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MIRA
INFORM REPORT
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Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRECISE HEALTHCARE PRIVATE LIMITED PRECISE FORMULATION (DIVISION OF PRECISE
HEALTHCARE PRIVATE LIMITED) |
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Registered
Office : |
802, GIDC Estate, Kerala - Bavla District, Ahmedabad - 380007, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.03.1996 |
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Com. Reg. No.: |
28950 |
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CIN No.: [Company Identification
No.] |
U24231GJ1996PTC028950 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Various Pharmaceutical Formulation. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 12000 |
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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
|
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
|
Name : |
Mr. Dipal Patel |
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Designation : |
Director |
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Contact No.: |
91-9825066317 |
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Date : |
13.04.2011 |
LOCATIONS
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Registered Office/Factory : |
802, GIDC Estate, Kerala - Bavla District, Ahmedabad - 380007, |
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Tel. No. : |
91-2714-268385 |
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Fax No. : |
91-79-26612147 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Pankaj Mahashankar Bhatt |
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Designation : |
Director |
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Address : |
603, Sagun Palace, 132 feet Ring Road, Satellite Road, Ahmedabad –
380015, Gujarat, India |
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Date of Birth/Age : |
03.11.1945 |
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Date of Appointment : |
01.03.1996 |
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Name : |
Mr. Dipal Subodhchandra Patel |
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Designation : |
Director |
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Address : |
Ahmedabad – 380015, |
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Date of Birth/Age : |
10.04.1975 |
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Date of Appointment : |
01.03.1996 |
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Name : |
Mrs. Vaishali Dipalbhai Patel |
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Designation : |
Director |
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Address : |
31, Padmavati Flat, |
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Date of Birth/Age : |
26.09.1975 |
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Date of Appointment : |
30.06.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dipal Subodhchandra Patel |
|
49490 |
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Pankaj Mahashankar Bhatt |
|
49490 |
|
Vaishali D. Patel |
|
10 |
|
Avantika Pankaj Bhatt |
|
10 |
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Total |
|
99000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Various Pharmaceutical Formulation. |
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Exports : |
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Products : |
All type of Water Treatment Chemicals |
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Countries : |
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Imports : |
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Products : |
Water Treatment Chemicals |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
25 (Approxiamtely) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Trushit Chokshi and Associates Chartered Accountant |
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Address : |
401, Shivam Complex, Behind Samartheshwar Mahadev, Off C.G. Road,
Ellisbridge, Ahmedabad – 380006, Gujarat, India |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99000 |
Equity Shares |
Rs.10/- each |
Rs.0.990
Million |
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 |
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1] Share Capital |
0.990 |
0.660 |
0.660 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.057 |
1.394 |
0.622 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.047 |
2.054 |
1.282 |
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LOAN FUNDS |
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1] Secured Loans |
1.635 |
2.986 |
3.083 |
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2] Unsecured Loans |
0.080 |
0.080 |
0.082 |
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TOTAL BORROWING |
1.715 |
3.066 |
3.165 |
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DEFERRED TAX LIABILITIES |
0.097 |
0.136 |
0.176 |
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TOTAL |
4.859 |
5.256 |
4.623 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.966 |
3.409 |
3.659 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.159
|
1.361 |
0.621 |
|
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Sundry Debtors |
0.372
|
2.099 |
1.158 |
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Cash & Bank Balances |
0.115
|
0.028 |
0.287 |
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Other Current Assets |
3.069
|
4.811 |
0.641 |
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Loans & Advances |
0.386
|
0.437 |
0.184 |
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Total
Current Assets |
5.101
|
8.736 |
2.891 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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|
Sundry Creditors |
2.355
|
5.839 |
1.359 |
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Other Current Liabilities |
0.140
|
0.000 |
0.004 |
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Provisions |
0.718
|
1.056 |
0.570 |
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Total
Current Liabilities |
3.213
|
6.895 |
1.933 |
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Net Current Assets |
1.888
|
1.841 |
0.958 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.006 |
0.006 |
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TOTAL |
4.859 |
5.256 |
4.623 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
21.156 |
28.108 |
11.425 |
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Other Income |
0.166 |
0.278 |
0.037 |
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|
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TOTAL (A) |
21.322 |
28.386 |
11.462 |
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|
Less |
EXPENSES |
|
|
|
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|
|
|
Increase / (Decrease) in Stock |
0.202 |
(0.741) |
0.445 |
|
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Purchases |
7.943 |
15.047 |
3.727 |
|
|
|
Direct Expenses |
3.482 |
2.774 |
1.756 |
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|
Directors Remuneration |
4.050 |
3.600 |
1.680 |
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|
Selling and Distribution Expenses |
2.556 |
3.897 |
1.766 |
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Administrative Expenses |
1.395 |
1.584 |
0.902 |
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|
Preliminary Expenses Written Off |
0.001 |
0.001 |
0.001 |
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TOTAL (B) |
19.629 |
26.162 |
10.277 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.693 |
2.224 |
1.185 |
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Less |
FINANCIAL
EXPENSES (D) |
0.317 |
0.431 |
0.425 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.376 |
1.793 |
0.760 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.434 |
0.569 |
0.453 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.942 |
1.224 |
0.307 |
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Less |
TAX (I) |
0.279 |
0.451 |
0.122 |
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|
PROFIT AFTER TAX
(G-I) (J) |
0.663 |
0.773 |
0.185 |
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|
Earnings Per
Share (Rs.) |
6.70 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.11
|
2.72 |
1.61 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.45
|
4.35 |
2.69 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.68
|
10.08 |
4.69 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.59 |
0.24 |
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.62
|
4.85 |
3.98 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.27 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8 :
|
Corporate
identity number of the company |
U24231GJ1996PTC028950 |
|
Name of the
company |
PRECISE HEALTHCARE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
802, GIDC Estate, Kerala - Bavla District, Ahmedabad, |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
90098441 |
|
Type of charge |
Immovable
property Book debts Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplemental
agreement of loan-cum-hypothecation dated 04.10.2010. Memorandum
relating to deposit of title deeds 04.10.2010. |
|
Date of
instrument Creating the charge |
04.10.2010 |
|
Amount secured by
the charge |
Rs.4.700 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Interest at the
rate of 5% margin above the base rate which is presently 7.50% with effect from
01.07.2010p.a. calculated on daily products at monthly rests. Effective rate
being 12.50% Terms of
repayment : The said fund
based facility is sanctioned subject to the repayment / renewal every 12
months. Margin : Fund based limit
carries Raw material 25%, Semi Finished Goods 25%, Finished Goods 25% and
domestic receivables (90 days) 50%. Non fund based limit carries Bank
guarantee of 25% Extent of
operation of the charge : The charge will
be collaterly secured by equitable mortgage over the company’s Land and
Building at 802, GIDC, Kerala, Bavla by way of extension of equitable
mortgage together with the personal guarantee of directors of the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Book Debts, Stocks, Receivables, Raw Material, Semi Finished and Finished
goods, Palnt and Machineries and company’s movable situated at the factory
premises at 802, GIDC, Kerala, Ba. |
|
Date of instrument
modifying the charge |
12.08.2009 |
|
Particulars of
the present modification |
The said facility
is extended to the extended limit of Rs.3.500 Millions and Bank guarantee of
Rs.1.200 Millions with extension of hypothecation of all current assets,
stocks and book debts. |
FIXED ASSETS :
- Building
- Furniture and Fixtures
- Air Condition
- Ceiling Fan
- Electric Installation
- Mobile Telephone
- Office Equipments
- Telephone Instrument
- Box Straping Machine
- Computer
- Electric Motors
- Exaust Fan
- Goods Lift
- Instruments
- Laboratory Equipments
- Plant and Machinery
- Printer
- Weight Scale
- Cycle
- Maruti Baleno
- Maruti Omni
- Motor Cycle
- Opel Car
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.