MIRA
INFORM REPORT
|
Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MISSION PHARMACEUTICALS LIMITED |
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Registered Office : |
54 – B, Drum House, Procter Road, Grant Road, Mumbai – 400007,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
30.06.2004 |
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Date of Incorporation : |
11.06.1993 |
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Com. Reg. No.: |
11-72361 |
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CIN No.: [Company
Identification No.] |
U24230MH1993PLC072361 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20901G |
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PAN No.: [Permanent
Account No.] |
AAACM2929F |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
To carry on the business of importers, exporters, manufacturers,
makers, refiners, processors or formulators of and traders and dealers in
pharmaceutical, medicinal, biological, immunological, contraceptive and
therapeutic preparations whether simple, compound or proprietary and
materials dressings, apparatus and contrivances including in particular
scientific, medical, dental, veterinary, etc. |
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 425000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. 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
|
Registered Office : |
54 – B, Drum House, Procter Road, Grant Road, Mumbai – 400007, Maharashtra,
India |
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Tel. No.: |
91-22-23826969 |
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Fax No.: |
91-22-23803137 |
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E-Mail : |
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Website : |
http://www.mission-pharm.com |
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Corporate Office : |
901 - A, Raheja Plaza, L.B.S. Marg, Ghatkopar (West), Mumbai - 400086, Maharashtra, India |
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Tel. No.: |
91-22-66477466 |
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Fax No.: |
91-22-66477477 |
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E-Mail : |
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Factory 1 : |
3325, G.I.D.C., Sarigam, District Valsad, Gujrat – 396155 |
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Tel. No.: |
91-260-2780459 |
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Fax No.: |
91-260-2780460 |
DIRECTORS
|
Name : |
Mr. Akshay Girijashankar Mehta |
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Designation : |
Managing Director |
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Address : |
501/502, Bliss Apartment, Dadar Parsi Colony, Mumbai – 400014,
Maharashtra, India |
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Date of Birth/Age : |
24.09.1964 |
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Date of Appointment : |
11.06.1993 |
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Name : |
Mr. Girijashankar Umashankar Mehta |
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Designation : |
Director |
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Address : |
13 – Nalini Kunj, King Circle, Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
05.02.1918 |
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Date of Appointment : |
01.05.1996 |
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Name : |
Ms. Nalini Girijashankar Mehta |
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Designation : |
Director |
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Address : |
13 – Nalini Kunj, King Circle, Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
17.12.1917 |
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Date of Appointment : |
02.05.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Akshay Girijashankar Mehta |
|
861040 |
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Ms. Mona Akshay Mehta |
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133560 |
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Mr. Girijashankar Umashankar Mehta |
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4600 |
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Ms. Nalini Girijashankar Mehta |
|
200 |
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Mr. Mahendra Rasiklal Shah |
|
200 |
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Ms. Surekha Mahindra Shah |
|
200 |
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Mr. Jayesh Girijashakar Mehta |
|
200 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of importers, exporters, manufacturers,
makers, refiners, processors or formulators of and traders and dealers in pharmaceutical,
medicinal, biological, immunological, contraceptive and therapeutic
preparations whether simple, compound or proprietary and materials dressings,
apparatus and contrivances including in particular scientific, medical,
dental, veterinary, etc. |
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Products : |
Anti Diarrhoeals & Anti Amoebics Anti Hypertensives, Cardiovasculars, Diuretics Etc. Anti Inflammatories, Analgesics & Antipyretics
Anxiolytics, Sedatives, Anti Depressants & Anti
Convulsants Cough & Cold, Anti Asthama, Etc. Eye & Ear Drops Ointments & Nasal Drops |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Tablets |
Millions per
annum |
3900 |
|
Capsules |
Millions per
annum |
900 |
Actual Production :
Consumption : Total Materials Consumed * :
223565189.07
* It is not practicable to state the
quantitative details in respect of above as advised by the management.
GENERAL
INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
Shamrao Vithal Co-operative Bank Limited State Bank of
Indore Empire House,
214 Dr. D. N. Road, Fort, Mumbai – 400001 State Bank of
Hyderabad Overseas Branch,
Ashok Mahal, 1204, Tulloch Road, Colaba, Mumbai – 400039 Union Bank of
India 66/80, Mumbai
Samachar Marg, Fort, Mumbai – 400023 Corporation Bank Industrial Finance Branch, Fort, Mumbai - 400001 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Vakil & Company Chartered Accountants |
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Address : |
Mumbai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2004 |
30.06.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
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3] Reserves & Surplus |
|
100.047 |
95.534 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
110.047 |
105.534 |
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
139.083 |
121.649 |
|
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2] Unsecured Loans |
|
4.140 |
3.559 |
|
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TOTAL BORROWING |
|
143.223 |
125.208 |
|
|
DEFERRED TAX LIABILITIES |
|
1.639 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
254.909 |
230.742 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
69.850 |
70.108 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
20.479 |
29.563 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.111 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
88.203 |
85.521 |
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Sundry Debtors |
|
77.967 |
46.178 |
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Cash & Bank Balances |
|
0.187 |
1.541 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
47.988 |
33.993 |
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Total
Current Assets |
|
214.345 |
167.233 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
48.135 |
34.645 |
|
|
Provisions |
|
1.630 |
1.628 |
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Total
Current Liabilities |
|
49.765 |
36.273 |
|
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Net Current Assets |
|
164.580 |
130.960 |
|
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
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|
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TOTAL |
|
254.909 |
230.742 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
30.06.2004 |
30.06.2003 |
|
|
Sales Turnover |
|
270.740 |
239.167 |
|
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Other Income |
|
0.000 |
0.000 |
|
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Total Income |
|
270.740 |
239.167 |
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|
|
|
|
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Profit/(Loss) Before Tax |
|
7.394 |
10.150 |
|
|
Provision for Taxation |
|
1.750 |
[1.390] |
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Profit/(Loss) After Tax |
|
5.644 |
11.540 |
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Earnings in Foreign Currency : |
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|
|
|
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Export Earnings |
|
239.156 |
201.769 |
|
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Commission Earnings |
|
0.000 |
0.000 |
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Other Earnings |
|
0.000 |
0.000 |
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Total Earnings |
|
239.156 |
201.769 |
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Imports : |
|
|
|
|
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Raw Materials |
|
12.733 |
7.357 |
|
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Stores & Spares |
|
0.000 |
0.000 |
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Capital Goods |
|
0.000 |
0.000 |
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Others |
|
0.000 |
0.000 |
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Total Imports |
|
12.733 |
7.357 |
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Expenditures : |
|
|
|
|
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Manufacturing Expenses |
|
204.727 |
173.744 |
|
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Administrative, Marketing and Other Expenses |
|
34.586 |
34.633 |
|
|
Interest |
|
12.240 |
11.685 |
|
|
Depreciation & Amortization |
|
11.792 |
8.953 |
|
Total Expenditure |
|
263.345 |
229.015 |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.06.2004 |
30.06.2003 |
|
PAT / Total Income |
(%) |
|
2.08 |
4.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.73 |
4.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.60 |
4.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.75 |
1.53 |
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Current Ratio (Current Asset/Current Liability) |
|
|
4.30 |
4.61 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets :
Leasehold Land, Factory Buildings, Plant & Machineries, Motor Cars,
Furniture & Fixtures, Electrical Fittings, Office Equipments and Computer
Systems.
|
Name of the company |
MISSION
PHARMACEUTICALS LIMITED |
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Presented By |
State Bank of
Indore & Mission Pharmaceuticals Limited |
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1) Date and description of instrument creating the change |
Dated : 21st November, 2005 a. Joint Deed of Hypothecation b. Working Capital Consortium Agreement and c. Inter Se Agreement [Collectively constitute a single charge for Rs. 370.000 millions] |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 370.000 millions [Rs. In 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 |
The whole of the current assets of the borrower namely, stocks of raw
materials, stocks in process, semi finished and finished goods, stores and
spares, bills receivable and book debts, deposits placed / to be placed with
the banks and all movable plant and machinery and all other movables, both
present and future whether now lying loose or in cases or which are now lying
or stored in or about or shall hereafter from time to time during the
continuance of the security of these presents be brought into or upon or be
stored or be in or about of the borrower’s factories, premises and godowns
situated at Plot No. 3325, GIDC, Sarigam, Dist. Valsad in the State of
Gujarat or whereverelse the same may be or be held by any party to the order
or disposition of the borrower or in the course of transit or on high seas or
on order delivery |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
1. Interest /
Commission at such rate/s as may be determined by each of the said banks in
accordance with the RBI / FEDAI and also guidelines of each Bank 2. The borrower
shall maintain such security margin as may be stipulated by the said banks 3. This security
shall be a continuing security for the balance from time to time due to the
said banks and each of them under the said account [s] 4. All moneys
resulting from the enforcement or realization of the said securities by or on
behalf of the said banks and the amounts realized from any policy or policies
of insurance in respect of the said securities though payable to the borrower
and any other realization from or out of the said securities or any part
thereof by enforcement of the said securities or by recourse to any special
legislation for recovery of dues as may be applicable or otherwise howsoever
shall be available for distribution amongst the said banks inter-se, in the
same proportion to their respective outstanding in the said working capital
facilities as the case may be, without any preference or priority of one over
the other or others for all purposes and to all intents |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of
Indore Empire House,
214 Dr. D. N. Road, Fort, Mumbai – 400001 State Bank of
Hyderabad Overseas Branch,
Ashok Mahal, 1204, Tulloch Road, Colaba, Mumbai – 400039 Union Bank of
India 66/80, Mumbai
Samachar Marg, Fort, Mumbai – 400023 Corporation Bank Industrial
Finance Branch, Fort, Mumbai - 400001 |
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6) Date and brief description
of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
N.A. |
WEBSITE DETAILS
Founded by a team of Pharmaceutical professionals having
more than 60 years of experience, with a mission to provide affordable high
quality medicines to mankind & make life joyful, because they believe that
- life, it’s precious.
They are involved in the manufacture & exports of a wide range of
pharmaceutical formulations. They have a sizable presence in more than 20
countries & are presently active in Asia, Africa and South America. They
are preparing to enter into North America & Europe by setting up a USFDA/
MHRA approved manufacturing facility in the very near future. In a short span
of 15 years since their inception they have generated tremendous faith &
goodwill amongst all – the patients, the healthcare professionals & their
business associates.
Mission Advantage
Prompt response with effective communications.
Huge manufacturing capabilities.
Rapid & dependable deliveries.
Globally Competitive prices.
Special Department for packaging development.
Pool of Highly Skilled and Qualified personnel.
Excellent registration support.
Wide range of products.
They invite you to partner with them for all your
Pharmaceutical needs.
Mission Pharmaceuticals looks forward to giving you the Edge in the Business.
Mission Pharmaceuticals is a leading name in the pharmaceuticals
industry in India producing high quality drugs through its technical expertise
and research and developmental activities.
Profile
Life is the ultimate form of existence. A healthy life helps them achieve
freedom of the soul. Therefore they at Mission Pharmaceuticals believe -
It is their continuous endeavor to maintain & improve quality of life by
manufacturing different types of formulations for a healthier life.
They possess a multi location business operation having around 500 employees,
direct marketing operations in 5 countries, product registrations and exports
to 20 countries. International tie-ups & manufacturing alliances with major
multinationals.
Infrastructure
A USFDA Compliant Manufacturing plant with latest HVAC technology for a total
dust free operation brings cross contamination to near zero. There is no human
touch involved in all the critical manufacturing processes. All this comes with
a tremendous production capacity attributed to the state of the art equipments.
Quality
Quality is ensured by strict adherence to the WHO GMP guidelines.
Regulatory Affairs: A Special regulatory affairs department has achieved
registrations in more than 20 countries with different linguistic requirements.
A very competent regulatory support is ensured to all their customers.
Research and Developmental activities: The R&D department gives special
emphasis on developing new drug delivery systems; improving absorption and
bio-availability to ensure optimum efficacy of their products in the treatment
of patients.
Certifications
WHO GMP by SGS Belgium
ISO 9001 by BVQI.
GMP by Food & Drug Authority of INDIA
EXPORT HOUSE certificate by the Govt.of INDIA
Manufacturing :
They have a modern manufacturing site in a India where they
manufacture their wide range of formulations. Their entire manufacturing
operations are carried out with validated processes, strong internal controls and
stringent quality assurance procedures and is approved by a host of Regulatory
Bodies, International Companies and MNCs.
Manufacturing Facilities :
WHO GMP compliant.
ISO 9001 - 2000 accredited.
Validated method and processes.
Strict quality assurance.
Environmental friendly processes.
Capacities :
Tablets : 3900 Million
Capsules : 900 Million
Injections : 36 Million
Syrups : 24 Million
Creams & Ointments : 18 Million
Eye Drops & Ointments : 18 Million
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.44.27 |
|
UK Pound |
1 |
Rs.85.54 |
|
Euro |
1 |
Rs.58.23 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
|