MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ESKAY FINE CHEMICALS DIVISION OF S KANT PHARMA PRIVATE
LIMITED |
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Registered Office : |
Plot No. 7, Turbhe, Thane – Belapur Road, Navi Mumbai – 400 705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.06.1983 |
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Com. Reg. No.: |
11-30195 |
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CIN No.: [Company
Identification No.] |
U24239MH1983PTC030195 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04859B |
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PAN No.: [Permanent
Account No.] |
AAACS7439J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Iodine Compounds, Barium Sulphate and Selenium Sulphide. |
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 628630 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of S. Kant Group, a medium sized family group. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are reported as slow but correct.
The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 7, Turbhe, Thane – Belapur Road, Navi Mumbai – 400 705, Maharashtra, India |
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Tel. No.: |
91-22-23648882 / 27681505 |
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Fax No.: |
91-22-23633900 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Unit : |
3A, Shiv Sagar Estate, North Wing, Dr. A B Road, Worli, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-55527600 |
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Fax No.: |
91-22-55527600 |
DIRECTORS
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Name |
Mr. Lalitkumar P. Shah |
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Designation |
Director |
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Address |
B-2, Amalfi, 27/B, LD Ruparel Marg, Malabar Hills, Mumbai – 400 006, Maharashtra, India |
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Date of Birth |
02.10.1936 |
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Date of Appointment |
31.03.1998 |
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Name |
Mr. Ketan L. Shah |
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Designation |
Director |
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Address |
B-2/2, Amalfi, 27/B, LD Ruparel Marg, Malabar Hills, Mumbai – 400 006, Maharashtra, India |
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Date of Birth |
26.05.1971 |
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Date of Appointment |
07.03.1996 |
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Name |
Mr. Bipin N. Shah |
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Designation |
Managing Director |
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Address |
27/5, Prakash Building No. 1, 28A Ridge Road, Mumbai – 400 006, Maharashtra |
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Date of Birth |
07.03.1949 |
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Date of Appointment |
16.12.1985 |
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Name |
Mr. Samir J. Shah |
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Designation |
Director |
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Address |
3-B, Suvas Apartment, Rungta Lane, 68, F, Nepeansea Road, Mumbai – 400 006, Maharashtra, India |
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Date of Birth |
22.10.1966 |
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Date of Appointment |
14.03.2007 |
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Other Directorship |
Sevak Pharma Private Limited U24230MH1990PTC057922 S Kant Healthcare Limited U24230MH1996PTC098246 Japosha Investments And Traders Private Limited U67120MH1983PTC029955 |
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Name |
Mr. Jayantilal P. Shah |
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Designation |
Director |
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Address |
Flat No. 3B, 3rd Floor, New Suvas A, 68-F, Nepeansea Road, Malabar Hills, Mumbai – 400 006, Maharashtra, India |
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Date of Birth |
07.05.1929 |
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Date of Appointment |
01.04.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mrudula J. Shah |
900 |
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Jopasha Investment & Private Limited |
4530 |
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L. P. Shah Holdings & Traders Private Limited |
7500 |
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Lalitkumar P. Shah |
1200 |
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Ketan L. Shah |
300 |
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Samir J. Shah |
300 |
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Jayantilal P. Shah |
270 |
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Total |
15000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate (not mentioned above) |
80.20 |
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2. |
Other top fifty (50) shareholders (other than
listed above) |
19.80 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Iodine Compounds, Barium Sulphate and Selenium Sulphide. |
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Products : |
v 5 Chloro 8 Hydroxyquinoline v 8 Hydroxyquinoline Sulphate v Ammonium Iodide v Barium Sulphate v Calcium Levulinate v Diiodohydroxyquinoline v Iodine Monochloride v Iodohchlorohydroxyquinoline v Methyl Iodide v Potassium 8 Hydroxyquinoline Sulphate v Potassium Iodide v Selenium Sulphide v Silver Iodide v Sodium Iodide v Triemthyl Salyl Iodide |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
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Pharmaceutical Bulk Drugs |
Kgs. |
420000 |
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Pharmaceutical Formulations - Microbar Solids - Microbar Liquids |
Kgs. Ltr. |
120000 72000 |
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Chemicals - Selenium Sulphide - Methyl lodide/ TMSI |
Kgs. Kgs. |
30000 96000 |
GENERAL
INFORMATION
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Suppliers : |
· Chemfab Alkalies Limited · Jaysynth Dyechem Limited · Tody Brothers Private Limited · Shriram Chemicals · San-Wa-Plast Private Limited · Indequip Limited · CBC Company Limited · China Steel Chemical Corporation · New Bombay Drums Company · Seen Ven Traders Private Limited · Sinochem Jiangsu Imp & Exp. · Shriram Chemicals · Chemfab Alkalis Limited · Capchins (India) Private Limited · Alankar Shipping & Clearing Private Limited · Magnum Clearing & Forwarding · Pharma Distribution (India) Private Limited · Ratilal Chemark Private Limited · S. B. R. & Company Pakistan (Private) Limited · Indian Radiological & Imagin · Omega International · V. M. Enterprises |
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Customers : |
· Exide Industries Limited · Cheminor Drugs Limited · Anita Enterprises · Pidilite Industries Limited · S. Kant Healthcare Private Limited · Color-Chem Limited · RPG Life Sciences Limited · Vansi Labs Limited · Elgomhooria Company · Medivision Wholesalers (Private) Limited · Abbott Australasia Private Limited · Nairobi X-Ray Supplies Limited · Searl Pakistan · Tabros Pharma · Pioneer Laboratories Private Limited · Raj Pharma Agency · Marpol Chemicals Limited · Medivision Wholesalers (Private) Limited · Sehgal Enterprises · Rege Imaging & Cinefilms (Private) Limited · Raj Pharma Agency |
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No. of Employees : |
110 |
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Bankers : |
Ř Bank of India Worlinaka Branch, Pankaj Mansion, Opp. Podar Hospital, Dr. A. B. Road, Worlinaka, Mumbai – 400 018, Maharashtra, India Ř State Bank of India Ř Bank of Baroda Opera House Branch, Mumbai – 400 004, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. I. Mogul Associates Chartered Accountants |
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Address : |
73-B, Mittal Court, Nariman Point, Mumbai – 400 021,
Maharashtra |
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Tel. No.: |
91-22-22842159/093 |
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Fax No.: |
91-22-22822743 |
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E-Mail : |
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Associates/Subsidiaries : |
Sevak Pharma Private Limited U24230MH1990PTC057922 S Kant Healthcare Limited U24230MH1996PTC098246 Japosha Investments And Traders Private Limited U67120MH1983PTC029955 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
1.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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124.226 |
78.803 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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125.726 |
80.303 |
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LOAN FUNDS |
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1] Secured Loans |
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1.269 |
0.590 |
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2] Unsecured Loans |
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0.020 |
0.020 |
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TOTAL BORROWING |
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1.289 |
0.610 |
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DEFERRED TAX LIABILITIES |
|
0.224 |
0.451 |
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TOTAL |
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127.239 |
81.364 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.823 |
34.568 |
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Capital work-in-progress |
|
8.836 |
0.000 |
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INVESTMENT |
|
7.838 |
16.776 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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59.094 |
26.113 |
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Sundry Debtors |
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104.785 |
74.076 |
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Cash & Bank Balances |
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19.634 |
10.472 |
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Other Current Assets |
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0.665 |
2.011 |
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Loans & Advances |
|
50.159 |
43.483 |
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Total
Current Assets |
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234.337 |
156.155 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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108.746 |
86.325 |
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Provisions |
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45.904 |
39.916 |
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Total
Current Liabilities |
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154.650 |
126.241 |
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Net Current Assets |
|
79.687 |
29.914 |
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MISCELLANEOUS EXPENSES |
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0.053 |
0.106 |
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TOTAL |
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127.239 |
81.364 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
529.018 |
477.077 |
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Total Income |
|
529.018 |
477.077 |
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Profit/(Loss) Before Tax |
|
71.704 |
41.925 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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71.704 |
41.925 |
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Earnings in Foreign Currency : |
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Export Earnings |
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256.896 |
215.335 |
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Total Earnings |
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256.896 |
215.335 |
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Expenditures : |
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Interest |
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0.731 |
1.769 |
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Depreciation & Amortization |
|
4.781 |
5.209 |
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Other Expenditure |
|
451.802 |
428.174 |
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Total Expenditure |
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457.314 |
435.152 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
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13.55 |
8.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.55 |
8.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.55 |
8.79 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.57 |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.23 |
1.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
90229344 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24239MH1983PTC030195 |
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Name of the company |
ESKAY FINE CHEMICALS DIVISION OF S KANT PHARMA PRIVATE
LIMITED |
|
Address |
Plot No. 7, Turbhe, Thane – Belapur Road, Navi Mumbai – 400 705, Maharashtra, India |
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Type of Charges |
v Immovable property v Any interest in immovable property |
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Particular of the charge holder |
Name: Bank of India Address: Worlinaka Branch, Pankaj Mansion, Opp. Podar Hospital, Dr. A. B. Road, Worlinaka City : Mumbai State: Maharashtra ISO country code : IN Pin code : 400 018 e-mail ID : boiworlinbr@mtnl.net.in |
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Nature or description of the instrument creating or modifying the charge |
Record of extension of Equitable Mortgage |
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Date of the instrument creating charge |
24.04.2007 |
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Amount Secure by the charge |
Rs. 150.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Interest at such rate of interest with monthly/ quarterly rests as notified to them by the Bank from time to time. Terms of repayment On demand Margin As required by the bank from time to time Extent and operation of the charge Security in favour of bank for due repayment by company to Bank at Worli Naka Branch of the said facilities aggregating Rs. 1.500 millions with interest at agreed rates of interest, security shall remain and continue for any advance of any nature. Now due or pending or that may be made or become due hereafter from time to time either in the said accounts or in any other accounts and whether singly or jointly with another or others and whether at Worli Naka Branch or any other branch. Others Officer of bank and or for any indebtness or liability whatsoever and for all costs charges and for all costs charges and expenses paid or incurred by the bank. Revised Facilities and Limits of Eskay Fine Chemicals Prop. S Kant Pharma Private Limited FB (A) 1, C/C stocks Rs. 10.000 millions EPC Rs. 10.000 Max (3,4 and 5) Rs. 10.000 millions C/C BD Rs. 10.000 millions Inland BP/ BD (90 days) Nil FBP/ FBN (DP/ DA150 days) Rs. 10.000 millions MAX (3,4 and 5) Rs. 10.000 millions Lmp LC (DP/DA 180 days) Rs. 1390.200 millions IN/Fgn. Gtee Rs. 1.000 million |
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Short particulars of the Property charged |
Equitable mortgage
of the company’s immovable properties consisting of land and building, fixed
machinery, plant and machinery, furniture and fixtures, situated at Plot No.
7 and 7A, Trans Thane Creek Industrial Area, Village Pawne, Taluka Turbhe,
Registration Sub- District Thane. Area: 10268 Sq.
meters Tenure: 95 years leasehold |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
13.02.2006 |
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Particulars of the present modification |
The charge holder’s (Bank of India) address is changed from Opera House Branch, to its Worli Naka Branch and The charge on the mortgaged property is increased from Rs. 85.000 millions to Rs. 150.000 millions |
Form 8
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Name of the company |
ESKAY FINE CHEMICALS DIVISION OF S KANT PHARMA PRIVATE
LIMITED |
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Presented By |
Bank of India, Opera House Branch, Mumbai – 400004 |
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1) Date and description of instrument creating the change |
Creation of
Equitable mortgage by deposit of title deeds Dated 28.08.1990 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 114.000
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 |
Equitable
mortgage of the company’s immovable properties consisting of land and
building, fixed machinery, plant and machinery, furniture and fixtures,
situated at Plot No. 7 and 7A, Trans Thane Creek Industrial Area, Village
Pawne, Taluka Turbhe, Registration Sub- District Thane. Area: 10268 Sq.
meters Tenure: 95 years
leasehold |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The security as
stated in column no. 3 above has been taken to secure the various facilities
granted by the Bank to the company. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Opera House Branch, Hermes House, Mama Parmanand Road,
Mumbai – 400 004, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
entry for extension of equitable mortgage on 18.07.2002 |
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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. |
The original charge dated 28.08.1990 for Rs. 11.400 Millions has been modified form time to time as under :
On 18.06.1998 the charge was modified by increasing the totals limit to Rs. 21.800 Millions against the company’s immovable properties described below comprising land and building and other structures now or hereafter to be erected and fixed machinery and plant, fixtures, and fittings now or hereafter to be erected or installed thereon for the due repayment by the company to the bank at Mumbai on demand of the various credit facilities/ limits aggregating to Rs. 21.800 millions granted to the company with interest at the agreed rate of 4% over PLR with a minimum of 18% p.a. with quarterly rests or at such other rates as may be notified to the company by the bank from time to time. The company’s immovable properties comprising land and building and other structures, fixed machinery and fixtures and fittings erected or installed thereon situate at Plot No. 7 and 7A, TIC Industrial Area, Turbhe, Thane Belapur Road, Navi Mumbai – 400 705 has been extended as security for the enhanced limits of Rs. 31.500 millions as stated below together with interest thereon.
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As Per Website Details
Manufacturers of quality bulk drugs like:
v
Ammonium Bromide B.P.
v
Barium Sulphate B.P./U.S.P. (Oral Contrast For X-Ray
Diagnosis)
v
Calcium Levulinate B.P./U.S.P.
v
Diethylcarbamazine Citrate B.P./U.S.P.
v
Diiodohydroxyquinoline U.S.P.
v
Iodochlorohydroxyquinoline U.S.P. 17
v
Methyl Iodide
v
Piperazine Adipate B.P.
v
Piperazine Citrate B.P/ U.S.P.
v
Piperazine Hydrate B.P.
v
Potassium Bromide B.P.
v
Potassium Iodate B.P.
v
Potassium Iodide B.P/ U.S.P.
v
Povidone Iodine U.S.P.
v
Riboflavin Sodium Phosphate B.P/ U.S.P.
v
Selenium Sulphide B.P/ U.S.P.
v
Sodium Bromide B.P.
v
Sodium Iodide B.P/ U.S.P.
v
Thymol Iodide
Fixed Assets
v Factory Building
v Productive Machinery
v Laboratory Equipments
v Material Storage and Handling Equipments
v Electrical Installations
v Furniture and Fixtures
v Vehicles
v Typewriters
v Research and Development Equipments
v Air Conditioners
v Office Equipments
v Motor Cars
v
Plumbing Installations and Computers
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. 44.26 |
|
UK Pound |
1 |
Rs. 79.00 |
|
Euro |
1 |
Rs. 63.53 |
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/normal. |
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 |
|