MIRA INFORM REPORT

 

 

Report Date :

10th May 2006

 

IDENTIFICATION DETAILS

 

Name :

CUSTOM CAPSULES PRIVATE LIMITED

 

 

Registered Office :

1001, Dalamal House, 10th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

23rd September, 1988

 

 

CIN No.:

U24235MH1988PTC048924

 

 

Com. Reg. No.:

11-48924

 

 

TAN No.:

(Tax Deduction & Collection Account No.)

MUMC10955A

 

 

PAN No.:

(Permanent Account No.)

AAACC6203G

 

 

Legal Form :

Private Limited Liability company.

 

 

Line of Business :

Manufacturing and sale of Empty Hard Gellatine Capsules

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 500000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Associates Capsules Group, a well-known pharmaceutical machinery manufacturers.

 

The company is controlled, financed and managed by Singh family who are resourceful, experienced and respectable industrialists. Financial position of the company is satisfactory. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

1001, Dalamal House, 10th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India.

Tel. No.:

91-22-22872557 / 22831441 / 2831480 / 2832322

Fax No.:

91-22-22873288 / 22872560

Area :

8,500 sq. fts.

Location :

Owned

 

 

Head Office / Factory :

B-8 / 1, MIDC Industrial Estate, Camlin Naka, Boisar, Tarapur, Dist. Thane – 401 506, Maharashtra, INDIA

Tel. No.:

91-2537-223538

Area :

10,000 sq. fts.

Location :

Owned

 

 

Corporate Office :

131, Kandivli Industrial Estate, Kandivli (West), Mumbai – 400 067, INDIA

Tel. No.:

91-22-28682010 (9 lines)

Fax No.:

91-22-28686152

 

 

 

DIRECTORS

 

Name :

Mr. Jasjit Daljit Singh

Designation :

Director

Address :

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

Date of Birth/Age :

03-04-1943

Date of Appointment :

23.09.1988

 

 

Name :

Mr. Ajit Daljit Singh

Designation :

Director

Address :

1A, Brighten Rungta Lane, Nepean Sea Road, Mumbai – 400 006

Date of Birth/Age :

20.11.1941

Date of Appointment :

23.09.1988

 

 

Name :

Mr. Raj Vikram Tahil

Designation :

Director

Address :

333 A, Route 46 West, Fairfield, New Jersey 07004, U.S.A.

Date of Birth/Age :

07.12.1959

Date of Appointment :

12.11.2002

 

 

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Mr. Ajit Daljit Singh

1A, Brighten Rungta Lane, Nepean Sea Road, Mumbai – 400 006

9040

 

Mr. Jasjit Daljit Singh, Singh Family Trust

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

5620

Mr. Raj Vikram Tahil

333 A, Route 46 West, Fairfield, New Jersey 07004, U.S.A.

49000

Ms. Nandini Jasjit Singh

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

5660

Mr. Karan Jasjit Singh

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

5660

Ms. Priya Jasjit Singh

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

5660

Mr. Jasjit Daljit Singh

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

4700

Mr. Jasjit Daljit Singh, Karta of Jasjit Singh (HUF)

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

4000

Mr. Ajit Daljit Singh

MNT Will Trust

1A, Brighten Rungta Lane, Nepean Sea Road, Mumbai – 400 006

5400

Mr. Ajit Daljit Singh

Karta of Sardar Daljit Singh (HUF)

1A, Brighten Rungta Lane, Nepean Sea Road, Mumbai – 400 006

2000

Mr. Jasjit Daljit Singh

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

2660

Mr. Jasjit Daljit Singh

MNT Will Trust

2-B, Swapnalok, L J Marg, Nepean Sea Road, Mumbai – 400 006

600

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and sale of Empty Hard Gellatine Capsules

 

 

Products :
Item Code No.
Product Description

96020030

Empty hard gelatine capsules, scraped, HPMS capsules, samples of capsules

84223000

Veternity hand filling devices, hand filling devices and accessories, syringes, funnels, minifiling devices, change parts, recycle scraps

96020030

HPMC Capsules

35030030

Gelatine

 

 

Brand Names :

“CA”

 

 

Imports from :

Germany and Brazil

 

 

Terms :

 

Selling :

Cash or Contract (30 days)

 

 

Purchasing :

Contact (30 days), L/C or Cash

 

 

PRODUCTION STATUS

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Two piece empty gelatine capsules

Qty in 000’s

Not Applicable

30000

15895

Pharmaceutical and allied machineries

Qty in Nos.

Not Applicable

Not available

1174

HPMC Capsules

Qty in Nos.

Not Applicable

Not available

40800

 

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

˜                  Pam Pharmaceutical & Allied Machinery Private Limited

˜                  Aries Components (Private) Limited, Mumbai, India

 

 

Customers :

Manufactures, Wholesalers and Retailers

˜                  Ranbaxy Limited, New Delhi, India

˜                  IPCA Laboratories Limited, Mumbai, India

˜                  Lupin Laboratories Limited, Mumbai, India

˜                  Sarabhai Group, Baroda, Gujarat, India

˜                  Associated Capsules Private Limited

˜                  Torpac Limited

˜                  Sci- Tech Centre

˜                  Pam Pharmaceutical and Allied Machinery Private Limited

˜                  Ajas Components Private Limited

 

 

No. of Employees :

27

 

 

Bankers :

˜                  State Bank of India

Industrial Estate Branch, Kandivli (West), Mumbai – 400 067, INDIA

 

˜                  Standard Chartered Bank Limited

 

˜                  HDFC Bank Limited

 

 

 

Facilities :
Particulars
31.03.2005
Secured Loans

 

From Banks

 

Cash credit facility

Rs. 0.064 millions

(Secured by hypothecation charge on stock and book debts, mortgage over factory premises and pledge of entire movable machineries)

 

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

S. J. Thadani & Associates

Chartered Accountants

2/50, Shree Ganesh Society, Opp Garware Synthetics, Dr. A. B. Road, Worli, Mumbai – 400 021

Tel. No.:

91-22-24948413 / 24926229

 

 

Associates/Subsidiaries :

˜                  Associated Capsules Limited

˜                  Pam Pharmaceuticals & Allied Machinery Private Limited

˜                  Ajas Components (Private) Limited

˜                  Universal Capsules (Private) Limited

˜                  Kandivli Finance Company Limited

˜                  SCI-Tech Centre

˜                  Rajasthan Capsules Private Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100,000

Equity Shares

Rs.100/- each

Rs. 10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

100,000

Equity Shares

Rs.100/- each

Rs. 10.000 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

10.000

10.000

5.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

118.298

105.453

101.384

4] (Accumulated Losses)

0.000

0.000

0.000
NETWORTH

128.298

115.453

106.384

LOAN FUNDS

 

 

 

1] Secured Loans

0.064

0.000

0.744

2] Unsecured Loans

0.000

0.000

0.580
TOTAL BORROWING

0.064

0.000

1.324

DEFERRED TAX LIABILITIES

2.143

1.681

0.696
 

 

 

 
TOTAL

130.505

117.134

108.404
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

53.729

43.876

35.027
Capital work-in-progress

2.692

4.844

8.576
 

 

 

 
INVESTMENT

0.077

0.307

0.105
DEFERREX TAX ASSETS

0.000

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories
22.889

15.855

12.710
 
Sundry Debtors
8.397

10.356

7.986
 
Cash & Bank Balances
5.531

4.009

10.347
 
Other Current Assets
0.000

0.000

0.000
 
Loans & Advances
46.273

51.593

45.386
Total Current Assets
83.090

81.813

76.429
Less : CURRENT LIABILITIES & PROVISIONS
 

 

 
 
Current Liabilities
8.304

7.541

5.141
 
Provisions
0.779

6.165

6.592
Total Current Liabilities
9.083

13.706

11.733
Net Current Assets
74.007

68.107

64.696
 

 

 

 
MISCELLANEOUS EXPENSES

0.000

0.000

0.000
 

 

 

 
TOTAL

130.505

117.134

108.404

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2005

31.03.2004

31.03.2003
Sales Turnover [including other income]

79.858

83.988

73.696
 

 

 

 
Profit/(Loss) Before Tax

20.082

24.400

25.589
Provision for Taxation

7.240

7.288

5.800
Profit/(Loss) After Tax

12.845

17.112

19.789
 

 

 

 
Export Value

61.370

66.731

57.238
 

 

 

 
Import Value

8.591

7.940

8.519
 

 

 

 
Total Expenditure

59.777

59.587

48.107

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003
PAT / Total Income
(%)
16.08

20.37

26.85
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
25.15

29.05

34.72
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
14.68

19.41

22.96
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.21

0.24
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
0.07

0.12

0.12
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
9.14

5.97

6.51

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The company’s fixed assets of important value include land, factory & residential building, plant & machinery, furniture, fixtures & office equipments and vehicles.

 

Performance:

 

The operations of the company during the year were satisfactory.

 

Dividend :

 

Considering the capital expenditure plan for the coming the year, the directors feel it appropriate to conserve resources, the Directors therefore do not recommend payment of any dividend for the year.

 

The company exports its products all over the world.

 

Contingent Liability not provided for in respect of other demands in dispute:

 

 

31.03.2005

Sales Tax

0.031

Income Tax

2.728

 

Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of advances)  Rs. 4.313 millions

 

The bifurcation between small scale industrial unit and other units has been not given, as the Company has not yet completed collecting data from its suppliers for identifying small scale industrial units.

 

Value of Imported and Indigenous Raw Materials.

 

Raw Material

31.03.2005

Imported

8.809

Indigenous

4.962

 

13.771

 

 

Stores and Spares

 

Imported

--

Indigenous

1.107

 

Name of the company

CUSTOM CAPSULES PRIVATE LIMITED

Presented By

Shri. Jasjit Singh

1) Date and description of instrument creating the change

Mortgage has been created by deposit of Title Document on 22.02.1994 Being an oral mortgage, No instruments in writing has been executed.

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.800 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Flat Nos. 1 to 12, In building No. 4, located at Swami  Vivekanand Nagar, Boisar Navapur Road,  Taluka, Palghar Thane, Maharashtra, India

4) Gist of the terms and conditions and extent and operation of the charge.

Loan of Rs. 1.800 millions repayable in 60 consecutive Equated Monthly Installments of Rs. 0.046 millions each commencing from the last installment is disbursed. 

 

Prior to commencement of EMI the borrower shall pay to HDFC Pre-EMI interest.

 

Interest rate applicable 16.5 % p.a. EMI comprising of principal and interest calculated on the basis of annual rests.  

5) Name and Address and description of the person entitled to the charge.

Housing Development Finance Corporation

169, Backbay Reclamation

Bombay – 400020

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

CMT REPORT [Corruption, Money laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 44.93

UK Pound

1

Rs. 83.82

Euro

1

Rs. 57.35

 

 

SCORE & 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

7

--PROFITABILIRY

1~10

5

--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

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

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

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions