MIRA
INFORM REPORT
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Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIDHYA PHARMACHEM PRIVATE LIMITED |
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Registered Office : |
01, Basement, Dattani Trade Centre, Chandawarkar Road, Borivali
(West), Mumbai-400092, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.08.1999 |
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Com. Reg. No.: |
11-121241 |
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CIN No.: [Company
Identification No.] |
U99999MH1999PTC121241 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV11071E |
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PAN No.: [Permanent
Account No.] |
AAACV8599A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers
and Dealers of Pharma and Bulk Drugs |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 120000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
No. Contact could be established since no telephone numbers are either
working or they are incorrect. Subject is a well established company. Tubes payments are reported as slow.
Profit margin is under severe pressure. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B-01, Basement, Dattani Trade Centre, Chandawarkar Road, Borivali
(West), Mumbai-400092, Maharashtra, India |
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Tel. No.: |
91-22-28022950 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prakash Multanmal Shah |
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Designation : |
Director |
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Address : |
A/8, Ganga Jaumuna, 4th Floor, L.T Road, Borivali (West),
Mumbai-400092, Maharashtra, India |
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Date of Birth/Age : |
04.06.1962 |
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Date of Appointment : |
18.10.1999 |
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Name : |
Mrs. Usha Prakash Shah |
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Designation : |
Director |
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Address : |
401, Meeras Co-operative Housing Society, TPS Road, Borivali (West), Mumbai-400092,
Maharashtra, India |
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Date of Birth/Age : |
24.11.1962 |
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Date of Appointment : |
18.10.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
as on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Prakash Multanmal Shah |
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13500000 |
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Usha Prakash Shah |
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5500000 |
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Total |
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19000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers
and Dealers of Pharma and Bulk Drugs |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda, Borivali (West) Branch, Jaya Talkies Compound,
Borivali (West), Mumbai-400092, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mukesh M Choksi and Company Chartered Accountant |
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Address : |
Block –H, Shri Sadashiv CHS, 6th Road, Santacruz (East),
Mumbai-400055, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1900000 |
Equity Shares |
Rs. 10/-
each |
Rs. 19.000
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 |
19.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.434 |
4.281 |
3.515 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.434 |
19.281 |
18.515 |
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LOAN FUNDS |
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1] Secured Loans |
119.761 |
56.583 |
54.819 |
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2] Unsecured Loans |
1.269 |
0.969 |
1.276 |
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TOTAL BORROWING |
121.030 |
57.552 |
56.095 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
145.464 |
76.833 |
74.610 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.627 |
17.258 |
14.062 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.003 |
0.003 |
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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
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0.000 |
16.305 |
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Sundry Debtors |
221.609
|
149.640 |
89.377 |
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Cash & Bank Balances |
8.159
|
5.369 |
0.109 |
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Other Current Assets |
27.482
|
24.081 |
15.664 |
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Loans & Advances |
12.950
|
12.334 |
5.322 |
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Total
Current Assets |
270.200
|
191.424 |
126.777 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
148.055
|
131.490 |
65.302 |
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Provisions |
1.382
|
0.444 |
1.021 |
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Total
Current Liabilities |
149.437
|
131.934 |
66.323 |
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Net Current Assets |
120.763
|
59.490 |
60.454 |
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MISCELLANEOUS EXPENSES |
0.074 |
0.082 |
0.091 |
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TOTAL |
145.464 |
76.833 |
74.610 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
858.430 |
488.291 |
348.913 |
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Other Income |
9.489 |
6.836 |
6.555 |
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Total Income |
867.919 |
495.127 |
355.468 |
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Profit/(Loss) Before Tax |
1.273 |
0.939 |
1.483 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1.273 |
0.939 |
1.483 |
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Expenditures : |
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Administrative Expenses |
84.160 |
26.035 |
27.870 |
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Purchases made for re-sale |
785.497 |
474.155 |
327.888 |
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Increase/(Decrease) in Finished Goods |
[3.011] |
[6.002] |
[1.773] |
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Total Expenditure |
866.646 |
494.188 |
353.985 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.15
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0.19 |
0.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.15
|
0.19 |
0.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.43
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0.45 |
1.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.05 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.07
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9.82 |
6.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.81
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1.45 |
1.91 |
LOCAL AGENCY
FURTHER INFORMATION
The Register Office of the company has been shifted from 26, Basement,
Dattani Trade Centre, Chandavarkar Road, Mumbai-400092, Maharashtra, India to
present address w.e.f. 01.04.2008
Fixed Deposits:
The company has not accepted any Fixed within the meaning of Section 58A
of the companies Act, 1956 and the Companies (Acceptance of Deposits) Rule,
1975
Personal:
The Company had no employees, drawing any Fixed Deposits within the
meaning of Section 58A of the Companies 217(2A) of the Companies Act, 1956,
during the year.
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10074536 |
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Corporate identity
number of the company |
U99999MH1999PTC121241 |
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Name of the
company |
VIDHYA PHARMACHEM PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
25/26, Basement, Dattani Trade Centre, Chandavarkar Road, Borivali
(West), Mumbai-400092, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Baroda, Borivali (West) Branch, Jaya Talkies Compound,
Borivali (West), Mumbai-400092, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Memorandum |
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Date of
instrument Creating the charge |
16.04.2008 |
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Amount secured by
the charge |
Rs. 175.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
to be charged as per sanctioned of the account form time to time. Extent and
Operation of the charge The charge is
created to secure the due repayment, discharge and redemption by the Company
to the Bank for its Cash Credit (Hypothecation of Stocks of Book Debts)
facility of Rs. 150.000 Millions and Inland/ Import L/C (DP/DA upto 120 days)
facility of Rs. 25.000 Millions aggregating to Rs. 175.000 Millions with full
one-way interchangeability from L/C to Cash Credit limit together with
interest, compound interest and /or additional interest, in case of default,
penal interest, liquidated damages, interest tax.etc. |
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Short particulars
of the property charged |
All that
Industrial Unit No. 9 at Bhiwandi (2) office Nos. 21, 23 and 24 at Borivali
(W), (3) Garaage No. 1 at Parle (W), (4) Flat No. 22 at Malad (E), (5) Office
Premises No. 202 at Borivali West and (6) Gala No. F-7 at Rahnale, Bhiwandi
and (7) Office Premises on ground + one upper floor adm. 1121.15 sq/ft
alongwith Terrace adm.+ Open Parking Space at Borivali. Together with
buildings and Sturcutres thereon, fixed plants and machinery, fixtures and
fittings. |
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Date of latest
modification prior to the present modification |
02.04.2008 |
Fixed Assets
·
Air Condition
·
Fax Machine
·
Machinery
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Godown
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Godown at Bhiwandi
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Furniture and Fixture
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Computer
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Fridge
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Weight Machine
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Flat at Meers
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Flat at Malad
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Car
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Television
·
Tractor
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.49.68 |
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UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
38 |
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 |
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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 |
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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 |
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