MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
PHARM PRODUCTS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.03.1956 |
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Com. Reg. No.: |
003362 |
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CIN No.: [Company
Identification No.] |
U24231TN1956PTC003362 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP06797A |
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PAN No.: [Permanent
Account No.] |
AAACP1961C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Oral Liquids, Capsules, Tablets and Ointments. |
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 106000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. The company is doing well. It can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Vijai Medical College Road, Thanjavur – 613 007, Tamilnadu, India. |
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Tel. No.: |
91-4362-239176,237471,237225 |
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Fax No.: |
91-4362-231650 |
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E-Mail : |
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Website : |
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Corporate Office : |
No.3362-AT, AF-9, 8th Street, 11th Main Road, Anna Nagar, Chennai -
600 040, Tamilnadu, India. |
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Tel. No.: |
91-44-6216635, 6213496 |
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Fax No.: |
91-44-6222415 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Thiagarajan Ravichandran |
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Designation : |
Managing Director |
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Address : |
2 – D, Coral Orchids, 248, Kilpauk Garden Road, Kilpauk, Chennai – 600
010, Tamilnadu, India. |
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Date of Birth/Age : |
01.06.1959 |
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Date of Appointment : |
17.12.1987 |
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Name : |
Mr. Gopala Mudaliar Swamithan |
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Designation : |
Director |
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Address : |
Old No.2, New No.14, First Street, Rajappa Nagar, Thanjavur – 613 001,
Tamilnadu, India. |
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Date of Birth/Age : |
19.12.1931 |
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Date of Appointment : |
15.03.1956 |
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Name : |
Mr. Ravichandran Kala |
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Designation : |
Whole Time Director |
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Address : |
2 – D, Coral Orchids, 248, Kilpauk Garden Road, Kilpauk, Chennai – 600
010, Tamilnadu, India. |
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Date of Birth/Age : |
16.09.1963 |
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Date of Appointment : |
08.04.1994 |
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Name : |
Mr. Doraiswamy Rajasekaran |
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Designation : |
Director |
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Address : |
Old No. V-95, New No.78, 5th Main Road, Annanagar, Chennai
– 600 040, Tamilnadu, India. |
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Date of Birth/Age : |
25.08.1934 |
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Date of Appointment : |
17.08.1993 |
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Name : |
Mr. Amirthalingam Rajagopalan |
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Designation : |
Director |
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Address : |
Anuraag, 42/ 299, L Block, 21st Street, Annanagar (East),
Chennai – 600 102, Tamilnadu, India. |
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Date of Birth/Age : |
14.10.1915 |
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Date of Appointment : |
01.12.1972 |
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Name : |
Mr. Sivanantham Natarajan |
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Designation : |
Director |
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Address : |
Plot No. 336, Old No. 37, New No. 91, Lakshmanasamy Salai, K.K. Nagar,
Chennai – 600 078, Tamilnadu, India. |
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Date of Birth/Age : |
18.04.1937 |
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Date of Appointment : |
17.08.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2007
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Names of Shareholders |
No. of Shares |
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M Padamanaban and K Kalyani |
80 |
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A Rajagopalan and Rukmani Devi Rajagopalan |
320 |
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G C Sharadha |
160 |
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R Chindambaranthan |
800 |
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S Vijayalakshmi |
45168 |
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S Dakshnasubramanian |
160 |
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G Masilamani |
480 |
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R Kala |
32242 |
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R Subashchandran |
160 |
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T A K Rathnam |
160 |
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As on 26.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
98.00 |
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Other top 50 shareholders |
2.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Oral Liquids, Capsules, Tablets and
Ointments. |
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Products : |
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Exports : |
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Countries : |
Sri Lanka, Malaysia, Australia, New Zealand, South Africa, France,
United States, United Kingdom, Thailand, Ghana, Burma and Singapore. |
PRODUCTION STATUS As on 31.03.2007
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Liquids |
Liters |
450000 |
2233142.732 |
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Tablets |
Nos. |
72000000 |
106304130 |
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Capsules |
Nos. |
45000000 |
2692764 |
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Ointments |
Kg. |
6000 |
2716.395 |
GENERAL INFORMATION
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No. of Employees : |
About 80 |
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Bankers : |
Canara Bank, Thanjavur Main Road, South Main Street, Thanjavur – 613
009, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sundar Rangnath and Srinivasan Chartered Accountants |
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Address : |
11, 1st Floor, Cresent Avenue, Kesavaperumalpuram, Chennai
– 600 028, Tamilnadu, India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- Each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Shares |
Rs.100/-
Each |
Rs.8.000 Millions |
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80000 (40000) Equity Shares of Rs.100/- each
(of the above 75000 Equity Shares were issued as fully paid bonus shares out of
Profits/ Revaluation reserve)
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 |
8.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.226 |
16.995 |
2.773 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.226 |
20.995 |
6.773 |
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LOAN FUNDS |
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1] Secured Loans |
13.711 |
11.655 |
13.416 |
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2] Unsecured Loans |
11.632 |
12.200 |
11.925 |
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TOTAL BORROWING |
25.343 |
23.855 |
25.341 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.569 |
44.850 |
32.114 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.224 |
20.495 |
7.352 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.179 |
0.797 |
1.264 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.621
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7.603 |
8.492 |
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Sundry Debtors |
25.711
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23.987 |
22.660 |
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Cash & Bank Balances |
3.143
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1.407 |
1.918 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.920
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3.699 |
3.471 |
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Total
Current Assets |
40.395
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36.696 |
36.541 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.278
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13.198 |
13.672 |
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Provisions |
1.229
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1.088 |
0.531 |
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Total
Current Liabilities |
16.507
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14.286 |
14.203 |
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Net Current Assets |
23.888
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22.410 |
22.338 |
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MISCELLANEOUS EXPENSES |
1.275 |
1.145 |
1.157 |
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TOTAL |
46.569 |
44.850 |
32.114 |
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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 |
78.927 |
69.655 |
63.557 |
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Other Income |
0.149 |
0.068 |
0.214 |
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Total Income |
79.076 |
69.723 |
63.771 |
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Profit/(Loss) Before Tax |
1.832 |
1.273 |
(1.966) |
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Provision for Taxation |
1.190 |
0.631 |
-- |
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Profit/(Loss) After Tax |
0.642 |
0.642 |
(1.966) |
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Expenditures : |
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Manufacturing Expenses |
15.895 |
14.544 |
13.786 |
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Administrative Expenses |
11.213 |
10.027 |
9.448 |
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Raw Material Consumed |
20.471 |
17.100 |
17.021 |
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Increase/(Decrease) in Finished Goods |
0.269 |
0.820 |
0.393 |
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Selling and Distribution Expenses |
21.150 |
18.103 |
17.416 |
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Sales Tax Paid |
3.400 |
3.173 |
2.872 |
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Financial Charges |
3.890 |
3.660 |
3.764 |
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Depreciation & Amortization |
0.956 |
1.023 |
1.037 |
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Total Expenditure |
77.244 |
68.450 |
65.737 |
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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 |
(%) |
0.81
|
0.92 |
(3.08) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.32
|
1.83 |
(3.09) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.97
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2.23 |
(4.48) |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.06 |
(0.29) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.97
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1.82 |
5.84 |
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Current Ratio (Current Asset/Current Liability) |
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2.45
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2.15 |
2.57 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
PHARM PRODUCTS PRIVATE LIMITED |
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Presented By |
Mr. T. Ravichandran, Managing Director |
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1) Date and description of instrument creating the change |
Common Hypothecation Agreement dated 27.12.1999. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.500
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 |
Land and Premises
situated at R.S. 374/ 1B, Medical College Road, Thanjavur, Stocks of raw
materials, goods in process, finished goods, other stock in trade and stores,
book debts, components, machinery, vehicles, furniture and fixtures and all
other movable goods and properties. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Running OCC
Limits |
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5) Name and Address and description of the person entitled to the charge. |
The Senior
Manager, Canara Bank,
Thanjavur. |
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6) Date and brief description of instrument modifying the charge |
Supplemental
agreement to common Hypothecation Agreement dated 24.03.2005 to revise the
limit of charge. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Increase in OCC
Limit from Rs.10.000 Millions to Rs.11.000 Millions with minimum interest
rate of 11.75% p.a. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90292020 |
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Corporate
identity number of the company |
U24231TN1956PTC003362 |
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Name of the
company |
PHARM PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Vijai Medical College Road, Thanjavur – 613 007, Tamilnadu, India. |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Canara Bank, Thanjavur Main Road, South Main Street, Thanjavur – 613
009, Tamilnadu, India E-Mail: bksundaram@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
common Hypothecation Agreement Draft of LEDTD to
be used where additional limit is granted on the very security |
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Date of
instrument Creating the charge |
01.02.2008 |
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Amount secured by
the charge |
Rs.18.425
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
All existing rates apply – there is no change Terms of
Repayment: All existing conditions hold good Margin: No change Extent and
Operation of the charge: All the financial facilities i.e. Rs.18.425 Millions
are secured by Hypothecation of stocks of Raw Materials, Stock in Process,
Finished / Semi finished goods, Packing Materials, Book Debts, First Charge
on entire Fixed Assets of the company including EMT of Factory Land and
Building and Hypothecation of entire Plant and Machinery. |
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Short particulars
of the property charged |
Hypothecation of Plant and Machinery, Vehicles, Components, Furniture
and Fixtures, Stocks of Raw Materials, Work in process, Finished Goods, Book
Debts and Extension of E.M. over the lands measuring 28, 106 sq ft. and 38110
sq ft under S. No.374/ 1B (Old No.374/ 1) and S. No. 374/ 1 B2 respectively
at 107 Neelagiri Therrku Thottam, Thanjavur sub registry, Thanjavur Taluk and
District. |
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Date of latest
modification prior to the present modification |
20.01.2007 |
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Particulars of
the present modification |
The Cash Credit facility has been increased by Rs.2.000 Millions. The total
financial facility stands increased to Rs.18.425 Millions. |
Financial
Performance:
The turnover of the company for the year ended 31.03.2007 was Rs.77.077
Millions as against Rs.67.340 Millions during the previous year and the Profit before
tax was Rs.1.832 Millions.
The company is striving to achieve topline growth and is working towards
a profitable product mix.
Material changes
since the conclusion of the Financial Years:
There are no material changes affecting the financial position of the
company since the conclusion of the financial year.
Dividend:
The Directors recommend a full dividend at the rate of 5% on the
expanded paid up Equity Share Capital of Rs.8.000 Millions.
Export:
The Directors wish to inform that the company had made an Export
turnover of Rs.12.300 Millions during the year 2006-07 against an export sales
of Rs.5.418 Millions during the Previous year.
Bonus Shares:
The Company has issued Bonus Equity Shares out of revaluation reserve @
1:1 during the year 2006-07, as approved at the 50th AGM by
shareholders. The issue of the Bonus Shares is in accordance with Companies Act
1956.
Directors
Responsibility Statement:
Pursuant to Section 217 (2AA) of the companies (Amendment) Act, 2000 the
Directors confirm that:
1)
In the preparation of annual accounts, the
applicable accounting standards have been followed;
2)
Appropriate accounting principles have been
selected and applied consistently, and have made judgments and estimates the
are reasonable and prudent so as to give a true and fair view of the state of
affairs of the company as at 31.03.2007 and of the Profit of the company for
the year ended 31.03.2007.
3)
Proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the provisions of
the Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
4)
The annual accounts have been prepared on a going
concern basis.
Website Details:
Company History
Subject dedicated to the Mission "PROMOTING HEALTH" was established in the year 1956 by Mr. G.Swaminathan, B.Pharm with sixty
three Medical Practitioners. He is presently the non-executive Chairman of the Company.
Pioneers in Herbal Medicine and Preventive Health Concepts for the last 4
decades.
The Company strives to enhance the trust of the Medical
Profession and service to ailing patients by continuous commitment to the Three
Principles of QUALITY, SAFETY AND
EFFICACY.
The company is being managed by a Board of Directors who are eminent Persons
with professional qualifications in diverse fields especially in medicine and
pharmacy. The Company has a wide range of products in the field of Allopathic
Proprietory medicines and Generic drugs, besides specialised effective Traditional Herbal Remedies for ailments, for
which Allopathy has no cure.
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.49.79 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|