MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SWETA PHARMA
PRIVATE LIMITED |
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Registered Office : |
Dalamal House, 4th
Floor, Nariman Point, Mumbai-400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.06.1981 |
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Com. Reg. No.: |
11-24656 |
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CIN No.: [Company
Identification No.] |
U24239MH1981PTC024656 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS42222F |
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PAN No.: [Permanent
Account No.] |
AAACS5370A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To carry on the business
as manufacturers, producers, makers, refiners, processors, formulators,
importers, exporters, traders and dealers in pharmaceutical, antibiotic,
medicinal, chemical, biological, immunological contraceptive and therapeutic
products, preparations and substances. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company having moderate track. Company’s profitability is
under severe pressure. It has some accumulated losses. Payments are reported
as slow and delayed. The company can
be considered normal for business dealings at usual trade terms and
conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
Dalamal House, 4th
Floor, Nariman Point, Mumbai-400021, Maharashtra, India |
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Tel. No.: |
91-22-22010336 |
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Mobile No.: |
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Fax No.: |
91-22-22076974 |
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E-Mail : |
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Factory 1 : |
11, Mansoor
Building, 98, Princess Street, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-22020336 |
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Fax No.: |
91-22-22076974 |
DIRECTORS
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Name : |
Mr. Bimal
Shantilal Doshi |
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Designation : |
Director |
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Address : |
1201-A,
Chandanbala Apartment, 4, R.R. Thakkar Marg, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
24.01.1964 |
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Date of Appointment : |
02.09.2003 |
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Name : |
Mr. Manish Umed
Doshi |
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Designation : |
Director |
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Address : |
1201-A,
Chandanbala Apartment, 4, R.R. Thakkar Marg, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
07.10.1961 |
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Date of Appointment : |
12.08.1997 |
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Name : |
Mrs. Vandana
Manish Doshi |
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Designation : |
Director |
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Address : |
202, Amoli,
Sanpada, Navi Mumbai-400705, Maharashtra, India |
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Date of Birth/Age : |
23.08.1962 |
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Date of Appointment : |
20.03.1985 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Vandana M.
Doshi |
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1702 |
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Umed B. Doshi |
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10 |
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Ms. Amoli M.
Doshi |
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200 |
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Mr. Manish U.
Doshi |
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100 |
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Mr. Manish U.
Doshi (HUF) |
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100 |
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Mrs. Indu U.
Doshi |
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100 |
BUSINESS DETAILS
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Line of Business : |
To carry on the
business as manufacturers, producers, makers, refiners, processors,
formulators, importers, exporters, traders and dealers in pharmaceutical, antibiotic,
medicinal, chemical, biological, immunological contraceptive and therapeutic
products, preparations and substances. |
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Products : |
Pyridine,
Chemical – Leather, Intermediate, Bulk Drugs, Pharmaceutical Raw Materials |
GENERAL INFORMATION
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Suppliers : |
v
Amoli
Organics Limited v
Amethi
International v
Aurbino
Pharma Private Limited v
Bharat
Mercantile Company v
Chemphar v
H.H. Agency v
Maharaja
Clearing and Forwarding Agencies v
Nutech
International FZE v
Pradip Shah
& Associates v
Triveni Art Printers v Umedica Laboratories Private Limited |
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Customers : |
v
Amore
Chemicals v
Anush Pharma
Limited v
Chemical
House v
D.W.D.
Pharmaceuticals v
Deepen
Drungs v
Life Line
Drugs and Intermediates Private Limited v
Manmill
Chemicals Private Limited v
Medicine Chember v
Medi Pharma
Drug v
Ruskin
Chempharm v
S.G.
Pharmaceuticals v
Shiva
Traders v
Torrent
Pharmaceuticals Limited v
Madhu
Shipping v Vidhya Pharmachem Private Limited |
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No. of Employees : |
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Bankers : |
v
Centurion
Bank, Vapi v Indian Overseas Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pradip Shah &
Associates Chartered
Accountants, |
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Address : |
F. No.4, 1st
Floor, Subeam Chambers, Sir Vitthaldas Thakersey Marg, New Marine Lines, Mumbai-400020,
Maharashtra |
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Telefax : |
91-22-22091716/
56550627 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2220 |
Equity Shares |
Rs.100/- each |
Rs.0.222 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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0.222 |
0.222 |
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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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0.000 |
0.687 |
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4] (Accumulated Losses) |
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(0.308) |
(0.000) |
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NETWORTH |
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(0.086) |
0.909 |
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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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3.886 |
4.137 |
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TOTAL BORROWING |
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3.886 |
4.137 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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3.800 |
5.046 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.086 |
0.021 |
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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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0.010 |
0.010 |
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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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6.867 |
2.241 |
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Sundry Debtors |
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17.948 |
3.958 |
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Cash & Bank Balances |
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0.233 |
0.558 |
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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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2.179 |
0.808 |
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Total
Current Assets |
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27.227 |
7.565 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.412 |
2.533 |
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Provisions |
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0.111 |
0.017 |
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Total
Current Liabilities |
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23.523 |
2.550 |
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Net Current Assets |
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3.704 |
5.015 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.800 |
5.046 |
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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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86.646 |
11.170 |
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Total Income |
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86.646 |
11.170 |
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Profit/(Loss) After Tax |
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(0.981) |
(0.038) |
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Expenditures : |
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Interest |
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0.188 |
0.023 |
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Depreciation & Amortization |
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0.019 |
0.003 |
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Other Expenditure |
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87.421 |
11.182 |
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Total Expenditure |
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87.628 |
11.208 |
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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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(1.13) |
(0.34) |
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Debt Equity Ratio (Total Liability/Networth) |
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(273.52) |
2.80 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
2.96 |
LOCAL AGENCY
FURTHER INFORMATION
Company’s fixed
assets include Motor car, Air Conditioner and Computers
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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.36 |
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Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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25 |
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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