%20PRIVATE%20LIMITED%20138619%2011-Apr-2011_files/image006.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GEA PHARMA SYSTEMS (INDIA) PRIVATE LIMITED (w.e.f. 07.07.2009) |
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Formerly Known
As : |
ACO-ENGINEERING ( |
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Registered
Office : |
Block No. 8, Phase B, Village Dumad, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.04.2007 |
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Com. Reg. No.: |
04-50513 |
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CIN No.: [Company Identification
No.] |
U29249GJ2007PTC050513 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA02606C |
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PAN No.: [Permanent Account No.] |
AAGCA2753F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Supplier of Oral and Parenteral
Dosage Processing equipment to the pharmaceutical industry. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 972000 |
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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 established company having moderate track. Profitability
of the company is under pressure. There appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management is Non Co-operative.
LOCATIONS
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Registered Office : |
Block No. 8, Phase B, Village Dumad, |
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Tel. No.: |
91-265-3074272 |
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Fax No.: |
91-265-3074255 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kashyap Upadhyay |
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Designation : |
Director |
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Address : |
H-57, Adarsh Duplex, ITI Crossing, Gorwa, Vadodara – 390016, |
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Date of Birth/Age : |
20.06.1966 |
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Date of Appointment : |
20.09.2007 |
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Name : |
Mr. Raman Madhok |
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Designation : |
Director |
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Address : |
1-D, Villa Alto – Monte, |
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Date of Birth/Age : |
02.02.1945 |
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Date of Appointment : |
22.07.2009 |
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Name : |
Mr. Anthony Edgar Butler |
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Designation : |
Director |
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Address : |
Scarlet Oaks. Ridgway, Pyrford, |
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Date of Birth/Age : |
08.02.1952 |
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Date of Appointment : |
02.07.2009 |
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Name : |
Mr. Ronald Anthony Youngs |
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Designation : |
Director |
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Address : |
19, |
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Date of Birth/Age : |
08.05.1953 |
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Date of Appointment : |
02.07.2009 |
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Name : |
Mr. Kapil Kumar Bahadur |
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Designation : |
Director |
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Address : |
401, Matru Ashish Apartment, 82/A, Friends Co-operative Housing,
Alkapuri, Vadodara – 390007, |
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Date of Birth/Age : |
02.09.1944 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ninad Sharad Raje |
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1 |
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GEA Process Engineering ( |
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4707944 |
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Total |
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4707945 |
As on 30.09.2010
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Category |
Percentage |
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Bodies corporate |
99.99 |
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Other top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Oral and Parenteral
Dosage Processing equipment to the pharmaceutical industry. |
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
31, Nutan Bharat Society, Alkapuri, Vadodara – 390007, |
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Holding Company : |
GEA Process Engineering ( U74999MH1992PTC065230 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5110000 |
Equity Shares |
Rs.10/- each |
Rs.51.100 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4707945 |
Equity Shares |
Rs.10/- each |
Rs.47.079
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
30.06.2009 |
30.06.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
47.079 |
5.603 |
5.603 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
232.268 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(36.334) |
(33.012) |
(22.256) |
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NETWORTH |
243.013 |
(27.409) |
(16.653) |
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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 |
84.104 |
8.494 |
8.494 |
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TOTAL BORROWING |
84.104 |
8.494 |
8.494 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.082 |
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TOTAL |
327.117 |
(18.915) |
(8.077) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
265.471 |
0.119 |
0.110 |
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Capital work-in-progress |
21.946 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
14.651 |
14.446 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.075
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19.675 |
2.300 |
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Sundry Debtors |
31.211
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0.000 |
0.091 |
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Cash & Bank Balances |
16.040
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2.986 |
0.893 |
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Other Current Assets |
0.000
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0.000 |
2.386 |
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Loans & Advances |
20.270
|
7.842 |
3.311 |
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Total
Current Assets |
130.596
|
30.503 |
8.981 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
49.221 |
17.320 |
8.043 |
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Other Current Liabilities |
92.437
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52.587 |
9.305 |
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Provisions |
13.377
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11.798 |
0.356 |
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Total
Current Liabilities |
105.814
|
64.385 |
17.704 |
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Net Current Assets |
24.782
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(33.882) |
(8.723) |
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MISCELLANEOUS EXPENSES |
0.267 |
0.402 |
0.536 |
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TOTAL |
327.117 |
(18.915) |
(8.077) |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
30.06.2009 |
30.06.2008 |
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SALES |
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Income |
60.688 |
18.950 |
6.900 |
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Other Income |
1.383 |
0.189 |
0.186 |
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TOTAL (A) |
62.071 |
19.139 |
7.086 |
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Less |
EXPENSES |
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Increase / (Decrease) is Inventories |
(24.380) |
(7.132) |
(0.695) |
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Cost of Material and Other Manufacturing Expenses |
44.636 |
20.243 |
6.874 |
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Employee Cost |
22.089 |
14.560 |
9.905 |
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Administrative Expenses |
15.671 |
15.328 |
12.751 |
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Selling and Distribution Expenses |
0.278 |
1.092 |
0.048 |
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Preliminary Expenses Written Off |
0.134 |
0.134 |
0.134 |
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TOTAL (B) |
58.428 |
44.225 |
29.017 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.643 |
(25.086) |
(21.931) |
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Less |
FINANCIAL
EXPENSES (D) |
6.891 |
0.037 |
0.015 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3.248) |
(25.123) |
(21.946) |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
0.279 |
0.007 |
0.005 |
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PROFIT BEFORE
TAX (E-F) (G) |
(3.527) |
(25.130) |
(21.951) |
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Less |
TAX (I) |
(0.205) |
(14.375) |
0.305 |
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PROFIT AFTER TAX
(G-I) (J) |
(3.322) |
(10.755) |
(22.256) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(33.011) |
(22.256) |
NA |
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BALANCE CARRIED
TO THE B/S |
(36.333) |
(33.011) |
NA |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
46.809 |
8.025 |
NA |
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Commission Earnings |
1.140 |
0.000 |
NA |
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TOTAL EARNINGS |
47.949 |
8.025 |
NA |
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IMPORTS |
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Raw Materials |
10.145 |
4.977 |
NA |
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TOTAL IMPORTS |
10.145 |
4.977 |
NA |
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Earnings Per
Share (Rs.) |
(7.69) |
(19.20) |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
(5.35)
|
(56.19) |
(314.08) |
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Net Profit Margin (PBT/Sales) |
(%) |
(5.81)
|
(132.612) |
(318.13) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.89)
|
(82.06) |
(241.46) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.92 |
1.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.78
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(2.66) |
(1.57) |
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Current Ratio (Current Asset/Current Liability) |
|
1.23
|
0.47 |
0.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
30.06.2009 |
30.06.2008 |
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Micro and Small Enterprises |
0.000 |
0.000 |
NA |
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Others |
49.221 |
17.320 |
NA |
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For Expenses |
-- |
-- |
7.412 |
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For Goods |
-- |
-- |
0.631 |
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Total |
49.221 |
17.320 |
8.043 |
OPERATIONS :
For aligning the financial year of the company with financial year under
Income Tax Act, the Directors truncated 12 months period to 9 months.
Consequently, financial statements are made For 9 month period beginning July
01 2009 and ending on March 31 2010.
The gross sales and other income for the financial year were Rs. 86.45
million as against Rs. 26 27 millions for the previous financial year
registering an increase of 3.05 times annualized. The Loss before depreciation
end tax stood at Rs. 3.25 million and the Net Loss stood at Rs. 3.32 million
against Rs.25.12 million and Rs. 10.76 million respectively for the previous
financial year.
Considering supplies of equipment to group companies in
The Directors foresee continued improvement in performance of the
company in view growth of pharmaceuticals product market. IMS Health estimates
the global pharmaceuticals market In 2010 al over US$ 825 billion. This is
expected to grow 4-6%. Emerging markets, which accounted for US$ 84 billion in
2008, are estimated to reach U5$ 155-185 billion in 2013, with a CAGR of 13-15%
(IMS Health and Morgan Stanley estimates). The Indian pharmaceutical market
also continued to register a healthy growth of 18% during 2009-10 to Rs.417
billion (IMS MAT March 2010). lndia’s socio-economic factors such as rising
incomes, increasing affordability of quality health care, steady increase in
health insurance penetration and a continued rise in chronic diseases is
expected to drive the growth of the pharmaceuticals market in India. IMS
forecast suggest that the Indian pharmaceuticals market will continue to
register double—digit growth and has high potential to double its size iii five
years
Coupled with supply of machinery to pharma industry, the company is also
planing to make a foray in dairy and chemical Industry.
CHANGE OF ADDRESS :
Registered office of the company has been
shifted from Block No. 8, Village Dumad,
FIXED ASSETS :
- Plant and Machinery
- Air Conditioner
- Computer and Peripherals
- Electrical Fittings
- Furniture and Fixtures
- Office Equipments
- Other Equipments
- Software and Licenses
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.