MIRA INFORM
REPORT
|
Report
Date : |
31.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
MEHTA PHARMACEUTICAL INDUSTRIES |
|
|
|
|
Registered
Office : |
315-318, Janki Centre, Plot No. 29, Shah Industrial
Estate, Off. |
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|
Country
: |
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|
|
|
|
Financials
(as on) : |
31.03.2007 |
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|
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|
Date
of Incorporation : |
1970 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMM18426C |
|
|
|
|
PAN
No.: [Permanent
Account No.] |
AAEFM3693B |
|
|
|
|
Legal
Form : |
Partnership concern with an unlimited liability of the
partners |
|
|
|
|
Line
of Business : |
Manufacturer and Exporter of Bulk Drugs such as
Anti-Bacterial, Smooth Muscle Relaxant, Anterior Pituitary Suppressant,
Anti-biotic, Anthelminic, Anti-Emetic, Anti-Histamine and others. |
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
550000 |
|
|
|
|
Status
: |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
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|
|
|
Comments
: |
Subject is a well established and reputed concern having
fine track. Partners are reported as experienced, respectable and having
satisfactory means of their own. Their trade relations are fair. Payments are
usually correct and as per commitments. The concern can be considered good
for normal business dealings at usual trade terms. Mr. Vinay Shah of the concern parted required details fro
the report. He assured to provide latest financials, also. |
LOCATIONS
|
Registered
Office : |
315-318, Janki Centre, Plot No. 29, Shah Industrial
Estate, Off. |
|
Tel.
No.: |
91- 22-
26730750/56926545 |
|
Fax
No.: |
91- 22-
26730129/56925901 |
|
E-Mail
: |
|
|
Website
: |
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|
Area : |
2,500 Sq. Fts. (Owned) |
|
|
|
|
Plants
: |
·
Telephone Number - 91- 250- 2527131/7626 Fax Number- 91-
250- 2529463 ·
Steel Company Compound, |
|
Area : |
18,000
Sq. Fts. [Owned] |
PARTNERS
|
Name : |
Mr.
Harshadrai P. Mehta |
|
Designation
: |
Partner |
|
|
|
|
Name : |
Mr. Sureshchandra P. Mehta |
|
Designation
: |
Partner |
|
|
|
|
Name : |
Mr. Devendra H. Mehta |
|
Designation
: |
Partner |
|
|
|
|
Name : |
Mr. Yogin H. Mehta |
|
Designation
: |
Partner |
|
|
|
|
Name : |
Mr. Chetan S. Mehta |
|
Designation
: |
Partner |
|
|
|
|
Name : |
Mr. Atul S. Mehta |
|
Designation
: |
Partner |
KEY EXECUTIVES
|
Name : |
Mr.
Devendra H. Mehta |
|
Designation
: |
Chief
Executive Officer |
|
Date
of Birth/Age : |
38 years |
|
Qualification
: |
Science
Graduate |
|
Experience
: |
17 years |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer and Exporter of Bulk Drugs such as
Anti-Bacterial, Smooth Muscle Relaxant, Anterior Pituitary Suppressant,
Anti-biotic, Anthelminic, Anti-Emetic, Anti-Histamine and others. |
|
|
|
|
Products
: |
·
Aminophylline ·
Amlodipine Besylate ·
Calcium Sennoside ·
Choline BiTartarate ·
Chloramphenicol Palmitate Microfine ·
Chlorpheniramine Maleate ·
Choline Theophyllinate ·
Chlorhexidine Base & Salts ·
Di-Sodium Hydrogen Citrate ·
Erythromycin Base |
|
|
|
|
Exports
to : |
North America, South America, Europe, Far East Africa, |
|
|
|
|
Imports
from : |
Europe and |
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|
|
|
Terms
: |
|
|
Purchasing : |
D/A, D/P or L/C |
GENERAL INFORMATION
|
Customers
: |
Actual Users |
|
|
|
|
No. of
Employees : |
75 |
|
|
|
|
Bankers
: |
Central Bank of |
|
|
|
|
Facilities : |
The concern enjoys good facilities from it’s banker (Cash Credit : Rs.25.000 millions) |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries
: |
Mehta API
Private Limited, Mumbai (Proposed Manufacturer) Santosh
Pharma, Mumbai (Trading) Mehta
Chemicals, Mumbai (Trading) |
s
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
120.000 |
100.062 |
100.062 |
|
|
2] Share
Application Money |
|
|
0.000 |
|
|
3]
Reserves & Surplus |
|
|
42.215 |
|
|
4]
(Accumulated Losses) |
|
|
0.000 |
|
NETWORTH
|
|
|
142.277 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
|
0.000 |
|
|
2]
Unsecured Loans |
|
|
33.218 |
|
TOTAL
BORROWING
|
|
|
33.218 |
|
|
DEFERRED
TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
|
175.495 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
|
|
18.588 |
|
Capital work-in-progress
|
|
|
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
NA |
NA |
0.016 |
|
DEFERREX TAX ASSETS
|
|
|
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
|
91.200 |
|
|
Sundry Debtors
|
|
|
86.785 |
|
|
Cash & Bank Balances
|
|
|
0.945 |
|
|
Other Current Assets
|
|
|
62.443 |
|
|
Loans & Advances
|
|
|
0.500 |
Total Current Assets
|
|
|
241.873 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
|
84.982 |
|
|
Provisions
|
|
|
0.000 |
Total Current Liabilities
|
|
|
84.982 |
|
Net
Current Assets
|
|
|
156.891 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
|
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
|
175.495 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
Sales Turnover [including other income]
|
800.000 |
650.000 |
450.000 |
Expected
Sales (March 2008) : Rs.1000.000 millions
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2004 |
PAT / Total Income
|
(%)
|
|
|
9.52 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
|
9.52 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
|
16.20 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
|
0.29 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
|
0.83 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
|
2.84 |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY
Subject was established in the year 1970 at Mumbai in
Business:
Subject is engaged as Manufacturer and Exporter.
Subject is a Manufacturer of Bulk Drugs such as
Anti-Bacterial, Smooth Muscle Relaxant, Anterior Pituitary Suppressant,
Anti-biotic, Anthelminic, Anti-Emetic, Anti-Histamine and others.
Packaging is carried out as per the customers request. The concern use the following types of drums
for packaging -
·
Polycoated
fibre drums
·
HDP
blue carboy
·
Biodegradable
drums
Subject is a Government Recognised Export House.
MEMBERSHIPS
·
Basic
Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council
·
Federation
of Indian Exporters Organisation
·
Indian
Drugs Manufacturers Association
·
Indian
Merchants Chambers
AS PER WEBSITE :
Company
Profile
VISION
To holistically contribute by continuously enhancing the level of
human resources, technology, quality standards by supporting with total
commitment to their customers to enhance the healthcare of mankind globally and
by enduring relationship with their suppliers
Subject practices holisticapproach which aspires human spirit to
satisfy physical emotional social, intellectual and spiritual aspirations of
the employees to promote a work culture that team spirit, flexibility and
creativity to enable them to give their best.
Adopting innovative technology to continuously introduce new
products and improve quality and work with dedication and innovation for total
customer satisfaction.
This they achieve by preserving human values of trust, integrity,
reliability and transparency in all their dealings.
SUCCESS MANTRA OF QUALITY & INTEGRITY
The business of healthcare is all about a firm commitment to the customer.
What goes in as the ingredients of a medicine is like a heart to a human. They
at Mehta Pharmaceutical Industries (MPI) take a holistic view to excellence in
the field of API. Continuous product development, consistent product quality
and meeting stringent delivery schedule for their customers are the
cornerstones of their customer-satisfaction policy.
Since 1970, MPI is family owned enterprise and engaged in the
manufacturing exporting and importing a wide range of Active Pharmaceutical
Ingredients(API) and intermediates. They have grown with niche products and
customers alike who have set very high quality standards for branded
formulations in the fast changing international scenario. their commitment to
the customers who make formulation lies in to help safeguarding their
reputation in pursuit of excellence. The proof of which lies in us being the
primary Vendor to top Indian and MNC's in
A track record of manufacturing excellence
EXCELLENT EXPORT PERFORMANCE WAS RECOGNISED BY MINISTRY OF
COMMERCE, GOVERNMENT OF
The company already recipient of three export awards from Export
promotion council
Head office - Located at Andheri in the heart of Mumbai, the
commercial hub of
Quality comes first
Winning worldwide customers over the last 35 years and retaining
them for continuous orders has been a way of life with us. Competing with the
best in their chosen field of expertise on a global scale would not have been
possible without their emphasis on QUALITY ASSURANCE. Here’s a synopsis:
* Their Quality Assurance Department puts a great emphasis on the
entire manufacturing process in order to maintain stringent customer specifications
at par with the best global standards.
* The Quality Assurance department has an excellent team of
experienced professionals with a sound concept of quality systems and cGMP
through continuous training supported by sophisticated equipments.
* Validation of processes and analytical methods are integral part of the
development efforts.
Regulatory Compliance is the key
v
Excellence comes from the work culture prevailing within the
organization. As a manufacturer of bulk drugs, it is their constant endeavour
to nurture excellence at each and every step, leaving nothing to chance.
v
They are constantly working for preparation and submission of Drug
Master Files as per CTD format for their range of products.
v
Manufacturing facility has GMP
Certificate issued by local FDA
Product Details
The products have been
highly appreciated by the patrons due to their effectiveness and quality.
|
BULK DRUGS |
|
|
Aminophylline (Anhy./Hydrate) BP/USP |
Modafinil $ |
|
Alendronate Sodium Trihydrate |
Nicorandil |
|
Amoxapine |
Nitazoxanide |
|
Aripiprazole ** $ |
Losartan Sodium |
|
Azithromycin Dihydrate # USP/EP |
Lamotrigine |
|
Bisoprolol Fumarate USP * |
Loxapine ** |
|
Chloramphenicol Base & Salts (Micro)
BP/USP |
Potassium Iodide LR / AR BP/USP |
|
Chloramphenicol Palmitate (Micro)
BP/USP |
Prochlorperazine Salts BP/USP |
|
Duloxetine ** |
Procyclidine Hydrochloride BP |
|
Erythromycin A Oxime (Intermediate) |
Promethazine Theoclate # BP |
|
Erythromycin Base & Salts BP/USP# |
Quetiapine Fumarate ** $ |
|
Esmolol Hydrochloride |
Racecadotril |
|
Ezetimibe |
Topiramate |
|
Felodipine # BP |
Trimetazidine HCL |
|
Methyl Nicotinate # |
Ziprasidone |
|
# OPEN PART DMF AVAILABLE |
$ INTERMEDIATES AVAILABLE |
|
** UNDER DEVELOPEMENT |
|
Note: All transactions are
carried out in confirmity with patent laws applicable in the user country.
Responsibility with respect to third parties patent rights in a specific
country lies exclusively with the user.
N.B.: The above products are offered as per BP/EP/USP/JP and FP and as
per customer’s In-House Specifications. Also available as Microfine.
Research & Development:
Path breaking Research and Development effort form the corner stone of Subject’s
success and provide it with an edge in competitive market system. In fact their
belief on this aspect has given rise to Subject’s reputation for the process
innovation and product excellence. Their current activities include:
v Process development of
molecules of superior quality
v Pilot plant & scale
up Studies
v Preparation of Working
Standards
v Impurity Profile &
estimation of Residual Solvents
Safety System:
1. Proper care is taken of the employees by using modern safety equipments as
such they are socially committed to the environment, health, safety norms and
employee welfare relations.
2. Proper care is taken
of the environment as MPI has effluent treatment plant which ensures that the
discharge of effluents is within prescribed chemical and biological limits.
Services
Products offered meeting specifications of the customers in terms of Impurity
Profile, Particle size, Bulk Density, Residual Solvents and packing.
Working Standards of the
products are provided on request
New Facility:
They have now set their sights on
achieving a larger share of the global market and to achieve that, MPI is
constructing a new state-of-the-art facility to manufacture APIs in the name of
MEHTA API PVT Ltd near industrial zone, at Tarapore, 110 km to the North of
Mumbai covering 26,000 Sq.mtrs. of land.
Planning Is Done To
Manufacture Api In Dedicated Block As Per Their Therapeutic Value
- Erythromycin / Macrolide
- Multipurpose Facility
(Non-Antibiotic)
- Space For Manufacturing Block
For Future Expansion
RESEARCH & DEVELOPMENTS
The R&D center provides:-
A team of
qualified and experienced Organic Chemists and Doctorates form the centre of
the company's research and development activities. The current activities
include:
*Process
development of molecules of superior quality.
* Pilot plant and scale-up studies
* Preparation of working standards
* Impurity profile and estimation of residual solvent
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. 41.91 |
|
|
1 |
Rs. 82.57 |
|
Euro |
1 |
Rs. 55.72 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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
|
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 |