MIRA INFORM REPORT

 

 

 

Report Date :

08.12.2008

 

IDENTIFICATION DETAILS

 

Name :

PHARMACHINE INDIA

 

 

Registered Office :

20, Suyog Industrial Estate, L B S Marg, Vikhroli [West], Mumbai – 400083, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

1968

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners

 

 

Line of Business :

Manufacturer and Exporter of Tableting Equipment and Tablet Process and General Pharmaceutical Machine

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered for small business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ratan Singhania

Designation :

Partner

Date :

04.12.2008

 

 

LOCATIONS

 

Registered Office / Factory :

20, Suyog Industrial Estate, L B S Marg, Vikhroli [West], Mumbai – 400083, Maharashtra, India 

Tel. No.:

91-22-25786007 / 25793111

Fax No.:

91-22-25771900

E-Mail :

pi@pharmachine.com

Website :

http://www.pharmachine.com

Area :

800 sq.ft.

Location :

Owned

 

Note : Manufacturing is done in sister concern company also.

 

PARTNERS

 

Name :

Mr. Ratan Singhania

Designation :

Partner

Date of Birth/Age :

29.04.1955

Qualification :

B. Com.

 

 

Name :

Mrs. Madhu Singhania

Designation :

Partner

 

 

KEY EXECUTIVES

 

Name :

Mr. Babulal Singhania

Area :

Technical

Date of Birth/Age :

59 Years

Qualification :

B. E.

 

 

Name :

Mr. Sajjan Singhania

Area :

Administration

Date of Birth/Age :

55 Years

Qualification :

B. E.

 

 

Name :

Mr. Ratan B Sanghania

Area :

Marketing

Date of Birth/Age :

53 Years

Qualification :

B. Com.

 

 

Name :

Mr. Naresh B Singhania

Area :

Technical

Date of Birth/Age :

45 Years

Qualification :

B.E.

 

 

Name :

Mr. Manoj Singhania

Area :

Production

Date of Birth/Age :

38 Years

Qualification :

B. E.

 

 

Name :

Mr. Amit Singhania

Area :

Production

Date of Birth/Age :

36 Years

Qualification :

B. E.

 

 

Name :

Mr. Abhijit Singhania

Area :

Production

Date of Birth/Age :

34 Years

Qualification :

B. E.

 

 

Name :

Mr. Anand Singhania

Area :

HRD

Date of Birth/Age :

32 Years

Qualification :

B. Com., MBA

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

Percentage of Holding

Mr. Babulal Singhania

 

30 %

Mr. Sajjan Singhania

 

25 %

Mr. Ratan B Sanghania

 

25 %

Mr. Naresh B Singhania

 

20 %

Total

 

100 %

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Tableting Equipment and Tablet Process and General Pharmaceutical Machine

 

 

Agencies Held :
  • Diasona Germany
  • Kramer Switzerland
  • Korsch Germany

 

 

Exports :

 

Countries :
  • Germany
  • Italy
  • Taiwan
  • Middle East
  • U.S.A.

 

 

Imports :

 

Countries :
  • Japan
  • Europe

 

 

Terms :

 

Selling :

L/C, Credit [30-60 days]

 

 

Purchasing :

L/C at Sight and Cash

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Actual Production

 

 

 

 

 

Punches and Dies

Sets

 

8000

6000

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :
  • Building Agents
  • Traders
  • Manufacturer

 

 

No. of Employees :

145

 

 

Bankers :

Arab Bangladesh Bank Limited, Near Marine Lines, Mumbai – 400020.

State Bank of India, Bhandup [West]

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

V. P. Goel and Company

Chartered Accountants

 

 

Memberships :

Engineering Export Promotion Council

Indian Merchants Chamber

Indian Pharmaceutical machinery Manufacturing 

 

 

Associates/Subsidiaries :

Pharma Tools

18, Suyog Industrial Estate, LBS Marg, Vikhroli [West], Mumbai – 400083

91-22-25793777

 

Akshay Industries

7, Amit Industrial Area, Vithalwadi Station Road, Ulhasnagar – 421003

Tel No. 95251-2570204

Line of Business : Manufacturer of tooling for tablet making.

 

Pharmachine Manufacturing Company

Unit 2, Murlimal Srikishasndas Compound, LBS Marg, Bhandup [West], Mumbai – 400076

Tel No.: 91-22-25940000

Line of Business : Manufacturer of tooling for tablet making.

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Not Available

Borrowed :

Not Available

Total :

--

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008

Sales Turnover

 

 

20.000

 

Expected Sales (2008-09) : Above Rs.20.000 Millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCE

 

Mr. Rakesh

Girdharilal Agarwal and Company

11, bank Street, Vikas Building, 3rd Floor, Mumbai – 400001

 

Mr. Iyer

USBCO Steel Private Limited

211, Dalamal Tower, A Wing, 211, Nariman Point, Mumbai – 400021

Tel No.: 91-22-22049789

 

Mr. Nagesh

Cosmos Impex [India] Private Limited

711-713, Centre Point, R. C. Dutt Road, Alkapuri, Baroda – 390007

 

Mr. Raja

Electronica

106/107, Hindustan Kohinoor Industrial Complex, LBS Marg, Vikhroli [West], Mumbai – 400083

 

Mr. Pandit

Micromatic Machine Tools Limited

271/272, Udyog Bhavan, Sonawala Road, Goregaon [East], Mumbai - 400063

Tel. No. : 91-22-26867271 / 72

 

 

HISTORY

 

A company was started by name Gayatri Udyog in Mumbai by Mr. Babulal Singhania in a very small / tiny engineering tool room only to manufacture Tablet Punches and Dies. Mr. B. Singhania is Bachelor of Engineering

 

In 1971 Mr. Ratan Singhania [younger brother of Mr. B. Singhania] joined the business for general administration and marketing. Mr. R. Singhania is Bachelor of Commerce.

 

In 1972 company moved to a bigger place to grow.

 

In 1973 company started getting good quality appreciation and started getting orders from renowned established companies.

 

In 1976 company has started one more unit in the name of Pharmachine Manufacturing Company for the production of some items and till now they have 11 manufacturing units and 3 offices. They are 8 persons from the same family, cut of which 5 are engineers. All the eleven units operates in different names. Out of these units one unit is making tablet presses also.   

 

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.49.69

UK Pound

1

Rs.72.96

Euro

1

Rs.63.46

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions