MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
RIDDHI PHARMA MACHINERY LIMITED |
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Registered Office : |
Survey no. 334/ 2/ 1, Behind Manish Estate, Gulabnagar, Opposite A.E.C,
Ambawadi, Ahmedabad-380026, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.12.1995 |
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Com. Reg. No.: |
28504 |
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CIN No.: [Company
Identification No.] |
U33112GJ1995PLC028504 |
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IEC No.: |
0804012351 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR03525E |
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PAN No.: [Permanent
Account No.] |
AAACR5462Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pharma Machineries |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 28000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure having good amount of accumulated
losses. Payments are reported as slow and delayed. The company can be considered for any business dealings on safe and
secured trade terms and conditions only. |
INFORMATION PARTED
BY
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Name : |
Mr. Hiten K. Shah |
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Designation : |
Director |
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Date : |
27.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
Survey no. 334/ 2/ 1, Behind Manish Estate, Gulabnagar, Opposite
A.E.C, Ambawadi, Ahmedabad-380026, Gujarat, India |
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Tel. No.: |
91-79-2740683 |
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Mobile No.: |
91-9426372646 |
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Fax No.: |
91-79-2740737 |
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E-Mail : |
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Website : |
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Corporate Office : |
Om Shivam 2, Tarun Bharat, Chakala, Sahar Road, Andheri (East),
Mumabi-400069, Maharashtra, India |
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Tel. No.: |
91-22-28321332 / 28389432 / 26833777 |
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Mobile No.: |
91-9821018579 |
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Fax No.: |
91-22-28382479 |
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E-Mail : |
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Area : |
600 sq ft (Owned) |
DIRECTORS
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Name : |
Mr. Kirankumar Ranchhodlal Soni |
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Designation : |
Whole Time Director |
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Address : |
B-41, Tirth Bhoomi Apartments, Behind Bhakaka Hall, Ellisbridge,
Ahmedabad-380006, Gujarat, India |
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Date of Birth/Age : |
01.04.1955 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.12.1995 |
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Name : |
Mrs. Jyotsnaben Kirankumar Soni |
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Designation : |
Whole Time Director |
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Address : |
B-41, Tirth Bhoomi Apartments, Behind Bhakaka Hall, Ellisbridge,
Ahmedabad-380006, Gujarat, India |
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Date of Birth/Age : |
04.07.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.12.1995 |
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Name : |
Mr. Hiten Shah |
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Designation : |
Director |
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Date of Birth/Age : |
45 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Aditya Soni |
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Designation : |
Director |
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Date of Birth/Age : |
30 Years |
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Qualification : |
Engineer |
SHAREHOLDING
PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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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 and Exporter of Pharma Machineries |
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Products : |
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Exports : |
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Products : |
Pharma Machineries |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit ( 30 Days) |
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Purchasing : |
Cash and Credit ( 30 Days) |
GENERAL
INFORMATION
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No. of Employees : |
55 (Office 5, Factory 50) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. K. Kheskani and Company Chartered Accountant |
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Address : |
C-312, Supath – II, Wadaj, Ashram Road, Ahmedabad-380014, Maharashtra,
India |
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Name : |
Baheti Bhadada and Associates Chartered Accountant |
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Address : |
201, Shaily Complex, Behind Old Gujarat High Court, Ashram Road,
Ahmedabad-380009, Gujarat, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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220700 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.207
Millions |
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 |
2.207 |
2.207 |
2.207 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[7.918] |
[8.350] |
[8.426] |
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NETWORTH |
[5.711] |
[6.143] |
[6.219] |
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LOAN FUNDS |
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1] Secured Loans |
7.917 |
7.917 |
7.917 |
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2] Unsecured Loans |
0.000 |
0.010 |
0.010 |
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TOTAL BORROWING |
7.917 |
7.927 |
7.927 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.206 |
1.784 |
1.708 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.683 |
1.817 |
2.070 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.174 |
0.174 |
0.173 |
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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 |
2.984
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0.945 |
0.318 |
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Sundry Debtors |
0.844
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0.710 |
1.266 |
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Cash & Bank Balances |
0.130
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0.172 |
0.072 |
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Other Current Assets |
0.000
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0.000 |
0.447 |
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Loans & Advances |
0.201
|
0.497 |
0.000 |
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Total
Current Assets |
4.159
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2.324 |
2.103 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.695
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2.479 |
2.576 |
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Provisions |
0.115
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0.052 |
0.069 |
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Total
Current Liabilities |
3.810
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2.531 |
2.645 |
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Net Current Assets |
0.349
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[0.207] |
[0.542] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.007 |
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TOTAL |
2.206 |
1.784 |
1.708 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
5.787 |
3.243 |
3.984 |
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Other Income |
0.044 |
0.103 |
0.025 |
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Total Income |
5.831 |
3.346 |
4.009 |
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Profit/(Loss) Before Tax |
0.481 |
0.077 |
[0.530] |
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Provision for Taxation |
0.051 |
0.004 |
0.000 |
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Profit/(Loss) After Tax |
0.430 |
0.073 |
[0.530] |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
1.233 |
0.000 |
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Expenditures : |
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Raw Material Consumed |
3.394 |
1.526 |
2.765 |
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Increase/(Decrease) in Finished Goods |
[0.365] |
[0.159] |
0.111 |
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Salaries, Wages, Bonus, etc. |
0.348 |
0.886 |
0.389 |
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Managerial Remuneration |
0.368 |
0.168 |
0.240 |
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Payment to Auditors |
0.011 |
0.018 |
0.005 |
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Interest |
0.000 |
0.024 |
0.000 |
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Insurance Expenses |
0.013 |
0.001 |
0.007 |
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Power & Fuel |
0.060 |
0.071 |
0.057 |
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Depreciation & Amortization |
0.235 |
0.254 |
0.295 |
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Other Expenditure |
1.286 |
0.480 |
0.670 |
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Total Expenditure |
5.350 |
3.428 |
4.428 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.37
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2.18 |
[13.22] |
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Net Profit Margin (PBT/Sales) |
(%) |
8.31
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2.37 |
[13.30] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.23
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1.85 |
[12.70] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.08]
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[0.01] |
[0.08] |
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Debt Equity Ratio (Total Liability/Networth) |
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[2.05]
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[1.70] |
[1.69] |
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Current Ratio (Current Asset/Current Liability) |
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1.09
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0.91 |
0.79 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal
Acceptance Chart
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Parameters |
Details |
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Statutory
Approvals |
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Income Tax Registration |
AAACR5462Q |
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VAT / TIN Registration |
24072201125 – V |
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Import Export Code |
0804012351 |
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Name of Bank |
Punjab National Bank |
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Current Account Number |
19600021000666382 |
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Account Since |
+ 3 Years |
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Credibility
Factors |
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IndiaMART Client Since |
+ 4 Years |
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Trade
Affiliations |
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SSI Registration |
YES |
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Export Promotion Council |
YES ( Indian Merchant Chambers) |
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Standards and
Certification |
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Quality Management Systems |
NO |
Trade References:
- Aglomed Limited
- Mission Pharma Limited
- Sanket Pharmaceuticals Private Limited, Taloja
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.43.30 |
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UK Pound |
1 |
Rs.86.13 |
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Euro |
1 |
Rs.68.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
-- |
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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 |
NO |
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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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18 |
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 |
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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 |
|
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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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