MIRA
INFORM REPORT
|
Report Date : |
19th
May 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MISSION
PHARMACEUTICALS LIMITED |
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Registered Office : |
54-B, Drug House, Procter Road, Mumbai – 400
007, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
30.06.2004 |
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Date of Incorporation : |
11TH
June 1993 |
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Com. Reg. No.: |
11-72361 |
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CIN No.: [Company
Identification No.] |
U24230MH1993PLC072361 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20901G
/ MUMM23627C |
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PAN No.: [Permanent
Account No.] |
AAACM2929F |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
The
company is engaged in manufacturing and exporting of pharmaceutical
formulations such as tablets, capsules, syrups, injections and ointments. |
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 |
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Maximum Credit Limit : |
USD425000 |
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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 company having fine track. Directors are reported as
experienced, respectable and resourceful industrialists. Their trade
relations are fair. Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office/ Head Office : |
54-B, Drug House, Procter Road, Mumbai – 400
007, Maharashtra, India. |
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Tel. No.: |
91-22-3826969 / 3880034 |
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Fax No.: |
91-22-3803137 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory
1 : |
3325,
G.I.D.C., Sarigam, District Valsad, Gujarat - 396 155. |
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Location : |
Owned |
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Factory
2 : |
Wagle
Industrial Estate, Road No. 27, Thane - 400 601, Maharashtra |
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Location : |
Owned |
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DIRECTORS
|
Name : |
Mr.
Akshay G. Mehta |
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Designation : |
Managing Director |
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Address : |
501/502
Bliss Apartment, Dadar Parsi Colony, Mumbai - 400014, Maharashtra |
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Date of Birth/Age : |
24/09/1964 |
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Date of Appointment : |
11/06/1993 |
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Name : |
Mr.
Girijashankar U. Mehta |
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Designation : |
Director
|
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Address : |
13,
Nalini Kunj, King Circle, Mumbai –400019, Maharashtra |
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Date of Birth/Age : |
05/02/1918 |
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Date of Appointment : |
01/05/1996 |
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|
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Name : |
Nalini Girijashankar Mehta |
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Designation : |
Director
|
|
Address : |
13,
Nalini Kunj, King Circle, Mumbai –400019, Maharashtra |
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Date of Birth/Age : |
17/12/1917 |
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Date of Appointment : |
02/05/2002 |
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Akshay G. Mehta |
861040 |
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Mrs.
Mona Akshay Mehta |
133560 |
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Mr.
Girijashankar U. Mehta |
4600 |
|
Nalini Girijashankar Mehta |
200 |
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Mr.
Mahindra R. Shah |
200 |
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Ms.
Surekha M. Shah |
200 |
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Mr.
Jayesh G. Mehta |
200 |
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BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacturing and exporting of pharmaceutical
formulations such as tablets, capsules, syrups, injections and ointments. |
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Products : |
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Exports to : |
UK,
Germany, Belgium. Denmark, Ghana, Nigeria, Uganda, Tanzania, Sierra Leone,
Yemen, Myanmar, Congo, South Africa, Iraq and Sudan |
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PRODUCTION
STATUS
|
Particulars |
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Installed Capacity |
|
Tablets |
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3900 millions p.a. |
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Capsules |
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900 millions p.a. |
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GENERAL
INFORMATION
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No. of Employees : |
350 |
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Bankers : |
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Facilities : |
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Banking Relations : |
Good |
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Auditors : |
Rajesh
Vakil & Company Chartered
Accountants 302,
M. B. House, 79, Janmadhoomi Marg, Fort, Mumbai – 400001 |
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Tel. No.: |
91-22-22842260
/ 22871359 |
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Mobile No.: |
91-9821375805 |
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Fax No.: |
91-22-22871359 |
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Associates/Subsidiaries : |
Ř
Medrel
Pharmaceuticals (India) Private Limited Manufacturing and exporting of
pharmaceutical formulations. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10 each |
Rs. 10.000 millions |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10 each |
Rs. 10.000 millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
30.06.2004 |
30.06.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
100.048 |
95.534 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
110.048 |
105.534 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
139.083 |
121.649 |
|
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2] Unsecured Loans |
|
4.140 |
3.560 |
|
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TOTAL BORROWING |
|
143.223 |
125.209 |
|
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DEFERRED TAX LIABILITIES |
|
1.640 |
0.000 |
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|
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TOTAL |
|
254.911 |
230.743 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
69.851 |
70.108 |
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Capital work-in-progress |
|
0.000 |
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INVESTMENT |
|
20.479 |
29.564 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.111 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
|
88.203 |
85.521 |
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Sundry Debtors |
|
77.968 |
46.178 |
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Cash & Bank Balances |
|
0.187 |
1.541 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
47.989 |
33.993 |
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Total Current Assets |
|
214.347 |
167.233 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
48.135 |
34.645 |
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Provisions |
|
1.631 |
1.628 |
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Total Current Liabilities |
|
49.766 |
36.273 |
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Net Current Assets |
|
164.581 |
130.960 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
254.911 |
230.743 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
30.06.2004 |
30.06.2003 |
|
Sales Turnover [including other income] |
|
270.741 |
239.167 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
|
7.394 |
10.150 |
|
Provision
for Taxation |
|
1.750 |
1.390 |
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Profit/(Loss)
After Tax |
|
5.644 |
11.540 |
|
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Export
Value |
|
239.156 |
201.769 |
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Import
Value |
|
12.733 |
7.357 |
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Total
Expenditure |
|
239.313 |
208.378 |
KEY
RATIOS
|
PARTICULARS |
|
|
30.06.2004 |
30.06.2003 |
|
PAT / Total Income |
(%) |
|
2.08 |
4.83 |
|
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Net
Profit Margin (PBT/Sales) |
(%) |
|
2.73 |
4.24 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
2.60 |
4.28 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.10 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.75 |
1.53 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
4.30 |
4.61 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets :
Ř
Leasehold
Land
Ř
Factory
Building
Ř
Plant
and machinery
Ř
Motor
car
Ř
Furniture
and fixture
Ř
Electrical
fittings
Ř
Office
equipments
Ř
Computer
systems
Operations:
During
the year under consideration the company’s turnover was Rs. 270.740 millions
profit before tax Rs. 7.394 millions as against turnover of Rs. 239.167
millions and profit before tax Rs. 10.150 millions of the previous year.
Future
outlook :
The
company’s product is now registered with the African and Latin American
counties and the directors find responses very encouraging. The company is now
poised for substantial increase in turnover.
There
has been change in the company’s bankers and new bankers have recognised the
potential of the company and with enhanced facilities. The company is now
venturing into new markets including Middle East.
The
company's product range include the following :
tablets
Ř
Acetazolamide
25 mg
Ř
Ampicillin
1000 mg
Ř
Analgin
500 mg
Ř
Dexamethasone
0.5 mg, 1 mg
Ř
Ferrous
Gluconate (S/C) 300 mg
Ř
Ibuprofen
(F/C), (S/C) 200 mg, 400 mg
Ř
Metoclopramide
10 mg
Ř
Praziquantel
600 mg
capsules
Ř
Amoxycillion
250 mg, 500 mg
Ř
Cephalexin
250 mg, 500 mg
Ř
Cod
Liver Oil
Ř
Vitamin
A 20,000 IU, 50,000 IU
Ř
Piroxicam
20 mg
Ř
Garlic
Oil
Ř
Indomethacin
25 mg
dry syrups
Ř
Ampicillin
125 & 250 mg / 5 ml
Ř
Erythromycin
125 mg / 5 ml
Ř
Cloxacillin
125 & 250 mg / 5 ml
liquids &
syrups
Ř
Albendazole
200 mg / 5 ml
Ř
Cough
syrup
Ř
Cyproheptadine
2 mg & its combinations
Ř
Pyrantel
Pamoate 125 mg & 250 mg / 5 ml
Ř
Paediatric
Paracetamol Oral Solution 125 mg / 5 ml
injectables
(vials)
Ř
Chloroquine
Phosphate 40 mg / ml
Ř
Gentamicin
40 mg / ml
Ř
Lignocaine
2% W/V
Ř
Vitamin
B12 (Cyanocobalamin) 500 & 1000 mcg & ml
injectables
(Ampoules)
Ř
Adrenaline
1 mg / ml
Ř
Atropine
Sulphate 0.5 mg / ml, 1 mg / ml
Ř
Chlorpromaxine
HCl 25 mg / ml
Ř
Frusemide
10 mg / mg
Ř
Oxytocin
2 IU, 5 IU, 10 IU / ml
The
company is in trade terms with :
Ř
Aurobindo
Pharma Limited, Plot No. 2, Maithri Vihar Complex, Ameerpet, Hyderabad, Andhra Pradesh
Ř
Surya
Medicare Limited, Village Saidpur, Teh Dera Bassi, District Patiala, Punjab
Ř
Caprihanse
India Limited, Block D, Shivsagar Estate, Worli, Mumbai - 400 018
Ř
Max
GB Limited, Bhai Mohan Singh Nagar, Tehsil Balachur, Punjab - 144 533
As per
website
- ANTI
ALLERGICS
- ANTIBACTERIALS
- ANTI
DIABETICS
- ANTI
DIARRHOEALS & ANTI AMOEBICS
- ANTI
FUNGALS
- ANTHELMINTICS
- ANTI
HYPERTENSIVES, CARDIOVASCULARS, ETC.
- ANTIINFLAMMATORIES,
ANALGESICS & ANTIPYRETICS
- ANTI
MALARIALS
- ANTI
TUBERCULARS
- ANTIVIRALS
- ANXIOLYTICS,
SEDATIVES & ANTI DEPRESSANTS
- COUGH
& COLD, ANTI ASTHAMA, ETC.
- GASTRO -
INTESTINALS, HYPER ACIDITY, ETC.
- TOPICALS
- VITAMINS,
HAEMATOPOIETICS, ETC.
- OTHERS
|
Particular
|
Qty
|
As at 30.06.2004 Amount in millions |
|
Opening
Stocks |
|
|
|
Raw
materials |
* |
29.872 |
|
Packing
Materials |
* |
10.861 |
|
Finished
Goods |
* |
44.787 |
|
|
|
|
|
Closing
Stocks |
|
|
|
Raw
materials |
* |
5.886 |
|
Packing
Materials |
* |
3.083 |
|
Finished
Goods |
* |
79.234 |
|
|
|
|
|
Actual
Production |
* |
* |
|
|
|
|
|
Consumption
|
|
|
|
Total
Materials consumed |
* |
223.565 |
|
|
|
|
|
Turnover
|
|
257.686 |
* It is not practicable to state the quantitative details in respect of
above as advised by the managements.
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. 45.68 |
|
UK
Pound |
1 |
Rs. 85.33 |
|
Euro |
1 |
Rs. 58.12 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 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 |
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 |