MIRA
INFORM REPORT
|
Report Date : |
09.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SOFTGEL
HEALTHCARE PRIVATE LIMITED |
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Registered Office : |
No. 18, Dr. Nair
Road, T. Nagar, Chennai – 600 017, Tamilnadu, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.01.2003 |
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Com. Reg. No.: |
18-051829 |
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CIN No.: [Company
Identification No.] |
U24231TN2003PTC051829 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES20646D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Medicines (Soft Gelatin Capsules) |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track records. Profit margin is under severe
pressure. Payments are reported as slow but correct. The company has been
financially assisted by it’s bankers. It can be
considered normal for business dealings at usual trade terms and conditions
with slight caution, initially. |
LOCATIONS
|
Registered Office : |
No. 18, Dr. Nair
Road, T. Nagar, Chennai – 600 017, Tamilnadu, India. |
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Tel. No.: |
91-44-42048590 |
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Mobile No.: |
91-9841033636 |
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Fax No.: |
91-44-42048597 |
DIRECTORS
|
Name : |
Mr. A.M. Sulaiman
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Designation : |
Director |
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Address : |
No. 18, Dr. Nair
Road, T. Nagar, Chennai – 600 017, Tamilnadu, India. |
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Date of Appointment : |
23.10.2003 |
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Name : |
Mr. Sidharth Baid |
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Designation : |
Director |
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Address : |
No. 19, Haddows Road,
Chennai – 600 006, Tamilandu, India. |
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Date of Appointment : |
23.10.2003 |
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Name : |
Dr. M. Venkata
Ganesh |
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Designation : |
Director |
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Address : |
No. 31/59, 1st
Main Road, Vijaya Nagar, Velachery, Chennai – 600 042, Tamilandu, India. |
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Date of Appointment : |
23.10.2003 |
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Name : |
Dr. T.
Palaniappan |
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Designation : |
Director |
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Address : |
16,
Venkatnarayana Road, T. Nagar, Chennai – 600 017, Tamilandu, India. |
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Date of Appointment : |
23.10.2003 |
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Name : |
Mr. Harjeet Singh
Anand |
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Designation : |
Director |
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Address : |
234, 6th
Main Road, Anna Nagar, Chennai – 600 040, Tamilandu, India. |
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Date of Appointment : |
23.10.2003 |
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Name : |
Mr. V.
Venkatraman |
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Designation : |
Director |
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Address : |
No. 5, malay
Road, 30, Vasanth Apartments, T. Nagar, Chennai – 600 017, Tamilnadu, India. |
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Date of Appointment : |
10.08.2004 |
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Name : |
Mr. A. L.
Gandhimathi |
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Designation : |
Director |
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Address : |
10, A, VOC, 2nd Main
Road, Kodambakkam, Chennai – 600 018, Tamilnadu, India. |
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Date of Appointment : |
10.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
A. M. Sulaiman |
|
270000 |
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Sidharth Baid |
|
220000 |
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Dr. M. Venkata
Ganesh |
|
270000 |
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Dr. T.
Palaniappan |
|
270000 |
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Harjeet Singh
Anand |
|
130000 |
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Ravinder Singh
Anand |
|
130000 |
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S. Geetha |
|
40000 |
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V. Uma Maheswari |
|
100000 |
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V. Veena |
|
20000 |
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V. Vani |
|
50000 |
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Jamuna
Venkatraman |
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170000 |
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Arun Venkatraman |
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50000 |
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V. Venkatraman |
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50000 |
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N. Meenakshy |
|
270000 |
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B. Mangaleswari |
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100000 |
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A.L. Gandhimathi |
|
270000 |
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S. Manohar |
|
440000 |
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Narendra Kumar
Baid |
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50000 |
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Hari Balachandran
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|
270000 |
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M. N. Kamaludden |
|
150000 |
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Venkatachalam
Natarajan |
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320000 |
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TOTAL: |
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3700000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter
of Medicines (Soft Gelatin Capsules) |
GENERAL
INFORMATION
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No. of Employees : |
80 |
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Bankers : |
Indian Overseas
Bank, C & C Branch, Mylapore, Chennai – 600 014, Tamilnadu, India. |
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Facilities : |
-- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
B. Srinivasan Chartered
Accountant |
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Address : |
No. 3, Play
Ground View Street, Nandanam Extension, Chennai – 600 035, Tamilnadu, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5520000 |
Equity Shares |
Rs. 10/- each |
Rs.55.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
55.200 |
37.000 |
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2] Share Application Money |
|
20.150 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(1.197) |
(0.000) |
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NETWORTH |
|
74.153 |
37.000 |
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LOAN FUNDS |
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1] Secured Loans |
|
143.610 |
46.101 |
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2] Unsecured Loans |
|
0.000 |
0.796 |
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TOTAL BORROWING |
|
143.610 |
46.897 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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217.763 |
83.897 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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219.531 |
80.939 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1.712 |
0.000 |
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Sundry Debtors |
|
3.314 |
0.000 |
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Cash & Bank Balances |
|
2.422 |
2.822 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
8.898 |
2.070 |
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Total
Current Assets |
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16.346 |
4.892 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.448 |
2.271 |
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Provisions |
|
0.082 |
0.000 |
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Total
Current Liabilities |
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18.530 |
2.271 |
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Net Current Assets |
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(2.184) |
2.621 |
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MISCELLANEOUS EXPENSES |
|
0.416 |
0.337 |
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TOTAL |
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217.763 |
83.897 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2006 |
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Sales Turnover |
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|
4.086 |
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Total Income |
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4.086 |
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Profit/(Loss) After Tax |
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(1.116) |
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Expenditures : |
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Interest |
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1.045 |
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Depreciation & Amortization |
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|
0.673 |
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Other Expenditure |
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|
3.484 |
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Total Expenditure |
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|
5.202 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(27.31) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.24 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
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0.88 |
2.15 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the Company |
SOFTGEL HEALTHCARE PRIVATE LIMITED |
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Presented by |
Mr. Sidharth Baid |
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1. Date and
description of the instrument creating or evidencing the charge
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29th
July 2004 – Letter of Hypothecation |
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2. Amount secured
by the charge /amount owing on security of the charge |
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3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
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First Charge on the
entire block assets of the company including 1.96 acres of land at
Vandalur-Kelambakkam Main Road, Date of Acquisition – 30th October
2003. |
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4. Gist of the
terms and conditions and extent and operation of the charge. |
The borrower promises
and undertakes to repay the amount of the said loan in 24 quarterly
instalments starting from June, September 2005. 1-23 Instalments=Rs. 3.167
Millions from July, September 2005. 24th Installment = Rs. 3.159
Millions. The Borrower
shall, so long as the loan remains unpaid to the bank pay interest at BPLR
which is presently @11% p.a. on thr last days of March, June, September &
December each year and with in 7days. In case there is
default of instalment payment bank shall be entitled to charge interest at 2%
over rate mentioned above. That the
securities described in the schedule are hereby hypothecated to the bank as
security for all monies for time being owing by the borrower to the Bank. The
term machinery goods shall include those already fixed/lying loose in the
premises of kudupakkam village and those hereafter fixed. First charge is on
the entire block assets of the Co. 1.96 acres of land at Vandalur-Kalambakkam
Main Road. |
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5. Names, address
and description of the persons entitled to charge |
Indian Overseas
Bank, C & C Branch, Mylapore, Chennai – 600 014, Tamilnadu, India. |
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6. Date and brief
description of instrument modifying the charge |
N.A. |
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7. Particular of
modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N.A. |
PRESS CLIPPING:
Softgel Healthcare
starts new plant
Thursday, March 16, 2006 08:00 IST
Softgel Healthcare Pvt. Ltd., an associate of Madras Pharmaceuticals Ltd,
engaged in softgel manufacturing, has commissioned its manufacturing plant
exclusively for contract manufacturing, focusing on regulated markets.
The new plant at Vandalur-Kelambakkam Road, in an area of 65,000 sq. ft., has
complied with WHO-GMP certification and will manufacture softgel capsules for
overseas costumers. The plant with a capacity of 120 to 150 crore capsules per
annum, set up at an investment of Rs 25 crore will also be opting for advanced
regulatory approvals from authorities of US, UK, Canada, Brazil and Australia,
informed Sidharth Baid, executive director, Softgel Healthcare.
"The global market is in need of such contract manufacturing units with
certification from regulatory authorities of the regulated markets. Our first
plan is to double the capacity of the plant within a year. The company expects
that the plant will get approval from US FDA within a period of 18 months,"
added Sidharth.
Softgel offers four manufacturing lines for two pharmaceuticals and two
nutraceuticals each consisting of dedicated HVAC system and imported machinery
from South Korea. All manufacturing activities are done under the worldwide
norm of Class 10,000 condition, according to the company. The company also
plans to double its manufacturing lines with two pharmaceuticals and two
neutraceuticals with the capacity expansion, informed Sidharth.
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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
38 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|