MIRA
INFORM REPORT
|
Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
POLYDRUG LABORATORIES PRIVATE LIMITED |
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Registered Office : |
A-201/202, Nav Bharat Estate, Zakaria Bunder Road, Sewri (W), Mumbai –
400 015, Maharashta |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Provisional) |
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Date of Incorporation : |
28.07.2004 |
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Com. Reg. No.: |
11-147729 |
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CIN No.: [Company
Identification No.] |
U24231MH2004PTC147729 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP18857G |
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PAN No.: [Permanent
Account No.] |
AADCP3618H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pharmaceutical Bulk Drug |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. The
company has some accumulated losses which is expected to be wiped out, soon. It’s payment are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Dharmesh |
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Designation : |
Accountant |
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Date : |
18.06.2008 |
LOCATIONS
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Registered Office : |
A-201/202, Nav Bharat Estate, Zakaria Bunder Road, Sewri (W), Mumbai –
400 015, Maharashta, India |
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Tel. No.: |
91-22-24106001 |
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Fax No.: |
91-22-24106008 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Ambernath Industrial Area, Plot No. 37, Anand Nagar, MIDC, Ambernath –
421 506, Maharashtra, India |
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Tel. No.: |
91-22-24106001 |
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Fax No.: |
91-22-24106008 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chunilal K Thakkar |
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Designation : |
Director |
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Address : |
51 3/A, Arun Bulding, College Road, Matunga, Mumbai – 400 019,
Maharashtra, India |
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Date of Birth/Age : |
21.05.1933 |
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Date of Appointment : |
28.07.2004 |
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Name : |
Mr. Punit C Thakkar |
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Designation : |
Director |
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Address : |
51 3/A, Arun Bulding, College Road, Matunga, Mumbai – 400 019,
Maharashtra, India |
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Date of Birth/Age : |
17.06.1967 |
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Date of Appointment : |
28.07.2004 |
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Name : |
Mrs. Bina Punit Thakkar |
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Designation : |
Director |
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Address : |
51 3/A, Arun Bulding, College Road, Matunga, Mumbai – 400 019,
Maharashtra, India |
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Date of Birth/Age : |
14.11.1970 |
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Date of Appointment : |
28.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Equity Shareholders |
No. of Shares |
|
Karina Punit Thakkar |
1000 |
|
Varsha Kumar |
1000 |
|
Kajal Dilip Lakhani, Hema Dilip Lakhani |
500000 |
|
Chunilal K Thakkar |
402500 |
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Chandrika C Thakkar |
210000 |
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Punit C Thakkar |
1260000 |
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Bina P Thakkar |
520000 |
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Name of Preference Shareholders |
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Openplus S. A. |
2423762 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
82.79 |
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Other top 50 Shares Holder |
17.21 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pharmaceutical Bulk Drug |
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Products : |
Chlorobutanol ·
Anhydrous ·
Hemihydrate Ferrous Fumerate Ferrous Sulphate Monohydrate Fluconazole ·
Powder ·
DC 55% Lidocaine base / hydrochloride Losartan Potassium Metoprolol ·
Succinate Powder/ Pellets 45%/ DC 27% ·
Tartarate Powder/ DC 33% Miconazole Nitrate Pantoprazole Sodium |
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Exports : |
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Countries : |
South America |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
·
End Users ·
Manufacturer ·
Trader |
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Bankers : |
Tamilnad Mercantile Bank Gordia House, 1st Floor, 101-104, Kazi Syed Street, Mandvi,
Masjid, Mumbai – 400 003, Maharashtra, India |
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Facilities : |
Rs.320.000 millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
Name : Lakhani and
Company Chartered Accountants Address : Jeevan Udyog,
278 D N Road, 2nd Floor, Fort, Mumbai – 400 001, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
6000000 |
Preference Shares |
Rs.10/- each |
Rs.60.000 millions |
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Total |
|
Rs.100.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8100300 |
Equity Shares |
Rs.10/- each |
Rs.81.003
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 Provisional |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
81.003 |
47.365 |
0.100 |
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2] Share Application Money |
0.000 |
2.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
15.081 |
(0.860) |
(0.033) |
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NETWORTH |
96.084 |
48.505 |
0.067 |
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LOAN FUNDS |
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1] Secured Loans |
195.142 |
59.925 |
0.000 |
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2] Unsecured Loans |
65.975 |
30.982 |
10.832 |
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TOTAL BORROWING |
261.117 |
90.907 |
10.832 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
357.201 |
139.412 |
10.899 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
246.009 |
10.535 |
10.536 |
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Capital work-in-progress |
0.000 |
134.746 |
1.188 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
112.698
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.485
|
0.168 |
0.011 |
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Other Current Assets |
27.716
|
6.785 |
0.000 |
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Loans & Advances |
53.271
|
0.513 |
0.000 |
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Total
Current Assets |
194.170
|
7.466 |
0.011 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.269
|
13.335 |
0.836 |
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Sundry Creditors |
71.317 |
0.000 |
0.000 |
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Advance received from buyers |
0.392 |
0.000 |
0.000 |
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Total
Current Liabilities |
82.978
|
13.335 |
0.836 |
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Net Current Assets |
111.192
|
(5.869) |
(0.825) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
357.201 |
139.412 |
10.899 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
|
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Sales Turnover |
343.412 |
0.000 |
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Other Income |
25.699 |
0.000 |
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Total Income |
369.111 |
0.000 |
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Profit/(Loss) Before Tax |
15.940 |
(0.826) |
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Provision for Taxation |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
15.940 |
(0.826) |
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Expenditures : |
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Purchases made for re-sale |
291.008 |
0.000 |
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Salaries, Wages, Bonus, etc. |
6.371 |
0.000 |
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Interest |
1.113 |
0.000 |
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Insurance Expenses |
0.417 |
0.216 |
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Other Expenditure |
54.262 |
2.221 |
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Total Expenditure |
353.171 |
2.437 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
4.32
|
- |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
4.64
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- |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.62
|
- |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.02 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.58
|
2.15 |
174.15 |
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Current Ratio (Current Asset/Current Liability) |
|
2.34
|
0.56 |
0.01 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U24231MH2004PTC147729 |
|
Name of the
company |
POLYDRUG LABORATORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A-201/202, Nav Bharat Estate, Zakaria Bunder Road, Sewri (W), Mumbai –
400 015, Maharashta, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Tamilnad Mercantile Bank Gordia House, 1st Floor, 101-104, Kazi Syed Street, Mandvi,
Masjid, Mumbai – 400 003, Maharashtra, India |
|
Nature of
instrument creating charge |
·
Certified
Copy of Articles of Agreement for Term Loan towards construction of factory
building ·
Certified
Copy of Demand Promissory Note for Term Loan ·
Certified
Copy of Articles of Agreement for Term Loan towards purchase of machinery ·
Certified
Copy of Deed of Hypothecation of Machinery ·
Certified
Copy of Demand Promissory Note for Term Loan ·
Certified
Copy of Mortgage Extension Letter ·
Certified
Copy of extract of Board Resolution |
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Date of
instrument Creating the charge |
09.01.2008 |
|
Amount secured by
the charge |
Rs.72.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest Rate of Interest : 12% per annum on daily balances with monthly rests. ·
Terms of
repayment Term Loan towards construction is repayable in 59 equated monthly
installments of Rs.0.416 million and last 60th installment of
Rs.0.416 million. Term Loan towards machinery is repayable in 59 equated monthly
installments of Rs.0.783 million and last installment of Rs 0.783 million ·
Margin Term Loan towards construction of factory building… 40% of the Invoice
Value Term Loan towards purchase of machinery 25% of the Invoice Value ·
Extent and
operation of the charge Term Loan granted towards the construction of factory building,
purchase of Pharma Machinery and Equipments. To secure the due repayment of
loan limits and for interest and other charges thereon, the first charge on
Borrower’s factory building, machineries, equipment, book debts, outstanding
receivables, claims, bills contracts, securities, rights and continuing
security of assets charged to Bank. |
|
Particulars of
the property charged |
Equitable
mortgage of factory building to be constructed on Plot No. N-37, Additional
Industrial Area, Anand Nagar, Village Jambivali, Ambernath (East), Pin 421
506 Hypothecation of
Pharma machinery and equipments with all its accessories and tools to be
erected and installed at Plot No. N-37, Additional Ambernath Industrial Area,
Anand Nagar, MIDC Village Jambivali, Ambernath (East) Pin 421 506. |
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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 |
|