MIRA
INFORM REPORT
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Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
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Name : |
S ZHAVERI PHARMAKEM PRIVATE LIMITED |
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Registered Office : |
109, Shiv Smruti Chambers, 49, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.06.2005 |
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Com. Reg. No.: |
11-153790 |
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CIN No.: [Company
Identification No.] |
U51397MH2005PTC153790 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS48413B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Pharmaceutical Raw Materials and 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 533000 |
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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 a well established company with satisfactory track. Trade relations are fair. Business is active. Payments are reported as being usually correct and as per commitments.
The company can be considered good for business dealings under 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 PARTED BY
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Name : |
Mr. Vikas B. Mehta |
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Designation : |
Manager – International Marketing |
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Contact No.: |
91-9867522653 |
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Date : |
22.02.2011 |
LOCATIONS
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Registered Office : |
109, Shiv Smruti Chambers, 49, |
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Tel. No.: |
91-22-66607756 |
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Mobile No.: |
91-9867522653 (Mr. Vikas B. Mehta) |
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Fax No.: |
91-22-66607758 |
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E-Mail : |
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Website : |
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Area : |
400 Sq. ft. built up area (Approximately) |
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Location : |
Owned |
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Head Office : |
E-7, Kasturi Complex, |
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E-Mail : |
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Website : |
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Factory : |
28/16, TTC Industrial Area, MIDC Turbhe, Navi Mumbai –
400705, |
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Tel. No.: |
91-22-67912851 / 67912852 |
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Fax No.: |
91-22-67912853 |
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Location : |
Leased |
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Research Centre : |
D-28 / 16, T.T.C.
Industrial Area, M.I.D.C., Turbhe, New Mumbai – 400 705, |
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91–22–66607756/ 57 |
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91–22–66607758 |
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Warehouse: |
32, Kewal Industrial Estate, S.B. Marg, Lower Parel,
Mumbai 400 018, |
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Location : |
Rented |
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Branch Office : |
236, Kewal Industrial Estate, S.B. Marg, Lower Parel,
Mumbai 400 018, |
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Area : |
1000 Sq. ft. |
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Location : |
Rented |
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Administration Office: |
45, Tardeo Air Condition Market, Mumbai - 400 018, |
DIRECTORS
As on 30.09.2010
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Name : |
Mrs. Uma Rajan Javeri |
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Designation : |
Director |
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Address: |
1002, Jaywant Towers CHS Limited, |
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Date of Birth/Age : |
06.03.1942 |
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Qualification : |
B.Com |
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Date of Appointment : |
06.06.2005 |
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DIN No.: |
00140841 |
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Name : |
Ms. Suhagi R. Javeri |
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Designation : |
Director |
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Address: |
1002, Jaywant Towers CHS Limited, |
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Date of Birth/Age : |
23.08.1984 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
06.06.2005 |
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DIN No.: |
00140949 |
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Name : |
Mr. Heinrich Ernst Wilhelm Petersen |
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Designation : |
Director |
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Address: |
Lessing STR, 2, 73486, Adelmannsfelden, Adelmannsfelden, 73486, |
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Date of Birth/Age : |
09.09.1949 |
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Date of Appointment : |
04.02.2008 |
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DIN No.: |
02166885 |
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Name : |
Mr. Joseph Otto Rettenmaier |
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Designation : |
Director |
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Address: |
Holzmuhle 6, |
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Date of Birth/Age : |
22.01.1968 |
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Date of Appointment : |
04.02.2008 |
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DIN No.: |
02095744 |
KEY EXECUTIVES
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Name : |
Mr. Vikas B. Mehta |
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Designation : |
Manager – International Marketing |
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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Uma Rajan Jhaveri |
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33478 |
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Saloni Jhaveri |
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5000 |
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Suhagi Jhaveri |
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5000 |
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GMBH |
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43478 |
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Total |
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86956 |
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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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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50.00 |
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Directors
or relatives of directors |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Pharmaceutical Raw Materials and Chemicals. |
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Agencies Held : |
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Imports : |
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Products : |
Pharmaceutical Raw Materials and Chemicals |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30/ 60/ 90 days) and D/D |
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Purchasing : |
L/C, Cash and Credit (30/ 60/ 90 days), D/A or D/P |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
50 (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 : |
Vinay H. Panjabi and Associates Chartered Accountants |
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Address : |
206, Dalamal Chambers, 29, New Marine Lines, Mumbai – 400 020, |
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PAN No.: |
AABPP1597J |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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86956 |
Equity Shares |
Rs.10/- each |
Rs.0.870 million |
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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 |
0.870 |
0.870 |
0.870 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
132.396 |
114.109 |
106.497 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
133.266 |
114.979 |
107.367 |
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LOAN FUNDS |
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1] Secured Loans |
8.789 |
10.690 |
27.439 |
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2] Unsecured Loans |
5.126 |
7.522 |
8.016 |
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TOTAL BORROWING |
13.915 |
18.212 |
35.455 |
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DEFERRED TAX LIABILITIES |
0.260 |
0.037 |
0.068 |
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TOTAL |
147.441 |
133.228 |
142.890 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.506 |
20.788 |
18.232 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.581 |
60.842 |
80.436 |
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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 |
25.242
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16.113
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30.516
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Sundry Debtors |
52.820
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75.670
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29.933
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Cash & Bank Balances |
3.937
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7.506
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8.287
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
8.083
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6.240
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6.025
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Total
Current Assets |
90.082
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105.529
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74.761
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
28.197
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48.962
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27.970
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Other Current Liabilities |
2.645
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4.533
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1.413
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Provisions |
4.896
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0.448
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1.170
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Total
Current Liabilities |
35.738
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53.943
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30.553
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Net Current Assets |
54.344
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51.586
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44.208
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MISCELLANEOUS EXPENSES |
0.010 |
0.012 |
0.014 |
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TOTAL |
147.441 |
133.228 |
142.890 |
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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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Operating Income |
313.870 |
234.511 |
168.147 |
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Other Income |
3.249 |
5.587 |
6.633 |
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TOTAL (A) |
317.119 |
240.098 |
174.780 |
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Less |
EXPENSES |
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Material Costs |
236.434 |
177.635 |
127.444 |
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Personnel Costs |
25.629 |
24.055 |
17.679 |
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Selling, General and Administration Expense |
19.905 |
16.618 |
15.279 |
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Research and Development Expenses
|
4.826 |
3.565 |
2.698 |
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Foreign Exchange Loss/ (Gain) |
(3.818) |
2.463 |
0.000 |
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TOTAL (B) |
282.976 |
224.336 |
163.100 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.143 |
15.762 |
11.680 |
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Less |
FINANCIAL
EXPENSES (D) |
2.745 |
2.546 |
8.075 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.398 |
13.216 |
3.605 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.124 |
2.917 |
2.499 |
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PROFIT BEFORE
TAX (E-F) (G) |
28.274 |
10.299 |
1.106 |
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Less |
TAX (H) |
9.987 |
2.687 |
3.889 |
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PROFIT AFTER TAX
(G-H) (I) |
18.287 |
7.612 |
(2.783) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.119 |
8.507 |
11.290 |
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BALANCE CARRIED
TO THE B/S |
34.406 |
16.119 |
8.507 |
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Earnings Per
Share (Rs.) |
210.00 |
88.00 |
NA |
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Expected Sales (2010-2011): Rs.400.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
5.77
|
3.17
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(1.59)
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Net Profit Margin (PBT/Sales) |
(%) |
9.01
|
4.39
|
0.66
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.92
|
8.15
|
1.19
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.09
|
0.01
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Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.63
|
0.61
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Current Ratio (Current Asset/Current Liability) |
|
2.52
|
1.96
|
2.45
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LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
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Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors |
28.197
|
48.962
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27.970
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FORM 8:
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Corporate
identity number of the company |
U51397MH2005PTC153790 |
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Name of the company
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S ZHAVERI PHARMAKEM PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
109, Shiv Smruti Chambers, 49, E-Mail: accounts@szhaveri.net |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10220470 |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Standard Chartered Bank, SME Credit, 23-25, E-Mail: reenabang@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
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Date of
instrument Creating the charge |
25/05/2010 |
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Amount secured by
the charge |
Rs.45.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Credit Facility. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment: As agreed by and
with the Bank from time to time. Margin: As applicable, if
any. Extent and
Operation of the charge: The Bank is having
first charge on security given by the Company. |
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Short particulars
of the property charged |
A) Commercial
Property located at 101, Shiv Chambers, B) Commercial
Property located at 308, Shiv Chambers, C) Commercial
Property located at 310, Shiv Chambers, |
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Particulars of
the present modification |
By present modification,
the existing charge of Rs.45.000 millions is also now secured with immovable
properties of the Company viz. Commercial Property located at 101, 308 and
310, Shiv Chambers, |
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This form is for |
Creation of
charge |
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Charge
identification number of the modified |
10220470 |
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Corporate
identity number of the company |
U51397MH2005PTC153790 |
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Name of the
company |
S ZHAVERI PHARMAKEM PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
109, Shiv Smruti Chambers, 49, |
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Type of charge |
Movable Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
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Date of
instrument Creating the charge |
25.02.2007 |
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Amount secured by
the charge |
Rs.45.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit Facility Interest /
commission- as agreed by and with the Bank from time to time. Terms of Repayment As agreed by and
with the Bank from time to time. Margin As applicable if
any Extent and Operation of the charge The Bank is
having first charge on security given by the company, as described in sr. No.
15. |
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Short particulars
of the property charged |
A) Commercial Property located at 101,
Chambers, B) Commercial Property located at 308,
Chambers, C) Commercial Property located at 310,
Chambers, D) As more described in enclosed |
|
Particulars of
the present modification |
The existing
charge or Rs. 45.000 Millions is also now secured with immovable properties of
the company viz. Commercial property located at 101, 308 and 310, Shiv Chambers, |
TRADE REFERENCES:
- Warner
Jenkinson,
- J.
Rettenamier and Sohne
FIXED ASSET
·
Air Conditioner
·
Computer and Printer
·
Electrical Fitting
·
Fax Machine
·
Generators
·
Lab Instrument
·
Motor Car
·
Office Equipments
·
Office Premises
·
Paint Lab
·
·
Plant and Machinery
·
Software
·
Telephone EPABX
WEBSITE DETAILS:
PROFILE:
Subject formerly known
as S. Zhaveri and Company was incorporated in the year 1951. An Indenting
house, which represents some of the world’s leading manufacturers of
pharmaceutical raw materials and chemicals, started marketing of pharmaceutical
raw materials to Multinationals and Indian pharmaceutical companies.
Diversification is
another aspect of success and the company followed the same principles, by
offering more products to the Pharmaceutical and Cosmetics Industries under the
group company Suresel.
The company started
the Material on the spot division to cater to the needs of customers by making
international products available at their doorstep. This enabled the sales team
to work in tandem with customers from various parts of
Subject started its
Export wing to supply Eunimix and quality API's and Intermediates from renowned
Indian manufacturers to the international markets.
To cater to the
needs of customers by making international products available at there doorstep
the company started the Material on the spot division. This enabled the sales
team to work in tandem with customers from various parts of
The company started
its Export wing to supply quality API’s from renowned Indian manufacturers and
Intermediates to the international markets.
In the present
times innovativeness, foresight and vision are the deciding factors that govern
leadership. In order to be a true leader, catering to all the aspects of the
pharmaceutical industry, the company has diversified the sphere of activities
and commissioned an independent Formulation Research and Development centre.
During the past 50
years, the name S. Zhaveri has become synonymous in the national and
international market for supplying quality products and services.
The SUCCESS is
attributed to –
• Customer support
• Guaranteed
product quality
• Professional and
practical approach
• Effective management
principles
• Skilled personnel
• Experience and
in-depth knowledge of the pharma industry
• Rapid response
• Flexibility
• Respect of
confidentiality and close colloboration with each client
In a nutshell,
Subject, is a name that spells TRUST, RELIABILTY and EXCELLENCE reaching out to
the New Horizons.
Awards and Achievements
Mrs. Uma R. Javeri,
Managing Director has been bestowed with the Woman Entrepreneur of the year
award - 2007 at the Emerging India Awards function on 22nd June-2007 at Grand
Hyatt, Mumbai by the honorable Prime Minister Shri Manmohan Singh This award
has been given by CNBC TV 18, ICICI Bank and CRISIL
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.45.20 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.