MIRA
INFORM REPORT
|
Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
ELIXIR CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
1, Chintamani Apartments, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
31.12.1997 |
|
|
|
|
Com. Reg. No.: |
11 -112731 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110MH1997PTC112731 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04594C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE6096M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
To manufacture, sell, buy, deal in, process, export, import,
develop, convert and act as an agent consultant, suppliers, distributors in
all kinds of chemicals and their by products, drugs, intermediates,
pharmaceuticals, fine chemicals reagents, laboratory grade chemicals, dye
stuffs, enzymes, sanitary napkins, derivatives, formulations, compounds,
industrial and other preparation in connection with the main object |
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 490792 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
Financial position is good. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for any normal business dealings. It can be
regarded as a promising business partners in a mediocre to long run |
LOCATIONS
|
Registered Office : |
1, Chintamani Apartments, |
|
Tel. No.: |
91-22-25656779 / 022 / 25917582 / 25402952 |
|
E-Mail : |
|
|
|
|
|
Administration
Office : |
127, Vardhaman Industrial Complex, LBS Marg, Thane (W) – 400601 |
|
Tel. No.: |
91-22-25375627/25435610 |
|
Fax No.: |
91-22-25402952 |
|
|
|
|
Factory 1 : |
A/14, MIDC (Phase I), Dombivali (East), Thane – 421203 |
|
Tel. No.: |
91-251-2472774 |
|
|
|
|
Factory 2 : |
W-150, W-151, W-136, W-137, W-138, W-139, MIDC Industrial Area, Tarapur, Boisar, District Thane- 401504 |
|
Tel. No.: |
91-276113/278566/261664 |
DIRECTORS
|
Name : |
Mr. Pramod Laxminarayan Bhat |
|
Designation : |
Director |
|
Address : |
403, |
|
Date of Birth/Age : |
28.06.1973 |
|
Date of Appointment : |
31.12.1997 |
|
|
|
|
Name : |
Mr. Nandan Laxminarayan Bhat |
|
Designation : |
Director |
|
Address : |
403, |
|
Date of Birth/Age : |
22.11.1976 |
|
Date of Appointment : |
12.04.2004 |
|
|
|
|
Name : |
Mr. Joseph Pascoal D’Souza |
|
Designation : |
Director |
|
Address : |
501, Gulshan 1, |
|
Date of Birth/Age : |
27.10.1939 |
|
Date of Appointment : |
05.06.1998 |
|
|
|
|
Name : |
Mr. Vishnudas Sharad Shenvi |
|
Designation : |
Director |
|
Address : |
404, Pooja Co-op High Society, Near Heochest Staff Squarters, Milund
Colony, Mulund (West), Mumbai – 400080 |
|
Date of Birth/Age : |
25.03.1958 |
|
Date of Appointment : |
15.11.2000 |
|
|
|
|
Name : |
Mr. Govind Sunil Tanavde |
|
Designation : |
Director |
|
Address : |
209, Jumbo Darshan Co-op High Society, |
|
Date of Birth/Age : |
28.07.1948 |
|
Date of Appointment : |
15.11.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Bhatt and Associates |
|
Designation : |
Company Secretary |
|
Address : |
Thane |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Meena Laxminarayan Bhat |
|
15000 |
|
Mr. Pramod Laxminarayan Bhat |
|
5000 |
|
Mr. Nandan Laxminarayan Bhat |
|
5000 |
|
Category |
|
Percentage of
Holding |
|
Bodies Corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To manufacture, sell, buy, deal in, process, export, import,
develop, convert and act as an agent consultant, suppliers, distributors in
all kinds of chemicals and their by products, drugs, intermediates,
pharmaceuticals, fine chemicals reagents, laboratory grade chemicals, dye
stuffs, enzymes, sanitary napkins, derivatives, formulations, compounds,
industrial and other preparation in connection with the main object |
|
|
|
|
Products : |
Pharmaceuticals and Drugs |
|
|
|
GENERAL INFORMATION
|
Suppliers : |
˛ Aarti Industries Limited ˛ Venus Pharmaceuticals (Bom.) Private Limited ˛ Transline Air Cargo Services Private Limited ˛ Surya Chemical Industries ˛ Urmi Chemicals |
|
|
|
|
Customers : |
˛ Transchem Limited ˛ P. I. Drugs and Pharmaceuticals Limited ˛ Indian Genomix Private Limited ˛ Vet India Pharmaceuticals Limited |
|
|
|
|
Bankers : |
˛
Bank of ˛
State
Bank of ˛ Indian Overseas Bank, Andheri ˛
The
Thane Janata Sahakari Bank limited Tip – E-Mail: tjsb@bom5.vsnl.net.in |
|
|
|
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Bhadgaonkar and Gore Chartered Accountants |
|
Address : |
B – 11, Vijay Apartment, Near Aradhana Theatre, Naupada, Thane (West),
Thane – 400602, |
|
|
|
|
Parent Company : |
P.I. Drugs and Pharmaceuticals Limited |
|
|
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/-
each |
Rs.2.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.500 |
2.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
120.198 |
90.651 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
122.698 |
93.151 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.373 |
2.694 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
1.373 |
2.694 |
|
|
DEFERRED TAX LIABILITIES |
|
2.952 |
4.044 |
|
|
|
|
|
|
|
|
TOTAL |
|
127.023 |
99.890 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
58.472 |
47.400 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.493 |
11.949 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
6.062 |
6.641 |
|
|
Sundry Debtors |
|
83.805 |
41.814 |
|
|
Cash & Bank Balances |
|
4.131 |
12.910 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
14.716 |
14.982 |
|
Total
Current Assets |
|
108.716 |
76.347 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
25.390 |
26.266 |
|
|
Provisions |
|
16.268 |
9.541 |
|
Total
Current Liabilities |
|
41.658 |
35.807 |
|
|
Net Current Assets |
|
67.058 |
40.540 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
127.023 |
99.890 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover (including other income) |
|
171.307 |
145.231 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
42.456 |
36.126 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
42.456 |
36.126 |
|
|
|
|
|
|
Expenditures : |
|
128.851 |
109.105 |
|
Total Expenditure |
|
128.851 |
109.105 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
24.78 |
24.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
24.78 |
24.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
25.39 |
29.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.34 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.33 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.60 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Name of the company |
ELIXIR CHEMICALS PRIVATE LIMITED |
|
Presented
By |
ELIXIR CHEMICALS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Letter of
Hypothecation dated: 9.07.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
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 |
Hypothecation of
plant and machinery at Tarapur unit of the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Letter of credit
facility to extent of Rs.10.000
millions. Margin 25% 1. Commission
rate: 0.15% per quarter. Commitment charge from date of issue of letter of
credit till expiry. 2. Ussance
charges for DPLC: 155 upto 10 days DALC upto 3 months: 0.30% DALC over 30 months
0.30% for 3 months and 0.7 per month |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank, |
|
6) Date and brief description of instrument modifying the charge |
Letter of
hypothecation dated: 22.08.2002 Letter of
hypothecation (for securing machinery, goods and book debts) dated 22.08.2002 |
|
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. |
Modification of
original charge by reduction of L/C limit from Rs.10.000 millions to Rs.7.500
millions and creation of CC facility for Rs.2.500 millions @16%p a. by
scoring stock of diesel oil, various acids, bases and other chemicals stored
or to be stored at Plot No. W – 136 Shed No. W 150 shed No. 151, in Tarapur
Industrial Estate, Work in Process and
finished goods at Tarapur unit |
|
Corporate
identity number (CIN) Foreign company registration number |
U24110MH1997PTC112731 |
|
Name of the
Company |
ELIXIR CHEMICALS PRIVATE LIMITED |
|
Address |
1, Chintamani Apartments, |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Hypothecation |
|
Particulars of
the charge holder |
The Thane Janata
Sahakari Bank limited Tip – E-Mail: tjsb@bom5.vsnl.net.in |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief of the
principal terms and conditions |
1. Commission
Rate 0.15% per quarter, Commitment charge from date of issue of letter of
credit till expiry. 2. Ussance charge
for DPLC: 15% up to 10 days. DALC up to 3 months: 0.30% DALC over 3
moths:0.30% for 3 margin 25% |
|
Description of
the property charged indicating |
plant and
machinery, book debts, stock in trade Hypothecation of
plant and machinery at Tarapur unit of the company |
|
Charge
identification |
90236175 |
|
Brif description
of the instrument modifying the charge under section |
Letter of
hypothecation |
|
Date of
Instrument modifying the charge |
21.08.2006 |
|
Particular of the
present modification |
Enhancement of
cash credit from Rs.2.500 millions to Rs.3.500 millions and letter of credit
from Rs.7.500 million to Rs.12.500 millions |
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.39.51 |
|
|
1 |
Rs.81.16 |
|
Euro |
1 |
Rs.56.76 |
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 |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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. |
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 |
|