MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
UAP PHARMA PRIVATE LIMITED |
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Formerly Known As : |
DIPRON AYOPHARMA PRIVATE LIMITED |
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Registered Office : |
Mahagujrat Industrial Estate, Plot No. 423 / 98, A – B, Sarkej Bawala
Highway,Village – Moraiya, Taluka – Sanand, District - Ahmedabad 382 213,
Gujarat |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.05.1991 |
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Com. Reg. No.: |
04 - 15676 |
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CIN No.: [Company
Identification No.] |
U24230GJ1991PTC015676 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMU00257F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in Allopathic Pharmaceutical Preparation. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 29000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported as
slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Mahagujrat Industrial Estate, Plot No. 423 / 98, A – B, Sarkej Bawala
Highway,Village – Moraiya, Taluka – Sanand, District - Ahmedabad 382 213,
Gujarat, India |
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Tel. No.: |
91-2717-250944 / 251120 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Parbodhbhai Vasantlal Shah |
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Designation : |
Director |
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Address : |
13, Jain Society, Near Pritam Nagar Khada, Paldi, Ahmedabad 380 007, |
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Date of Appointment : |
17.05.1991 |
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Name : |
Mr. Nitinbhai Vasantlal Shah |
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Designation : |
Director |
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Address : |
101 – A, Kaushmbi Apartments, Near Mahalaxmi Char Rasta, Paldi,
Ahmedabad 380 007, |
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Date of Appointment : |
10.12.1999 |
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Name : |
Mr. Darshambhai Parabodhbhai Shah |
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Designation : |
Director |
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Address : |
13, Jain Society, Near Pritam Nagar Khada, Paldi, Ahmedabad 380 007, |
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Date of Appointment : |
10.12.1999 |
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Name : |
Mr. Kuntalbhai Nitinbhai Shah |
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Designation : |
Director |
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Address : |
101 – A, Kaushmbi Apartments, Near Mahalaxmi Char Rasta, Paldi,
Ahmedabad 380 007, |
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Date of Appointment : |
21.06.2001 |
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Name : |
Mr. Dilipbhai Vasantlal Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Rajesh Parekh and Company |
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Designation : |
Company Secretary |
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Address : |
104, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Prabodhbhai Vasantlal Shah |
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13610 |
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Mr. Prabodhbhai Vasantlal Shah (HUF) |
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213400 |
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Mr. Darshanbhai Prabodhbhai Shah |
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12350 |
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Mr. Rajulaben Prabodhbhai Shah |
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70650 |
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Mrs. Amiben P. Shah |
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30000 |
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Mr. Nitinbhai Vasantlal Shah |
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40000 |
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Mr. Ninitnbhai Vasantlal Shah (HUF) |
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225900 |
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Mrs. Vinaben Vasantlal Shah |
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62500 |
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Mr. Kuntalabhai Nitinbhai Shah |
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11600 |
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Mr. Dillipbhai Vasantlal Shah |
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10 |
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Total |
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680020 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors ore relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Allopathic Pharmaceutical Preparation. |
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Products : |
Ø
Tablets Ø
Pills Ø
Churan Ø
Medicated Oil Ø
Rasa, Gutika, Vati, Loha, Parpati, Kupipakwa
Rasayan Ø
Hira Swarna, Moti Yukta Medicines Ø
Bhasma, Pishti Ø
Cuggulu Ø
Churna Ø
Syrup Ø
Quath Ø
Asava Arishta Ø
Avaleha, Pak Ø
Lep (Powder) Ø
Medicated Oils Ø
Medicines With Opium And Cannabis Ø
Patent Medicines Ø
Amiriprash Gold Ø
Livo Din Tablet Ø
Navratna Yog Ø
Rheuma Off Gold Ø
Blossom Capsule Ø
M Vita Forte Ø
Cruel Capsule Ø
Leuco- R – Capsule Ø
Soberex Capsule Ø
Rajocaps Capsule Ø
Favordil Capsule Ø
Calsi – 7 Tablet Ø
Makardhwaj Rasayan |
GENERAL INFORMATION
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Bankers : |
v Oriental Bank of Commerce “Neel Kamal” Building, Opposite sales v ICICI Bank |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Deepak C Gandhi and Company Chartered Accountants |
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Address : |
7, Shakti Shopping Centre, Vepari Jeen, Kalol 382 721, |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity shares |
Rs. 10/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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680020 |
Equity shares |
Rs. 10/-
each |
Rs. 6.800
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.800 |
6.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.527 |
0.762 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.327 |
7.562 |
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LOAN FUNDS |
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1] Secured Loans |
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6.053 |
2.624 |
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2] Unsecured Loans |
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21.481 |
23.122 |
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TOTAL BORROWING |
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27.534 |
25.746 |
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DEFERRED TAX LIABILITIES |
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0.443 |
0.538 |
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TOTAL |
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35.304 |
33.846 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.446 |
18.776 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.010 |
0.010 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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15.299 |
13.615 |
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Sundry Debtors |
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10.983 |
11.345 |
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Cash & Bank Balances |
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0.416 |
0.197 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.076 |
0.906 |
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Total
Current Assets |
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27.774 |
26.063 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.930 |
11.008 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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10.930 |
11.008 |
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Net Current Assets |
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16.844 |
15.055 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.005 |
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TOTAL |
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35.304 |
33.846 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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29.510 |
30.320 |
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Other Income |
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0.049 |
0.125 |
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Total Income |
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29.559 |
30.445 |
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Change in Stock |
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2.330 |
1.975 |
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Profit/(Loss) Before Tax |
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(0.206) |
0.578 |
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Provision for Taxation |
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0.028 |
0.261 |
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Profit/(Loss) After Tax |
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(0.234) |
0.317 |
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Expenditures : |
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Total Expenses |
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28.019 |
27.883 |
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Financial Charges |
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3.053 |
3.001 |
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Depreciation |
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1.023 |
0.958 |
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Total
Expenditure |
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32.095 |
31.842 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.79 |
1.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.70 |
1.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.45 |
1.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.24 |
4.86 |
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Current Ratio (Current Asset/Current Liability) |
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2.54 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of the company |
U24230GJ1991PTC015676 |
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Name of the company |
UAP PHARMA PRIVATE LIMITED |
|
Address |
Mahagujrat Industrial Estate, Plot No. 423
/ 98, A – B, Sarkej Bawala Highway,Village – Moraiya, Taluka – Sanand,
District - Ahmedabad 382 213, Gujarat, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Oriental Bank of Commerce “Neel
Kamal” Building, Opposite sales |
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Amount Secure by the charge |
Rs. 7.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Margin:
Packing Material 40% Others 25% Interest :15.50% Penal Interest: 2% Above |
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Particulars of the Property charged |
Raw Material stock in Process, Finished Goods, Consumable Stores and spares at Mahagujarat industrial estate, Plot No. 423 / 98, A – B Sarkhej Bawla Road, Village Moraiya, Taluka Sanand, District Ahmedabad, Goods in Transit and Book Debts Present and Future Plant and Machinery of the company foreign documents. Demand / USANCE bills. |
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Particulars of Present Modification |
C C Limit Enhanced from Rs. 6.000 millions to Rs. 7.500 millions sub limit of FDBP / FUDBP Rs. 2.000 millions interest 11.50% secured by Raw Material, Work In Progress, Finished Goods, Plant and Machinery, Book Debts, D USANCE bills |
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Name of the company |
UAP
PHARMA PRIVATE LIMITED |
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Presented
By |
MR.
PRABODHBHAI VASANTLAL SHAH – CHAIRMAN |
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1) Date and description of instrument creating the change |
Document has been executed for equitable mortgage created on the factory land and building on 10.10.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.300 million for T L – 1 + 3.500 millions for T L – 2.4 + Rs. 2.500 millions for its C C + Rs. 1.000 millions for Book Debts Total Charge of Rs. 10.5000 millions + Interest cost, Charges and expenses |
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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 |
First charge on the company factory land and present and
future building situated at Plot No. 423 / A – B, Mahagujrat Industrial Estate, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : 3.5% above PLR with minimum 15.50% p. a. chargeable at quarterly subject to changes from time to time Penal Rate of Interest: 50% above PLR with minimum 17.50% p. a. chargeable on quarterly cost subject to changes from time to time |
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5) Name and Address and description of the person entitled to the charge. |
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6) Date and brief description of instrument modifying the charge |
Memorandum of deposit of title deeds for extension of equitable mortgage charges on the land and building of the factory dated 28.12.2003 |
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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. |
Increase in cash credit stock limit from Rs. 3.500 to Rs. 6.000 millions which include sub limit of Rs. 0.500 millions against Bank debts, Rs.1.500 millions packing credit, Rs 2.000 millions FDEP / FUDBF and bank guarantees limit of Rs. 0.500 millions, Term Loan – I of Rs, 1.940 millions and term loan – II of Rs. 1.065 millions with interest cost, charges and expenses Margin: 25% against stock 50% against book debts 25% against bank guarantee Rate of Interest 2% above PLR subject to change from time to time monthly rest Penal Rate of Interest 4% above PLR p. a. chargeable on monthly rest subject to changes from time to time. |
As Per Web
Details:
Subject, albeit an ISO 9001 certified Company, is steeped
in a tradition
going back a hundred and nine years when Vaidraj Nagindas Chhaganlal Shah used
to actually dig deep into forests and scale mountains at odd hours, and in
various seasons indicated by the Shastras to search personally for berries,
seeds, leaves, and dig roots etc. for formulating Ayurvedic panaceae in the service
of humanity.
Ayurveda or the centuries-old “Science of Life” is based on the simple idea of
treating the individual rather than the disease. This principle indicates
gleaning and sourcing
materials from the same Nature of which mankind is a crucial part, aiming for a
holistic saturation of therapy and nutritious ingredients towards systemic
absorption. In continuing the tradition, Rasvaidya Nagindas Shah established
Unjha Pharmacy in 1894 and subsequently Unjha Ayurvedic Pharmacy after 45
years.78
The present Company—Subject is restructured to give the manufacturing
facilities a scientific edge, and to make the potency of the medicines and
tonics longer lasting. At the present time the Company manufactures over 400
types of classical herbal medicines and 40 formulations that address today’s
common as well as complex ailments.
Labs & Plant
Herbs, roots, seeds etc. are traditionally collected from their native
locations and transformed into medicines in five forms—
Ø
Ras Rasayan
Ø
Bhasma
Ø
Pisti
Ø
Asava
Ø
Churna
Automatic
manufacturing processes have propelled UAP products on a global platform, with
presentation, packaging, and contents at par with the best
internationally.
The R & D quality control, testing and inspection departments coordinate
with all other manufacturing departments to provide end products that are an
integral part of the UAP production line.
The Moraiya Plant,
close to Ahmedabad, augments UAP’s two other plants at Unjha (
The various departments include the
Ø
Ras Rasayan Dept.
Ø
Bhasma & Pisti Dept.
Ø
Avleh Dept.
Ø
Churna Dept.
Ø
Ointment Dept.
Ø
Tablet, Pills & Capsule Depts.
Ø
Liquid/Syrup Depts.
The following
machinery employed by UAP ensures product quality and consistency:
Ø
Automatic Rotary Tablet Machine
Ø
Capsule Manufacturing Machine
Ø
Coating & Polishing Machine
Ø
Ribbon Mixing Machine
Ø
Sieving Meshes
Ø
Colloidal Mill Machines
Ø
Horizontal Filter Press
All of which
contribute to quality smoothness necessary to gain product appeal and consumer
compliance.
UAP is grateful to
all those associated with them whose suggestions and good wishes, and their own
perseverance and ideals held tenaciously earned for them the
prestigious ISO 9001 and the Q9001-2000 (AQA) [ANSI-RAB].
To cure lifestyle disease Ayurvedic herbal extracts from virgin forests blended with the measures derived from spiritual wisdom and austerities, processed in modern labs make
The most sought after, with users growing all over the world
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.39.49 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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 |
|