MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GANGWAL CHEMICALS PRIVATE LIMITED |
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Registered Office : |
25, Diamond Plaza, Laxminarayan Shopping, Centre, Poddar Park, Malad
(East), Mumbai-400097, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.06.1990 |
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Com. Reg. No.: |
045235 |
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CIN No.: [Company
Identification No.] |
U24110MH1990PTC045235 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG10016G |
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PAN No.: [Permanent
Account No.] |
AAACG1463E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical 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 74000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed having satisfactory track.
Trade relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Kalikant Mishra |
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Designation : |
Accounts Exectutive |
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Date : |
11.12.2008 |
LOCATIONS
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Registered Office : |
25, Diamond Plaza, Laxminarayan Shopping, Centre, Poddar Park, Malad
(East), Mumbai-400097, Maharashtra, India |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Corporate Office : |
306, Business Calssic, Chincholi Bunder, Off S.V. Road, Malad (West),
Mumbai-400064, Maharashtra, India |
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Tel. No.: |
91-22-28889000 |
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Fax No.: |
91-22-28835347 |
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E-Mail : |
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Factory 1 : |
N 5, MIDC, Tarapur |
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Mobile No.: |
91-9321865429 |
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Contact Person: |
Mr. Acharya |
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Factory 2 : |
C/- Malad Co-operative Society Limited, 4/33/34, Malad (East),
Mumbai-400097, Maharashtra, India |
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Tel. No.: |
91-22-28836565 |
DIRECTORS
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Name : |
Mr. Anil Jain |
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Designation : |
Director |
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Address : |
4/ 34, Malad Co –operative Hoising Society Limited, Poddar Park, Malad
(East), Mumbai-400097, Maharashtra, India |
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Date of Birth/Age : |
11.01.1963 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
16.10.2007 |
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Name : |
Mr. K.C. Jain |
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Designation : |
Director |
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Qualification : |
M. Pharma |
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Name : |
Mr. P.K. Jain |
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Designation : |
Director |
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Name : |
Mr. A A Jain |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Intermediates |
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Products : |
·
Excipients ·
Nutaceuticals ·
Active Pharmaceutical Ingrediants ·
Amino Acids ·
Sweeteners ·
Herbal Extracts |
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Exports : |
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Countries : |
European Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
·
J. R. Industrial Corporation ·
Maahan Proteins Limited ·
Penguin Agencies ·
Rasio Benecol Limited ·
Blanver FArmoquimica Limited ·
Omniofab Engineers ·
Samsung Fine Chemicals Company Limited ·
Ruchi Soya Industry Limited ·
Nigbao Create Biologicals Projects Company ·
Sun Opta ·
Thermax Limited ·
V.P Sathyamurthi ·
Hi Herbs Extract Udyog |
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No. of Employees : |
25 |
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Bankers : |
·
Citi Bank, Citi Business,Citi Group, Centre, 2nd Floor,
Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India ·
State Bank
of India, Industrial Finance Branch, Malad (East), Mumbai-400064,
Maharashtra, India ·
ABN Amro Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sunil M Jain and Associates Chartered Accountant |
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Address : |
3, Regency Apartment, Dattamandir, Malad (East), Mumbai-400097,
Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
170720 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.707
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 |
1.707 |
1.707 |
1.707 |
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2] Share Application Money |
13.109 |
8.344 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
5.164 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.816 |
10.051 |
6.871 |
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LOAN FUNDS |
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1] Secured Loans |
0.757 |
0.151 |
0.246 |
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2] Unsecured Loans |
0.200 |
0.240 |
0.240 |
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TOTAL BORROWING |
0.957 |
0.391 |
0.486 |
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DEFERRED TAX LIABILITIES |
0.011 |
0.063 |
0.000 |
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TOTAL |
15.784 |
10.505 |
7.357 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.933 |
4.869 |
2.304 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.007 |
0.007 |
0.007 |
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DEFERREX TAX ASSETS |
0.098 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.745
|
7.299 |
8.486 |
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Sundry Debtors |
9.278
|
4.469 |
4.144 |
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Cash & Bank Balances |
2.342
|
0.000 |
0.000 |
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Other Current Assets |
2.134
|
0.273 |
1.323 |
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Loans & Advances |
7.226
|
5.289 |
1.862 |
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Total
Current Assets |
31.725
|
17.330 |
15.815 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.859
|
7.588 |
8.800 |
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Provisions |
5.143
|
4.140 |
2.000 |
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Total
Current Liabilities |
26.002
|
11.728 |
10.800 |
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Net Current Assets |
5.723
|
5.602 |
5.015 |
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MISCELLANEOUS EXPENSES |
0.023 |
0.027 |
0.031 |
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TOTAL |
15.784 |
10.505 |
7.357 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
78.055 |
43.718 |
11.080 |
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Other Income |
4.259 |
3.281 |
0.000 |
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Total Income |
82.314 |
46.999 |
11.080 |
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Profit/(Loss) Before Tax |
7.745 |
5.338 |
5.521 |
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Provision for Taxation |
2.999 |
2.158 |
2.040 |
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Profit/(Loss) After Tax |
4.764 |
3.180 |
3.481 |
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Expenditures : |
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Administrative Expenses |
13.776 |
9.147 |
0.000 |
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Other Direct Cost |
10.671 |
5.501 |
0.000 |
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Purchases made for re-sale |
51.414 |
24.756 |
0.000 |
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Financial Charge |
1.387 |
0.735 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[3.446] |
1.186 |
0.000 |
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Depreciation & Amortization |
0.767 |
0.336 |
0.181 |
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Other Expenditure |
0.000 |
0.000 |
5.378 |
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Total Expenditure |
74.569 |
41.661 |
5.559 |
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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 |
(%) |
5.79
|
6.77 |
31.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.92
|
12.21 |
49.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.59
|
24.08 |
30.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
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0.53 |
0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.82
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1.21 |
1.64 |
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Current Ratio (Current Asset/Current Liability) |
|
1.22
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1.48 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
GANGWAL CHEMICALS PRIVATE LIMITED |
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Presented By |
State Bank of
India, Industrial Finance Branch, Malad (East), Mumbai-400064, Maharashtra,
India |
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1) Date and description of instrument creating the change |
a. Agreement of Hypothecation
of Goods and Assets b. Letter
regarding the grant of Individual limits within the overall limit. Both the above
agents, are dated 17.03.2005 and executed for the creations of a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.675
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 |
All Present and
future goods bookdebts and all other movable assets of the borrower including
moneys, receivables including receivables by way of cash assistance and / or
cash Incentives scheme claims including by way of refund of customs/ excise
duties under he Duty Drawback credit scheme or any other scheme, bills,
invoices, documents, contracts, Insurance policies, guarantees, engaments,
securities, Investments and right and the present and all future machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest DCC (Stocks) :
11.25% DCC (Book Debts)
: 11.25% Stand by Line of
Credit : 11.25% Margin: Finished goods :
33.33% Book debts/
Receivables: 40% Term Loan: 52% Repayment (Term
Loan) Rs. 1.200 Millions In 24 monthly
installments of R.s 0.050 Million each
(First Installments due on April 11, 2005) |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Industrial Finance Branch, Malad (East), Mumbai-400064, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24110MH1990PTC045235 |
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Name of the
company |
GANGWAL CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
25, Diamond Plaza, Laxminarayan Shopping, Centre, Poddar Park, Malad
(East), Mumbai-400097, Maharashtra, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
3i Infotech
Trusteeship Services Limited, 3rd to 6th Floor,
International Infotech Park, Tower No. 5, Vashi Railway station Complex,
Vashi, Navi Mumbai-400703 |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
19.02.2008 |
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Amount secured by
the charge |
RS. 17.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan : 2.75%
p.a. below IBAR plus applicable interest tax or other statutory levy, if any.
IBAR as on date is 15.75% p.a. and the applicable rate as on date is 13% p.a.
CC: 3.25% p.a. below the sum of IBAR and CC Risk premium prevailing on each
day plus applicable interest tax or other statutory levy, if any on the principal
amount of the loan remains outstanding each day. IBAR as on dated is at
15.75% p.a, CC premia is 0.50% p.a. and the applicable interest rate as on
date 13% p.a. Terms of
Repayment Term Loan Principal
amount of each tranche is to be repaid in 48 equal monthly installments
payable commencing form 12 months form date of first disbursement. Cash
Credit : 12 months form the sanction. Margin Term Loan: 40% ,
Cash Credit: Inventory: Uniform margin of 25% against all components of inventory. Book debts : Cover period
: 90 days, Margin: 25% Extent and
Operation of the charge Hypothecation of
the entire stock of raw materials, semi finished goods, finished goods and book debts of the company, bills
whether documentary or clean, outstanding monies, receivables, both present
and future, in a form and manner satisfactory to the Bank, ranking pari passu
with the existing banker ands exclusive charge on all moveable assets
including all movable machinery and moveable fixed assets at MIDC, N-5,
Tarapur |
|
Short particulars
of the property charged |
Hypothecation of
the entire stock of raw materials, semi finished goods, finished goods and book debts of the company, bills whether
documentary or clean, outstanding monies, receivables, both present and
future, in a form and manner satisfactory to the Bank, ranking pari passu
with the existing banker ands exclusive charge on all moveable assets
including all movable machinery and moveable fixed assets at MIDC, N-5,
Tarapur |
Fixed Assets:
·
Land
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Motor Car
·
Aqua Guard
·
Air Conditioner
·
Telephone Systems
·
Office Premises
·
Laboratories Equipments
AS PER WEBSITE
Profile:
Gangwal was founded in 1987 with a single mission, and that
was to provide its customers the Speciality Ingredients of proven quality from
the well - known sources located around the world. For achieving this mission,
Gangwal has a team of techno - commercial people that are headed by Mr. K. C.
Jain who has over four decades of experience in R & D, Manufacturing and
Projects in various leading pharmaceuticals organizations like Pfizer, Roussel,
and Ipca etc. The wide range of product portfolio represents National &
International Companies of high standards form USA, Japan, China, Denmark,
Germany, Finland.
As time moves on and research continues, you require a
single window Speciality Pharma Ingedrient provider to cater to all the needs
pro-actively. And that one choice, which caters to all the needs, is the one
that promises trust, tradition, integrity and Progress. And therefore Gangwal
With the flow of time and the increasing consciousness of
people towards good health Gangwal has now put a step ahead into
Nutraceuticals, Amino Acids and Plant Extracts. Gangwal today is an established
name in Pharma, Food & Chemical Industry and is constantly growing as a
complete service provider for Controlled Drug Delivery System, Speciality
Excipients, Nutraceuticals, Speciality APIs, and Natural Extracts etc. To
maintain the commitment, they constantly keep expand the expertise in
Excipients & Nutraceuticals through intensive market research &
development. They understand the Pharmaceutical business and its requirements,
and thus work closely & confidentially with all the Pharma Customers.
To achieve the business objective, they execute cost
effective & quality products for the customers providing cGMP compliant
products manufactured in FDA inspected, ISO certified facilities.
They possess ability to offer quality products at the right
time and at competitive prices and this is possible because of the innovative
and marketing efforts. The inherent strength lies in identifying and delivering
relevant NDDS for pharmaceutical manufacturers.
The focus is to provide Skill, Knowledge & Technical
expertise to help the Customers achieve desired solutions. Gangwal helps you
build a bridge from Research & Development to Manufacturing of formulations
and the Technical support guarantees the project a smooth progression.
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 |
|
|
|
--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 |
NO |
|
--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 |
|