MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAMRAT REMEDIES LIMITED |
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Registered Office : |
Plot No. 1401, 3rd Phase, Near Gama Colour, GIDC, Vapi –
396195 [Gujarat] |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.08.2003 |
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Com. Reg. No.: |
04-42774 |
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CIN No.: [Company
Identification No.] |
U24231GJ2003PLC42774 |
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IEC No.: |
0305060724 |
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SSI Registration No. : |
240251200127 Dated 05.02.2007 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS06519C |
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PAN No.: [Permanent
Account No.] |
AAJCS3844G |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Bulk Drugs and Drug Intermediates. |
RATING &
COMMENTS
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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 27000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard about the subject’s payments from the market sources. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Hitesh Parekh |
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Designation : |
Director |
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Contact No.: |
91-9322339165 |
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Date : |
07.05.2008 |
LOCATIONS
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Registered Office / Factory : |
Plot No. 1401, 3rd Phase, Near Gama Colour, GIDC, Vapi – 396195
[Gujarat], India |
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Tel. No.: |
91-260-3296545 |
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Fax No.: |
91-260-2427073 |
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E-Mail : |
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Area : |
36000 sq. ft. [Rented] |
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Head Office : |
101, Durga Apartment, Ajmal Road, Off Malvia Road, Vile Parle [East],
Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-26102491 / 92 |
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Mobile No.: |
91-9820355302 / 9322339165 |
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Fax No.: |
91-22-26101982 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. [Rented] |
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Branches : |
Plot No. 1505, 3rd Phase, GIDC, Vapi – 396195 [Gujarat] |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Champak Kantilal Parekh |
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Designation : |
Director |
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Address : |
3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
31.10.1933 |
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Qualification : |
G D C and A |
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PAN No.: |
AAGPP2155F |
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Business Representations : |
He was Promoter – Director in the Samrat Pharmachem Limited from 1986
to 2005. |
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Experience : |
45 Years – He is a dynamic businessman and one of the key person in th
growth and success of the Samrat Pharmachem Limited. His total business
experience is 30 years in the Chemical Industry |
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Name : |
Mr. Hitesh Champak Parekh |
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Designation : |
Director |
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Address : |
3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
28.07.1965 |
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Qualification : |
B Pharma |
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PAN No.: |
AAGPP4410P |
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Business Representations : |
He has Promoter Director in the Samrat Pharmachem Limited from 1986 to
2005 He was active partner in Harch Corporation since its inception i.e. 24th
April 2000 |
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Experience : |
20 Years – he is highly energetic and technically qualified
Businessman and one of the key person in the growth and success of Samrat
Pharmachem Limited. His main contribution is in the field of procurement of
high quality raw materials at best available prices from Local and
International market. He has also played an important role in the production
of best quality final products. |
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Name : |
Mrs. Saroj Champak Parekh |
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Designation : |
Director |
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Address : |
3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
10.10.1940 |
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Qualification : |
B Com |
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Experience : |
10 Years |
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Date of Appointment : |
16.09.2005 |
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Name : |
Mrs. Sangeeta Hitesh Parekh |
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Designation : |
Director |
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Address : |
3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
25.10.1966 |
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Qualification : |
B Com |
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Experience : |
10 Years |
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Date of Appointment : |
16.09.2005 |
KEY EXECUTIVES
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Name : |
D. J. Vyas and Associates |
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Designation : |
Company Secretary |
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Address : |
121, Sagar Shopping Centre, 76, J P Road, Andheri [West], Mumbai –
400058 |
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Tel No.: |
91-22-26773303 / 26773304 |
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Tele Fax No. : |
91-22-26773304 |
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Email : |
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Qualification : |
B.Com. LLB, A. F.C.S., ACJS [UK], AASM |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2005
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Hitesh C Parekh |
212500 |
39 % |
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Hitesh C Parekh [HUF] |
100000 |
18 % |
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Champak K Parekh |
12500 |
2 % |
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Sangeeta H Parekh |
212470 |
39 % |
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Saroj C Parekh |
12500 |
2 % |
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Bindi V Mehta |
10 |
0 % |
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Harish D Gandhi |
10 |
0 % |
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Jayant L Shah |
10 |
0 % |
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Total |
550000 |
100 % |
List of Allottes
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Names of Allotte |
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No. of Shares |
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Javda India Impex Limited |
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180000 |
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Hema Trading Company Limited |
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120000 |
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Kush Hindustan Entertainment Limited |
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100000 |
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Real Gold Trading Company Private Limited |
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100000 |
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Total |
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500000 |
AS ON 29.09.2007
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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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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs and Drug Intermediates. |
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Products : |
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Imports : |
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Products : |
Iodine |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit [30-60-90 days] |
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Purchasing : |
L/C and Credit [30-60 days] |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Organic and Inorganic Chemicals |
M.T. |
Present 200 |
94.28 |
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Proposed 750 |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
49 [In Office : 9 and In Factory : 40] |
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Bankers : |
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Facilities : |
Rs in Millions
Secured Loan [As
on 31.03.2007] Rs in Millions
Unsecured Loan
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nalin S Parekh and Company Chartered Accountants |
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Address : |
302, Madhav Apartment, Jawahar Road, Ghatkopar [East], Mumbai – 400077 |
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Tel. No.: |
91-22-25114552 |
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E-Mail : |
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Associates/Subsidiaries : |
Harsh
Corporation Address : 3, Kamdhenu Nilayan, Nanda Patkar Road, Vile [East], Mumbai
– 400057 PAN No.: AABFH9941A Partners Name : Mr. Hitesh C Parekh [Profit Sharing Ratio : 20.00 %]
Hitesh C Parekh – HUF [Profit Sharing Ratio : 60.00 %] Smt.
Sangita H Parekh [Profit Sharing Ratio : 20.00 %] Activities : Trading in Chemicals
Partners Capital Investment : Rs. 2.191 Millions |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
550000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.500
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 |
5.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.173 |
0.009 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.673 |
0.509 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
7.275 |
0.000 |
0.000 |
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2] Unsecured Loans |
18.699 |
4.270 |
0.000 |
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TOTAL BORROWING |
25.974 |
4.270 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.205 |
0.006 |
0.000 |
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TOTAL |
32.852 |
4.785 |
0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.613 |
0.200 |
0.000 |
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Capital work-in-progress |
0.483 |
0.000 |
0.000 |
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INVESTMENT |
0.052 |
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 |
10.307
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0.000 |
0.000 |
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Sundry Debtors |
31.365
|
3.710 |
0.000 |
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Cash & Bank Balances |
11.489
|
5.309 |
0.055 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.043
|
0.414 |
0.400 |
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Total
Current Assets |
56.204
|
9.433 |
0.455 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
28.620
|
4.817 |
0.008 |
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Provisions |
0.928
|
0.084 |
0.000 |
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Total
Current Liabilities |
29.548
|
4.901 |
0.008 |
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Net Current Assets |
26.656
|
4.532 |
0.447 |
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MISCELLANEOUS EXPENSES |
0.048 |
0.053 |
0.053 |
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TOTAL |
32.852 |
4.785 |
0.500 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
89.478 |
5.907 |
0.000 |
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Other Income |
0.623 |
0.314 |
0.000 |
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Total Income |
90.101 |
6.221 |
0.000 |
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Profit/(Loss) Before Tax |
1.906 |
0.017 |
[0.004] |
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Provision for Taxation |
0.715 |
0.007 |
0.000 |
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Profit/(Loss) After Tax |
1.191 |
0.010 |
[0.004] |
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Imports Value |
54.451 |
NA |
NA |
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Expenditures : |
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Raw Material Consumed |
55.987 |
0.000 |
0.000 |
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Purchases made for re-sale |
24.362 |
5.817 |
0.000 |
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Salaries, Wages, Bonus, etc. |
2.299 |
0.136 |
0.000 |
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Payment to Auditors |
0.020 |
0.008 |
0.000 |
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Interest |
1.684 |
0.002 |
0.000 |
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Insurance Expenses |
0.033 |
0.000 |
0.000 |
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Power & Fuel |
0.307 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.457 |
0.032 |
0.000 |
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Other Expenditure |
3.046 |
0.229 |
0.004 |
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Total Expenditure |
88.195 |
6.224 |
0.004 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.32
|
0.16 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
2.13
|
0.29 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.08
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0.18 |
[0.88] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.03 |
[0.01] |
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Debt Equity Ratio (Total Liability/Networth) |
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8.32
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18.02 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.90
|
1.92 |
56.88 |
LOCAL AGENCY
FURTHER INFORMATION
Registered office of the company has been shifted from Plot No. A2-3445,
Phase – IV, G I D C, Ankleshwar – 393002, Gujarat, India to the present address
w.e.f. 01.11.2005
Background
Information
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Registrations / Affiliations [Any change in promoters registration /
affiliations] |
SSI |
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Any Awards won |
NO |
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Any change in Registered Office |
NO |
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Legal Proceedings against the borrow |
NO |
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Disputes, if any |
NO |
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Nature of Industry |
Chemical |
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Employee Strength : |
Supervisory 3 Nos Non-Supervisory 6 Nos Workers Skilled
20 Nos Unskilled
20 Nos |
Details of Fixed
Assets [As on 31.03.2007]
Rs
in Millions
|
Land and Buildings |
0.263 |
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Plant and Machinery |
5.432 |
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Furniture and Fixture |
0.027 |
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Other Assets |
0.380 |
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Capital WIP |
0.483 |
Personal Assets of
the Directors
|
Name |
Description of
the Assets owned by them |
Amount [Rs. In Millions] |
Whether Offered
As Security |
|
Champak K Parekh |
Investments in
shares, Bank Balance, Fixed Deposits etc. |
10.176 |
Personal
Guarantee to Saraswat Bank |
|
Hitesh C Parekh |
6.453 |
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Saroj C Parekh |
5.830 |
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Sangeeta H Parekh |
5.120 |
Insurance Details
|
Unit’s Assets covered |
Policy No. / Cover Note |
Validity |
Sum Assured |
Risk covered |
|
Stock |
O G
08-1904-4001-00002321 |
26.09.2007 to
25.09.2008 |
12500000 |
Fire and Earth
Quake |
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Plant and
Machinery |
O G
08-1904-4001-00002321 |
26.09.2007 to
25.09.2008 |
6500000 |
Fire and Earth
Quake |
|
Furniture and
Fixture |
O G
08-1904-4001-00002321 |
26.09.2007 to
25.09.2008 |
200000 |
Fire and Earth
Quake |
Financial Analysis
|
Last Available financial statement |
31.03.2007 |
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Advance Taxes Paid |
For the Financial Year 2007-08 Rs. 1.200 Millions |
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Change in borrowings Cash Credit Term Loan L/c |
Rs in Millions
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Debtors Position [At last month end 30th April 08 specify amount > 90
days] |
Rs. 35.300 Millions More than 90 days Rs. 0.618 Million |
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Creditors Position [At last month end 30th April 08 specify all suppliers not
paid for more than 90 days] |
Rs. 28.500 Millions |
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Stock Position [at last month end] |
Rs. 15.700 Millions |
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Drawing Power |
Rs. 15.800 Millions |
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Any other material development |
Proposed New project at Vapi under Execution |
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Whether the critical ratios conforms to the bench mark stipulation All the Ratio conforms to the Bench Mark stipulation |
|
REVIEW OF BANK
STATEMENTS FOR THE LAST SIX MONTHS
|
Number of Credit / Debits, Month-wise |
Rs in Millions
|
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Month-wise Credits into the Account [Block credits and bounces /
reversals to be ignored] |
Rs in Millions
|
Trade Reference
- Life Line
Drugs and Intermediates Private Limited
Plot No. N/26, MIDC Area, Tarapur, Boisar-
401506
Contact Person : Mr. Rajendra Lad
- Viruprakash
Organics Limited
Plot No. F – 7, Industrial Area,
Gandhinagar, Hyderabad – 500037
Contact Person : Mr. S K Roy
- Century Enka
Post Box No. 17, Bhosari, Pune – 411026
Contact Person : Mr. Joshi
Tel No. 9520-66127295
- S.R.F.
Limited
Industrial Synthetics [Division- ISO 4]
Malanpur Industrial Area, Gwaliar, Bhind
Road, District Bhind [M.P.] – 477116
Contact Person : Mr. P. K. Singh
Tel No.: 91-7539-283482 / 283556
Fixed Assets
- Building
- Office Equipments
- Computer System
- Furniture and Fixture
- Air Conditioners
- Vehicles
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10004406 |
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Corporate
identity number of the company |
U24231GJ2003PLC42774 |
|
Name of the company
|
SAMRAT REMEDIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 1401, 3rd Phase, Near Gama Colour, GIDC, Vapi – 396195
[Gujarat] |
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Type of charge |
|
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri [East], Mumbai –
400069 |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation of Additional Advances |
|
Date of
instrument Creating the charge |
04.02.2008 |
|
Amount secured by
the charge |
Rs. 15.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50 % p.a. or
at such other rate as may from time to time be fixed by a Bank. Terms of
Repayment On Demand and /
or as per sanctioned terms and conditions. Margin Margin as
determined by the bank from time to time. Extent and
Operation of the charge The charge
operates as a constituting security for the balance from time to time due to
the Bank. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on all the stock tangible movable property lying an being
at the Company’s place of business at 101, Durga Apartment, Ajmal Road, Vile
Parle [East] or wherever else the same be and on all the Book Debts,
Outstanding, monies, Claims and Bills which are now due an owing. |
|
Particulars of
the present modification |
Bank has granted
additional Cash Credit facility of Rs. 5.000 Millions. Thus the total limit
and charge stand enhanced from Rs. 10.000 Millions to Rs. 15.000
Millions |
BACKGROUND
Subject was one of the group
company of well known Public Limited Company namely, Samrat Pharmachem Limited.
Samrat Pharmachem Limited is running since 1986. The main object of the company
is to carry on the business as manufacturer, importer, exporter, merchants etc,
of all kinds of bulk drugs, drug intermediates, preservatives, organic and
inorganic chemicals and all kinds of pharmaceutical formulations such as
capsules, tablets, ointments, injectables. The company carried on business
successfully with the sales turnover of Rs. 204.100 Millions during the year
2004-05. the Promoters – Directors of the Samrat Pharmachem Limited were –
- Shri Lalit
Mehta
- Shri Champak
Parekh
- Shri Rajesh
Mehta
- Shri Hitesh
Parekh
With mutual understanding it was decided
between the Prompter – Directors that Shri Champak Parekh and Shri Hitesh Parekh
should take over the management of the Samrat Remedies Limited which was not in
operation since its incorporation i.e. since 21st August 2003 and
sale their shareholding of the Samrat Pharmachem Limited to other Directors at
the agreed sale consideration.
Now Samrat Pharmachem Limited and Samrat Remedies Limited have become
two separate companies with separate management operating in the same industry.
INTRODUCTION
The Samrat Remedies Limited is aiming to grow its business in the field
of bulk drugs, drug intermediates, preventives, organic chemicals and all kinds
of pharmaceutical formulations such as capsules, tablets, ointments,
indictable, the Promoter – Directors have been in the similar business for over
last 189 to 20 years. They have contributed immensely in the growth of Samrat
Pharmachem Limited, with their expertise in the field of technical known – how
and marketing and distribution of various chemicals and intermediates.
Initially the company has utilized the available manufacturing
facilities of Harch Corporation located at 1401, 3rd Phase, Near
Gama Colour, GIDC, Vapi, Gujarat. The Directors of the company used to procure
the raw materials from its known suppliers with whom the management has long
relations and get the same manufactured from Harsh Corporation on job work
basis and market the final product through its own distribution channel.
The 90 % of the raw materials requirement of the company is required to
import form Japan, Chili, Indonesia, Russia etc. with long relations the
management has very good credit standing in the market. Due to this it has
become possible for the company to procure the materials at the best
competitive prices, with maximum credit period.
Later on the management of company took strategic decision of taking
over the manufacturing facilities of the partnership firm Harsh Corporation
with all its assets and liabilities w.e.f. 30th September 2006 with
long term perspective to have its own manufacturing facility. This has helped
the company in term of reduction in fixed overheads, improvement in the
operational efficiency which in turn improved the profitability of the company.
As industry is growing rapidly, the demand for the products of the company has
increased drastically. In view of these developments and the increased demand
of the market, the company has now planed to increase it’s the production
capacity and thus production by setting up its own new unit at GIDC, Vapi.
It is expected that the proposed project of the company will take care
of the increased market for at least 4 to 5 years. The nature of the industry
is very dynamic and it is very crucial to be equipped with manufacturing
facility which can take care of new chemical formulations. As promoter Director
has very strong technical background, with their vast expertise in the field
for over 20 years, the company has an added advantages of capitalizing the
dynamics of the market.
NATURE OF BUSINESS
/ ACTIVITY
The main object of the company is to carry on the business as
manufacturer, importer, exporter, merchants etc, of all kinds of bulk drugs,
drugs intermediates, preservatives, organic and inorganic chemicals and all
kinds of pharmaceutical formulations such as capsules, tablets, ointments,
injectibles etc., the drug intermediates such as Potassium Iodide, Sodium
Iodide, Copper Iodide, MethyI Iodide etc., are basically used by Drugs Pharma
Manufacturing Companies.
The process of manufacturing the product is based on Standardized
Machine Technique. Broadly the production department can be divided in to –
- Inspection
Department
- Processing
Department
- Drying and
Packing Department
- Utility
Department
Normally it takes 4 to 6 days for processing the final product. The raw
materials requirement and the products specifications of the final products are
enclosed as Annexure ‘IV’
The drug intermediates are very crucial in the formulations of drugs
which are used by mass people. Hence the quality of the products is very
important determining factory in the success of the business. In order to
maintain the quality of these products it is very essential for the company to
have high level integrated quality policy which will ensure not only processes
of manufacturing till fully tested final finished product is packed and ready
for delivery.
PRODUCT OVERVIEW
The company is growing at a very faster rate and during recent period
there is significant increase in the turnover, they have resolved themselves to
come out with the expansion plan to cope with the demand of valued customers.
The company has purchased the Plot at GIDC, Vapi. It is expected that the
construction of the factory building will get complete and the new factory will
become operational by 30th September, 2008. Subject briefly herewith
the major details of the expansion plan :
Site Address : Plot No. 1505, 3rd Phase,
GIDC, Vapi – 396195 [Gujarat]
Plot Area : 1800
Sq. Meter
|
Particulars |
Amount
[Rs. In Millions] |
|
Land |
3.200 |
|
Building |
14.550 |
|
Plant and Machinery and Electrical Installation |
9.880 |
|
Office Equipment and Other Fixed Assets |
0.700 |
|
Total Required Working Capital |
29.600 |
|
Total |
57.930 |
Means of Finance
|
Particulars |
Amount
[Rs. In Millions] |
|
Total Promoters Contribution |
24.530 |
|
Working Capital facility |
15.000 |
|
Term Loan |
18.400 |
|
Total
|
57.930 |
Available
Collateral Security
|
Particulars |
Amount
[Rs. In Millions] |
|
Prime Security |
14.600 |
|
Factory Building |
9.880 |
|
Plant and Machinery |
|
|
|
|
|
Additional
Security |
|
|
Land [Market Value] |
6.000 |
|
Existing Machinery |
6.500 |
|
Total |
36.980 |
Proposed Credit
Facilities
|
Facility |
Amount
[Rs. In Millions] |
|
Cash Credit |
15.000 |
|
Letter of Credit |
50.000 |
|
Term Loan |
18.400 |
|
Total |
83.400 |
Tenure of Loan : 5 Years
Power Requirement : 160 KVA
Water Requirement : 20 KL Per Day
Expected Date of
Completion : 30.09.2008
PROCUREMENT
PLANNING
The raw material that is required for the final product will be mainly
imported from the international market i.e. countries like Japan, Chile,
Indonesia etc., Besides international market, some of the raw material can also
be procured form the Local market as the same is available at reasonable
process. Since the market of the raw material is competitive, it is possible
for them to negotiate the prices depending upon the availability of the raw
materials in the market.
Further because of the competition, the suppliers’ normally ready to
offer them credit period ranging from 60 to 150 days against confirmed Letter
of Credit. The credit period offered by the supplier’s is with due
consideration of the time period that is required for receiving the material to
the factory and to make to ready for production.
The major raw materials that are required are as follows :
- Iodine
- Salicylic
Acid
- Acetic Acid
- Hydrochloric
Acid
- Propanol
- Chlorine
- Acetone
- Caustic Soda
- Dim ethyl
Sylphate
- Caustic
Potash
- Awino Benzoic
Acid
- Zine Chloride
etc.
PRODUCTION FACILITY
At present the company has production facility
that was taken over from its associate concern Harsh Corporation and the same
is located at 1401, 3rd Phase, G. I. D. C., Vapi, Gujarat. The
existing factory premises is taken on rent and the company is carrying out
manufacturing activity under the said premises since 5th September
2005. The installed capacity of the present factory is around 200 M T Per
Annum.
The existing plant of the company has latest
Machineries such as Glass Line Reactor, Laboratory Equipments, Centrifuge,
Boiler etc. which are purchased recently. These have improved the production
capacity and are also helpful in improving the quality of the final products.
The production facility is technically well
built and is under the control of Mr. Hitesh Parekh who is one of the Directors
of the company. He is Qualified as B. Pharmacy and acquired almost more than 20
years of experience.
Now the company is putting up its expansion
project at Vapi near to its existing factory location. It has already purchased
land at 1501, 3rd Phase, GIDC, Vapi 396105, Gujarat. They are of the
Plot is 1800 Sq. Meter. The company is planning to set up the best
manufacturing facility with proposed production capacity of 750 M.T. Per Annum
The Vapi has well developed infrastructure and
it has countrywide network by road and rail transportation. The cost of the
transportation is reasonable and also its availability is very convenient. The
availability of the labour in the Vapi is sufficient and the company has very
good cordial relations with the labour and their associations.
The environmental conditions are very suitable
for the productions facility, being the chemical zone the presence of the many
other chemical industries. Besides the company is taking proper care and making
necessary arrangements to comply with the requirement of the PCB.
QUALITY STANDARDS
The company has very high quality standards as
its products are mainly used by Pharmaceutical Companies. At the production
facility the Quality Control check is applied at three points namely,
·
At the time to receipt of material in the
Laboratory
·
In process check by the Quality Control
Department
·
Before dispatch of the final product to the
customer, in the Laboratory by the Quality Control Department.
The company is committed to supply only
quality products to its customers and do not compromise of the quality even if
it entails some extra cost.
The management of the company is always very
keen in creating an environment that fosters creativity and enterprises at all
levels of the organization. It strives for reviewing compliance and
effectiveness of quality management and exploring the possibilities for
improvements.
As the company has been able to successfully
maintain the quality of its products it has developed a very good image in the
market which has further helped in retaining the customers which are mainly big
companies like Orchid Laboratories Limited, Dabur Pharmaceuticals Limited
etc.
MARKET SCENARIO
The Drug Intermediates are widely used in
pharmaceutical, oil, chemical, paints and food industries. API has excellent
export market. Internationally there are number of factors that affect the
supply, demand and the prices of the products.
In India as a result of liberalization process
the Indian economy has become open for the world. Import tariff are being
slashed and MNC’s are given free entry. This has resulted in increasing the
consumerism in the economy. In its efforts to discourage the use of
conventional materials the Government is increasing its support it conventional
materials the Government is increasing its support to factories using
sophisticated techniques. The Government has started giving support to this
industry by providing exemptions, concessions etc.
The demand for the product or the consumption
of the product is directly linked with the industrial and economic growth of
the country. The increase in the demand also depends upon the factors like
increase in the population, consumerism, etc. with the changing scenario in the
economy which is growing rapidly, the industry is likely to grow at much higher
rate.
For the last four to five decades the industry
has been playing a significant role by its contribution to the key sectors of
the economy like agriculture, automobiles, pharmaceuticals etc.
FUTURE PROSPECTS
Before 1991, when the process of economic
liberalization was not started, there was serious problem of availability of
the raw materials in the market. Also the demand for the products was saturated
due to low consumerism and low purchasing power.
However with the liberalization process the
economy started growing and this has resulted in the growth of the industries
like agriculture, pharmaceuticals etc. due to these developments there exists
vast potential for the expansion of
this industry.
The demand for these products is increasing.
There is growing concern among the people about their Health and safely which
has changed the packaging of the products. With the growth of the
Pharmaceutical Industry the demand for the Drug intermediates is also
increasing. All these developments are favorable to the industry. The product
of the company has many uses like analytical reagents, API etc. This helps the
industry as their products are constantly in demand.
Thus there exists a lot of demand for the Drug
Intermediates and with the boom in this market, the demand for the products
would increase and remain stable. Further since the Directors of the company
are in this industry for many years they have assured market for the products.
Annexure I
|
Sr. No. |
Particulars |
Amount [Rs in Millions ] |
|
|
1 |
Cost of Land |
|
3.200 |
|
|
|
|
|
|
2 |
Factory Building |
|
|
|
A |
Main Building |
|
|
|
I] |
Excavation and Filling |
0.300 |
|
|
II] |
Cement Concrete Labour Work |
2.500 |
|
|
III] |
Steel Labour Work |
0.575 |
|
|
IV] |
Brick work and Stone masonry |
0.600 |
|
|
V] |
Floor surfacing |
0.600 |
|
|
VI] |
Doors and windows |
0.600 |
|
|
VII] |
Plastering |
1.000 |
|
|
VIII] |
Painting |
0.300 |
|
|
IX] |
Sanitary Plumbing, water supply etc. |
0.680 |
|
|
|
|
|
|
|
B |
Boundary wall and fencing |
0.350 |
|
|
|
|
|
|
|
C |
Watchmen Cabin |
0.100 |
|
|
|
|
|
|
|
D |
Bituminous Road |
0.500 |
|
|
|
|
|
|
|
E |
Fencing, Underground Tank etc |
0.325 |
|
|
|
|
|
|
|
F |
Effluent Treatment Plant |
0.500 |
|
|
|
|
|
|
|
G |
Cost of Cement and Steel |
5.200 |
|
|
|
|
|
|
|
H |
Architect fees and other consultancy |
0.420 |
14.550 |
|
|
|
|
|
|
3 |
Plant and Machinery |
|
|
|
A |
Machineries |
|
|
|
I] |
1 Kl GLR |
0.600 |
|
|
II] |
SS Centrifuge 24 inch |
0.250 |
|
|
III] |
Nutch Filter |
0.100 |
|
|
IV] |
2.0 KL PP Vessel |
0.300 |
|
|
V] |
36’’ SS Centrifuge |
0.300 |
|
|
VI] |
2.0 KL SS Chilling Vessel |
0.450 |
|
|
VII] |
Agitated Butch Filter |
0.300 |
|
|
VIII] |
1.5 KL SS Dissolution Vessel |
0.400 |
|
|
IX] |
2 * 1 KL GLR |
1.200 |
|
|
X] |
Tray Drier |
0.300 |
|
|
XI] |
5 Kl Lead Lined Vessel |
0.500 |
|
|
XII] |
Rebber Lined Butch Filer |
0.100 |
|
|
XIII] |
SS 1.0 Kl re Boiler / condenser / receiver |
0.400 |
|
|
XIV] |
SS Nutch Filer |
0.100 |
|
|
XV] |
4 * 10000 L Storage Tank |
0.200 |
|
|
|
|
|
|
|
B |
Utilities |
|
|
|
I] |
600 kg Boiler |
0.350 |
|
|
II] |
Cooling Tower |
0.100 |
|
|
III] |
Vacuum Ejector |
0.080 |
|
|
IV] |
Chilling Plant |
0.900 |
|
|
V] |
Compressor |
0.050 |
|
|
VI] |
Generator |
0.600 |
|
|
|
|
|
|
|
C |
Pipeline, insulation, erection and
Commissioning and Electrical Installation |
2.300 |
9.880 |
|
|
|
|
|
|
4 |
Office Equipment and other Fixed Assets
including Preoperative Expenses |
|
0.700 |
|
|
Total |
|
28.330 |
List of Existing Machineries
|
|
Particulars |
|
Sr. No. |
|
|
A |
|
|
1 |
1 Kl GLR |
|
2 |
Tray Drier |
|
3 |
Cone Filter |
|
4 |
1.5 KL SS Dissolution Vessel |
|
5 |
2.0 KL PP Vessel |
|
6 |
Sparkler Filter |
|
7 |
Tray Drier |
|
8 |
2 kl GLR |
|
9 |
36” Rubber Lined Centrifuge |
|
10 |
100 Liter Assembly |
|
11 |
2 Kl Lead Lined Vessel |
|
|
|
|
B |
Utilities |
|
1 |
600 Kg Boiler |
|
2 |
Cooling Tower |
|
3 |
Vaccum Ejector |
|
4 |
Oil Vaccum Pump |
|
5 |
Ventury Cum Ejector |
LIST OF MAIN PRODUCTS
|
|
Particulars |
|
1 |
Potassium Iodide |
|
2 |
Sodium Iodide |
|
3 |
Copper Iodide |
|
4 |
MethyI Iodide |
|
5 |
Trim ethyI Sulfoxniumiodide |
|
6 |
Sodium Metaperiodate |
|
7 |
Potassium Metaperiodate |
|
8 |
Di-Iodo Salicylic Acid |
|
9 |
Potassium Bromide |
|
10 |
Calcium Iodide |
|
11 |
7-Chloro Quinaldine |
List of Major Competitor’s
- Proto Chemicals , Tarapur
- Prachi Pharmaceutical Private Limited., Tarapur
- Gujarat Mittal Private Limited, Baroda
- Mehta Pharmaceutical Industries, Mumbai
- Omkar Chemicals, Badlapur
OPERATING STATEMENT
Rs in Millions
|
Particulars |
Estimated |
Projected |
|||||
|
|
31.03.2008 |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
|
|
|
|
|
|
|
|
Gross Sales [Net
of returns] Labour Charges earned |
195.000 |
226.325 |
260.274 |
299.315 |
344.212 |
395.844 |
455.221 |
|
|
|
|
|
|
|
|
|
|
TOTAL SALES |
|
|
|
|
|
|
|
|
Less : Excise
duty |
26.040 |
32.021 |
36.824 |
42.348 |
48.700 |
56.005 |
64.406 |
|
|
|
|
|
|
|
|
|
|
NET SALES |
169.000 |
194.300 |
223.400 |
257.000 |
295.500 |
339.800 |
390.800 |
|
|
|
|
|
|
|
|
|
|
Material
consumed |
149.297 |
168.192 |
186.620 |
214.613 |
246.805 |
283.826 |
326.400 |
|
Packaging
material |
0.079 |
0.091 |
0.104 |
0.120 |
0.138 |
0.159 |
0.183 |
|
Spares, stores
and consumption |
0.212 |
0.244 |
0.280 |
0.322 |
0.371 |
0.426 |
0.490 |
|
Power fuels etc.
|
0.571 |
0.657 |
0.755 |
0.868 |
0.999 |
1.148 |
1.321 |
|
Direct Labour |
1.775 |
2.041 |
2.347 |
2.700 |
3.104 |
3.570 |
4.106 |
|
Other
manufacturing Expenses |
3.072 |
3.533 |
4.063 |
4.672 |
5.373 |
6.179 |
7.106 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
0.775 |
1.818 |
2.698 |
2.387 |
2.116 |
1.880 |
1.673 |
|
|
|
|
|
|
|
|
|
|
SUB TOTAL |
155.781 |
176.575 |
196.869 |
225.683 |
258.907 |
297.189 |
341.279 |
|
|
|
|
|
|
|
|
|
|
Add : Opening
WIP |
1.063 |
1.719 |
2.931 |
3.284 |
3.764 |
4.318 |
4.956 |
|
Less : Closing
WIP |
1.719 |
2.931 |
3.284 |
3.764 |
4.318 |
4.956 |
5.692 |
|
COST OF
PRODUCTION |
155.125 |
175.363 |
196.515 |
225.204 |
258.353 |
296.550 |
340.543 |
|
Add : Opening
Finished Goods |
4.283 |
6.988 |
7.993 |
10.085 |
11.603 |
13.313 |
15.281 |
|
Less : Finished
Goods |
6.988 |
7.993 |
10.085 |
11.603 |
13.313 |
15.281 |
17.548 |
|
COST OF SALES |
152.420 |
174.357 |
194.423 |
223.686 |
256.643 |
294.582 |
338.277 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
16.540 |
19.947 |
29.026 |
33.281 |
38.869 |
45.257 |
52.538 |
|
G. P. RATIO |
9.79 |
10.27 |
12.99 |
12.95 |
13.15 |
13.32 |
13.44 |
|
|
|
|
|
|
|
|
|
|
Interest to
banks and F. Institutions |
0.786 |
4.080 |
4.365 |
3.906 |
3.746 |
3.283 |
3.031 |
|
Interest to
Unsecured Loans |
2.244 |
2.244 |
2.698 |
2.218 |
1.738 |
1.258 |
0.778 |
|
Selling and
General Expenses |
6.657 |
7.656 |
8.104 |
9.319 |
10.717 |
12.325 |
14.174 |
|
|
|
|
|
|
|
|
|
|
Sub Total |
9.686 |
13.979 |
15.167 |
15.444 |
16.202 |
16.867 |
17.983 |
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT
|
6.853 |
5.967 |
13.859 |
17.837 |
22.667 |
28.390 |
34.555 |
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT
RATIO |
4.06 |
3.07 |
6.20 |
6.94 |
7.67 |
8.35 |
8.84 |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
0.640 |
0.656 |
1.000 |
1.200 |
1.400 |
1.600 |
1.800 |
|
Profit before
taxes |
7.493 |
6.623 |
14.859 |
19.037 |
24.067 |
29.990 |
36.355 |
|
P.B.T. Ratio |
4.44 |
3.41 |
6.65 |
7.41 |
8.14 |
8.82 |
9.30 |
|
LESS : TAX
PROVISION |
2.547 |
2.251 |
5.051 |
6.471 |
8.181 |
10.194 |
12.357 |
|
|
|
|
|
|
|
|
|
|
N. P. AFTER TAX |
4.946 |
4.372 |
9.808 |
12.566 |
15.887 |
19.796 |
23.998 |
|
PAT RATIO |
2.93 |
2.25 |
4.39 |
4.89 |
5.38 |
5.83 |
6.14 |
|
|
|
|
|
|
|
|
|
|
Add :
Depreciation |
0.775 |
1.818 |
2.698 |
2.387 |
2.116 |
1.880 |
1.673 |
|
Less : Net
Drawings / Dividends |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
CASH ACCRUALS |
5.721 |
6.190 |
12.507 |
14.953 |
18.003 |
21.676 |
25.671 |
FINANCIAL STATEMENT
Rs
in Millions
|
Particulars |
Estimated |
Projected |
|||||
|
|
31.03.2008 |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
|
|
|
|
|
|
|
|
Land |
3.200 |
3.200 |
3.200 |
3.200 |
3.200 |
3.200 |
3.200 |
|
Building |
0.243 |
14.417 |
13.696 |
13.012 |
12.361 |
11.743 |
11.158 |
|
Plant and
Machinery |
4.825 |
13.068 |
11.250 |
9.685 |
8.338 |
7.178 |
6.180 |
|
Capital WIP |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Fixed
Assets |
0.253 |
1.148 |
0.989 |
0.851 |
0.733 |
0.631 |
0.543 |
|
|
|
|
|
|
|
|
|
|
TOTAL FIXED
ASSETS |
8.521 |
31.833 |
29.135 |
26.748 |
24.632 |
22.752 |
21.078 |
|
|
|
|
|
|
|
|
|
|
Term Loan from
Institutions [Excluding 1 Years] |
0.475 |
15.054 |
11.216 |
7.359 |
3.679 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Bank Term Loan
[Excluding 1 Years] Other Repayable T. L. from Directors and Relatives |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL TERM
LIABILITIES |
0.475 |
15.054 |
11.216 |
7.359 |
3.679 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET FIXED ASSETS
|
8.047 |
16.780 |
17.919 |
19.389 |
20.953 |
22.752 |
21.078 |
|
|
|
|
|
|
|
|
|
|
Raw Material |
14.316 |
16.128 |
17.895 |
20.579 |
23.666 |
27.216 |
31.299 |
|
WIP |
1.719 |
2.931 |
3.284 |
3.764 |
4.318 |
4.956 |
5.692 |
|
Finished goods |
6.988 |
7.993 |
10.085 |
11.603 |
13.313 |
15.281 |
17.548 |
|
Advances to
suppliers |
0.300 |
0.350 |
0.400 |
0.450 |
0.500 |
0.550 |
0.600 |
|
Trade Debts |
37.032 |
42.587 |
48.975 |
56.322 |
64.770 |
74.485 |
85.658 |
|
Cash and Bank
[Incl. FDR] |
14.426 |
10.297 |
13.968 |
17.243 |
25.445 |
34.371 |
47.229 |
|
Loans and
Advances |
|
|
|
|
|
|
|
|
Other Current
Assets |
3.000 |
3.500 |
4.000 |
4.500 |
5.000 |
5.500 |
6.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS |
77.781 |
83.787 |
98.608 |
114.461 |
137.012 |
162.360 |
194.025 |
|
|
|
|
|
|
|
|
|
|
Cash Credit |
15.000 |
15.000 |
17.500 |
17.500 |
20.000 |
20.000 |
22.500 |
|
Term Loan insta.
In a Year |
0.126 |
3.821 |
3.838 |
3.857 |
3.680 |
3.680 |
0.000 |
|
Creditors for
goods |
37.381 |
40.056 |
44.387 |
51.199 |
58.879 |
67.711 |
78.804 |
|
Creditors for
Expenses |
0.500 |
1.000 |
1.500 |
2.000 |
2.500 |
3.000 |
3.500 |
|
Tax Provision |
2.547 |
2.251 |
5.051 |
6.471 |
8.181 |
10.194 |
12.357 |
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES |
55.554 |
62.128 |
72.276 |
81.027 |
93.240 |
104.585 |
117.061 |
|
|
|
|
|
|
|
|
|
|
NET CURRENT
ASSETS |
22.227 |
21.659 |
26.332 |
33.434 |
43.772 |
57.776 |
76.964 |
|
|
|
|
|
|
|
|
|
|
Non current
assets |
0.048 |
0.043 |
0.038 |
0.033 |
0.018 |
0.012 |
0.008 |
|
Not current
liabilities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET NON CURRENT
ASSETS |
0.048 |
0.043 |
0.038 |
0.033 |
0.018 |
0.012 |
0.008 |
|
|
|
|
|
|
|
|
|
|
NET WORTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening capital balance
|
5.500 |
5.500 |
5.500 |
5.500 |
5.500 |
5.500 |
5.500 |
|
Profit / Loss in
a year |
4.946 |
4.372 |
9.808 |
12.566 |
15.887 |
19.796 |
23.998 |
|
Capital
introduced |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Drawing / Dividend
Reserve [Excl. Reval Reserve] |
1.176 |
6.122 |
10.494 |
20.303 |
32.869 |
48.756 |
68.553 |
|
|
|
|
|
|
|
|
|
|
TANGIBLE NET OWN
FUNDS |
11.622 |
15.994 |
25.803 |
38.369 |
54.256 |
74.053 |
98.050 |
|
|
|
|
|
|
|
|
|
|
Unsecured Loans
[Directors and Relatives] |
18.699 |
22.487 |
18.487 |
14.487 |
10.487 |
6.487 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TANGIBLE NET
WORTH |
30.321 |
38.481 |
44.290 |
52.856 |
64.743 |
80.539 |
98.050 |
PERFORMANCE, FINANCIAL HIGHLIGHTS AND PROJECTIONS
Rs in Millions
|
Particulars |
Estimated |
Projected |
|||||
|
|
31.03.2008 |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0.140 |
0.135 |
0.136 |
0.141 |
0.147 |
0.155 |
0.166 |
|
|
|
|
|
|
|
|
|
|
Debt equity |
0.002 |
0.039 |
0.025 |
0.014 |
0.006 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
% of own funds
to networth |
3.800 |
4.200 |
5.800 |
7.300 |
8.400 |
9.200 |
10.000 |
|
|
|
|
|
|
|
|
|
|
LOCKUP LEVELS IN
DAYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors |
8.000 |
8.000 |
8.000 |
8.000 |
8.000 |
8.000 |
8.000 |
|
|
|
|
|
|
|
|
|
|
Raw Material |
3.500 |
3.500 |
3.500 |
3.500 |
3.500 |
3.500 |
3.500 |
|
|
|
|
|
|
|
|
|
|
W.I. P. |
0.400 |
0.600 |
0.600 |
0.600 |
0.600 |
0.600 |
0.600 |
|
|
|
|
|
|
|
|
|
|
Finished Goods |
1.600 |
1.600 |
1.800 |
1.800 |
1.800 |
1.800 |
1.800 |
|
|
|
|
|
|
|
|
|
|
Creditors |
11.550 |
11.550 |
11.550 |
11.550 |
11.550 |
11.550 |
11.550 |
|
|
|
|
|
|
|
|
|
|
PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
168.960 |
194.304 |
223.450 |
256.967 |
295.512 |
339.839 |
390.815 |
|
|
|
|
|
|
|
|
|
|
Growth % |
8.900 |
1.500 |
1.500 |
1.500 |
1.500 |
1.500 |
1.500 |
|
|
|
|
|
|
|
|
|
|
Gross Profit
Ratio |
9.79 |
10.27 |
12.99 |
12.95 |
13.15 |
13.32 |
13.44 |
|
|
|
|
|
|
|
|
|
|
Operating Profit
Ratio |
4.06 |
3.07 |
6.20 |
6.94 |
7.67 |
8.35 |
8.84 |
|
|
|
|
|
|
|
|
|
|
Other Income |
0.640 |
0.656 |
1.000 |
1.200 |
1.400 |
1.600 |
1.800 |
|
|
|
|
|
|
|
|
|
|
Profit after tax
|
4.946 |
4.372 |
9.808 |
12.566 |
15.887 |
19.796 |
23.998 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
0.775 |
1.818 |
2.698 |
2.387 |
2.116 |
1.880 |
1.673 |
|
Interest on
Unsecured Loan of Directors |
0.000 |
0.000 |
2.698 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net cash
accruals |
5.721 |
6.190 |
15.205 |
14.953 |
18.003 |
21.676 |
25.671 |
|
|
|
|
|
|
|
|
|
|
Existing
repayment |
0.112 |
0.126 |
0.141 |
0.158 |
0.177 |
0.000 |
0.000 |
|
Additional
repayment |
0.000 |
0.000 |
3.680 |
3.680 |
3.680 |
3.680 |
3.680 |
|
Total Interest
on Term Loan |
0.086 |
2.280 |
2.265 |
1.806 |
1.346 |
0.883 |
0.331 |
|
D.S.C.R. |
2.889 |
0.257 |
0.250 |
0.265 |
0.346 |
0.475 |
0.640 |
Rs in Millions
|
NETWORTH |
Estimated |
Projected |
|||||
|
|
31.03.2008 |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
|
|
|
|
|
|
|
|
Represented By :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
5.500 |
5.500 |
5.500 |
5.500 |
5.500 |
5.500 |
5.500 |
|
|
|
|
|
|
|
|
|
|
Reserves |
6.122 |
10.494 |
20.303 |
32.869 |
48.756 |
68.553 |
92.550 |
|
|
|
|
|
|
|
|
|
|
Unsecured Loans |
18.699 |
22.487 |
18.487 |
14.487 |
10.487 |
6.487 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Subsidy /
deferrals etc. |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Intangible
assets |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|