MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
S. KANT PHARMA PRIVATE LIMITED |
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Registered Office : |
Plot No. 7, Turbhe, Thane
Belapur Road, Navi Mumbai 400705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.06.1983 |
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Com. Reg. No.: |
11-30195 |
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CIN No.: [Company
Identification No.] |
U24239MH1983PTC030195 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drugs, fine Chemicals and Pharmaceuticals |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 500000 |
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Status : |
Good |
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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 fine
track. Trade relations are
fair. Business is active. 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 : |
Plot No. 7, Turbhe, Thane Belapur
Road, Navi Mumbai 400705, Maharashtra, India |
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Tel. No.: |
91-22-27681505 |
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E-Mail : |
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Factory 1 : |
A Block, 3rd Floor, Shivsagar Estate, North Wing Annie, Mumbai
400018, Maharashtra, India |
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Tel. No.: |
91-22-66227575 |
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Fax No.: |
91-22-23633900 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Samir Shah |
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Designation : |
Director |
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Address : |
3-B, Suvas Apartment, Rungta Lane 68, F. Nepeansea Road, Mumbai
400006, Maharashtra, India |
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Date of Birth/Age : |
22.10.1966 |
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Date of Appointment : |
14.03.2007 |
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Name : |
Mr. Jayantilal Shah |
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Designation : |
Director |
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Address : |
Flat No. 3B, 3rd Floor, New Suvas 68-F, Nepeansea Road,
Malabar Hill, Mumbai 400006, Maharashtra, India |
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Date of Birth/Age : |
07.05.1929 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Bipin Nemchand Shah |
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Designation : |
Director |
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Address : |
27/5, Prakash 1, 28A Ridge Road, Malabar Hill, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
07.03.1949 |
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Date of Appointment : |
16.12.1985 |
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Name : |
Mr. Ketan Lalitkumar Shah |
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Designation : |
Director |
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Address : |
B2/2, Amalfi, 27B, L. D. Ruparel Marg, Malabar Hill, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
26.05.1971 |
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Date of Appointment : |
07.03.1996 |
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Name : |
Mr. Lalitkumar Popatlal Shah |
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Designation : |
Director |
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Address : |
B2/2, Amalfi, 27B, L. D. Ruparel Marg, Malabar Hill, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
02.10.1936 |
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Date of Appointment : |
31.03.1998 |
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DIRECTORSHIP IN OTHER COMPANIES : |
CIN No. : U24230MH1990PTC057922 Name of the Company : Sevak Pharma Private Limited CIN No. : U24230MH1996PTC098246 Name of the Company : S. Kant Healthcare Limited CIN No. : U67120MH1983PTC029955 Name of the Company : Japosha Investments and Trades Private Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Break-up |
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Percentage of
Holding |
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Bodies Corporate |
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80.20 |
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Directors or relatives of the Directors |
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19.80 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs, fine Chemicals and Pharmaceuticals |
GENERAL
INFORMATION
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Bankers : |
Bank of India,
Opera House, Mama Parmanand Road, Mumbai 400004, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. I. Mogul Associates Chartered Accountants |
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Address : |
73 – B, Mittal Court, Nariman Point, Mumbai 400021, Maharashtra, India
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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124.225 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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125.725 |
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LOAN FUNDS |
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1] Secured Loans |
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1.269 |
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2] Unsecured Loans |
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0.020 |
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TOTAL BORROWING |
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1.289 |
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DEFERRED TAX LIABILITIES |
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0.224 |
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TOTAL |
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127.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.823 |
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Capital work-in-progress |
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8.836 |
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INVESTMENT |
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7.838 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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59.094 |
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Sundry Debtors |
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104.785 |
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Cash & Bank Balances |
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19.634 |
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Other Current Assets |
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0.665 |
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Loans & Advances |
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50.159 |
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Total
Current Assets |
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234.337 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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108.745 |
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Provisions |
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45.904 |
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Total
Current Liabilities |
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154.649 |
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Net Current Assets |
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79.688 |
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MISCELLANEOUS EXPENSES |
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0.053 |
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TOTAL |
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127.238 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Total Income |
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529.018 |
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Profit/(Loss) Before Tax |
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71.703 |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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71.703 |
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Expenditures : |
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Interest |
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0.731 |
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Depreciation & Amortization |
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4.781 |
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Other Expenditure |
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451.803 |
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Total Expenditure |
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457.315 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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13.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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27.04 |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
S. KANT PHARMA
PRIVATE LIMITED |
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Presented By |
Bank of India,
Opera House, Mumbai 400004, Maharashtra, India |
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1) Date and description of instrument creating the change |
Charge and hypothecation of Book debts dated 24.04.1998 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 21.800
Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the borrower’s book debts, outstanding moneys receivable, claims, bills
which are now due and owing or which may at any time hereafter during the
continuance of this security become due and owing to the borrower in the
course of its business by any person, company or by the Government or any
State Government or any local or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The security as
stated in column no. 3 above has been taken to secure the various facilities
aggregating to Rs. 21.800 Millions granted by the Bank to the Company. |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of India,
Opera House, Mama Parmanand Road, Mumbai 400004, Maharashtra, India |
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6) Date and brief description
of instrument modifying the charge |
Dated 09.02.2005 Hypothecation cum
loan agreement [plant and machinery, stocks and book debts] |
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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. |
The original
charge dated 24.04.1998 for Rs. 21.800 Millions has been modified from time
to time as under : [a[ on 18.07.2002
an additional sum of Rs. 2.200 Millions was granted by the Bank, thereby
enhancing the limit from Rs. 21.800 Millions to Rs. 24.000 Millions
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.07 |
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UK Pound |
1 |
Rs. 77.98 |
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Euro |
1 |
Rs. 59.02 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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63 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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