MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
EAST INDIA PHARMACEUTICAL WORKS LIMITED |
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Registered Office : |
6 Little Russel Street, Kolkata – 700071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.04.1936 |
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Com. Reg. No.: |
008598 |
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CIN No.: [Company
Identification No.] |
U24231WB1936PTC008598 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALE00068F |
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PAN No.: [Permanent
Account No.] |
AAACE5779P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals and Pharmaceuticals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 979724 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. Available information indicates satisfactory
financial responsibility of the company. General financial position is
satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
6 Little Russel Street, Nandalal Bose Sarani, Kolkata – 700071, West
Bengal, India |
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Tel. No.: |
91-33-22872262/ 3004/ 3007/ 3009/ 3041/ 22830709 |
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Fax No.: |
91-33-22873853/ 4289 |
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E-Mail : |
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Website : |
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Branch Office : |
Andhra
Pradesh Industrial Plot No: 148, 149 and150 , IDA , Mallapur
Hyderabad - 500 076 Telephones: 91-40-27178430 Tele Fax : 91-40-27178430 E. mail : eipwl@rediffmail.com Karnataka 1, Mandi Yarappa Lane, Off. Silver Jubilee Park, P.B. No.
6612, Bangalore – 560 002 Tele Fax : 91-80-2916411 Bihar Durga Niwas, Bank Road, Patna – 800 001 Telephones: 91-612-2226266 / 2222839 Tele Fax : 91-612-226178 Delhi 3620 / 21, Netaji Subhas Marg, Daryaganj, New Delhi – 110
002 Telephones : 91-11-23262150 / 23283408 Tele Fax : 91-11-3273985 Haryana 105, The Mall, P.B. No. 63, Ambala Cantt. – 133 001 Phones : 91-171-22643280 / 22630277 Assam Nilamoni Phukan Path, Christian Basti, Guwahati– 781 001 Telephones: 91-361-2340746 / 2340747 / 2600030 Email:eipwl_ghy@sify.com
Plot No. 1108, Holding No. 417/C/1, Vikash Nagar,
Badambari, Cuttack – 753 012, Orissa Phones : 91-671-2316782 Uttar
Pradesh Aishbagh, Lucknow – 226 004, Uttar Pradesh Phones : 91-522-2692077 \ 2691704 Tele Fax :91-522-223404 West Bengal 19 / 1, Prince Rahimuddin Lane, Calcutta – 700 033 Phones: 91-33-24243198 \ 24248716 Burdwan Road, Siliguri – 734 405. District – Darjeeling,
West Bengal Phones : 91-353-2561679 Tamil
Nadu 28, Second Line Beach, Chennai – 600 001, Tamil Nadu Phones : 91-44-25231284 / 25225312 Tele Fax : 91-442-5231284 Kerala Kenson Colony No. 9, Door No. XLI/470, (Old No. 39/120),
Krishnaswamy Road. Ernakulam, Cochin – 682 035, Kerala Phones :91-484-2351467 Madhaya
Pradesh 746 / 1, Napier Town, Jabalpur – 482 001, Madhya Pradesh Phones : 91-761-2314040 / 2504622 Tele Fax : 91-761-314040 Rajasthan Bombay House Building, Mirza Ismail Road, Jaipur – 302
001, Rajasthan Phones :91-141-2373292/2378341 |
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Factory : |
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DIRECTORS
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Name : |
Mr. Amit Kumar Sen |
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Designation : |
Director |
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Address : |
63 Jodhpur Park, Kolkata – 700068, West Bengal, India |
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Date of Birth/Age : |
06.04.1943 |
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Date of Appointment : |
01.08.2002 |
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Name : |
Mr. Dipankar Dutta Gupta |
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Designation : |
Managing Director |
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Address : |
Government Housing Estate, Block 2, Flat No.15 28/1 Gariahat Road,
Kolkata, West Bengal, India |
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Date of Birth/Age : |
27.10.1950 |
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Date of Appointment : |
01.08.2002 |
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Name : |
Mr. Bhaskar Prasad Gupta |
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Designation : |
Director |
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Address : |
245 Jodhpur Park, Kolkata – 700068, West Bengal, India |
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Date of Birth/Age : |
11.11.1940 |
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Date of Appointment : |
19.09.2003 |
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Email : |
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Name : |
Mr. Probir Ray |
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Designation : |
Director |
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Address : |
10 Securin Roy Road, Behala, Kolkata – 700034, West Bengal, India |
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Date of Birth/Age : |
19.04.1944 |
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Date of Appointment : |
25.07.2005 |
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Email : |
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Name : |
Mr. Ram Narayan Mukherjee |
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Designation : |
Director |
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Address : |
4C, Nandy Street, Kolkata – 700029, West Bengal, India |
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Date of Birth/Age : |
03.02.1927 |
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Date of Appointment : |
17.09.2004 |
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Name : |
Mr. Ranbir Mukherjee |
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Designation : |
Director |
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Address : |
16/20 Dover Lane, Kolkata – 700029, West Bengal, India |
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Date of Birth/Age : |
03.12.1928 |
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Date of Appointment : |
17.09.2004 |
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Email : |
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Name : |
Mr. Samir Bhattacharya |
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Designation : |
Director |
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Address : |
Proressor Department of Zoology School of Lafe Science Visva BH Arati
Shantiniketan BI Rbhun West, Bengal – 731235, India |
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Date of Birth/Age : |
21.11.1942 |
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Date of Appointment : |
26.05.2005 |
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Email : |
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Name : |
Mrs. Saroj Kumar Gupta |
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Designation : |
Director |
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Address : |
4, Nrisingha Dutta Road, Kolkata – 700008, West Bengal, India |
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Date of Birth/Age : |
05.12.1929 |
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Date of Appointment : |
16.09.2005 |
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Email : |
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Name : |
Mrs. Subrata Das Gupta |
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Designation : |
Director |
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Address : |
11/1 Russa Road, Kolkata – 700033, West Bengal, India |
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Date of Birth/Age : |
04.08.1934 |
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Date of Appointment : |
19.09.2003 |
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Name : |
Mrs. Suman Ghosh |
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Designation : |
Director |
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Address : |
EC 165 Salt Lake City, Sector – I, Kolkata – 700064, West Bengal,
India |
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Date of Birth/Age : |
12.12.1943 |
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Date of Appointment : |
17.09.2004 |
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Email : |
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Name : |
Mr. Sukumar Bhattacharya |
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Designation : |
Director |
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Address : |
64/1/25 A Beigachia Road, Kolkata – 700037, West Bengal, India |
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Date of Birth/Age : |
01.04.1923 |
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Date of Appointment : |
19.09.2003 |
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Name : |
Mrs. Usha Ranjan Ghatak |
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Designation : |
Director |
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Address : |
23 B, Naktala Lane, (DPP Road), Kolkata- 700047, West Bengal, India |
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Date of Birth/Age : |
26.02.1931 |
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Date of Appointment : |
20.09.2002 |
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Name : |
Mr. Raban Sengupta |
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Designation : |
Director |
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Address : |
72, Jodhpur Park, Flat No.4A, Kolkata – 700068, West Bengal, India |
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Date of Birth/Age : |
05.12.1943 |
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Date of Appointment : |
22.05.2007 |
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Email : |
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Name : |
Mr. Samir Bhattacharya |
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Designation : |
Director |
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Address : |
Diganta Palli, Santiniketan 731235, West Bengal, India |
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Date of Birth/Age : |
21.11.1942 |
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Date of Appointment : |
26.05.2005 |
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Email : |
KEY EXECUTIVES
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Name : |
Mr. Nirjhar Mukhopadhyay |
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Designation : |
Company Secretary |
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Address : |
18 Borodighir Dhar Chandan Nagar, Hooghly, West Bengal, India |
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Date of Birth/Age : |
24.09.1957 |
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Date of Appointment : |
14.06.1994 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
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Percentage |
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Bodies Corporate (Not mentioned above) |
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37.00 |
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Directors or relatives of directors |
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14.00 |
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Other top fifty (50)shareholders (other than listed above) |
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49.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals and Pharmaceuticals. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
53, Shyamaprasad Mukherjee Road, Kolkata – 700026, West Bengal, India
8, Netaji Shubhas
Road, Kolkata – 700001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sukumar Bhattacharya Chartered Accountant |
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Name : |
A B Chaudhuri Chartered Accountant |
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Address : |
UM Chaudhuri and Company, 35-B, Lake Place, Kolkata – 700029, West
Bengal, India |
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Subsidiaries : |
Qasar Healthcare Private Limited U99999WB1993PTC058605 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4450080 |
Equity Shares |
Rs.10/- each |
Rs.44.497
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
44.497 |
44.497 |
44.497 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
200.434 |
184.715 |
183.630 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
244.931 |
229.212 |
228.127 |
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LOAN FUNDS |
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1] Secured Loans |
143.659 |
129.938 |
111.193 |
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2] Unsecured Loans |
0.000 |
0.000 |
38.394 |
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TOTAL BORROWING |
143.659 |
129.938 |
149.587 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
388.590 |
359.150 |
377.714 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
132.582 |
69.884 |
69.149 |
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Capital work-in-progress |
4.353 |
11.851 |
0.935 |
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INVESTMENT |
0.240 |
0.240 |
0.243 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
184.151
|
198.862 |
192.265 |
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Sundry Debtors |
140.837
|
135.726 |
168.166 |
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Cash & Bank Balances |
50.581
|
71.979 |
57.395 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
41.811
|
44.579 |
30.646 |
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Total
Current Assets |
417.380
|
451.146 |
448.472 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
165.965
|
173.971 |
139.216 |
|
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Provisions |
0.000
|
0.000 |
6.073 |
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Total
Current Liabilities |
165.965
|
173.971 |
145.289 |
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Net Current Assets |
251.415
|
277.175 |
303.183 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Others |
0.000 |
0.000 |
4.204 |
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TOTAL |
388.590 |
359.150 |
377.714 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.26
|
1.32 |
1.29 |
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Current Ratio (Current Asset/Current Liability) |
|
2.51
|
2.59 |
3.09 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24231WB1936PTC008598 |
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Name of the
Company |
EAST INDIA PHARMACEUTICAL WORKS LIMITED |
|
Address |
6 Little Russel Street, Kolkata – 700071, West Bengal, India |
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This form is for |
Modification of Charge |
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Type of Charge |
Immovable Property Book Debts Movable Property
(not being pledge) Others: Stocks |
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Particulars of
the charge holder |
United Bank of India, 53, Shyam Prasad Mukherjee Road, Hazra Road Branch, Kolkata – 700026,
West Bengal, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
By this
Modification the overall limit has been enhanced to Rs.201.400 Millions in
which UBI’s Share has been increase to Rs.169.900 Millions as cash credit
Rs.76.500 Millions, Term Loan (I) Rs.23.100 Millions, LC (I and F) Rs.20.500
Millions, LG Rs.4.800 Millions, Term Loan (II) Rs.45.000 Millions and HSBC’s
Share remains same Rs.31.500 Millions as Fund based Rs.18.500 Millions and
Non Fund based Rs.13.000 Millions over Hypothecation of Stock, Book Debts,
Plant and Machinery and Equitable Mortgage by Deposit of Title Deeds at
Sarsuna PS Behala, 24 PGS South. |
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Date of the
instrument creating or modifying the charge |
31.03.2007 |
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Amount secured by
the charge |
Rs.201.400
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: UBI’s Rate of
Interests As:- Cash Credit at BPLR i.e. Presently 12.5% p.a. at monthly based
subject to change from time to time. The interests shall have to be services
as and when charged. Term Loan (I) 9.5% p.a. (Fixed) at monthly rest. The
Interests shall have to be serviced as and when charged (No Charged). Term
Loan (II) 9.5% at monthly rest with reset option after three years at a
mutually agreed rate depending on the market Trend. Terms of
Repayments: UBI’s Term Loan
(I) As Existing Repayable In 11 More quarterly Installments of Rs.2.100
Millions each. With next installment due in September 06. Term Loan (II)
Repayable in 20 Equal Quarterly Installments of Rs.2.250 Millions each,
Commission from June 2007 and Ending in March 2012 Margin: UBI’s Stock 35% Book Debts 50% LC (I and F) Nil LG Nil 100% for
guarantee against disputed liabilities. Extent and
operation of the charge: UBI’s Term Loan
(II) Rs.4.500 Millions For Implementation of Phase (II) of Schedule of GMP
Norms with project cost of around Rs.65.100 Millions |
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Short particulars
of the property charged (including location of the property) |
Stocks of Raw
Materials as all kinds of patent medicines, Stocks of ampulses, book debts
and Plant and machinery stored in to the premises at kolkata at sursuna,
Behala, Pathakpara, Durgapur or where ever else and also mortgage by deposit
of title deeds of immovable properties at sarsuna PS: Behala District 24 PGS
(S). |
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Particular of the
present modification |
The overall joint
charge limit has been enhanced to Rs.1.400 Million in which UBI’s (Lead Bank)
Share Increased to Rs.169.900 Millions As:- Cash Credit Rs.76.500 Millions,
Term Loan (I) Rs.23.100 Millions, LC (I and F) Rs.20.500 Millions, LG
Rs.4.800 Millions, Term Loan (II) Rs.45.000 Millions and HSBC’s Share Remains
same Rs.31.500 Millions As Fund based Rs.18.500 Millions and Non Fund based
Rs.13.000 Millions over hypothecation of stocks, book debts, Plant and
Machinery and equitable mortgage by deposit of title deeds at sarsuna behala
24 PGS South. |
|
Name of the company |
EAST INDIA PHARMACEUTICAL WORKS LIMITED |
|
Presented By |
The Hongkong and
Shanghai Banking Corporation 8 Netaji Subhas
Road, Kolkata – 700001, India |
|
1) Date and description of instrument creating the change |
Unattested Joint
Deed of Hypothecation over stocks end book debts dated 11 November, 1986 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.500 Millions By the Hongkong
and Shanghai Banking Corporation and Rs.20.135 Millions by United Bank of
India Aggregate overall
limit of Rs.29.635 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 |
Company’s entire
stocks of raw materials, stocks in- process, finished goods, store/ spares
etc. at 119 Biren Ray Road, West, Kolkata All Present and
future Book Debts, Outstanding, bills, moneys receivable |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
It is expressly
agreed and warranted that the hypothecation of charge hereby constituted is
and shall be a first charge and security over the said securities and no
other charge any kind whether legal or equitable is or has been or shall be
created. Interests at the
rate of 7.5% over Reserve Bank of India rate for advance to the schedule
Banks against Government securities minimum 17.5% per annum on the daily balance
should be charged provided however that the Bank shall at any time and from
time to time be entitled to give notice of its intention to charge and may
thereafter charge interests rates as the Bank may Specify. |
|
5) Name and Address and description of the person entitled to the charge. |
The Hongkong and
Shanghai Banking Corporation 8, Netaji Shubhas
Road, Kolkata – 700001, India United Bank of
India 53 Shyama Prasad,
Mukherjee Road, Kolkata – 700026, India |
|
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 |
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.40.02 |
|
UK Pound |
1 |
Rs.79.44 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|