MIRA
INFORM REPORT
|
Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRAGATI RAW PHARMA PRIVATE LIMITED |
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Registered Office : |
401, Sai Chambers, Nr. Santacruz Bus Depot, Santacruz (East),
Mumbai - 400 055, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.06.1999 |
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Com. Reg. No.: |
11-120384 |
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CIN No.: [Company
Identification No.] |
U52311MH1999PTC120384 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16266F |
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PAN No.: [Permanent
Account No.] |
AABCP3959K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of
pharmaceuticals, pharmaceutical raw materials, omeprazole pellets, API’s,
enzymes, pellets and excipients. |
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 30000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Rahul and Mr. Hemal Mehta of the company although agreed to part
business details but never provided on 3 attempts in a day. Subject is a well established traders having satisfactory track. Directors
are reported as experienced, respectable and resourceful businessmen. Their
trade relations are fair. Payments are usually correct and as per
commitments. Profit and Loss A/c details may follow, soon. In the meantime, the company can be considered good for any normal
business dealings at usual trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Rahul and Mr. Hemal Mehta |
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Designation : |
Director |
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Date : |
15.04.2008 |
LOCATIONS
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Registered Office : |
401, Sai Chambers, Nr.
Santacruz Bus Depot, Santacruz (East), Mumbai - 400
055, Maharashtra, India |
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Tel. No.: |
91-22-32916760 / 32915181 / 26145424 / 26145592 |
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Mobile No.: |
91-9322405353 / 9324245597 /
9892417240 |
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Fax No.: |
91-22-66989836 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Hemal Bhupatrai Mehta |
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Designation : |
Director |
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Address : |
24 Shree Building, S. V. Road, Santacruz [West], Mumbai – 400054,
Maharashtra, India |
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Date of Birth/Age : |
16.07.1969 |
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Date of Appointment : |
17.06.1999 |
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Name : |
Ms. Hetal Bhupatrai Mehta |
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Designation : |
Director |
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Address : |
24 Shree Building, S. V. Road, Santacruz [West], Mumbai – 400054,
Maharashtra, India |
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Date of Birth/Age : |
22.12.1972 |
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Date of Appointment : |
17.06.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Equity Shareholders |
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No. of Shares |
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Hemal Bhupatrai Mehta [Beneficial Interest in Hemal Mehta HUF] |
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400 |
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Hetal Bhupatrai Mehta [Beneficial Interest in Hetal Mehta HUF] |
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400 |
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Sejal Hetal Mehta |
|
50 |
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Hetal Bhupatrai Mehta |
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10 |
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Hemal Bhupatrai Mehta |
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10 |
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Pushpa Bhupatrai Mehta |
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50 |
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Heena Hemal Mehta |
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50 |
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Bhupatrai C. Mehta |
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50 |
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Total |
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1020 |
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Names of Preference Shareholders |
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No. of Shares |
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Bharat Himatlal Vora |
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10 |
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Divya Bharat Vora |
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10 |
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Kalpana Dilip Mehta |
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5 |
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Snehlata Vinod Basniwal |
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1 |
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Suresh Jaywant Mehta |
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1 |
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Chandrakant Shamji Sanghvi |
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1 |
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Rafiq Haji Osman |
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1 |
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Lata Bharat Paresh |
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1 |
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Varsha Anil Paresh |
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1 |
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Total |
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31 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of
pharmaceuticals, pharmaceutical raw materials, omeprazole pellets, API’s, enzymes,
pellets and excipients. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Udani Mehta and Company Chartered Accountants |
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Address : |
37/1966, Omkaram, Gandhi Nagar, Service Road, Bandra [East], Mumbai –
400051, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19900 |
Equity Shares |
Rs. 100/- each |
Rs. 1.990 Millions |
|
100 |
Preference Shares |
Rs. 100/- each |
Rs. 0.010 Million |
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Total |
|
Rs. 2.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15020 |
Equity Shares |
Rs. 100/- each |
Rs. 1.502
Millions |
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31 |
Preference Shares |
Rs. 100/- each |
Rs. 0.003
Million |
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Total |
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Rs. 1.505 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.505 |
0.105 |
0.105 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.970 |
2.557 |
1.447 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.475 |
2.662 |
1.552 |
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LOAN FUNDS |
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1] Secured Loans |
9.015 |
7.278 |
10.074 |
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2] Unsecured Loans |
11.093 |
12.913 |
11.662 |
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TOTAL BORROWING |
20.108 |
20.191 |
21.736 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.583 |
22.853 |
23.288 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.785 |
0.844 |
0.920 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
4.675
|
12.606 |
4.965 |
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Sundry Debtors |
81.953
|
65.278 |
50.424 |
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Cash & Bank Balances |
3.638
|
4.788 |
0.670 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.184
|
5.129 |
3.018 |
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Total
Current Assets |
94.450
|
87.801 |
59.077 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
64.658
|
64.701 |
36.321 |
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Provisions |
3.000
|
1.100 |
0.400 |
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Total
Current Liabilities |
67.658
|
65.801 |
36.721 |
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Net Current Assets |
26.792
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22.000 |
22.356 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.009 |
0.012 |
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TOTAL |
27.583 |
22.853 |
23.288 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover [Including Other Income] |
|
191.868 |
176.229 |
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Profit/(Loss) Before Tax |
|
5.676 |
1.810 |
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Provision for Taxation |
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- |
- |
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Profit/(Loss) After Tax |
|
5.676 |
1.810 |
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Expenditures : |
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Interest |
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1.867 |
1.239 |
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Depreciation & Amortization |
|
0.153 |
0.138 |
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Other Expenditure |
|
184.172 |
173.042 |
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Total Expenditure |
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186.192 |
174.419 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.96
|
1.03 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.96
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1.03 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.96
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2.04 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.76
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0.68 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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11.74
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32.30 |
37.67 |
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Current Ratio (Current Asset/Current Liability) |
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1.40
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1.33 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
Subject export premium quality Pharmaceutical Drugs. As per
demands of ever changing business environment 70% of Formulators have shifted
to North Eastern states of India and the company has also opened two branches
in the name of M/S Unnati Pharmaceuticals (Private) Limited, at Baddi,
(Himachal Pradesh) & Roorkee, (Uttaranchal). Along with this subject have
also opened two more branches at Indore & Gujarat and wide spread dealer
network in Chennai, Hyderabad, Kolkata & Lucknow
Bankers Charges
Report as per Registry
|
Name of the company |
PRAGATI RAW
PHARMA PRIVATE LIMITED |
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Presented By |
Hemal B. Mehta |
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1) Date and description of instrument creating the change |
26th
day of June 2003 Common Deed
Hypothecated Moveable |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
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 in trade
consisting pharmaceutical Drugs and Chemicals etc. All present as
well as the future book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit limit
of Rs. 2.500 Millions Import LC Limit Rs. 3.500 Millions Interest rate @
12.5 % p.a. being 1 % over and above the book prime lending Rate, which is
11.50 % p.a. as at present. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Commercial Banking Branch, 180 Princess Street,
Kathaden, Mumbai – 400002, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
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. |
|
UK Pound |
1 |
Rs. |
|
Euro |
1 |
Rs. |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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