MIRA INFORM REPORT

 

 

 

Report Date :

25.07.2008

 

IDENTIFICATION DETAILS

 

Name :

CUSTOM CAPSULES PRIVATE LIMITED

 

 

Registered Office :

1001, Dalamal House, 10th Floor, Nariman Point, Mumbai – 400 021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

23.09.1988

 

 

Com. Reg. No.:

11-48924

 

 

CIN No.:

[Company Identification No.]

U24235MH1988PTC048924

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC10955A

 

 

PAN No.:

[Permanent Account No.]

AAACC6203G

 

 

Legal Form :

Private Limited Liability company.

 

 

Line of Business :

Manufacturers and Exporters of Custom sized Capsules in Gelatin and Hpmc, Hand Operated Machines.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 854000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Associates Capsules Group, a well-known pharmaceutical machinery manufacturer.

 

The company is controlled, financed and managed by Singh family who are resourceful, experienced and respectable industrialists. Financial position of the company is satisfactory. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

1001 Dalamal House 10th Floor Nariman Point, Mumbai – 400 021, Maharashtra, India.

Tel. No.:

91-22-22872557/ 22831441 / 2831480 / 2832322

Fax No.:

91-22-22872560/ 22873288

E-Mail :

info@cutomcapsules.com

ajit.singh@acg-world.com

jasjit.singh@acg-world.com

Website :

www.cutomcapsules.com

Area :

8,500 sq. fts.

Location :

Owned

 

 

Head Office / Factory:

B - 8/1, MIDC Tarapur, Camlin Naka, Boisar – Thane District, Thane – 401 506, Maharashtra, India.

Tel. No.:

91-2537-223538/ 2525-272538

Fax No. :

91-2525-272537

Area :

10,000 sq. fts.

Location :

Owned

 

 

Corporate Office :

131, Kandivli Industrial Estate, Kandivli (West), Mumbai – 400 067, Maharashtra, India.

Tel. No.:

91-22-28682010 (9 lines)

Fax No.:

91-22-28686152

 

 

 

 

DIRECTORS

 

Name :

Mr. Jasjit Daljit Singh

Designation :

Director

Address :

2-B Swapnalok L.J. Marg, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India.

Date of Birth/Age :

03.04.1943

Date of Appointment :

23.09.1988

 

 

Name :

Mr. Ajit Daljit Singh

Designation :

Director

Address :

1A Brighten Building No.1, Rungta Lane Nepean Sea Road, Mumbai – 400 006, Maharashtra, India.

Date of Birth/Age :

20.11.1941

Date of Appointment :

23.09.1988

 

 

Name :

Mr. Raj Vikram Tahil

Designation :

Director

Address :

21 Glen Ave, West Orange New Jersey – 070524930, United States of America.

Date of Birth/Age :

07.12.1959

Date of Appointment :

12.11.2002

 

 

KEY EXECUTIVES

 

Name :

Mr. Mandeep Singh

Designation :

Vendor Development

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2005

 

Names of Shareholders

 

No. of Shares

Ajit Daljit Singh

 

9040

Jasjit Daljit Singh

 

5620

Raj Vikram Tahil

 

49000

Nandini Jasjit Singh

 

5660

Karan Jasjit Singh

 

5660

Priya Jasjit Singh

 

5660

Jasjit Daljit Singh

 

4700

Jasjit Singh Karta of Jasjit Singh (HUF)

 

4000

Ajit Singh

 

5400

Ajit Singh Karta of Sardar Daljit Singh

 

2000

Jasjit Singh

 

2660

Jasjit Singh

 

600

 

 

 

 

TOTAL

100000

 

 

 

Equity Share Break-up (as on 30.09.2007)

 

Percentage of Holding

Directors or relatives of directors

 

100

 

 

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of Custom sized Capsules in Gelatin and Hpmc, Hand Operated Machines.

 

 

Products :
Item Code No.
Product Description

96020030

Empty hard gelatin capsules, scraped, HPMS capsules, samples of capsules

84223000

Veternity hand filling devices, hand filling devices and accessories, syringes, funnels, minifiling devices, change parts, recycle scraps

96020030

HPMC Capsules

35030030

Gelatin

 

 

Brand Names :

“CA”

 

 

Exports :

 

Countries :

All over World

 

 

Imports :

 

Products :

Gelatins and Polly Carbonites

Countries :

USA, Germany and Brazil

Terms :

 

Selling :

Cash or Contract (30 days)

 

 

Purchasing :

Contract (30 days), L/C or Cash

 

PRODUCTION STATUS

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Two piece empty gelatine capsules

Qty in 000’s

Not Applicable

30000

15895

Pharmaceutical and allied machineries

Qty in Nos.

Not Applicable

Not available

1174

HPMC Capsules

Qty in Nos.

Not Applicable

Not available

40800

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :
  • Pam Pharmaceutical & Allied Machinery Private Limited
  • Aries Components (Private) Limited, Mumbai, India

 

 

Customers :

Manufactures, Wholesalers and Retailers

  • Ranbaxy Limited, New Delhi, India
  • IPCA Laboratories Limited, Mumbai, India
  • Lupin Laboratories Limited, Mumbai, India
  • Sarabhai Group, Baroda, Gujarat, India
  • Associated Capsules Private Limited
  • Torpac Limited
  • Sci- Tech Centre
  • Pam Pharmaceutical and Allied Machinery Private Limited
  • Ajas Components Private Limited

 

 

No. of Employees :

200 (In office-50, In factory-150)

 

 

Bankers :
  • State Bank of India

Industrial Estate Branch, Kandivli (West), Mumbai – 400 067, INDIA

 

  • Standard Chartered Bank Limited

 

  • HDFC Bank Limited

 

Banking Relations :

Satisfactory

 

 

Auditors :

Shree Kumar Nair

Chartered Accountants

2/50, Shree Ganesh Society, Opp Garware Synthetic, Dr. A. B. Road, Worli, Mumbai – 400 025, Maharashtra, India.

Tel. No.:

91-22-24948413 / 24926229

 

 

Associates/Subsidiaries :
  • Associated Capsules Limited
  • Pam Pharmaceuticals & Allied Machinery Private Limited
  • Ajas Components (Private) Limited
  • Universal Capsules (Private) Limited
  • Kandivli Finance Company Limited
  • SCI-Tech Centre
  • Rajasthan Capsules Private Limited

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.100/- each

Rs.10.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.100/- each

Rs.10.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

10.000

10.000

10.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

160.856

134.257

118.298

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

170.856

144.257

128.298

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.064

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.064

DEFERRED TAX LIABILITIES

2.876

2.590

2.143

 

 

 

 

TOTAL

173.732

146.847

130.505

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

50.329

53.177

53.729

Capital work-in-progress

0.788

0.788

2.691

 

 

 

 

INVESTMENT

3.264

12.739

0.077

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
34.730
17.820
22.890

 

Sundry Debtors
2.661
9.561
8.397

 

Cash & Bank Balances
17.183
4.999
5.531

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
79.121
57.720
46.273

Total Current Assets
133.695
90.100
83.091

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Current Liabilities
12.820
8.883
8.304

 

Provisions
1.524
1.074
0.779

Total Current Liabilities
14.344
9.957

9.083

Net Current Assets
119.351
80.143
74.008

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

173.732

146.847

130.505

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

110.808

94.925

74.194

Other Income

0.000

0.000

 

Total Income

110.808

94.925

74.194

 

 

 

 

Profit/(Loss) Before Tax

38.219

27.208

20.081

Provision for Taxation

0.000

0.000

0.000

Profit/(Loss) After Tax

38.219

27.208

20.081

 

 

 

 

Export Value

97.570

84.195

0.000

 

 

 

 

Expenditures :

 

 

 

                Depreciation

4.199

               3.993       

4.625

 

Other Expenditure

68.390

63.724

49.488

Total Expenditure

72.589

67.717

54.113

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
34.49
28.66
27.06

 

 
 
 
 

Net Profit Margin

(PBT/Sales)

(%)
34.49
28.66
27.06

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
20.32
18.99
14.68

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.22
0.19
0.16

 

 
 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 
0.08
0.07
0.07

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
9.32
9.05
9.15

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Name of the company

CUSTOMN CAPSULES PRIVATE LIMITED

Presented By

Shri Jasjit Singh

1) Date and description of instrument creating the change

Mortgage has been created by deposit of Title documents on 22.02.1994 Being an oral mortgage, no instruments in writing has been executed.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.1.800 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Flat Nos. 1 to 12, in Building No.4, located at Swami Vivekanand Nagar, Boisar Navapur Road, Boisar, Talukav Palghar, dit. Thane. Maharashtra State

4) Gist of the terms and conditions and extent and operation of the charge.
  • Loan of R.s 1.800 Millions repayable in 60 consecutives Equated monthly Installments (RMI) of month following the month in which the last installment is described
  • Prior to commencement to RBI, the borrower shall pay to HDFC pre-EMI interest,
  • Interest reate applicable-16.5% p.a EMI comprising of principal and interest calculated on the basis of annual rests

5) Name and Address and description of the person entitled to the charge.

Housing Development Finance Corporation 

169, Backbay Reclamation , Bombay;400020

6) Date  and brief description of instrument modifying the charge

--

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

--

 

The company’s fixed assets of important value include land, factory & residential building, plant & machinery, furniture, fixtures & office equipments and vehicles.

 

 

TRADE REFERENCES:

 

·       They operated through there parenting company in USA – Torpac Limited

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. 41.96

UK Pound

1

Rs. 83.78

Euro

1

Rs 65.82

 

 

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

NO

--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/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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions