MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ANCALIMA LIFESCIENCES LIMITED |
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Formely Known As: |
Pfiscar India Limited |
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Registered Office : |
LGF-2, A-337 (Basement) Shivlik, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.05.1988 |
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Com. Reg. No.: |
031451 |
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CIN No.: [Company
Identification No.] |
U52110DL1988PLC031451 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical and Veterinary Formulation. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD24000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
LGF-2, A-337 (Basement) Shivlik, |
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Tel. No.: |
91-130-2484108 |
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Mobile No.: |
91-9896084700 |
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Fax No.: |
91-130-2484109 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Ms. Garg Sakshi |
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Designation : |
Director |
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Address : |
935, Sector – 14, Sonepat , Haryana. |
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Date of Birth/Age : |
14.12.1974 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Garg Rajeev |
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Designation : |
Director |
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Address : |
935, Sector – 14, Sonepat , Haryana. |
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Date of Birth/Age : |
01.11.1972 |
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Date of Appointment : |
16.02.1996 |
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Name : |
Mr. Singhla Vishal |
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Designation : |
Director |
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Address : |
998, Sector – 14, Sonepat , Haryana. |
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Date of Birth/Age : |
14.01.1974 |
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Date of Appointment : |
28.09.2004 |
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Name : |
Mr. Garg Ram |
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Designation : |
Director |
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Address : |
935, Sector – 14, Sonepat , Haryana. |
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Date of Birth/Age : |
20.06.1943 |
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Date of Appointment : |
01.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Sita Ram Garg |
9511 |
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Raghbir Chand Garg |
501 |
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Gore Lal |
01 |
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Sukhdev Garg |
10 |
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Nirmala Garg |
501 |
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Shanti Devi |
01 |
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Ashok Kumar |
01 |
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Atha Ram |
01 |
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Nirmal Goel |
01 |
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Minakshi Garg |
01 |
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Natasha Garg |
01 |
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Kaushalya Devi |
01 |
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Rajeev Garg |
14277 |
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The New India International Chemicals Private Limited |
13300 |
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7001 |
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Sakshi Garg |
2225 |
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Total |
49333 |
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Equity Shares Breakup
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical and Veterinary Formulation. |
GENERAL INFORMATION
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Bankers : |
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Unsecured Loan |
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Facilities : |
Unsecured Loan
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Ahuja Arora and Associates Chartered Accountant |
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Address : |
A-37, Shivlik, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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49335 |
Equity Shares |
Rs. 100/- each |
Rs. 4.933
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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4.933 |
4.933 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.283 |
1.680 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.216 |
6.613 |
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LOAN FUNDS |
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1] Secured Loans |
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9.018 |
8.933 |
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2] Unsecured Loans |
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3.442 |
3.742 |
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TOTAL BORROWING |
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12.460 |
12.675 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.019 |
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TOTAL |
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18.676 |
19.307 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.099 |
12.089 |
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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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0.150 |
0.150 |
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DEFERREX TAX ASSETS |
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0.156 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.866 |
7.937 |
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Sundry Debtors |
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8.197 |
10.893 |
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Cash & Bank Balances |
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0.182 |
0.670 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.486 |
2.039 |
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Total
Current Assets |
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18.731 |
21.539 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.985 |
14.139 |
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Provisions |
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0.475 |
0.331 |
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Total
Current Liabilities |
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10.460 |
14.470 |
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Net Current Assets |
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8.271 |
7.069 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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18.676 |
19.307 |
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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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21.357 |
26.553 |
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Other Income |
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20.719 |
49.264 |
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Total Income |
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42.076 |
75.817 |
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Profit/(Loss) After Tax |
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(4.315) |
0.735 |
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Expenditures : |
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Raw Material Consumed |
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31.098 |
56.904 |
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Purchases made for re-sale |
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0.000 |
0.000 |
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Consumption of stores and spares parts |
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0.209 |
0.873 |
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Increase/(Decrease) in Finished Goods |
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(0.488) |
(0.693) |
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Salaries, Wages, Bonus, etc. |
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2.643 |
3.555 |
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Managerial Remuneration |
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0.579 |
0.408 |
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Payment to Auditors |
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0.045 |
0.044 |
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Interest |
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0.834 |
0.011 |
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Insurance Expenses |
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0.153 |
0.164 |
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Power & Fuel |
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0.844 |
0.018 |
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Depreciation & Amortization |
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1.732 |
1.271 |
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Other Expenditure |
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8.740 |
12.525 |
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Total Expenditure |
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46.391 |
75.081 |
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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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(10.26) |
0.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(20.20) |
2.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(14.81) |
2.18 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.69) |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.69 |
4.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.79 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
Subject is a pharmaceutical company incorporated in
Their
To meet the customer's expectations and provide quality
products to their full satisfaction which shall ensure value for money.
Company Profile
They are deep-rooted in the business of pharmaceutical formulations
and allied products.They are an ISO 9001:2000 certified company.They, at
Subject, are a team of dedicated and talented Quality Assurance Professionals, Manufacturing
Chemists, Machine Operators, Engineering Professionals and Technicians continuously
working to manufacture quality formulations as per the latest International
Standards. Their focus reverberates around well formulated, cost
effective medicines with quality assurance.
They, at Subject are committed to understand and meet the
customer’s expectations and provide quality products to their full satisfaction
which shall ensure value for money.
They take pledge to serve with affordable and quality
Medicines to populace at large. They will move towards Healthier tomorrow by
keep on making & marketing Pharmaceutical Formulations In Strict Control
And Research to deliver products of world class quality.
They are also committed to meet all legal and statutory
requirements for continuous business growth, ensuring increased profitability
through motivated and trained work force and by adopting the mantra of
continual improvement.
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Name of the company |
ANCALIMA LIFESCIENCES LIMITED |
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Presented By |
Canara Bank,
Sonepat, Haryana |
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1) Date and description of instrument creating the change |
21.01.1995 – Registered on 17.02.1995 Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
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 |
Hypothecation of
stocks of Syrup, Injections, other pharmaceuticals, and packing materials and
all other goods and commodities now lying or thereafter stored at the godown,
yards and premises at 50th K.M. Stone, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest on
Cash Credit shall be charged at the rate of 4 % over RBI rate subject to a
minimum of 16% per annum, with quarterly rests. Margin : 25%
Payable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Sonepat, Haryana |
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6) Date and brief description of instrument modifying the charge |
05.09.2005 Supplemental
Agreement Previously modification
form time to time and finally modified on 18.06.2004 for change in terms and
conditions for the enhanced limit of Rs. 5.000 Millions and modification
registered on 16.07.2004 |
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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. |
The OCC Limit
stands enhanced from Rs. 5.000 Million to Rs. 6.000 Million The rate of
interest shall now be charged at the rate of 2% over ongoing PLR subject to a
minimum of 12.75% per annum with monthly rests or at such other rates(s) as
may be specified by the Bank from time to time. Other terms and
conditions remained the same. |
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This form is for |
Creation of
Charge |
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Corporate
identity number of the company |
U52110DL1988PLC031451 |
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Name of the
company |
ANCALIMA LIFESCIENCES LIMITED |
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Address of the
registered office or of the principal place of business in |
LGF-2, A-337 (Basement) Shivlik, |
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Type of charge |
Immovable
Property, Movable Property |
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Particular of
charge holder |
Canara Bank,
Sonepat, Haryana |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
13.01.2007 |
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Amount secured by
the charge |
Rs. 1.365
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.5% Terms of
repayment Loan shall repay
the entire loan in 60 monthly instalments, each of Rs. 0.023 Millions
instalment shall commence from February 2007 Margin 25% Extent and
operation of the charge First charge on
machinery, as per attachment |
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Short particulars
of the property charged |
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Fixed Assets
- Air conditioner
- Building
- Building under construction
- Car – Alto
- Car Esteem
- Car Honda City
- Car Mahindra
- Car Santro
- Car Zen
- CCD Camera
- Computer
- Dies and Tools
- Electrical Equipement
- EPABX
- Fire Extinguisher
- Furniture and Fixture
- Generator
- Lab Equipement
- Land
- Mobile Phone
- Plant and Machinery
- Printer and Scanner
- Refrigerator
- Scooter
- Software
- Telephone Equipment
- Vacume Cleaner
- Weight Machine
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 |
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US Dollar |
1 |
Rs.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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37 |
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 |
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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 |
|
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 |
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