MIRA
INFORM REPORT
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Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDCHEMIE HEALTH SPECIALITIES PRIVATE LIMITED |
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Registered Office : |
510 517 Shah & Nahar Industrial Estate, Dr. E Moses Road, Worli,
Mumbai 400018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.04.1986 |
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Com. Reg. No.: |
11-39692 |
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CIN No.: [Company
Identification No.] |
U24230MH1986PTC039692 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI00612D |
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PAN No.: [Permanent
Account No.] |
AAACI1070P |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufactures and Markets of Pharmaceutical Formulations |
RATING &
COMMENTS
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MIRAs 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 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. No payment records are available. No direct contact was possible as
correct telephone numbers are not available. However, it can be considered good for normal business dealings at
usual trade term and conditions. |
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LOCATIONS
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Registered Office/Factory : |
510 517 Shah & Nahar Industrial Estate, Dr. E Moses Road, Worli,
Mumbai 400018, Maharashtra |
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Tel. No.: |
91-22-56619761 |
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Fax No.: |
91-22-56619774 |
DIRECTORS
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Name : |
Mr. Kashyap Nagendra |
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Designation : |
Director |
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Address : |
202, Swajan A2 10, Goregaon (East), Mumbai 400063, Maharashtra |
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Date of Birth/Age : |
02.07.1936 |
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Date of Appointment : |
15.02.1990 |
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Name : |
Mr. Anilkumar Singh |
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Designation : |
Director |
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Address : |
New Park Road, Kadam Kunan, Patna 800001, Bihar |
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Date of Birth/Age : |
15.05.1955 |
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Date of Appointment : |
01.04.1990 |
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Date of Ceasing : |
17.01.2005 |
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Name : |
Mr. Valanju S Sadanand |
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Designation : |
Director |
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Address : |
A 15, Anand Chaya P Balu Marg, Prabhadevi, Mumbai 400025,
Maharashtra |
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Date of Birth/Age : |
14.10.1936 |
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Date of Appointment : |
15.02.1990 |
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Date of Ceasing : |
26.03.1998 |
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Name : |
Mr. Sharma Om Prakash |
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Designation : |
Director |
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Address : |
3/154, Vishwaskhand Gomti Nagar, Lucknow, Uttar Pradesh |
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Date of Birth/Age : |
31.12.1954 |
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Date of Appointment : |
16.07.2001 |
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Name : |
Mr. Singh Mritunjay Kumar |
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Designation : |
Director |
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Address : |
Buddha Colony, Boring Canal Road, Patna 800001, Bihar |
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Date of Birth/Age : |
04.11.1965 |
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Date of Appointment : |
02.11.2002 |
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Name : |
Mr. Shashank Shekhar |
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Designation : |
Director |
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Address : |
Samadhar Path, Park Road, Kadam Kuan, Patna 800003, Bihar |
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Date of Birth/Age : |
16.12.1978 |
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Date of Appointment : |
01.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 17.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Nahendra Kashyap |
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9750 |
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Mr. Mritunjay Kumar Singh |
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16500 |
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Mr. Dhananjay Kumar Singh |
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16500 |
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Mr. Satish Kumar Singh |
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14250 |
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Mr. Balmiki Prasad Singh |
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16750 |
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Mr. Rajeev Eanjan |
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11250 |
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Mr. Brij Nandan Sinha |
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4400 |
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Mrs. Jayanti Sinha |
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17350 |
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Mr. Prabhat Narain Singh |
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10725 |
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Mrs. Krishna Singh |
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6250 |
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Mr. Lalan Kumar Singh |
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10775 |
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Mr. Madan Kumar Singh |
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7650 |
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Mrs. Rukmani Devi |
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10175 |
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Mr. Samprada Singh |
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13825 |
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Mrs. Nanhamati Singh |
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8500 |
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Mrs. Anju Singh |
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2000 |
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Mrs. Manju Singh |
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4725 |
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Mr. Basudeo Narain Singh |
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16000 |
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Mrs. Rekha Singh |
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11375 |
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Mrs. Archana Singh |
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2500 |
AS ON 31.03.2007
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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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34.00 |
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Other top fifty shareholders |
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66.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and Markets of Pharmaceutical Formulations |
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GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
The Saraswat Co-Operative Bank Limited Kanchwala Building, Opp. Old Passport Office, Dr. A B Road, Worli,
Mumbai 400030, Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
R S Sanghai and Associates Chartered Accountant |
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Address : |
A/403, Rajkamal Heights, Rajkamal Marg, Dr SS Road, Parel, Mumbai
400012, Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.500 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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
403.580 |
332.676 |
276.939 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
406.080 |
335.176 |
279.439 |
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LOAN FUNDS |
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1] Secured Loans |
206.683 |
172.426 |
146.906 |
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2] Unsecured Loans |
87.944 |
49.059 |
33.084 |
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TOTAL BORROWING |
294.627 |
221.485 |
179.990 |
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DEFERRED TAX LIABILITIES |
32.755 |
24.156 |
11.396 |
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TOTAL |
733.462 |
580.817 |
470.825 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
491.718 |
408.351 |
155.536 |
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Capital work-in-progress |
25.003 |
30.075 |
88.630 |
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INVESTMENT |
0.140 |
0.140 |
1.289 |
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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 |
109.325
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73.915 |
81.211 |
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Sundry Debtors |
135.423
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110.600 |
118.458 |
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Cash & Bank Balances |
76.358
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66.154 |
63.451 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
73.893
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26.224 |
35.637 |
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Total
Current Assets |
394.999
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276.893 |
298.757 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
151.497
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116.275 |
59.617 |
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Provisions |
28.076
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20.153 |
13.770 |
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Total
Current Liabilities |
179.573
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136.428 |
73.387 |
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Net Current Assets |
215.426
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140.465 |
225.370 |
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MISCELLANEOUS EXPENSES |
1.175 |
1.786 |
0.000 |
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TOTAL |
733.462 |
580.817 |
470.825 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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849.395 |
644.016 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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849.395 |
644.016 |
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Profit/(Loss) Before Tax |
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95.296 |
78.655 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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95.296 |
78.655 |
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Expenditures : |
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Interest |
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21.258 |
13.505 |
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Depreciation & Amortization |
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23.285 |
15.238 |
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Other Expenditure |
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709.556 |
536.617 |
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Total Expenditure |
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754.099 |
565.361 |
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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 |
(%) |
NA
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11.22 |
12.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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11.22 |
12.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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13.32 |
14.45 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.28 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.16
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1.06 |
0.90 |
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Current Ratio (Current Asset/Current Liability) |
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2.19
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2.02 |
4.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24230MH1986PTC039692 |
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Name of the
company |
INDCHEMIE HEALTH SPECIALITIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
510 517 Shah & Nahar Industrial Estate, Dr. E Moses Road, Worli,
Mumbai 400018, Maharashtra |
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Type of charge |
Movable Property |
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Particular of
charge holder |
The Saraswat Co-Operative Bank Limited Kanchwala Building, Opp. Old Passport Office, Dr. A B Road, Worli,
Mumbai 400030, Maharashtra |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
Hypothecation of vehicle |
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Date of
instrument Creating the charge |
22.11.2007 |
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Amount secured by
the charge |
Rs. 0.813
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- @ 10.50% Terms of
Repayment On demand or by 36 Installments of Rs. 0.026 Millions with
interest commencing from 10.12.2007 Margin 30% Extent and
Operation of the charge The charge will operate to the extent of Rs. 0.813
Millions on the security offered by the company Others Nil |
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Short particulars
of the property charged |
Borrowers doth /
do hereby hypothrcate the said Motor/ Taxi/ Car/ Vehicle registered with
RTO |
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 Intl
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 companys 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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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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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54 |
This score serves as a reference to assess SCs 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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