%2007-Nov-2007_files/image002.jpg){kind=small}
MIRA INFORM
REPORT
|
Report
Date : |
07.11.2007 |
IDENTIFICATION DETAILS
|
Name : |
PASCHIM
CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
142 AB, Kandivali Industrial Estate, Kandivali (W), Mumbai
– 400067, Maharashtra |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2007 |
|
|
|
|
Date
of Incorporation : |
03.11.1988 |
|
|
|
|
Com.
Reg. No.: |
11-49483 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U24110MH1988PTC049483 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMP16196F |
|
|
|
|
PAN
No.: [Permanent
Account No.] |
AAACP2270J |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
Subject is engaged in Manufacturing and Sale Drugs Intermediates,
Allopathic pharmaceuticals preparations, conversion charges of chemicals |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
188000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Usually
correct |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject
is a part of IPCA Group, listed Pharmaceuticals company having fine track records.
Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. General financials position is
satisfactory. Payments are usually correct and as per commitments. The
company can be considered good for normal business dealings. |
LOCATIONS
|
Registered
Office : |
142 AB, Kandivali Industrial Estate, Kandivali (W), Mumbai
– 400067, Maharashtra, India. |
|
Tel.
No. : |
91-22-28688566/ 28682270/ 71/ 66474747 |
|
Fax
No. : |
91-22-28686954 |
|
Email
: |
DIRECTORS
|
Name : |
Mr. Kishin C Lala |
|
Designation
: |
Chairman |
|
Address
: |
7 Rock House, Hill Road, Worli, Mumbai – 400018,
Maharashtra |
|
Date
of Birth : |
05/06/1938 |
|
Date
of Appointment : |
26/03/1991 |
|
|
|
|
Name : |
Mr. Jeevanlal Basantilal Nagori |
|
Designation
: |
Managing Director |
|
Address
: |
1004-D Wing, Panchsheel Heights, Mahavir Nagar,
Dahanukarwadi, Mumbai – 400 067, Maharashtra, India |
|
Date of
Birth : |
10/08/1960 |
|
Date
of Appointment :` |
19/03/1999 |
|
|
|
|
Name : |
Mr. Vivek Kumar Shrivastava |
|
Designation
: |
Director |
|
Address
: |
Flat No. 803, Tower No. 2, Challenger Tower, Thakur Village,
Kandivli (Easst), Mumbai – 400 101, Maharashtra, India |
|
Date
of Birth : |
16/05/1965 |
|
Date
of Appointment : |
04/03/2002 |
|
|
|
|
Name : |
Mr. Prashant Premchand Godha |
|
Designation
: |
Director |
|
Address
: |
H.No. 20, Golden Beach Society, Ruia Park, Juhu, Mumbai –
400049, Maharashtra. |
|
Date
of Birth : |
16//11//1974 |
|
Date
of Appointment : |
4/03/2002 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mexin Medicements
Private Limited |
4500 |
|
IPCA
Laboratories Limited |
6690 |
|
Kaygee
Inv. Private Limited |
5000 |
|
Harleystreet
Pharmaceuticals Limited |
4000 |
|
Makers
Lab Limited |
4000 |
|
Chandurkar
Inv. Private Limited |
9000 |
|
Exon Laboratories
Private Limited |
4500 |
|
Win
Laboratories Private Limited |
4310 |
|
Ellora
Organics Industries Private Limited |
4000 |
|
Names
of Shareholders |
|
Percentage of Holding |
|
Bodies
Corporate |
|
67.47 |
|
Directors
or Relatives of Directors |
|
0.64 |
|
Other Top
Fifty (50) Shareholder |
|
31.89 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Subject is engaged in manufacturing and sale of Drugs Intermediates,
Allopathic pharmaceuticals preparations, conversion charges of chemicals |
||||
|
|
|
||||
|
Products
: |
Drugs Intermediates
|
PRODUCTION STATUS
|
Particulars |
Unit |
Basis |
Installed Capacity |
Actual Production |
||
|
|
|
|
31.03.05 |
31.03.04 |
04-05 |
03-04 |
|
|
|
|
|
|
|
|
|
Drug
Intermediates |
Tones |
Triple Shift |
500.00 |
500.00 |
11.158 |
2.079 |
GENERAL INFORMATION
|
No. of
Employees : |
150 |
||||||||
|
|
|
||||||||
|
Bankers
: |
Axis Bank
Limited, Royal Accord IV, Lokhandwala Complex, Andheri (West),
Mumbai – 400 053, Maharashtra, India |
||||||||
|
|
|
||||||||
|
Facilities : |
Secured Loan (Rs. in millions)
The company enjoy secured loan facility of Rs. 35.000
million from Rabo India Finance Private Limited on FY 2004 |
||||||||
|
|
|
||||||||
|
Banking Relations : |
Satisfactory |
||||||||
|
|
|
||||||||
|
Auditors
: |
|
||||||||
|
Name : |
G R Mantri and Associates Chartered Accountants |
||||||||
|
Address: |
F – 106, Son Marg, Opp. Bajaj Hall, S V Road, Malad
(West), Mumbai – 400 064, Maharashtra, India
|
||||||||
|
Tel. No.: |
91-22-22663342 |
||||||||
|
Fax No.: |
91-22-22660267 |
||||||||
|
E-Mail : |
|||||||||
|
|
|
||||||||
|
Group
Companies : |
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,00,000 |
Equity Shares |
Rs.100/- |
Rs.40.000 millions |
As on 31.03.2006
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85,690 |
Equity Shares |
Rs.100/- |
Rs.8.569 million |
As on 31.03.2007
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140, 815 |
Equity Shares |
Rs.100/- |
Rs.14.081 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
14.081 |
8.569 |
5.000 |
|
|
2]
Reserves & Surplus |
33.117 |
24.750 |
6.544 |
|
NETWORTH
|
47.198 |
33.319 |
11.544 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1] Secured
Loans |
90.623 |
100.000 |
70.000 |
|
TOTAL
BORROWING
|
90.623 |
100.000 |
70.000 |
|
|
DEFERRED
TAX LIABILITIES |
4.542 |
0.000 |
3.256 |
|
Share Capital Suspense Account
|
0.000 |
1.112 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
142.363 |
134.431 |
84.800 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
66.375 |
53.290 |
30.736 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
95.982 |
95.992 |
86.645 |
|
|
DEFERREX
TAX ASSETS |
0..000 |
0.200 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
5.647
|
5.457
|
6.448 |
|
|
Sundry Debtors
|
0.892
|
3.080
|
0.312 |
|
|
Cash & Bank Balances
|
1.702
|
2.247
|
2.028 |
|
|
Loans & Advances
|
6.921
|
31.023
|
3.020 |
Total Current Assets
|
15.162
|
41.807 |
11.808
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
34.988
|
56.695
|
44.244 |
|
|
Provisions
|
0.168
|
0.162
|
0.145 |
Total Current Liabilities
|
35.156
|
56.857 |
44.389
|
|
Net
Current Assets
|
[19.994]
|
(15.050)
|
(32.581)
|
|
|
|
|
|
|
|
TOTAL
|
142.363 |
134.432 |
84.800 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
Sales Turnover [including other income]
|
56.145 |
29.482 |
|
|
|
|
Profit/(Loss) Before Tax
|
[1.996] |
[16.651] |
Provision for Taxation
|
- |
- |
Profit/(Loss) After Tax
|
[1.996] |
[16.651] |
|
|
|
|
Expenditure:
|
|
|
Interest
|
8.217 |
4.706 |
Depreciation
|
4.223 |
4.653 |
Other Expenditure
|
45.701 |
36.774 |
Total
Expenditure
|
58.141 |
46.133 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
3.55 |
56.47 |
9.21
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
3.55 |
56.47 |
13.68
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
2.44 |
17.50 |
5.48
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.04 |
0.49 |
0.60
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
5.74 |
11.19 |
11.04
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
0.73 |
0.26 |
0.56
|
LOCAL AGENCY FURTHER
INFORMATION
Form 8
Particular for creation or modification of charges
|
Name
of the company |
PASCHIM
CHEMICALS PRIVATE LIMITED |
|
Presented
By |
Mr. Prashant
Godha, Director |
|
1) Date
and description of instrument creating the
change |
Deed of
hypothecation dated 26.03.2002 executed by Paschim Chemicals Private Limited
(therin and hereinafter referred to as “the Company”) in favour of Axis Bank
Limited. (therein and hereinafter referred to as Axis Bank Limited). A copy
of which is enclosed. |
|
2) Amount
secured by the charge/amount owing on
the securities of charge |
Rs.
100.000 millions term loan (hereinafter
referred to as “the facility”) |
|
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
goods, stocks, raw materials, plant and Machinery, fixtures, implements
fittings and other installations, furniture and computers and all other
articles and things both present and future whether lying loose or in cases,
at site or in transit or which may at any time hereinafter during the continuous
of this security be installed or lying loose or in cases of being in or upon
or about the borrower factory premises, warehouses, and godowns at G-6, MIDC,
Waluj, Aurangabad, Maharashtra, India or wherever else the same may be or be
held any party anywhere to the order
and disposition of the borrower or in the course of transit to the borrower
(including those goods, machinery, implements, etc, purchased out of the term
Loan sanctioned by the Bank covered under the agreement dated 26.03.2002 )
and All the
borrower present and future book debts, outstanding monies, receivables,
claims, bills, contracts, securities, investments, rights and assets
(hereinafter referred to as the “Book Debts”) as security for the due
repayment to the bank at any time on demand the total balance outstanding in
the various accounts and in installements as agreed in respect of term loan
account aling with the interest at the rate hereinafter provide and all costs
(including all costs between attorney and client, commission charges and
expenses incurred by the bank for the preservation, protection, defense and
perfection of the security or for attemped or actual realization thereof and
also as security for advances made or which may be made to the borrower or
any one or more of them whether alone or jointly or any account current or
otherwise and for any liability on bills discounted or held by the bank at
the borrower request or bearing the borrower name and also for any other
liability on the borrower part to the bank incurred or which may be incurred
at the borrower request on any account whatsoever and whether as principal
debtor, surety or guarantor together with interest and all customary charges
thereon. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
In
consideration of Axis Bank Limited,
having agreed to lend and advance to the company the facility,
agreement and declaration by the company, inter alia, as follows: a.
Convenant by the company to repay the facility and pay interest and all other
monies in the manner set our in the facility agreement dated 26.03.2002
(hereinafter referred to as “the said facility agreement”) between the
company and Axis Bank Limited and to comply with the terms and conditions of
the said facility agreement. b. The
said goods were thereby hypothecated to the Axis Bank Limited, as and by way
of first charge as security for and be charged with the repayment of the
facility for and be charged with the repayment of the facility with all interest,
liquidated damages, commitment charge, premia on prepayment or on redemption,
costs, charges, and expenses and all other monies payable by the Company to
Axis Bank Limited in respect thereof provided that the charge of Axis Bank
Limited on the said goods will be subject to the charge or charges created
and or to be created by the company. In favour
of its bankers on its stocks of raw materials, semi finished and finished
goods, consumable store and book debts and such other movable as may be agreed
to by Axis Bank Limited for securing the borrowing for working capital
requirement in the ordinary course of business. c. The
company to keep the said goods in marketable and good conditions and also
insured as provided therin. d. Power
of entry, power to take charge and or possession of seize, recover, receive,
appoint receivers of land remove and or sale by public auction or private
contract, dispatch, for realization or otherwise dispose off or deal with all
or any party of the said goods, etc. as provided therein. |
|
5) Name
and Address and description of the person entitled to the charge. |
Axis Bank
Limited, Royal
Accord IV, Lokhandwala Complex, Andheri (West), Mumbai – 400 053,
Maharashtra, India |
|
6)
Date and brief description of
instrument modifying the charge |
Supplemental
deed of hypothecation dated 26.09.2003 |
|
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
present modification related to secure the additional term loan of Rs. 35.000
millions granted by them. However, at any point of time the total limit of
both the existing outstanding loan amount and the additional term loan shall
not exceed the maximum aggregate limit of Rs 100.000 millions The other
terms and conditions of the deed of hypothecation dated 26.03.2002 shall
remain unchanged. |
Important Fixed Assets of the company include:
1.
Leasehold
Land
2.
Factory
Building
3.
Plant
and Machinery
4.
Effluent
Treatment Plant
5.
Furniture
and Fixtures
6.
Vehicles
Operations:
The sales and other income from operations of the company
for the year under review was Rs.51.026 million compared to Rs.41.639 million for
the previous year.
Profit after taxation for the year under review amounted to
Rs.4.702 million as compared to Rs.0.273 million in the previous year.
Dividend:
In view of the meager amount of profits, your Directors do
not recommend any dividend for the year under review.
Auditors:
Jain and Kothari, Chartered Accountants, retire as auditors
and being eligible offer themselves for re-appointment.
Employees:
The company had no employees covered under Section 217 (2A)
of the Companies Act, 1956.
Compliance Certificate:
A compliance certificate under Section 383A of the Companies
Act, 1956, received from the Secretary in whole time practice is attached
herewith.
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.39.29 |
|
UK Pound |
1 |
Rs.81.91 |
|
Euro |
1 |
Rs.56.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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. |
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 |
|