MIRA
INFORM REPORT
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Report Date : |
06.02.2007 |
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 |
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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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Maximum Credit Limit : |
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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. 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
|
Names
of Shareholders |
No. of Shares |
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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 |
170000 |
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Arun
Venkatraman |
50000 |
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V.
Venkatraman |
50000 |
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N.
Meenakshy |
270000 |
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B.
Mangaleswari |
100000 |
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A.L.
Gandhimathi |
270000 |
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S.
Manohar |
440000 |
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Narendra
Kumar Baid |
50000 |
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Hari
Balachandran |
270000 |
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M. N.
Kamaludden |
150000 |
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Venkatachalam
Natarajan |
320000 |
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TOTAL: |
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 : |
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 |
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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 |
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143.610 |
46.897 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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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 |
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0.000 |
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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1.712 |
0.000 |
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Sundry Debtors |
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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 |
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0.416 |
0.337 |
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TOTAL |
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217.763 |
83.897 |
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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 [including other income] |
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|
150.000 |
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. 44.09 |
|
UK
Pound |
1 |
Rs. 86.84 |
|
Euro |
1 |
Rs. 57.21 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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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 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
|