MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
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Name : |
KREMOINT PHARMA PRIVATE LIMITED |
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Registered Office : |
No. 151/5, Shri Krishna Darshan, Garodia Nagar, Ghatkopar East,
Mumbai, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
12.05.1992 |
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Com. Reg. No.: |
11-66737 |
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CIN No.: [Company
Identification No.] |
U24230MH1992PTC066737 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK05289E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Pharmaceuticals |
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 32000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. Directors
are reported as experienced, respectable and having satisfactory means of their
own. Profit margin is under severe pressure. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 151/5, Shri Krishna Darshan, Garodia Nagar, Ghatkopar East,
Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-25118394 / 25166108 |
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Mobile No.: |
91-9820191597
/ 9820067702 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. B-8, Additional Ambernath, MIDC, Opposite Main Road, Anand
Nagar, Police Check Post, Ambernath [East], Thane – 421506, Maharashtra,
India |
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Tel. No.: |
91-251-2620273 / 355 / 655 / 2621363 / 64 / 67 / 5652436 |
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Fax No.: |
91-251-2621363 / 364 / 367 / 2620273 / 355 / 655 / 25653004 |
DIRECTORS
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Name : |
Mr. Ashwin K. Thakkar |
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Designation : |
Director |
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Address : |
E-405/4069, |
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Date of Birth/Age : |
17.07.1960 |
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Date of Appointment : |
12.05.1992 |
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Name : |
Mr. Bhadresh K. Thakkar |
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Designation : |
Director |
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Address : |
No. 151/5, Shri Krishna Darshan, Garodia Nagar, Ghatkopar East,
Mumbai, Maharashtra, India |
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Date of Birth/Age : |
07.12.1964 |
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Date of Appointment : |
12.05.1992 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Pharmaceuticals |
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Products : |
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Exports : |
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Countries : |
Worldwide, Middle East, African Countries, Latin America, |
GENERAL INFORMATION
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No. of Employees : |
60 |
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Bankers : |
The Bharat Co-operative Bank Mumbai Limited, Ghatkopar [West] Branch, L.B.S. Marg, Ghatkopar [West], Mumbai 400086 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. M. Associates Chartered Accountants |
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Address : |
Tarlika, Ground Floor, 216, |
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Tel. No.: |
91-22-24141274 / 24144110 |
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Memberships : |
Pharmaxil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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24000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.400 Millions |
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1000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.100 Millions |
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Total |
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Rs. 2.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.600
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.600 |
0.600 |
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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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7.447 |
7.254 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.047 |
7.854 |
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LOAN FUNDS |
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1] Secured Loans |
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15.712 |
10.726 |
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2] Unsecured Loans |
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4.559 |
4.024 |
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TOTAL BORROWING |
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20.271 |
14.750 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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28.318 |
22.604 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.594 |
18.538 |
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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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0.841 |
0.782 |
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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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5.074 |
2.676 |
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Sundry Debtors |
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9.450 |
4.686 |
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Cash & Bank Balances |
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0.177 |
0.197 |
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Other Current Assets |
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0.680 |
1.044 |
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Loans & Advances |
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0.330 |
0.413 |
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Total
Current Assets |
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15.711 |
9.016 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.707 |
5.037 |
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Provisions |
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0.121 |
0.700 |
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Total
Current Liabilities |
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8.828 |
5.737 |
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Net Current Assets |
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6.883 |
3.279 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.005 |
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TOTAL |
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28.318 |
22.604 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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34.838 |
25.699 |
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Profit/(Loss) Before Tax |
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0.201 |
0.062 |
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Provision for Taxation |
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0.100 |
0.021 |
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Profit/(Loss) After Tax |
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0.101 |
0.041 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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0.048 |
0.032 |
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Managerial Remuneration |
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0.576 |
0.374 |
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Interest |
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2.381 |
1.668 |
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Insurance Expenses |
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0.298 |
0.128 |
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Depreciation & Amortization |
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0.699 |
0.699 |
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Other Expenditure |
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4.000 |
9.194 |
KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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0.29 |
0.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.58 |
0.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.55 |
0.23 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.62 |
2.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.78 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Furniture
- Computer
- Building and
Land
- Machinery
- Office
Equipments
- Mobile Phone
- Motor car
- Air
Conditioner
- Hot Drink
Machine
- Electrification
and Electric Fittings
- Transformer
Bankers Charges
Report as per Registry
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Name of the company |
KREMOINT PHARMA
PRIVATE LIMITED |
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Presented By |
The Bharat
Co-operative Bank Mumbai Limited, Ghatkopar [West], Mumbai 400086 |
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1) Date and description of instrument creating the change |
31.03.1998 Hypothecation of Tangible
Movable Property for Rs. 2.500 Millions Charge and
Hypothecation of Book Debts for Rs. 0.500 Million |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000
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 |
First charge and
Hypothecation in favour of the Bank all stocks including therein the stocks thereof
for the time being whether raw or manufactured or in the process of
manufactured and also all every fixtures, tool, tangible movable property of
the borrow whether now lying or at any time hereafter during the continuance
of this security lying or being in or about the borrower premises and godowns
at B-8 Additional Ambarnath MIDC Ambernath [East] Dist Thane or wherever else
the same may be. The borrower doth
do hereby hypothecate to and in favour of the bank and doth do hereby charge
to the bank by way of first charge all the outstanding book debts, moneys
receivables, claims and approved book debts, due to the borrower and bills
which are now due and owing or which may at any time hereafter during the
continuance of this security become due and owing to the borrower in the
course of its business by any person, firm, company or by the government or
any local or public body or authority.
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 18 % p.a. with quarterly rest or at such rate as may be prescribed by
reserve Bank of Bank for
preservation, protection defense and perfection of the securities or for
attempted or payment of all present and future indebtness and liabilities of
the borrower to the bank of any primary or collateral accrued accruing with
all relative interest charge cost expenses. Margin stocks 40
% Book debts 50
% |
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5) Name and Address and description of the person entitled to the charge. |
The Bharat Co-operative Bank Mumbai Limited, Ghatkopar [West] Branch, L.B.S. Marg, Ghatkopar [West], Mumbai 400086 |
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6) Date and brief description of instrument modifying the charge |
7th
September 1999 Hypothecation of
tangible movable property Agreement for
charge and hypothecation of book debts Both the
documents constitution a single charge of Rs. 5.000 Millions |
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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. |
At the request of
the borrower bank has enhanced the cash credit limit from Rs. 3.000 Millions
to Rs. 5.000 Millions Rate of interest
of 17 % payable on monthly rest Other terms and
conditions unchanged. Accordingly the
charge modified form Rs. 3.000 millions to Rs. 5.000 Millions |
As Per Website
Subject was incorporated in the
year 1992. Mr. K. K. Thakkar & his two dynamic sons Mr. A. K. Thakkar &
Mr. B. K. Thakkar as Directors. With the boosting up of sales, the idea was
conceived for starting up of an own manufacturing unit at Ambernath M.I.D.C.
near Mumbai in the year 1994. The company presently manufacture dosage forms
like Ointments, Creams & Gels in Allopathic Medicines. Subject has exported
various pharmaceutical formulations in ointments and creams forms
to various countries.
Subject, project
was completed in the year 1994 for the ointments and creams under utmost hygienic
conditions to bring the quality standards of the products as per the
international G. M. P. and WHO GMP requirements on microbial standards.
Subject is
having its own manufacturing facility total 15000 Sq. ft. area at B-8,
Additional Ambernath M.I.D.C., Anandnagar, Ambernath ( East ), Pin Code:
421506.
A front
runner in the Indian Pharmaceutical Industry, subject started its operations in
January 1993. A leading manufacturer, exporter and supplier of various types of
Ointments and Cream and Gel Formulations which includes Antibiotics,
Corticosteroids, Antiseptic and Anti-inflammatory type of
combinations, the company commenced its manufacturing operations in 1994
under an able guidance of its Director Mr. Ashwin K. Thakkar, who has over 16
years of experience in this field.
With its own state-of-the-art manufacturing facility, spread over an area of
15,000 sq. ft. of scenic land, the company follows WHO GMP guidelines to
manufacture its wide range of Ointments and Cream & Gel Formulations which
includes Antibiotics, Corticosteroids, Antiseptic and Anti- inflammatory type
of combinations. The company has recently broadened its range of products with
the introduction of Ayurvedic products in its supply list.
Approved by Food and Drug Administration (FDA), Maharashtra to manufacture
ointments, creams and other products for external use, subject export its
various pharmaceutical formulations to countries like
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.79 |
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1 |
Rs.81.41 |
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Euro |
1 |
Rs.56.87 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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41 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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