MIRA INFORM REPORT
|
Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
EMIL PHARMACEUTICAL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
101, Mangalam Kulup Wadi, Near National Park, Borivali (E), Mumbai –
400066, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.05.1986 |
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Com. Reg. No.: |
039809 |
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|
|
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CIN No.: [Company Identification
No.] |
U24230MH1986PTC039809 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05422E |
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|
|
PAN No.: [Permanent Account No.] |
AAACE0922A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Marketing of Allopathic Formulations in Various Dosage Forms Viz., Tablets, Capsules, Oral Liquids, Dry Powders, Creams, Ointments and Gels. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 197200 |
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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. 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
101, Mangalam Kulup Wadi, Near National Park, Borivali (E), Mumbai –
400066, Maharashtra, India |
|
Tel. No.: |
91-22-28868224/25/26 |
|
Fax No.: |
91-22-28868456/28846218 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Tushar Anil Korday |
|
Designation : |
Director |
|
Address : |
B-203-204, Shantiowar, Shantivan, Borivali (East), Mumbai – 400066, |
|
Date of Birth/Age : |
24.02.1956 |
|
Date of Appointment : |
13.05.1986 |
|
|
|
|
Name : |
Mr. Rajendra Fattesnh Gole |
|
Designation : |
Director |
|
Address : |
14/372, Bhardwaj Roopnagar, Staion Road, New MG Colony, Mumbai –
400051, Maharashtra, India |
|
Date of Birth/Age : |
28.04.1956 |
|
Date of Appointment : |
13.05.1986 |
|
|
|
|
Name : |
Ms. Sumegha Sanjiv Patange |
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Designation : |
Director |
|
Address : |
101, Harsh Kaushal, No.2, |
|
Date of Birth/Age : |
16.05.1961 |
|
Date of Appointment : |
24.02.2004 |
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|
|
|
Name : |
Ms. Manjiri Anil Devdhar |
|
Designation : |
Director |
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Address : |
401/402, Shree Ganesh, Savarkar Nagar, Sant Gnyaneshwar Marg, Borivali
(East), Mumbai – 400066, |
|
Date of Birth/Age : |
09.11.1961 |
|
Date of Appointment : |
24.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anil korday HUF |
|
32100 |
|
Anuradha Chandrashekhar Gole |
|
51028 |
|
Chandrashekhar Gole |
|
19084 |
|
Chandrashekhar Gole HUF |
|
11042 |
|
Enil Anil Korday |
|
40456 |
|
Fattesh K Gole HUF |
|
31956 |
|
Manjiri Anil Devdhar |
|
13442 |
|
Rajendra Gole |
|
917674 |
|
Rajendra Gole HUF |
|
44880 |
|
Sangram Gole |
|
3456 |
|
Sanjiv Rajaram Patange |
|
1600 |
|
Sanjiv Rajaram Patange HUF |
|
18400 |
|
Sudha Gole |
|
73142 |
|
Sumegha Sanjiv Patange |
|
76984 |
|
Tushar Anil Korday |
|
971896 |
|
Tushar Anil Korday HUF |
|
24270 |
|
Total |
|
2331410 |
AS ON 29.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Allopathic Formulations in
Various Dosage Forms Viz., Tablets, Capsules, Oral Liquids, Dry Powders, Creams,
Ointments and Gels. |
GENERAL INFORMATION
|
Bankers : |
State Bank of |
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Facilities : |
Mortgage of immovable property hypothecation of stocks, receivables, personal guarantee of directors & corporate guarantee of Medibios Labs FZ
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
R G Mehta and Company Chartered Accountant |
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Address : |
B-203, Suchita Enclave, Above ICICI Prudential Maharashtra Nagar,
Borivali West, Mumbai – 400092, Maharashtra, India |
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|
|
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2331410 |
Equity Shares |
Rs.10/- each |
Rs.23.314
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
23.314 |
23.314 |
23.314 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25.986 |
25.986 |
27.542 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
49.300 |
49.300 |
50.856 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
87.639 |
89.463 |
84.097 |
|
|
2] Unsecured Loans |
22.798 |
19.095 |
18.150 |
|
|
TOTAL BORROWING |
110.437 |
108.558 |
102.247 |
|
|
DEFERRED TAX LIABILITIES |
13.554 |
11.726 |
9.768 |
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|
|
|
|
|
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TOTAL |
173.291 |
169.584 |
162.871 |
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|
|
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|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
106.388 |
103.770 |
93.357 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
9.473 |
3.300 |
3.289 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
49.145
|
32.001 |
34.675 |
|
|
Sundry Debtors |
46.741
|
46.618 |
39.941 |
|
|
Cash & Bank Balances |
3.441
|
2.692 |
2.402 |
|
|
Other Current Assets |
5.974
|
3.921 |
3.978 |
|
|
Loans & Advances |
14.373
|
16.949 |
16.715 |
|
Total
Current Assets |
119.674
|
102.181 |
97.711 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
57.995
|
41.027 |
|
|
Other Current Liabilities |
88.404
|
2.186 |
8.079 |
|
|
Provisions |
|
2.804 |
3.099 |
|
Total
Current Liabilities |
88.404
|
62.985 |
52.205 |
|
|
Net Current Assets |
31.270
|
39.196 |
45.506 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
26.160 |
23.318 |
20.719 |
|
|
|
|
|
|
|
|
TOTAL |
173.291 |
169.584 |
162.871 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
335.405 |
239.342 |
148.269 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
150.081 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(5.275) |
14.928 |
NA |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
9.709 |
8.479 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
6.449 |
NA |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
5.807 |
5.255 |
NA |
|
|
|
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|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.530 |
1.194 |
(1.812) |
|
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|
|
|
|
|
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|
|
TAX (I) |
2.078 |
2.158 |
(1.369) |
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|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
(0.548) |
(0.964) |
(0.443) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(10.097) |
(9.110) |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Tax on Dividend |
0.074 |
0.023 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
(10.718) |
(10.097) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.16)
|
(0.40) |
(0.30) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.68
|
0.58 |
(0.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.02 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.03
|
3.48 |
3.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.62 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U24230MH1986PTC039809 |
|
Name of the
company |
EMIL
PHARMACEUTICAL INDUSTRIES PVT LTD |
|
Address of the
registered office or of the principal place of business in |
101, Mangalam Kulup Wadi, Near National Park, Borivali (E), Mumbai –
400066, Maharashtra |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
28/06/2007 |
|
Amount secured by
the charge |
Rs.129.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at such
rates as determined by the Banks from time to time, present rates more
particularly described in Part II of the First Schedule to the Joint Deed of
Hypothecation Terms of
Repayment Working capital
facilities to be repaid on demand and the Term loan to be repaid as per Part
II to First Schedule of the Joint Deed of Hypothecation Extent and
Operation of the charge Security created
by way of first charge on pari passu basis in the same proportion to the
respective outstandings in the accounts of the facilities with the said Banks
without any preference or priority of one over the others. Security to cover
the principal amount together with interest, charges, costs, expenses etc. Others Security created
in respect of the following facilities : Limit State
Bank of India ICICI
Bank Corporate loan
(o/s) Rs.11.200 Millions Term loan
(o/s) Rs.0.700
Millions Tern loan
(new) Rs.33.000 Millions Rs.19.000 Millions Working capital
facilities Rs.44.000
Millions Rs.22.000
Millions |
|
Short particulars
of the property charged |
Whole of the current
assets viz., stocks of raw materials, stocks in process, finished goods,
stores and spares not relating to plant & machinery, book debts, bills
receivable etc pertaining to Tarapur Unit and all tangible movable machinery
and plant and cranes, boats and crafts and vehicles together with spares,
tools and accessories and other movables and furniture, fixtures and
fittings, office equipments etc. pertaining to the Tarapur Unit; more
particularly described in the Annexure hereto |
Fixed Assets:
- Furniture and
Fixtures
- Plant and
Machinery
- Laboratory
Equipment
- Computer
- Vehicles
- Mobile
Telephone
- Office
Equipment
- Boiler
- H T Power
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
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 |
|
28 |
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.