MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION DETAILS
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Name : |
BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
407-408, Sharda Chambers, New Marine Lines, Mumbai – 400 020, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.09.2002 |
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Com. Reg. No.: |
11-24230 |
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CIN No.: [Company
Identification No.] |
U24230MH2002PTC137329 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11832C / MUMB10340B |
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PAN No.: [Permanent
Account No.] |
AABCB9286B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of wide range of newer third generation API’s and also
wide range of generic finished formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 410000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors
are reported as experienced, respectable and resourceful businessman. Their
trade relations are fair. Financial position is good. Payments are correct
and as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
407-408, Sharda Chambers, New Marine Lines, Mumbai – 400 020, |
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Tel. No.: |
91-22-40560560 (30 Lines) |
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E-Mail : |
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Website : |
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Factory : |
603-A, Dalmal Chambers, 29 New Marine Lines, Mumbai – 400 020, |
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Tel. No.: |
91-22-56346503 |
DIRECTORS
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Name : |
Mr. Dharmesh Mahendra Shah |
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Designation : |
Director |
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Address : |
B-204, 2nd Floor, Simla House, Siblj Marg, Opp. N S Road,
Mumbai – 400 036, |
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Date of Birth/Age : |
15.03.1966 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Mrs. Binita Dharmesh Shah |
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Designation : |
Director |
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Address : |
B-204, 2nd Floor, Simla House, Siblj Marg, Opp. N S Road,
Mumbai – 400 036, |
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Date of Birth/Age : |
20.06.1966 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Mr. Vijay Chabildas Shah |
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Designation : |
Director |
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Address : |
501, Panchsheel, 5th Floor, ‘C’ Road, Churchgate, Mumbai –
400 020, |
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Date of Appointment : |
05.01.2004 |
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Name : |
Mr. Suresh Chabildas Shah |
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Designation : |
Director |
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Address : |
57, Surya Kiran, 551 Pangully, August Kranti Marg, Mumbai – 400 036, |
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Date of Appointment : |
05.01.2004 |
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Name : |
Mr. Tejas Vijay Shah |
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Designation : |
Director |
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Address : |
Room No. A29 B 51-52, |
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Date of Birth/Age : |
11.08.1978 |
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Date of Appointment : |
16.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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Dharmesh Mahendra Shah |
4900 |
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Binita Dharmesh Shah |
347900 |
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Bhavesh Bharat Shah |
100 |
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Rajan Suresh Shah |
100 |
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Sharmista Mahendra Shah |
147000 |
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Total |
500000 |
List of Allotment (As on 06.09.2007)
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Names of Allottees |
No. of Shares |
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Binita Dharmesh Shah |
343000 |
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Sharmista Mahendra Shah |
147000 |
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Total |
490000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of wide range of newer third generation API’s and also
wide range of generic finished formulations. |
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Products : |
·
API ·
Finished Formulations ·
Lyphilised Products ·
Biotech Products ·
Intermediate Products |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
Around 100 |
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Bankers : |
ABN Amro Bank N V 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Narendra H Dave Chartered Accountants |
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Address : |
B-1, Nyay Sagar CHS, Sagar Appartments, Ground Floor, |
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Group Companies : |
·
Bini
Chemicals and Pharmaceuticals Private Limited ·
Lyka BDR
International Private Limited ·
Virdev Intermediates Private
Limited ·
M J Chempharm Private Limited |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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 |
[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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
81.664 |
71.550 |
49.639 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
81.764 |
71.650 |
49.739 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.333 |
0.625 |
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2] Unsecured Loans |
37.755 |
19.818 |
14.535 |
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TOTAL BORROWING |
37.755 |
20.151 |
15.160 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
119.519 |
91.801 |
64.899 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.088 |
1.195 |
1.442 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
74.774 |
74.774 |
50.081 |
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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 |
32.889 |
34.800
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22.064 |
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Sundry Debtors |
311.544 |
222.840
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149.460 |
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Cash & Bank Balances |
4.208 |
1.782
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29.331 |
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Other Current Assets |
0.000 |
0.000
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0.000 |
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Loans & Advances |
72.660 |
74.913
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65.261 |
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Total
Current Assets |
421.301
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334.335 |
266.116 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
345.533 |
294.782
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252.799 |
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Provisions |
32.131 |
23.761
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0.000 |
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Total
Current Liabilities |
377.664 |
318.543
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252.799 |
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Net Current Assets |
43.637 |
15.792
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13.317 |
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MISCELLANEOUS EXPENSES |
0.020 |
0.040 |
0.059 |
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TOTAL |
119.519 |
91.801 |
64.899 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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ther Income |
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6.903 |
3.597 |
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Total Income |
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639.337 |
619.379 |
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Profit/(Loss) After Tax |
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10.114 |
21.935 |
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Earnings in Foreign Currency : |
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489.676 |
0.000 |
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 |
(%) |
1.58
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3.54 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.08
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4.73 |
5.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.12
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1.05 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
Note
The Registered Office of the company has been change from 603-A, Dalmal
Chambers, New Marine Lines, 6th Road, Mumbai – 400 020, Maharashtra,
India to the present address w.e.f. 01.11.2007
Form No. 8
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Corporate
identity number of the company |
U24230MH2002PTC137329 |
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Name of the
company |
BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
603-A, Dalmal Chambers, 29 New Marine Lines, Mumbai – 400 020, |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
ABN Amro Bank N V 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, |
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Nature of
instrument creating charge |
Facility cum
Hypothecation Agreement |
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Date of
instrument Creating the charge |
15.03.2006 |
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Amount secured by
the charge |
Rs.70.000 millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
The
book-debts, assets, stock hypothecated by way of first charge as security for
the payment to the Bank of all monies at any time due and payable by the Company
to the Bank upto Rs.70.000 millions ·
The
Company shall pay all rents, rates, taxes outgoings and other charges in
respect of godowns and other premises in which the Hypothecated Assets are
stored or may be kept. |
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Description of
the property charged indicating whether it is a charged on |
·
Stock
in trade ·
Book
Debts |
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Particulars of
the property charged |
First charge over
all book debts of the Borrower and all other movable assets of the Borrower stocks
and book debts of the company (present and future) and all other tangible
movable properties of the Borrower such as raw materials, stocks, spares,
semi-finished and finished goods, goods in process of manufacture and all
goods manufactured therefrom, all such tangible movable properties belonging
to the Borrower which now are, or hereafter from time to time during the
subsistence of the security hereby created be brought in or stored in or
about the Borrower’s factories, premises, warehouses and godowns, including
any such goods in the course of transit or delivery and goods lying with
third parties belonging to the Borrower all of which goods and other movable
assets. |
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Corporate
identity number of the company |
U24230MH2002PTC137329 |
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Name of the
company |
BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
603-A, Dalmal Chambers, 29 New Marine Lines, Mumbai – 400 020, |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
ABN Amro Bank N V 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, |
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Nature of
instrument creating charge |
Supplemental
facility cum Hypothecation Agreement |
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Date of
instrument Creating the charge |
02.11.2006 |
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Amount secured by
the charge |
Rs.90.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest At negotiated rates ·
Terms
of repayment On Demand ·
Margin As per sanction letter Ref No. CDU/06/1649 dated 10.10.2006 ·
Extent
and operation of the charge The Book-debts, assets, stock hypothecated, by way of first charge, as
security for the payment to the Bank of all monies at any time due and
payable by the Company to the Bank. |
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Particulars of
the property charged |
All book debts
and the tangible movable properties of the Borrower including raw materials,
stocks, spares, semi-finished and finished goods, goods in process of
manufacturer and all goods manufactured therefrom belonging to the Borrower
which now are or hereafter from time to time during the subsistence of the
security hereby created be brought the Borrower’s factories, premises,
warehouses and godowns including any such goods in the course of transit or
delivery. |
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Particulars of the
present modification |
At the request of
the Borrower the bank has agreed to increase the facilities from Rs.70.00
millions to Rs.90.00 millions. |
Operations
The Company has achieved a sales and other income to the extent of Rs.639.373
millions and made a net profit after taxation of Rs.10.114 millions.
Web Details
Profile
Subject is established in
the year 2002 under able and dynamic leadership of our CMD Dharmesh Shah.
Subject is involved in manufacturing of wide range of newer
third generation API’s and also wide range of generic finished
formulations.
Subject’s core strength is identification of newer
molecules, developing, commercializing and tie up worldwide.
To meet with Global Competition and various qualification procedures worldwide,
Subject is making significant investments in both R and D
and their manufacturing facilities. Presently all Subject’s
API manufacturing facilities are ISO 9002 and WHO GMP approved and are now
building up Schedule M and Pharma Block for Europe and USA markets.
Subject in their API range is focused on Non-Infringing
Process, preparations of DMF’s as per
Subject is specialized in Lyophilized Injectables and
Lyposomal Finished Formulations. Subject
has widest range of Lyophilized Injectables and Lyposomal Finished
Formulations.
They at Subject offer solution for all Lyophilized Finished
Formulations and also API’s.
Subject has in year 2005 under taken representation of
Delta Biotech in
Subject is committed to have its strong and unique
important position amongst giants in Global Competition and to share in best
way has its own representative offices and agents world-wide.
Subject in less than three years of its establishment has
crossed turnover of USD 60 million as a group and is committed to maintain its
significant position.
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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|
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
|