MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTAUR PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Centaur House, Shanti Nagar, Vakola, Santacruz (East),
Mumbai – 400 055, 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB [Term Loan] |
|
Rating Explanation |
Moderate risk of default |
|
Date |
06.01.2012 |
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 – 400 055, Maharashtra, India |
|
Date of Birth/Age : |
20.03.1938 |
|
Qualification : |
B.Sc. DIM LLB |
|
Experience : |
53 Years |
|
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 |
|
Experience : |
39 Years |
|
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 |
|
Experience : |
27 Years |
|
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 – 400 015, 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 – 400 102, 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 – 400 055, 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 |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
B. Sc., PGDBM |
|
Experience : |
34 Years |
|
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 – 400 001, 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 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Finance Institutes: |
Electronica Finance Limited, 128/A, Plot
No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune – 411 038,
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 – 400 011, 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 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
184.966 |
184.966 |
184.966 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
708.000 |
664.900 |
604.083 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
892.966 |
849.866 |
789.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
466.800 |
579.700 |
668.201 |
|
|
2] Unsecured Loans |
82.100 |
77.600 |
45.908 |
|
|
TOTAL BORROWING |
548.900 |
657.300 |
714.109 |
|
|
DEFERRED TAX LIABILITIES |
47.700 |
0.000 |
10.383 |
|
|
|
|
|
|
|
|
TOTAL |
1489.566 |
1507.166 |
1513.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1335.500 |
1345.100 |
1117.224 |
|
|
Capital work-in-progress |
44.400 |
14.700 |
153.540 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.068 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
371.300
|
313.300
|
253.055
|
|
|
Sundry Debtors |
385.500
|
329.800
|
287.298
|
|
|
Cash & Bank Balances |
23.700
|
32.000
|
127.106
|
|
|
Other Current Assets |
4.766
|
7.666
|
0.000
|
|
|
Loans & Advances |
153.300
|
119.700
|
79.637
|
|
Total
Current Assets |
938.566
|
802.466
|
747.096 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
339.300
|
282.400
|
386.214 |
|
|
Other Current Liabilities |
407.800
|
322.000
|
79.185 |
|
|
Provisions |
81.900
|
50.800
|
38.988
|
|
Total
Current Liabilities |
829.000
|
655.200
|
504.387 |
|
|
Net Current Assets |
109.566
|
147.266
|
242.709
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1489.566 |
1507.166 |
1513.541 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
GROSS SALES |
NA |
1967.232 |
1708.216 |
|
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
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) |
|
1.13
|
1.22
|
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’.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24230MH1980PTC023291 |
|
Name of the company |
CENTAUR PHARMACEUTICALS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Centaur House, Shanti Nagar, Vakola, Santacruz (East),
Mumbai – 400 055, Maharashtra, India E-Mail: centaur@centaurlab.com |
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10291402 |
|
Type of charge |
Book Debts Movable Property (not being pledge) Others (Plant and machinery, Current
Assets, Stocks.) |
|
Particular of charge holder |
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 E-Mail: aniketshejwal@sbi.co.in |
|
Nature of description of the instrument
creating or modifying the charge |
1. First Supplemental working capital
consortium agreement for increase in the overall limit. 2. First Supplemental Joint deed of
hypothecation for increase in the overall limit. 3. First Supplemental inter se agreement
among. All of the above agreements dated March
26, 2013 and constitute single charge. |
|
Date of instrument Creating the charge |
26.03.2013 |
|
Amount secured by the charge |
Rs.623.000 millions |
|
Brief particulars of the principal terms a
conditions and extent and operation of the charge |
Rate of Interest: For SBI DCC at 3.50% above BR i.e. 13.20%
pa against app card rate of 4.50% above BR i.e. 14.20% Mon rests SLOC at 3.50%
above BR i.e. 13.20% pa against app card rate of 5.50% above BR i.e. 15.20%
Mon rests. Terms of Repayment: Repayable on demand for banks. Margin: For SBI - RM (Domestic and imported)
including pack material - 25%, SIP - 40%, FG - 33.33%, Book Debts (Existing
60 days) - 40%, LC - 25%, BG - 25%. Extent and Operation of the charge: Security to cover principal amount
together with interest, costs, charges and expenses etc. Others: SBI - Rs.523.000 millions, Canara Bank -
Rs.100.000 millions, Total - Rs.623.000 millions. All terms and conditions as per the State
Bank of India and Canara Bank Sanctioned letter and loan agreement. |
|
Short particulars of the property charged |
All and singular borrower's current assets
of the borrower's namely, stock of raw materials, stock in process, semi
finished and finished goods, stores and spares (consumable stores and spares)
bills receivables and book debts and all other movables and movable fixed
assets of the borrower both present and future excluding such movables as may
be permitted by the said banks from time to time but including documents of
title to goods and other assets such as outstanding moneys receivables
including receivables by way of cash assistance and/or cash including under
the cash incentive scheme or any other scheme claims including claims by way
of refund of customs/excise duties under the draw drawback credit scheme or
any other scheme bills invoices documents contracts engagements securities
investments and right both present and future of borrower being and lying in
the borrowers premises or godown of of or rented and whether lying loose or
in cases or otherwise used in the business or the borrower at the said site
or in transit or lying anywhere now belonging to or that may at any time during
the continuance of the said facilities and this security belong to the
borrower or that may be held by any party of the order or disposition of the
borrower Plant and machinery (List attached) on first pari passu basis with
consortium members viz. A bank and B bank. |
|
Date of latest modification prior to the
present modification |
03.05.2011 |
|
Particulars of the present
modification |
Now by this and present modification, the overall
amount of charge be increased from existing of Rs.473.000 millions to
Rs.623.000 millions |
Fixed assets:
·
Land
Freehold
·
Land
Leasehold
·
Factory Building
·
Office Building/Guest House
·
Furniture and Fixtures
·
Vehicles
·
Plant
and Machinery
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 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.55.04 |
|
|
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
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.