MIRA
INFORM REPORT
|
Report Date : |
21.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ENCUBE ETHICALS PRIVATE LIMITED |
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Registered Office : |
Unit No. 24, Steelmade Industrial Estate, Marol, Andheri
(East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.09.1985 |
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Com. Reg. No.: |
11-92485 |
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CIN No.: [Company
Identification No.] |
U24230MH1995PTC092485 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME02391E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Importing of Dermatological Pharmaceutical
and Therapeutic Preparation, Patent Medicines, Drugs, etc. |
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 660000 |
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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.
Directors are reported as experienced and respectable businessmen. Trade relations
are fair. Business is active. Payments are reported as usually correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Unit No. 24, Steelmade Industrial Estate, Marol, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-56783848 (3 Lines) /
28503838 / 28504335 / 28508612 |
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Fax No.: |
91-22-28504336 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. C-1, Madkaim Industrial Estate, Madkaim, Post :
Mardol, Ponda, Goa – 403 404 |
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Tel. No.: |
91-832-2392223/2392314 |
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Fax No.: |
91-832-2392225 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mehul Shah |
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Designation : |
Managing Director |
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Address : |
Flat 501 / 52B Apartment, 7th NS Road, JVPD Scheme, Vile
Parle [West], Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
21.07.1966 |
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Date of Appointment : |
07.09.1995 |
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Name : |
Mr. Madhusudan M. Shah |
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Designation : |
Director |
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Address : |
Flat 501 / 52B Apartment, 7th NS Road, JVPD Scheme, Vile
Parle [West], Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
30.11.1934 |
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Date of Appointment : |
07.09.1995 |
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Name : |
Mr. Himanshu M Gandhi |
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Designation : |
Director |
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Address : |
B 301 Gokul Gagan Dattani Park, Kandivali [East], Mumbai – 400101,
Maharashtra, India |
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Date of Birth/Age : |
23.01.1970 |
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Date of Appointment : |
30.01.2002 |
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Name : |
Mr. Nilesh N Maniar |
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Designation : |
Director |
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Address : |
1 Ashish 51 C, S V Road, Santacruz West, Mumbai – 400054, Maharashtra,
India |
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Date of Birth/Age : |
06.07.1960 |
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Date of Appointment : |
30.01.2002 |
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Date of Ceasing : |
30.08.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Jain |
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Designation : |
Plant Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mehul Shah |
|
600000 |
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Madhusudan M. Shah |
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600000 |
|
G Shah |
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20 |
|
Nilesh N Maniar |
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20 |
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Rupa Maniar |
|
20 |
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Chandramani Maniar |
|
20 |
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Chandra Shah |
|
225000 |
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Himanshu M Gandhi |
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20 |
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Niti Shah |
|
74910 |
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Pinki Gandhi |
|
20 |
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Total |
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1500030 |
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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 |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing and Importing of Dermatological Pharmaceutical
and Therapeutic Preparation, Patent Medicines, Drugs, etc. |
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Products : |
Dermatological Pharmaceutical and Therapeutic Preparation,
Patent Medicines, Drugs, etc. |
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Exports : |
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Countries : |
Japan |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
|
Non Sterile Ointments |
Single
Shift |
960.000 |
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Non
Sterile Ointments :- |
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Sales |
Single
Shift |
211.10 |
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Labour |
Single
Shift |
351.84 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
180 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shaparia & Mehta Chartered Accountants |
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Address : |
1/74, Krishna Kunj, R. A. Kidwani Road, King Cercle, Mantunga, Mumbai
– 400019, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,00,000 |
Equity Shares |
Rs.
10/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,00,030 |
Equity Shares |
Rs.
10/- each |
Rs.
15.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
15.000 |
15.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
149.255 |
129.726 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
164.255 |
144.726 |
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LOAN FUNDS |
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1] Secured Loans |
|
34.664 |
10.176 |
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2] Unsecured Loans |
|
60.500 |
0.100 |
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TOTAL BORROWING |
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95.164 |
10.276 |
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DEFERRED TAX LIABILITIES |
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12.129 |
12.114 |
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TOTAL |
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271.548 |
167.116 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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95.907 |
77.261 |
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Capital work-in-progress |
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77.816 |
1.824 |
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INVESTMENT |
|
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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20.465 |
11.534 |
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Sundry Debtors |
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35.308 |
22.135 |
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Cash & Bank Balances |
|
37.969 |
53.660 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
95.985 |
63.437 |
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Total
Current Assets |
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189.727 |
150.766 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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47.864 |
22.586 |
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Provisions |
|
44.138 |
40.257 |
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Total
Current Liabilities |
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92.002 |
62.843 |
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Net Current Assets |
|
97.725 |
87.923 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.008 |
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TOTAL |
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271.548 |
167.116 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.14 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
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2.06 |
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
ENCUBE
ETHICALS PRIVATE LIMITED |
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Presented By |
Mr.
Madhusudan M. Shah, Director |
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1) Date and description of instrument creating the change |
Deed of Hypothecated the 10th day of October, 2005 executed
by Encube Ethicals Private Limited [therein and hereinafter
referred to as the Borrower in favour of ICICI Bank Limited] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Secured working
capital facilities not exceeding Rs. 20.000 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In Consideration
of ICICI having granted / agreed to grant to the borrower the facilities,
agreement and declaration by the borrower, inter alia as follows : Covenant by the borrower
to comply / to ensure compliance with all the terms and conditions set out in
Master facility agreement dated 10th October 2005 entered between
the Borrower and ICICI, as modified amended/ renewed / supplemented from time
to time. The borrower shall
pay all amount in respect of the facilities and pay interest and all other
monies in the manner set out in the agreement and the other Transaction
Documents. The assets were
thereby hypothecated inter alia to ICICI as and by way of first charge, as security
for and be charged with the repayment of the facilities, all interest and
other monies payable by the Borrower to ICICI as specified in the agreement
and the other Transaction Documents. The Borrower to
keep the Assets in marketable and good condition and also insured as provided
in the Deed of Hypothecation / the agreement. Power of Entry,
power to take charge and / or possession of, seize, recover, receive, appoint
receiver of and remove and / or sale by auction or private contract, dispatch
for realization or otherwise dispose of or deal with all or any part of the
Assets etc. as provided in the Deed of Hypothecation. All other terms
and conditions as contained in the Deed of Hypothecation. |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited, 1st Floor, Sagar Avenue,
Opposite Shopper Stop, Andheri [West], Mumbai – 400053, 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 charge to be modified |
10037554 |
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Corporate
identity number of the company |
U24230MH1995PTC092485 |
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Name of the
company |
ENCUBE ETHICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Unit No. 24, Steelmade Industrial Estate, Marol, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
Small Industrial Development Bank of India, New Horizone,
1st Floor, St. Mary’s Colony, Dayanand Bandodkar Marg, Miramar,
Panji – 403001, Goa, India |
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Nature of
description of the instrument creating or modifying the charge |
Declaration and
undertaking in the matter of a mortgage by deposit of title deeds dated
12.02.2007 |
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Date of
instrument Creating the charge |
12.02.2007 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 10 % p.a. on
principal amount of the loan outstanding, from time to time on 1st
of every month additional interest of 1 % in company fails to create
securities as stated in article III within stipulated time Extent and
operation of the charge : Charge to cover
all outstanding dues and interest |
|
Short particulars
of the property charged |
Hypothecation of plant,
equipment, machinery spares, tools, accessories and all other assets proposed
to be acquired under the scheme. Hypothecation of all borrower’s movable
including the movables, plant, machinery, tools and accessories, office
equipments, computers, furniture and fixture at Plot No. D1, D2, D3 and D 15,
Madkaim Industrial estate, Madkaim, Ponda, Goa subject to prior charges
created and to be created. |
|
Particulars of
the present modification |
First
modification : Additional
security provided by deposit of title deed for mortgage of immovable property
situated at Plot No. D1, D2, D3 and D
15, Madkaim Industrial estate, Madkaim, Ponda, Goa All other terms
and conditions of original charge remain unchanged. |
FIXED
ASSETS
- Leasehold Land
at Goa
- Staff
Quarters at Goa
- Brands
- Trade Mark
- Factory
Building
- Office
Building
- Plant &
Machinery
- Other Factory
Equipments
- Electrical
Installations & Fittings
- Spares &
Tools
- Ventilation
& A.C. Systems
- Xerox Machine
- Office
Equipments
- Computer
- Furniture
& Fixtures
- Vehicles
AS PER
WEBSITE
Subject is a progressive CONTRACT
MANUFACTURING company dedicated to the topical preparations viz. Creams,
Ointments, Gels, Lotions and Solutions.
The state of the art plant of subject was commissioned in Goa in March 1998.
The facility is approved by international regulatory health authorities like Health Products and Food Branch Inspectorate (HPFBI)-Canada and TGA- Australia. Also the facility is
holding WHO-GMP certificate, ISO 9001 :
2000 certification and IDMA Quality
Excellence Gold Award for the year 2004.
This is possibly the only facility in India exclusively devoted to
Dermatology, manufacturing a range of Products as follows :
- Non Steroidal
Anti-inflammatory Agents
- Steroidal
Anti-inflammatory Agents
- Antifungals
- Scabicidal
Agents
- Antiseptics
- Antibacterials
- Antibiotics
- Antiviral
- Moisturizers
Green land with a variety of trees has a passion that runs parallel to
the business growth. They have set up their plant amidst the serene surroundings
of picturesque Goa, while their Registered office is in Mumbai the financial
capital of the nation.
The existing Plant is admeasuring 4300 Sq Mt. of built up area ,
built on an area of 35000 Sq.Mt of land.
Salient Features of existing plant
- Facility
design & construction meets the requirements of international and
national cGMP & GLP requirements
- The design of
entire 600 kg / 1000 kg manufacturing line is such that all types of Derma
Products including Creams, Ointments, Gels & lotions can be produced
with highest standards of GMP.
- A separate
Flame Proof Zone exists for alcohol-based formulations.
- Segregated
manufacturing lines for steroidal and non-steroidal products to rule out
possibility of cross-contamination.
- Validated Air
Handling system with separate air handling units (11 No.) for all critical
areas to avoid air borne contamination with terminal HEPA filters in core
areas.
- Validated
Purified Water system with 0.2-micron online filter in the loop.
- Computerized
temperature-recording system for all core areas of the plant.
- Well-established
Quality Control laboratory equipped with highly sophisticated modern
instruments. Separate microbiological testing laboratory and packaging
material testing facility to monitor the quality standards of starting
materials, In-process and Finished Product during all the stages of
manufacturing of product.
- A very young
team of qualified and experienced personnel ever willing to learn and
adapt to newer and emerging process techniques. Average age : 30 years.
Product Range
- Clindac A Gel
- Desowen Cream
- Desowen Lotion
- Perlice Crème Rinse
- Permite Cream
- Efaderm Cream
- Ionax-T Scalp Solution
- Cetaphil Cleansing Lotion
- Benzac AC Gel 2.5%
- Benzac AC Gel 5%
- Arcolane Scalp Solution
- Eryacne Gel
- Cetaphil Moisturising Cream
- Cetaphil Moisturising Lotion
- Clindac A Solution 1%
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.39.38 |
|
UK Pound |
1 |
Rs.76.90 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|