MIRA
INFORM REPORT
|
Report Date : |
18.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRACHI PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
8, Princess Street, E. R. Road, Near J. J. Hospital
Signal, Mumbai – 400 003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.07.1987 |
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Com. Reg. No.: |
11-44050 |
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CIN No.: [Company
Identification No.] |
U24230MH1987PTC044050 |
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IEC No.: |
0388115980 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP19918D |
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PAN No.: [Permanent
Account No.] |
AAACP7440A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, exporter and importer of Pharmaceutical Fine Chemicals and Drug 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 58000 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
8, Princess Street, E. R. Road, Near J. J. Hospital Signal, Mumbai – 400 003, Maharashtra, India |
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Tel. No.: |
91-22-56335760 / 56059469 / 24131362 |
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Fax No.: |
91-22-23778597 / 24130877 |
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E-Mail : |
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Website : |
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Corporate Office : |
11/1, Rakhangi Mahal, Acharya Donde Marg, Opposite Wadia
Children Hospital, Parel, Mumbai, Maharashtra- 400 012, INDIA |
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Tel. No.: |
91-22-24132411
/ 24131362 / 24165274 |
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Fax No.: |
91-22-24130877 |
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E-Mail : |
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Factory : |
E-108, MIDC, Tarapur, Boisar – 401 502, District Thane, Maharashtra, India |
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Tel No. : |
91-252-270920 |
DIRECTORS
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Name : |
Mr. Rajendra Padamshi Shah |
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Designation : |
Director |
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Address : |
B-10/11, Mahavir Smruti, Garodia Nagar, Ghatkopar [East], Mumbai –
400077, Maharashtra, India |
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Date of Birth/Age : |
24.06.1961 |
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Qualification : |
B. Com |
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Date of Appointment : |
13.07.1987 |
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Name : |
Mrs. Savitaben Chinnubhai Shah |
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Designation : |
Director |
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Address : |
Savita Thrrace, Jain Society, Sion [East], Mumbai – 400022,
Maharashtra, India |
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Date of Appointment : |
01.01.2005 |
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Name : |
Mr. Pankaj Shah |
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Designation : |
Director |
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Address : |
B / 201, Sorento Co-operative Housing Society, Shanti Park, Ghatkopar
[East], Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
16.06.1956 |
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Qualification : |
Bsc., B. Tech (Pharmaceutical) |
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Date of Appointment : |
13.07.1987 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Pankaj T Shah |
|
450000 |
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Rajendra Padamshi Shah |
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450000 |
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Total |
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900000 |
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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 |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, exporters and importers of Pharmaceutical
Fine Chemicals and Drug Intermediates. |
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Exports : |
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Countries : |
European Union, USA, UK and China |
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Imports : |
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Countries : |
Turkmenistan, China and Chile |
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Terms : |
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Selling : |
L/C, Credit (60-90 days) |
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Purchasing : |
L/C, Credit (120-180 days) |
GENERAL INFORMATION
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No. of Employees : |
67 |
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Bankers : |
Bombay Mercantile Co-operative Bank Limited 78, Mohamed Ali Road, Mumbai – 400 003, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. J. Raichura and Company Chartered Accountants |
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Address : |
71/72 Ashok Chambers, 4th Floor, Devji Ratanshi Marg, Masjid Bunder – East, Mumbai – 400009, Maharashtra, India |
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Tel. No.: |
91-22-56314819 |
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Fax No.: |
91-22-23717069 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 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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|
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1] Share Capital |
9.000 |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.471 |
4.545 |
2.284 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.471 |
13.545 |
11.284 |
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LOAN FUNDS |
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|
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1] Secured Loans |
28.501 |
17.256 |
16.347 |
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2] Unsecured Loans |
17.166 |
18.429 |
20.359 |
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TOTAL BORROWING |
45.667 |
35.685 |
36.706 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.714 |
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TOTAL |
60.138 |
49.230 |
49.704 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.626 |
11.666 |
11.905 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.080 |
10.044 |
0.725 |
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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 |
39.100
|
35.776 |
31.547
|
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Sundry Debtors |
18.047
|
25.094 |
25.180
|
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Cash & Bank Balances |
6.776
|
0.320 |
5.535
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.140
|
4.657 |
6.304
|
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Total
Current Assets |
68.063
|
65.847 |
68.566 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.987
|
33.408 |
25.840
|
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Provisions |
4.644
|
4.919 |
5.652
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Total
Current Liabilities |
21.631
|
38.327 |
31.492 |
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Net Current Assets |
46.432
|
27.520 |
37.074
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
60.138 |
49.230 |
49.704 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2005 |
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Sales Turnover |
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84.473 |
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Other Income |
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|
1.248 |
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Total Income |
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85.721 |
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Profit/(Loss) Before Tax |
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|
0.703 |
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Provision for Taxation |
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|
0.237 |
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Profit/(Loss) After Tax |
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|
0.466 |
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Imports Value |
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21.017 |
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Expenditures : |
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Raw Material Consumed |
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74.718 |
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Manufacturing Expenses |
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|
4.173 |
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Administrative Expenses |
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|
4.261 |
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Selling and Distribution Expenses |
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|
2.996 |
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Financial Expenses |
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|
3.382 |
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Depreciation & Amortization |
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|
0.300 |
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Increase/(Decrease) in Finished Goods |
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|
[4.812] |
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Total Expenditure |
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|
85.018 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
|
NA |
0.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
0.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
0.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
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NA |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.65
|
5.46 |
6.04 |
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Current Ratio (Current Asset/Current Liability) |
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3.15
|
1.72 |
2.18 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
PRACHI
PHARMACEUTICALS PRIVATE LIMITED |
|
Presented By |
Bombay Mercantile Co-operative
Bank Limited, Foreign Exchange Department, Mumbai – 400009, Maharashtra
India |
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1) Date and description of instrument creating the change |
14.11.2003 Hypothecation of
Tangible Movable Property / Book Debts |
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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 |
To secure the due
repayment of the Import Letter of Credit Limit sanctioned to the borrow
company and for the interest and other charges thereon, first charge and
hypothecation in favour of the bank All present and
future Stock, Consisting of Bulk Drugs, manufactured including therein the
stock thereof for time being whether raw or manufactured or in process of
manufacture and also all products goods and any and every Tangible movable property of the borrow
whether now lying or at any time hereafter during the continuance of this
security lying or being in or about the Borrower premises at Mumbai or
wherever else the same may be or be held by any party anywhere to the order
and disposition of the borrow or in course of transit to the borrower. All the present
and future undisputed book debts of the tenure not exceeding 90 days.
Outstanding, monies receivables, claims, bills, contracts, securities,
investments, rights, assets. Charge over all
the existing and future Plant and Machinery of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
other charges as may from time to time be fixed by the bank and shall be
calculated and charged in accordance with the practice of the Bank and for
all costs, charges and expenses incurred by the Bank for the preservation,
protection, defence and perfection of this security or for attempted or
actual realization and also for the repayment of all present and future
intentness and liabilities of the Borrower to the Bank of any manner whether
solely or jointly primary or collateral accrued or accruing with all relative
interest charges costs and expenses.
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5) Name and Address and description of the person entitled to the charge. |
Bombay Mercantile Co-operative Bank Limited 78, Mohamed Ali Road, Mumbai – 400 003, 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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80026710 |
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Corporate
identity number of the company |
U24230MH1987PTC044050 |
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Name of the
company |
PRACHI PHARMACEUTICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
8, Princess Street, E. R. Road, Near J. J. Hospital
Signal, Mumbai – 400 003, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bombay Mercantile Co-operative Bank Limited E. R. Road, Mumbai – 400 003, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Mortgage Deed |
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Date of
instrument Creating the charge |
30.03.2007 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as such
rate as may be decided by the bank from time to time Terms of
Repayment As per the loaning
documents executed by the Borrower Company with the Bank Margin As per the
loaning documents executed by the
Borrower Company with the Bank Extent and
Operation of the charge At the request of
the borrower the bank has revised the banking limits to Rs. 50 Millions [OD
limits Rs. 25 Millions. Foreign Bills Purchase / negotiation Limit Rs. 5.000
Millions and Import LC of Rs. 20 Millions]. To secure the repayment of the
limits and for all cost, continuation of extension of charge on lease hold rights
in Plot No F-108 at Tarapur Industries Area, Palghar. Charge modified from
Rs. 25 Millions to Rs. 50 Millions |
|
Short particulars
of the property charged |
At the request of
the borrower the bank has revised the banking limits to Rs. 50 Millions [OD
limits Rs. 25 Millions. Foreign Bills Purchase / negotiation Limit Rs. 5.000
Millions and Import LC of Rs. 20 Millions]. To secure the repayment of the
limits and for all cost, continuation of extension of charge on lease hold
rights in Plot No F-108 at Tarapur Industries Area, Palghar. Charge modified
from Rs. 25 Millions to Rs. 50 Millions
|
|
Particulars of
the present modification |
At the request of
the borrower the bank has revised the banking limits to Rs. 50 Millions [OD
limits Rs. 25 Millions. Foreign Bills Purchase / negotiation Limit Rs. 5.000
Millions and Import LC of Rs. 20 Millions]. To secure the repayment of the
limits and for all cost, continuation of extension of charge on lease hold
rights in Plot No F-108 at Tarapur Industries Area, Palghar. Charge modified
from Rs. 25 Millions to Rs. 50 Millions
|
Fixed Assets
- Leasehold Land
- Factory Building
- Plant and Machinery
- Electric Installation
- Office Equipments
- Furniture and Fixtures
- Computers
- Cylinder Purchase
- Motor Car
- Air Conditioners
- Fire Extinguisher
Subject imports Iodine PVPK-30 and exports pharmaceutical bulk drugs and intermediates.
As per website
Profile
Established in 1988, Subject GMP
certified by FDA organization has achieved a respectable position in the
Pharmaceutical Industry.
Products
- Iodine Compounds
- Active Pharmaceutical Ingredients
- Specialty Chemicals
Infrastructure
Company has a multipurpose GMP plant, flame proof design, complete
manufacturing, drying, pulverizing and packing area under 5 micron air handling
system and positive pressure environment.
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.39.66 |
|
UK Pound |
1 |
Rs.78.16 |
|
Euro |
1 |
Rs.58.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|