MIRA
INFORM REPORT
|
Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
AKUMS DRUGS AND PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
304, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
19.04.2004 |
|
|
|
|
Com. Reg. No.: |
55-125888 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24239DL2004PLC125888 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELA13882B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECA7090B |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Supplier and Manufacturer of Pharmaceutical machinery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1681632 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having satisfactory
track. Trade relations are fair. General financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
304, |
|
Tel. No.: |
91-11-27011428 / 27011315/18/21 |
|
Fax No.: |
91-11-27023256 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Dharm Chand Jain |
|
Designation : |
Director |
|
Address : |
E -1052, Saraswati Vihar, |
|
Date of Birth/Age : |
28.11.1940 |
|
Date of Appointment : |
19.04.2004 |
|
Tel No: |
91-11-27011428 / 27011448 / 27011321 |
|
Fax No: |
91-11-27023256 |
|
Email: |
|
|
|
|
|
Name : |
Mr. Sanjeev Jain |
|
Designation : |
Director |
|
Address : |
E -1052, Saraswati Vihar, |
|
Date of Birth/Age : |
11.04.1956 |
|
Date of Appointment : |
19.04.2004 |
|
|
|
|
Name : |
Mr. Mata Pher Singh |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 19, 20, 21 Sector 6A, II, E, SIDCUL, Haridwar – 249 403, |
|
Date of Birth/Age : |
20.06.1957 |
|
Date of Appointment : |
23.05.2004 |
|
|
|
|
Name : |
Mr. Sandeep Jain |
|
Designation : |
Director |
|
Address : |
E -1052, Saraswati Vihar, |
|
Date of Birth/Age : |
05.08.1967 |
|
Date of Appointment : |
19.04.2004 |
|
|
|
|
Name : |
Mr. Narendra Dev Sachdeva |
|
Designation : |
Whole Time
Director |
|
Address : |
40/22, IIIrd Floor, C R Park, |
|
Date of Birth/Age : |
15.10.1960 |
|
Date of Appointment : |
27.08.2004 |
KEY EXECUTIVES
|
Name : |
Mr Ashok Upendra jha |
|
Designation : |
Secretary |
|
Address : |
48 A, Pocket A -3, Mayur Vihar, Phase – III, Delhi – 110 096 |
|
Date of Birth/Age : |
29.01.1972 |
|
Date of Appointment : |
22.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sanjeev Jain |
|
234700 |
|
Mr. Sandeep Jain |
|
264250 |
|
Mr, Kiran Jain |
|
100 |
|
Mrs. Lata Jain |
|
88075 |
|
Mrs Vandana Jain |
|
46550 |
|
Mr D C Jain J / W Arushi Jain |
|
300 |
|
Mr. D C Jain J / W Kanishk Jain |
|
300 |
|
Mrs. Lata Jain J / W Umang Jain
|
|
50 |
|
Mrs. Vandana Jain J/ W Manan Jain |
|
50 |
|
Mr. D C Jain J/ W Sanjeev Jain |
|
65200 |
|
Mr. D C Jain J /W Sandeep Jain |
|
65200 |
|
Mr. Kiran Jain J / W Sanjeev Jain |
|
1750 |
|
Mr. Kiran Jain J/ W Sandeep Jain |
|
1750 |
|
Mr. D C Jain and sons HUF J/W Sanjeev Jain |
|
85000 |
|
Mr. D C Jain and son HUF J/W Sandeep Jain |
|
85000 |
|
Mr. Mata Pher Singh |
|
1250 |
|
Mr. Narendra Dev Sachdeva |
|
1250 |
|
Amazing Research Laboratories
Limited |
|
15000 |
|
Maxcure Drugs and Pharmaceuticals Limited |
|
15000 |
|
Power Pack |
|
25000 |
|
Life Line |
|
15000 |
|
Mr. Ajay Kakkar |
|
5000 |
|
Mrs. Ambika Sukumar |
|
2000 |
|
Mr. Balraj Bidaliya |
|
3500 |
|
Mr. Brajesh Sharma |
|
14500 |
|
Mr. Chandra Mohan Khurana |
|
10000 |
|
Mrs Devi Deen Singh |
|
4500 |
|
Mr Gopi Nath Sahu |
|
2000 |
|
Mrs. Kusum Pal |
|
3000 |
|
Mrs. Lalita Rani |
|
1500 |
|
Mrs. Manisha Manocha |
|
1000 |
|
Mrs. Manju Bisht |
|
1000 |
|
Mr Mohan LaL Bansal |
|
1000 |
|
Mr. Partha Sarthi Mohapatra |
|
2000 |
|
Mr. Praveen Soni |
|
2000 |
|
Mr. Rajeshwar Prasad |
|
1000 |
|
Mr. Ramshankar |
|
2000 |
|
Mr. Sudama Prasad |
|
2500 |
|
Mr. Surendra Kumar Saini |
|
1500 |
|
Mr Vijay Pal Singh Rawat |
|
1500 |
|
Sanjeev Jain and Sons HUF |
|
22000 |
|
Sandeep Jain and Sons HUF |
|
33975 |
|
A K Laboratories Limited |
|
46750 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies corporate |
7.00 |
|
2 |
Directors or relative of directors |
85.00 |
|
3 |
Others |
8.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier and Manufacturer of Pharmaceutical machinery. |
GENERAL INFORMATION
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
·
State Bank of Address: Industrial Estate , Wazirpur, · ICICI Bank Limited Address: Email: sudhir@brmco.com CIN: L65190GJ1994PLC021012 |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Anil Jain D.D and Company Chartered Accountants |
|
Address : |
611, |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity shares |
Rs. 10/- each |
Rs. 12.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1175000 |
Equity shares |
Rs.10/- each |
Rs. 11.750
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
01.04.2005 to 31.03.2006 |
19.04.2004 to 31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
11.750 |
11.750 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
408.658 |
30.316 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
420.408 |
42.066 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
96.247 |
79.561 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
96.247 |
79.561 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
516.655 |
121.627 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
260.325 |
87.820 |
|
|
Capital work-in-progress |
|
31.799 |
2.978 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
175.184 |
66.740 |
|
|
Sundry Debtors |
|
296.175 |
73.213 |
|
|
Cash & Bank Balances |
|
8.985 |
6.412 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
72.002 |
4.687 |
|
Total
Current Assets |
|
552.346 |
151.052 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
287.920 |
118.169 |
|
|
Provisions |
|
39.895 |
2.054 |
|
Total
Current Liabilities |
|
327.815 |
120.223 |
|
|
Net Current Assets |
|
224.531 |
30.829 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
516.655 |
121.627 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
01.04.2005 to 31.03.2006 |
19.04.2004 to 31.03.2005 |
|
|
Sales Turnover |
|
1942.749 |
162.458 |
|
|
Other Income |
|
18.805 |
0.000 |
|
|
Total Income |
|
1961.554 |
162.458 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
385.407 |
21.120 |
|
|
Provision for Taxation |
|
38.039 |
2.053 |
|
|
Profit/(Loss) After Tax |
|
347.368 |
19.067 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial charges |
|
5.954 |
1.399 |
|
|
Other Expenditure |
|
1564.239 |
138.540 |
|
Total Expenditure |
|
1570.193 |
139.939 |
|
KEY RATIOS
|
PARTICULARS |
|
|
01.04.2005 to 31.03.2006 |
19.04.2004 to 31.03.2005 |
|
PAT / Total Income |
(%) |
|
17.70 |
11.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
19.83 |
13.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
45.63 |
8.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.91 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.00 |
4.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.68 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:-
Company was incorporated on 19.04.2004 vide Certificate of incorporation
No. U24239DL2004PLC125888 and obtained its Certificate of Commencement of
Business dated 13.05.2005 from Registrar of Companies NCT of Delhi and Haryana.
The registered Office of the Company is situated at 304, Mohan Place, LSC Block
C, Saraswati Vihar, Delhi – 110 034.
The company got allotment of Industrial Plot No. 19, 20, and 21 Sector -
6 A, Industrial Estate, BHEL Area, Ranipur, Haridwar developed by state
Industrial Development Corporation of Uttaranchal Limited (SIDCUL). Company
took its possession vide letter No. 340/ SIDCUL/GM dated 03.05.2004 and
commenced construction on 21.06.2004.
Manufacturing
agreement:
Company has entered into agreement with following Companies for
manufacture of their products on Loan License / Contract manufacturing basis:
- Lupin Limited
- Intas
Pharmaceuticals Limited
- Strazen
Formulation (Sarabhai)
- German
Remedies Limited
- Medley
Pharmaceuticals Limited
- Nicholas
Piramal (
|
Corporation identity number or foreign company registrations number of
the company |
U24239DL2004PLC125888 |
|
Name of the company |
AKUMS DRUGS AND PHARMACEUTICALS LIMITED |
|
Address |
304, |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
Movable Property |
|
Particular of the charge holder
|
ICICI Bank Limited Address: Email: sudhir@brmco.com
CIN: L65190GJ1994PLC021012 |
|
Nature or description of the instrument creating charge |
Deed of hypothecation |
|
Date of the instrument creating charge |
29.11.2006 |
|
Amount Secure by the charge |
Rs. 200.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate on interest: Aggregate of 1.15 per cent per annum (‘Margin”), And 6 month LIBOR Terms of Repayment: Eight (8) Equal semi – annual installment the first such installment
being due on end of eighteen (18) month from the Average Drawdown Date. The
final maturity date for the Facility being 5 years from the Average Drawdown
Date Margin: 1.15 per cent per annum Extent and operation of the
charge: First pari passu charge on all the movable fixed assets of the company
situated at the units – II and III at Plot No. 22, Sector – 6A and Plot No.
2,3,4, and 5 Sector – 6B, IIE, BHEL Area, Ranipur, Haridwar, Uttranchal, India
being financed out of the facility, ranking pari passu with State Bank of
India Others: The above limit is taken for term loan for an amount of up to USD 4.38
million (“the Facility”). The Facility is interchangeability with letter of
credit facility to a extent of USD 3.5 millions. The facility amount shall
stand reduced to the extent the company makes any utilization under the
Letter of Credit Facility. |
|
Short particulars of the
Property charged |
Movable fixed assets of the company units
– II and III at Plot No. 22, Sector – 6A and Plot No. 2,3,4 and 5 Sector -6B,
IIE, BHEL Area, Ranipur, Haridwar, Uttranchal, India |
|
Name of the
company |
AKUMS DRUGS AND PHARMACEUTICALS LIMITED |
||||||||||||||||||
|
Presented
By |
State Bank of |
||||||||||||||||||
|
1) Date and
description of instrument creating the change |
C1, C2, C5 dated
30.08.2004 and agreement of mortgage dated 30.08.2004, Registered on
23.09.2004 |
||||||||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 22.500
millions |
||||||||||||||||||
|
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 |
Cash Credit
secured by first charge, by hypothecation, over total current assets of the
company i.e, to say stocks and receivable situated at Bhiwandi Charge to be
created as fixed assets of the company including EM of factory land and
building situated at Plot No. 19,20,21 Sector -6A, IIE BHEL area, Ranipur,
Haridwar, Uttranchal |
||||||||||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest 0.75% below SBAR i.e,
9.5% p.a. calculated on products of daily balances chargeable monthly |
||||||||||||||||||
|
5) Name and Address
and description of the person entitled to the charge. |
State Bank of Address: Industrial Estate , Wazirpur, |
||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Supplemental agreement
of hypothecation CIA, C2A and C5 till dated 05.12.2005 and Form B for
equitable mortgage of property in the name of the company dated 05.12.2005 |
||||||||||||||||||
|
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. |
Limit increased
from Rs. 22.500 millions to Rs. 132.000 millions as under:-
Extension of
charge over fixed assets of the company including equitable mortgage of property
created by the company of its property situated at Plot No. 19,20,21 Sector -6A, IIE BHEL
area, Ranipur, Haridwar, Uttranchal Cash Credit of Rs. 132.000 millions
residual value Rs. 38.800 millions Other terms and conditions |
||||||||||||||||||
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.39.57 |
|
|
1 |
Rs.81.01 |
|
Euro |
1 |
Rs.56.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|