MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
CELOGEN PHARMA PRIVATE LIMITED |
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Registered Office : |
B – 106, Techno
City, X 4/1, TTC Area, M.I.D.C., Mahape, Navi Mumbai – 400 705, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of Incorporation : |
13.04.2005 |
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Com. Reg. No.: |
11-152619 |
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CIN No.: [Company
Identification No.] |
U24230MH2005PTC152619 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG11818C |
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PAN No.: [Permanent
Account No.] |
AABCL1038M |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Pharmaceutical Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. It’s scale of activities are
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
B – 106, Techno
City, X 4/1, TTC Area, M.I.D.C., Mahape, Navi Mumbai – 400 705, Maharashtra,
India |
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Tel. No.: |
91-22-41588700 |
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Fax No.: |
91-22-41588750 |
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E-Mail : |
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Website : |
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R and D Centre : |
Celogen Lifescience and Technologies C-112, Near Inox Air, TTC |
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Tel. No.: |
91-22-27634778/ 9 |
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E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Rabi Narayan Nayak |
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Designation : |
Director |
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Address : |
C-302, Part H, 3rd Floor, Plot No. 228, Sector – 13,
Kharghar, Navi Mumbai – 410 210, |
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Date of Birth/Age : |
28.05.1975 |
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Date of Appointment : |
13.04.2005 |
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Name : |
Mr. Thykoottathil Rajan Mathews |
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Designation : |
Director |
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Address : |
Flat No. C/ 301, Parth, Plot No.228, Sector – 13, Kharghar, Navi
Mumbai – 410 210, |
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Date of Birth/Age : |
26.10.1973 |
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Date of Appointment : |
27.04.2005 |
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Name : |
Mr. Vijaykumar Raghvan Nair |
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Designation : |
Managing Director |
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Address : |
C-603, Parth, Plot No.228, Sector – 13, Kharghar, Navi Mumbai – 410
210, |
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Date of Birth/Age : |
02.06.1963 |
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Date of Appointment : |
02.07.2007 |
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Name : |
Mr. Sanjay Velappan Nair |
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Designation : |
Director |
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Address : |
A – 502, Tirupati Arcade, Plot No. 7, Sector – 21, Kharghar, Navi
Mumbai – 410210 |
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Date of Birth/Age : |
30.03.1972 |
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Date of Appointment : |
13.04.2005 |
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Date of Ceasing : |
31.03.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Rabi Narayan Nayak |
|
16666 |
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Sanjay N Velappan Nair |
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16666 |
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Thykoottathil Rajan Mathews |
|
16668 |
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Total
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|
50000 |
As on 31.03.2010
|
Names of Allottees |
|
No. of Shares |
|
Rabi Narayan Nayak |
|
3334 |
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Vijaykumar Raghvan Nair |
|
3334 |
|
Thykoottathil Rajan Mathews |
|
3332 |
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Total
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|
10000 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
66.67 |
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Other
top fifty shareholders |
|
33.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Pharmaceutical Products. |
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Products : |
v
Analgesics,
Anti-inflammatory, Agents and Antipyretics (NSAIDS) v
Non-Opiods
Analgesics and NSAIDS v
Anti
Allergics and Drugs used in Anaphylaxis v
Anesthetics v
Local
Anesthetics v
Pre-Operative
Medication v
Anti
Ulcerants v
H2
Receptor Antagonists v
Anti
Convulsants, Anti Epileptics v
Proton
Pump Inhibitors v
Other
Generics v
Gastro
Intestinal Drugs v
Anti
Spasmodic Drugs v
Laxatives v
Anti-Asthmatic v
Adrenal
Hormones and Other Synthetics Substitutes v
Intestinal
Anthelmintics v
Other
Antibiotics / Anti Infectives v
Anti
Tuberculosis Drugs v
Anti
Malarial Drugs v
Betalactams v
Anti
Fungal Drugs v
Anti
Protozoal Drugs v
Antihypertensive
Drugs v
Genito
Urinary Drugs v
Nutraceuticals v
Multi
Vitamins and Minerals v
Haematenic
Drugs v
Other
Specialities v
Vitamins v
Vitamin
E v
Multi
Vitamin + Mineral Branded v
HIV
Anti-Virals v
CNS
Agents v
Sedatives
and Anxiolytics v
Drugs
used in Psychotic Disorders v
High
Potency GLA Oils v
Anticoagulants
and Antithrombotics Agents v
Anti
Oxydants v
Cardiovascular
Agents v
Cholesterol
Reducers / Hypolipedemic Agents v
Anti-Cancer
Agents |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.J. Mahtani and Company Chartered Accountants |
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Address : |
3A, Arenja Arcade, Sector – 17, Vashi, Navi Mumbai – 400 703, |
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E-Mail : |
CAPITAL STRUCTURE
After 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600 million |
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As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.720 |
2.143 |
1.281 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.220 |
2.643 |
1.781 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
2.764 |
3.000 |
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2] Unsecured Loans |
23.205 |
4.403 |
2.808 |
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TOTAL BORROWING |
23.205 |
7.167 |
5.808 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.425 |
9.810 |
7.589 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.545 |
1.574 |
1.316 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.508 |
0.000 |
0.000 |
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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 |
22.758
|
23.343 |
31.489 |
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Sundry Debtors |
27.807
|
7.313 |
5.340 |
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Cash & Bank Balances |
1.989
|
0.868 |
0.700 |
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Other Current Assets |
6.946
|
3.254 |
6.595 |
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Loans & Advances |
4.826
|
0.915 |
0.819 |
|
Total
Current Assets |
64.326
|
35.693 |
44.943 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Sundry Creditors |
39.240
|
25.451 |
37.909 |
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Other Current Liabilities |
2.012
|
1.139 |
0.380 |
|
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Provisions |
0.755
|
0.933 |
0.469 |
|
Total
Current Liabilities |
42.007
|
27.523 |
38.758 |
|
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Net Current Assets |
22.319
|
8.170 |
6.185 |
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MISCELLANEOUS EXPENSES |
0.053 |
0.066 |
0.088 |
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TOTAL |
26.425 |
9.810 |
7.589 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
82.910 |
46.836 |
46.234 |
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Other Income |
5.797 |
1.713 |
4.960 |
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|
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TOTAL (A) |
88.707 |
48.549 |
51.194 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials and Packing Materials |
57.144 |
26.606 |
26.136 |
|
|
|
Direct Expenses |
20.750 |
11.913 |
11.604 |
|
|
|
Selling and Administrative Expenses |
7.903 |
7.803 |
11.592 |
|
|
|
TOTAL (B) |
85.797 |
46.322 |
49.332 |
|
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.910 |
2.227 |
1.862 |
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Less |
INTEREST (D) |
1.113 |
0.582 |
0.321 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.797 |
1.645 |
1.541 |
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|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.576 |
0.345 |
0.312 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
1.221 |
1.300 |
1.229 |
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|
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Less |
TAX (H) |
0.644 |
0.439 |
0.413 |
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|
PROFIT AFTER TAX
(G-H) (I) |
0.577 |
0.861 |
0.816 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.143 |
1.282 |
0.466 |
|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
2.720 |
2.143 |
1.282 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Sales of Goods |
83.240 |
46.836 |
46.234 |
|
|
TOTAL EARNINGS |
83.240 |
46.836 |
46.234 |
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|
Earnings Per
Share (Rs.) |
11.55 |
17.23 |
2.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.65
|
1.77 |
1.59 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.47
|
2.78 |
2.66 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.83
|
3.49 |
2.66 |
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.49 |
0.69 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
20.25
|
13.13 |
25.02 |
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.30 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from A – 502, Tirupati Arcade, Plot No. 7, Sector – 21, Kharghar, Navi Mumbai – 410 210, Maharashtra to the present address w.e.f. 12.03.2010.
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U24230MH2005PTC152619 |
|
Name of the company |
CELOGEN PHARMA PRIVATE LIMITED |
|
Address |
Shree Nand Dham,
411- B, Sector – 11, CBD Belapur, Navi Mumbai – 400614 |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
|
Particular of the charge holder |
Bank of Big Splash, Sector 17, Shop No.
126/66, |
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Nature or description of the instrument creating charge |
Hypothecation agreement |
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Date of the instrument creating charge |
08.02.2006 |
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Amount Secure by the charge |
Rs. 3.400 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Interest for Packing Credit – 3.50% below BPLR i.e. 7.00% p.a. Interest for Term Loan – 2.75% over BPLR i.e. 13.25% p.a. Term Loa Repayable – 36 monthly installments of Rs. 0.011 million + Interest Margin Money – 25% packing credit and 20% on Term Loan |
|
Description of the property charge whether it is a charge on |
Immovable properties, plant and machinery, stock in trade, book debts, vehicles and others If others, specify Consumable, stores and spares |
FIXED ASSETS:
·
Computers and Peripherals
·
Furniture and Fixtures
·
Office Equipments
·
Plant and Machinery
WEBSITE DETAILS:
PROFILE:
Subject strives to conduct its business with a total
commitment to it's Customers and their requirements. They define quality as
conformance to the Customer's needs, both internal and external; and
conformance to all quality requirements.
At Subject, Quality is the prime motto. The systems and procedures are well
framed to monitor and control process at various stages, so that the final
product meets the required standards and specifications.
The personnel
involved are qualified and well trained to meet the Quality requirements at
each level.
Systems are implemented to meet the Standards and requirements. Periodic review
and improvement of these systems and procedures at various stages are done.
SOPs are maintained and updated periodically and systems are made in accordance
with the Good Manufacturing Practices, to meet international standards. One of
the core values of Subject is that they conduct the business consistent with
all applicable laws, and believe in a transparent platform in the dealings with
customers, employees, partners, suppliers, and the community. Consistent with
this value, Subject is committed to establishing and maintaining an effective
and comprehensive compliance programme in accordance with the relevant
governmental bodies and their policies and it is the central component of its
commitment to the highest standards of corporate conduct in all its dealings
Manufacturing Locations
Celogen has acquired WHO-GMP manufacturing site for it General Oral Dosages and have tied up with associate locations to cater to the high demand from various countries for several other dosage forms. All the locations are cGMP certified and also approved by many of the MoH’s of several countries.
The Company has
recently tied up with three state of the art manufacturing sites for Betalactam
Injectables, Betalactam Orals and Small Volume Pareterals. The Joint Venture
allows the company to manufacture its products and take care of the entire
marketing activity from these sites, thereby the association trying to gain
more mileage.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.