MIRA
INFORM REPORT
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Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHREE GANESH REMEDIES PRIVATE LIMITED |
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Registered Office : |
Plot No.6711, GIDC Estate, Near Aventis Pharma, Ankleshwar-393002,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.04.1995 |
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Com. Reg. No.: |
04-25661 |
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CIN No.: [Company
Identification No.] |
U24230GJ1995PTC025661 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pharmaceuticals, Medicinal Chemicals and Botanical
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 17000 |
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Status : |
Satisfactory |
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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 satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No.6711, GIDC Estate, Near Aventis Pharma, Ankleshwar-393002,
Gujarat, India |
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Tel. No.: |
91-2646-221564/ 227777/ 327778 |
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Fax No.: |
91-2646-226422 |
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E-Mail : |
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Factory 1 : |
Plot No.6011, GIDC Estate, Near Aventis Pharma, Ankleshwar-393002, Gujarat,
India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chandubhai M Kothia |
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Designation : |
Director |
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Address : |
303/C16, Tulsikunj Society, GIDC Estate, Ankleshwar, Bharuch-393002,
Gujarat |
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Date of Birth/Age : |
01.12.1962 |
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Date of Appointment : |
27.04.1995 |
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Name : |
Mr. Hasmukhbhai M Kothia |
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Designation : |
Director |
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Address : |
406/15, Sardar Patel Society, GIDC Estate, Ankleshwar, Bharuch-393002,
Gujarat |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
27.04.1995 |
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Name : |
Mr. Ashokbhai M Kothia |
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Designation : |
Director |
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Address : |
4, Navjeevan Co-operative Housing Society, GIDC, Estate, Ankleshwar,
Bharuch-393002, Gujarat |
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Date of Birth/Age : |
01.06.1969 |
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Date of Appointment : |
27.04.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
All the shares are held by the directors or
relatives of the directors.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pharmaceuticals, Medicinal Chemicals and Botanical
Products |
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Products : |
v Bulk Drugs v Chemicals |
GENERAL INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
State Bank of Saurashtra, GIDC, Ankleshwar, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D T Samani & Company Chartered Accountants |
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Address : |
D/206, Navyug CHS Limited, Aarey Road, Goregaon (East), Mumbai,
Mahrashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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345000 |
Equity Shares |
Rs.10/- each |
Rs.3.450
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.450 |
3.420 |
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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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0.810 |
0.144 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.260 |
3.564 |
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LOAN FUNDS |
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1] Secured Loans |
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4.756 |
5.699 |
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2] Unsecured Loans |
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4.713 |
2.944 |
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TOTAL BORROWING |
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9.469 |
8.643 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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13.729 |
12.207 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.893 |
9.421 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.055 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.125 |
1.000 |
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Sundry Debtors |
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7.600 |
1.913 |
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Cash & Bank Balances |
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0.839 |
0.008 |
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Other Current Assets |
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0.189 |
0.188 |
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Loans & Advances |
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0.149 |
0.170 |
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Total
Current Assets |
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9.902 |
3.279 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.123 |
0.549 |
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Provisions |
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1.292 |
0.309 |
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Total
Current Liabilities |
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5.415 |
0.858 |
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Net Current Assets |
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4.487 |
2.421 |
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MISCELLANEOUS EXPENSES |
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0.294 |
0.365 |
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TOTAL |
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13.729 |
12.207 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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17.712 |
1.668 |
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Other Income |
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0.000 |
0.259 |
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Total Income |
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17.712 |
1.927 |
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Profit/(Loss) Before Tax |
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0.886 |
0.096 |
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Provision for Taxation |
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0.220 |
0.000 |
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Profit/(Loss) After Tax |
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0.666 |
0.096 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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0.057 |
0.318 |
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Financial Charges |
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0.727 |
0.151 |
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Depreciation & Amortization |
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1.095 |
0.289 |
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Other Expenditure |
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13.182 |
0.951 |
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Total Expenditure |
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15.061 |
1.709 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.76 |
4.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.00 |
4.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.71 |
0.75 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.49 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.82 |
3.82 |
LOCAL AGENCY
FURTHER INFORMATION
The situation of the registered office of the company was changed from
Plot No.6715, GIDC Estate, Ankleshwar, District Bharuch, Gujarat
To
Plot No.6011, Near Aventis Pharma Limited, GIDC Estate,
Ankleshwar-393002, District Bharuch, Gujarat
With effect from 26.11.2004
Form 8 Particular for creation or modification of charges
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Name of the company |
SHREE GANESH
REMEDIES PRIVATE LIMITED |
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Presented By |
MR. CHADUBHAI |
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1) Date and description of instrument creating the change |
General agreement for grant of small industrial advances and hypothecation of movables, book debts and other assts (working capital finance). Executed on the 25.02.2005 between Shree Genesh Remedies Private Limited, hereinafter called (The Company) of the part and State Bank of Saurashtra (hereinafter called as the Bank) of the part. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 millions |
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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 |
All the goods, raw materials, semi finished finished products including packing materials stores, spare etc, acquired with the bank finance under cash credit facility situated at Plot No.6011, GIDC, Ankleshwar in the State of Gujarat or in transit or with the Borrower agent or wherever else. Book debts of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin Raw Materials 25 % Finished goods and Stock in process 25% Interest rate : 11.25% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Saurashtra GIDC , Industrial Estate, Ankleshwar Branch |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.59 |
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UK Pound |
1 |
Rs.85.53 |
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Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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