical representatives, aiding more than 2 lakh doctors through a network of
1500 authorized distributors. Subject has a focus on Quality Manufacturing
products for critical therapeutic areas like Anti TB, Anti Malarial,
Antibiotics, Pain Management, Infertility and Gynecology. After the acquisition
of Sigma Laboratories Ltd in 2003 which is now known as Svizera Healthcare,
subject has recently obtained Pure Health Products Private Limited and has
merged with Maneesh Healthcare. Over a period, subject is constantly striving
in the field of research and has developed innovative products which are
marketed by some leading pharmaceuticals in India and abroad.
Subject pioneered in the revolutionary concept of providing the 4
first line Anti TB drugs together in granular form, packed in a Single Dose
Sachet through its globally registered brand SVIZERA. This Novel Drug Delivery
system is awaiting global patent. Subject is one of the leading manufacturers
and exporters of anti TB drugs globally. Subject is simultaneously focusing
mainly on its penetration in Indian market and a simultaneous application of
research and discovery of better drugs.
History
Subject incepted in 1975 with a small trading facility of
providing biological raw materials, with a gradual expansion in Manufacturing
of Generics followed by formulation and marketing of breakthrough brands.
2006
- International
Patent Applications published for Anti-TB formulation in a single dose
sachet
- USFDA
compliant manufacturing facility at Himachal Pradesh
- Co-marketing
arrangement between ‘Maneesh and Kopran’ for the well known ‘Smyle’
Products range
- R and D
Centre
2005
- Acquisition
of ‘Pharmacia' Hyderabad , a recognized manufacturing facility for Oral -
Contraceptives
- Clinical
Research Organization commenced
- Tie up with
‘Se-Cure' Pharmaceuticals Israel, for the sole marketing and
distribution rights in India for unique product ‘Femarelle'
- Acquired
marketing and distribution countrywide from Pune based Pure Health Products
Private Limited and merged with Maneesh Healthcare
2004
- Acquired domestic marketing and
distribution countrywide from Sigma labs.
- Independent Antibiotic Facility
Commenced
- Svizera-Europe Tie Up
- Proud recipient
of the 3G- 2004 award for Introduction of rationalized Fixed Dose
Combination of 2, 3 and 4 Anti TB drugs in Sachet.
2003
- Launch Of 4
Fixed Dose Combination In Sachet, First Time In The World
- Amoxicillin
Clavulanate With Lactic Acid Bacillus For The First Time In The World
- WHO-Geneva
Approval
2002
- Supply Of
Anti-TB Drugs in 77 Countries Trough WHO-Global Drug Facility
- Acquired
Glaxo Facility Dedicated To Hormones Approved By Glaxo SmithKline Plc UK
2001
- First Time 4 FDC tablet Approved By
WHO-Global Drug Facility For Worldwide Program
- Installed
Imported, hi tech Sophisticated Machinery
2000
- First 3 FDC
In Single Dose Formulation For TB
1999
- First 4 Fixed Dose Combination As Per
WHO Recommendations
- Dedicated
Anti-TB Manufacturing Facility
1998
- Tie Up With
Medical Export Group (Netherlands)
1994
- Exports
Commenced
1992
- WHO-GMP For
The First Plant In Mumbai
Management
The journey from a small trading activity to an Indian multinational is because of the able, focused and persevering efforts and direction of the core team. The hard working team is the one, who are responsible to make it happen.
Formulations
Today, subject is one of the leading producers and suppliers of Anti TB range in India and across the globe. The marketing presence of subject in India is operated with a team of over 1000 medical representatives, a network of 1500 distributors and an overall coverage of more than two lakh doctors. Marketing and distribution in India is done by the three strong divisions.
· Maneesh Healthcare
· Svizera Healthcare
· Maneesh - OTC
Associates
At the company they take this opportunity to thank their customers, partners and associates for their support. Encouraged by the mutually beneficial association and success and motivated by the partners support they are ready to explore yet another business opportunity. They take a great pleasure in announcing the tie up with KOPRAN for co-marketing and distribution of the OTC/ FMCG Range of Products, The SMYLE Range of products. The product range includes Mouth Ulcer Gel, Sore Throat Reliever, Herbal Toothpaste, Vaporub, Throat Drops, Prickly Heat Powder and many more. All these products are available for distribution from January 2006.They are confident that with retail coverage you have in the market, together they can make these products available in every chemist outlet in the respective city. Needless to say, SMYLE comes with ATTRACTIVE SCHEMES to enhance the earnings.
For Maneesh Pharmaceuticals
Private Limited
NAME
AND ADDRESS OF CA / C and F AGENT
|
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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.42.72 |
|
UK Pound |
1 |
Rs.84.42 |
|
Euro |
1 |
Rs.67.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
|
|
|
|
TOTAL |
|
75 |
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 |
|