MIRA
INFORM REPORT
|
Report Date : |
12.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KARNAVATI
ENGINEERING LIMITED |
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Registered Office : |
S. No. 342, Nani
Kadi, Taluka Kadi, District Mehsana, Gujarat – 382715 |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
13.07.1981 |
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Com. Reg. No.: |
04-4488 |
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CIN No.: [Company
Identification No.] |
U29199GJ1981SGC004488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMK00433G |
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PAN No.: [Permanent
Account No.] |
AAACK6047Q |
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Legal Form : |
Closely Held Public Limited Company |
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Line of Business : |
Manufacturer, Exporter and Importer of
Kalweka and Rimek, Karnavati (Pharmaceutical Machineries] |
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 85000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. It is a part of Cadila Group. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
S. No. 342, Nani
Kadi, Taluka Kadi, District Mehsana, Gujarat – 382715 |
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Tel. No.: |
91-2764-241464/5/6 |
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Mobile No.: |
91-9825485525 (Mr. Anup Mishra) |
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Fax No.: |
91-2764-242608 / 244205 |
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E-Mail : |
info@karnavationline.com |
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Website : |
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International
Branches : |
Karnavati
America 9801 Washingtonian Blvd, Suite 220 ,
Gaithersburg , MD 20878, USA Voice : 301 208 6785 Fax : 301 208 6784
Cell : 240
620 7493 E-mail
: sales@karnavatiamerica.com,
mayur@karnavatiamerica.com
URL : http://www.karnavatiamerica.com
Email
: middleeast@karnavatiengineering.com
Email
: export@karnavatiengineering.com
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National Branches : |
Oxford
Chamber, 6 th Floor, ‘A' Wing Opposite Saki Vihar Telephone Exchange, Saki
Vihar Road, Andheri (East) Mumbai - 400072 Tel :
91-22-2857 8474/7604/5 Email
: mumbai@karnavatiengineering.com D-1011,
New Friends Colony, Opposite Mata Temple, New Delhi Tel :
91-11-26326126 Email:
delhi@karnavatiengineering.com
Tel :
91-80-5321651/52 |
DIRECTORS
|
Name : |
Mr. I. A. Modi |
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Designation : |
Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road,
Paldi, Ahmedabad |
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Date of Birth/Age : |
79 years |
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Qualification : |
B. Tech. |
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Experience : |
55 years |
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Name : |
Dr. R. I. Modi |
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Designation : |
Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road,
Paldi, Ahmedabad |
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Date of Birth/Age : |
46 years |
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Qualification : |
M. Sc., B. Tech, PHD |
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Experience : |
20 years |
KEY EXECUTIVES
|
Name
: |
Mr. Subodh N. Naik |
|
Designation
: |
Chief Executive Officer |
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Address
: |
E-33, Galaxy Tower, S. G. Road, Ahmedabad |
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Date
of Birth/Age : |
56 years |
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Qualification
: |
Engineer |
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Experience
: |
30 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of
Kalweka and Rimek, Karnavati (Pharmaceutical Machineries] |
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Exports to : |
USA, Latin America, UK, Belgium,
Indonesia and Russia [Pharmaceutical Machines] |
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Imports from : |
Italy and Poland [CNC Machines] |
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Terms : |
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Selling : |
L/C or Credit (30 days) |
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Purchasing : |
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
144 |
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Bankers : |
Vijaya Bank, Industrial Finance Branch, Ahmedabad Syndicate Bank, Ashram Road, Ahmedabad |
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Banking Relations : |
Good |
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Auditors : |
Mukesh M. Shah and Company Chartered Accountants H. K. House, Ashram Road, Ahmedabad |
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Tel. No.: |
91-79-26585814/26580549 |
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Associates : |
Cadila Pharmaceuticals Limited At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Pharmaceuticals and Bulk Drugs Casil Health Products Limited At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Hospital Products, Sulpholane and Soft Geletine Green Channel Travel Services At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Travel Services and Forex |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
16500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 165.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
750000 |
Equity
Shares |
Rs. 10/- each |
Rs. 7.500 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
7.500 |
7.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
13.563 |
9.711 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
21.063 |
17.211 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
|
25.300 |
8.420 |
|
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2] Unsecured Loans |
|
0.000 |
0.200 |
|
|
TOTAL BORROWING |
|
25.300 |
8.620 |
|
|
DEFERRED TAX LIABILITIES |
|
4.718 |
2.328 |
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|
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TOTAL |
|
51.081 |
28.159 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
24.868 |
14.028 |
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Capital work-in-progress |
|
7.961 |
0.025 |
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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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|
|
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Inventories |
|
31.484 |
29.010 |
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Sundry Debtors |
|
23.307 |
11.837 |
|
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Cash & Bank Balances |
|
0.732 |
1.145 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
2.258 |
1.674 |
|
Total Current Assets |
|
57.781 |
43.666 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
37.514 |
28.177 |
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Provisions |
|
2.015 |
1.383 |
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Total Current Liabilities |
|
39.529 |
29.560 |
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Net Current Assets |
|
18.252 |
14.106 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
51.081 |
28.159 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 [Provisional] |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other
income] |
121.685 |
95.486 |
60.449 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
10.204 |
7.291 |
0.953 |
|
Provision
for Taxation |
-- |
3.015 |
0.419 |
|
Profit/(Loss)
After Tax |
10.204 |
4.276 |
0.534 |
|
|
|
|
|
|
Export Value |
46.585 |
51.767 |
20.088 |
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|
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Import
Value |
8.789 |
7.515 |
N.A. |
|
|
|
|
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|
Total
Expenditure |
N.A. |
88.280 |
59.418 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
8.38
|
4.47 |
0.88 |
|
|
|
|
|
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Net
Profit Margin (PBT/Sales) |
(%) |
8.38
|
7.63 |
1.57 |
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|
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
N.A.
|
8.82 |
1.65 |
|
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Return on
Investment (ROI) (PBT/Networth) |
|
N.A.
|
0.34 |
0.05 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
N.A.
|
3.07 |
2.21 |
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|
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|
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Current
Ratio (Current
Asset/Current Liability) |
|
N.A.
|
1.46 |
1.47 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
v Globe Pharma
P. O. Box 10837, New Bronswick, NJ-08906-9998
Website: http://www.globepharma.com
v DMG India Private Limited
Hosto Centre A3, Miller Road, Bangalore
- Wyth Limited, Goa
Contact person: Mr. Swyngle
Tel.: 91-832-2782631/8
- Pletehco Limited, Indore
Contact Person: Mr .Kachollya
Tel.: 91-832-2897618/7691
WEBSITE
DETAILS
MISSION
To maintain and extend Rimek's market leadership in design and supply of
Pharmaceutical Machineries viz Tablet Presses, Capsule Filling Machines,
Laboratory Equipments etc. by ensuring the following :-
Innovative, Ergonomic, Customized, Futuristic, elegant, cost-effective
product, system and service solutions to Customers' requirements of Solid
Dosage Pharmaceutical Equipments.
An ongoing Research and Development program to maintain our position of
Technological leadership in the Industry
A staff of highly motivated, well trained, committed professionals
working in a well managed free & creative environment which encourages them
to achieve their full potential and which rewards them for their success;
The highest standards of quality in System Design, product manufacture
and system performance.
An efficient, effective, affable, trained, soft network of own companies
and agents to provide a worldwide pre & after sales service to our global
clients.
A financially sound, profitable and growing company which will create
substantial capital for our shareholders;
100% Customer Satisfaction by ensuring World Wide Best Warranty Services
of 4 R – “Rimek” Repair, Replace or Refund Policy
By having highly efficient communication network of internal &
external customers to compete well in terms of :
(1) New Product Innovation, (2) Existing Product Improvements, (3)
Fiercely fight low price war (4) Increase the Value for money for customer.
Capabilities :
VITAL INGREDIENTS
Experienced Pharmaceutical Turn Key project management
Experienced Equipment Manufacturing Infrastructure
Effective Quality Management System
Excellent communication
EVALUATION AND PLANNING
Assisting customer in production of a detailed ‘User Requirement
Specification' URS
Full scale performance testing in customer works or within a Rimek's
Pharma Plant Like Test Labs.
Development and evaluation of a concept design for facility and process
Planning in details, outline functional specifications and production
programmes
Provision of a comprehensive RIMEK proposal covering all technical and
commercial aspects;
DESIGN AND REVIEW
Detailed review of the URS and project requirements
Quality Plans, detailed production programmes and Documentation
Requirements
Comprehensive detailed design of the process as well as mechanical and
control systems
Complete package of Engineering documentation, including drawings and
specifications
Detailed Installation, Operation and Maintenance manuals
Regular Customer and internal reviews to ensure ongoing compliance with
the URS
MANUFACTURE, INSTALLATION AND COMMISSIONING
Detailed specification and supervision of all sub-orders
High quality manufacturing and assembly to exacting specifications
Regular Customer and internal reviews to ensure ongoing compliance with
the URS
Installation support, on-site supervision, commissioning and training
Comprehensive after sales support including, spares and service
VALIDATION
Preparation of project documentation in accordance GAMP 4 & Cgmp
recommendations
Comprehensive inspection of materials and finished products
Material certificates and original manufacturers data-sheets from the
start of project
FAT, SAT, IQ and OQ protocols assisting the customer in execution
Assist Customers in generation of practical SOP's
CREDENTIALS
ISO 9001 – 2000 Certified
“CE” Certified Products
Financial Reliability – D&B Registration ( traceability)
Pursuing “CSA” & “GS”.
Registered with EEPC, DGFT, EIA, SGS, BUREAU VISTAS
Currently,
we have agents in
Vietnam,
Malaysia, Australia, China , Ireland , UK, Singapore, France, Sweden, New
Zealand, Vietnam, Jordan, Turkey, Syria, Romania, Iraq, Iran, Belgium, Nigeria,
Peru, Chile, Canada / USA (their office), Bangladesh, Israel ……….. MANY MORE……..
HISTORY
1951
Shri Indravadan Modi becomes the founder of India's First Pharamceutical
Company
Cadila Pharmaceutical Limited ( www.cadilapharma.com , wwww.cplinc.net)
1960
Team "KARNAVATI" was formed within Cadila Pharma to maintain
all imported European/American Pharmaceutical Machineries.
1981
Team of talented engineers of "KARNAVATI" become a part of a
new company formed called "KARNAVATI ENGINEERING LIMITED" with a
brand "RIMEK" under the flagship Group "MODI GROUP OF
COMPANIES"
The company besides maitaining pharmaceutical machineries of cadila
pharma launched India's First 50cc Motor Bike.
1991
Diversified fully in to core strength of "PHARMACEUTICAL
MACHINERIES"
1992
KEL develops KADKARE Tooling Kits
1993
KEL launches Dies & Punches, Tooling
KEL opens up Mumbai, India.
1994
KEL opens up office in Bangalore,India.
1995
KEL opens up office in Delhi, India.
KEL splits with a popular partner in India.
KEL launches India's First KALWEKA Series of Laboratory Equipments.
1996
Tablet Presses - Mini I was launched along with basic RSP 16 D
1997
KEL launches UNIK II PC , India's First Fully Automatic Tablet Press
KEL launches UNIK I FC, India's First Front Control Mi
1998
KEL Launches MINI PRESS II Tablet Press
1999
KEL becomes India's Highest Exporter of Pharma Machineries ( Tablet
Press ) to USA.
2000
KEL becomes India's First company to introduce ERP 100% for all
manufacturing & dispatch procesesses
2001
KEL launches MINI II SF
2002
KEL Launches UNIK III ML and scores Half Century of Tablet Presses Types
availability
KEL launches it's first Rapid Mixer Granulator
2003
KEL launches MINI CAP
KEL Launches UNIK PC AUTO
KEL opens a susidiary office in MD, USA ( www.karnavatiamerica.com)
2004
KEL becomes India's First company to buy New Top of Line 5 CNC Machining
& Turning Centres.
KEL Launches KR 40 Capsule MC
2005
KEL triples it's Production Capacity with Manufacturing space of over
5000 Sq. mtr and
KEL touches exports to more than 50 countries,
INTRODUCTION
The
engineering arm of the CADILA ( www.cadilapharma.com
) group, Karnavati Engineering Ltd (KEL)( www.karnavatiengineering.com )
, is a well-established( 1981 AD) manufacturer of “RIMEK” Brand of precision
components and machinery for pharmaceuticals and allied industries.
Following
its breakthrough with the all- purpose Kalweka for Pharma research in academic
institutions, R&D centre, pharmaceuticals and associated industries, KEL
has been developing a range of innovative machineries.
KEL has
been at the helm of technology revolution in the field of Pharma machinery for
a decade and has become synonymous with tablet press series worldwide.
KEL
invests a major chunk of its turnover in R&D. The company participates at
various exhibitions worldwide and offers trial runs on its machines at its
factory and has won the appreciation of technocrats and end-users worldwide.
The products have achieved wide acceptance in domestic and international
markets, and are exported to USA, UK, CIS countries, Italy, Belgium, France,
South Africa, Columbia, Indonesia, Malaysia, Syria etc.
Today it
ranks No.1 in the country in exporting Pharma machinery to the US , and is
relentlessly making its way to become the best in the precision equipment
manufacturing sector.
THE PRODUCTS :
Tablet
Compression: ( from 1000 Tablets/Hour to 0.5 Million /Hour )
Mini
Press I, II , MT , SF, SST,
RSP
16,20,23
RSP 10
sp,15 sp, 21 sp
UNIK PC
20,27,33
UNIK PC
AUTO 20, 27,35
UNIK EC
27, 35,45
UNIK I
PRESS 27,35,45
UNIK I
FC 27,35,45
UNIK II
SE 37, 45,55,61
UNIK II
EC 51,61,75,81
UNIK II
PC
UNIK III
ML 50, 61
Tablet Press Accessories :
RIMEK
Tooling : Dies & Punches : Multi Tip also.
Dedusting
Deburring Unit
Dust
Extraction Unit
Metal
Detection Unit
Vacuum
Loading System
CAPSULE FILLING EQUIPMENT :
MINI CAP
3000 HG Cap Per Hour
KR 40-
40000 HG Capsule Per Hour
Capsule Filling Equipment Accessories :
Sorter
Elevator
Capsule
Polisher
Auto
weight checker, Metal Detection Unit
Partially
Filled & Empty Capsule Eliminator
LABORATORY EQUIPMENTS :
RIMEK
RCLM Colloid Mill for liquid emulsification
KALWEKA All
Purpose Equipments
Vertical
Main Drive
Horizontal
Main Drive
KOMIL
30
different Attachment to simulate all kinds of different production process viz.
milling, mixing, stirring, blending, wet/dry, sieving etc.
GRANULATION EQUIPMENT:
Tangential
Milling : Comminuting Mill: Fitz Type
Radial-Conical
Milling : KOMIL : Quadro type
TURN KEY PROJECTS :
Clean
Room Panel, Pharma Plant Design& Erection
Liquid
Line, Tablet Line, Soft & Hard Gelatin Capsule Line, Packaging Line
Credentials
ISO
9001-2000 Certification
“CE” Certiciation
ECGC
EEPC
D&B
DGFT
100%
SATISFIED CUSTOMERS
TARO
Israel
ISP
Worldwide ( China , India etc.)
WYETH (
One of the world's top 20 )
SPI
Pharma ( USA )
Daroupaksh
( Iran )
And many
more…..separate
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.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|