MIRA
INFORM REPORT
|
Report Date : |
05.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ACME FORMULATIONS
PRIVATE LIMITED |
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Registered Office : |
Village
Chowkiwalatehsil Nalagarh, Ropar Road, District Solan – 174101, Himachal
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.06.2004 |
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Com. Reg. No.: |
06-27223 |
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CIN No.: [Company
Identification No.] |
U24230HP2004PTC027223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLA11750E |
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PAN No.: [Permanent
Account No.] |
AAECA7994C |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturers,
Traders and Exporters of Pharmaceuticals link tablets crystal etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 580000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established 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 / Factory : |
Village
Chowkiwalatehsil Nalagarh, Ropar Road, District Solan – 174101, Himachal
Pradesh, India |
|
Tel. No.: |
91-1795-220272 /
73 / 74 |
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Mobile No.: |
91-9816181044 |
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Fax No.: |
91-1795-220115 |
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E-Mail : |
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Area : |
6500 sq. mtrs.
(Factory : 1 Acres) |
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Location : |
Owned |
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Head Office : |
75 Industrial
Area Phase II, Chandigarh |
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Tel. No.: |
91-172-3013095 /
96 / 3918718 |
DIRECTORS
|
Name : |
Mrs. Richi
Aggarwal |
|
Designation : |
Managing Director
|
|
Address : |
# 561, Sector 18 B, Chandigarh – 160018, India |
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Qualification : |
MBA |
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Date of Appointment : |
12.08.2006 |
|
Other Directorship : |
U34201DL1989PLC036743 JCBL Limited U24230HP2004PTC027223 Acme Formulation Private Limited U00000CH2003PTC026523 JCBL India Private Limited U29192DL2004PTC128126 Haiger Refrigaration Private Limited U99999CH2004PTC027206 Spectators Global Private Limited U74899DL1982PTC013536 Kei Metals Private Limited U35999DL2002PTC116194 JCBL King Automobile Company Private Limited U74999DL2000PTC105201 Jaycee Chalmers India Private Limited U50101DL2001PTC111613 JCBL Autos Private Limits U74999DL2004PLC130836 Mobility Solutions Limited U70101CH1997PTC020413 SPR Estates and Builders Private Limited |
|
Partnership Held in Partnership Firm : |
Globe Tractors [Agencies] # L 1/18, Hauz Khas Enclave, Hauz Khas, New Delhi – 110006, India |
|
|
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Name : |
Mr. Ram Gopal Arora |
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Designation : |
Director |
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Address : |
# 4, Chandigarh Young Dwellers Society, Sector 49 A, Chandigarh –
160047, India |
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Date of Birth/Age : |
29.12.1955 |
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Date of Appointment : |
12.08.2006 |
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Name : |
Mr. Rishi Aggarwal |
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Designation : |
Managing Director |
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Address : |
# 561, Sector 18, Chandigarh – 160018, India |
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Date of Birth/Age : |
17.05.1973 |
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Date of Appointment : |
25.07.2005 |
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Name : |
Mr. Viralkumar Dilipkumar Shah |
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Designation : |
Whole Time Director |
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Address : |
102/103, Shikhvali Apartment, Long Life Hospital, Paldi, Ahmedabad –
380007, Gujarat, India |
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Date of Birth/Age : |
02.12.1979 |
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Date of Appointment : |
24.01.2007 |
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Name : |
Mr. Dilipkumar B Shah |
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Designation : |
Director |
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Date of Appointment : |
21.06.2004 |
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Name : |
Mr. Pradeep Diwan |
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Designation : |
Director |
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Date of Appointment : |
07.07.2005 |
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Name : |
Mr. Dashrathbhai K Patel |
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Designation : |
Director |
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Address : |
4 Utsav Bungalows, Tnaltey, Ahmedabad – 380054, Gujarat, India |
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Date of Appointment : |
21.06.2004 |
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|
Name : |
Mr. Ajay M Goyal |
|
Designation : |
Director |
|
Address : |
113/4, Mahadev,
Mohalla, Thanesar, Kurukshetra |
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Date of Appointment : |
21.06.2004 |
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|
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|
Name : |
Mr. Ashok M Goyal
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Designation : |
Director |
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Address : |
118/4, Mahadev,
Mohalla, Thanesar, Kurukshetra |
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Date of Appointment : |
21.06.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Rajnish Dhammi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Dilipkumar B Shah |
|
1024376 |
|
Sarita Aggarwal |
|
1000671 |
|
JCBL India Private Limited |
|
1744659 |
|
Viral Shah |
|
327799 |
|
Total |
|
4097505 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
43.00 |
|
Directors or relatives of directors |
|
57.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Traders and Exporters of Pharmaceuticals link tablets crystal etc. |
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Imports : |
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Countries : |
Korea, China,
France, UK and Germany |
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Terms : |
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Selling : |
L/C, Cash or
Credit (60 days) |
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Purchasing : |
L/C, Cash or
Credit (60 - 90 days) |
GENERAL
INFORMATION
|
Customers : |
Retailers and End
Users |
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No. of Employees : |
300 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
P.K. Dewan and
Company Chartered
Accountants |
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Address : |
# 1048, First
Floor, Sector – 18 C, Chandigarh – 160018, India |
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|
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Associates/Subsidiaries : |
·
J.C.B.
Limited Address : Chandigarh Line of Business : Pharmaceuticals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4097505 |
Equity Shares |
Rs. 10/- each |
Rs. 40.975 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.975 |
11.700 |
11.707 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
103.324 |
55.100 |
8.705 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
144.299 |
66.800 |
20.412 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
130.628 |
51.000 |
37.432 |
|
|
2] Unsecured Loans |
6.000 |
0.000 |
9.468 |
|
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TOTAL BORROWING |
136.628 |
51.000 |
46.900 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
280.927 |
117.800 |
67.312 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
109.838 |
89.500 |
65.827 |
|
|
Capital work-in-progress |
96.973 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
65.700
|
47.000 |
5.869 |
|
|
Sundry Debtors |
79.128
|
50.000 |
0.000 |
|
|
Cash & Bank Balances |
17.793
|
1.400 |
7.893 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.389 |
|
|
Loans & Advances |
32.918
|
6.000 |
3.491 |
|
Total Current Assets |
195.539
|
104.400 |
17.642 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
114.430
|
71.480 |
20.207 |
|
|
Provisions |
11.192
|
4.620 |
1.051 |
|
Total Current Liabilities |
125.622
|
76.100 |
21.258 |
|
|
Net Current Assets |
69.917
|
28.300 |
[3.616] |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.077 |
0.000 |
0.128 |
|
|
Pre-operative Expenses |
4.122 |
0.000 |
4.973 |
|
|
|
|
|
|
|
|
TOTAL |
280.927 |
117.800 |
67.312 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover [including other income] |
|
549.900 |
264.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
88.100 |
46.500 |
|
|
Provision for Taxation |
|
0.900 |
0.100 |
|
|
Profit/(Loss) After Tax |
|
87.200 |
46.400 |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interest |
|
4.600 |
4.600 |
|
|
Depreciation & Amortization |
|
4.700 |
3.700 |
|
|
Other Expenditure |
|
452.500 |
209.900 |
|
Total Expenditure |
|
461.800 |
218.200 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
15.86
|
17.53 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.02
|
17.57 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.85
|
23.98 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.70 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.82
|
1.90 |
3.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.37 |
0.83 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference
·
Ranbaxy
Laboratories Limited, New Delhi
·
PFIZER Limited
·
Surya
Pharmaceuticals Limited
Bankers Charges
Report as per Registry
|
Name of the company |
ACME FORMULATIONS PRIVATE LIMITED |
|
Presented By |
Mr. D. K. Patel, Director Mr. Ajay Goel, Director |
|
1) Date and description of instrument creating the change |
On 24th
day of September, 2004 Deed of Hypothecation was executed by the company in
favour of Small Industries Development Bank of India On 24.09.2004
Mortgage by deposit of title deeds with Small Industries Development bank of
India was created by the company in favour of SIDBI was created by the
company in favour of SIDBI by way of first charge in respect of the immovable
properties of the company as security, interalia, to secure the due repayment
and discharge by the company to SIDBI of its Financial Assistance / Term loan
of Rs. 30 Millions together with interest, further interest, liquidated
damages, costs, charge, expenses and all other monies payable under the Loan
Agreement Letter of Intent / terms of sanction as amended from time to
time. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
A term loan of
Rs. 30 Millions under Direct Credit scheme agreed to be lent and advanced by
SIDBI to the company together with interest, further interest, liquidated
damages, costs, charge, expenses and all other monies payable by the Company
to SIDBI in terms of the Loan Agreement dated 24.09.2004 between the company
of the One Part and SIDBI of the other Part. |
|
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 |
The whole of the
movable properties of the company, both present and future, plant, machinery,
machinery spares, tools and accessories, office equipments, computers,
furniture and fixture whether installed or not and whether now lying loose or
in cases or which are now lying or stored in or about or shall hereafter from
time to time during the continuance of the security be brought into or upon
or be stored or be in or about the company’s premises, factory., showrooms
and godowns or wherever else the same may be or be held by any party to the
order or disposition of the company or in the course of transit or on high
seas or on order or delivery, however
and wheresoever in the possession of the company and either by way of
substitution or addition. First charge by
way of mortgage of immovable property of the company bearing Khewal and
Khatauni No. 28/33, Khasra No. 152/121/2/5-3, 154/122/2, 6-11 situated at
village Ghogharwal, Tehsil Nalagarh, Solana dm 11 Kanals and 14 marlas. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as first chare to secure the due repayment and discharge by the
company to SDBI of its Term Loan of Rs. 30 Millions under direct credit
scheme together with interest, further interest, liquidated damages etc.
costs, charges, expenses and all other moneys payable by the company under
the said loan agreement. The Company has
undertaken to keep the hypothecated goods in marketable ad good condition at
its own costs and to unsure the same in the joint names of the company and
SIDBI. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of
SIDBI. The security
created under the said Deed of Hypothecation is to be a continuing security. |
|
5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of India SIDBI Towers, 15,
Ashoka Marg, Lucknow |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24230HP2004PTC027223 |
|
Name of the
company |
ACME FORMULATIONS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Chowkiwala
Village, Ropar Road, Nalagarh – 174101, Himachal Pradesh |
|
Type of charge |
|
|
Particular of
charge holder |
General Manager
District Industries Centre District
Industries Centre Solan, Himachal
Pradesh – 173213, India |
|
Nature of
description of the instrument creating or modifying the charge |
No separate
agreement of creation of charge has been made, letter of no objection dated
November 15, 2006 Issued by SIDBI is enclosed. |
|
Date of
instrument Creating the charge |
04.06.2007 |
|
Amount secured by
the charge |
Rs. 3.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge Subsidy granted
by district industries centre is secured by creating first charge ranking
pari passu with SIDBI to the extent of the amount of subsidy i.e. Rs. 3.000
Millions |
|
Short particulars
of the property charged |
First pari passu
charge on the assets mortgage / hypothecated with SIDBI to the extent of subsidy
i.e. 3.000 millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.97 |
|
UK Pound |
1 |
Rs.79.78 |
|
Euro |
1 |
Rs.62.66 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|