MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NAPROD LIFE SCIENCES PRIVATE LIMITED |
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Formerly Known As : |
NEON ANTIBIOTICS PRIVATE LIMITED |
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Registered Office : |
304, Town Centre, Andheri -
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.07.1990 |
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Com. Reg. No.: |
11-57496 |
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CIN No.: [Company
Identification No.] |
U24230MH1990PTC057496 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN10162F |
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PAN No.: [Permanent
Account No.] |
AAACN1291M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Oncology Formulations, Anticancer
Medicines, Solid and Injectables |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 900000 |
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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 experience and respectable businessmen. 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
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rakesh Hadidlakar |
|
Designation : |
Account Department |
|
Date : |
30.09.2008 |
LOCATIONS
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Registered Office : |
304, Town Centre, Andheri - Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-66490034 / 37 / 38 |
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Fax No.: |
91-22-66490036 |
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E – Mail : |
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Website : |
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Factory : |
G 70/1, MIDC, Tarapur – 401 506, Maharashtra, India |
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Area : |
1 Acre (Approximately) |
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Location : |
Owned |
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Branch : |
213, Shiya Dungre, Industrial Premises, Andheri – Kurla Road, Andheri
(East), Mumbai – 400 072, Maharashtra, India |
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Tel No.: |
91-22-8500031 / 32 / 35 |
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Area : |
2000 Sq.fts |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Hanumandas Chandak |
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Designation : |
Director |
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Address : |
16, Jeevanratan Building, Shree Rajasthan CHS Limited, J.B. Nagar,
Andheri (East), Mumbai – 400059, Maharashtra |
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Date of Birth/Age : |
10.07.1956 |
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Date of Appointment : |
03.02.2007 |
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Name : |
Mr. Rakesh Satpaul Gupta |
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Designation : |
Director |
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Address : |
1304-A, Oberoi Gardens, Thakur Village, Kandivli (East), Mumbai –
400101, Maharashtra |
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Date of Birth/Age : |
28.03.1952 |
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Date of Appointment : |
03.02.2007 |
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Name : |
Mr. Mohan Babulal Jain |
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Designation : |
Director |
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Address : |
B-83, Dattani Tower, Near Kora Kendra, S.V. Road, Borivali (West),
Mumbai – 400092, Maharashtra |
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Date of Birth/Age : |
24.12.1966 |
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Date of Appointment : |
02.03.1994 |
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Name : |
Mrs. Kamala Babulal Jain |
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Designation : |
Director |
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Address : |
B-83, Dattani Tower, Near Kora Kendra, S.V. Road, Borivali (West),
Mumbai – 400092, Maharashtra |
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Date of Birth/Age : |
11.04.1948 |
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Date of Appointment : |
25.03.1996 |
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Name : |
Mr. Ashok K Jain |
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Designation : |
Director |
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Address : |
504 – 505, Kent Gardens, TPS, 3 Factory Lane, Borivali (West), Mumbai
– 400092, Maharashtra |
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Date of Birth/Age : |
13.09.1957 |
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Date of Appointment : |
25.03.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Hadidlakar |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Uttam K. Jain |
|
63480 |
|
Mr. Pravin K. Jain |
|
15620 |
|
Mr. Babulal K. Jain |
|
28000 |
|
Mr. Ashok K. Jain |
|
127390 |
|
Mr. Babulal K. Jain (HUF) |
|
50150 |
|
Mr. Ashok K. Jain (HUF) |
|
17850 |
|
Mrs. Chanchal U. Jain |
|
95400 |
|
Mrs. Kamla B. Jain |
|
109150 |
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Mrs. Bharti P. Jain |
|
200500 |
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Mr. Manish B. Jain |
|
27600 |
|
Mr. Mohan B. AJin |
|
58500 |
|
Mrs. Meena A. Jain |
|
100900 |
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Mrs. Sunita U. Jain |
|
84742 |
|
Mr. Uttam K. Jain (HUF) |
|
54700 |
|
Mr. Abhay U. Jain |
|
62792 |
|
Mr. Rahul A. Jain |
|
67192 |
|
Mrs. Prachi P. Jain |
|
125092 |
|
Mr. Pravin K. Jain (HUF) |
|
9750 |
|
Mr. Rohan A. Jain |
|
54792 |
|
Pravin – Mira and Company Jain |
|
15150 |
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Mr. Manish B. Jain (M.AG.) |
|
11500 |
|
Mrs. Sangeeta M. Jain |
|
109350 |
|
Mr. Aarya M. Jain |
|
100 |
|
Mr. Misal P. Jain |
|
100 |
|
Mrs. Niyati P. Jain |
|
10100 |
|
Mr. Mohan B. Jain (HUF) |
|
100 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Director or Relatives of director |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Oncology Formulations, Anticancer
Medicines, Solid and Injectables |
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Export : |
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Products: |
Pharmaceuticals Products |
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Countries : |
Sri Lanka,
Bangladesh, Nigeria, Denmark, Sudan, Germany, New Zealand and Ukraine |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Credit (30-60 days), T/T |
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Purchasing : |
L/C, T/T |
GENERAL
INFORMATION
|
Customers : |
End Users |
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No of Employees : |
150 |
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Bankers : |
State Bank of India, Industrial Finance Branch, Andheri (East), Mumbai,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sohan S Jain and Company Chartered Accountants |
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Address : |
301 – Verma Chambers, 11, Homji Street, Horniman Circle, Mumbai – 400001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
15.000 |
15.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
158.624 |
82.209 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
173.624 |
97.209 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.737 |
36.228 |
|
|
2] Unsecured Loans |
|
37.758 |
35.552 |
|
|
TOTAL BORROWING |
|
38.495 |
71.780 |
|
|
DEFERRED TAX LIABILITIES |
|
11.873 |
9.277 |
|
|
|
|
|
|
|
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TOTAL |
|
223.992 |
178.268 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
102.988 |
45.409 |
|
|
Capital work-in-progress |
|
0.000 |
19.793 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.500 |
1.569 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
17.510 |
24.198 |
|
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Sundry Debtors |
|
108.509 |
84.688 |
|
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Cash & Bank Balances |
|
0.822 |
1.997 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
72.640 |
74.695 |
|
Total
Current Assets |
|
199.481 |
185.578 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
35.098 |
39.106 |
|
|
Provisions |
|
43.879 |
34.978 |
|
Total
Current Liabilities |
|
78.977 |
74.084 |
|
|
Net Current Assets |
|
120.504 |
111.494 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
223.992 |
178.268 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
316.618 |
286.049 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
316.618 |
286.049 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
125.192 |
85.321 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
125.192 |
85.321 |
|
|
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
Export Earnings |
|
29.199 |
8.373 |
|
|
Total Earnings |
|
29.199 |
8.373 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.505 |
1.953 |
|
|
Depreciation & Amortization |
|
3.395 |
2.991 |
|
|
Other Expenditure |
|
186.526 |
195.784 |
|
Total Expenditure |
|
191.426 |
200.728 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
36.20 |
28.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
36.20 |
28.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
41.39 |
36.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.72 |
0.87 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.45 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.52 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
· Alembic Limited, Mumbai, Maharashtra, India
· Alcem, Mumbai, Maharashtra, India
FORM 8:-
|
Name of the company |
NEON ANTIBIOTICS
PRIVATE LIMITED |
|
Presented By |
State Bank of
India, Finance Branch, Andheri (East), Mumbai |
|
1) Date and description of instrument creating the change |
General Agreement
for the grant of small Indl advances and hypothecation of bills and stocks date 09.12.1997 |
|
ll2) Amount secured by the charge/amount owing on the securities of charge |
Rs.19.100
millions Demand Cash
Credit (Stock) 6.000 millions Clean Cash Credit
(Bills) 3.800 millions Letter of
Credit 7.000
millions Bank
Guarantee 1.500
millions Forward Contract
Purchase 0.800 million
---------------- Total
19.100 millions |
|
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
all movable, book debts and other assets whether present or future with
restriction against the creation of any further charge thereon for all
indebtness an liabilities of the company to the bank by way of working
capital present and future, the present limit having been determined at
Rs.19.100 millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : As
determined by the bank from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Borivali (East) Branch, Mumbai – 400066 |
|
6) Date and brief description of instrument modifying the charge |
a. Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit form C 2-A b. Letter regarding
the grant of individual limits within the overall limits Form C5. Both the
above agreement dt. 21.03.2001 and executed for the creation of a single
modification |
|
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. |
The original
charge was created on 9.12.1997 for Rs.19.100 millions. Now by the present
modification dt.21.03.2001 the limit of the credit facilities increased from
Rs.19.100 millions toe Rs.27.500 millions are as follows Nature of facility Limit (Rs. In millions) Demand Cash
Credit 17.500 Letter of
Credit 8.500 Bank
Guarantee 1.500 Total 27.500 ROI : O.C.C. : 3%
over SBAR. Min 15%p.a. commission. L/c.: As per
their standard rate Bank Guarantee :
As per their standard rate Margin: Raw
Materials 25% Stock in
process 40% Finished
Goods 33.33 Any other
(specify) consumable stores and
spares, bank debts / receivable
retention period for book debts 90
days 40% Since these
account has been transferred for State Bank of India, Borivali (East) branch,
to State Bank of India, Indl. Finance Branch, Andheri (East), Mumbai |
WebSITE Details
Company Profile:
Subject formerly know as Neon Antibiotics has been associated with pharmaceutical industry for the last two decades.
Earlier on Subject visualized the need for achieving self - sufficiency in formulation as well as in bulk. As a result, subject entered into the production of Active Pharmaceutical Ingredient (API) and now has to its credit a number of new molecules to strengthen its product portfolio.
In 1994, subject set up a facility for production of Generic as well as ONCOLOGY formulations. The company initiated the manufacturing of lyophilized injection and introduced more than 100 No. of stable lyophilized formulations throughout the country.
Subject production facility and systems follow international levels of GMP and are approved through periodic inspections by expert team auditors.
Besides marketing its parentral formulation as well as Solid dosage forms in every nook and corner of the domestic market through its strong marketing network; Subject also exports its formulations to many Middle East, Asian and African countries.
Subject today has multi product in its portfolio - more than 10 APIs, 100 No. of formulations in the anticancer and over 30 in other therapeutic category.
Contract Manufacturing of Lyophilized Injectable is the core area of competence at Naprod.
With a spectrum of products that have earned the confidence of millions, today is the undisputed leader in anticancer lyophilized formulations.
Subject was founded in 1994
and after a humble beginning it has reached a leading position in India in
niche therapeutic segment of oncology. Subject has been a very
progressive company having recorded a CAGR of over 20% for the last six years. Subject has a large
manufacturing base, with the ability to manufacture tablets, capsules and
lyophilized injections catering to the oncology and certain other niche
segments. Subject commands
a 40% market share of outsourcing in Oncology segment in India catering to the
top 10 Oncology marketing companies in India. Subject has a very strong Rand D
facility active in formulations development and API development. Subject has the largest
lyophilization capacity in India.
Subject is marketing own
brands in many countries, primarily in Asia and Africa. They have ambitious
plans to expand their network to other countries in the said regions as well as
in CIS and Latin America. Their State-of-the art manufacturing facility at
Thane near Mumbai is dedicated to solid dosage forms and injectables for the
niche therapeutic categories of oncology and some other areas. The same is a
WHO-GMP approved facility.
They have already initiated steps towards the commissioning of two new
facilities which shall be made to the standards of the regulatory bodies like
US-FDA and ANVISA and shall cater the regulated markets. They wish to expand
their operations across the globe as they wish to offer quality oncology and
niche products to the customers at affordable prices. They wish to help the
patients in getting a better quality of life at an affordable cost with
their quality products. They wish to join hands with agents, distributors and
principals across the globe for their niche oncology formulations and APIs.
They shall welcome all the enquiries.
Corporate Profile
The company’s vision is to become a world class player in oncology through excellence in innovation, discovery of new manufacturing processes / drug delivery mechanisms and consistently high quality of production.
They commenced operations in 1994 with the inauguration of their ultra-modern
facility for the production of generics and formulations for oncology and other
therapeutic applications. They are one of the pioneers in India in
lyophilization.
They identified, very early, the need for achieving self - sufficiency in
formulations as well as in Active Pharmaceutical Ingredients (APIs), and their
achievements reflect this focus. They launched their (APIs) in year 1994 and
now have to their credit a number of new manufacturing processes and drug
delivery mechanisms.
They have a manufacturing plant located at Tarapur, Thane in Maharashtra State.
This facility meets the current Good Manufacturing Practices norms as laid down
by the World Health Organization.
Their marketing spans domestic and overseas operations. With a network across
the Indian sub-continent and market penetration in several countries across
four continents, they are on their way to meeting their target of reaching out
to cancer patients, worldwide.
Products
Anticancer Formulation list carries
Parenteral Products, Tablets and Capsules.
General
Formulation list carries Lyophilized Injectables, Sterile Bulk
APIs
API Product list carries
Anticaner APIs, General APIs and Bulk sterile APIs
· Multi product portfolio - more than 40 APIs, 50 formulations in anticancer and over 20 products in other therapeutic category.
· Toll / Contract manufacturing with recognized Pharmaceutical Companies.
· Expertise in Lyophilization: Freeze drying technology.
· Dynamic team of professionals who cater to the demands and requirements of the International Business.
· Expertise in APIs - CTD and formulation dossiers.
· Exports to Latin America, East Europe,South Africa and South East Asia
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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 |
|