MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
S. K. HEALTHCARE FORMULATIONS PRIVATE LIMITED |
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Registered Office : |
G1, |
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Country : |
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Date of Incorporation : |
22.09.2003 |
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Com. Reg. No.: |
041738 |
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CIN No.: [Company
Identification No.] |
U24239AP2003PTC041738 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Tablets, Capsules, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor in corporate governance |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is poor in corporate governance and has not filed any
financials with the Government Departments since its incorporation. We spoke to Mr. Vijay, who parted general
details but declined to part with financials.
It would be difficult to assess the current financial position of the
company in view of non availability of financials. No further details or payment could be made
available. The company can be considered for any business dealings on fully safe
and secured terms only. |
INFORMATION PARTED BY [General Details]
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Name : |
Mr. Vijay |
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Designation : |
Export Manager |
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Contact No.: |
91-9490162330 |
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Date : |
21.11.2008 |
LOCATIONS
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Registered Office/Factory : |
G1, |
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Tel. No.: |
91-884-2366595 / 2362293 |
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Fax No.: |
91-884-2364654 |
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Area : |
3000 Sq. fts. |
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Location : |
Rented |
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Marketing Office: |
8 – 58/5, |
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Tel. No.: |
91-40-65159611 / 26042630 / 31 |
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Mobile No.: |
91-9490162330 [Mr. Vijay] |
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Fax No.: |
91-884-2364654 |
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E-Mail : |
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Website : |
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Area : |
2 acre Sq. fts. + Factory 35000
Sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. M. R. Ganesh |
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Designation : |
Director |
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Address : |
68 – 8- 15/6, Ashok Nagar, |
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Date of Birth/Age : |
19.06.1965 |
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Qualification : |
B. Pharma |
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Date of Appointment : |
22.09.2003 |
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Name : |
Mr. M. Sabitha |
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Designation : |
Director |
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Address : |
68 – 8- 15/6, Ashok Nagar, |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Tablets, Capsules, etc. |
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Products : |
·
Ciban
500 ·
Nor
- Tz ·
Furax
500 ·
Levin
500 ·
Gatiz
200 ·
Gatiz
400 ·
Incin
- 200 ·
Incin
- 400 ·
Spargo
- 200 ·
Inrox
- 150 ·
Cefad
250 Dt ·
Cefad
500 ·
Gratax
100 ·
Gratax
200 ·
Resmox
- Kid - Dt ·
Resmox
250 Dt ·
Resmox
25o ·
Resmox
500 ·
Betaclox
500 ·
Phylclox
- 500 ·
Ranloc
- M |
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Exports : |
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Products : |
Non Beta Lactum |
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Countries : |
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African Countries ·
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Terms : |
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Selling : |
Cash and Credit [30 days], Advance 50% |
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Purchasing : |
Credit and T/T |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
120 |
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Bankers : |
State Bank of 4-1-971/974, Triveni Complex, |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
K. D. Srinivassa Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3650000 |
Equity Shares |
Rs. 10/- each |
Rs. 36.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover [Estimated] |
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70.000 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from D. No.
68-8-15/6, Ashok Nagar,
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90128884 |
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Corporate
identity number of the company |
U24239AP2003PTC041738 |
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Name of the
company |
S. K. HEALTHCARE
FORMULATIONS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
G1, |
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Type of charge |
·
Book
Debts ·
Movable
Property ·
Immovable
property |
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Particular of charge
holder |
State Bank of 4-1-971/974,
Triveni Complex, E-mail: sbn3233@sbindore.co.in |
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Nature of
description of the instrument creating or modifying the charge |
all the above documents
are dated 09.08.2007 |
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Date of
instrument Creating the charge |
09.08.2007 |
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Amount secured by
the charge |
Rs. 77.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For the Term loan
: 1.25% above BPLR i.e. @ 14.50% per annum For the cash
credit : 0.75% above BPLR i.e. @ 14.00% per annum Terms of
Repayment The Term loan
will be repaid in 20 quarterly installments of Rs. 0.750 Million starting from
01.08.2007. Margin Building and
civil works : 40% Plant and
Machinery : 20% Other Fixed
Assets : 25% Raw material :
25% SIP, Stores,
Consumable spares: 25% Finished goods
:25% Receivables : 50% Extent and
Operation of the charge As per the
documents executed |
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Short particulars
of the property charged |
Primary : First
charge on entire fixed assets of the company including land, building, plant
and machinery situated at S. No. 334/par |
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Name of the company |
S. K. HEALTHCARE
FORMULATIONS PRIVATE LIMITED |
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Presented By |
Mr. M. R. Ganesh, Managing Director |
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1) Date and description of instrument creating the change |
30.07.2005.
Agreement for Medium Term Loan, Deposit of title deeds Recital. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 42.500
Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Primary:
Exclusive First charge on the entire fixed assets of the company by way of
equitable mortgage of land and building and hypothecation of plant and
machinery present and future.
Projected Gross Block Rs. 58.800 Millions and Net Block Rs. 47.492
Millions as on 31.03.2007. Collateral:
Extension of charge over current assets. Equitable mortgage
of land admeasuring Acre 1.07 Guntas at Survey No. 334 Batchupalli Village,
Qutbullapur Mandal, R. R. District Hyderabad standing in the name of Company
and valued at Rs. 2.500 Millions which will be a common security for capital
as well as for term loan. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest :
interest shall be applied @ 2.50% above BPLR presently 12.75% p.a. effect
13.25% p.a. interest shall be payable monthly immediately as and when applied
in account. Margin : Building
and Civil Works: 40%, Plant and Machinery : 20% other fixed assets 25% Repayment
schedule: The Term Loan will be paid in 23 quarterly installments. First installments of Rs. 1.848 Millions
each commencing from 01.07.2007 followed by the installment of Rs. 1.844
Millions. Interest to be paid at
monthly rests separately. Period of loan :
96 months Insurance : All
assets created out of the banks loan including all fixed assets, current
assets, movable assets shall be insured in the joint names of the bank and
the borrower against the risks of strike, fire, theft, civil commotion, riots
etc. |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of 4-1-971/974,
Triveni Complex, |
AS PER WEBSITE DETAILS:
PROFILE
Subject is one of the fastest growing Pharmaceutical formulations
manufacturing company, located at
The company is manufacturing, marketing and exporting cost
effective, high quality and wide range of Pharmaceutical formulations,
Nutritional products and dietary supplements.
The Founder and Managing Director of the company Mr. M. R. Ganesh is an entrepreneur with
Masters Degree in Science and having excellent academic background.
He worked with various conglomerate like Cadila in sales field for
10 years and gained lot of real time experience in marketing and manufacturing
of various Drugs and Formulations.
Spread over 2 Acres of Land with a built up area of 35,000 Sq Ft. Their Manufacturing plant is certified by WHO
GMP and also designed to comply with the international regulatory requirements
like MHRA – U.K and TGA –
Their manufacturing facilities is having advanced equipments like
Rapid Mix Granulator (RMG), Fluid Bed Drier (FBD), Double Rotator 27 stations
tablets press, coating pans, Rapid Pack Alu/Alu, Blister & strip packing
etc.
Manufacturing facility was divided into two blocks for NON-BETA
LACTUM (25,300 sq.ft) & BETALACTUM (5,000 sq.ft) with separate Air Handling
Units for each block having class 1, 00,000 area.
SKHC is dedicated to serve its valued customers
with superior product quality through continuous upgradation in technology and
Human resources in order to comply with Current Good Manufacturing Practices.
SERVICES
Contract Manufacturing: The manufacturing cost
of Pharmaceutical formulations is the major concern in developed countries.
Huge cost advantage and price competition from generic manufactures has
prompted most of the big companies to manufacture or out source their
production from
SKHC is a responsible partners of domestic and
international pharma companies in Contract manufacturing and product sourcing
in Pharma formulations, Nutritional products, OTC and Dietary supplements.
Advantages of SKHC in Contract
Manufacturing:
1. Manufacturing facilities strictly complies with International
regulatory standards like WHO GMP.
2. Quality documentation as per the cGMP guidelines &
Implementation in the manufacturing.
3. Prompt delivery and competitive prices
4. Qualified and dedicated team
5. Confidential data management
6. Formulation
Research & Development (FR&D) formulation services like product design
and stability studies design as per the ICH guidelines. Prototype formulations
services for the MNCs along with documentation. Pre Formulations studies will
be conducted as per the Ministry of Health (MOH) of 4 ZONES.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 50.52 |
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1 |
Rs. 75.54 |
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Euro |
1 |
Rs. 63.12 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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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 |
NO |
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TOTAL |
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14 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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