MIRA
INFORM REPORT
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Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
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Name : |
HEMMO PHARMACEUTICALS PRIVATE LIMITED (w.e.f. 21.02.2008) |
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Formerly Known
As : |
JASHAN TEXTITLE MILLS PRIVATE LIMITED |
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Registered
Office : |
114, Turf Estate, 3/65, Off |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.11.1979 |
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Com. Reg. No.: |
11-021857 |
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Capital
Investment/ Paid-up Capital: |
Rs.2.908 Millions |
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CIN No.: [Company Identification
No.] |
U17100MH1979PTC021857 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08705E |
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PAN No.: [Permanent Account No.] |
AAACJ0958M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Peptide-based Pharmaceuticals |
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No. of
Employees: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1800000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well established company having fine track.
General financial position is good. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
114, Turf Estate, 3/65, Off |
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Tel. No.: |
91-22-24946100/ 24949984/ 24949987 / 43546200 |
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Fax No.: |
91-22-24946101 |
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E-Mail : |
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Manufacturing Locations : |
Thane : 159 – A, Wagle Industrial Estate, 25th Road, MIDC, Thane –
400604, Maharashtra, India |
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Navi Mumbai : Plot No.C-43, TTC Industrial Area, MIDC, Off |
DIRECTORS
(AS ON 30.09.2011)
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Name : |
Mr. Madhu Vikram Utamsingh |
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Designation : |
Director |
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Address : |
26, Sonmarg, 67B, |
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Date of Birth/Age : |
30.10.1966 |
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Date of Appointment : |
01.08.2008 |
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DIN No. : |
00756570 |
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Other Directorship :
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Name : |
Mr. Jairam Tejumal Hemrajani |
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Designation : |
Managing Director |
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Address : |
203 A, Sky – Scraper, |
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Date of Birth/Age : |
29.08.1929 |
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Date of Appointment : |
14.11.1985 |
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DIN No. : |
00756381 |
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Other Directorship :
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Name : |
Mrs. Savita Jairam Hemrajani |
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Designation : |
Director |
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Address : |
203 A, Sky – Scraper, |
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Date of Birth/Age : |
24.05.1937 |
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Date of Appointment : |
14.11.1985 |
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DIN No. : |
00756488 |
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Other Directorship :
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Name : |
Mrs. Rekha Jairam Hemarajani |
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Designation : |
Director |
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Address : |
213 A, Sky – Scraper, |
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Date of Birth/Age : |
08.05.1969 |
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Date of Appointment : |
01.07.1991 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
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No. of Shares |
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Jairam T. Hemrajani (Held on Behalf of Hemmo Pharma Private Limited) |
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200 |
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Hemmo Pharma Private Limited, |
|
19675 |
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Savita J. Hemrajani (Held on Behalf of Hemmo Pharma Private Limited) |
|
200 |
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Madhu Utamsingh |
|
6000 |
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Rekha Hemarajani |
|
3000 |
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TOTAL |
|
29075 |
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(AS ON 30.09.2011)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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10.00 |
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Bodies corporate |
|
69.00 |
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Directors or relatives of directors |
|
21.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Peptide-based Pharmaceuticals |
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Products : |
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Pharmacopoeial Peptides
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PRODUCTION STATUS (as on 31.03.2011)
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Particulars |
Unit |
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Actual
Production |
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Bulk Drug |
Miu |
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|
28098.89 |
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Formulations |
Vials |
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|
12960 |
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Bulk Drug |
Grams |
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|
3119.65 |
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GENERAL INFORMATION
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Kalbavdevi,
Mumbai – 400002, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. D. Kunte and Company Chartered Accountant |
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Address : |
205/206, Turf Estate, Off |
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PAN No. : |
AAAFP3277G |
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Holding Company : |
Hemmo Pharma Private Limited U24200MH1980PTC022986 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29075 |
Equity Shares |
Rs.100/-
each |
Rs.2.908
Millions |
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|
NOTES
Out of the above:
10000 Equity shares of Rs. 100 each have been
allotted as fully paid up Bonus shares by capitalisation of General Reserve.
20075 Equity Shares of Rs. 100 each are held
by
Hemmo Pharma Private Limited, the Holding Company and its nominees.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.908 |
2.907 |
2.908 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
458.759 |
436.278 |
409.087 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
461.667 |
439.185 |
411.995 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
44.067 |
47.038 |
35.687 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.655 |
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TOTAL BORROWING |
44.067 |
47.038 |
36.342 |
|
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DEFERRED TAX LIABILITIES |
9.352 |
11.000 |
10.582 |
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|
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|
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TOTAL |
515.086 |
497.223 |
458.919 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
167.632 |
181.902 |
167.110 |
|
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Capital work-in-progress |
47.597 |
6.334 |
2.183 |
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|
|
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INVESTMENT |
122.599 |
70.577 |
130.612 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
31.850
|
37.890 |
35.634 |
|
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Sundry Debtors |
39.769
|
28.021 |
37.288 |
|
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Cash & Bank Balances |
102.240
|
172.123 |
92.960 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
64.988
|
59.582 |
42.728 |
|
Total
Current Assets |
238.847
|
297.616 |
208.610 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
40.407
|
41.812 |
38.315 |
|
|
Other Current Liabilities |
1.475
|
1.482 |
1.199 |
|
|
Provisions |
19.707
|
15.912 |
10.082 |
|
Total
Current Liabilities |
61.589
|
59.206 |
49.596 |
|
|
Net Current Assets |
177.258
|
238.410 |
159.014 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
515.086 |
497.223 |
458.919 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
240.273 |
221.761 |
|
|
|
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Other Income |
25.303 |
40.322 |
|
|
|
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TOTAL |
265.576 |
262.083 |
207.422 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
49.417 |
59.480 |
53.883 |
|
|
|
Manufacturing and Other Expenses |
156.516 |
147.389 |
129.229 |
|
|
|
Increase / (Decrease) in Stock |
7.987 |
(2.470) |
(0.973) |
|
|
|
Financial Expenses |
3.652 |
2.777 |
4.538 |
|
|
|
TOTAL |
217.572 |
207.176 |
186.677 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
48.004 |
54.907 |
20.745 |
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/ AMORTISATION |
23.357 |
22.785 |
21.751 |
|
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|
PROFIT BEFORE
TAX |
24.647 |
32.122 |
(1.006) |
|
|
|
|
|
|
|
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|
Less |
TAX |
2.166 |
4.931 |
(6.856) |
|
|
|
|
|
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PROFIT AFTER TAX
|
22.481 |
27.191 |
5.850 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
141.108 |
113.917 |
108.067 |
|
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|
|
|
|
|
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|
|
Profit available
for Appropriation carried to Balance Sheet |
163.589 |
141.108 |
113.917 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
137.528 |
142.289 |
113.552 |
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
25.091 |
18.325 |
|
|
|
|
Packing Materials |
0.166 |
0.157 |
24.822 |
|
|
|
Consumable Stores |
1.673 |
1.788 |
|
|
|
|
Capital Goods |
20.853 |
14.177 |
|
|
|
TOTAL IMPORTS |
47.783 |
34.447 |
24.822 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
773.21 |
-- |
201 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.46
|
10.37 |
2.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.26
|
14.48 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.06
|
6.70 |
(0.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.07 |
(0.00) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23
|
0.24 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.88
|
5.03 |
4.21 |
LOCAL AGENCY FURTHER INFORMATION
NOTE : The Registered
Office of the company has been shifted from 543, Ravindra House,
FINANCIAL RESULTS
Income from operations for
the year is marginally higher as compared with the preceeding year mainly due
to operational efficiency. The fall in overall net profit before tax is on
account of reduction in income other than from operations.
OPERATIONS
The Company’s endeavour to
improve quality and increase yields has resulted in higher profits from
operations. The Company has also received approval from Department of Health
and Human Services, USA(USAFDA) which is expected to further boost up
international sales.
CONTINGENT
LIABILITIES NOT PROVIDED FOR :
·
Bills discounted Rs. 11.910 Millions
·
Bank Guarantee outstanding Rs. 14.116 Millions
·
Estimated amounts of contracts remaining to be
executed on capital account no provided for Rs. 11.232 Millions
Bankers Charges
Report as per Registry
|
Name of the
company |
Jashan Textitle
Mills Private Limited |
Presented By |
Mrs. Madhu Uttamsingh
|
|
1) Date and description of instrument creating the change |
Agreement for hypothecation
of movable assets to secure a term loan Dated 18th September, 1995 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
One new imported HPLC Plant |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
Interests is 6% p.a. over and above the RBI rate with a minimum of 18% p.a.
with quarterly rest repayment in 36 monthly installment |
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Kalbavdevi,
Mumbai – 400002, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
FIXED ASSETS
·
·
·
·
Office Premises
·
Plant and Machinery
·
Office Equipments and
Fittings
·
Furniture and Fixtures
·
Computers
·
Vehicles
WEBDETAILS
Company Profile
Hemmo Pharma is a leading manufacturer of Peptide-based pharmaceuticals,
supplying quality products for the last 37 years. A private company, it has
continuously been ranked as the leading supplier of bulk Oxytocin to the global
market. Established in Mumbai (
Hemmo Pharma's 1st manufacturing plant was established in 1980 in
In order to cater to its worldwide customer base for APIs and peptide
fragments, Hemmo Pharma has constructed a brand new manufacturing plant with
state of art facility under the guidance of US FDA Consultants in
With more than 35 years of product development and manufacturing
expertise, Hemmo Pharma is well equipped and well positioned to meet the bulk
and research peptide requirement of global pharmaceutical companies. It
provides the following range of products.
- APIs
- Custom
peptide for Research
- Peptides in
clinical development
- Peptide
fragments
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.53.35 |
|
|
1 |
Rs.82.50 |
|
Euro |
1 |
Rs.68.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.