MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
THEON PHARMACEUTICALS LIMITED |
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Registered Office : |
SCF 90, 2nd Floor, Grain Market, Sector 26, Chandigarh
160019 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.05.2005 |
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Com. Reg. No.: |
028465 |
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CIN No.: [Company
Identification No.] |
U24231CH2005PLC028465 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLT11788A |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical formulations viz. Tablets
and capsules |
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 50000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and had not commenced commercial operations
till 31.03.2007. The company has been
successful in obtaining several loans from its banker. Trade relations are fair. No payment could be made available. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered/Administrative
Office : |
SCF 90, 2nd Floor, Grain Market, Sector 26, Chandigarh
160019, India |
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Tel. No.: |
91-172-4616813 / 3075690 |
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Fax No.: |
91-172-4616814 |
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E-Mail : |
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Website : |
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Factory 1 : |
Village Saini Majra, Tehsil Nalagarh District, Solan [HP] |
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Tel. No.: |
91-1795-265303 / 265304 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rohit Bansal |
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Designation : |
Director |
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Address : |
H. N. 190, Sector 7, Panchkula, Haryana 134109, India |
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Date of Birth/Age : |
01.12.1983 |
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Date of Appointment : |
26.05.2005 |
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Date of Ceasing : |
10.05.2006 |
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Name : |
Mr. Bal Krishan Bansal |
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Designation : |
Chairman |
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Name : |
Mr. Amit Bansal |
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Designation : |
Managing Director |
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Name : |
Mr. Mukesh Bansal |
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Designation : |
Director |
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Name : |
Mr. Puni Bansal |
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Designation : |
Director – Finance |
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Name : |
Mr. Manish Bansal |
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Designation : |
Director – Legal |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical formulations viz. Tablets
and capsules |
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Products : |
Ø Analgesics Ø Anti-Inflammatory Drugs and Antipyretics Ø Antacid Ø Anthelmintics Ø Anti Allergic Ø Anti Diarrhoeals Ø Antibacterials Ø Antidepressants Ø AntiDiabetics Ø Antiepileptics Ø Antifungals Ø Antihistamines Ø Antimalarials Ø Antimigrane drugs Ø Antivirals Ø Bronchodilators and Anti-Asthma Drugs Ø Cardiovascular Drugs Ø Decongestants Ø Gastrointestinal Drugs Ø Lipid Lowering Agents Ø Macrolines (Both Antibiotic & Non Antibiotic) Ø Muscle Relaxants Ø Nutritional Agents and Vitamins |
GENERAL
INFORMATION
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Bankers : |
Ø
Canara Bank Sector 17C,
Chandigarh 160017, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Kumar Gupta and Associates Chartered Accountants |
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Address : |
SCO 35, 1st floor, Madhya Marg, Sector 26, Chandigarh
160026, India |
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Partnership held in Partnership Firm : |
Bansal Trading Company |
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Address: |
SCF 90, Sector 26, Grain Market, Chandigarh 160003, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.500 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.500 |
5.000 |
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LOAN FUNDS |
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1] Secured Loans |
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66.474 |
14.000 |
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2] Unsecured Loans |
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9.800 |
3.900 |
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TOTAL BORROWING |
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76.274 |
17.900 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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88.774 |
22.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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91.346 |
17.857 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.256 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.388 |
0.962 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.438 |
3.484 |
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Total
Current Assets |
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1.082 |
4.446 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.737 |
1.048 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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3.737 |
1.048 |
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Net Current Assets |
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[2.655] |
3.398 |
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MISCELLANEOUS EXPENSES |
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0.083 |
1.645 |
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TOTAL |
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88.774 |
22.900 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.40 |
3.78 |
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Current Ratio (Current Asset/Current Liability) |
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0.28 |
4.24 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
10028236 |
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Corporate
identity number of the company |
U24231CH2005PLC028465 |
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Name of the
company |
THEON
PHARMACEUTICALS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
SCF 90, 2nd floor, Grain Market, Sector 26, Chandigarh,
India |
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Type of charge |
Ø Immovable
Property Ø Book Debts Ø Movable Property
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Particular of charge
holder |
Canara Bank Sector 17C,
Chandigarh 160017, India E-mail: san1993@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement dated 23.07.2007 deed of hypothecation Re :
machinery dated 23.07.2007 |
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Date of
instrument Creating the charge |
23.07.2007 |
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Amount secured by
the charge |
Rs. 86.579
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest 14.25% p.a. [b] Terms of
repayment Repayment of loan
in 75 monthly installments each of Rs. 144000.00 p.m. commencing from
23.04.2006. [c] Margin as per agreement
attached [d] Extent and
operation of the charge as per agreement
attached |
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Date of
instrument creating or evidencing the charge |
20.10.2006 |
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Description of
the instrument creating or evidencing the charge |
Composite hypothecation
agreement dated 20.10.2006 |
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Date of
acquisition of the property |
20.10.2006 |
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Amount of the
charge |
Rs. 75.779
Millions |
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Particulars of
the property charged |
Hypothecation of stock
of raw material, finished goods, work in progress and book debts,
hypothecation of plant and machinery purchased out of previous term loan land
this fresh term loan and equitable mortgage of factory land and building at
Nalagarh, [2] EMT of residential
house at 203, sector 7, Panchkula measuring 1 kanal with the name of Lajpat
Rai Bansal as collateral security. |
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Short Particulars
of the property charged |
Hypothecation of
stock of raw material, finished goods, work in progress and book debts, hypothecation
of plant and machinery purchased out of previous term loan land this fresh
term loan and equitable mortgage of factory land and building at Nalagarh,
[2] EMT of residential house at 203, sector 7, Panchkula measuring 1 kanal
with the name of Lajpat Rai Bansal as collateral security personnal guarantee
of the directors. Total land
measuring 6 bigha 13 Bishwas in Vill Saini Majra, Nalagarh H.P. |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of the
present modification |
Term Loan – II of
Rs. 10.800 Millions overall limit stands at of Rs. 86.579 Millions |
AS PER WEBSITE DETAILS:
PROFILE:
Subject is an incorporated company, which has set up a state
of the art facility for manufacturing of pharmaceutical formulations viz.
Tablets (coated and uncoated both) and capsules (β-lactum and other than
β-lactum) with installed plant capacity of about 700 Million units per
annum.
The Company has positioned itself very well to meet the infrastructure requirements of world class facility w.r.t building and equipment specifications to comply with cGMP and WHO GMP guidelines
It will be a co producer to leading pharma companies of India.
The company has setup its plant in the excise free zone of
Himachal Pradesh (which also houses leading pharma companies in India) thereby
providing a cost competitive edge over manufacturing unit operating in other
parts of the country.
MANAGEMENT
Subject is promoted by a group of dynamic, pro active, young, energetic and highly qualified entrepreneurs backed by sound business experience of about 25 years in the industry.
Bal
Krishan Bansal, Chairman
Successful promoter of oil mills & having decade and a half
of experience. He was centrally involved in every aspect of the company's
management. Presently he is involved with his venture Theon Pharmaceuticals Ltd
Amit Bansal,
Managing Director
Schooling from Delhi Public School Mathura Road New Delhi. Bachelor of
Commerce in Hons from Hans Raj College Delhi University, Delhi. Postgraduate
Diploma in Business Management from Institute of Management Technology,
Ghaziabad (U.P) He has a Business Administration background. He worked in an
educational corporate Career Launcher for about a year and then went on to set
up Delhi Public School, Chandigarh where he is presently working as Director of
the school for the past four years, and now he has take up the challenge of
running up state of the art pharmaceuticals formulations plant at Theon
Pharmaceuticals limited. With a sound academic background and a rich five-year
experience, he will be able to provide the requisite professional and personal
touch in plant operations expected of a state-of-the-art pharma unit.
Aged 26 years, he has with him business & entrepreneurial experience
of five years. He is presently actively & successfully running Oil &
General Mills at Baddi independently. He is very hard working, aggressive,
energetic and dedicated with excellent analytical skills and possesses vast
Industry knowledge.
Punit Bansal, Director – Finance
A young Chartered Accountant with a strong financial background and a
prior work experience of around one year in KPMG. A Commerce Graduate (with
Honours), currently pursuing L.L.B. from Punjab University and MBA from ICFAI
having good corporate knowledge and a positive attitude towards life.
Their Organogram
Subject has well defined departments wherein competent professionals responsible for achieving the company’s goals are on board. The Plant head of the company is a professional with more than 25 years of experience and well equipped to handle all aspects of cGMP, WHO GMP and USFDA.
All other supporting plant personnel like Production, Quality, Engineering, Purchase / supply chain etc. are also highly trained and experienced from the pharmaceutical industry.
The company strongly believes in individual and team responsibility and empowerment. They are focused on the growth of the organization as well as its employees to create a cohesive and motivated team which will constantly endeavor to improve performance and pursue excellence by following most ethical practices.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 40.36 |
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UK Pound |
1 |
Rs. 81.27 |
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Euro |
1 |
Rs. 61.86 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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26 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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