MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MEHTA PHARMACEUTICALS INDUSTRIES |
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Registered Office : |
315/ 318, Janki Centre, Plot No.29, Shah Industrial Estate, Off Vira
Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
25.02.1974 |
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Com. Reg. No.: |
11/24-05068 |
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IEC No.: |
0388036591 |
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PAN No.: [Permanent
Account No.] |
AAEFM3693B |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Trader and Exporter of Bulk Drugs. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 745000 |
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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 partnership concern having satisfactory
track. Trade relations are fair. Business is active. Payments are reported to
be usually correct as per commitment. The concern 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 DECLINED BY
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Name : |
Mr. Vinay Shah |
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Designation : |
Accounts Manager |
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Date : |
08.01.2011 |
LOCATIONS
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Registered/ Corporate Office : |
315/ 318, Janki Centre, Plot No.29, Shah Industrial Estate, Off Vira
Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-61459500/ 66926545/ 26730750 |
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Fax No.: |
91-22-66925901/ 26730129 |
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E-Mail : |
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Website : |
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Area : |
2800 Sq. Ft |
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Location : |
Owned |
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Factory 1 : |
Unit No.2, Chandansar, |
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Tel. No.: |
91-250-2527626/ 2527131/ 2528526 |
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Fax No.: |
91-250-2529463 |
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Location : |
Owned |
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Factory 2 : |
Behind REMI Group, Near Plot No. N-211, Village
Kumbhavali, Adjacent to MIDC Area, Tarapur, Taluka-Palghar, Dist-Thane,
Pin-401 506, |
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Tel. No.: |
91-2525-645438/ 39 |
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Fax No.: |
91-2525-275780/ 90 |
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Warehouse : |
National Transport Company, Godown No.-A3, Jaybagwan Compound, |
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Tel No.: |
91-2522-349939 |
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Area : |
2150 Sq. Ft |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. Harshadra P Mehta |
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Designation : |
Partner |
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Address : |
B-201/202, Mohan Villa, 2nd Floor, |
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Date of Birth/Age : |
66 years |
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Qualification : |
Inter Science |
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Experience : |
41 years |
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Name : |
Mr. Surshchadra P Mehta |
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Designation : |
Partner |
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Address : |
“Om Kailash” Bunglow, |
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Date of Birth/Age : |
63 years |
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Qualification : |
SSC |
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Experience : |
41 years |
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Name : |
Mr. Devendra H Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
42 years |
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Address : |
B-201/202, Mohan Villa, 2nd Floor, |
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Qualification : |
BSC and Management Studies |
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Experience : |
18 years |
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Name : |
Mr. Yogin H Mehta |
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Designation : |
Partner |
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Address : |
B-201/202, Mohan Villa, 2nd Floor, |
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Date of Birth/Age : |
39years |
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Qualification : |
B Com |
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Experience : |
15 years |
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Name : |
Mr. Chetan S Mehta |
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Designation : |
Partner |
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Address : |
“Om Kailash” Bunglow, |
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Date of Birth/Age : |
38 years |
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Qualification : |
B Com |
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Experience : |
12 years |
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Name : |
Mr. Atul S Mehta |
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Designation : |
Partner |
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Address : |
“Om Kailash” Bunglow, |
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Date of Birth/Age : |
36 years |
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Qualification : |
B.SC |
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Experience : |
10 years |
KEY EXECUTIVES
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Name : |
Mr. Vinay Shah |
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Designation : |
Account Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Bulk Drugs. |
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Products : |
·
Aminophyliine ·
Amlodipine Besylate ·
Calcium Sennoside ·
Choline BiTartarate ·
Chlorampheniramine Maleate ·
Choline Theophyllinate ·
Chlorhexidine Base and Salt ·
Di – Sodium Hydrogen Citrate ·
Erythromycin Base |
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Exports : |
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Countries : |
·
·
·
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Imports : |
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Products : |
·
Intermediates
·
Raw Materials |
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Countries : |
·
·
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Terms : |
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Selling : |
L/C, Cash / Credit (30-60-90 days) |
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Purchasing : |
L/C, Cash / Credit (60-90 days) |
GENERAL INFORMATION
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Customers : |
End Users and Retailers ·
PT. Tigaka Distrindo Perkasa JL. Tanah Abang II/ 37, ·
Parke Davis and Company Limited B-2, SITE, Karchi – 75700, ·
Sanofi Aventis 6/2/A, Segun Bagicha, Dhaka – 1000, |
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No. of Employees : |
60 (Office – 15 and Factory – 45) (Approximately) |
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Bankers : |
·
Central Bank of Churchgate Branch, Mumbai, |
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Facilities : |
Non Fund Base – Rs.255.000 Millions Fund Base – Rs.85.000 Millions |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Kantilal M. Shah and Company Chartered Accountant |
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Address : |
25 Vasant NNAS, |
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Tel No.: |
91-22-26143012 |
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Fax No.: |
91-22-26143012 |
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Associates/Subsidiaries : |
·
Mehta API Private Limited Address: Gut No.546, Behind Remi Group, Nrear Plot No.211, Village
Kumbahvali, Taluk Palghar District Thane - 401506, Line of Business: Manufacturer of APL’s and Advance Intermediates. Tel No.: 91-2525-64543/ 39 Fax No.: 91-2525-275780/ 90 ·
Mehta Chemicals Address: 315/318, Line of Business: Trading of Chemicals. ·
Santosh Pharma Address: 315/318, Line of Business: Trading of Bulk Drugs. |
CAPITAL STRUCTURE
|
Particulars |
31.03.2009 Rs. in Millions |
|
Mr. H. P. Mehta |
66.738 |
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Mr. S. P. Mehta |
66.013 |
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Mr. D. H. Mehta |
13.078 |
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Mr. Y. N. Mehta |
13.762 |
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Mr. C S Mehta |
13.286 |
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Mr. A. S. Mehta |
13.489 |
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Total |
186.366 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Fund |
186.366 |
179.207 |
156.432 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
186.366 |
179.207 |
156.432 |
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LOAN FUNDS |
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1] Secured Loans |
34.145 |
83.201 |
43.089 |
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2] Unsecured Loans |
16.425 |
16.965 |
31.438 |
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TOTAL BORROWING |
50.570 |
100.166 |
74.527 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
236.936 |
279.373 |
230.959 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.191 |
21.280 |
22.477 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.006 |
0.006 |
0.006 |
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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 |
91.771 |
153.745 |
123.659 |
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Sundry Debtors |
162.171 |
251.421 |
131.958 |
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Cash & Bank Balances |
2.460 |
0.965 |
0.354 |
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Other Current Assets |
7.601 |
10.291 |
9.104 |
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Loans & Advances |
69.113 |
56.845 |
58.862 |
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Total
Current Assets |
333.116 |
473.267 |
323.937 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
117.377 |
215.180 |
115.461 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
117.377 |
215.180 |
115.461 |
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Net Current Assets |
215.739 |
258.087 |
208.476 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
236.936 |
279.373 |
230.959 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Sales Turnover and Related Income |
946.333 |
791.860 |
780.680 |
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Other Income |
25.656 |
20.084 |
12.231 |
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Total Income |
971.989 |
811.944 |
792.911 |
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Profit/(Loss) Before Tax |
43.052 |
38.627 |
47.366 |
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Provision for Taxation |
0.295 |
0.216 |
0.000 |
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Profit/(Loss) After Tax |
42.757 |
38.411 |
47.366 |
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Expenditures : |
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Raw Material,
Packing Materials and Goods Consumption |
807.342 |
673.923 |
650.965 |
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Manufacturing Expenses |
33.671 |
39.582 |
39.699 |
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Administrative Expenses |
16.533 |
16.241 |
16.479 |
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Payments to and Provision for Employees |
8.748 |
8.743 |
5.613 |
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Interest and Finance Charges |
41.950 |
16.536 |
13.274 |
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Depreciation & Amortization |
2.669 |
2.833 |
2.714 |
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Other Expenses |
18.024 |
15.459 |
16.801 |
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Total Expenditure |
928.937 |
773.317 |
745.545 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
4.39 |
4.73 |
5.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.54 |
4.88 |
6.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.15 |
7.68 |
13.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.22 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.90 |
1.76 |
1.21 |
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Current Ratio (Current Asset/Current Liability) |
|
2.83 |
2.23 |
2.81 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
TRADE REFERENCES:
- Pragati Raw
Pharma Private Limited – Santacruz
- IPCA
Laboratories Limited – Kandivali
- Phizer India
Limited
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.45.37 |
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|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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.