MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CYANO PHARMA PRIVATE LIMITED |
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Registered Office : |
115 – C, Industrial Estate (Pologround), Indore – 452007, Madhya
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1965 |
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Com. Reg. No.: |
10-14072 |
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CIN No.: [Company
Identification No.] |
U24232MP2000PTC014072 |
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IEC CODE: |
1189000423 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLC01379A |
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PAN No.: [Permanent
Account No.] |
AACCC2242F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Medicines (Tablets, Capsules, Oral
Liquids, External Liquids, Ointments, Powders, Ayurvedic Medicines). |
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 121310 |
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Status : |
Satisfactory |
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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
satisfactory track records. Trade relations are fair. Business is active. Payments
are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Smitesh Shah |
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Designation : |
Vice President |
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Contact No.: |
91-9302522453 |
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Date : |
06.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
115 – C, Industrial Estate (Pologround), Indore – 452007, Madhya
Pradesh, India |
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Tel. No.: |
91-731-2422453/ 2421274 |
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Mobile No.: |
91-9302522453 |
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Fax No.: |
91-731-4011740 |
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E-Mail : |
cyano@cyanopharmagroup.com |
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Website : |
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Area : |
1335.50 Sq.mtr. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Sandeep Shah |
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Designation : |
Director |
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Address : |
204, Chetak Vihar, New Palasiya, Indore – 452001, Madhya Pradesh, India
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Date of Birth/Age : |
44 Years |
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Qualification : |
B. Com |
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Date of Appointment : |
29.02.2000 |
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Experience: |
22 Years |
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Name : |
Mr. Pragnesh Shah |
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Designation : |
Director |
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Address : |
29, Jati Colony, Indore. |
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Date of Birth/Age : |
40 Years |
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Qualification : |
BSC, MA, LLB |
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Date of Appointment : |
28.11.2003 |
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Experience: |
20 Years |
KEY EXECUTIVES
|
Name : |
Mr. Smitesh Shah |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Smitesh Shah |
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17535 |
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Smitesh Shah (HUF) |
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3530 |
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Kiran Shah |
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7950 |
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Meena Shah |
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7950 |
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Varsha Shah |
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6685 |
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Ramesh Shah |
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2430 |
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Trupti Shah |
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7530 |
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Sandeep Shah |
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13790 |
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Sandeep Shah (HUF) |
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3060 |
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Ketan Shah |
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12985 |
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Ketan Shah (HUF) |
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2905 |
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Pragnesh Shah |
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14370 |
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Sanalal Shah |
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147870 |
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Ramesh Shah (HUF) |
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3370 |
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Mid India Pharmaceuticals Limited |
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10270 |
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Kapsulabs |
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6475 |
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Bloom Field Equity (Private) Limited |
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1000 |
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Cyano Finance and Sales (Private) Limited |
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17880 |
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Total |
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287585 |
(As on 30.09.2008)
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Category |
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Percentage
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Bodies Corporate |
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10.13 |
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Directors or relatives of directors |
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89.87 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Medicines (Tablets, Capsules, Oral
Liquids, External Liquids, Ointments, Powders, Ayurvedic Medicines). |
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Products : |
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Exports : |
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Products : |
Medicines |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
Credit (90 days) |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Medicines (Tabs Liquids, Ointments etc.) |
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Nos Nos Ltrs Kgs Kgs |
Tab: 1449.500
millions Cap: 1.749 millions Liquid: 100525 Ointment: 34792 Powders: 2460 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 68 |
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Bankers : |
Industrial Estate Branch, Pologround, Indore - 452016, Madhya Pradesh,
India |
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Facilities : |
C.C. Loan.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sethiya Khandelwal and Company Chartered Accountant |
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Address : |
209, Manas Bhavan Extension, 11 R N T Marg, Indore – 452001, Madhya
Pradesh, India |
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Tel No.: |
91-731-4050947/ 2594727 |
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Fax No.: |
91-731-2516602 |
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Associates/Subsidiaries : |
Formo Plast Private Limited B-12/B, Industrial Estate, Indore Activity: Manufacturer of Disposible Items. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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287585 |
Equity Shares |
Rs.10/- each |
Rs.2.876 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.986 |
2.876 |
2.876 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.276 |
14.408 |
11.935 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.262 |
17.284 |
14.811 |
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LOAN FUNDS |
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1] Secured Loans |
13.468 |
8.085 |
8.906 |
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2] Unsecured Loans |
9.100 |
12.120 |
10.234 |
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TOTAL BORROWING |
22.568 |
20.205 |
19.140 |
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DEFERRED TAX LIABILITIES |
0.974 |
0.617 |
0.350 |
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TOTAL |
47.804 |
38.106 |
34.301 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.782 |
15.973 |
12.519 |
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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 |
9.699
|
10.332 |
11.183 |
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Sundry Debtors |
59.940
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56.986 |
32.818 |
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Cash & Bank Balances |
1.211
|
0.916 |
0.373 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.107
|
3.464 |
0.734 |
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Total
Current Assets |
80.957
|
71.698 |
45.108 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
50.568
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45.334 |
20.139 |
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Provisions |
2.367
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4.231 |
3.187 |
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Total
Current Liabilities |
52.935
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49.565 |
23.326 |
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Net Current Assets |
28.022
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22.133 |
21.782 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
47.804 |
38.106 |
34.301 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
150.139 |
120.491 |
69.824 |
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Other Income |
3.181 |
1.301 |
0.397 |
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Total Income |
153.320 |
121.792 |
70.221 |
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Profit/(Loss) Before Tax |
3.368 |
3.130 |
0.930 |
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Provision for Taxation |
0.811 |
5.606 |
0.417 |
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Profit/(Loss) After Tax |
2.557 |
2.476 |
0.513 |
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Expenditures : |
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Manufacturing Expenses |
8.446 |
6.401 |
4.204 |
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Administrative Expenses |
4.822 |
4.477 |
2.469 |
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Selling and Distributors Expenses |
18.012 |
18.207 |
11.044 |
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Purchases made for re-sale |
115.334 |
85.626 |
50.707 |
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Increase/(Decrease) in Finished Goods |
0.632 |
0.850 |
(1.852) |
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Interest |
1.531 |
2.248 |
1.935 |
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Depreciation & Amortization |
1.175 |
0.853 |
0.785 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
149.952 |
118.662 |
69.291 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
13.40
|
2.03 |
0.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.24
|
2.59 |
1.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.34
|
3.57 |
1.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.18 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.18
|
2.86 |
2.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.52
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1.44 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- M/s Nirmesh Enterprises Private Limited, 20/1, New Palasia, Indore.
- M/s Nirmal Bagree Fincom Private Limited, Indore
- M/s Pravin Trading Company, 75, 3rd Floor, Dawa Bazar,
Indore.
- M/s Bhavin Pharmaceuticals, 58 ground Floor, Indore.
- Mr. Praveen Seth
- Mr. Bhavin Salvi
Working Results:
The company has earned net profit of Rs.3.131
Millions against the profit Rs0.930 Millions which has been carried to the balance
sheet and directors are hopeful to get better results in the current year.
Form 8:
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Corporate
identity number of the company |
U24232MP2000PTC014072 |
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Name of the
company |
CYANO PHARMA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
115 – C, Industrial Estate (Pologround), Indore – 452007, Madhya
Pradesh, India |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of Indore Industrial Estate Branch, Pologround, Indore - 452016, Madhya Pradesh,
India |
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Nature of
instrument creating charge |
Recital Dates
29.03.2008 for Equitable Mortgage by deposit of title deeds |
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Date of
instrument Creating the charge |
29.03.2008 |
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Amount secured by
the charge |
Rs.15.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 2% above BPLR
i.e. @ 13.50% p.a. floating Terms of
Repayment: Repayable on
Demand Margin: 30% on Raw
Materials 30% on Stock in
Process 40% on Finished
Goods 40% Stores and Spares,
Packing Materials 50% on Book Debts 15% on Bank
Guarantee/ LC Limit Extent and
Operation of the Charge: First Charge on
the current assets of the company to secure the various working capital
limits |
Fixed Assets:
- Factory Shed
- Building
- Plant and Machinery
- Office Equipment
- Computers
- Vehicles
- Furniture and Fixture
Website Details:
Exports:
The Unit has been inspected by following Foreign Drug Authority For Approval of Supply of Drug in
their Countries.
- National Drug Authority, Republic of Uganda.
- National Drug Authority, Republic of Yemen.
The Unit has received the certificate of Appreciation in
1994 its Export Performance.
The Unit is Exporting 30 to 40 % of their Formulation
directly and/or through Merchant Export to the following countries in own or
Neutral Labels. Category of medicines being exported are Eye Drops, Dry
Injections, Dry Syrup etc.
Ugabda, Republic of Yemen, Keneya,
Tanzania, Turkey, Mauritius, United Arab Emirates, Nigeria, Germany, Liberia.
Newly Develop Countries "Indonesia, Thailand &
Myanmar"
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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|