MIRA
INFORM REPORT
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Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MISSION PHARMA
LOGISTIC INDIA PRIVATE LIMITED |
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Registered Office : |
101, Commerce House 1, Opposite Rajvash Apartments, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.10.2001 |
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Com. Reg. No.: |
04-40078 |
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CIN No.: [Company
Identification No.] |
U24231GJ2001PTC040078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM01075E |
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PAN No.: [Permanent
Account No.] |
AACCM6133D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer,
Trader, Exporter and Importer of Pharmaceutical products. |
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 260000 |
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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 and reputed company having fine track records. Trade
relations are fair. Financial Position is good. Payments are correct and as
per commitments. The company can
be considered good for any normal business dealings. It can be regarded as a
promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
101, Commerce House 1, Opposite Rajvash Apartments, |
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Tel. No.: |
91-79-28365360 |
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Fax No.: |
91-79-28365366 |
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E-Mail : |
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Head Office : |
501, Ankit, Near Municipal Market, Navrangpura, Ahmedabad – 380 005, |
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Tel. No.: |
91-79-2836-53600 |
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Fax No.: |
91-79-2836-53660 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kim Erik Ginnerup |
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Designation : |
Director |
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Address : |
Vassingeroedvej, 9, 3540 Lynge |
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Date of Birth/Age : |
05.09.1965 |
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Date of Appointment : |
04.10.2001 |
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Name : |
Mr. Erik Bent Valentin Valentin Harby |
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Designation : |
Director |
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Address : |
Solbjerget 12, 3460, |
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Date of Birth/Age : |
23.06.1964 |
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Date of Appointment : |
04.10.2001 |
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Name : |
Mr. Vikas Bhim Jhunthra |
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Designation : |
Director |
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Address : |
Candani Chowk, Sirsa, Haryana. |
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Date of Appointment : |
30.10.2004 |
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Name : |
Mr. Schrader Poul Erik Lindof |
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Designation : |
Director |
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Address : |
Breeltedal 8, 2970, |
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Date of Appointment : |
29.06.2005 |
KEY EXECUTIVES
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Name : |
Umesh Parikh & Associates |
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Designation : |
Company Secreatary |
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Address : |
109, Sarita Complex, Near Sarovar Complex, Behind Jain Derasar,
Vallabha Dining Hall Lane, Off C G Road, Navrangpura, Ahmedabad-9, India |
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Tel. No.; |
91-79-260405454 |
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Mobile No.: |
91-9825067518 |
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E-Mail : |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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501839 |
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Erick Schou Stavnstrup and Kim Paul Ginnerup and Mision Pharama |
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1 |
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Category |
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Percentage |
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Foreign holding (foreign institutional investor(s), foreign
companies(s), Foreign financial institution(s), Non-resident indian(s), or
Overseas corporate bodies or Others |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Trader, Exporter and Importer of Pharmaceutical products. |
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Products : |
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Selling : |
Credit and Cash |
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Purchasing : |
Credit and Cash |
GENERAL INFORMATION
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Customers : |
Wholesalers,
Retailers and End Users |
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No. of Employees : |
25 |
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Bankers : |
City Bank ,
Ahmedabad, |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Shah and Shah Associates Chartered Accountant |
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Address : |
702, Aniket, Municipal Market, Navrangpura, Ahmedabad;380009, |
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Tel. No.: |
91-79-26465433 /
28012244 |
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Mobile No.: |
91-79-26406983 |
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E-Mail : |
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Holding Company : |
Missionpharma A/s
Denmark |
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Associates/Subsidiaries : |
Missionpharma
International Project Services A/S. Address: Vassingeroedvej-9, DK-3540, Lynge Line of Business: Trading, Import, Export and Manufacturing
of Pharmaceutical and medical equipments. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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501840 |
Equity Shares |
Rs.10/- each |
Rs.5.018
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.018 |
5.018 |
5.018 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
61.122 |
55.478 |
43.931 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
66.140 |
60.496 |
48.949 |
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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 |
00000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
66.140 |
60.496 |
48.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.482 |
41.728 |
19.345 |
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Capital work-in-progress |
0.775 |
0.000 |
2.099 |
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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 |
154.529
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211.820 |
33.473 |
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Sundry Debtors |
0.000
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0.217 |
5.943 |
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Cash & Bank Balances |
5.317
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38.188 |
34.801 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.110
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0.582 |
0.989 |
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Total
Current Assets |
160.956
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250.807 |
75.206 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
134.691
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231.613 |
39.634 |
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Provisions |
0.382
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0.426 |
8.067 |
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Total
Current Liabilities |
135.073
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232.039 |
47.701 |
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Net Current Assets |
25.883
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18.768 |
27.505 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
66.140 |
60.496 |
48.949 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
780.764 |
304.864 |
735.633 |
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Other Income |
1.326 |
10.400 |
0.000 |
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Total Income |
782.090 |
315.264 |
735.633 |
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Profit/(Loss) Before Tax |
5.910 |
11.547 |
41.017 |
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Provision for Taxation |
0.270 |
0.000 |
0.000 |
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Provision of
Earlier year Writtenback |
0.000 |
0.000 |
(0.302) |
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Profit/(Loss) After Tax |
5.640 |
11.547 |
41.319 |
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Earnings in Foreign Currency : |
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Other Earnings |
0.000 |
304.864 |
734.727 |
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Total Earnings |
780.764 |
304.864 |
734.727 |
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Imports : |
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Raw Materials |
213.874 |
177.343 |
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Spares for Machines |
0.000 |
0.107 |
222.808 |
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Capital Goods |
0.854 |
0.552 |
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Others |
0.000 |
0.090 |
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Total Imports |
214.728 |
178.092 |
222.808 |
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Expenditures : |
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Other Expenditure |
0.000 |
303.717 |
694.616 |
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Total Expenditure |
0.000 |
303.717 |
694.616 |
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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 |
(%) |
0.72
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3.66 |
5.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.75
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3.66 |
5.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.95
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3.95 |
42.43 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.19 |
0.84 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.04
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3.84 |
0.97 |
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Current Ratio (Current Asset/Current Liability) |
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1.19
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1.08 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
New Facilities:
During the year the
company made an investment of Rs. 22.170 Millions on construction / development
of a new plant building at a plot no. ,
Sector III, special economic zone, Kandla, Gujarat adjoining to Exiting plant
of the company and a plant & machinery and electrification for Rs. 3.324
Millions which will facilitate to handle higher volume of business as well as
will lead to higher efficiency in kit assembly, handling and storage of kits
and other stocks. The entire capital expenditure of Rs. 27.063 Millions
incurred during the year has been financed out of own funds.
Directors:
During the year
under review, Mr. Vikash Bhim Jhunthra and Mr. Poul Schrader Lind of have been
appointed as additional Directors of the company w.e.f 30.10.2004 and 29.06.2005
respectively. They hold office up to the date of Annual General Meeting. In
view of their expertise, the board intends to continue to avail their services
and hence necessary resolutions have been proposed for their appointment for
the approval of members of the company. The directors recommended their
appointment.
During the year
under review, Mr. Erik Bent Valentin Harby ceased to be a Director by
resignation. The board places on record their appreciation of valuable service
rendered by him during his tenure.
FIXED ASSETS:
Building
Plant &
Machinery
Electrical Fittings
Office Equipments
Furniture &
Fixture
Computers, Vehicle
etc.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.56 |
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1 |
Rs.80.81 |
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Euro |
1 |
Rs.54.74 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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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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
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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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