MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
CANTON LABORATORIES PRIVATE LIMITED |
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Registered Office : |
110 / B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.02.2005 |
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Com. Reg. No.: |
04-45571 |
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CIN No.: [Company
Identification No.] |
U24110GJ2005PTC045571 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDC00932B |
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PAN No.: [Permanent
Account No.] |
AACCC5453A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Fine Chemicals and Bulk Drugs |
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 150000 |
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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 : |
110 / B, |
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Tel. No.: |
91-265-2638084 / 2631950 |
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Fax No.: |
91-265-2631950 / 2643515 |
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E-Mail : |
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Website : |
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Canton Chem, Inc. |
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Tel : |
410-960-5455 |
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Fax : |
410-439-9444 |
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E-mail : |
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URL : |
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Branch
Office : |
9, Sadhana, Nanda Patkar Marg, Vile Parle (East), Mumbai 400 05 |
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Tel. No.: |
91-22-26104226 |
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9323718944 |
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Fax : |
91-22-26171532 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Bhailalbhai Nathabhai Patel |
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Designation : |
Chairman |
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Address : |
105, Jyoti Society, BH. |
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Date of Birth/Age : |
11.05.1944 |
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Date of Appointment : |
25.02.2005 |
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Name : |
Mr. Hasmukhbhai Nathabhai Patel |
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Designation : |
Whole Time Director |
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Address : |
8, |
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Date of Birth/Age : |
01.06.1951 |
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Date of Appointment : |
25.02.2005 |
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Name : |
Mr. Vinodbhai Nathabhai Patel |
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Designation : |
Whole Time Director |
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Address : |
12, |
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Date of Birth/Age : |
22.03.1939 |
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Date of Appointment : |
25.02.2005 |
KEY EXECUTIVES
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Name : |
Vijay Bhatt and Company |
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Designation : |
Company Secretary |
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Address : |
110, Rajvee Towers, Near Tube Company, Old Padra Road, Baroda –
390020, Gujarat, India |
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Tel No. : |
91-265-2339002 / 2337737 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vinodbhai Patel |
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3400 |
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Mr. Tshailal Tshai Patel |
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3300 |
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Mr. Hasmukhbhai Patel |
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3300 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Fine Chemicals and Bulk Drugs |
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Products : |
Pharmaceuticals, Specialty Chemicals and Mineral Fortifiers. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Dushyant J Dalal Chartered Accountants |
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Address : |
Mansi 33, Anandnagar Society, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1300000 |
Equity Shares |
Rs.10/- each |
Rs.13.000
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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13.000 |
0.100 |
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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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25.131 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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38.131 |
0.100 |
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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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21.465 |
0.445 |
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TOTAL BORROWING |
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21.465 |
0.445 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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59.596 |
0.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.708 |
0.000 |
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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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0.758 |
0.000 |
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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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8.153 |
0.000 |
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Sundry Debtors |
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32.510 |
0.000 |
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Cash & Bank Balances |
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25.895 |
0.075 |
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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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14.707 |
0.025 |
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Total
Current Assets |
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81.265 |
0.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.509 |
0.000 |
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Provisions |
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14.984 |
0.000 |
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Total
Current Liabilities |
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31.493 |
0.000 |
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Net Current Assets |
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49.773 |
0.100 |
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MISCELLANEOUS EXPENSES |
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0.356 |
0.445 |
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TOTAL |
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59.596 |
0.545 |
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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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153.503 |
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Total Income |
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153.503 |
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Profit/(Loss) Before Tax |
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25.131 |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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25.131 |
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Expenditures : |
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Total Expenditure |
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128.372 |
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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16.37 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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16.37 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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27.93 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.66 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.39 |
4.45 |
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Current Ratio (Current Asset/Current Liability) |
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2.58 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Website Details
Attached
Company Details:
Established in 1981
Vision:
Attain Total Customer Satisfaction level through continual improvement of product quality, competitive price and timely delivery, by a professional management approach and strives for growth in global market.
Environment Care:
They comply with all local and regional environment laws. Audited by authorities frequently, they make and continually improve their efforts to be clean in terms of protecting environment.
All their plants follow the guidelines and rules pertaining
to hazardous waste management, air and water pollution norms, and other
statutory requirements.
Associate Companies:
Shanpar Industries Private Limited who is a global supplier of quality gluconates. This unit has another satellite unit ithin the close vicinity to share the main plant's work loads.
Canton synthesizes
a variety of Pharmaceuticals encompassing active pharmaceutical ingredients
& excipients as per BP/EP/USP & Int. Ph. standards.Canton's state
of art manufacturing facilities are flexible to deliver custom tailored
material in terms of any dedicated technical or particle size requirement.
culture that regularly updates & launches high performence functional molecules.
This range is customer focussed & application specific used in a wide range
of end use areas.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.41.24 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.56.06 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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. |
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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