MIRA INFORM
REPORT
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Report
Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MEDICORE
LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
Varsha 1st Floor, Near |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
25.06.1996 |
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Com.
Reg. No.: |
11-100490 |
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CIN
No.: [Company Identification No.] |
U24236MH1996PTC100490 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
NSKM03738A |
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PAN
No.: [Permanent
Account No.] |
AABCM5762A |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturers and Exporters of Pharmaceuticals Products,
Allopathic and Herbal. |
RATING
& COMMENTS
|
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
154476 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established company having satisfactory
track records. Directors are reported as experienced, respectable and
resourceful industrialists. Their trade relations are fair. Financial
position is good. Payments are usually correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered
Office : |
Varsha 1st
Floor, Near |
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Tel.
No.: |
91-240-2325097 /2359967 |
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Fax
No.: |
91-240-2322795 /2322795 |
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E-Mail
: |
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Website
: |
http://www.medicorelabs.com (under construction) |
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Factory
Office : |
B-87, MIDC Area, Paithan, District |
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E-Mail
: |
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Website
: |
http://www.medicorelabs.com (under construction) |
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Corporate
Office : |
205,
Sharda Chambers II, 27-A, Keshvaji Naik Road, Mumabi, Maharashtra, India. |
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Head
Office : |
c/O R H
Dhoot and company 1st floor, Ajay eng. Compound, Adalat road, |
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Factory
1 : |
B-87,
MIDC Paithan Dist., |
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Tel.
No.: |
+91-2431
232315 |
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Area : |
1000 sq mtrs |
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Factory
2 : |
B-10,
MIDC Paithan Dist., |
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Tel.
No.: |
+91-2431
232007 |
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Factory
2 : |
B-86,
MIDC Paithan Dist., |
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Tel.
No.: |
+91-2431
232007 |
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Area : |
2100 sq
mtrs |
DIRECTORS
|
Name : |
Mr
Rajendra Dhoot |
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Designation : |
Managing
Director |
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Address : |
Flat No.
6/7, Ayyodhyya Apts., Jyoti Nagar, |
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Date of Birth/Age : |
01.03.1962 |
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Date of Appointment : |
25.06.1996 |
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Name : |
Mr. Sunil
Bhagwanrao Gundewar |
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Designation : |
Managing
Director |
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Address : |
Flat No.
7/8, |
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Date of Appointment : |
25.06.1996 |
KEY
EXECUTIVES
|
Name : |
Mr. Dinesh Kumar Deora
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Designation
: |
Company Secretary |
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Address
: |
209 B, 2nd Floor, |
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Qualification
: |
B. Com., A. C. S., A. C. A. |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
Percentage of Holding |
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Directors
and Nominees |
100 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of
directors |
100.00 |
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Total |
100.00 |
BUSINESS
DETAILS
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Line
of Business : |
Manufacturers and Exporters of Pharmaceuticals Products,
Allopathic and Herbal. |
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Products
: |
Capsules, Tablets, Syrups / Suspension, Ointment Drops,
Ayurvedic Product |
GENERAL
INFORMATION
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No. of
Employees : |
200 |
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Bankers
: |
State Bank of |
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Facilities : |
Secured Loan (figures are in Rs.
millions)
Unsecured Loan (figures are in Rs.
millions)
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Banking Relations : |
Satisfactory |
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Auditors
: |
L. R. Bangad and Company Chartered Accountants |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
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7,50,000 |
Equity Shares |
Rs. 10/- Each |
Rs.7.500 millions |
Issued,
Subscribed & Paid-up Capital :
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No. of
Shares |
Type |
Value |
Amount |
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6,95,800 |
Equity Shares |
Rs. 10/- Each |
Rs. 6.958 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
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 |
6.958 |
6.958 |
4.983 |
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2] Share
Application Money |
8.878 |
4.928 |
2.475 |
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3]
Reserves & Surplus |
22.783 |
17.147 |
14.079 |
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NETWORTH
|
38.619 |
29.033 |
21.537 |
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LOAN
FUNDS |
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1]
Secured Loans |
42.239 |
31.560 |
19.994 |
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2]
Unsecured Loans |
7.389 |
6.401 |
6.961 |
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TOTAL BORROWING
|
49.628 |
37.961 |
26.955 |
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TOTAL
|
88.247 |
66.994 |
48.492 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
33.999 |
20.370 |
16.072 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.010 |
0.012 |
0.015 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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16.824
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13.912
|
16.701 |
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Sundry Debtors
|
87.327
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72.646
|
95.094 |
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Cash & Bank Balances
|
0.510
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0.671
|
0.333 |
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Loans & Advances
|
23.612
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12.463
|
14.872 |
Total Current Assets
|
128.273
|
127.000 |
99.692
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Less : CURRENT LIABILITIES & PROVISIONS
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a) Liabilities
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70.266
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76.212 |
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b) Provisions
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4.040
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4.542 |
67.354
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Total Current Liabilities
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74.306
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80.754 |
67.354
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Net
Current Assets
|
53.967
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46.246 |
32.338
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MISCELLANEOUS EXPENSES
|
0.271 |
0.366 |
0.067 |
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TOTAL
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88.247 |
66.994 |
48.492 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
236.251 |
211.115 |
217.522 |
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Profit/(Loss) Before Tax
|
-- |
-- |
6.812 |
Provision for Taxation
|
-- |
-- |
1.500 |
Profit/(Loss) After Tax
|
7.533 |
5.900 |
5.312 |
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Expenditure: |
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Interest |
5.253 |
4.496 |
0.000 |
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Depreciation |
3.133 |
3.059 |
0.000 |
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Other |
220.332 |
197.66 |
33.690 |
Total Expenditure
|
228.718 |
205.215 |
33.690 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT /
Total Income |
(%) |
3.19
|
2.79 |
2.44
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Net Profit Margin (PBT/Sales) |
(%) |
3.19
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2.79 |
3.13
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.64
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4.00 |
5.88
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Return on Investment (ROI) (PBT/Networth) |
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0.20
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0.20 |
0.31
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Debt Equity Ratio (Total Liability/Networth) |
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3.20
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4.08 |
5.38
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Current Ratio (Current Asset/Current Liability) |
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1.72
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1.57 |
1.48
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LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
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Corporation identity number or foreign company
registrations number of the company |
U24236MH1996PTC100490 |
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Name of the company |
MEDICORE
LABORATORIES PRIVATE LIMITED |
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Address |
c/O R H
Dhoot and company 1st floor, Ajay eng. Compound, Adalat road, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable propery, Movable (not ,being pled, Book debs |
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Particular of the charge holder |
State Bank of sbifbau@bom4.vsnl.net.in |
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Nature or description of the instrument creating
charge |
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Date of the instrument creating charge |
23.01.2007 |
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Amount Secure by the charge |
Rs. 796.000 Millions |
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Brief of the principal terms and conditions and extent and
operation of the charge |
a)
Rate of interest : DCC :- 0.75%above State Bank Advance rate (SBAR=11.50%
w.e.f. 27.12.2006) with minimum of 12.25%
p.a. rising or falling therewin, on daily producs whth montly rests . Present
effective rate 12.25% TL :- 2.00% above SBAR = 11.50 w.e.27 ) b)
Terms on Repayment : REPABLE ON DEMAND C) Margin : Semi material 25% Consumables/gpares 366 Funished goods -35% Finishied Goods * 35% Book Debts – 40% c)
Extent and operation of the charge Exclusive first charge on above mentioned fixed assets of
the company d)
Others : Personal guarantees of Mr. Rajendra H. Dhoot, Mr. Sunil B.
Gundewar, Directors of the company and also guarantees of Mr. Vijay H. Dhoot,
Mrs. Kamlabai H. Dhoot, Non- Director |
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Particulars of the Property charged |
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Particulars of present modification |
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Name
of the company |
M/s.
Medicore Laboratories Pvt. Ltd. |
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Presented By |
Medicore Laboratories Pvt. Ltd. |
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1) Date
and description of instrument creating the change |
Agreement
of demand Loan / Hypothecation of Goods and Machinery dated 07.07.2004 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs. 1.929
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 |
i) Bottle
labing Machne – Model AHl – 150 ii)
Medipack – 300 Blister Machine with Accessories iii)6736-J004A
V-530 UV/V is Spectrophotometer with accessories |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
Repayment in 48 monthly installments of Rs. 0.043 Millions
and balance Rs. 0.636 Millions |
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5) Name
and Address and description of the person entitled to the charge. |
Electronica Leasing and Finance Ltd. 810 A, Bilwa Kunja, Bhandarkar Institute Road,
Shivajinagar, Pune – 411 004 |
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6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
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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. |
Not
Applicable |
The Company’s Fixed Assets of important value includes:
- Land
- Building
- Plant
and Machinery
- Furniture
and Fixtures
- Electrical
Installation
- Vehicles
- Computers
Website Details:
Established
in 1996, with a view to serve the mankind by producing number of quality
products in various therapeutic segments and marketing nationwide & worldwide.
With this company has set up a ultra modern, well equipped, state of the art
manufacturing unit/ facility as per WHO GMP as well as international
standard compliance's along with total quality management system.
The company
has developed and marketed leading brands in paediatric & gyanac segments
in entire
Apart from
national market Medicore is exporting its products to various Northwest African
countries,
Emerged as
a dedicated, quality committed company, They proudly declare that the product
manufactured at their facility, should be of the highest ethical standards
& processed with quality. They are deeply committed and constantly focusing
towards the customers satisfaction, as they take genuine interest in their
welfare. They strive for continuous improvement in their performance.
"What they commit, that they do", in the best competitive,
complete, efficient & most timely way possible.
The
factory: - The factory is situated in Paithan MIDC area as an Independent
Building on a rectangular corner plot of 2000 sq. meter, having RCC
Construction (Area = 1640.75 Sq. meter)
By
considering the further expansion & creating of the latest
technological facility, the plant & the manufacturing operations are laid
in an orderly & logical manner as per the CGMP norms & the
entire plant is lighted, well maintained, ventilated by AHU, to
avoid cross contamination & to maintain good quality of ambient air
in the working areas.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.91 |
|
|
1 |
Rs.80.46 |
|
Euro |
1 |
Rs.54.60 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
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DEMERIT
POINTS |
|
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|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores obtained
from each of the major sections of this report. The assessed factors and their
relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background
(20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING
|
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 |