MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CORAL DRUGS PRIVATE LIMITED |
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Registered Office : |
1001 Akashdeep Building, 26 A, Barakhamba Road, New Delhi – 110001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.12.1993 |
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Com. Reg. No.: |
55-56582 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC056582 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC06802F |
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PAN No.: [Permanent
Account No.] |
AABCC1933G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Estrmustine Di-Sodium Phosphate and Other
Pharmaceutical and Chemicals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 260000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having steady business. Trade
relations are fair. Payments are usually correct and as per commitments.
Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1001 Akashdeep Building, 26 A, Barakhamba Road, New Delhi – 110001,
India |
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Tel. No.: |
91-11-66300100 |
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Fax No.: |
91-11-23323348 |
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E-Mail : |
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Website : |
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Head Office : |
805, Akashdeep Building, 26-A, Barakhamba Road, New Delhi – 110 001 |
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Tel. No.: |
91-11-23310413/23350616/23356298 |
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Mobile No.: |
91-9811027900 (Mr. B. K. Bhuwania) |
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Fax No.: |
91-11-23323348 |
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E-Mail : |
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Factory 1 : |
55-56, HSIDC Industrial Estate, Murthal, District Sonepat, Haryana |
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Tel. No.: |
91-1264-951324/2427 |
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E-Mail : |
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Factory 2 : |
Plot No. 12-A, HSIDC Industrial Estate, Murthal, District Sonepat,
Haryana |
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Tel. No.: |
91-1264-95130/2427 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Binay Kumar Bhuwania |
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Designation : |
Managing Director |
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Address : |
M-33, Greater Kailash – II, New Delhi – 110 048 |
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Date of Birth/Age : |
23.11.1949 |
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Qualification : |
B. Com. |
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Date of Appointment : |
22.12.1993 |
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Name : |
Mr. Rohit Bhuwania |
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Designation : |
Whole time Director |
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Address : |
M-33, Greater Kailash – II, New Delhi – 110 048 |
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Date of Birth/Age : |
16.08.1980 |
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Qualification : |
Graduate |
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Date of Appointment : |
07.11.2002 |
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Name : |
Mrs. Meena Bhuwania |
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Designation : |
Director |
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Address : |
M-33, Greater Kailash – II, New Delhi – 110 048 |
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Date of Birth/Age : |
17.05.1955 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.12.1998 |
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Name : |
Mr. Goverdhan Das Bhuwania |
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Designation : |
Director |
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Address : |
88, Dariya Mahal – A, 80, Nepean Sea Road,
Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
15.11.1926 |
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Date of Appointment : |
22.12.1993 |
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Name : |
Mr. Shyam Sunder Sharma |
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Designation : |
Director |
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Address : |
688/20, Gomit Niwas, Gali No. 5, Narinder Nagar, Sonipat – 131001,
Haryana, India |
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Date of Birth/Age : |
20.01.1958 |
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Date of Appointment : |
28.07.2006 |
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Name : |
Mr. Vijaykumar Prabhashankar Maroo |
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Designation : |
Director |
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Address : |
H. No. 1329, Sector – 14, Sonepat, Haryana |
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Date of Birth/Age : |
03.02.1956 |
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Date of Appointment : |
10.11.1997 |
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Name : |
Mr. Rakesh Kumar Nigam |
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Designation : |
Director |
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Address : |
55-56, HSIIDC Industrial Area, Murthal, Sonipat – 131039, Haryana,
India |
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Date of Birth/Age : |
23.08.1957 |
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Date of Appointment : |
22.02.2008 |
KEY EXECUTIVES
|
Name : |
Rajiv Bajaj and Associates |
|
Designation : |
Company Secretary |
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Address : |
20/23, Second Floor, New Rohatk Road, Karol Bagh, New Delhi – 110005,
India |
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Tel No. : |
91-9416152737 / 9319377250 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Goverdhan Das Bhuwania |
|
128100 |
|
Binay Kumar Bhuwania |
|
349800 |
|
Meena Bhuwania |
|
20000 |
|
Mani Devi Bhowania |
|
22000 |
|
Rohit Bhuwania |
|
55100 |
|
Vijay Laxmi Bhuwania |
|
10000 |
|
Shrenik Pharma Limited |
|
100 |
|
Ruhr Chemicals |
|
100 |
|
MFL Stock Broking Limited |
|
100 |
|
Priya Dyes and Chemicals Limited |
|
100 |
|
Dev Karan Fort Folio |
|
100 |
|
Rachna Bhuwania |
|
100 |
|
R. P. Trading Company |
|
100 |
|
Total |
|
585700 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
99.92 |
|
Other top fifty shareholders |
|
0.08 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Estrmustine Di-Sodium Phosphate and Other
Pharmaceutical and Chemicals. |
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Products : |
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Exports : |
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Products : |
Bulk Drugs and Drugs Intermediates |
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Countries : |
Germany, UK, USA, Canada, Holand, Japan and China |
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Imports : |
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Countries : |
Italy, UK, Belgium and China |
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Terms : |
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Selling : |
L/C or Credit [30 to 60 days] terms |
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Purchasing : |
Cash, L/C, Credit [30-60-90 days] or others terms |
GENERAL
INFORMATION
|
No. of Employees : |
60 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Jain Vipin and Associates Chartered Accountants |
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Address : |
972/4, 1st Floor, Goli Teliyan, Tilak Nagar, Delhi – 110
006 |
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Tel. No.: |
91-11-23932758/23969417/23927666 |
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Fax No.: |
91-11-23969417 |
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Associates/Subsidiaries : |
Coral Chemicals Private Limited GT Road, Sonepat, Haryana --Manufacturer and Exporter of Chemical and Oxides. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,85,700 |
Equity Shares |
Rs.10/- each |
Rs. 5.857
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 |
5.857 |
5.857 |
5.857 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
58.789 |
52.145 |
42.149 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
64.646 |
58.002 |
48.006 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.803 |
28.278 |
16.341 |
|
|
2] Unsecured Loans |
7.022 |
6.467 |
6.475 |
|
|
TOTAL BORROWING |
31.825 |
34.745 |
22.816 |
|
|
DEFERRED TAX LIABILITIES |
10.491 |
9.450 |
7.231 |
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|
|
|
|
|
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TOTAL |
106.962 |
102.197 |
78.053 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.890 |
55.106 |
52.724 |
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|
Capital work-in-progress |
5.313 |
1.090 |
1.091 |
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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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|
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Inventories |
30.219
|
35.458 |
33.697 |
|
|
Sundry Debtors |
14.948
|
15.764 |
11.678 |
|
|
Cash & Bank Balances |
8.248
|
2.577 |
0.722 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.185
|
8.136 |
8.618 |
|
Total
Current Assets |
62.600
|
61.935 |
54.715 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
21.577
|
13.814 |
26.779 |
|
|
Provisions |
3.372
|
2.500 |
4.350 |
|
Total
Current Liabilities |
24.949
|
16.314 |
31.129 |
|
|
Net Current Assets |
37.651
|
45.621 |
23.586 |
|
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.108 |
0.380 |
0.652 |
|
|
|
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|
|
|
TOTAL |
106.962 |
102.197 |
78.053 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
160.219 |
117.503 |
|
|
Other Income |
|
0.638 |
0.477 |
|
|
Total Income |
|
160.857 |
117.980 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
11.111 |
14.897 |
|
|
Provision for Taxation |
|
4.467 |
4.901 |
|
|
Profit/(Loss) After Tax |
|
6.644 |
9.996 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Change in Stock |
|
[15.990] |
[31.284] |
|
|
Interest |
|
3.018 |
3.256 |
|
|
Depreciation & Amortization |
|
3.441 |
3.151 |
|
|
Other Expenditure |
|
159.277 |
127.960 |
|
Total Expenditure |
|
149.746 |
103.083 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
4.13
|
8.47 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.93
|
12.68 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.78
|
12.73 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.26 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.88 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
3.80 |
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in trade terms with:-
- Kopran
Limited, Powai House, Mumbai
- German
Remedies Limited, Andheri (East), Mumbai
- Dasul India
Limited, Kolynil, West Bengal
- 2Ydis Cadia
Healthcare Limited, Mumbai, Maharashtra
Bankers Charges
Report as per Registry
|
Name of the company |
Coral Drugs Private Limited |
|
Presented By |
Bank of India, New Delhi , Overseas
Branch, New Delhi – 110001 |
|
Date and description of instrument creating the change |
12.05.2004 –
Registered on 02.06.2004 |
|
Amount secured by the charge/amount owing on the securities of charge |
Rs. 35.000
Millions |
|
Name and Address and description of the person entitled to the charge. |
Bank of India New Delhi
Overseas Branch, Vijaya Building, 17, Barakhamba
Road, New Delhi –
110001 |
|
Date and brief description of instrument modifying the charge |
23.08.2005 Supplemental deed
of Hypothecation |
|
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 amount of
charge over tangible moveable property stands enhanced from Rs. 35 Millions
to Rs. 64 Millions to secure the various credit facilities granted by Bank of
India to the Company on such terms and conditions. Other terms ad
conditions remain the same. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90050599 |
|
Corporate
identity number of the company |
U74899DL1993PTC056582 |
|
Name of the
company |
805, Akashdeep Building, 26-A, Barakhamba Road, New Delhi – 110 001 |
|
Address of the
registered office or of the principal place of business in India of the company |
Immovable
Property |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of India New Delhi
Overseas Branch, Vijaya Building,
17, Barakhamba Road, New Delhi – 110001 |
|
Nature of
description of the instrument creating or modifying the charge |
No instruments.
Oral assent for extension of equitable mortgage |
|
Date of
instrument Creating the charge |
Rs. 26.12.2006 |
|
Amount secured by
the charge |
Rs. 35.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
First charge by
way of hypothecation of all tangible movable machinery and plant, stocks and
book debts or such other assets of the nature . or may at any time be in
possession or power of the company to secure a limit of Rs. 35.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of
all tangible movable machinery and plant, stocks and book debts of the
borrower. |
|
Date of latest
modification prior to the present modification |
26.12.2006 |
|
Particulars of
the present modification |
The various
credit facilities aggregating to Rs. 37 Millions shall also be collaterally
secured by equitable mortgage by deposit of title deeds in respect of
company’s immovable properties situated at Plot No. 12A, HSIDC Industrial
Estate, Murthal, Sonepat, Haryana and Plot No. 55-56, HSIDC Industrial
Estate, Murthal, Sonepat, Haryana together with all land, building, super
structures, fixed machinery and plant , fixtures and fittings thereat. |
AS PER WEBSITE
Company Profile : :
Coral Drugs, headquartered in New Delhi, India, is an integrated,
research-based international pharmaceutical company that produces a wide range
of high-quality, affordable active drug ingredients.
With a team of dedicated scientists, Coral's R&D department provides
efficient processes for off-patent products. Their goal is to maximize on the
production of active ingredients by discovering new ways to manufacture,
without compromising quality.
Having clients all over the world, they assume a great level
of corporate responsibility. Adhering to quality production standards across
the globe, Coral Drugs takes pride in being a true international supplier of
high-quality pharmaceuticals.
By constantly evaluating new drugs for production, they
demonstrate their ability to meet challenges in different sectors of the
pharmaceutical industry.
Achievements : :
While they, at Coral, constantly strive to achieve more, the below list
demonstrates their commitment to excellence.
• Good Manufacturing Practices (GMP) certification from the
Haryana FDA, and the World Health Organization (WHO).
• ISO 9001 : 1001 certificate.
• Drug Master Files (DMF’s) for almost all products.
• Certifications from the European Drug Authorities.
• Validated Systems and Processes.
• Independent Quality Control Systems.
• Well-established R&D Laboratory.
• Recurring exports to regulated markets.
These achievements were possible only by holding to their
values, and their mission further encourages them to be the best partner for
their clients.
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 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.40.10 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|