MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARVEL DRUGS PRIVATE LIMITED |
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Registered Office : |
251/8, Alankar, Sion Road (West), Mumbai – 400 022, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
19.05.1986 |
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Com. Reg. No.: |
11-39868 |
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CIN No.: [Company
Identification No.] |
U24230MH1986PTC039868 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20753F |
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PAN No.: [Permanent
Account No.] |
AAACM4655N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drugs |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company in its field. The company has
not filed any financials with the Government departments after 2005. And the
management declined to part the same. It would be difficult to ascertain the
current financial strength of the company in view of non-availability of
latest financials. Payments are reported as slow of times but correct. The company can considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY (GENERAL DETAILS)
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Name : |
Mr. Rajesh Gandhi |
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Designation : |
Accountant |
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Contact No.: |
91-9819193369 |
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Date : |
16.09.2008 |
LOCATIONS
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Registered Office : |
251/8, Alankar, Sion Road (West), Mumbai – 400 022, Maharashtra, India |
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Tel. No.: |
91-22-23413776 / 23429940 / 23483776 / 23411381 / 24072035 |
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Fax No.: |
91-22-23411381 / 23481381 |
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E-Mail : |
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Area : |
More than 1500 Sq. ft. |
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Location : |
Owned |
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Factory : |
W-24, MIDC, Taloja, Raigarh – 410 207, Maharashtra, India |
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Tel. No.: |
91-6856-27412650 |
DIRECTORS
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Name : |
Mr. Nikhil Jitendra Shah |
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Designation : |
Director |
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Address : |
251/11 Alankar, Sion West Road, Mumbai – 400 022, Maharashtra, India |
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Date of Birth/Age : |
04.09.1954 |
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Date of Appointment : |
21.09.1987 |
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Name : |
Mr. Jitendra M Shah |
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Designation : |
Director |
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Address : |
251/11 Alankar, Sion West Road, Mumbai – 400 022, Maharashtra, India |
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Date of Birth/Age : |
20.08.1929 |
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Date of Appointment : |
20.08.1999 |
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Name : |
Mr. Abhishek Nikhil Shah |
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Designation : |
Director |
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Address : |
251/11 Alankar, Sion West Road, Mumbai – 400 022, Maharashtra, India |
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Date of Birth/Age : |
13.07.1983 |
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Date of Appointment : |
19.12.2002 |
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Name : |
Mr. Ramkrishna Adimoolam |
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Designation : |
Director |
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Address : |
A/22, Anand, 17, Juhu Lane, Andheri, Mumbai – 466 031, Maharashtra,
India |
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Date of Birth/Age : |
28.01.1942 |
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Date of Appointment : |
05.02.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Nikhil Jitendra Shah |
46600 |
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Bhowli Nikhil Shah |
200 |
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Jitendra M Shah |
750 |
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Krishna J Shah |
800 |
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Nimish J Shah |
1600 |
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Amita N Jhaveri |
50 |
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Total |
50000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs |
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Exports : |
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Countries : |
·
Europe ·
US ·
UK |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
57 (In Office 7 and In Factory 50) – Including Contract Workers |
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Bankers : |
·
HSBC Bank ·
Bank of India Gandhi Market Branch, 96, Sion Matunga Estate,
Mumbai – 400 022, Maharashtra, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S K Modi and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.205 |
28.306 |
20.127 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.205 |
33.306 |
25.127 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
10.790 |
38.701 |
16.650 |
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TOTAL BORROWING |
10.790 |
38.701 |
16.650 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.995 |
72.007 |
41.777 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.901 |
2.913 |
3.056 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.425 |
2.425 |
2.449 |
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DEFERREX TAX ASSETS |
0.640 |
0.740 |
0.403 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.187
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7.953 |
9.680 |
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Sundry Debtors |
3.945
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0.188 |
21.697 |
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Cash & Bank Balances |
28.380
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60.047 |
91.679 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
46.760
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42.724 |
28.900 |
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Total
Current Assets |
87.272
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110.912 |
151.956 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
46.243
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5.633 |
5.128 |
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Provisions |
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39.350 |
110.959 |
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Total
Current Liabilities |
46.243
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44.983 |
116.087 |
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Net Current Assets |
41.029
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65.929 |
35.869 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.995 |
72.007 |
41.777 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
38.062 |
90.690 |
171.736 |
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Other Income |
0.000 |
3.262 |
6.108 |
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Total Income |
38.062 |
93.952 |
177.844 |
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Profit/(Loss) Before Tax |
9.901 |
49.565 |
117.933 |
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Provision for Taxation |
7.241 |
12.663 |
20.867 |
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Profit/(Loss) After Tax |
2.660 |
36.902 |
97.066 |
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Expenditures : |
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Opening Stock |
0.000 |
4.019 |
10.214 |
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Manufacturing Expenses |
0.000 |
18.801 |
20.502 |
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Raw Material Consumed |
0.000 |
22.330 |
27.012 |
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Payments to Provision for Employees |
0.000 |
3.569 |
3.631 |
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Increase/(Decrease) in Finished Goods |
0.000 |
(6.995) |
(4.019) |
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Interest |
0.868 |
1.728 |
1.748 |
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Depreciation & Amortization |
0.738 |
0.935 |
0.823 |
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Other Expenditure |
26.555 |
0.000 |
0.000 |
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Total Expenditure |
28.161 |
44.387 |
59.911 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
6.99
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39.28 |
82.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
26.01
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54.65 |
68.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.98
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43.54 |
76.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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1.49 |
4.69 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.58
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2.51 |
5.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.89
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2.47 |
1.31 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Buneesha Chem – Masjid Bunder (West)
·
Venus Petrochem Private Limited
Fixed Assets
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Land
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Factory Building
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Plant and Machinery
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Laboratory Equipments
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Furniture and Fixtures
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Cycle
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Air Conditioner
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Fax Machine
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Telephone Equipments
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Computers
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Motor Cars
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Motor Car (Skoda)
Form No. 8
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Name of the company |
MARVEL DRUGS PRIVATE LIMITED |
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Presented By |
Bank of India,
Gandhi Market Branch |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation of Tangible Moveable property dated 18.08.1986. Certificate of
Registration of Charge No. 39868/TA dated 17.07.1987 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.200 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 |
Hypothecation of
Tangible Moveable Property including stocks of Pharmaceutical Chemicals such
as Isoniazide, Niacinamide etc., Raw Materials, goods-in-process etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
assets described in Item No. 3 and such assets of the nature mentioned in
Item No. 3 as are may at any time be in the possession or power of the
Company to secure a demand cash credit of Rs.1.200 millions with interest at
6% over Bank Rate Minimum interest of 16% per annum or at such other rate/s
as may from time to time be fixed by the Bank and notified to the Company
with quarterly rests and with power to the Bank to seize and realize. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Gandhi Market Branch, 96, Sion Matunga Estate, Mumbai – 400 022,
Maharashtra, India A/c. Now stands transferred to Kalbadevi Branch, Shamaldas Gandhi
Marg, Mumbai – 400 002, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental Deed
of Hypothecation of Tangible Moveable Property dated 16.04.1990 for Rs.1.000
million |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.34 |
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UK Pound |
1 |
Rs.82.96 |
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Euro |
1 |
Rs.65.82 |
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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