MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIPUL DRUGS [PRIVATE] LIMITED |
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Registered Office : |
202, Anandi Villa, 2nd Floor, 12 Lajpat Rai Road, Vile
Parle [West], Mumbai 400056, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.12.1991 |
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Com. Reg. No.: |
064375 |
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CIN No.: [Company
Identification No.] |
U22330MH1991PTC064375 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV08165D |
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PAN No.: [Permanent
Account No.] |
AAACV1977G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor and Wholesaler of Pharmaceuticals Bulk Drugs and Intermediates |
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 69000 |
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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 a well established company having satisfactory track
records. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sameer Mehta |
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Designation : |
Director |
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Date : |
15.04.2008 |
LOCATIONS
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Registered Office : |
202, Anandi Villa, 2nd Floor, 12 Lajpat Rai Road, Vile
Parle [West], Mumbai 400056, Maharashtra, India |
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Tel. No.: |
91-22-26101437 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Navinchandra Mansukhlal Mehta |
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Designation : |
Director |
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Address : |
801, Aavishkar, 8th Floor, S. V. Road, Irla Bridge, Andheri
[West], Mumbai 400058, Maharashtra, India |
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Date of Birth/Age : |
16.11.1936 |
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Date of Appointment : |
10.12.1991 |
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Name : |
Mr. Vipul N. Mehta |
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Designation : |
Director |
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Address : |
42, Meenakshi, 4th Floor, S. V. Road, Vile Parle [West],
Mumbai 400056, Maharashtra, India |
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Date of Birth/Age : |
06.04.1965 |
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Date of Appointment : |
10.12.1991 |
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Name : |
Mr. Samir N. Mehta |
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Designation : |
Director |
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Address : |
801, Aavishkar, 8th Floor, S. V. Road, Irla Bridge, Andheri
[West], Mumbai 400058, Maharashtra, India |
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Date of Birth/Age : |
21.08.1975 |
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Date of Appointment : |
18.06.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
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Names of Shareholders |
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No. of Shares |
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Navinchandra Mehta |
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280020 |
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Vipul Mehta |
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460020 |
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Jigna Mehta |
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17000 |
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Neeta Mehta |
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177000 |
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Sameer Mehta |
|
552000 |
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Pushpa Mehta |
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227000 |
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Vipul Mehta |
|
2000 |
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Parag Jhaveri |
|
15000 |
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Total |
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1730040 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor and Wholesaler of Pharmaceuticals Bulk Drugs and
Intermediates |
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Imports : |
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Products : |
Pharmaceutical Bulk Drugs |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
12 |
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Bankers : |
The Greater
Bombay Co-operative Bank Limited Bhuleshwar
Branch, Bhuleshwar, Mumbai 400002, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. D. Jimulia amd Company Chartered Accountants |
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Address : |
206, Avon Arcade, D. J. Road, Vile Parle [West], Mumbai 400056,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1730040 |
Equity Shares |
Rs. 10/-
each |
Rs. 17.300
Millions |
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 |
17.300 |
17.300 |
17.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.014] |
[0.805] |
[1.813] |
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NETWORTH |
17.286 |
16.495 |
15.487 |
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LOAN FUNDS |
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1] Secured Loans |
38.570 |
40.030 |
31.554 |
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2] Unsecured Loans |
8.861 |
9.620 |
6.614 |
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TOTAL BORROWING |
47.431 |
49.650 |
38.168 |
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DEFERRED TAX LIABILITIES |
0.017 |
0.017 |
0.008 |
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TOTAL |
64.734 |
66.162 |
53.663 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.122 |
11.266 |
11.259 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.983 |
2.767 |
2.842 |
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DEFERREX TAX ASSETS |
0.006 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.643
|
10.964 |
12.741 |
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Sundry Debtors |
54.285
|
58.952 |
42.500 |
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Cash & Bank Balances |
0.456
|
0.171 |
0.059 |
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Other Current Assets |
2.221
|
0.233 |
0.339 |
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Loans & Advances |
4.746
|
8.197 |
8.644 |
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Total
Current Assets |
74.351
|
78.517 |
64.283 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.491
|
26.287 |
24.091 |
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Provisions |
0.259
|
0.129 |
0.672 |
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Total
Current Liabilities |
23.750
|
26.416 |
24.763 |
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Net Current Assets |
50.601
|
52.101 |
39.520 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.028 |
0.042 |
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TOTAL |
64.734 |
66.162 |
53.663 |
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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] |
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165.085 |
160.192 |
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Profit/(Loss) Before Tax |
|
0.883 |
1.112 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
|
0.883 |
1.112 |
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Expenditures : |
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Interest |
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2.190 |
2.996 |
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Depreciation & Amortization |
|
0.174 |
0.162 |
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Other Expenditure |
|
161.838 |
155.923 |
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Total Expenditure |
|
164.202 |
159.081 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.53
|
0.69 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
0.69 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.03
|
1.24 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.11
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4.61 |
4.06 |
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Current Ratio (Current Asset/Current Liability) |
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3.13
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2.97 |
2.59 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U22330MH1991PTC064375 |
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Name of the
company |
VIPUL DRUGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
202, Anandi Villa, 2nd Floor, 12 Lajpat Rai Road, Vile
Parle [West], Mumbai 400056, Maharashtra, India |
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This form is for |
Modification of
charge |
|
Type of charge |
Hypothecation |
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Particular of
charge holder |
The Greater
Bombay Co-operative Bank Limited Bhuleshwar
Branch, Bhuleshwar, Mumbai 400002, Maharashtra, India |
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Amount secured by
the charge |
Rs. 58.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
@ 14.75% p.a. |
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Description of
the property charged |
Stock in trade Book debts |
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Particulars of the
property charged |
The whole of the
current assets of the borrower namely, stocks of raw materials, stock in
process, semi finished and finished goods, stores and spares, bills
receivables and book debts and all other movable both present and future whether
now lying loose or in case or which are now lying or stored in or about or
shall hereinafter from time to time. |
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Charge
identification number of the charge to be modified |
80010192 |
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Brief description
of the instrument modifying the charge under section 135 |
Deed of
hypothecation of Stock and Book Debts |
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Date of
instrument modifying the charge |
07.08.2006 |
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Particulars of
the present modification |
The credit
facilities revised from Rs. 58.500 Millions to Rs. 35.000 Millions |
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Name of the company |
VIPUL DRUGS PRIVATE LIMITED |
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Presented By |
The Greater
Bombay Co-operative Bank Limited Bhuleshwar
Branch, Bhuleshwar, Mumbai 400002, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement for loan/cash credit dated 12.02.2001 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 5.000
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 |
Hypothecation of
stock and book debts |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
As per bank rule |
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5) Name and Address and description of the person entitled to the
charge. |
The Greater
Bombay Co-operative Bank Limited Bhuleshwar
Branch, Bhuleshwar, Mumbai 400002, Maharashtra, India |
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6) Date and brief description
of instrument modifying the charge |
Agreement for
loan/cash credit dated 23.11.2001 |
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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. |
Original charge
was created as on the dated 12.02.2001 for Rs. 5.000 Millions By the present modification
dated 23.11.2001 the charge is increased from Rs. 5.000 Millions to Rs. 7.500
Millions by an additional sanctioned of Rs. 2.500 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. 39.96 |
|
UK Pound |
1 |
Rs. 78.66 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
46 |
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 |
|