MIRA
INFORM REPORT
|
Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
ADANI PHARMACHEM
PRIVATE LIMITED |
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Registered
Office : |
Plot
No. 198/2, Aji, GIDC, Phase II, Road – M, |
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Country: |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
05.04.1999 |
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Com. Reg. No.: |
04-35693 |
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CIN No.: [Company Identification No.] |
U24231GJ1999PTC035693 |
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IEC No.: |
2488007005 |
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TAN No.: [Tax Deduction & Collection Account No.] |
RKTA00042A |
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PAN No.: [Permanent Account No.] |
AADCA2201R |
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Legal Form : |
Private
Limited Liability Company |
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Line of
Business : |
Manufacturers
and exporters of bulk drugs and fine chemicals as well as oleoresins and
herbals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 45000 |
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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 fine track. Directors are reported as experienced,
respectable and having satisfactory means of their own. Their trade relations
are fair. Payments are correct and as per commitments. The concern can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office/ Factory: |
Plot
No. 198/2, Aji, GIDC, Phase II, Road – M, |
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Tel. No.: |
91-281-2387652
/ 2389068 |
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Mobile No. : |
91-9825213332 |
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Fax No.: |
91-281-2387607 |
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E-Mail : |
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Website : |
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Area : |
1087 sq. ft. |
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Location : |
Owned |
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Corporate
Office : |
Rashtriyashala
Marg, |
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Tel. No.: |
91-181-2466796
/ 2464365 |
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Branches : |
Manish
Compound, Building No. 2, Thane – |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr.
Haresh Anantrai Adani |
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Designation : |
Managing
Director |
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Address : |
C 7,
Parag Apartment, |
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Date of
Birth/Age : |
26-12-1950 |
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Qualification
: |
B.
Pharma |
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Experience : |
25
years |
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Name : |
Mr.
Harshad Anantrai Adani |
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Designation : |
Director |
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Address : |
Rashrtiya
Shala Compound, Near |
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Date of
Birth/Age : |
15-06-1953 |
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Qualification
: |
B.Sc. |
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Experience : |
22
years |
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Name : |
Mr.
Rushabh H. Adani |
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Designation : |
Director
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Address : |
2nd
Floor, Omega Apartment, 2, Manhar Plot, |
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Date of
Birth/Age : |
28-08-1981 |
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Qualification
: |
BBA |
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Experience : |
5
years |
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Name : |
Mr.
Jignesh Jajal |
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Designation : |
General
Manager |
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Name : |
Mrs.
Binu Patil |
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Designation : |
Import
Department |
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Name : |
Mr.
Jignesh Raval |
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Designation : |
Head
– Clerical Department |
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Name : |
Mr.
Pragnesh Mehta |
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Designation : |
Assistant
– Export Department |
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Name : |
Mr.
Manish Mehta |
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Designation : |
Chief
Chemist – In charge |
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Name : |
Mr.
Bhavesh Ghodakiya |
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Designation : |
Chief
Plant In Charge |
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Name : |
Ms. Chadhani |
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Designation : |
Research
& Development |
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Name : |
Mr.
Rahul Shah |
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Designation : |
Head
– Accounts Department |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Haresh A. Adani |
|
185168 |
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Mr.
Harshad A. Adani |
|
77736 |
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Mr.
Rushabh H. Adani |
|
65300 |
|
Marudula P. Adani |
|
37067 |
|
Usha A. Adani |
|
34729 |
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TOTAL |
|
400000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and exporters of bulk drugs and fine chemicals as well as oleoresins and
herbals. |
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|
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Products : |
Iodine & its derivatives
Di-Iodohydroxyquinoline Iodochlorohydroxyquinoline Povidone
Iodine Potassium
Iodide Potassium
Iodate Sodium
Iodide Calcium
Iodate Piprazine derivatives
Piperazine
citrate Piperazine
Phosphate Piperazine
Adipate Piperazine
Hexahydrate Piperazine
Di HCI Other bulk drugs
Diloxanide
Furoate Phthalysulphathiazole Bismuth
Citrate Potassium
Bromide Spice oleoresin & herbals
Capsicum
Oleoresin Oleoresin
Paprika Turmeric
Oleoresin Curcumin
Powder |
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Exports : |
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Countries : |
Far
East, Europe, USA , Gulf countries, Egypt, Korea, Malaysia, Thailand, Yemen,
Singapore, Pakistan, Syria, Guatemala and Netherlands |
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Imports : |
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Countries : |
Europe,
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Terms : |
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Selling : |
L/C, Cash, Credit
(30-60-90-120 Days) |
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Purchasing : |
L/C, Cash, Credit
(30-60-90-120 Days) |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
15 |
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Bankers : |
Corporation Bank,
Credit Limit :
Rs. 11.000 millions HDFC Bank , Near UTI Bank Limited,
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kalpesh
S. Doshi & Company Chartered
Accountants |
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Address : |
EVEREST,
5th Floor, |
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Tel. No.: |
91-181-2225278 |
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Associates/Subsidiaries : |
·
Adani Food Products Private Limited Manufacturer and Exporter of Spices and Food Products Rashitriya Shala Marg, ·
Adani Brothers Rashitriya Shala Marg. Rajkot Traders of Spices and Food
products |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity
Shares |
Rs.10/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity
Shares |
Rs.10/- each |
Rs. 4.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
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|
|
|
|
1] Share Capital |
4.000 |
4.000 |
3.000 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
7.351 |
6.861 |
7.489 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
11.351 |
10.861 |
10.489 |
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LOAN FUNDS |
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|
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1] Secured Loans |
8.530 |
7.749 |
6.160 |
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2] Unsecured
Loans |
7.352 |
8.066 |
3.496 |
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TOTAL
BORROWING
|
15.882 |
15.815 |
9.656 |
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DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
27.233 |
26.676 |
20.145 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
9.624 |
9.303 |
9.222 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.407 |
0.000 |
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DEFERREX TAX ASSETS
|
0.072 |
0.031 |
0.014 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
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Inventories
|
|
16.350
|
11.502 |
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Sundry Debtors
|
|
10.069
|
6.521 |
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Cash & Bank Balances
|
33.795
|
1.428
|
0.109 |
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Other Current Assets
|
|
0.000
|
1.776 |
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Loans & Advances
|
|
0.933
|
0.220 |
Total Current Assets
|
33.795
|
28.780
|
20.128 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
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Current Liabilities
|
16.263
|
11.851
|
9.228 |
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Provisions
|
|
0.000
|
0.000 |
Total Current Liabilities
|
16.263
|
11.851
|
9.228 |
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Net
Current Assets
|
17.532
|
16.929
|
10.900 |
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MISCELLANEOUS EXPENSES
|
0.005 |
0.006 |
0.009 |
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TOTAL
|
27.233 |
26.676 |
20.145 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
80.988 |
67.305 |
72.856 |
|
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Other Income |
0.145 |
0.116 |
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Closing Stock |
16.424 |
16.351 |
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Total Income |
97.557 |
83.772 |
72.856 |
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Profit/(Loss) Before Tax |
0.501 |
0.570 |
0.447 |
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Provision for Taxation |
0.011 |
0.198 |
0.149 |
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Profit/(Loss) After Tax |
0.490 |
0.372 |
0.298 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
40.830 |
31.
801 |
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Imports : |
|
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Total Imports |
NA
|
45.235 |
35.209 |
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Expenditures : |
|
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|
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|
Opening Stock |
16.351 |
11.503 |
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Purchase |
65.125 |
56.092 |
|
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Manufacturing Expenses |
6.226 |
7.976 |
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Administrative & Selling Expenses |
2.729 |
2.695 |
27.558 |
|
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Finance Charges |
2.065 |
1.568 |
|
|
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Expenses for Export |
4.162 |
3.014 |
|
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Miscellaneous expenditure write off |
0.001 |
0.001 |
|
|
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Depreciation & Amortization |
0.397 |
0.353 |
|
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Total Expenditure |
97.056 |
83.202 |
27.558 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.50
|
0.44
|
0.40 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
0.85
|
0.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.15
|
1.50
|
1.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05
|
0.04 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.83
|
2.55
|
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.43
|
2.18 |
LOCAL AGENCY FURTHER INFORMATION
TRADE
TERMS
M/s J. B. Khokhani
and Company
B-207, Nilam
centre, Hind Cycle Road, worli Mumbai-400025
91-22-24910204
Mr. Mehul Khothani
/ Mr. Kunal
M/S BCM Corporation
1, Kalpana Society,
B/H post Office, Navrangpura, Ahmedabad-380009
91-26447153
AS PER
WEBSITE
INTRODUCTION
STANDING
ON A SOLID GROUND
Man is considered to be supreme living being oh this planet and
since the civilization began, he constantly evlved to improve the quality of
his life.
Food, clothing, shelter and healthcare are the basic
requirements of man.
Healthcare has constantly remained as a challenge and at the
same time continual technological advancement has demanded superior quality.
Envisaging these frontier needs, ADANI GROUP was established
to provide quality produxts in the field of both Food an Pharmaceutical.
"ADANI PHARMACHEM PRIVATE LIMITED" - manufacturer of bulk drugs.
"ADANI FOOD PRODUCTS PRIVATE LIMITED" - manufacturer of spices.
COMPANY PROFILE
THE
CHEMISTRY BEHIND SUCCESS
The company own its inception in the year 1981 by its team
leader Mr. Haresh Adani and his brothers with a name PHARMA CHEM
LABORATORIES and grown into fully integrated organisation. Presently it has
achived 1S0 : 9001 : 2000 certified by TUV,
INFRASTRUCTURE
Company's setup includes it's team led by technically
qualified Managing Director and his borther along with well qualified staff.
The plant is equipped with latest machineries and laboratory
supported by good analytical equipments, ensuring strigent quality control and
thus buliding customer's confidence in their products.
RESEARCH AND DEVELOPMENT
R and D team continously focuses on research trying new
molecular properties of different antibacterial and antamoebic drugs getting
some they new out of it, ensuring continous improvement of quality products
right from raw material to end users.
LANDMARKS
ISO 9001 : 2000 GMP Compliance - within a very short period.
SALES
Their annual sale has grown to 125 % compare to last year’s
Sales, this growth was result of young and dynamic new generation, especially
Mr. Rushabh Adani, qualified in marketing and management.
BUSINESS
SHARE
Within a very short period of about a year coming in
international market their exports share of total production has reached to 45
% and is exporting to more than 12 countries. Major part of domestic sales is
to the Multinational Companies.
FUTURE
PLANS
Manufacturing of Guaifenesin, Tinidazole and Methylodide.
With the best of Technical expertise, financial, acumen,
marketing experience and managerial skills at hand they seek new clients in
Company welcomes foreign collaboration in technology know
and financial Tie-ups.
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.40.55 |
|
|
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.54.58 |
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 |
- |
|
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 |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
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 |
|