MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KARNAVATI
ENGINEERING LIMITED |
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Formerly Known As : |
KARNAVATI AUTO
PRIVATE LIMITED |
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Registered Office : |
Cadila Corporate House , Sarkheh Dholka Road , Bhat , Ahmedabad –
382210, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.07.1981 |
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Com. Reg. No.: |
04-4488 |
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CIN No.: [Company
Identification No.] |
U29199GJ1981SGC004488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMK00433G |
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PAN No.: [Permanent
Account No.] |
AAACK6047Q |
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Legal Form : |
Closely Held Public Limited Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Kalweka and Rimek,
Karnavati (Pharmaceutical Machineries] |
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 190000 |
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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 company having fine track. It is a part of Cadila Group. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Cadila Corporate Hous, Sarkheh Dholka Road , Bhat , Ahmedabad – 382210, Gujarat , India . |
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Tel. No.: |
91-2718-225001 |
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Fax No.: |
91-2718-225039 |
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E-Mail : |
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Website : |
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Corporate Office : |
342, Nani Kadi, Taluka Kadi, District Mehsana, Gujarat –
382715 |
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Tel. No.: |
91-2764-241464-66 |
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Fax No.: |
91-2764-242608 |
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Website : |
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International Branches : |
KARNAVATI AMERICA 9801 Washingtonian Blvd,
Suite 220 , Gaithersburg , MD 20878, USA Voice : 301 208
6785 Fax
: 301 208 6784 Cell
: 240 620 7493 E-mail : sales@karnavatiamerica.com URL : http://www.karnavatiamerica.com
Email : middleeast@karnavatiengineering.com
Email : export@karnavatiengineering.com
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National Branches : |
· Oxford Chamber, 6 th Floor, ‘A' Wing Opposite Saki Vihar Telephone Exchange, Saki Vihar Road, Andheri (East) Mumbai - 400072 Tel : 91-22-2857 8474/7604/5 Email : mumbai@karnavatiengineering.com · D-1011, New Friends Colony, Opposite Mata Temple, New Delhi Tel : 91-11-26326126 Email: delhi@karnavatiengineering.com ·
Tel : 91-80-5321651/52 |
DIRECTORS
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Name : |
Mr. I. A. Modi |
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Designation : |
Chairman Cum Managing Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road, Paldi, Ahmedabad |
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Date of Birth/Age : |
18.02.1926 |
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Qualification : |
B. Tech. |
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Experience : |
55 years |
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Date of Appointment : |
13.07.1981 |
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Name : |
Dr. R. I. Modi |
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Designation : |
Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road, Paldi, Ahmedabad |
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Date of Birth/Age : |
09.05.1960 |
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Qualification : |
M. Sc., B. Tech, PHD |
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Experience : |
20 years |
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Date of Appointment |
26.03.1990 |
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Name : |
Mr. R. Rajagopalan |
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Designation : |
Director |
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Address : |
148, 13 Cross, 1 Block, R T Nagar, Bangalore – 560032, Karnataka, India |
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Date of Appointment |
16.01.2004 |
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Name : |
Mrs. Shilaben L. Modi |
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Designation : |
Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road, Paldi, Ahmedabad |
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Date of Birth/Age : |
09.12.1931 |
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Date of Appointment |
10.08.1996 |
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Name : |
Mrs. Monica R. Modi |
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Designation : |
Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road, Paldi, Ahmedabad |
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Date of Birth/Age : |
04.06.1963 |
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Date of Appointment |
10.08.1996 |
KEY EXECUTIVES
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Name : |
Mr. Subodh N. Naik |
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Designation : |
Chief Executive Officer |
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Address : |
E-33, Galaxy Tower, S. G. Road, Ahmedabad |
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Date of Birth/Age : |
56 years |
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Qualification : |
Engineer |
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Experience : |
30 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2004)
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Names of Shareholders |
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No. of Shares |
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Mr. Indravadan A. Modi |
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74800 |
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Mrs. Shilaben L. Modi |
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74800 |
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Mr. Indravadan A. Modi |
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600400 |
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Total |
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750000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Capsule Filling Machine, Packing Machines, Wrapping
Machinery and Punches. Dyes. |
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Products : |
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Export : |
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Products : |
Pharmaceutical Machines |
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Countries: |
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Import: |
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Products : |
CNC Machines |
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Countries: |
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Terms : |
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Selling : |
L/C or Credit (30 days) |
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Purchasing : |
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
End Users · TARO Israel · ISP Worldwide (China , India etc.) · WYETH ( One of the world's top 20 ) · SPI Pharma ( USA ) · Daroupaksh ( Iran ) |
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No. of Employees : |
144 |
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Bankers : |
Industrial Finance Branch, Ahmedabad – 380015, Gujarat, India
Ashram Road, Ahmedabad, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mukesh M. Shah and Company Chartered Accountants |
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Address : |
H. K. House, Ashram Road, Ahmedabad |
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Tel. No.: |
91-79-26585814/26580549 |
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Fax No.: |
91-79-26581236 |
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E-Mail : |
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Associates/Subsidiaries : |
· Cadila Pharmaceuticals Limited At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Pharmaceuticals and Bulk Drugs · Casil Health Products Limited At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Hospital Products, Sulpholane and Soft Geletine · Green Channel Travel Services At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Travel
Services and Forex |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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850000 |
Equity Shares |
Rs.10/- each |
Rs.8.500 Millions
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15000 |
Preference Shares |
Rs.100/- each |
Rs.1.500 Millions |
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Total |
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Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
30.000 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.089 |
28.504 |
19.196 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.089 |
36.004 |
26.696 |
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LOAN FUNDS |
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1] Secured Loans |
98.141 |
122.983 |
45.810 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
98.141 |
122.983 |
45.810 |
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DEFERRED TAX LIABILITIES |
17.517 |
11.726 |
7.501 |
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TOTAL |
153.747 |
170.713 |
80.007 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.476 |
73.696 |
35.983 |
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Capital work-in-progress |
0.000 |
0.426 |
8.775 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
73.929 |
100.441 |
35.761 |
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Sundry Debtors |
70.971 |
22.498 |
26.927 |
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Cash & Bank Balances |
5.458 |
5.798 |
1.699 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
24.732 |
78.183 |
7.608 |
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Total Current Assets |
175.090
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206.920
|
71.995 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
133.884 |
101.416 |
33.707 |
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Provisions |
7.935 |
8.913 |
3.039 |
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Total Current Liabilities |
141.819
|
110.329
|
36.746 |
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Net Current Assets |
33.271 |
96.591 |
35.249 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
153.747 |
170.713 |
80.007 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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230.603 |
109.141 |
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Other Income |
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6.944 |
5.151 |
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Total Income |
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237.547 |
114.292 |
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Profit/(Loss) Before Tax |
|
18.939 |
9.597 |
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Provision for Taxation |
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(7.065) |
(3.536) |
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Profit/(Loss) After Tax |
|
11.874 |
6.061 |
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Export Value |
|
139.416 |
48.254 |
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Imports : |
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Stores & Spares |
|
1.507 |
0.889 |
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Capital Goods |
|
4.167 |
7.143 |
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Purchase of Trading Goods |
|
7.056 |
0.000 |
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Total Imports |
|
12.730 |
8.032 |
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Expenditures : |
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Cost of Materials Consumed |
|
81.506 |
51.636 |
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Purchase Of Trading Goods |
|
117.820 |
0.852 |
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Personal Exp |
|
18.287 |
13.100 |
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Other Expenses |
|
45.700 |
36.555 |
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Total Expenditure |
|
263.313 |
102.143 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA |
4.99 |
5.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
8.21 |
8.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
19.60 |
27.22 |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.52 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.30 |
3.06 |
1.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
1.87 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
- Globe Pharma
P. O. Box 10837, New Bronswick, NJ-08906-9998
Website: http://www.globepharma.com
- DMG India Private Limited
Hosto Centre A3, Miller Road, Bangalore
- Wyth Limited, Goa
Contact person: Mr. Swyngle
Tel.: 91-832-2782631/8
- Pletehco Limited, Indore
Contact Person: Mr .Kachollya
Tel.: 91-832-2897618/7691
Form 8:
|
Corporate
identity number of the company |
U29199GJ1981SGC004488 |
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Name of the
company |
KARNAVATI
ENGINEERING LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Cadila Corporate Hous, Sarkheh Dholka Road , Bhat , Ahmedabad – 382210, Gujarat , India . |
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This form is for |
Modification of
charge |
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Type of charge |
Movable Property
(Not being pledge) Raw Materials,
Wip, Finished/ Semi Finished Goods |
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Particular of
charge holder |
Vijaya Bank Industrial Finance Branch, Ahmedabad – 380015, Gujarat, India |
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Nature of
instrument creating charge |
Supplementary
Agreement Agreement to extend
Charge on movable property |
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Date of
instrument Creating the charge |
18.04.2007 |
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Amount secured by
the charge |
Rs.86.550
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: BPLR – 3.50% = 9.50% p.a. and 9.50% p.a. in respect of
post Shipment (DP Bills) and beyond
transit period BPLR + 2% =15% p. a and post shipment (against usance bills)
for first 90 days BPLR 3.50% = 9.50% p.a. beyond 90 days and upto 6 months
from the date of shipment BPLR-1% = 12%. Terms of
repayment Maximum period of
6 months for pre/post shipment Margin: 25% For PCL (H) Extent and
operation of the charge. All the secured
described hereinbelow in column No.14 have been charged to the bank to
secured: CC (H) Limit of
Rs.17.500 Millions PCL/FDBP/FUDBP-LC
Limit of Rs.10.000 Millions ILC/FLC Limit of
Rs.10.000 Millions BG/Foreign BG
Limit of Rs.5.000 Millions Secured Loan (II)
Rs.6.550 Millions Secured Loan (II)
Rs.27.500 Millions One – Time AD-HOC
PCL (H) FDBP/FUDBP Limit of Rs.10.000 Millions Making Aggregate
Limit of Rs.86.550 Millions |
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Particulars of
the property charged |
Hypothecation of
Raw Materials Stock in process and finished goods, spares stored and lying the
factory premises/ godown at plot no.342 Nani Kadi Mehsana District and Any
other Place in future All the plant and
Machinery and Current Assts charged to the existing working capital fund
based and loan non fund based facilities. |
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Particulars of the
present modification |
By Virtue of said
modification the charge earlier created on 26/03/1997 and subsequently
modification from time to time is now further extended for additional one
time to time AD-HOC PCL (H) FDBP/FUDBP Limit of Rs.10.000 Millions This
charge Is now stands for
Aggregate Limit of Rs.86.550 Millions |
WEBSITE DETAILS
HISTORY
1951 :Shri Indravadan Modi becomes the founder of
India's First Pharamceutical Company
Cadila Pharmaceutical
Limited (www.cadilapharma.com, wwww.cplinc.net)
1960 : Team "KARNAVATI" was formed
within Cadila Pharma to maintain all imported European/American Pharmaceutical
Machineries.
1981 :Team of talented engineers of
"KARNAVATI" become a part of a new company formed called
"KARNAVATI ENGINEERING LIMITED" with a brand "RIMEK" under
the flagship Group "MODI GROUP OF COMPANIES"
The company besides
maitaining pharmaceutical machineries of cadila pharma launched India's First
50cc Motor Bike.
1991 : Diversified fully in to core strength of
"PHARMACEUTICAL MACHINERIES"
1992
: KEL develops
KADKARE Tooling Kits
1993
: KEL launches Dies
and Punches, Tooling KEL opens up
Mumbai, India.
1994
: KEL opens up
office in Bangalore,India.
1995 : KEL
opens up office in Delhi, India., KEL
splits with a popular partner in India.,
KEL launches India's First KALWEKA Series of Laboratory Equipments.
1996
:Tablet Presses -
Mini I was launched along with basic RSP 16 D
1997
: KEL launches UNIK
II PC , India's First Fully Automatic Tablet Press KEL launches UNIK I FC, India's First Front Control Mi
1998 :KEL Launches MINI PRESS II Tablet Press
1999
:KEL becomes India's
Highest Exporter of Pharma Machineries ( Tablet Press ) to USA.
2000
:KEL becomes India's
First company to introduce ERP 100% for all manufacturing and dispatch
procesesses
2001
:KEL launches MINI
II SF
2002 :KEL Launches UNIK III ML and scores Half Century of Tablet Presses Types
availability
KEL launches it's first Rapid Mixer Granulator
2003
:KEL launches MINI
CAP
KEL Launches UNIK
PC AUTO
KEL opens a
susidiary office in MD, USA ( www.karnavatiamerica.com)
2004 :KEL becomes India's First company to buy New
Top of Line 5 CNC Machining and Turning Centres.
KEL Launches KR 40
Capsule MC
2005
:KEL triples it's
Production Capacity with Manufacturing space of over 5000 Sq. mtr and
KEL touches exports
to more than 50 countries,
INTRODUCTION
The engineering arm
of the CADILA (www.cadilapharma.com )
group, Karnavati Engineering Limited (KEL)( www.karnavatiengineering.com )
, is a well-established( 1981 AD) manufacturer of “RIMEK” Brand of precision
components and machinery for pharmaceuticals and allied industries.
Following its
breakthrough with the all- purpose Kalweka for Pharma research in academic
institutions, RandD centre, pharmaceuticals and associated industries, SUBJECT
has been developing a range of innovative machineries.
SUBJECT has been at
the helm of technology revolution in the field of Pharma machinery for a decade
and has become synonymous with tablet press series worldwide.
Subject invests a
major chunk of its turnover in R and D. The company participates at various
exhibitions worldwide and offers trial runs on its machines at its factory and
has won the appreciation of technocrats and end-users worldwide. The products
have achieved wide acceptance in domestic and international markets, and are
exported to USA, UK, CIS countries, Italy, Belgium, France, South Africa,
Columbia, Indonesia, Malaysia, Syria etc.
Today it ranks No.1
in the country in exporting Pharma machinery to the US , and is relentlessly
making its way to become the best in the precision equipment manufacturing
sector.
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.43.34 |
|
UK Pound |
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
73 |
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/normal. |
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 |
|