MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION DETAILS
|
Name : |
RAJAT PHARMACHEM LIMITED |
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|
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Registered Office : |
Rajat Enclave, 102/ 103, A, Winggayatri Darshan, Thakur Complex, X
Kandivali (East), Mumbai-400101/ 400025, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.03.1997 |
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Com. Reg. No.: |
11-106913 |
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CIN No.: [Company
Identification No.] |
U24230MH1997PLC106913 |
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|
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR18170F |
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PAN No.: [Permanent
Account No.] |
AAACR6464N |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Importers and Exporters of Pharmaceuticals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000000 |
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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, doing well. Trade relations are
fair. Financial position is satisfactory. Payments are usually correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. Nothing adverse reported. |
LOCATIONS
|
Registered Office : |
Rajat Enclave, 102/ 103, A, Winggayatri Darshan, Thakur Complex, X
Kandivali (East), Mumbai-400101/ 400025, Maharashtra, India |
|
Tel. No.: |
91-22-66949923/24/ 25/ 26/ 27/ 28 |
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Fax No.: |
91-22-66949929 |
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E-Mail : |
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Factory : |
Rajat Garden Plot No. 307-311 G.I.D.C, Ankleshwar-393002. India |
DIRECTORS
|
Name : |
Mr. Anand Arya |
|
Designation : |
Director |
|
Address : |
353, Sector 15A, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.11.1945 |
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Date of Appointment : |
04.01.2006 |
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|
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|
Name : |
Mr. Ashok Kumar Ram Gopal Doda |
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Designation : |
Additional Director |
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Address : |
A-203/204, Mt. Everest, Bhakti Park, Wadala (East) Mumbai-400031,
Maharashtra, India |
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Date of Birth/Age : |
05.11.1946 |
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|
|
|
Name : |
Mr. Inderjeet Jagdischandra Arya |
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Designation : |
Director |
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Address : |
Flat No. 1/D, Tower B, Viceroy Park, Thakur Village, Kandivali (East),
Mumbai-400101, Maharashtra, India |
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Date of Birth/Age : |
26.01.1961 |
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Date of Appointment : |
27.03.1997 |
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|
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Name : |
Mr. Kishor Kumar Arya |
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Designation : |
Director |
|
Address : |
Flat No. 2-D, 2nd Floor, Viceroy Park- B, Kandivali (
East), Mumbai-4004101, Maharashtra, India |
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Date of Birth/Age : |
27.03.1997 |
|
Date of Appointment : |
18.03.2004 |
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|
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|
Name : |
Mr. Bharatbhushan Arya |
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Designation : |
Director |
|
Address : |
Flat No. 1D, 1st Floor, Viceroy Park – B, Kandivali (
East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
09.12.1999 |
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Date of Appointment : |
18.03.2004 |
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|
Name : |
Mr. Kamlesh Shah |
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Designation : |
Director |
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Address : |
Jamanidas Kapadia “Building 104,Walaleswar Road, Mumbai-400006,
Maharashtra, India |
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Date of Birth/Age : |
08.03.2004 |
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Date of Appointment : |
26.03.2004 |
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|
Name : |
Mr. Dilip Sharma |
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Designation : |
Director |
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Address : |
114/ 2205, M.H.B Colony, Samata Nagar, Kandivali (East),
Mumbai-400101, Maharashtra, India |
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Date of Birth/Age : |
08.03.2004 |
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|
|
|
Name : |
Mr. Ravikant Srivastav |
|
Designation : |
Director |
|
Address : |
Mahalaxmi Welfare Society, Jamu Pada, Vaibhava Nagar, Kandivali
(East), Mumabi-400101, Maharashtra, India |
|
Date of Birth/Age : |
08.03.2004 |
|
Date of Appointment : |
26.03.2004 |
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|
Name : |
Mr. K Lahiri |
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Designation : |
Director |
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|
Name : |
Mr. Coplonel R S Malik |
|
Designation : |
Director |
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|
Name : |
Mr. Navin Choksi |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 09.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Kishor Kumar Arya |
|
2624875 |
|
Indrajeet Arya |
|
2374875 |
|
Bharat Bhushan Arya |
|
50 |
|
Ramesh Chandra Arya |
|
50 |
|
Santosh Arya |
|
50 |
|
Poonam Arya |
|
50 |
|
Shakuntala Arya |
|
50 |
|
Total |
|
5000000 |
As on 05.05.2005
|
List of Allottees |
|
No. of Shares Allotted |
|
Commerzbank (South East Asia) Limited |
|
1000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Nationalised or other banks |
|
16.67 |
|
Directors or relatives of directors |
|
83.33 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importers and Exporters of Pharmaceuticals |
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Exports : |
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Products : |
·
Tablets ·
Capsules ·
Soft gelatin capsules ·
Injectable ·
Ointments |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
·
Punjab National Bank, MID Corporation Branch, Brady House, V N Road, Fort,
Mumbai-400023, Maharashtra, India ·
Oriental Bank of Commerce, Tata Road No. 2, Opera House, Mumbai,
Maharashtra, India ·
Bank Of
India, Plot No. – 34, Sector-24, Turbhe, Navi Mumbai-400705, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
D G Khose and Company Chartered Accountant |
|
Address : |
2, Amar Kunj, J B Nagar, Andheri (East), Mumbai-400059, Maharashtra,
India |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 60.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
60.000 |
50.000 |
|
|
2] Share Application Money |
|
250.000 |
250.000 |
|
|
3] Reserves & Surplus |
|
292.949 |
97.940 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
602.949 |
397.940 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1130.964 |
494.795 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
1130.964 |
494.795 |
|
|
DEFERRED TAX LIABILITIES |
|
2.721 |
2.081 |
|
|
|
|
|
|
|
|
TOTAL |
|
1736.634 |
894.816 |
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|
|
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|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
358.854 |
84.184 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
8.088 |
29.718 |
|
|
Sundry Debtors |
|
2374.690 |
872.694 |
|
|
Cash & Bank Balances |
|
110.004 |
40.873 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
39.998 |
27.736 |
|
Total
Current Assets |
|
2532.780 |
971.021 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1134.981 |
142.437 |
|
|
Provisions |
|
25.292 |
17.952 |
|
Total
Current Liabilities |
|
1160.273 |
160.389 |
|
|
Net Current Assets |
|
1372.507 |
810.632 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
5.273 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1736.634 |
894.816 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
6637.655 |
4740.417 |
2829.790 |
|
|
Other Income |
3.938 |
10.583 |
1.768 |
|
|
Total Income |
6641.593 |
4751.000 |
2831.558 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
572.955 |
137.274 |
81.524 |
|
|
Provision for Taxation |
36.785 |
6.582 |
7.081 |
|
|
Profit/(Loss) After Tax |
536.170 |
130.692 |
74.443 |
|
|
|
|
|
|
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|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
6637.655 |
4740.417 |
2828.790 |
|
Total Imports |
|
|
|
|
|
|
|
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|
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Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
5571.480 |
4352.286 |
2679.426 |
|
|
Salaries, Wages, Bonus, etc. |
82.531 |
53.436 |
6.635 |
|
|
Managerial Remuneration |
4.801 |
4.800 |
0.192 |
|
|
Payment to Auditors |
0.673 |
0.624 |
0.600 |
|
|
Interest |
128.255 |
75.313 |
12.383 |
|
|
Insurance Expenses |
37.227 |
9.634 |
4.743 |
|
|
Power & Fuel |
0.990 |
0.566 |
0.347 |
|
|
Depreciation & Amortization |
29.682 |
15.630 |
1.519 |
|
|
Other Expenditure |
212.998 |
101.437 |
44.189 |
|
Total Expenditure |
6068.638 |
4613.726 |
2750.034 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.07
|
2.75 |
2.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.63
|
2.89 |
2.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.87 |
7.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.23 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
NA
|
3.80 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.18 |
6.05 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24230MH1997PLC106913 |
|
Name of the
company |
RAJAT PHARMACHEM LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Rajat Enclave, 102/ 103, A, Winggayatri Darshan, Thakur Complex, X
Kandivali (East), Mumbai-400101/ 400025, Maharashtra, India |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Bank Of India,
Plot No. – 34, Sector-24, Turbhe, Navi Mumbai-400705, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1.
Charge and
Hypothecation of Book Debts. 2.
Deed of Assignment
of Receivables by way of Securitisation. |
|
Date of
instrument Creating the charge |
28.12.2007 |
|
Amount secured by
the charge |
Rs. 1500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Normal Rate as
applicable to export credit, i.e. presently 9.50 per annum 90 days and @
2.25% below BPLR minimum 11.00% per annum for bills having usance more than
90 days and upto 180 days. Terms of
Repayment On Demand Margin Nil Extent and
Operation of the charge First charge on
book debts, outstanding, money receivables, claims and bills both present and
future financed by the bank of India |
|
Short particulars
of the property charged |
First charge on
book debts, outstanding, money receivables, claims and bills both present and
future financed by the bank of India |
AS PER WEBISTE
Profile:
Within a short span, Rajat has grown into a large
corporate supplying it range of pharmaceutical generics an formulations to
regulated and unregulated markets around the world.
They have invested significant energy and
efforts in registering its brands an formulations in different countries and
its products find their presence in pharmacies in many countries.
They have association with STC and other
agencies for supply of a range of pharmaceutical generics and formulations.
The manufacturing unit at Ankleshwar, Gujarat
is WHO and ISO 9001 certified.
Rajat is one of the few companies in the world
to have the expertise and manufacturing technology for effervescent dosage
formulations.
They have also invested significantly into
setting up research facilities for both process innovation as well as basic
research.
With international tie-ups, growing ability to
manufacture and aggregate large volumes of generics and formulations in all
dosage forms, the company is set to sustain rapid growth.
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|