MIRA
INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADANI PHARMACHEM PRIVATE LIMITED |
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Registered
Office : |
Plot
No. 198/2, Aji, GIDC, Phase II, Road – M, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.04.1999 |
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Com. Reg. No.: |
04-35693 |
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Capital
Investment / Paid-up Capital : |
Rs.4.250
Millions |
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CIN No.: [Company Identification
No.] |
U24231GJ1999PTC035693 |
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|
IEC No.: |
2488007005 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTA00042A |
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PAN No.: [Permanent Account No.] |
AADCA2201R |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business
: |
Manufacturers
and Exporters of Bulk Drugs and Fine Chemicals. |
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No. of Employees
: |
36 (In Office 10) (In Factory 20) (In Branch 6) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 80000 |
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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 reported as 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. Rushabh Adani |
|
Designation : |
Director |
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Contact No.: |
91-9825213332 |
LOCATIONS
|
Registered
Office/ Factory: |
Plot
No. 198/2, Aji, GIDC, Phase II, Road – M, Rajkot-360003, |
|
Tel. No.: |
91-281-2387652
/ 2389068 |
|
Mobile No. : |
91-9825213332
/ 9825077652 (Mr. Rushabh Adani) |
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Fax No.: |
91-281-2387607 |
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E-Mail : |
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|
Website : |
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Area : |
1087 sq. ft. /
1084 Sq. ft. (Factory) (Owned) |
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|
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Corporate
Office : |
Rashtriyashala
Marg, |
|
Tel. No.: |
91-181-2466796
/ 2464365 |
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|
|
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Branch Office
: |
Manish
Compound, Building No. 2, Thane – |
|
Location : |
Rented |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr.
Haresh Anantrai Adani |
|
Designation : |
Managing
Director |
|
Address : |
7th
Floor, C 7, Prayag C, Shroff Road, Kitab Ghar Street, Rajkot – 360 001, Gujarat, India |
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Date of Birth/Age : |
26.12.1950 |
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Qualification : |
B. Sc |
|
Date of Appointment : |
05.04.1999 |
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|
|
|
Name : |
Mr.
Harshad Anantrai Adani |
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Designation : |
Director |
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Address : |
B/H |
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Date of Birth/Age : |
15.06.1953 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
05.04.1999 |
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|
|
|
Name : |
Mr.
Rushabh Haresh Adani |
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Designation : |
Director
|
|
Address : |
7th
Floor, C 7, Prayag C, Shroff Road, Kitab Ghar Street, Rajkot – 360 001, Gujarat, India |
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Date of Birth/Age : |
28.08.1981 |
|
Qualification : |
BBA |
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Date of Appointment : |
01.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Haresh
Anantrai Adani |
|
197668 |
|
Harshad
Anantrai Adani |
|
77736 |
|
Rushabh
Haresh Adani |
|
77800 |
|
Mrudaula P. Adani |
|
37067 |
|
Usha A. Adani |
|
34729 |
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|
|
|
|
Total |
|
425000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Bulk Drugs and Fine Chemicals. |
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|
|
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Products : |
Iodine AND
its derivatives
Piprazine
derivatives
Other bulk
drugs
Spice
oleoresin & herbals
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GENERAL INFORMATION
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No. of Employees : |
36 (In Office 10) (In Factory 20) (In Branch 6) (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 : |
Kalpesh
S. Doshi and Company Chartered
Accountant |
|
Address : |
411, Cosmo
Complex, |
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Tel. No.: |
91-181-2225278
/ 2473599 |
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Pan No : |
ABXPD9051A |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
425000 |
Equity Shares |
Rs.10/- each |
Rs.4.250
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 |
4.250 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.796 |
11.727 |
9.765 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.046 |
15.727 |
13.765 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17.270 |
10.761 |
11.053 |
|
|
2] Unsecured Loans |
13.004 |
13.178 |
9.736 |
|
|
TOTAL BORROWING |
30.274 |
23.939 |
20.789 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.320 |
39.666 |
34.554 |
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|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
17.979 |
13.122 |
10.202 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.263 |
0.244 |
0.210 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.390
|
27.359
|
22.556 |
|
|
Sundry Debtors |
26.597
|
23.247
|
24.119 |
|
|
Cash & Bank Balances |
3.501
|
6.660
|
3.248 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2.949
|
3.125
|
2.449 |
|
Total
Current Assets |
51.437
|
60.391
|
52.372 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.764
|
25.207 |
|
|
|
Other Current Liabilities |
1.598
|
8.888
|
28.235 |
|
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total
Current Liabilities |
19.362
|
34.095
|
28.235 |
|
|
Net Current Assets |
32.075
|
26.296
|
24.137 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.003 |
0.004 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
50.320 |
39.666 |
34.554 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Domestic Sales |
45.613 |
31.768 |
24.744 |
|
|
|
Export Sales |
138.735 |
139.964 |
107.336 |
|
|
|
Other Income |
0.101 |
0.150 |
0.152 |
|
|
|
TOTAL (A) |
184.449 |
171.882 |
132.232 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
153.821 |
143.589 |
107.116 |
|
|
|
Manufacturing Expenses |
10.688 |
9.648 |
9.995 |
|
|
|
Administrative & Selling Expenses |
6.845 |
5.349 |
3.399 |
|
|
|
Expenses for Export |
5.748 |
6.055 |
6.450 |
|
|
|
Miscellaneous expenditure write off |
0.001 |
0.001 |
0.001 |
|
|
|
TOTAL (B) |
177.103 |
164.642 |
126.961 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.346 |
7.240 |
5.271 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.890 |
4.150 |
2.893 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.456 |
3.090 |
2.378 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.785 |
0.752 |
0.645 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.671 |
2.338 |
1.733 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.352 |
0.377 |
0.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.319 |
1.961 |
1.532 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.258 |
3.297 |
1.765 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7.577 |
5.258 |
3.297 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
124.165 |
121.495 |
94.092 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.46 |
4.90 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.26
|
1.14 |
1.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.45
|
1.36 |
1.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.85
|
3.18 |
2.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.15 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.47
|
3.69 |
3.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
1.77 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90105415 |
|
Corporate
identity number of the company |
U24231GJ1999PTC035693 |
|
Name of the
company |
ADANI PHARMACHEM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.
198/2, Aji, GIDC, Phase II, Road – M, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property Others |
|
Particular of
charge holder |
Corporation Bank, Main Branch, “Nijanand”, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of Agreement
for extension of Mortgage; and Supplementary
Common Deed of Hypothecation of Movables/Assets/Debts |
|
Date of
instrument Creating the charge |
28.05.2010 |
|
Amount secured by
the charge |
Rs.65.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: 11.25 % p.
a., PCL: Upto 270 days 9.50% beyond 270 days and Upto 360 days 12.50 % p. a. For New Term
Loan: COBAR - 0.25% i.e. 11.75% p.a. at present Terms of
Repayment CC : Running
Account repayable on demand subject to annual
review/renewal For PCL: Each PCL
shall be cleared within a period of 90 Days from the date of availment out of
the proceed of export bills negotiable/purchased/discounted. For New Term
Loan: In 16 quarterly installments of Rs. 0.937 million each Margin CC: 30 % on
inventory and 50 % on domestic book debts and more than 90 days. For PCL: 25% and
for BG: 25% by way of term deposit For New Term
Loan: 26.83 % Extent and
Operation of the charge The charge by way
of hypothecation of stock in trade, book debts and movable property and by
way of Equitable Mortgage on immovable property shall operate as security for
repayment of aggregate credit facility of Rs. 65.500 Millions (individual limit is given as under)
together with interest, cost and charges Cash Credit cum
PCL: Rs. 10.000 Millions , FDBN/FDBP/FDBD: Rs. 10.000 Millions , Bank
Guarantee: Rs. 0.500 Millions , Import Letter of Credit: Rs. 30.000
Millions and New Term Loan Rs. 15.000 Millions Others As per sanction
letter dated 04/05/2010 |
|
Short particulars
of the property charged |
I)
Hypothecation
of Present and Future Stock in Trade stored in Godown or in transit, Book
Debts and Plant and Machinery situated in the Factory premises; II)
Equi.
Mortgage by depo. of Title Deeds of immovable property being land and building of Plot No. 198/2, R.S. No.206,
CSW No. 12, CS No.4249 at GIDC, Phase II, Aji Ind. Area, Rajkot adm. 1087 Sq.
Mtrs. III)
Equi.
Mortgage by depo. of Title Deeds of immovable property being lease hold
factory land at Plot No. 2729, 2730, 2731 at GIDC Lodhika, Metoda, IV)
The
plant and machinery as referred to in
schedule to Supplementary Deed of Hypothecation dated 28.05.2010 |
|
Date of latest
modification prior to the present modification |
23.09.2009 |
|
Particulars of
the present modification |
The aggregate
limit of credit facility has been enhanced to Rs. 65.500 Millions.
Accordingly charge by way of hypothecation and Equitable Mortgage extends to
secure the enhanced credit facility of Rs. 655.00 Millions (individual limit
is given as under) together with interest, cost and charges. New Term Loan:
15.000 Millions Cash Credit cum PCL:
Rs. 10.000 Millions. FDBN/FDBP/FDBD: Rs. 10.000 Millions. Bank Guarantee: Rs.
0.500 Millions and Import Letter of
Credit: Rs. 30.000 Millions |
Fixed Assets:
- Electric Fittings
- Every Scale
- Furniture
- Cycle
- Plant and Machinery
- Laboratory Equipments
- Type writer
- Freeze
- Scooter
- Fax Machine
- Air Cooler
- Computer
- Computer Cabin
- T.V.S. Scooty
- Air Conditioner
- Water Plant
- Epabx System
- Car (Santro - Xing)
- Inverter
- Xerox Machine
- Car (Swift)
- Television
- Factory Building WIP
AS PER WEBSITE DETAILS:
OVERVIEW
A trusted name in the pharmaceutical industry, Adani Pharma Private Limited was established in the year 1981, with an aim to be recognized as one of India's leading manufacturers and exporters of Bulk Drugs and Chemicals especially antibacterial and antiamoebic as well as oleoresins and herbals and has earned international reputation. Under the able guidance of Mr. Haresh Adani, the company has carved a niche for itself in its sphere of operations. They have earned accolades from their customers not only in domestic market, but also international market. Their mission is simply to serve their customers' every need by offering quality products and world class service.
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.