MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
CRISTAL PHARMA PRIVATE LIMITED |
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Registered Office : |
Apoorva, 1102/A/4, Apoorva Model Colony, Model Colony, Pune-411016, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.01.1996 |
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Com. Reg. No.: |
11-96465 |
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CIN No.: [Company
Identification No.] |
U24234PN1996PTC096465 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC06325E |
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PAN No.: [Permanent
Account No.] |
AAACC7567R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters and Manufacturers of Pharmaceutical Formulations
under Licences from Food & Drug Administration. |
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 31000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Apoorva, 1102/A/4, Apoorva Model Colony, Model Colony, Pune-411016, |
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Mobile No.: |
91-9822751688/ 9822064349/ 9226451627 |
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E-Mail : |
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Corporate Office : |
Sahil Apartment, 1102-A, 4B, |
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Tel. No.: |
91-20-25466035 |
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Fax No.: |
91-20-25466035 |
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Factory: |
Plot No. 6, Gat No. 787, Village Velu, Taluk, Bhor, District Pune, |
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Tel No.: |
91-2113-252464 |
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Mobile No.: |
91-9226436821 |
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Administrative Office: |
Manorath, 38 / 2, Anurekha Society, Behind Tathwade Udyan Karve Nagar,
Pune – 411053, |
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Tel No.: |
91-20-25466035 |
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DIRECTORS
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Name : |
Mr. Sharad B Navathe |
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Designation : |
Managing Director |
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Address : |
1102/A/4, Apoorva Model Colony, Model Colony, Pune-411016, |
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Date of Birth/Age : |
23.09.1947 |
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Name : |
Ms. Alka Sharad Navathe |
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Designation : |
Director |
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Address : |
1102/A/4, Apoorva Model Colony, Model Colony, Pune-411016, |
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Date of Birth/Age : |
06.09.1950 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Exporters and Manufacturers of Pharmaceutical Formulations
under Licences from Food & Drug Administration. |
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Products : |
Pharmaceutical Formulations like Medicolor-M, Medicolor-S,
Medicolor-H, Medilon, Medilon-S, Med-Iodine, Medicide, Medibenz, Surgidine,
Instaclean-TD, OT-TECT, Medicet-R, Suprashild, Medispor, etc. |
GENERAL INFORMATION
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No. of Employees : |
10 |
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Bankers : |
The State Bank of D G Branch, Pune, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S D Medadkar & Company Chartered Accountants |
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Address : |
56, Happy Apartments, |
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Tel No.: |
91-20-24321147 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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367000 |
Equity Shares |
Rs.10/- each |
Rs.3.670
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.670 |
3.670 |
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2] Share Application Money |
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4.106 |
4.286 |
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3] Reserves & Surplus |
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0.160 |
0.160 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.936 |
8.116 |
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LOAN FUNDS |
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1] Secured Loans |
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2.931 |
3.271 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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2.931 |
3.271 |
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DEFERRED TAX LIABILITIES |
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0.255 |
0.163 |
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TOTAL |
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11.122 |
11.550 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.591 |
3.749 |
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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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3.024 |
3.615 |
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Sundry Debtors |
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3.104 |
4.486 |
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Cash & Bank Balances |
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0.322 |
0.365 |
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Other Current Assets |
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1.438 |
1.355 |
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Loans & Advances |
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1.276 |
0.926 |
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Total
Current Assets |
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9.164 |
10.747 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.538 |
2.858 |
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Provisions |
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0.095 |
0.090 |
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Total
Current Liabilities |
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1.633 |
2.948 |
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Net Current Assets |
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7.531 |
7.799 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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11.122 |
11.550 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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16.470 |
11.235 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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16.470 |
11.235 |
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Profit/(Loss) Before Tax |
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0.092 |
0.163 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.092 |
0.163 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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16.378 |
11.072 |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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16.378 |
11.072 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.55 |
1.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.55 |
1.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.72 |
1.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.57 |
0.77 |
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Current Ratio (Current Asset/Current Liability) |
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5.61 |
3.64 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
CRISTAL PHARMA
PRIVATE LIMITED |
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Presented By |
STATE BANK OF |
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1) Date and description of instrument creating the change |
10.04.2004 General agreement for grant of medium term loan, Book debts and movable machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.450 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Plant and machinery and modernization of factory premises |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 11.75% p.a. Repayment : 60 monthly installments |
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5) Name and Address and description of the person entitled to the charge. |
The State Bank of |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Website Details :
Subject is one of
the leading manufacturers and exporters of Pharmaceutical Formulations like
Medicolor-M, Medicolor-S, Medicolor-H, Medilon, Medilon-S, Med-Iodine,
Medicide, Medibenz, Surgidine, Instaclean-TD, OT-TECT, Medicet-R, Suprashild,
Medispor. Since, they embarked on their
journey of discovery of the disinfectant market, they have made
MEDICLOR-M-their flagship product, the country's best known brand for drinking
water disinfectant. Along the way, their company has transformed itself from a
single product entity to a solution driven organization. They provide the most
advanced, comprehensive and cost effective solutions to their customers to meet
the international standards of business with proper managerial skills.
By being able to
leverage their vast experience and inheritance in the field of disinfectants,
they can today meet the everyday needs of people everywhere-from drinking water
requirements, specialized needs of hospitals and pharmaceutical units to the
unique requirements of the dairy and food processing, poultry and hatchery
industries. Their strong foothold in the disinfection market in India has
energized their efforts to respond creatively and competitively to the fast
changing market with branded products and services, focusing on new application
areas of 'surface, skin and instrument' disinfection needs, giving their mission
of growth and leadership a competitive edge as well as highlighting a
completely indigenous product range to the world.
Medicolor-M is a
stable liquid chlorine drinking water disinfectant manufactured by M/s. Cristal
Pharma Private Limited in Pune. It is supplied in 30 ml, 100 ml, 500 ml, 1
litre and 5 litre containers. It is one of the cheapest drinking water
disinfectant which costs hardly few rupees per month to provide safe drinking
water for a family of 5 to 6 persons. Since it is stable chlorine formulation
the shelf life of the product is 12 months from the date of manufacturing.
Their
Through the use of
advanced machinery, high technology and their excellent quality control system,
they are able to supply high quality products that are competitively priced.
Together, with their prompt delivery and after sales services, they have
established a good reputation with their customer base. Their broad spectrum of
products includes:
v
Medicolor-M
v
Medicolor-S
v
Medicolor-H
v
Medilon
v
Medilon-S
v
Med-Iodine Medicine
v
Medibenz Surgine
v
Instaclean-TD
v
OT-FECT
v
Suprashild
v
Medispor
Quality Assurance
Their company has
strong development, design and production ability. They launch new patterns
every year. Aiming to satisfy their customers, they also make designs according
to the customer's special requirements. They have implemented a complete
quality control system and strictly adhere to internal quality control
standards. Their highly-trained quality control staff monitors the entire
production process and ensure that all the final products meet the client's
expectations. With the tenet of high quality, competitive prices and reliable
services, they are striving to provide the best quality products and first-class
services. With the policy of “Quality First, Service First”, as their
ever-lasting pursuit, they have earned a pre-eminent place in the marketplace.
Their Infrastructural Set-Up
Technology is the
driving force in the global economy and innovation is the lifeblood of the
technology industry. In particular, innovation continues to provide excellent
results ensuring growth and progress of the organization. With strong
technological strength, advance producing equipments, perfect testing
technology and prompt after sales service, company has become one of the
largest enterprises with excellent quality, steady performance and wide
varieties. With a powerful Research and Development department and able
production and management teams, they are able to develop new products that can
meet the severe challenge in the modern world.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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|
1 |
Rs.81.29 |
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Euro |
1 |
Rs.54.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
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 |
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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
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 |
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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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