MIRA INFORM REPORT

 

 

Report Date :

27.06.2007

 

IDENTIFICATION DETAILS

 

Name :

PARLE TABLET TOOLS PRIVATE LIMITED

 

 

Registered Office :

92 Mistry Industrial, Complex MIDC Cross Road A, Andheri(E), Mumbai - 400093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

21.11.1983

 

 

Com. Reg. No.:

11-31397

 

 

CIN No.:

[Company Identification No.]

U24239MH1983PTC031397

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUM15056G

 

 

PAN No.:

[Permanent Account No.]

AAACP2058C

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Manufacturer and Exporters of Tablet Dies and Punches and Ancillaries

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD160000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. General financial position is satisfactory. 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

 

Registered Office :

92 Mistry Industrial, Complex MIDC Cross Road A, Andheri(E), Mumbai:400093, Maharashtra, India

Tel. No.:

91-22-28398454

Fax No.:

91-22-28394520

E-Mail :

mrm@parletablet.com

Website :

www.parletablet.com

 

 

Works and Marketing Office:

Plot No:22, Rajvaibhav Building, Rajhans Industrial Area, Chinchpada, Vasai Road, Thane-401208, India

Tel. No.:

91-250-2452841

Fax No.:

91-250-2452842

E-Mail :

info@parletablet.com

 

 

Corporate Office :

5th Floor, Vyom Arcade, Vir Baajiphu, Deshpande Marg, Opposite Eu[pharama vile Parle (E), Mumbai  - 400 056, India

Tel. No.:

91-22-2682 7005

Fax No.:

91-22-2683 4866

 

 

Branches:

No;43/A, 1st Floor, 1st Main, #rd Block, #rd Stage, Basaveshwara Nagar, Bangalore  - 560079

Tel. No.:

91-80-5532 2255

 

 

Branches:

1st Floor, No:j-95, Bharathi Street, Pari Nagar, Jaffer Khan Pet, Chennai-600 095

Tel. No.:

91-44-65380054

 

 

Branches :

Flat No:101, Deepthi Chambers, Nr. Water Tank, Taranaka, Hyderabad 500 017

Tel. No.:

91-40-2701 4961

 

 

Factory:

Sheetal Swapna Industrial Estate, Unit 11 &12 Boidapada, Sativali Road, Vasai (East), Thane  - 401 208,

Tel. No.:

91-250-3095 274

 

 

 

 

 

DIRECTORS

 

Name :

Mr. Rajmal Lavji Mehta

Designation :

Managing Director

Address :

Parangan 149, 702,7th Floor, 15th Malvia Road, Ville Parle (East), Mumbai  - 400057,Maharashtra

Date of Birth/Age :

14.04.1947

Date of Appointment :

21.11.1983

 

 

Name :

Ms. Manjula Rajmal Mehta

Designation :

Director

Address :

Prangan 149, 702, 7th Floor, 15 Malvia Road, Ville Parle(East), Mumbai  - 400057, Maharashtra

Date of Birth/Age :

08.07.1954

Date of Appointment :

21.11.1983

 

 

Name :

Mr. Mahendra Rajmal Mehta

Designation :

Director

Address :

Prangan 149,702,7th Floor,15, Malvia Road, Ville Parle (East), Mumbai Maharashtra:400057

Date of Birth/Age :

26.12.1972

Date of Appointment :

01.04.1995

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporters of Tablet Dies and Punches and Ancillaries

 

 

Products :

Ř       Tooling

Ř       Tablet Section

Ř       Hard Capsules Sectiond

Ř       Liquids Section

Ř       Ointment Section

Ř       Injectables Section

Ř       R & D Section

Ř       Material Handling Equipments

Ř       Spansules Section

Ř       Packaging Section

Ř       Consumer Health Care And Food Products

Ř       Printing Section

Ř       Moulding Section

 

 

GENERAL INFORMATION

 

No. of Employees :

About 100

 

 

Bankers :

Bank of Baroda

Vile Parle (west) Branch, Mumbai - 400 056

 

 

Facilities :

--

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

S S Jain and Associates

Chartered Accountant

Address :

504, shraddha Shopping Centre, 81 Old Nagardas Road, Andheri (East) Mumbai:400069, Maharashtra

 

 

Associates/Subsidiaries :

Sejong Pharmatech Company Limited, Korea

Hoong-A Corporation, Korea

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2,000,000

Equity Shares

Rs.10/-(each)

Rs.20.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1900000

Equity Shares

Rs.10/- (each)

Rs.19.000 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

19.000

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

21.545

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

40.545

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

18.547

2] Unsecured Loans

 

 

8.046

TOTAL BORROWING

 

 

26.593

DEFERRED TAX LIABILITIES

 

 

5.330

 

 

 

 

TOTAL

 

 

72.468

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

60.164

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

6.788

 

Sundry Debtors
 

 

26.950

 

Cash & Bank Balances
 

 

3.933

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

10.830

Total Current Assets
 

 

48.501

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

28.004

 

Provisions
 

 

8.309

Total Current Liabilities
 

 

36.313

Net Current Assets
 

 

12.188

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.116

 

 

 

 

TOTAL

 

 

72.468

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2006

Sales Turnover

 

 

119.230

Other Income

 

 

 

Total Income

 

 

119.230

 

 

 

 

Profit/(Loss) Before Tax

 

 

10.451

Provision for Taxation

 

 

--

Profit/(Loss) After Tax

 

 

10.451

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

 

42.027

Total Earnings

 

 

42.027

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

 

3.142

 

Depreciation & Amortization

 

 

3.464

 

Other Expenditure

 

 

108.779

Total Expenditure

 

 

115.385

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2006

PAT / Total Income

(%)
 

 

8.77

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

8.77

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

9.61

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

0.89

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Name of the company

Parle Tablet Tools Private Limited

Presented By

Bank of Baroda

Vile Parle (West) Branch, Mumbai:400 056

1) Date and description of instrument creating the change

The hypothecation agreement dated 18th May,2005.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.2.523 Millions

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

All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the company together with spares, tools and accessories and other movable, both present and future and the furniture fixture and fitting and office equipment whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the Company’s premises and godowns or wherever else the same may be or be held by any party to the order or by any party to the order or disposition of the company (including those on lease or hire purchase) relating or pertaining to the company’s works at plot No:22, Village Gokhiware, Vasai(E), Thane -401 208.

4) Gist of the terms and conditions and extent and operation of the charge.

The Charge is created to secure following credit facilities:

Nature of Facility

Rs. in Millions

Term Loan

1.457

Demand Loan I

0.006

Demand Loan II

0.275

Demand Loan III

0.785

 

Aggregating to Rs.2.523 Millions granted to M/s. Parle Tools International with interest @14.25% p.a..

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda

Vile Parle (west) Branch,

Mumbai:400 056

6) Date  and brief description of instrument modifying the charge

--

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.

--

 

 

Incorporated by Mr.R.L.Mehta - One stop solution to the pharmaceutical industry ]


Complete solution provider for all tooling requirements


The only Professional and organized leading company in India for tooling – Established, more than 3 decades ago, Parle today has largest state of the art infrastructure in Asian region, comparable with the leading global players.

 

The only Pharma Engineering Company focused on its core competency

•  Highly acceptable Quality

•  Cost Effective Products

•  Timely Deliveries

•  Development for and with the Customers

First company to introduce imported material for tooling in the local market also spends maximum on latest CNC machines along with multiguaging system to ensure the high quality tooling to their customer on cost effective prices.

The only pharmaceutical tooling company with ISO9001:2000 certification from TUV.

R&D is an ongoing process at Parle , new and exclusive shapes are constantly developed. Advances in technology like CAM (Computer Aided Manufacturing), CNC (Computer Numerical Controlled) machinery. 

Apart from the tooling manufacturing they also play major role in providing Customer Training on continual basis – Technical Workshops in India and Internationally.

They at PARLE believe in providing solutions and support in all respects whenever and wherever it be.

PARLE TABLET TOOLS caters to almost 200 Customers, including the TOP 10 Pharmaceutical companies in India catering to more than 70% of their requirement.

Tooling are the heart of tablet presses that design the various tablet faces. With its wide range of shapes and sizes, they have aided the best comforts in caring & curing mankind.

In the field of dies and punches, PTT has earned a name for i providing innovative shapes and high quality. 

 

1974     Initiated tooling manufacturing, as Parle Industrial products as a proprietory concern.

 

1981     Shifted manufacturing facility to Vasai near Mumbai.

 

1983     Converted to PARLE TABLET TOOLS (PTT), a Private Limited Company.

 

1987     Started exporting Quality Tablet Tooling to the world market.

 

1991     Acquired a complete one roof in-house manufacturing facility.

 

 

1996     Formed a division of PTT named PARLE TOOLS INTERNATIONAL PVT LTD

 

1996     Emerged as one of the market leaders in tablet tooling.

 

1997     Formed and established an association with SEJONG PHARMATECH CO. LTD, KOREA (formerly

             SEJONG MACHINERY CO. LTD).First delegation taken to COEX show at Korea.

 

1998     Formed a division of PTT named PARLE PHARMA MACHINERY (PPM) to supply spares and   

             Accessories for the pharmaceutical and allied industry.

 

1999     Acquired a "COMPLETE ONE ROOF IN-HOUSE" manufacturing facility. The manufacturing unit was

             Shifted to a bigger and more self sufficient location with total in-house facility covering an area of 12,000     

             Sq. ft., forming one of the largest units in Asia.


            Also PARLE TOOLS INTERNATIONAL (PTI), the export division of the Parle Group was formed.

 

2000    Additions of their existing set up of CNC machines, wire cutting using Electron Discharge Technology, a

            profile projector, CNC milling machine for making of masters, a multidimensional inspection kit from  

            Japan etc.


          New associations with KWANG DAH ENTERPRISES CO. LTD, TAIWAN

 

2001     Associated with HOONG-A CORPORATION, KOREA providers of blister packing solutions to the

             Pharmaceutical industry.

 

2002     Corporate office at Vyom Arcade. Parle participated in "INTERPHEX", exhibition in USA.

 

2003     ISO & ERP introduced. Parle participated in "ACHEMA" exhibition in Germany,associated with ACE

              PACKER from Korea.

 

2004     ISO certification for Parle Tablet Tools Pvt. Ltd. Associated with COSMEC from Italy, SKY SOFTGEL

              from Korea. NIMA-ERRE. TI from Italy. DOSA from Italy, ROTA from Germany, CMPDi PILASTRO from  

          Italy, NOW SYSTEMS from Korea, SOLPAC from Korea.

 

2005     Parle Tools International shifted to new office, associated with GR Engineering Co. from Korea. VISWILL

             From Japan.

 

2006     Parle Pharma Machineries (PPM) became seperate SBU.

             Parle Pharma Machineries acquired "Magnose Engineering Company" Entered in to " Food & Beverage"

             segment & sold first machine."Parle Tools International " became Private Limited Company.

 

 

 

Profile:

 

In the world of medicines, TABLETS have their exclusivity for their acceptance and affordability by mankind. This ever-growing world of pharma industry has brought in to us the widest range of tablet dosage forms on its part to heal the human race, ably backed by pharma machinery and ancillary industries. 


Toolings are the heart of tablet presses that design the various tablet faces. With its wide range of shapes and sizes, they have aided the best comforts in caring & curing all of mankind.


Parle Tablet Tools Pvt. Ltd (PTT) - The Tablet Tooling Company, has grown over the past three decades to top the Indian arena of tooling, in catering high quality punches and dies to the pharma industry.


In the field of dies and punches, PTT has earned for itself a name that stands for ingenious shapes in innovative quality. 


Modern automatic and high precision machines, sophisticated production facilities, rigorous quality control and inspection methods ensure the consistent and efficient performance of Parle Tablet Tools. PTT manufactures punches and dies of high quality and meticulous finish. 


A well formed elegantly shaped tablet is the secret of winning customer confidence and ensuring product success. 


Aware of the ever changing demands of the market and alive to the needs of today's customers, PTT offers you dies and punches of high precision designed for smooth trouble free service, to enable you to manufacture tablets of exclusive shape and excellent finish. 


R&D is an ongoing process at Parle, new and exclusive shapes are constantly developed. Advances in technology like CAM (Computer Aided Manufacturing), CNC (Computer Numerical Controlled) machinery. 


Behind this continuous endeavour for excellence is the dedicated quest for quality and deep reverence to work backed by years of experience. Thus Parle is capable of offering a wide range of quality products and services.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.41.01

UK Pound

1

Rs.81.74

Euro

1

Rs.55.04

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions