MIRA
INFORM REPORT
|
Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SENTISS PHARMA PRIVATE LIMITED (w.e.f. 06.06.2013) |
|
|
|
|
Formerly Known
As : |
PROMED EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
212, Ashirwad Commercial Complex, D-I, Green Park, New Delhi - 110016 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.01.1994 |
|
|
|
|
Com. Reg. No.: |
55-056894 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.50.502 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1994PTC056894 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP1612Q |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is Primary Dealing in the Pharmaceuticals Products |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8528000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Fundamentals
are strongs and healthy. The rating take into consideration healthy financial risk profile
marked by a healthy net worth and strong debt protection metrics. Trade relations are reported are reported as fair. Business is active.
Payment are reported to be regular and as per commitment. 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) |
|
India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social responsibility
in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A- |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
January 17, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
January 17, 2013 |
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 : |
212, Ashirwad Commercial Complex, D-I, Green Park, New Delhi – 110016,
India |
|
Tel. No. : |
91-11-26863503 |
|
Fax No. : |
91-11-2698517 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate Office : |
3rd Floor, 261, Udyog Vihar Phase- IV, Gurgaon - 122001, Haryana,
India |
|
Tel. No. : |
91-124-4951100 |
|
Fax No. : |
91-124-4301263 |
|
E-Mail : |
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|
|
|
|
Factory : |
Village Khera Nihla, Tehsil Nalagarh District Solan – 174101, Himachal
Pradesh, India |
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|
|
|
Sentiss Research
Centre : |
261, Udyog Vihar Phase- IV, Gurgaon -122001, Haryana, India |
|
Tel. No. : |
91-124-4301264 / 64 / 65 |
|
Fax No. : |
91-124-4301263 |
|
|
|
|
Provis – a
division of Sentiss : |
512, 2nd Floor, Udyog Vihar, Phase V, Gurgaon - 122016, Haryana, India |
|
Tel. No. : |
91-124-6456069-70 |
DIRECTORS
As on 13.09.2013
|
Name : |
Mr. Jagdish Vishwanath Dore |
|
Designation : |
Director |
|
Address : |
C-21, Darshan Aparts, Mount Pleasant Road, Malabar Hill, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
23.07.1950 |
|
Date of Appointment : |
15.06.2009 |
|
DIN No. : |
00298969 |
|
|
|
|
Name : |
Mr. Deepak Bahri |
|
Designation : |
Managing Director |
|
Address : |
LGG, Villa – 134, The Laburnum, sushant Lok, I Gurgaon – 122009,
Haryana, India |
|
Date of Birth/Age : |
06.11.1961 |
|
Date of Appointment : |
01.09.1995 |
|
DIN No. : |
00358757 |
|
|
|
|
Name : |
Rama Kant Sharma |
|
Designation : |
Director |
|
Address : |
D-32, Suramal Vihar, Delhi – 110092, India |
|
Date of Birth/Age : |
19.10.1948 |
|
Date of Appointment : |
13.01.1994 |
|
DIN No. : |
00359147 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Kumar Garg |
|
Designation : |
Secretary |
|
Address : |
182, Pragati appartments, Paschim Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
05.10.1957 |
|
Date of Appointment : |
09.05.2001 |
|
PAN No.: |
AALPG9236H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.09.2013
|
Names of Shareholders |
No. of Shares |
|
Rama Kant Sharma |
50110 |
|
Madhuri Lamba |
55 |
|
Jyoti Bahri Jointly With Deepak Bahri |
1925000 |
|
Deepak Bahri Jointly With Jyoti Bahri |
3025055 |
|
Sidvim Lifesciences Private Limited, India |
50000 |
|
|
|
|
Total |
5050220 |
As on 13.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
1.00 |
|
Directors or relatives of Directors |
98.00 |
|
Other top fifty shareholders |
1.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is Primary Dealing in the Pharmaceuticals Products |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
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Bankers : |
·
Citibank N.A, Jeevan Bharti Building, 4th Floor,
124, Connaught Circus, Connaught Place, New Delhi - 110001, Delhi, India ·
ICICI Bank Limited Landmarkrace Cource Circle,
Alkapuri, Baroda - 390015, Gujarat, India ·
Standard Chartered Bank, Credit Documentation
Unit, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India |
||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Financial
Instituation : |
3i Infotech Trusteeship Services Limited, 3 to 6th
Floor, Internationla Infotech Park, Tower No. 5, Vashi Railway Station Complex,
Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
PAN
No. : |
AALFS0506L |
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|
|
|
Subsidiaries : |
Ø
P.E. Promed Europe Limited, Cyprus |
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|
|
|
Associate : |
Ø
Sidvim LifeSciences Private limited, India CIN No.:
U74990MH2009PTC196378 Ø
Pulse Pharma Private Limited, India CIN No.: U74899DL1995PTC064858
|
|
|
|
|
Fellow
Subsidiary company : |
Ø
LLC Sentiss Russ, Russian Federation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5050220 |
Equity Shares |
Rs.10/- each |
Rs.50.502 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.502 |
50.502 |
50.502 |
|
(b) Reserves & Surplus |
2081.637 |
1596.565 |
1096.730 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2132.139 |
1647.067 |
1147.232 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
75.686 |
118.990 |
142.459 |
|
(b) Deferred tax liabilities (Net) |
147.152 |
119.902 |
113.262 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.528 |
2.578 |
3.126 |
|
Total Non-current Liabilities (3) |
223.366 |
241.470 |
258.847 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
59.019 |
0.000 |
50.231 |
|
(b) Trade payables |
171.084 |
204.055 |
151.152 |
|
(c) Other current
liabilities |
73.361 |
74.364 |
120.875 |
|
(d) Short-term provisions |
145.384 |
151.618 |
90.452 |
|
Total Current Liabilities (4) |
448.848 |
430.037 |
412.710 |
|
|
|
|
|
|
TOTAL |
2804.353 |
2318.574 |
1818.789 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
781.396 |
781.941 |
786.111 |
|
(ii) Intangible Assets |
26.277 |
18.894 |
23.774 |
|
(iii) Capital
work-in-progress |
1.704 |
0.134 |
4.435 |
|
(iv)
Intangible assets under development |
221.684 |
178.376 |
131.399 |
|
(b) Non-current Investments |
47.579 |
2.658 |
0.180 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
354.246 |
291.022 |
165.187 |
|
(e) Other Non-current assets |
10.062 |
9.263 |
0.000 |
|
Total Non-Current Assets |
1442.948 |
1282.288 |
1111.086 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
322.571 |
159.994 |
15.060 |
|
(b) Inventories |
121.299 |
103.797 |
83.960 |
|
(c) Trade receivables |
730.073 |
553.965 |
492.302 |
|
(d) Cash and cash
equivalents |
135.686 |
185.220 |
71.141 |
|
(e) Short-term loans and
advances |
51.776 |
33.310 |
37.272 |
|
(f) Other current assets |
0.000 |
0.000 |
7.968 |
|
Total Current Assets |
1361.405 |
1036.286 |
707.703 |
|
|
|
|
|
|
TOTAL |
2804.353 |
2318.574 |
1818.789 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
2412.327 |
2034.773 |
1468.997 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1578.179 |
1290.975 |
952.980 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
834.148 |
743.798 |
516.017 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.493 |
34.408 |
21.103 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
809.655 |
70.939 |
494.914 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
92.946 |
81.993 |
57.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
716.709 |
627.397 |
437.285 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
113.467 |
10.173 |
37.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
603.242 |
617.224 |
400.215 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
100.565 |
50.730 |
29.017 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
450.000 |
450.000 |
320.000 |
|
|
|
Dividend |
101.004 |
101.004 |
50.502 |
|
|
|
Tax on Dividend |
17.165 |
16.385 |
8.000 |
|
|
BALANCE CARRIED
TO THE B/S |
135.638 |
100.565 |
50.730 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export |
2236.656 |
1802.129 |
1347.154 |
|
|
TOTAL EARNINGS |
2236.656 |
1802.129 |
1347.154 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
45.934 |
26.874 |
37.353 |
|
|
|
Packing Material |
22.011 |
19.187 |
7.740 |
|
|
|
Stores & Spares |
14.725 |
9.275 |
4.541 |
|
|
|
Capital Item |
12.096 |
14.925 |
52.849 |
|
|
TOTAL IMPORTS |
94.766 |
70.261 |
102.483 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
119.45 |
122.22 |
79.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
25.01
|
30.33 |
27.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.29
|
29.35 |
25.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.38 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06
|
0.07 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
2.41 |
1.71 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three 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 |
Yes |
|
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 |
Ye |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
The registered office of the company has beem shifted from 208, Ashirwad
Commercial Complex, D-I, Green Pard, New Delhi - 110016,India to the present address
w.e.f. 16.12.2009
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444264 |
14/08/2013 |
210,000,000.00 |
Standard Chartered Bank |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW
DELHI, Delhi - 110001, INDIA |
B82688144 |
|
2 |
10317970 |
20/05/2013 * |
350,000,000.00 |
Citibank N.A |
Jeevan Bharti Building, 4th Floor, 124, Connaught |
B75459727 |
|
3 |
10194223 |
06/04/2011 * |
159,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B11465283 |
|
4 |
10190661 |
26/11/2009 |
140,000,000.00 |
Canara Bank |
Overseas Branch, B-39, 1st Floor, Middle Circle, New Delhi, Delhi -
110001, INDIA |
A75257766 |
|
5 |
10190669 |
26/11/2009 |
1,166,500,000.00 |
Canara Bank |
B-39, Overseas Brach, Connaught Circus, New Delhi |
A75258491 |
|
6 |
10123928 |
23/07/2009 * |
1,309,900,000.00 |
CANARA BANK |
B-39, OVERSEAS BRANCH, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001,
INDIA |
A67626119 |
|
7 |
10123929 |
23/08/2008 |
30,000,000.00 |
CANARA BANK |
OVERSEAS MAIN BRANCH, B-39, CONNAUGHT CIRCUS, NEW DELHI, Delhi -
110001, INDIA |
A46318358 |
|
8 |
10098664 |
23/07/2009 * |
585,000,000.00 |
CANARA BANK |
B-39, OVERSEAS BRANCH, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001,
INDIA |
A67625236 |
|
9 |
10099668 |
05/03/2008 |
20,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH, B-39, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001,
INDIA |
A36865442 |
|
10 |
10086811 |
01/07/2008 * |
418,800,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park, Tower No.5, Vashi
Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
A41422270 |
|
11 |
80038056 |
05/03/2008 * |
43,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH, B-39, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001,
INDIA |
A36021558 |
|
12 |
80043944 |
23/08/2008 * |
40,000,000.00 |
CANARA BANK |
OVERSEAS MAIN BRANCH, B-39, CONNAUGHT CIRCUS, NEW DELHI, Delhi -
110001, INDIA |
A46317053 |
|
13 |
90054681 |
16/10/2002 * |
20,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH; 14 K.G. MARG, NEW DELHI, Delhi, INDIA |
- |
|
14 |
90048960 |
26/11/2009 * |
1,166,500,000.00 |
Canara Bank |
B-39, Overseas Branch, Connaught Circus, New Delhi, Delhi - 110001,
INDIA |
A75258129 |
|
15 |
90053708 |
28/09/1999 |
12,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH; 14 K.G. MARG, NEW DELHI, Delhi, INDIA |
- |
|
16 |
90052781 |
23/07/2009 * |
140,000,000.00 |
CANARA BANK |
B-39, OVERSEAS BRANCH, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001,
INDIA |
A67625814 |
* Date of charge modification
OPERATIONS
The Company
recorded a turnover of Rs.2338.714 millions during the Financial Year 2012-13
as against Rs. 1869.696 millions during the same period last year.
During the
financial year under consideration, the company has achieved a 25% growth over
the previous year and such growth in turnover is primarily attributable to the
high growth reflected in the international operations.
The predominant market
for Sentiss Pharma, in terms of sales, continues to be Russia where it is
ranked no. 3 in the overall Ophthalmology segment and No.2 in the branded
generic Ophthalmology segment.
Out of the
International Markets that Sentiss is currently present, Russian Market is the
biggest where it has registered a robust growth of 21% in the said period.
In the Central
Asian market, the Company has consolidated its position and witnessed a growth
of 83% in the current financial year. Sales in the US witnessed a growth of 45%
in the current Financial Year.
In the year in
2011-12, the Company had entered the Indian market under the name of Provis and
the product portfolio has been well accepted in the market. Sales of their
India business Provis has increased from Rs.124.70 Lac to Rs.444.87 Lac
resulting an increase of 256%.
The gross margin
of the Company has reflected an improvement from 91.19% to 92.21% in financial
year 2012-13. The impetuses for the change were the concerted efforts to
promote and increase sales of profitable products and a continuous focus on
cost optimization.
Sentiss has been
consistently investing in Research and Development activities to augment its
presence in the regulated market. This year Research and Development Expenses
is close to 8.9% of their turnover as compared to 10.5% in the previous year.
The Company EBIDTA
margin has decreased from 36.5% to 34.5% due to investment in the India
business. During the year under consideration, Sentiss registered an EBIDTA of
Rs.834.148 millions as compared to Rs. 743.798 millions in the previous year
reflecting increase of 12%.
The existing
policy of charging off / write back of the exchange differences on its foreign
currency loan was continued which has resulted in writeoff of an amount of Rs.
4.622 millions on account of reinstatement of foreign currency loans to the
Profit and Loss Account in thecurrent financial year. Inspite of better
treasury management and appropriate Risk Mitigation plan through forward covers
against their currency exposure from export sales, Company closed the financial
year with loss of Rs.23.149 millions on account of exchange fluctuation as
compared to a gain of Rs. 76.977 millions in the previous year.
The PBT and PAT
for the year under review grew to Rs. 716.709 millions and Rs.603.242 millions
respectively as compared to Rs. 627.397 millions and Rs.617.224 millions
respectively in the previous fiscal year.
The Companys
performance in last five years has been commendable which is reflective in the
5 years performance trend line annexed within this report.
NEW PRODUCTS
The Company being
in the generic pharmaceutical segment recognizes the importance of being ahead
of its competition in introduction of new products. It is devoted to the
process of continuously evaluating and identifying new product opportunities in
the key global markets. This initiative has helped in identifying and creating
a product pipe line for US, EU, Canada and other emerging markets. Many
products for the USA, Europe, Russia, and other key markets are in the
development pipeline and these initiatives will fuel growth in business segment
across geographies for the Company in future.
Research and
Development Center of the Company has capabilities to develop products even in
the Herbal Segment, this opens up opportunities for the Company in the Herbal
Segment. During the current financial year, one product is in development
process.
MANUFACTURING
Company continues
to invest in manufacturing capabilities and the supply network to support growth
at optimum cost. The Companys manufacturing facility located at Nalagarh
continues to be TGA and EU GMP certified. This year, they were able to achieve
several milestone in their endeavour to have an economically and
environmentally sound manufacturing capability.
·
The Plant was awarded Gold certificate of merit by
The Economic Times in partnership with Frost and Sullivan, 2012-13 for
Manufacturing Excellence.
·
Their facility has been awarded with the Green manufacturing
excellence award 2012 in category of Aspirants Award- Medium Business.
·
They were awarded 2 nd Position in Best Practice
Environment Award 2012 by BBNIA
The manufacturing
unit clubbed with their R and D facility will enable them to provide end to end
solutions to their international as well as domestic customers leading to
accelerated growth. With the new production line they are now equipped to
manufacture sterile products in 3Pc Plastic Vials with calibrated dropper tip
and capping with a pilfer proof cap. This provides greater accuracy in delivery
of the drug than the conventional Blow Fill Seal technology. The US and Europe
Ophthalmic market accepts products using this technology. They have also
brought about significant changes in the logistics and transportation, from
their manufacturing facility, by introducing pelletized shipping.
A Pre-Approval
Inspection (PAI) was performed by the United States Food and drug
Administration (US FDA) of the Companys facility located in Nalagarh, India .
during the period of March 25 th to April 3 rd 2013. Upon completion of the
inspection, USFDA provided an inspection report with observations. The Company
provided detailed responses to all the observations. On 28 th June 2013, the
Company received an Import Alert Notification for the shipment of CMC 0.5%
product to the US market.
On 9 th August
2013 the Company received a Warning Letter from US FDA requesting to provide
further clarification and supporting data some observation listed in the FDA
inspection report (FDA 483). The detailed response to all the observations
listed in the Warning Letter was submitted to the US FDA on 29 th August 2013.
The management believes based on the corrective steps initiated and its
interaction with the Regulatory Authorities, that it would be in a position to
successfully complete the USFDA approval process.
At the market
level, they are building long term relationships with customers who rely on
them for consistent supply of high quality products and services. All such
efforts are helping to create a sustainable, profitable and more focused long
term growth strategy for the Company. The growth for the company in coming
years is positive and encouraging.
CHANGE OF NAME OF COMPANY
Company has been
pursuing several growth strategies and expansion plans that would set them on
the path of being a key specialty pharma player globally. In order to align
image with these global aspirations, a change in name was desirable and
accordingly the name of the Company has changed from Promed Exports Private
Limited to Sentiss Pharma Private Limited on 06.06.2013 with the approval of
Central Govt. under section 21 of the Companies Act, 1956.
Sentiss signifies
their focus on specialty pharma care therapies like ophthalmology, ENT et al
related to the sensory organs. It also reflects their new global identity and
aspirations as they prepare to enter new geographies with generics and
innovative products, improving the quality of life for patients worldwide.
All their entities
worldwide would be embracing the new name Sentiss , which will be the
cornerstone of their corporate branding henceforth.
PRODUCTS PORTFOLIO AND PROMOTIONAL FOCUS
Provis has
identified therapy segments which are fast growing, as like Dry Eye, Ocular
Nutrition, Anti-infective, Glaucoma and Cataract in building the portfolio.
Activision and Ontears to both brands reflect consistent improvement in sales
and is expected to be key brands in ophthalmology. It is exciting to have such
strong brands at start launch of the new business. Financial Year 2012-13,
Ontears and Activision have crossed Rs 2 Cr and Rs 1 Cr respectively
demonstrating excellent acceptance among the top number of ophthalmologists.
Other products like Kitmox, Megacom and Floace are also showing consistent
progress.
Provis will
shortly expand products portfolio with introduction of Ocular Nutrition product
Softeye for dry eye conditions as well as another key combination product Probitim
for Glaucoma. These new products are expected to add further strength to their
business in India.
Marketing campaign
such as Mission 100 for Ontears Unims, Acti-6 for Activision, and Megabyte for
Megacom have been successful. These high thrust promotional campaign will
further fuel demand of these key brands.
Protimes (Practice
and Research in Ophthalmology) a quarterly medical newsletter is the new
project that Provis is driving to develop scientific image among customers and
reach out effectively with newer information in their therapy and products
area.
FIXED ASSETS
v
Land
v
Buildings
v
Plant and Equipment
v
Furniture and Fixtures
v
Vehicles
v
Office Equipment
v
Leasehold Improvements
CMT REPORT (Corruption, Money Laundering and 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] 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.62.24 |
|
|
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
54 |
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 and 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.