|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTAUR PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Centaur House, Shanti Nagar, Vakola, Santacruz (East), Mumbai
– 400055, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.10.1980 |
|
|
|
|
Com. Reg. No.: |
11-023291 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.184.966
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1980PTC023291 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10186B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC0444K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is in the business of manufacturing / contract manufacturing
pharmaceutical products and Active Pharmaceutical Ingredients (APIs) and also
undertakes Contract Research and Bio-Analytical and Bio-Equivalence studies. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3572000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears continuous dip in the profitability of the company. However,
networth appears to be satisfactory. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered normal for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous with
their product categories just a few years ago are now no longer in existence.
Kodak, the inventor of the digital camera had to wind up its operations, HMV,
the British entertainment retailing company and Borders, once the second
largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans: BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
December, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
December, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Centaur House, Shanti Nagar, Vakola, Santacruz (East),
Mumbai – 400055, Maharashtra, India |
|
Tel. No.: |
91-22-66499100 |
|
Fax No.: |
91-22-66499108/ 112 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
API Division, Plot No.75/76, Chikhloli, M.I.D.C., Ambernath (West), District
Thane – 421501, Maharashtra, India |
DIRECTORS
(AS ON 28.09.2012)
|
Name : |
Mr. Shivanand Dattatraya Sawant |
|
Designation : |
Managing Director |
|
Address : |
501, Vasant Vihar Co-Operative Housing Society Limited, TPS III, 10th
Road, Santacruz (East), Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
20.03.1938 |
|
Qualification : |
B.Sc. DIM LLB |
|
Date of Appointment : |
15.10.1980 |
|
DIN No.: |
00407965 |
|
PAN No.: |
AAAPS4838B |
|
|
|
|
Name : |
Dr. Shreekant Dattathray Sawant |
|
Designation : |
Managing Director |
|
Address: |
Flat No.11, 6th Floor, Om Sidhivinatyak Apartment, L.T.
Dilip Gupte Road, Mahim (West), Mumbai – 400016, Maharashtra, India |
|
Date of Birth/ Age: |
31.05.1949 |
|
Qualification : |
M. Sc. PhD |
|
Date of Appointment : |
14.03.2013 |
|
DIN No.: |
00745968 |
|
PAN No.: |
AAHPS2107B |
|
|
|
|
Name : |
Dr. Anil Mahadev Naik |
|
Designation : |
Whole Time Director |
|
Address: |
12, Vinayanand Co-Operative Housing Society, Dadabhai Cross Road No.1,
Linking Road, Extension, Santacrusz (West), Mumbai – 400054, Maharashtra,
India |
|
Date of Birth/Age: |
06.09.1960 |
|
Qualification : |
B. Sc. (Tech), PhD |
|
Date of Appointment : |
01.08.2008 |
|
DIN No.: |
00405271 |
|
PAN No.: |
AADPN9273B |
|
|
|
|
Name : |
Mr. Govind Guno Desai |
|
Designation : |
Director |
|
Address: |
Kedar Apartment, Bhandar Lane, L.J. Road Mahim, Mumbai – 400015,
Maharashtra, India |
|
Date of Birth/ Age: |
14.06.1933 |
|
Date of Appointment : |
23.10.2008 |
|
DIN No.: |
00140853 |
|
|
|
|
Name : |
Mr. Sajit Kumar |
|
Designation : |
Nominee Director |
|
Address: |
Flat No.64, A Wing, Iris Park, Prabhat Estate Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra, India |
|
Date of Birth/ Age: |
04.06.1966 |
|
Date of Appointment : |
21.04.2011 |
|
DIN No.: |
00108263 |
|
|
|
|
Name : |
Mrs. Smita Abhayakumar Phal |
|
Designation : |
Whole Time Director |
|
Address: |
501, Vasant Vihar Co-Operative Housing Society, Tips III,10th
Road, Santacruz (East), Mumbai – 400055, Maharashtra, India |
|
Date of Birth/ Age: |
30.08.1968 |
|
Date of Appointment : |
22.06.2011 |
|
DIN No.: |
02887382 |
|
PAN No.: |
AAHPS4836R |
KEY EXECUTIVES
|
Name : |
Mr. Pritam Maruti Khawale |
|
Designation : |
Secretary |
|
Address : |
14/18, Mukand Iron Staff, Association Co-Operative Housing Society, Gavanpada, Mulund (East), Mumbai – 400 081, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1979 |
|
Date of Appointment : |
18.08.2009 |
|
PAN No.: |
AMIPK2014J |
|
|
|
|
Name : |
Mr. Ajay K. Handa |
|
Designation : |
President |
|
Qualification : |
B. Sc., PGDBM |
|
Date of Appointment : |
01.06.1989 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
NOTE: SHAREHOLDING
DETAILS FILE ATTACHED.
(AS ON 28.09.2012)
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Venture Capital |
|
23.00 |
|
Directors
or relatives of directors |
|
68.80 |
|
Other
top fifty shareholders |
|
8.20 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of manufacturing/ contract manufacturing
pharmaceutical products and Active Pharmaceutical Ingredients (APIs) and also
undertakes Contract Research and Bio-Analytical and Bio-Equivalence studies. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
LICENSED AND
INSTALLED CAPACITIES:
|
Particulars |
Unit of measure |
Quantity |
|
Formulations |
|
|
|
Tablets and Capsules |
No in millions |
1685 |
|
Liquid |
Kilo liters |
2000 |
|
Injectables |
Kilo liters |
30 |
|
Ointments and Medicinal Tooth Paste |
Tonnes |
200 |
|
Bulk Drugs |
Kilos |
50000 |
NOTES:
A. In terms of
Press Note No.4 (1994 series) dated October 25, 1994 issued by the Department
of Industrial Development, Ministry of Industry, Government of India and
Notification No. S.O. 137(E) dated 1 March 1999 issued by the Department of
Industrial Policy and Promotion, Ministry of Industry, Government of India,
industrial licensing has been abolished in respect of bulk drugs and
formulations.
B. The installed
capacity is as certified by the Management and not verified by the Auditors,
this being a technical matter.
C. The capacity
mentioned above is annual capacity based on maximum utilization of plant and
machinery based on existing product mix. Installed capacity may vary due to
change in product mix.
PRODUCTION:
|
Particulars |
Unit of measure |
Quantity |
|
Tablets and Capsules |
No in million |
700.05 |
|
Liquid |
Kiloliters |
1586.23 |
|
Powder |
Tonnes |
0.13 |
|
Ointment and Medicinal Tooth Paste |
Tonnes |
34.54 |
|
Bulk Drugs |
Kilos |
22674.93 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Industrial Finance Branch, Snehal Chambers, Teli Galli, Andheri (East), Mumbai – 400 069, Maharashtra, India ·
Axis Bank Limited Fort Branch, Universal Insurance Building, Sir P.M. Road, Mumbai – 400001, Maharashtra, India ·
State
Bank of India IFB, Natraj Building,
102, 1st Floor, 194, Sir M.V. Road, Western Express Highway,
Andheri (East), Mumbai – 400 069, Maharashtra, India ·
Canara Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Finance Institutes: |
· Electronica Finance Limited 128/A, Plot No.3,Kailashchandra Apartments, Paud Road,
Kothrud, Pune – 411038, Maharashtra, India |
|
Auditors : |
|
|
Name : |
B.S.R. and Associates Chartered Accountants |
|
Address : |
Lodha Excelus, 5th Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AAIFB7355D |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18496560 |
Equity Shares |
Rs.10/- each |
Rs.184.966 Millions
|
|
|
|
|
|
a) Rights, preferences and restrictions attached to
the shares:-
The Company has
one class of equity share having a par value of Rs 10/- per share. Each
shareholder is eligible for one vote per share held. The Company declares and
pays dividends in Indian Rupees. The Dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting except in case of Interim Dividend. In the event of
liquidation, the equity shareholders are eligible to receive remaining assets
of the Company after distribution of all preferential amounts, in proportion to
their shareholdings.
b) Aggregate number of shares issued for
consideration other than cash during the period of five years immediately
preceding the reporting date:
9029212 Equity
shares of Rs.10 each were issued as fully paid-up to the shareholders of
erstwhile Centaur Chemicals Private Limited (pursuant to the Scheme of
Amalgamation of Centaur Chemicals Private Limited with the Company).
9029212 Equity
shares of Rs.10 each were issued as fully paid-up to the shareholders of
erstwhile Centaur Drug House Private Limited and Centaur Laboratories Private
Limited (pursuant to the Scheme of Amalgamation of Centaur Drug House Private Limited
and Centaur Laboratories Private Limited with the Company).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
184.966 |
184.966 |
|
(b) Reserves & Surplus |
|
708.000 |
664.900 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
892.966 |
849.866 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
168.100 |
282.400 |
|
(b) Deferred tax liabilities (Net) |
|
47.700 |
0.000 |
|
(c) Other long term liabilities |
|
60.500 |
56.700 |
|
(d) long-term provisions |
|
54.500 |
45.500 |
|
Total Non-current Liabilities (3) |
|
330.800 |
384.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
380.800 |
374.900 |
|
(b) Trade payables |
|
339.300 |
282.400 |
|
(c) Other current
liabilities |
|
347.300 |
265.300 |
|
(d) Short-term provisions |
|
27.400 |
5.300 |
|
Total Current Liabilities (4) |
|
1094.800 |
927.900 |
|
|
|
|
|
|
TOTAL |
|
2318.566 |
2162.366 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1335.500 |
1344.900 |
|
(ii) Intangible Assets |
|
0.000 |
0.200 |
|
(iii) Capital
work-in-progress |
|
44.400 |
14.700 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
79.500 |
49.100 |
|
(e) Other Non-current assets |
|
3.300 |
5.000 |
|
Total Non-Current Assets |
|
1462.700 |
1413.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.100 |
0.100 |
|
(b) Inventories |
|
371.300 |
313.300 |
|
(c) Trade receivables |
|
385.500 |
329.800 |
|
(d) Cash and cash
equivalents |
|
23.700 |
32.000 |
|
(e) Short-term loans and
advances |
|
73.800 |
70.600 |
|
(f) Other current assets |
|
1.466 |
2.666 |
|
Total Current Assets |
|
855.866 |
748.466 |
|
|
|
|
|
|
TOTAL |
|
2318.566 |
2162.366 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
184.966 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
604.083 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
789.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
668.201 |
|
|
2] Unsecured Loans |
|
|
45.908 |
|
|
TOTAL BORROWING |
|
|
714.109 |
|
|
DEFERRED TAX LIABILITIES |
|
|
10.383 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1513.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1117.224 |
|
|
Capital work-in-progress |
|
|
153.540 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.068 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
253.055
|
|
|
Sundry Debtors |
|
|
287.298
|
|
|
Cash & Bank Balances |
|
|
127.106
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
79.637
|
|
Total
Current Assets |
|
|
747.096 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
386.214 |
|
|
Other Current Liabilities |
|
|
79.185 |
|
|
Provisions |
|
|
38.988
|
|
Total
Current Liabilities |
|
|
504.387 |
|
|
Net Current Assets |
|
|
242.709
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1513.541 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
GROSS SALES |
NA |
1967.232 |
1708.216 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
188.284 |
164.351 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
NA |
73.175 |
65.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
115.109 |
98.662 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
63.869 |
57.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
51.240 |
41.084 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
(9.583) |
(75.964) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
43.100 |
60.823 |
117.048 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
67.061 |
(49.987) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
127.884 |
67.061 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
607.000 |
596.067 |
447.958 |
|
|
|
Product Development Charges |
8.600 |
23.736 |
9.121 |
|
|
TOTAL EARNINGS |
615.600 |
619.803 |
457.079 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
35.976 |
|
|
|
Capital Goods |
NA |
NA |
10.014 |
|
|
TOTAL IMPORTS |
NA |
NA |
45.990 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.33 |
3.29 |
6.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.39
|
2.20
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.06
|
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.61
|
0.77
|
0.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78
|
0.81
|
1.48
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
|
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other external commercial borrowings |
34.800 |
29.800 |
|
Loans and advances from directors |
18.700 |
17.700 |
|
Loans and advances from others |
28.300 |
28.300 |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans and advances from others |
0.300 |
1.800 |
|
|
|
|
|
Total |
82.100 |
77.600 |
BACKGROUND AND
PRINCIPAL ACTIVITIES
The Company was
incorporated on 15th October 1980 as a Private Limited Company under
the Companies Act, 1956 (‘the Act’). Thereafter, by virtue of provisions of
Section 43A of the Act, it became deemed Public Limited Company with effect
from 1 July 1996 and after elimination of the aforesaid provision vide the
Companies (Amendment) Act, 2000, the Company again, regained its previous
status of Private Limited Company.
To attain
integration and cost effectiveness, Centaur Drug House Private Limited (CDHPL)
and Centaur Laboratories Private Limited (CLPL) were merged with the Company in
the year 2006-07 and Centaur Chemicals Private Limited (CCPL) was merged with
the Company in the year 2007-08.
The Company is in
the business of manufacturing / contract manufacturing pharmaceutical products
and Active Pharmaceutical Ingredients (APIs). The Company also undertakes
Contract Research and Bio-Analytical and Bio-Equivalence studies.
INDUSTRY OVERVIEW AND OPERATIONS OF THE COMPANY
Global and Indian
pharmaceutical market environment and the Company’s strategic position In 2011,
the Global Pharmaceutical Market (GPM) grew at 4% to touch sales of $880
billion (IMS). The GPM growth has steadily declined from double-digits in the
1990s to high single digits in the new millennium to low single digits post
2010. The factors that decelerate growth are the increasing generic acceptance,
drug patent expiries and decreased new drug approvals; while the factors that accelerate
growth are new drugs for unmet needs, higher life expectancy, growing health
awareness and growing penetration in emerging markets. The Indian
Pharmaceutical Market (IPM) accounts for only 1.5% of the GPM with sales of $13
billion but grew at 17% in 2012 (MAT AWACS-Mar12), and is slated to touch $25
billion by 2020 with a CAGR of 13%. In the IPM 85% sales accrue through pharmacies,
9% through hospitals and 6% through doctor purchases. The growth accelerators
include chronic therapies due to lifestyle diseases, price and demographic changes,
growing rural penetration, improving healthcare infrastructure, medical tourism
destination and global patent expiries; while the growth decelerators are
largely regulatory measures. An emerging trend is the growing interest of the
global pharmaceutical firms to acquire outright, or buy a strategic stake in
large Indian pharmaceutical firms as well as privately held SME, by offering
attractive valuations. The Company is among India’s few, fully integrated
pharmaceutical players with proficiencies across the pharmaceutical value chain-
Formulations, API (Active Pharmaceutical Ingredients) and CRAM (Contract
Research and Manufacturing). Within the IPM the Company was ranked 43rd in the prescription
audit (CMARC) and 51st (IMS) in the wholesale audit. The Company has
consistently outgrown in the IPM over the past five years. The Company is a
leader in 6 therapy areas across respiratory and ophthalmology segments with
robust support from key specialties like paediatricians, ophthalmologists, ENT
surgeons and physicians. Sinarest, their flagship brand continues to sustain
its leadership amid intense national, international, regional and OTC
competition. The WHO - GMP approved facilities at Goa exclusively manufacture
for the domestic and non-regulated markets. The global API market in 2011 was
$50 billion with China accounting for $20 billion. India ranks second with $8
billion sales of which $6.5 billion are exports and $1.5 billion is for
domestic consumption. The Company is a leader in the psychotropic API segment having
pioneered the introduction of 28 API in India. The API facility in Ambernath is
USFDA and AFSSAPS approved with proficiencies ranging from conceptualization to
commercialization of API and a clientele of big pharmaceutical, generic majors
and Indian multinational firms. The Global Clinical Research market will touch
$33 billion in 2015. The Indian Clinical Research Organization (CRO) market in
2011 was $485 million with 12% growth, slated to cross $1.0 billion in 2016.
India is emerging as a major CRO destination due to a large, easy-to-access, treatment-naive
population; higher cost arbitrage of up 30-50% over US and an improved
regulatory environment. The Indian CRO market has over 150 players including
global CRO majors who dominate, Indian CROs, MNC pharmaceutical companies and
Indian pharmaceutical companies. The focus is on global Phase II and III trials
with a small share of local trials. Oncology, Cardiology, Dermatology,
Neurology and Respiratory are the key therapeutic areas in clinical research.
The CRO division of the Company, Lifesan, is approved by CDSCO India, MCC South
Africa, BfArM Germany and BPFK Malaysia. Lifesan has established strategic
partnerships with international niche players across various therapeutic
categories and has successfully achieved regulatory milestones in key drugs.
The CRO business is pivotal to leverage the Company’s state of the art
infrastructure and harness synergies across the pharmaceutical value chain. In
2011 the Global Contract Manufacturing Industry was valued at $70 billion
growing at 11%, while the Indian Contract Manufacturing Industry grew at a CAGR
of 33% to inch close to $4.0 billion in 2012. India offers a highly skilled
scientific pool, API and regulatory competencies and world class infrastructure,
at a fraction of the cost in the regulated markets, which makes it an
attractive destination for big pharmaceutical and the generic majors to
outsource manufacturing. India had 169 USFDA approved plants in 2012. The
Company’s formulations facility in Pune is approved by the USFDA, UK MHRA, TGA
and WHO, which has placed the Company in a strategic position to exploit
contract manufacturing opportunities across regulated markets. They further
wish to inform you that distinguished panel of juries of Organisation of
Pharmaceutical Products of India have selected the Company as the winner of the
OPPI Best Vendor Award’ 2012 in Contract Manufacturing Category. With their presence
being established across key verticals in the pharmaceutical spectrum, the
Company is at an inflection point to achieve their vision of emerging as a ‘global
pharmaceutical player’.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10331624 |
27/12/2011 |
12,128,240.00 |
ELECTRONICA
FINANCE LIMITED |
128/A, PLOT
NO.3, KAILASH CHANDRA APPARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA -
411038, INDIA |
B30441190 |
|
2 |
10291402 |
26/03/2013 * |
623,000,000.00 |
STATE BANK OF
INDIA |
IFB, NATRAJ
BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI
(E), MUMBAI, MAHARASHTRA - 400069, INDIA |
B72798267 |
|
3 |
10272043 |
31/01/2011 |
82,875,000.00 |
CANARA BANK |
J. N. ROAD,
LOVELY HOUSE, SANTACRUZ EAST, MUMBAI, MAHARASHTRA - 400055, INDIA |
B06653737 |
|
4 |
10268693 |
19/01/2011 |
100,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, SNEHAL CHAMBERS, TELIGALLI, ANDHERI (EAST), MUMBAI, MAHARASHTRA
- 400069, INDIA |
B06243919 |
|
5 |
10015268 |
29/04/2011 * |
810,900,000.00 |
STATE BANK OF
INDIA |
NDUSTRIAL
FINANCE BRANCH, SNEHAL CHAMBERS, TELIGALLI, ANDHERI (EAST), MUMBAI,
MAHARASHTRA - 400069, INDIA |
B15037880 |
* Date of charge modification
Fixed assets:
·
Land
Freehold
·
Land
Leasehold
·
Factory Building
·
Office Building/Guest House
·
Furniture and Fixtures
·
Vehicles
·
Plant
and Machinery
NEWS
Centaur receives licensing rights for NCE, Diperoxochloric Acid (DPOCL)
solution, for Diabetic Foot Ulcer from Cyto Tools AG, Germany.
Centaur had earlier received the development rights for the new chemical entity
(NCE), DPOCL (Diperoxochloric Acid) solution, for Diabetic Foot Ulcer from Cyto
Tools AG, Germany. Centaur's clinical research division, Life San Clinical
Research, have successfully conducted Phase II trials in India for DPOCL, and
have applied for permission for Phase III to DCGI. DPOCL will be introduced for
the first time in India, by 2012.
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.61.43 |
|
|
1 |
Rs.95.08 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.