MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
NECTAR DRUGS PRIVATE LIMITED |
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Registered Office : |
B/605/608, Bahveshwar Aecade, IBS Marg, Opp. Shreyas Cinema, Ghatkopar
(West), Mumbai – 400086, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.11.1997 |
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Com. Reg. No.: |
111699 |
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CIN No.: [Company
Identification No.] |
U24230MH1997PTC111699 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN05960D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers of Bulk Drugs and Chemicals Bulk Drugs. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40472 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established trader in bulk drugs and pharmaceuticals.
Trade relations are fair. General financial position is good. Payments are
correct and as per commitments. Mr. Deven Badani, Director of the company is reluctant part any
business details claiming that they have established contract and no one ask
for their details. However, the company can be regarded as good for normal business
dealings at usual trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Deven Badani |
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Designation : |
Director |
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Date : |
17.04.2008 |
LOCATIONS
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Registered Office : |
B/605/608, Bahveshwar Aecade, IBS Marg, Opp. Shreyas Cinema, Ghatkopar
(West), Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-66809525/ 25008964 |
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Mobile No.: |
91-9967575958 |
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Fax No.: |
91-22-25008963 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Hemant Bhimji Badani |
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Designation : |
Director |
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Address : |
B/704/705 Lotus Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
11.02.1936 |
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Date of Appointment : |
05.11.1997 |
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Name : |
Mr. Rajesh H. Badani |
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Designation : |
Director |
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Address : |
B/704/705 Lotus Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
31.08.1965 |
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Date of Appointment : |
05.11.1997 |
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Name : |
Mr. Deven H. Badani |
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Designation : |
Director |
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Address : |
B/704/705 Lotus Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
29.03.1968 |
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Date of Appointment : |
05.11.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Hemant Bhimji Badani |
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3010 |
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Mr. Deven H. Badani |
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3010 |
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Mr. Rajesh H. Badani |
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3010 |
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Mrs. Bakula H. Badani |
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300 |
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Mrs. Kalpana R. Badani |
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300 |
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Mrs. Radhika D. Badani |
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300 |
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Mr. Deven H. Badani (HUF) |
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35 |
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Mr. Rajesh H. Badani(HUF) |
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35 |
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Total |
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10000 |
(As on 31.03.2006)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers of Bulk Drugs and Chemicals Bulk Drugs. |
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Products : |
·
Bulk Drugs ·
Chemicals Bulk Drugs |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
·
The Lakshmi Vilas Bank Limited Fort Branch, V B Gandhi Marg, Kalaghoda, Fort, Mumbai – 400023, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J R Sumondy and Company Chartered Accountant |
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Address : |
4, Rajshila, 597 J S S Road, Near Princess Street, Mumbai – 400002,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.018 |
7.915 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.118 |
8.015 |
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LOAN FUNDS |
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1] Secured Loans |
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0.240 |
0.386 |
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2] Unsecured Loans |
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3.543 |
4.185 |
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TOTAL BORROWING |
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3.783 |
4.571 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.021 |
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Joint Business Investment |
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0.000 |
0.951 |
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TOTAL |
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13.901 |
13.558 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.909 |
1.156 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.923 |
9.571 |
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Sundry Debtors |
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66.759 |
43.814 |
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Cash & Bank Balances |
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0.826 |
0.639 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.515 |
1.681 |
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Total
Current Assets |
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76.023 |
55.705 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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63.009 |
43.239 |
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Provisions |
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0.025 |
0.068 |
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Total
Current Liabilities |
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63.034 |
43.307 |
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Net Current Assets |
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12.989 |
12.398 |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.004 |
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TOTAL |
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13.901 |
13.558 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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244.396 |
160.157 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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244.396 |
160.157 |
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Profit/(Loss) Before Tax |
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3.342 |
2.711 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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3.342 |
2.711 |
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Expenditures : |
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Interests |
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0.703 |
0.844 |
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Depreciation |
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0.297 |
0.289 |
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Other Expenditure |
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240.054 |
156.313 |
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Total Expenditure |
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241.054 |
157.446 |
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover (Estimated) |
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300.000 |
300.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.37 |
1.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.37 |
1.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.34 |
4.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.33 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.60 |
5.97 |
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Current Ratio (Current Asset/Current Liability) |
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1.21 |
1.29 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
NECTAR DRUGS PRIVATE LIMITED |
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Presented By |
Mr. Rajesh
Badani, (Director) |
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1) Date and description of instrument creating the change |
Date : 21.03.2001 Letter of
Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.000 Millions |
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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 |
Stock of Drugs Medicines Pharmaceuticals Entire Book Debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Securities
hereby created would stand hypothecated for other amounts due by the
borrowers to the Bank under any other accountant Interests etc.
will be charged as per Bank Rules/ RBI Guidelines. |
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5) Name and Address and description of the person entitled to the charge. |
The Lakshmi Vilas Bank Limited Fort Branch, V B Gandhi Marg, Kalaghoda, Fort, Mumbai – 400023, India |
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6) Date and brief description of instrument modifying the charge |
Date 07.06.2005 Letter of
Hypothecation Agreement for Hypothecation
of Goods Received under and company – acceptances etc. (Both Documents
constitute single charge) |
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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. |
By way of above
modification the company has been sanctions the additional facilities of
Rs.3.500 Millions as follows and the charge will also cover the enhanced
facilities. Following
Facilities have been secured by above charge. (Rs. In Millions)
Amount of Charge
stands enhanced to Rs.12.500 Millions In additional to
the properties charges earlier following properties are also charges: “Stocks of all
types of Drugs stored in B-605/606, 6th Floor, Bhaveshwar Arcaded,
L B S Marg, Ghatkopar (West), Mumbai – 400086 and At Ashirwad Clearing and
Forwaring, Oswal Compound, Purna Village, Bhiwandi and Book Debts. Others Terms and
Conditions of the original charge remains uncharged and effected. |
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 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.39.96 |
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UK Pound |
1 |
Rs.78.66 |
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Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<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 |
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