MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BAKUL PHARMA PRIVATE LIMITED |
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Registered Office : |
16/2, Sterling Centre, Dr. Annie Basaent 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 : |
06.10.1997 |
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Com. Reg. No.: |
11-111089 |
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CIN No.: [Company
Identification No.] |
U24230MH1997PTC111089 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07456B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer, Processor, Refiner,
Tester, Analyser, Consulting, Buyer, Seller and Dealer of all Chemicals,
Pharmaceuticals, Herbal, Medical, Bactelogical, Immunological, Contraceptive,
Therapeutic and Biological Drugs, Preparation Dyes, Pesticides, Substances,
Materials and Products and Compounds, Intermediates, Derivatives and By-
Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 30000 |
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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 established company having moderate track records. It
has good amount of accumulated losses. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings. |
LOCATIONS
|
Registered Office : |
16/2, Sterling Centre, Dr. Annie Basaent Road, Worli, Mumbai – 400018,
Maharashtra |
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Tel. No.: |
91 - 22 - 24934638(5 Lines) |
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Fax No.: |
91 - 22 – 24932623 |
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E-Mail : |
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Factory : |
Plot No. 6202, Ankleshwar Industrial Area, G.I.D.C.,
Ankleshwa – 393002, District Bharuch, Gujarat, India |
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Tel. No.: |
91-2646-252035 |
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Fax No.: |
91-2646-250294 |
DIRECTORS
|
Name : |
Mr. R Majmudar |
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Designation : |
Director |
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Address : |
5B Manek, L.D. Ruparel Road, Nepeansea Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
19.03.1950 |
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Date of Appointment : |
06.10.1997 |
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Name : |
Mr. Yogin Majmudar |
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Designation : |
Director |
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Address : |
5B Manek, L.D. Ruparel Road, Nepeansea Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
05.08.1955 |
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Date of Appointment : |
16.01.1998 |
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Name : |
Mr. Vadilal Mehta |
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Designation : |
Director |
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Address : |
2 Park Avenue, Rajawadi Road, No.3, Ghatkopar (E), Mumbai – 400 077,
Maharashtra, India |
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Date of Birth/Age : |
06.02.1956 |
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Date of Appointment : |
16.01.1998 |
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Name : |
Mr. Devendra Singh |
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Designation : |
Director |
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Address : |
66/3 Padmalaya, Sion (W), Mumbai – 400 022, Maharashtra, India |
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Date of Birth/Age : |
19.04.1953 |
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Date of Appointment : |
16.01.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.09.2005)
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Yogin Ranjit Majmudar |
20000 |
|
R Majmudar |
20000 |
|
Madhavi Yogin Majmudar |
9500 |
|
Hamsons Laboratories |
16500 |
|
Saqa Chemicals Private Limited |
16500 |
|
Alpic Pharma Private Limited |
16500 |
Equity share breakup (percentage of total equity)
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As on 30.09.2007 |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer, Processor, Refiner,
Tester, Analyser, Consulting, Buyer, Seller and Dealer of all Chemicals,
Pharmaceuticals, Herbal, Medical, Bactelogical, Immunological, Contraceptive,
Therapeutic and Biological Drugs, Preparation Dyes, Pesticides, Substances,
Materials and Products and Compounds, Intermediates, Derivatives and By-
Products. |
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Products : |
· Chemicals · Pharmaceuticals · Herbal · Medical · Bactelogical · Immunological · Contraceptive · Therapeutic and Biological Drugs · Preparation Dyes · Pesticides · Substances · Materials and Products and Compounds · Intermediates · Derivatives |
GENERAL
INFORMATION
|
Bankers : |
·
The HongKong
and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi
Road, Fort, Mumbai – 400 001, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Thacker Butala Desai Chartered Accountants |
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Address : |
381 Ismail Building, D N Road, Mumbai – 400 001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.990 |
0.990 |
0.990 |
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2] Share Application Money |
11.337 |
11.337 |
0.000 |
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3] Reserves & Surplus |
2.100 |
2.100 |
2.100 |
|
|
4] (Accumulated Losses) |
(8.386) |
(11.337) |
(9.257) |
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NETWORTH |
6.041 |
3.090 |
(6.167) |
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|
LOAN FUNDS |
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1] Secured Loans |
20.953 |
14.571 |
15.447 |
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2] Unsecured Loans |
17.739 |
17.781 |
24.938 |
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TOTAL BORROWING |
38.692 |
32.352 |
40.385 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.733 |
35.442 |
34.218 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.168 |
21.209 |
22.998 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.205 |
0.205 |
0.205 |
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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 |
23.822
|
32.587 |
46.362 |
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Sundry Debtors |
24.788
|
10.937 |
30.232 |
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Cash & Bank Balances |
0.811
|
0.405 |
1.773 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.686
|
14.112 |
10.867 |
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Total
Current Assets |
68.107
|
58.041 |
89.234 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
44.748
|
44.016 |
78.224 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
44.748
|
44.016 |
78.224 |
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Net Current Assets |
23.359
|
14.025 |
11.010 |
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MISCELLANEOUS EXPENSES |
0.001 |
0.003 |
0.005 |
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TOTAL |
44.733 |
35.442 |
34.218 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
240.030 |
176.458 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
240.030 |
176.458 |
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Profit/(Loss) Before Tax |
|
3.014 |
(2.025) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.014 |
(2.025) |
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Export Value |
|
184.765 |
122.200 |
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Expenditures : |
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Interests |
|
0.000 |
0.000 |
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Depreciation |
|
1.986 |
2.066 |
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Other Expenditure |
|
235.030 |
176.417 |
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Total Expenditure |
|
237.016 |
178.483 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.25
|
(1.15) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.25
|
(1.15) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.38 |
(2.55) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.65 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.81
|
24.71 |
(19.23) |
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.32 |
1.14 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8:
|
Name of the
company |
BAKUL PHARMA PRIVATE LIMITED |
|
Presented By |
The Hongkong and
Shanghai Banking Corporation Limited (HongKong Bank) |
|
1) Date and description of instrument creating the change |
Agreement for Overdraft/Cash
Credit/Loan against hypothecation of revolving stocks and other moveble
assets and also present and future book debts dated 10.09.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7500000/-
(Rupees Seventy million Five Hundred Thousand Only.) |
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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 |
All the Company’s
stock-in-trade both present and future including raw materials,
work-in-progress, spares and stores and finished goods whosesoever situate,
held or kept in India including in the Company’s premises/ factories/ godowns
or held by any third party to the order and disposition of the Company and/or
in transit and all documents of title, negotiable instruments, policies of
Insurance and other documents and/or instruments relating thereto And Also all the
Company’s present and future book debts, outstanding monies, receivables, claims
and bills now due, owing and payable or which may at any time during the
continuance of the security become due, owing or payable to the Company in
the course of its business by any person, firm, Company or body corporate or
by the Government of India or any State Government or any Government
Department or office of any Municipal or local or public or Semi-Governmental
body or authority or any body corporate or any undertaking or project
whatsoever in the Public Sector. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of Overdraft/Loan and/or any other banking facilities sanctioned/to be
sanctioned by the Bank to the Company, the Company has hypothecated and
charged as a continuing security, the assets mentioned in Item No.3 above to
secure the repayment of the advances together with interest cost and all
other charges. Interest at the rate of 15% per annum shall be payable by the
Company, subject however that the bank shall have the right to change the
rate of interest after giving notice to the company. The Company shall
maintain such margin of security as may be specified by the bank from time to
time. In case the Company fails to fulfill its obligations under the
Agreement, the Bank shall be entitled to take possession of the hypothecated
properties and sell them by public auction or private contract and utilize
the proceeds in full or part settlement of its claims. |
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5) Name and Address and description of the person entitled to the charge. |
The Hong Kong and
Shanghai Banking Corporation Limited 52/60, Mahatma
Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India. |
|
6) Date and brief description of instrument modifying the charge |
The third
Supplemental Agreement dated 18.03.2004 made between the Company and the bank
for Rs. 26.300 millions. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the First Supplemental
Agreement dated 23.10.2000 at the request of the Company, the Bank increased
the maximum drawing limit under the facilities from Rs.7.500 millions to
Rs.12.500 millions and in consideration thereof the Company agreed to extend
the charge to secure the additional facilities upto Rs.12.500 millions. The
Company agreed to pay interest at the rate of % per annum and agreed to
maintain margin over the asset as advised by the bank from time to time. By
the Second Supplemental Agreement dated 29.06.2001 at the request of the
Company, The Bank increased the maximum drawing limit under the facilities
from Rs.12.500 millions to Rs.17.500 millions and in consideration thereof
the Company agreed to pay interest at the rate of % per annum and agreed to
maintain margin over the assets as advised by the Bank from time to time. By
this Third Supplemental Agreement, at the request of the Company the bank has
agreed to increase maximum drawing limit under the facilities from Rs.17.500
millions to Rs.26.300 millions and in consideration thereof the Company
agreed to extend the charge to secure the additional facilities upto
Rs.26.300 millions. The company agreed to pay interest at the rate of % and
maintain margin over assets as advised by the bank from time to time. All
other terms and conditions of the Principal Agreement of Hypothecation dated
10.09.1998 as varied, enlarged and modified by the First Supplemental
Agreement dated 23.10.2000 and the Second Supplemental Agreement dated
29.06.2001 shall remain unchanged. |
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.42.81 |
|
UK Pound |
1 |
Rs.83.75 |
|
Euro |
1 |
Rs.66.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|