MIRA
INFORM REPORT
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Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
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Name : |
K A MALIE PHARMACEUTICALS LIMITED |
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Registered Office : |
2, Krishna Dham, L. S. Raheja Marg, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.05.1982 |
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Com. Reg. No.: |
11-27110 |
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CIN No.: [Company
Identification No.] |
U70101MH1982PLC027110 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK04102A |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Pharmaceutical Bulk, Drug Intermediates and Specialty
Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 220000 |
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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 for normal 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 DENIED BY
Management non co-operative
LOCATIONS
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Registered Office : |
2, Krishna Dham, L. S. Raheja Marg, |
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Tel. No.: |
91-22-28730154 / 5556 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Rented |
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Head Office : |
1504, Maker Chambers V, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-22872426 / 2872424 / 2835226 / 2826786 |
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Fax No.: |
91-22-22852765 |
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Factory : |
6005, GIDC Estate, Ankleshwar – 393 002, District Bharuch, |
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Tel. No.: |
91-2646-24114 / 22808 |
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Fax No.: |
91-2646-38475 |
DIRECTORS
As On: 30.09.2010
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Name : |
Mr. Radheshyam Dagdulal Bhomvat |
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Designation : |
Director |
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Address: |
23, Hatkesh, 1st Floor, |
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Date of Birth/Age : |
01.11.1941 |
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Date of Appointment: |
08.02.2008 |
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Name : |
Mr. Pramodh Banvarilal Poddar |
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Designation : |
Additional Director |
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Address: |
801-B, Gardenia, 8th Floor, Vsany Vally Complex, Gen. A K V
Marg, Malad (East), Mumbai-400097, |
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Date of Birth/Age : |
03.02.1964 |
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Date of Appointment : |
08.02.2008 |
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Name : |
Mrs. Shano Pramod Poddar |
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Designation : |
Director |
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Address : |
801-B, Gardenia, 8th Floor, Vsany Vally Complex, Gen. A K V
Marg, Malad (East), Mumbai-400097, |
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Date of Birth/Age : |
04.08.1964 |
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Date of Appointment: |
18.02.2008 |
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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Sai Ashray Industry Limited, |
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1243465 |
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Radheshyam Bhomavat |
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285 |
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Pramod Podar |
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285 |
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Rishabh Podar |
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100 |
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Divyaji Podar |
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100 |
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Divya Kumar Jain |
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100 |
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Mamta Jain |
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100 |
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Total |
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1244435 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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99.92 |
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Directors or relatives of directors |
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0.08 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Bulk, Drug Intermediates and Specialty
Chemicals. |
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Products : |
Bulk Drugs · Mebendazole · Albendazole · Ricobendazole
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PRODUCTION STATUS (As On : 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity and Installed
Capacity |
Actual
Production |
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Ibufrofen |
MT |
72.00 |
-- |
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Membendazole |
MT |
300.00 |
259.840 |
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Pyrandazole |
MT |
36.00 |
-- |
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Tindazole |
MT |
24.00 |
-- |
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Chloroproponide |
MT |
12.00 |
-- |
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MBPA |
MT |
-- |
3.150 |
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Albandazole |
MT |
-- |
35.283 |
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CMS |
MT |
-- |
3.731 |
GENERAL INFORMATION
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No. of Employees : |
475 (In Office 25 and In Factory 450) (Approximately) |
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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 : |
Shankar and Kishore Chartered Accountant |
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Address : |
B/702, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On: 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 millions |
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500000 |
Preference Shares |
Rs. 10/- each |
Rs. 5.000 millions |
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Total |
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Rs. 50.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1244435 |
Equity Shares |
Rs. 10/- each |
Rs. 12.444
millions |
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 |
12.444 |
12.321 |
12.321 |
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2] Share Application Money |
0.000 |
2.587 |
0.000 |
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3] Reserves & Surplus |
44.887 |
39.175 |
32.272 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
57.331 |
54.083 |
44.593 |
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LOAN FUNDS |
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1] Secured Loans |
204.360 |
95.924 |
9.511 |
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2] Unsecured Loans |
21.218 |
4.620 |
33.526 |
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TOTAL BORROWING |
225.578 |
100.544 |
43.037 |
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DEFERRED TAX LIABILITIES |
8.157 |
6.833 |
5.601 |
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TOTAL |
291.066 |
161.460 |
92.231 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
102.383 |
84.397 |
42.819 |
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Capital work-in-progress |
2.264 |
0.000 |
0.407 |
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INVESTMENT |
0.227 |
0.143 |
0.015 |
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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 |
38.356
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56.076
|
23.820 |
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Sundry Debtors |
343.191
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307.361
|
40.817 |
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Cash & Bank Balances |
33.186
|
25.885
|
18.689 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
120.133
|
386.021
|
23.085 |
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Total
Current Assets |
534.866
|
775.343 |
106.411 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
337.514
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683.333
|
42.516 |
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Other Current Liabilities |
0.000
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0.000
|
0.000 |
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Provisions |
11.328
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15.279
|
13.905 |
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Total
Current Liabilities |
348.842
|
698.612 |
56.421 |
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Net Current Assets |
186.024
|
76.731
|
49.990 |
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MISCELLANEOUS EXPENSES |
0.168 |
0.189 |
0.000 |
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TOTAL |
291.066 |
161.460 |
93.231 |
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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 |
371.637 |
1098.555 |
159.426 |
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Trading |
0.157 |
0.000 |
0.000 |
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Job Charges |
34.515 |
25.652 |
23.482 |
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Miscellaneous Income |
8.039 |
3.870 |
3.757 |
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TOTAL (A) |
414.348 |
1128.077 |
186.665 |
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Less |
EXPENSES |
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Cost of Material |
275.986 |
1026.971 |
109.284 |
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Trading Purchases |
0.165 |
0.000 |
0.000 |
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Operating Cost |
40.590 |
36.018 |
29.956 |
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Personnel Cost |
19.808 |
19.746 |
16.136 |
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Increase/(Decrease) in Finished Goods |
15.139 |
[26.774] |
[0.757] |
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Other Expenses |
29.888 |
31.568 |
13.238 |
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Preliminary Expenses W/ off |
0.021 |
0.021 |
0.000 |
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TOTAL (B) |
381.597 |
1087.550 |
167.857 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.751 |
40.527 |
18.808 |
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Less |
FINANCIAL
EXPENSES (D) |
17.911 |
19.056 |
4.296 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.840 |
21.471 |
14.512 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.159 |
5.439 |
3.794 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.681 |
16.032 |
10.718 |
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Less |
TAX (H) |
2.636 |
6.284 |
4.158 |
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PROFIT AFTER TAX
(G-H) (I) |
5.045 |
9.748 |
6.560 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.742 |
8.339 |
5.443 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
0.500 |
0.500 |
0.500 |
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Dividend |
1.556 |
2.464 |
2.704 |
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Tax on Dividend |
0.240 |
0.381 |
0.460 |
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BALANCE CARRIED
TO THE B/S |
17.491 |
14.742 |
8.339 |
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EARNINGS IN
FOREIGN CURRENCY |
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Pharma Division |
75.904 |
68.191 |
11.657 |
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Jewellery Division |
137.466 |
32.745 |
0.000 |
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TOTAL EARNINGS |
213.370 |
100.936 |
11.657 |
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IMPORTS |
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Raw Materials |
53.540 |
42.637 |
36.410 |
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TOTAL IMPORTS |
53.540 |
42.637 |
36.410 |
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Earnings Per
Share (Rs.) |
4.05 |
7.91 |
5.10 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.22
|
1.42
|
3.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.07
|
1.46
|
6.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.21
|
1.86
|
7.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.30
|
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.16
|
14.78
|
2.23 |
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Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.11
|
1.89 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
FUTURE PROSPECTS
The company has
achieved the Sales turnover of Rs.406.310 millions and other income of Rs.
8.039 millions for the financial year ended 31st March 2010 as against sales
turnover of Rs.1124.207 millions in the previous year and other income of
Rs.3.870 millions. The profit after tax for the financial Year 2009-10 is
Rs.5.044 millions. The Company has diversified during the year 2008-09 for the
new business in Jewellery, but after the Global recession the business of
Jewellery Division went down drastically and hence the company decided to go
slow on the Jewellery business. In pharma division due to increase in global
demand in the company’s products, the company had increased the production
substantially for which the company had to borrow the funds from the bank,
which increased the financial cost during the year. Even though the cost of
manufacturing has increased the profit of the company has substantially
increased due to reduction in raw material cost. The company foresees very good
business in company’s products and exports to increase the turnover
substantially in future.
FORM 8
|
Corporate identity number of the company |
U70101MH1982PLC027110 |
|
Name of the company |
K A
MALIE PHARMACEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
2, Krishna Dham, L. S. Raheja Marg, |
|
This form is for |
Creation of
charge |
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Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Cosmos Co-Operative Bank Limited, Vile Parle East, Mumbai-400057, |
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Nature of
instrument creating charge |
Hypothecation
of tangible goods/ movable property to secure a demand cash credit account/
demand overdraft account/demand loan account |
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Date of
instrument Creating the charge |
11.11.2010 |
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Amount secured by
the charge |
Rs. 10.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 12.5%
p.a. or at such rate as maybe determined by the bank from time to time Terms of
repayment 90 days Margin 25% in Bank’s Favour Extent and
operation of the charge This is adhoc cash credit facility |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of goods of the borrower namely pharmaceutical intermediaries i.e various medicines every tangible movable property of the borrower whether new lying or at any time hereafter during the continuance of this securities lying and being at borrowers place of business at Plot no 6005,GIDC Ankleshwar 393002 ,Bharuch, Gujarat or wherever else the same maybe. |
FIXED ASSETS:
·
Land
·
Building
·
Furniture and Fixture
·
Electrical and Installation
·
Pipes and Valves
·
Laboratory Equipments
·
Computers
·
Plant and Machinery
·
Incelerator
·
Effluent Treatment Plant
·
Vehicles
·
Office Equipments
·
Furniture and Fixture
WEB SIDE DETAILS
PROFILE
Subject is a manufacturer of Bulk Drugs, Drug Intermediates and
Specialty Chemicals. Started in 1987 by a team of accomplished engineers,
scientists and financial experts, the company has built a reputation for
excellence not only for its product quality, but also for meeting customer
expectations.
Subject has developed its capability in taking products from mere ideas through
pilot plant to full scale production on a scale of hundreds of tons per annum.
Subject has built reputation for quality of its products and services, which
are supplied to several multinational chemical and pharmaceutical
companies.
The in-house Research and Development is constantly working on process up
gradation, new products and cleaner technologies
Subject offers custom synthesis and contract manufacturing service under
secrecy and exclusive arrangements.
PRESS RELEASE:
Cooperative bank chairman in Hawala Racket:
CBI New Delhi, Nov 2, (PTI):
CBI has unearthed a hawala racket
allegedly involving a chairman of a Mumbai-based cooperative bank who has been
accused by the agency of duping the Mineral Scrap Trading Corporation (MSTC) of
about Rs 5000.000 Millions in connivance
with gold exporters.
"It is alleged
that in the year 2008-09, the accused fraudulently exported gold jewellery
worth Rs 6000.000 Millions to various
buyers in the UAE. In lieu of this export, MSTC gave advances worth 80 per cent
of the value of the invoice viz Rs 4800.000 Millions to the aforesaid associate
suppliers through Real Time Gross Settlement (RTGS) in their nominated bank
accounts.
"However, as stipulated, the proceeds, which were to be received within
170 days from the date of export have not been received till date. The accused
conspired to cheat MSTC and allegedly exported gold to their own companies in
the UAE," the CBI press information officer said in a statement.
The gold was supposed to be exported to Export Credit Guarantee Corporation
(ECGC) authorised importers in the UAE against the Letter of Credit (LoC).
"However, in order to cheat MSTC, the exporters in connivance with the
importers, sold the gold in UAE open market fraudulently with a commission of 2
per cent and brought back the proceeds of sale to India through hawala,"
he said.
"The export proceeds were supposed to be routed through MSTC to the
exporters. But as the money was allegedly brought in through hawala, MSTC was
unable to recover Rs 4800.000 Millions , which led to the loss of Rs 4800.000
Millions to the Government of India,"
the CBI official said.
Searches were conducted at 15 places in Mumbai, Ahmedabad and Kolkata.
Documents recovered during the searches are being scrutinised, he said.
A case was registered against Shishir Dharkar, ex- Director of Space Mercantile
Company Private Limited , (presently Chairman
of the Pen Cooperative Urban Bank Limited ) and his wife Gulraihna, Vivek
Vaidya, Director, Ushma Jewellers and Packing Exports Private Limited , Asif Sayeed and Radheshyam
Bhoomavat, Directors, Space Mercantile Company Private Limited
and Rakesh Kumar Gupta, ex- Director of K A Malle Pharmaceutical
Private Limited .
Besides, Rahul Bhoomvat and Poddar, Directors, K A Malle Pharmaceutical
Private Limited , Jayesh Desai of Joshi
Bullion and Gems Jewellery Private
Limited and Bond Gems Private Limited , Vinod Motwani of Indo Bonito
Multinational Private Limited , D K Jain
of Apollo Trading and Ushma Jewellers and Packing Exports Private Limited , Mumbai, have also been named in the
FIR, the CBI said.
The case has also been registered against four firms namely Space Mercantile
Company Private Limited , K A Malle Pharmaceutical
Private Limited , Joshi Bullion and Gems
Jewellery Private Limited and Bond Gems Private Limited , Indo Bonito Multinational
Private Limited , Mumbai and unknown
officials of MSTC and Pen Co Operative Urban Bank Limited .
MSTC, which has its corporate office at Kolkata, is a trading corporation
involved in imports and exports and is a nominated agency for gold exports.
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.44.33 |
|
|
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
49 |
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.