MIRA INFORM REPORT
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Report Date : |
15.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
VITAL
HEALTH CARE PRIVATE LIMITED |
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Registered Office : |
24,
Jobalia Mansion, 2nd Floor, Mahant Road, Vile Parle (East), Mumbai
- 400057, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
19.01.1998 |
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Com. Reg. No.: |
11-113058 |
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CIN No.: [Company Identification No.] |
U24230MH1998PTC113058 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMV06794E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
and Suppliers of Pharmaceuticals, Bulk Drugs, Medicines etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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 450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company engaged in the business as manufacturers and
suppliers of Pharmaceuticals, bulk drugs, medicines etc. Its major products
are Quinine Sulphate and Quinine Hydrochloride etc. The company’s business is
growing satisfactorily, as compared to the previous period. Financial
position of the company can be considered as satisfactory. Trade relations
are reported as fair. Payments are usually made 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 : |
24,
Jobalia Mansion, 2nd Floor, Mahant Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
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Tel. No.: |
91-22-26183641/26145652 |
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Fax No.: |
91-22-26136945 |
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E-Mail.: |
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Website.: |
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Factory 1 : |
Plot No. 1417/19, 3rd
Phase, G. I. D. C., Vapi-396195, Gujarat, India |
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Tel. No.: |
91-260-2424744 |
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Fax No.: |
91-260-2430587 |
DIRECTORS
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Name : |
Mr.
S. R. Bajaj |
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Designation : |
Director |
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Name : |
Mr.
R. S. Bajaj |
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Designation : |
Director |
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Name : |
Mr.
J.R. Mehta |
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Designation : |
Director |
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Name : |
Mr.
M. J. Mehta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Ms.
Shilpa Shirgaonkar |
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Designation : |
Company
Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
and Suppliers of Pharmaceuticals, Bulk Drugs, Medicines etc |
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Products : |
Its generic names with its
principal products are :
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Exports to : |
Bangladesh, Belgium, China, Germany, Ghana, Hong
Kong, Indonesia, Kenya, Netherlands, Pakistan, U.S.A. |
GENERAL INFORMATION
|
Suppliers : |
v
Advance Microdevices
Private Limited v
Agrotech Project
Engineering v
Dee Cee Corporation v
Dipali Enterprises
Private Limited v
Eagle Chemicals v
Excel India Private
Limited v
Galaxy Micronising
Company v
Mohit Chemical and
Pharma v
Padma Pharmaceuticals
Private Limited v
Priya Enterprise v
Venus Chemical Centre v
Sun Chem v
Blue Dart Express
Limited v
Glaxo Smith Kline
Pharmaceuticals v
Nest Filters v
Ocean Trade
Corporation v
Solaris Corporate
Services Private Limited v
Union Enterprises |
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Customers : |
v
Maan Pharmaceuticals
Limited v
Mahawr Pharma Private
Limited v
Mapin Corporation v
Margin Money v
Naxpar Lab Private
Limited v
Prime Pharmaceuticals
Limited v
Rexin Laboratories v
Sanket Pharmaceuticals
Private Limited v
Unimex v
Zenufa Laboratories v
Zest Pharma v
Arch Pharmaceuticals v
Aventis Pharma v
Deepen Drug v
M. G. Pharma v
GSV Labs v
Healthy Life Pharma
Private Limited |
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No. of Employees : |
150
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Bankers : |
v
ICICI Bank Limited v
Bank of Baroda v
Corporation Bank
(Amboli) v
EEFC Corporation
(Amboli) v
Corporation Bank,
Mumbai |
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Banking Relations : |
Satisfactory |
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Auditors : |
Shantilal Chandaliya and
Company Chartered Accountants, 158/164, Kalbadevi Road,
Laxmi Bhavan, 5th Floor, Mumbai – 400002 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity
Shares |
Rs. 100/- each |
Rs. 35.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
298100 |
Equity
Shares |
Rs. 100/- each |
Rs. 29.810 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
29.810 |
2.100 |
2.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
87.060 |
12.729 |
9.243 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
116.870 |
14.829 |
11.343 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
19.639 |
29.659 |
29.082 |
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TOTAL
BORROWING
|
19.639 |
29.659 |
29.082 |
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DEFERRED TAX LIABILITIES |
5.657 |
1.176 |
1.170 |
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TOTAL
|
142.166 |
45.664 |
41.595 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
79.172 |
39.888 |
25.675 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
53.642 |
26.026 |
19.369 |
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Sundry Debtors
|
59.140 |
33.782 |
13.203 |
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Cash & Bank Balances
|
4.891 |
0.176 |
1.380 |
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Loans & Advances
|
31.669 |
8.768 |
5.480 |
Total Current Assets
|
149.342 |
68.752 |
39.432 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities & Provisions
|
86.348 |
62.976 |
23.512 |
Total Current Liabilities
|
86.348
|
62.976
|
23.512 |
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Net Current
Assets
|
62.994 |
5.776 |
15.920 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
142.166 |
45.664 |
41.595 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
314.663 |
188.208 |
139.542 |
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Profit/(Loss) Before Tax
|
12.591 |
5.461 |
7.768 |
Provision for Taxation
|
4.864 |
1.975 |
2.449 |
Profit/(Loss) After Tax
|
7.727 |
3.486 |
5.319 |
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Total Expenditure
|
313.992 |
182.747 |
131.773 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
2.45
|
1.85 |
3.81 |
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Net Profit Margin
(PBT/Sales) |
(%) |
4.00
|
2.90 |
5.57 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
5.50
|
5.03 |
11.93 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.10
|
0.37 |
0.68 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.90
|
6.25 |
4.64 |
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Current Ratio
(Current Asset/Current
Liability) |
|
1.72
|
1.09 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Website
details attached:
Company
Founded in 1999, Vital was setup with a modest
capacity of 24 Tons p.a. for manufacturing Quinine Salts and Alkaloids.
Within a short span of 3 years it has evolved itself into a plant manufacturing
100 Tons p.a. with an impressive clientele list of all, major Indian
Pharmaceutical companies and exporters of formulations. With exports being done
to all continents, they have become a force to reckon with. Financial strength,
Reliable indigenous technology flavored with constant innovation, a keen mind
open to new ideas and experiments coupled with Crystal clear business practices
and self confidence brimming to the hilt are Vital secrets of this stupendous
growth.
Mission
To
be the largest manufacturer and supplier of traditional and new generation
anti-malarial to the national and international pharmaceutical community by
offering high quality Quinine salts, Alkaloids and Artemisinin derivatives
based on continuous Innovation and development.
Quality Policy
Subject
is strongly committed to the full satisfaction of all customers. With a high
profile and a dedicated team of young and highly motivated team of scientists
and engineers, they have taken upon their-selves the task of providing the best
quality and best services to all clients.
To
achieve this, there shall be no laxity by us in monitoring of quality checks or
raw materials, semi processed materials and the end products. All our end
products shall strictly comply with in-house specifications of their clients.
For this they ensure that the materials used for testing are from reputed
sources who define quality in word and spirit, the calibration of testing
equipments are done by reliable testing housed, and all instruments undergo
preventive maintenance periodically.
Summing
up, all recent and toughest quality checks would be adopted us only to make it
a routine practice at our end.
Research and Development:
Development
Facilities:
Young and highly caliber team of scientists and
engineers, having access to scientific journals and pharmacopeias, in print and
through electronic media are able to keep themselves abreast of the latest
developments in the pharmaceutical world.
All their raw materials, semi processed goods and finished products are
subject to stringent in-house testing.
They strive to ensure that all these are up to the international
standards established by committees specifically set up for that purpose. Any
deviation from these standards, however minute it may be, is totally
intolerable for them.
Samples of end products drawn are kept under lock
and key in retain sample room, while all semi processed goods are held under
quarantine room before being taken up for processing. All employees directly involved in handling these materials
undergo medical supervision/inspection.
They have in mid 2004 enhanced their production
capacity to 240 tons per annum for all the salts combined. Toluene storage facilities are periodically
cleaned so that the purity of the material received is not altered naturally or
by external factors. All their
production facilities are so designed as to meet the International
Standards. They are going in for WHO
GMP certification shortly.
Pilot
Plant features :
The scale-up from lab scale to plant is
facilitated by our pilot plant facilities as under :
Ř
50 litres Glass
Reactor with heating, cooling and string arrangements.
Ř
20 litres Glass
Reactor with fractional distillation arrangements.
Ř
5 litres Rotary Vacuum Evaporator.
Ř
S.S. Centrifuge
24” dia.
Using these facilities, we have scaled
up two products from lab scale to plant scale.
Documentation
:
They are ready to file COS for Quinine
Sulphate & Quinine Hydrochloride and have open part & closed part of
EDMF ready in CTD format for the following products.
§
Quinine Sulphate
§
Quinine Hydrochloride
§
Quinine Hydrochloride
§
Quinine Dihydrochloride
§
Dihydroartemisinin
§
Arteether
§
Artemether
§
Artesunate
Export
Marketing:
Vital has a dynamic team of
professionals who cater to the demands and requirements of the international
business. Today more than 30% of subject's turnover comes from exports to over
10 countries which include Belgium, Germany, Ghana, Hong Kong, Indonesia,
Kenya, Netherlands, Pakistan, South Africa etc. This mainly consists of exports
of Bulk drugs.
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 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.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
44 |
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
|
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 |