MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SOLITAIRE PHARMACIA PRIVATE LIMITED |
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Registered Office : |
Plot No.73, Industrial Area, Phase-II, Chandigarh-160002 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.08.2003 |
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Com. Reg. No.: |
53-026264 |
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CIN No.: [Company
Identification No.] |
U24232CH1987PTC026264 |
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IEC No.: |
2208003799 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLS15553G |
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PAN No.: [Permanent
Account No.] |
AAHCS5485R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Formulation-Finished
Medicines. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 25000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
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 PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Aakash |
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Designation : |
Align Marketing Manager |
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Date : |
30.03.2011 |
LOCATIONS
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Registered Office : |
Plot No.73, Industrial Area, Phase-II, Chandigarh-160002, |
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Tel. No.: |
91-172-4237704 / 09 / 4600087/ 88/ 5000477/ 5000478 |
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Fax No.: |
91-172-4600087/ 5000477/ 2653293 |
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E-Mail : |
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Area : |
1500 sq. ft. |
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Location : |
Rented |
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Factory : |
Plot No. 25, HPSIDC, Industrial Area, Extension 1, Baddi District
Salan, Himachal Pradesh-173205, |
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Location : |
Owned |
DIRECTORS
As On 29.09.2010
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Name : |
Mr. Sanjeev Kumar Sethi |
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Designation : |
Managing Director |
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Address : |
201, GH-4, Sector – 20, Panchkula-134109, |
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Date of Appointment : |
01.07.2006 |
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DIN No. : |
00487430 |
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Name : |
Mrs. Anita Sanjeev Sethi |
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Designation : |
Director |
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Address : |
201, GH-4, Sector – 20, Panchkula-134109, |
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Date of Appointment : |
07.08.2003 |
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DIN No. : |
00487432 |
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Name : |
Ms. Pushpa Gobind Ram Rani |
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Designation : |
Director |
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Address : |
201, GH-4, Sector – 20, Panchkula-134109, |
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Date of Appointment : |
07.08.2003 |
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Name : |
Mrs. Mukesh Baljeet Kumar |
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Designation : |
Additional Director |
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Address : |
1070 Sector 26, Panchkula, |
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Date of Appointment : |
02.09.2004 |
KEY EXECUTIVES
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Name : |
Mr. Aakash |
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Designation : |
Align Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Sanjeev Kumar Sethi |
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19934 |
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Anita Sethi |
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23333 |
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Pushpa Rani |
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3333 |
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Anand Khosla |
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2400 |
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Anand Khosla (HUF) through Karta Anand Khosla |
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40000 |
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Total |
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89000 |
As On 29.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
47.94 |
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Other top fifty shareholders |
52.36 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Formulation-Finished
Medicines. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
62 (20 – In Office + 42 – In Factory) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Avnish Sharma and Associates Chartered Accountant |
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Address : |
SCO 47, Dakshin Marg, Sector 20-C, Chandigarh-160020, |
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Tel. No.: |
91-172-2706330/ 5076330 |
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E-Mail : |
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Pan No. : |
AABFA5610M |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Share |
Rs.10/- Each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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89000 |
Equity Share |
Rs.10/- Each |
Rs. 0.890
Million |
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FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.890 |
0.890 |
0.890 |
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2] Share Application Money |
0.650 |
0.650 |
0.650 |
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3] Reserves & Surplus |
4.825 |
4.233 |
3.779 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.365 |
5.773 |
5.319 |
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LOAN FUNDS |
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1] Secured Loans |
15.933 |
10.934 |
4.955 |
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2] Unsecured Loans |
5.393 |
3.839 |
2.751 |
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TOTAL BORROWING |
21.326 |
14.773 |
7.706 |
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DEFERRED TAX LIABILITIES |
0.547 |
0.000 |
0.000 |
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TOTAL |
28.238 |
20.546 |
13.025 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.639 |
0.944 |
1.109 |
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Capital work-in-progress |
9.460 |
27.437 |
8.648 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.033 |
0.034 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.274
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1.976
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4.471 |
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Sundry Debtors |
8.302
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6.276
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3.248 |
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Cash & Bank Balances |
1.804
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3.190
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4.751 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
1.305
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1.676
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2.477 |
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Total
Current Assets |
15.685
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13.118
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14.947 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
30.546
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20.993
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11.734 |
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
30.546
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20.993
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11.734 |
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Net Current Assets |
(14.861)
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(7.875)
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3.213 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.007 |
0.021 |
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TOTAL |
28.238 |
20.546 |
13.025 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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49.398 |
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Other Income |
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0.052 |
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TOTAL |
82.798 |
72.344 |
49.450 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
81.626 |
NA |
48.946 |
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PROFIT BEFORE
TAX |
1.172 |
0.753 |
0.504 |
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Less |
TAX |
0.580 |
NA |
0.000 |
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PROFIT AFTER TAX
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0.592 |
NA |
0.504 |
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Expected Sales (2010-11): Rs. 120.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.71 |
NA |
1.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
1.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.38 |
5.35 |
3.14 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18 |
NA |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.15 |
6.20 |
3.65 |
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Current Ratio (Current Asset/Current Liability) |
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0.51 |
0.62 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
Note
The Registered office of the company has been shifted from 62, Industrial Area, Phase-II,
OPERATIONS
During the year the company has turnover of Rs. 82.798 millions
(previous year Rs. 72.344 millions) resulting profit during the year of Rs. 1.172
million (previous year Rs. 0.753 million)
Fixed Assets
- Land
- Building
- Trade Marks
- Air Conditioner
- Strapping Machine
- Refrigerator
- Generator
- Furniture and Fixture
- Inventor, UPS and
- Computer
- Printer
- Vacuum Cleaner
- Fire Extinguisher
- Car
- Fire extinguisher
- Photostats machine
- Camera
- Computer software
- Lift
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 44.48 |
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1 |
Rs. 72.36 |
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Euro |
1 |
Rs. 64.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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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 |
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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 |
|
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.