MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ELAM PHARMA PRIVATE LIMITED |
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Registered Office : |
Plot No. 370 / A, GIDC Industrial, Behind New Auto Telephone Exchange,
Ankleshwar 393002, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.12.1990 |
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Com. Reg. No.: |
014736 |
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CIN No.: [Company
Identification No.] |
U24232GJ1990PTC014736 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDE00032E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Bulk Drugs and Pharmaceuticals |
RATING & COMMENTS
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MIRAs 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 : |
-- |
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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.
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 : |
Plot No. 370 / A, GIDC Industrial, Behind New Auto Telephone Exchange,
Ankleshwar 393002, |
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Tel. No.: |
91-2646-221825 / 253115 / 224113 |
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Fax No.: |
91-2646-251678 |
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E-Mail : |
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Website : |
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Area : |
6800sq.mts (Office + Factory) |
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Location : |
Leased |
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Factory 1 : |
Ankleshwar, |
DIRECTORS
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Name : |
Mr. Mavjibhai Bhikhabhai Jetani |
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Designation : |
Director |
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Address: |
C-1/15, Navjivan Society, Near GIDC, Ankleshwar, |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Name : |
Mrs. Tulsi B. Jetani |
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Designation : |
Director |
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Date of Birth/Age : |
42 Years |
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Qualification : |
Under Graduate |
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Experience : |
3 Years |
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Name : |
Mr. Labhubhai Laljibhai Lathia |
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Designation : |
Director |
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Address: |
0/63, Jai Ganeshwar Society, Varachha, |
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Name : |
Mr. Manjibhai G. Patel |
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Designation : |
Director |
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Address: |
A/25, Ramkrishna
Society, |
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Name : |
Mr. Chandresh K. Devani |
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Designation : |
Director |
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Address: |
B/98, D-6, LIG -I, New Colony, GIDC, Ankleshwar, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. M. B. Jetani |
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1400 |
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Mr. Manjibhai Patel |
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900 |
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Mr. Laljibhai Lathia |
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1475 |
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Mr. Bhupatbhai Patel |
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1250 |
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Mr. Bhikhabhai Jetani |
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640 |
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Mr. Limbabhai Lathia |
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600 |
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Mr. Laxmanbhai Lathia |
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800 |
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Mr. Kanjibhai Lathia |
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600 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of Bulk Drugs and Pharmaceuticals |
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Products : |
Diaminobenzophenone, Mebendazole, lasamide etc. |
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Exports : |
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Products : |
All Products |
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Countries : |
All Countries mainly |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, D/A , T/T (Advance), D/P (Sight) |
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Purchasing : |
L/C, Credit (90 days) |
GENERAL INFORMATION
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Customers : |
End Users, Trader |
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No. of Employees : |
45 |
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Bankers : |
Bank of Saurashtra Ankleshwar Branch HDFC Bank Ankleshwar Branch |
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Facilities : |
C/C and Term Loan |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nilesh Mehta Chartered Accountants |
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Memberships : |
Ankleshwar Industries Association, Ankleshwar, |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover and Other Income |
72.363 |
99.940 |
78.481 |
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Profit/(Loss) Before Tax |
0.117 |
5.789 |
6.060 |
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Provision for Taxation |
0.800 |
1.650 |
1.700 |
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Profit/(Loss) After Tax |
0.682 |
4.139 |
4.360 |
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Expenditures : |
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Manufacturing Expenses |
12.971 |
14.531 |
10.420 |
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Administrative Expenses |
9.964 |
10.049 |
6.739 |
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Raw Material Consumed |
43.731 |
70.915 |
50.183 |
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Interest and Financial Expenses |
1.634 |
0.137 |
0.002 |
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Increase / Decreases in Stock |
0.322 |
4.904 |
(2.474) |
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Depreciation & Amortization |
4.266 |
3.420 |
2.700 |
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Total Expenditure |
72.888 |
103.956 |
67.570 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.94
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4.14 |
5.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.16
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5.79 |
7.72 |
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LOCAL AGENCY FURTHER INFORMATION
Trade References:
©
Cipla, Mumbai
©
Medipharma Drug House, (Dr. Sanjay Sanghvi), Mumbai
©
Atman Pharmaceuticals, (Mukesh Parikh), Mumbai
©
Tablet India Limited,
©
Medopharma Limited,
©
Force India Limited,
Websites Details Attached:
Company Details:
Established in 1992 Subject is a pioneer in manufacturing of Active
Pharmaceutical Ingredients (APIs), is today well positioned in its quest to
become a leader in its area of operation. The Company exports its products to
almost all the countries with manufacturing facility situated in Ankleshwar,
Gujarat, and Asias largest chemical zone, 350 kms from Mumbai, India.
Since its inception Subject has constantly expanded its facilities and product,
embracing new technology in all the areas. Investing in advance technology and
upgrading of processes and procedures that comply with International standards.
Around the core strength of APIs in Anthelmintics, the Company has built more
recent APIs in Sympathomimotic and Anticonvulsant areas.
Subject is a
progressive and quality conscious organization serving diverse markets around
the globe. They are highly committed to provide good quality product as per
their customers requirement. They strive for achieving customer satisfaction
through their products and services. Subject will continue to pursue growth
based on its strengths of Innovative approach and Cost Effective development by
exploring new products. Subject attributes its phenomenal growth to its strong,
committed and innovative workforce.
Vision:
Their vision is to be a leading pharmaceutical
company in
Their aim, to be a global player, will lead to the establishment
of operations in the key markets of the world, including the developed
countries.
They shall strive to strengthen business ties with
companies who are consuming their products across the world.
By the turn of this decade, they shall be amongst
the most admired Active Pharmaceutical Ingredients manufacturing companies in
Missio :
They shall provide total customer satisfaction and
achieve leadership in their products and services across the globe, through
excellence in technology and continuous improvement in all their areas of
business.
Driven by high ethical standards in their
practices, they shall lead the industry in their area of operation by building
a sound customer base with high quality of products, competitive pricing and
cost effective operations.
They are upgrading their technology, systems and
procedures to achieve regulatory compliance of national and international
standard. They aim to achieve national and international certifications like
GMP, DMF, COS and USFDA approval.
Well-designed plant, built to comply with Quality
standards. The bulk drugs are being manufactured in the plant that is flexible
and has multi-product flexibility. The infrastructure has the capability to
handle a flexible product mix and ensure quick product changeover.
Their plant is designed to handle a large number of
reactions across a range of capacities. The manufacturing facility is well
equipped with latest equipments. Some of the salient features of the
manufacturing facility:
Layout to facilitate smooth
movement of men and material.
Dust extraction system is
incorporated.
All critical areas are
provided with electrical interlocks.
All the
operations are planned for dust free transfers and there is no direct human
contact anywhere to cause contamination.
In manufacturing
area, cotton boiler suits, caps and dedicated safety footwears are provided.
Processing area is designed
with Air Handling Units using Water-cooled compressors.
Water Treatment
System consists of De Ionization Plant and Filtration system with Micron
Filter.
Glass lined reactors with
capacity of 1000 ltr. to 4000 ltr. are installed.
S.S. Reactors with capacity of
1000 ltr. to 10,000 ltr. are installed.
Reactions:
Subject has expertise in the following reactions :
Acylation
Amination
Bromination
Chlorination
Condensation
Cyclisation Reactions
Epoxidation
Esterification
Friedel Craft
Grignard
High vacuum Distillation
Hydrolysis
Hydrogenation
Nitration
Oxidation
Pressure reaction
Reduction
Reactions involving HCl gas
Reactions using Cynamides
Reactions involving High
Safety Operations
Thioetherification
Wilgerodt-Kindler
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 Intl
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 companys 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.40.49 |
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1 |
Rs.81.77 |
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Euro |
1 |
Rs.55.18 |
SCORE & RATING EXPLANATIONS
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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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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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48 |
This score serves as a reference to assess SCs 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/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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