MIRA
INFORM REPORT
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Report Date : |
20th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
MISSIONPHARMA
LOGISTIC INDIA PRIVATE LIMITED |
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Registered Office : |
501, Ankit, Near Municipal Market,
Navrangpura, Ahmedabad – 380 005, Gujarat, INDIA |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.10.2001 |
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Com. Reg. No.: |
04-40078 |
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CIN No.: [Company
Identification No.] |
U24231GJ2001PTC040078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM01075E |
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PAN No.: [Permanent
Account No.] |
AACCM6133D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer,
Trader, Exporter and Importer of Pharmaceutical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
225000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having fine track. Trade relations
are fair. Financial Position is good. Payments are correct and as per
commitments. The
company can be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
501, Ankit, Near Municipal Market,
Navrangpura, Ahmedabad – 380 005, Gujarat, INDIA |
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Tel. No.: |
91-79-283653600 |
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Fax No.: |
91-79-283653660 |
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E-Mail : |
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Location : |
owned |
DIRECTORS
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Name : |
Mr.
Ginnerup Poul Kim |
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Designation : |
Director |
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Address : |
Vassingeroedvej, 9, 3540 Lynge Denmark /
DK |
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Date of Birth/Age : |
05.09.1965 |
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Experience : |
15 years |
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Date of Appointment : |
04.10.2001 |
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Name : |
Mr.
Valentin Harby Bent valentin Erik |
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Designation : |
Director |
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Address : |
Solket 123460, Birkeror, Denmark |
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Date of Birth/Age : |
23.06.1964 |
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Experience : |
15 years |
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Date of Appointment : |
04.10.2001 |
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Name : |
Mr.
Jhunthra Bhim Vikash |
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Designation : |
Director |
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Date of Appointment : |
30.10.2004 |
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Name : |
Mr.
Lindof Poul Erik Schrader |
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Designation : |
Director |
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Date of Appointment : |
29.06.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Missionpharma
A/S. |
501839 |
|
Erik
Schou Stavnstrup & Kim Paul Ginnerup & Missionpharma A/S. |
1 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Trader, Exporter and Importer of Pharmaceutical products. |
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Products : |
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Terms : |
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Selling : |
Credit
and Cash |
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Purchasing : |
Credit
and Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers,
Retailers and End Users |
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No. of Employees : |
25 |
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Bankers : |
City
Bank , Ahmedabad, Gujarat |
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Facilities : |
-- |
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Banking Relations : |
Good |
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Auditors : |
Shah & Shah |
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Qualification: |
Chartered Accountant |
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Address: |
702, Aniket, Near Municipal Market, Navrangpur, Ahmedabad –380009,
Gujarat, India. B 15, Siddharth Complex, Near Expres hotel, R.C. Dutt Road, Baroda –
390 005, Tel. No.: 91-2335373 |
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Tel. No.: |
91-79-26465433
/ 28012244 |
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Mobile No.: |
91-79-26406983 |
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Fax No.: |
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Sister Concern: |
Missionpharma
International Project Services A/S. |
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Address: |
Vassingeroedvej-9,
DK-3540, Lynge Denmark. |
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Line of Business: |
Trading,
Import, Export and Manufacturing of Pharmaceutical and medical equipments. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
501840 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.018
Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.018 |
5.018 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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55.478 |
43.931 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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60.496 |
48.949 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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60.496 |
48.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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41.728 |
19.345 |
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Capital work-in-progress |
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0.000 |
2.099 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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211.820 |
33.473 |
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Sundry Debtors |
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0.217 |
5.943 |
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Cash & Bank Balances |
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38.188 |
34.801 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.582 |
0.989 |
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Total Current Assets |
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250.807 |
75.206 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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231.613 |
39.634 |
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Provisions |
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0.426 |
8.067 |
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Total Current Liabilities |
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232.039 |
47.701 |
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Net Current Assets |
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18.768 |
27.505 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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60.496 |
48.949 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
315.264 |
735.633 |
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Profit/(Loss)
Before Tax |
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11.547 |
41.017 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Provision
of Earlier year Writtenback |
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0.000 |
(0.302) |
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Profit/(Loss)
After Tax |
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11.547 |
41.319 |
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Export
Value |
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304.864 |
734.727 |
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Import
Value |
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178.090 |
222.808 |
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Total
Expenditure |
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303.717 |
694.616 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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3.66 |
5.62 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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3.66 |
5.58 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.95 |
42.43 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.19 |
0.84 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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3.84 |
0.97 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.08 |
1.58 |
LOCAL AGENCY
FURTHER INFORMATION
New
Facilities:
During
the year the company made an investment of Rs. 22.170 Millions on construction
/ development of a new plant building at a plot no. , Sector III, special economic zone, Kandla, Gujarat adjoining to
Exiting plant of the company and a plant & machinery and electrification
for Rs. 3.324 Millions which will facilitate to handle higher volume of
business as well as will lead to higher efficiency in kit assembly, handling
and storage of kits and other stocks. The entire capital expenditure of Rs.
27.063 Millions incurred during the year has been financed out of own funds.
Directors:
During
the year under review, Mr. Vikash Bhim Jhunthra and Mr. Poul Schrader Lind of
have been appointed as additional Directors of the company w.e.f 30.10.2004 and
29.06.2005 respectively. They hold office up to the date of Annual General
Meeting. In view of their expertise, the board intends to continue to avail
their services and hence necessary resolutions have been proposed for their
appointment for the approval of members of the company. The directors
recommended their appointment.
During
the year under review, Mr. Erik Bent Valentin Harby ceased to be a Director by
resignation. The board places on record their appreciation of valuable service
rendered by him during his tenure.
FIXED
ASSETS:
Building,
Plant & Machinery, Electrical Fittings, Office Equipments, Furniture &
Fixture, Computers, Vehicle etc.
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 records 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.45.92 |
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UK
Pound |
1 |
Rs.84.76 |
|
Euro |
1 |
Rs.57.95 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |