MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PRECISE CHEMIPHARMA PRIVATE LIMITED |
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Registered Office : |
"Malwa" Unit No. 108, E. S. Patanwala Industrial Estate, L. B.
S. Marg, Ghatkopar (W), Mumbai - 400 086 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.11.1993 |
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Com. Reg. No.: |
11-75033 |
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CIN No.: [Company
Identification No.] |
U24110MH1993PTC075033 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP14357A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Bulk Drugs and Pharmaceutical Item |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 84000 |
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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 and reputed company having fine track.
Directors are reported as experienced and respectable businessmen. Trade relations
are fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
"Malwa" Unit No. 108, E. S. Patanwala Industrial Estate, L.
B. S. Marg, Ghatkopar (W), Mumbai - 400 086, India |
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Tel. No.: |
91- 22- 2500 6300 / 2500 2131 / 6522 2145 / 25000517 |
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Fax No.: |
91- 22- 2500 0416 |
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E-Mail : |
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Website : |
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Factory 1 : |
C-384, T.T.C Industrial Area, Village Pawne, Navi Mumbai - 400 703
(India) |
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Factory 2 : |
C-409, T.T.C Industrial Area, Opposite Mack Springs, Belapur Road,
Turbhe, Navi, Mumbai - 400 703 (India) |
DIRECTORS
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Name : |
Mr. Pravin Virajlal Shah |
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Designation : |
Director |
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Address : |
102, Neelkanth Niketan, Kirani Lane, Ghatkopar [West], Mumbai –
400086, Maharashtra, India |
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Date of Birth/Age : |
19.01.1949 |
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Date of Appointment : |
14.10.1993 |
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Name : |
Mr. Ila Pravin Shah |
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Designation : |
Director |
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Address : |
102, Neelkanth Niketan, Kirani Lane, Ghatkopar [West], Mumbai –
400086, Maharashtra, India |
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Date of Birth/Age : |
24.10.1953 |
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Date of Appointment : |
21.04.2001 |
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Name : |
Mr. Mehul Pravin Shah |
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Designation : |
Director |
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Address : |
102, Neelkanth Niketan, Kirani Lane, Ghatkopar [West], Mumbai –
400086, Maharashtra, India |
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Date of Birth/Age : |
29.07.1976 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. Pranay Pravin Shah |
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Designation : |
Director |
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Address : |
102, Neelkanth Niketan, Kirani Lane, Ghatkopar [West], Mumbai –
400086, Maharashtra, India |
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Date of Birth/Age : |
03.07.1979 |
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Date of Appointment : |
02.04.1997 |
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Name : |
Mr. Sunil S. Sukthankar |
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Designation : |
Director |
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Address : |
Samarth Krupa, 1st Floor, behind Plaza Cinema, Dadar,
Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
12.06.1961 |
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Date of Appointment : |
01.04.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pravin Virajlal Shah |
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400080 |
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Mr. Ila Pravin Shah |
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400080 |
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Mr. Mehul Pravin Shah |
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400080 |
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Mr. Pranay Pravin Shah |
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400080 |
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Mr. Sunil S. Sukthankar |
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400028 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Bulk Drugs and Pharmaceutical Item |
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Products : |
Alprazolam Alendronate
Sodium
Zopiclone |
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Exports : |
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Countries : |
Spain, Switzerland, Germany, Israel, Hong Kong, China, Hungary,
Russia Brazil, Argentina, Uruguay, Columbia, Chile etc. |
GENERAL
INFORMATION
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Bankers : |
Corporation Bank 1, Raman Smruti,
Karani Road, Near Telephone
Exchange, Ghatkoper [West],
Mumbai – 400086 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. V. Joshi and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
20900 |
Equity Shares |
Rs. 10/- each |
Rs. 0.209
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.209 |
0.200 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.738 |
18.431 |
14.811 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.947 |
18.631 |
15.011 |
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LOAN FUNDS |
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1] Secured Loans |
5.529 |
5.322 |
0.401 |
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2] Unsecured Loans |
6.657 |
5.271 |
1.683 |
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TOTAL BORROWING |
12.186 |
10.593 |
2.084 |
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DEFERRED TAX LIABILITIES |
0.703 |
0.492 |
0.000 |
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TOTAL |
33.836 |
29.716 |
17.095 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.754 |
9.239 |
4.297 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.269 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.976
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14.708 |
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Sundry Debtors |
15.473
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17.566 |
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Cash & Bank Balances |
[2.188]
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[1.526] |
22.051 |
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Other Current Assets |
6.754
|
4.369 |
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Loans & Advances |
6.460
|
4.092 |
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Total
Current Assets |
42.475
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39.209 |
22.051 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
22.393
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18.732 |
9.522 |
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Provisions |
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Total
Current Liabilities |
22.393
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18.732 |
9.522 |
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Net Current Assets |
20.082
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20.477 |
12.529 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
33.836 |
29.716 |
17.095 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover [Including Other Income] |
|
80.309 |
65.185 |
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Total Income |
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80.309 |
65.185 |
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Profit/(Loss) Before Tax |
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3.640 |
5.903 |
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Provision for Taxation |
|
1.122 |
1.684 |
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Profit/(Loss) After Tax |
|
2.518 |
4.219 |
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Expenditures : |
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Total Expenditure |
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76.669 |
59.282 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
3.14
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6.47 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.53
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9.06 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.47
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12.18 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.32 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.65
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1.57 |
0.77 |
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Current Ratio (Current Asset/Current Liability) |
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1.90
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2.09 |
2.32 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PRECISE
CHEMIPHARMA PRIVATE LIMITED |
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Presented By |
K. Gopalkrishna
Bhat, Chief Manager. Corporation Bank, Ghatkoper [West], Mumbai – 400086,
Maharashtra, India |
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1) Date and description of instrument creating the change |
Hypothecation Deed
of Export Credit Agreement Deed Both Dated 09.03.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
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 raw materials, work in progress and finished goods of drugs and
pharmaceuticals Supply Bills,
Cheques and bills of exchange accepted or endorsed by the borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank 1, Raman Smruti,
Karani Road, Near Telephone
Exchange, Ghatkoper [West],
Mumbai – 400086 |
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6) Date and brief description of instrument modifying the charge |
Common deed of hypothecation
Deed and Export credit agreement deed both dated 09.03.2002 was registered at
ROC on 02.05.2002 at Sr. No. 23 and first modification for total Rs. 14.000
Millions was registered at ROC on 29.03.2004 at Sr No. 38 |
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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. |
This common deed
of hypothecation of movables / assets / debts dated 09.09.2005 is 2nd
modification for Rs. 20.500 Millions as per various credit facilities as
mentioned in the said deed on Hypothecation of stock in trade, book debts
consisting of Goods, drugs and pharmaceuticals stored / kept in factory
premises. |
AS PER WEBSITE
ORGANIZATION
Subject incorporated in the year 1994, with aim of catering the need of
the Domestic & international markets for Active Pharmaceutical Ingredients.
Subject is an Indian enterprise molded by global aspirations. This has
always demanded a preparedness and long- term organizational vision that can
encompass the turbulences and paradoxes of shifting terms and terrain's of
business
In the emerging
industry patterns of the twenty-first century, based on new
technologies, innovative product development has to be complemented with
cost effective therapeutic solutions to address a better informed and a more
demanding fraternity. To achieve this, Subject has harnessed all its strengths
- compact productive teams, modern facilities.
Subject has
achieved command over chemical technologies and economies of scale - into a
synergistic organic entity, continuously creating and nurturing high quality
products and technologies. Their emphasis is on Designing the eco-friendly
process by considering the Environmental issues, setting objectives and Targets
towards conservation of the Natural resources.
THE EXTENSIVE RANGE OF REACTIONS CARRIED OUT AT PRECISE
Acylation
Nitration
Amoxidation
Alkylation
Oxidation
Cyanation
Amination
Optical
Resolution
Hydroboration
Bromination
Reaction In Liquid
Ammonia
Formylation
Hydrogenation
Grignard
Reactions
Reductive Amination
Diazotization
Reduction
Sandmeye
Reaction
CREATIVITY AND SERVICES
QUALITY ASSURANCE AT PRECISE
They place a heavy emphasis on
quality standards using customer needs as a benchmark. For each drug substance,
impurities & degradation products, exceeding 0.1% are identified &
characterized.
AIMING TOWARDS
PERFECTION
Each operational division at
Precise aims to achieve the consistent result every time by following the
validated methods, every step of production process is carefully monitored
& controlled. From the Raw-material to the finished product stage, a
quality verification system performs inspections of products, thanks to the
sophisticated instrumentations like HPLC, G.C, U.V, DIGITAL POLARIMETER, AUTO
TITRATOR, DIGITAL MELTING POINT APPARATUS etc & trained personnel.
EUROPEAN DRUG MASTER
FILES
They have already prepared E-DMF
of Zolpidem Hemi-tartarate, Alendronare Sodium & few others are under
process. This is their effort to show their commitment towards quality. Some of
the E-DMF’S in the pipeline are of Midazolam, Sodium Picosulphate, Itopride
Hydrochloride & Fenoxazoline Hydrochloride.
NEW HORIZONS
After successfully proving it’s ability in the manufacture of Active Pharmaceutical
Ingredients, Precise has expanded it’s horizon by entering in to the
manufacture of solid dosage forms of API.Precise has stared the manufacture of
drug pellets. The enteric coated drug pellets such as Omeprazole, Lansoprazole
and Pantoprazole Sodium and Rabeprazole sodium are manufactured with the state
of the art technology to cater the need of the pharmaceutical industry..
They also manufacture other drug pellets of delayed release such as
Diclofenac Sodium, Itopride hydrochloride and Ibuprofen and few other are in
the pipeline.
The pelletization plant is equipped with various types of drug and
polymer coating machines for commercial as well as pilot scale. The plant is
designed to comply GMP standards and soon the GMP Certification also will be
applied.
To support the quality parameters of the pellets, they are equipped with
the relevant sophisticated
Instrumentation such as HPLC, Dissolution apparatus, Pellet size
analyzer and a well equipped microbiological Laboratory.
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.39.34 |
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UK Pound |
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.57.57 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
61 |
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 |
|