MIRA
INFORM REPORT
|
Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ROSELABS BIOSCIENCE LIMITED (w.e.f
19.07.2012) |
|
|
|
|
Formerly Known
As : |
ROSELABS BIOSCIENCE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 253, N.H.8, Opposite Kerala, |
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|
Country : |
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|
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|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
06.01.2010 |
|
|
|
|
Com. Reg. No.: |
04-059109 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 268.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24290GJ2010PLC059109 |
|
|
|
|
IEC No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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|
|
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PAN No.: [Permanent Account No.] |
Not Divulged |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Pre-Filled Syringes. |
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|
|
|
No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Even though the company was incorporated on 06th January 2010,
it has commenced its business operations form September 2012. It is having
moderate track record. Management has failed to file latest financials of Fy14, with the
statutory authorities as per available. The company has incurred loss from its operational activities in its
first year of business operation. Rating also take into account the strained liquidity position of the
company as exhibited by delays in meeting its principal repayment and
interest payment obligations to the bank in a timely manner. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and
secured 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation
arrested Manumeethi Cholan
after he accepted Rs 10 lakhs
as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central
Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The
lay-offs follow a spate of senior-level exits over the past two years, starting
with of its founder. The overall lay-offs could number around 600 and are
driven by the need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans
“D” (Suspended) |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery |
|
Date |
August 2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Paresh Sampat |
|
Designation : |
Account Department |
|
Contact No.: |
91-9099916580 |
|
Date : |
25.07.2014 |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 253, N.H.8, Opposite Kerala,
G.I.D.C Village Kerala, Ahmedabad-382220, Gujarat,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9727705334 [Mr. Sharma] |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate Office: |
3rd Floor, Kateria Arcade, Near Adhani Vidya Mandir, Ahmedabad -380051,
Gujarat, India |
|
Tel No.: |
91-79-22162529/66301529/26820720/26820730 |
|
Fax No.: |
91-79-22166730 |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Pawankumar Trilokchand
Agarwal |
|
Designation : |
Director |
|
Address : |
B-21, Akash Opposite Premchand
Nagar, |
|
Date of Birth/Age : |
30.03.1963 |
|
Date of Appointment : |
06.01.2010 |
|
DIN No.: |
00015921 |
|
PAN No.: |
AAUPA5769N |
|
|
|
|
Name : |
Mrs. Rosy Pawankumar Agrawal |
|
Designation : |
Directors |
|
Address : |
B-21, Akash Opposite Premchand
Nagar, |
|
Date of Birth/Age : |
10.07.1966 |
|
Date of Appointment : |
16.12.2010 |
|
DIN No.: |
00041611 |
|
PAN No.: |
AARPA2988E |
|
|
|
|
Name : |
Mr. Zameer Pawankumar
Agarwal |
|
Designation : |
Director |
|
Address : |
B-21, Akash Opposite Premchand
Nagar, |
|
Date of Birth/Age : |
05.11.1986 |
|
Date of Appointment : |
06.01.2010 |
|
DIN No.: |
01409425 |
|
PAN No.: |
AGQPA2761C |
|
|
|
|
Name : |
Mr. Mohit Premchand
Gupta |
|
Designation : |
Director |
|
Address : |
42, Whispering Pine, |
|
Date of Birth/Age : |
13.09.1965 |
|
Date of Appointment : |
22.04.2010 |
|
DIN No.: |
03031586 |
|
|
|
|
Name : |
Mr. Guarang Atmaram
Patel |
|
Designation : |
Director |
|
Address : |
B-2, Sayona Park, Plat Harasidhnagar,
Indraprastha Society, Sarkari
Vasant, Avadh Memnagar, Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
12.07.1963 |
|
Date of Appointment : |
13.08.2010 |
|
DIN No.: |
03089311 |
|
PAN No.: |
AEEPP9690R |
|
|
|
|
Name : |
Mr. Prakash Karsanbhai
Patel |
|
Designation : |
Director |
|
Address : |
11, Devdarshan Society, Behind New Mahakali Temple, Kalka Road,
Palan-382465, Gujarat, India |
|
Date of Birth/Age : |
12.01.1975 |
|
Date of Appointment : |
13.08.2010 |
|
Din No.: |
03098121 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Sharma |
|
Designation : |
Export Department |
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|
|
|
Name : |
Mr. Paresh |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Pawankumar Trilokchand Agarwal |
|
8579000 |
|
Zameer Pawankumar Agarwal |
|
1301000 |
|
Rosy Pawankumar Agarwal
|
|
120000 |
|
Gopalka Motor Investo
Private Limited, India |
|
6883000 |
|
Pushpdant Comotrade
Private Limited, India |
|
9036500 |
|
Roselabs Limited, India |
|
540000 |
|
Konark Commerce and Industries Limited, India |
|
50000 |
|
Sunshine Housecon Limited, India |
|
70000 |
|
Impex Service Limited |
|
35000 |
|
Sharadaraj Tradefin
Limited, India |
|
290000 |
|
Blu Print Securities Limited, India |
|
155000 |
|
Zubeen Pawankumar Agarwal |
|
930500 |
|
Total |
|
27990000 |
As on 29.10.2013
|
Names of Allotee |
|
No. of Shares
Allotted |
|
Somnath Merchandise Private Limited, India |
|
350000 |
|
Ramdoot Barter Private Limited, India |
|
560000 |
|
Total |
|
910000 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
60.95 |
|
Directors or relatives of Directors |
39.05 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pre-Filled Syringes. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
·
Germany ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
USA ·
China ·
Japan |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Gerresheimer, USA |
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Customers : |
Zydus |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
· State Bank of India, Mid Corporate Group, Commercial Branch, 3rd Floor, Param Siddhi, Near Mahakant Building, Ellsiebridge, Ahmedabad-380006, Gujarat, India · Bank of Baroda · Bank of India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel – (West), Mumbai – 400013, Maharashtra, India · Axis Bank Limited, RAC Ahmedabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Near C. N Vidhyalaya, Ambawadi, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
(Rs. In Millions)
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Poddar Sunil Kumar Narvadeshwer
Prasad Chartered Accountants |
|
Address : |
301-305, Vrajbhumi Complex, Near Prarthana Flat, Behind Ship Building, Off C.G. Road, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
Tel. No.: |
91-79-26402893/26431097 |
|
Fax No.: |
91-79-26462614 |
|
PAN No.: |
ABEFS3044F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Others : |
· Roselabs Limited · Roselabs Polymers Limited · Gopalka Motor Investo Private Limited · Pushpdant Commotrade Private Limited · RLHC Private Limited · Human Care |
CAPITAL STRUCTURE
After 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs.290.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28900000 |
Equity Shares |
Rs.10/- each |
Rs.289.000
Millions |
|
|
|
|
|
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs.290.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27990000 |
Equity Shares |
Rs.10/- each |
Rs.279.900 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 |
268.900 |
202.000 |
128.000 |
|
(b) Reserves & Surplus |
446.459 |
438.000 |
112.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
74.555 |
|
Total
Shareholders’ Funds (1) + (2) |
715.359 |
640.000 |
314.555 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1298.296 |
805.108 |
279.260 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1298.296 |
805.108 |
279.260 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
123.798 |
0.000 |
1.334 |
|
(b) Trade payables |
18.014 |
0.034 |
0.000 |
|
(c) Other current
liabilities |
172.051 |
113.133 |
3.381 |
|
(d) Short-term provisions |
14.252 |
4.817 |
0.012 |
|
Total Current Liabilities (4) |
328.115 |
117.984 |
4.727 |
|
|
|
|
|
|
TOTAL |
2341.770 |
1563.092 |
598.542 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1520.253 |
95.951 |
278.382 |
|
(ii) Intangible Assets |
2.444 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
357.820 |
1140.271 |
0.000 |
|
(iv)
Intangible assets under development |
8.935 |
6.835 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
136.135 |
225.414 |
301.946 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2025.587 |
1468.471 |
580.328 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
159.800 |
1.941 |
0.000 |
|
(c) Trade receivables |
9.804 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
22.932 |
21.859 |
3.966 |
|
(e) Short-term loans and
advances |
10.614 |
1.600 |
0.000 |
|
(f) Other current assets |
113.033 |
69.221 |
14.248 |
|
Total Current Assets |
316.183 |
94.621 |
18.214 |
|
|
|
|
|
|
TOTAL |
2341.770 |
1563.092 |
598.542 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
39.498 |
0.000 |
0.000 |
|
|
|
Other Income |
1.355 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
40.853 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
74.230 |
0.000 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(124.290) |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
47.266 |
0.000 |
0.000 |
|
|
|
Other expenses |
45.552 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
42.758 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.905) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
93.456 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(95.361) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.391 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(138.752) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(138.752) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(6.56) |
0.00 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin PAT / Sales |
(%) |
(351.29) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(4.82) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.03) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.99 |
1.26 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.80 |
3.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
128.000 |
202.000 |
268.900 |
|
Reserves & Surplus |
112.000 |
438.000 |
446.459 |
|
Share Application money
pending allotment |
74.555 |
0.000 |
0.000 |
|
Net
worth |
314.555 |
640.000 |
715.359 |
|
|
|
|
|
|
long-term borrowings |
279.260 |
805.108 |
1298.296 |
|
Short term borrowings |
1.334 |
0.000 |
123.798 |
|
Total
borrowings |
280.594 |
805.108 |
1422.094 |
|
Debt/Equity
ratio |
0.892 |
1.258 |
1.988 |
LOCAL AGENCY FURTHER INFORMATION
ROSELABS BIOSCIENCE
EYES GLOBAL MARKET FOR PFL SYRINGES
NEW DELHI, AUG 29: Roselabs Bioscience, part of the Ahmedabad-based
Roselabs Group, today said it is targeting to launch
formulated pre-filled (PFL) syringes in over 100 countries by the end of next
year.
“We are looking at entering over 100 countries by the end of 2014 for our formulated PFL syringes,” Roselabs Bioscience Director, Zameer Agarwal said.
The key markets will be in Africa, Latin America and Asia. The company is also planning to enter the regulated markets and will begin with US, he added.
“We have commercialised 26 branded formulations in the PFL segment in the Indian market and we plan to export all of them to the overseas market,” Agarwal said.
The company will be filing around five abbreviated new drug applications (ANDAs) in the United States by February 2014, he added.
“The ANDAs will be in the therapeutic segments of cardiac care, gynaecology, pain management,” Agarwal said.
As part of the company’s expansion plans, it had invested over Rs. 4000.000 Million to set up a pre-filled syringes making facility near Ahmedabad with a capacity to manufacture 8 lakh syringes per day.
The firm’s facility near Ahmedabad has capabilities to make both glass and polymer syringes.
“The existing and potential market for pre-filled syringes in India and globally is huge,” Agarwal said.
On being asked how the company was planning to raise funds for expansion, Agarwal said it will be mainly through private equity route and the company is looking for strategic investor for this.
Roselabs Bioscience is also engaged in contract manufacturing for leading pharmaceutical companies in the country.
ROSELABS BIOSCIENCES
SETS UP RS 400 CRORE PRE-FILLED SYRINGES UNIT IN AHMEDABAD
AHMEDABAD: Gujarat-based Roselabs Group has set up fully integrated pre-filled syringes (PFS) manufacturing unit in Ahmedabad with an investment of Rs. 4000.000 Million. Company claims setting up first fully integrated PFS unit and expects to break-even in next two years, as the demand for PFS grows in the domestic healthcare market and globally.
PFS are pre-measured single -dose ready-to-use injectables for parenteral drug. Tracing its history in early 80's, PFS, presently is the most preferred drug delivery system for parenteral purposes. Countries like US, Europe and Japan, pre-dominantly use PFS, while its usage is expanding in developing countries as well like in India and China.
Currently, in many countries including India, disposable syringes are widely used by the medical fraternity. To some extend, auto disable syringes and non-reusable syringes are also been used. However, pre-filled syringes (PFS) are latest and its usage is been growing gradually in the domestic market.
"We have set up this facility as there has been
increased penetration of PFS in the Indian market and
Globally, there are six companies manufacturing PFS - Becton, Dickinson & Co (BD), SCHOTT, Stevanato Group, Weigao, Gerresheimer and Nipro. However these companies only make empty pre-filled syringes (PFS) and then sell to the drug manufactures to be filled with the parenteral medicine/drug into it. While Ahmedabad-based Roselabs Biosciences claims to the first fully integrated PFS manufacturer in the world, to manufacture empty PFS, its components and then fill it with own formulated parenteral drug, before it can be put in the market for sell.
Roselabs Biosciences Ltd, a group company of Roselabs Group, has set up facility spread across 90,000 sq ft and have Rs.82.000 million per annum for glass PFS production capacity. It also has Rs.1.100 million per day polymer PFS production capacity. While Rs.150.000 million per annum capacity to produce formulated PFS. The would sale it own formulated PFS product and would also work as contract manufacturer for other companies. Currently, Roselabs is working for five multi-national drug makers for their patented products.
The Indian PFS market at present is less than one percent of world syringe market and has huge potential for growth through growth in pharmaceutical industry and replacement market. Presently there is only one active player in India making empty PFS and more than 95% demand met by imported PFS. India drug maker consumes Rs. 30.000 million PFS annually, out of which Rs. 9.000 to 10.000 million PFS are sold in domestic market, while rest is for export. PFS is considered to be preferred drug delivery system for more than 50 injectable drugs.
Global drug market is more than $50 billion, out of which total injectable market constitute nearly 23%. In 2010, an estimated 2.2 billion PFS units were sold which is estimated to rise to 3.5 billion by 2015. Total revenues of PFS market were predicted to reach $3.9 billion by 2015, as globally PFS demand is growing at a rate of 50%.
ROSELABS BIOSCIENCE
TO RAISE RS 100 CR
Pre-filled syringes
(PFS) maker Roselabs Bioscience Limited,
a part of the Ahmedabad-based Roselabs
Group, is in the process of raising Rs 1000.000
Million crore, which it intends to utilise to file more ANDAs (abbreviated new drug
applications), develop advanced products like auto-injectors and enter into
more therapeutic segments like oncology and newer markets.
“We are weighing various fund-raising options, including venture capital and
private equity placement. We are expecting to close the deal by the third
quarter of the current financial year,” said Zameer Agrawal, its managing director.
Roselabs had in November 2012 commercialized its PFS
and formulations facility, set up with an investment of Rs
4000.000 Million on the outskirts of Ahmedabad. The
company, which claims to be the world’s first fully-integrated PFS manufacturer
to manufacture empty PFS, its components and then fill it with its own
formulated parenteral drug,had
delivered Rs. 1.300 million PFS units from its
facility last month.
Stating that Roselabs was the seventh company
globally to manufacture PFS, with the other six being Becton, Dickinson and Co
(BD), Nipro, Stevanto,
Schott, Weigao and Gerresheimer,
Agrawal said the Indian PFS market was currently 0.1%
of the over three-billion market globally.
“Indian pharmaceutical companies rely on imports (almost 95%). The products
rolling out from our Ahmedabad plant will replace
these besides giving a cost saving of 15-20% and bringing down the gestation
period to 45-60 days, from the current six months,” he said, adding Roselabs had already been doing contract manufacturing for
12 firms including Cadila, BDR and Lincoln.
In talks with Hyd-based pharma companies
Roselabs Bioscience is negotiating with
Hyderabad-based pharmaceutical companies like Dr Reddy’s, Bharat
Biotech and Aurobindo to take up contract
manufacturing for them. “With Hyderabad being the hub for pharmaceutical
manufacturers, specifically vaccine makers, we are betting big on this market.
We have already given samples to four such organizations here,” Agrawal said.
According to him, the company’s Ahmedabad facility
recently received the WHO-GMP certification, and had initiated the process of
obtaining regulatory approvals for its own products in more than 35 countries.
It has also launched 21 molecules, including gynecology and critical care
(cardiac and anesthetic among others), in the domestic market under its own
brand.
“Our first ANDA is expected to be filed with the US Food and Drug
Administration (US FDA) by December 2013. And, we should be having
registrations in more than 100 countries by March 2014,” Agrawal
said, adding the company was expected to generate revenues of Rs 500 crore by 2015.
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
103.858 |
41.034 |
0.000 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 |
Note:
The registered office of the company has been shifted from
123/1, Sadiram Estate, Saijpur
Gopalpur, Pirana Road, Piplej, Ahmedabad – 382405,
Gujarat, India
to present address w.e.f. 30.03.2011
PRESENT OPERATIONA
AND FUTURE PROSPECTUS
This being the first year of production by the Company, the Company has earned the income of Rs.40.853 Millions during the year. The Company has incurred loss of Rs.138.722 Millions during the year. The income was adversely affected by heavy cost of material, Fix Assets Depreciation and the financial costs of company. The Directors are hopeful to achieve better results in future.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Loans and advances from related parties |
101.155 |
0.000 |
|
Total |
101.155 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10436898 |
28/06/2013 |
713,800,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Ellisbridge, Ahmedabad, Gujara |
B79649505 |
|
2 |
10397072 |
01/09/2012 |
1,759,392.00 |
Axis Bank Limited |
RAC Ahmedabad, CV/ CE
Department, 4th Floor, Shiv |
B62068317 |
|
3 |
10359965 |
27/08/2013 * |
297,400,000.00 |
STATE BANK OF INDIA |
Mid Corporate Group, Commercial Branch, 3rd Floor, |
B83863423 |
|
4 |
10249587 |
27/08/2013 * |
1,656,700,000.00 |
STATE BANK OF INDIA |
Mid Corporate Group, Commercial Branch, 3rd Floor, |
B83864132 |
|
5 |
10249588 |
27/08/2013 * |
1,954,100,000.00 |
STATE BANK OF INDIA |
Mid Corporate Group, Commercial Branch, 3rd Floor, |
B83863886 |
* Date of charge modification
FIXED ASSETS
·
Land
·
Buildings
·
Office building
·
Factory building
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Computer equipments
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.61.87 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.76.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.