MIRA
INFORM REPORT
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Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
CONCEPT PHARMACEUTICALS LIMITED
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Registered Office : |
167,CST Road, Kalina, Santacruz (East), Mumbai - 400 0098, Maharashtra |
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Country : |
India |
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Financials (as on) : |
30.09.2005 |
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Date of Incorporation : |
20.03.1979 |
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Com. Reg. No.: |
11-21126 |
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CIN No.: [Company
Identification No.] |
U24239MH1979PTC021126 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC00430D / MUMC11472G |
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Legal
Form : |
It is a closely held public limited liability company. |
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Line of Business : |
The company is engaged in manufacturing of bulk drugs, tablets, capsules, liquids, injections, creams powder and allopathic pharmaceutical preparations. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1700000 |
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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 experiences and respectable business. Trade relations are reported as fair. Business is active .Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Neha Joshi |
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Designation : |
Sales Officer |
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Date : |
20.03.2008 |
LOCATIONS
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Registered Office / Head Office : |
167, CST Road , Kalian , Santacruz (East ), Mumbai -400098 Maharastra,
India |
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Tel. No.: |
91-22- 26528888 / 89 |
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Fax No.: |
91-22- 26525800 / 01 /
26100160 / 26144835 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Factory : |
28/3, MIDC, Chikalthana, Aurangabad, Maharashtra |
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Depots : |
Located At : Ahmedabad, Mumbai, Calcutta, Cuttack, Gauhat, Hyderabad, Indore, Jaipur, Lucknow, Chennai, Naini, Daman, Patna and Patiala |
DIRECTORS
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Name : |
Mr. Adhyatma Bandhu Pyarelal
Gupta |
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Designation : |
Chairman Cum Managing Director |
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Address : |
69 Hatkesh Co.Op. Hsg Society JVPD Scheme, Vile Parle, Mumbai - 400049 |
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Date of Birth/Age : |
10/12/1946 |
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Date of Appointment : |
27/12/1984 |
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Name : |
Mrs. Rekha Adhyatma Bandhu Gupta |
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Designation : |
Whole Time Director , S –secretary , R – Manager |
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Address : |
69 Hatkesh Co.Op. HSG Society JVPD Schene Mumbai 400049 |
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Date of Birth/Age : |
16/06/1954 |
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Date of Appointment : |
07/07/1986 |
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Name : |
Mr. Prakash Ved Kumar |
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Designation : |
Director , M Mamaging Director |
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Address : |
M 229 Gremater Kailash II New
Delhi 110048 |
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Date of Birth/Age : |
03/03/1929 |
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Date of Appointment : |
29/09/1995 |
KEY EXECUTIVES
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Name : |
Mr. C. V. Venugopal |
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Designation : |
DGM – Finance |
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Email : |
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Name : |
Ms. Neha Joshi |
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Designation : |
Sales Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2005
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Names of Shareholders |
No. of Shares |
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AdhyatmaBandhu Pyarelal Gupta |
1440 |
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Rekha Adhyatma bandhu Gupta |
2160 |
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Sangeet Gupta |
4320 |
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Sanjana Holding Private Limited |
1620000 |
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Globe Trotters Private Limited |
1710000 |
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Karla Investment and Trading Company Private Limited |
1620000 |
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Rekha Family Trust |
108720 |
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Adhyatma Investments Private Limited |
1620000 |
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Concept Laboratories Private Limited |
513360 |
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A. B. Gupta Jointly with R. A. Gupta |
4800000 |
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Total |
12000000 |
AS ON 31.03.2007
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Equity Share
Breakup |
Percentage of
Holding |
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Category |
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Bodies corporate |
59.00 |
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Directors or relatives of directors |
41.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of bulk drugs, tablets, capsules, liquids, injections, creams powder and allopathic pharmaceutical preparations. |
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Products : |
The Generic Names of the Principal Products of the Company are as under :
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Export to : |
Africa : Ghana, Nigeria,
Sudan, Kenya, Ethiopia, Uganda, Tanzania & Zambia |
GENERAL
INFORMATION
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No. of Employees : |
800 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
S. S. Kapoor and Company Chartered Accountants |
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Address : |
157-161, Princess Street, Mumbai - 400 002, Maharashtra, India |
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Associates/Subsidiaries : |
Ø Concept Laboratories Private Limited Ø Dynamic Machines Private Limited Ø Concept Polymers Private Limited Ø Concept Pharma Equipments Private Limited Ø Kurla Investments & Trading Company Private Limited Ø Adhyatma Investment Private Limited Ø Sanjana Holding Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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16000000 |
Equity Shares |
Rs.10/- each |
Rs. 160.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10 /-
each |
Rs. 120.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
30.09.2005 |
30.09.2004 |
30.09.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
120.000 |
120.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
302.211 |
293.793 |
206.40 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
422.211 |
413.793 |
236.400 |
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LOAN FUNDS |
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1] Secured Loans |
187.990 |
167.455 |
164.70 |
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2] Unsecured Loans |
53.560 |
59.739 |
60.900 |
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TOTAL BORROWING |
241.550 |
227.194 |
225.600 |
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DEFERRED TAX LIABILITIES |
17.058 |
5.776 |
0.000 |
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TOTAL |
680.765 |
646.763 |
462.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
163.641 |
171.476 |
112.700 |
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Capital work-in-progress |
84.508 |
59.908 |
0.000 |
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INVESTMENT |
15.244 |
16.618 |
18.500 |
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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 |
190.257
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184.578
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151.800 |
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Sundry Debtors |
278.114
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282.253
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265.700 |
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Cash & Bank Balances |
19.513
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15.220
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30.200 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
55.590
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63.910
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51.400 |
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Total
Current Assets |
543.474
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545.961 |
499.100 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
111.365
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134.670
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160.500 |
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Provisions |
14.737
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12.530
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07.800 |
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Total
Current Liabilities |
126.102
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147.200 |
168.300 |
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Net Current Assets |
417.372
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398.761 |
330.800 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
680.765 |
646.763 |
462.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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30.09.2003 |
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Sales Turnover |
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884.200 |
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Other Income |
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33.000 |
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Total Income |
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917.200 |
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Profit/(Loss) Before Tax |
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42.000 |
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Provision for Taxation |
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06.000 |
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Profit/(Loss) After Tax |
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36.000 |
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Manufacturing Expenses |
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38.600 |
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Administrative Expenses |
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12.920 |
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Raw Material Consumed |
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46.570 |
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Salaries, Wages, Bonus, etc. |
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70.500 |
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Interest |
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15.300 |
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Power & Fuel |
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06.800 |
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Depreciation & Amortization |
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46.900 |
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Other Expenditure |
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60.400 |
KEY RATIOS
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PARTICULARS |
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30.09.2005 |
30.09.2004 |
30.09.2003 |
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PAT / Total
Income |
(%) |
NA
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NA |
3.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
4.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
6.86 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.87
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0.90 |
1.67 |
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Current Ratio (Current Asset/Current Liability) |
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4.31
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3.71 |
2.97 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
CONCEPT PHARMACEUTICALS LIMITED |
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Presented
By |
Mr.
A. B. Gupta |
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1) Date and description of instrument creating the change |
Hypothecation of tangible Moveable Property
dated 14th June 1994 Agreement for Loan dated 14.06.1994 Both constitute a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.603 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of one Tata Estate car one Premier 118NE and two Motor Cycle |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25 % Repayable in 36 monthly installments of Rs. 0.017 Millions Interest chargeable at 17 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Bombay Mercantile Co-operative Bank Limited, Branches Control Department, Uttam House, 5th floor, 69, P. D. Mello Road, Mumbai – 400009 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
FIXED ASSETS
- Leasehold Land
- Freehold Land
- Factory Building
- Residential Building
- Plant, Machinery and Equipments
- Furniture, Fixtures and Fittings
- Vehicles
- Computers
AS PER WEBSITE
Profile
Concept was launched as an independent entity in 1984 by Shri A. B.
Gupta who had earlier experience as founder director of Lupin Group of
Companies.
Initially launched as a marketing company it has expanded its activities
to emerge as a strong multi-divisional group with excellent infrastructure. Its
activities include:
Ethical Pharmaceutical : Covers around 60% of all the therapeutic
groups has launched a number of innovative products.
Animal Health Division : Is one of the top 10 domestic
companies in this area.
APIs Division : Infrastructure and knowledge base in
manufacturing sterile and non sterile products.
Herbal Division: Innovative herbal products to treat lifestyle
conditions.
Institution & hospital division : Caters to the needs of
large public institutions as well as private hospitals.
Medical electronics : Handling range of critical care products
such as Cardiac Monitors, Treadmills, Oximeters etc.
These activities are supported through the strong infrastructure such as
5 manufacturing plants confirming to global GMP standards, 19 branch offices
cum distribution centres, 550 strong field force in marketing covering
throughout India. Concept covers around 60,000 doctors and 10,000
veterinarians every month throughout the country. Distribution is supported
through 3000 stockists catering to over 40,000 retailers thereby giving depth
to penetrate the market.
In addition the company is putting lot of thrust towards R&D efforts
and has successfully launched few technologies, first time in the country
through its own government approved R&D centres.
Manufacturing
Three formulation manufacturing
plants Covering all types of dosage forms approved for GMP
as per WHO standards since 1992.
Aurangabad (Chikalthana) plant
located 5 kms from the city centre on a land of around 12 acres with manufacturing
facility of around 100,000 sq.ft. besides administration and other support
services.
Aurangabad (Chittegaon) 10 kms
from the city center on Parthon Road. Main plant specializing in dry dosage
forms (tablets, capsules and dry syrups) located on a land of around 10 acres
covering manufacturing facility of 20,000 sq.ft.
Birganj (Nepal) plant on the
main highway connecting Birganj to Kathmandu about 5 kms. from the city area.
This is the first plant to be approved for WHO & GMP standards in Nepal.
New plant is under commissioning
for Formulations to comply with US FDA standards. This is located at
Roorkee around 150 Kms. away from Delhi, Capital of India. Plant is
located with excellent surroundings facing 150 meters wide Ganges Canal (most
sacred river in India) on a plot of 6 acres with built up area of 75,000
sq.ft. In the first phase the plant would have oral dosage forms
i.e. Tablets, Capsules, Powders and Liquids. In the second phase sterile
facilities are also planned.
Toll Manufacturing
Ready to take up
toll manufacturing for formulations, dry actives and intermediates
in the WHO & GMP approved manufacturing facilities.
Research & Development
A good idea never stops growing -
'The very inception hastens its implementation growth and success'.
They have a team of around 35 scientists who are dedicated
to fulfill this dream into a reality. They develop technology and cost
effective processes for various bulk activities and implement at plant scale.
Formulations
Leaders in pediatrics first to
launch in country such as: -
1) Pioneered in
Pediatrics Dispersible tab form Rifa I 6 (Kid and Kid Forte) - Combination of
Rifampicin, INH and B6.
2) Roxyrol 50 mg and 75 mg (Roxythromycin
Pediatric tabs).
3) Fluid DT (Flucanazole Dispersible
tablets).
4) Ibruprofen with paracetomal in syrup and
Dispersible tablets form.
5) Suspensions including some with taste
masking technology.
6) First time in the country (degly DGL).
7) First time immunomodulator and
hepatoprotective syrup and tablets.
8) Antioxident, Anti-Aging capsules with
Spirulina and other herbal ingredients.
R&D facilities are divided
in following sections:
1) Pharmaceutical Formulations including
Lab Scale Manufacturing Facilities
2) API Process Development
3) Herbal
4) Pilot Plant for API and Kilo Labs
5) Analytical Research Development
6) Regulatory and Validation
There is dedicated team of around 35 scientists and
additional 15 supporting staff handling various projects. They also
undertake contract research and process scaling for commercial production
assignments for Formulations as well as API.
All the products have been
developed through in house R&D facilities and transferred to
production. Many of the products have been launched for the first time in
the country.
Export
INTERNATIONAL
ACTIVITIES
Government recognized export
house offering :
Dosage forms exporting wide
range of formulations to cover 30 countries.
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 `re 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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
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