MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ESKAY FINE CHEMICALS DIVISION OF S KANT PHARMA PRIVATE
LIMITED |
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Registered Office : |
Plot No. 7, Turbhe, Thane – Belapur Road, Navi Mumbai – 400
705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.06.1983 |
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Com. Reg. No.: |
11-30195 |
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CIN No.: [Company
Identification No.] |
U24239MH1983PTC030195 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04859B |
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PAN No.: [Permanent
Account No.] |
AAACS7439J |
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Legal Form : |
Private limited liability company |
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Line of Business : |
To carry on the business of Manufacturing, Preparing,
Acquiring, Buying, Selling, Re-Selling, Importing, Exporting, Distributing,
Altering, Exchanging, Improving, Storing, Inventing, Marketing or otherwise
dealing in Pharmaceuticals, Drugs, Medicines, Mixtures, Vitamins, Hormones,
Herbals, Chemicals, Acids, Alkalies and Essences. |
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 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of S. Kant Group, a medium sized family group. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are reported as slow but correct.
The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 7, Turbhe, Thane – Belapur Road, Navi Mumbai –
400 705, Maharashtra, INDIA |
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Tel. No.: |
91-22-23648882 /
27681505 |
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Fax No.: |
91-22-23633900 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
3A, Shiv Sagar Estate, North Wing, Dr. A B Road, Worli, Mumbai
– 400018, Maharashtra, India |
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Tel. No.: |
91-22-55527600 |
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Fax No.: |
91-22-55527600 |
DIRECTORS
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Name : |
Mr. Lalitkumar P. Shah |
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Designation : |
Director |
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Address : |
B-2, Amalfi, 27/B, LD Ruparel Marg, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
02.10.1936 |
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Date of Appointment : |
31.03.1998 |
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Name : |
Mr. Ketan L. Shah |
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Designation : |
Director |
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Address : |
B-2/2, Amalfi, 27/B, LD Ruparel Marg, Mumbai – 400 006,
Maharashtra |
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Date of Birth/Age : |
21.05.1971 |
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Date of Appointment : |
07.03.1996 |
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Name : |
Mr. Bipin N. Shah |
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Designation : |
Director |
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Address : |
27/5, Prakash Building No. 1, 28A Ridge Road, Mumbai – 400
006, Maharashtra |
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Date of Birth/Age : |
07.03.1949 |
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Date of Appointment : |
16.12.1985 |
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Name : |
Mr. Samir J. Shah |
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Designation : |
Director |
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Address : |
18/3, Rekha No. 1, 46, Ridge Road, Mumbai – 400 006,
Maharashtra |
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Date of Appointment : |
01.03.1998 |
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Name : |
Mr. Jayantilal P. Shah |
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Designation : |
Director |
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Address : |
18/3, Rekha No. 1, 46, Ridge Road, Mumbai – 400 006,
Maharashtra |
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Date of Birth/Age : |
07.05.1929 |
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Date of Appointment : |
01.04.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mrudula J. Shah |
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900 |
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Jopasha Investment & Private Limited |
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4530 |
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L. P. Shah Holdings & Traders Private Limited |
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7500 |
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Lalitkumar P. Shah |
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1200 |
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Ketan L. Shah |
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300 |
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Samir J. Shah |
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300 |
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Jayantilal P. Shah |
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270 |
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Total |
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15000 |
BUSINESS DETAILS
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Line of Business : |
To carry on the
business of Manufacturing, Preparing, Acquiring, Buying, Selling, Re-Selling,
Importing, Exporting, Distributing, Altering, Exchanging, Improving, Storing,
Inventing, Marketing or otherwise dealing in Pharmaceuticals, Drugs,
Medicines, Mixtures, Vitamins, Hormones, Herbals, Chemicals, Acids, Alkalies
and Essences. |
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Products : |
Microbar – 30031 Barium Sulphate – 2833 Diiodohydroxy Quinoline – 2931 |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
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Pharmaceutical Bulk Drugs |
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Kgs. |
420000 |
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Pharmaceutical Formulations - Microbar Solids -
Microbar Liquids |
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Kgs. Ltr. |
120000 72000 |
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Chemicals - Selenium Sulphide -
Methyl lodide/ TMSI |
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Kgs. Kgs. |
30000 96000 |
GENERAL
INFORMATION
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Suppliers : |
· Chemfab Alkalies Limited · Jaysynth Dyechem Limited · Tody Brothers Private Limited · Shriram Chemicals · San-Wa-Plast Private Limited · Indequip Limited · CBC Company Limited · China Steel Chemical Corporation · New Bombay Drums Company · Seen Ven Traders Private Limited · Sinochem Jiangsu Imp & Exp. · Shriram Chemicals · Chemfab Alkalis Limited · Capchins (India) Private Limited · Alankar Shipping & Clearing Private Limited · Magnum Clearing & Forwarding · Pharma Distribution (India) Private Limited · Ratilal Chemark Private Limited · S. B. R. & Company Pakistan (Private) Limited · Indian Radiological & Imagin · Omega International ·
V. M. Enterprises |
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Customers : |
· Exide Industries Limited · Cheminor Drugs Limited · Anita Enterprises · Pidilite Industries Limited · S. Kant Healthcare Private Limited · Color-Chem Limited · RPG Life Sciences Limited · Vansi Labs Limited · Elgomhooria Company · Medivision Wholesalers (Private) Limited · Abbott Australasia Private Limited · Nairobi X-Ray Supplies Limited · Searl Pakistan · Tabros Pharma · Pioneer Laboratories Private Limited · Raj Pharma Agency · Marpol Chemicals Limited · Medivision Wholesalers (Private) Limited · Sehgal Enterprises · Rege Imaging & Cinefilms (Private) Limited ·
Raj Pharma Agency |
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No. of Employees : |
110 |
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Bankers : |
Ř Bank of India Ř State Bank of India Ř Bank
of Baroda Opera House Branch, Mumbai – 400 004, Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. I. Mogul Associates Chartered Accountants |
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Address : |
73-B, Mittal Court, Nariman Point, Mumbai – 400 021,
Maharashtra |
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Tel. No.: |
91-22-22842159/093 |
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Fax No.: |
91-22-22822743 |
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E-Mail : |
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Associates/Subsidiaries : |
S. Kant Healthcare Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,000 |
Equity Shares |
Rs.100/- each |
Rs. 1.500 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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78.802 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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80.302 |
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LOAN FUNDS |
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1] Secured Loans |
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0.590 |
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2] Unsecured Loans |
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0.020 |
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TOTAL BORROWING |
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0.610 |
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DEFERRED TAX LIABILITIES |
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0.451 |
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TOTAL |
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81.363 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.568 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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16.776 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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26.113 |
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Sundry Debtors |
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74.076 |
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Cash & Bank Balances |
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10.472 |
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Other Current Assets |
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2.011 |
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Loans & Advances |
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43.483 |
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Total
Current Assets |
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156.155 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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86.325 |
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Provisions |
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39.916 |
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Total
Current Liabilities |
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126.241 |
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Net Current Assets |
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29.914 |
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MISCELLANEOUS EXPENSES |
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0.105 |
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TOTAL |
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81.363 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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477.077 |
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Total Income |
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477.077 |
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Profit/(Loss) After Tax |
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41.924 |
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Total Earnings |
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215.334 |
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Expenditures : |
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Interest |
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1.769 |
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Depreciation & Amortization |
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5.208 |
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Other Expenditure |
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428.175 |
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Total Expenditure |
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435.152 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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7.78 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
LOCAL AGENCY
FURTHER INFORMATION
The company shifted its Registered Office to Navi Mumbai w.e.f. 21st December, 2001.
The company’s fixed assets of important value includes factory building, productive machinery, laboratory equipments, material storage & handling equipments, electrical installations, furniture & fixtures, vehicles, typewriters, research & development equipments, air conditioners, office equipments, motor cars, plumbing installations and computers
Bankers Charges
Report as per Registry
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Name of the company |
S KANT PHARMA
PRIVATE LIMITED |
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Presented By |
Bank of India,
Opera House Branch, Mumbai – 400004 |
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1) Date and description of instrument creating the change |
Principal Deed of
Hypothecation of Tangible Movable Machinery and Plant dated 31.03.1992 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.800
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 tangible
movable and plant both present and future whether installed or not whether
lying loose or in cases at site or in transit or which may at any time during
the continuance of this security be installed or lying loose or in cases or
being in or upon or about the borrower’s premises godowns at Thane / Bombay
or whether to the order and disposition of the Borrower or in course or
transit to the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 12.25 % p.a. above the Reserve Bank of India rate for Demand Loans from
time to time with a minimum rate of 23.25 % p.a. or at such rate as may from
time to time be fixed by the Bank and notified to the Borrower and shall be
payable with quarterly rests on the 31.03, 30.06, 30.09 and 31.12 each year. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Opera House Branch, Hermes House, Parmanand Road,
Mumbai – 400004 |
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6) Date and brief description of instrument modifying the charge |
Dated 09.02.2005 Hypothecation cum
loan agreement [Plant and Machinery, Stocks and Book debts] |
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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. |
Past Modifications : The original charge dated 31.03.1992 for Rs. 7.800 Millions has been modified form time to time as under : On 24.04.1998 an additional sum of Rs. 14.000 Millions granted by the Bank, thereby enhancing the limit form Rs. 21.800 Millions to Rs. 24.000 Millions Present Modification By this modification dated 09.02.2005 the charge has been increased from Rs. 24.000 Millions to the enhanced aggregate limit of Rs. 50.000 Millions as started below :
Other terms and conditions as per Annexure ‘A’ |
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.42.87 |
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UK Pound |
1 |
Rs.84.79 |
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Euro |
1 |
Rs.57.56 |
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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