MIRA
INFORM REPORT
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Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
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Name : |
G S PHARMBUTOR PRIVATE LIMITED |
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Registered
Office : |
Plot No.58, 59, 66 and 67, Sector – 3, Integrated Industrial Estate
(IIE), Pant Nagar, Rudrapur, District Udham Singh Nagar - 263 146, |
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Country : |
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Financials (as
on) : |
30.09.2009 |
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Date of
Incorporation : |
23.03.1985 |
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Com. Reg. No.: |
20-032852 |
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CIN No.: [Company Identification
No.] |
U74899UR1985PTC032852 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Medicines. |
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 924000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular 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) |
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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 (General Details)
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Name : |
Mr. Mukesh |
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Designation : |
Accounts Department |
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Date : |
28.01.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No.58, 59, 66 and 67, Sector – 3, Integrated Industrial Estate (IIE),
Pant Nagar, Rudrapur, District Udham Singh Nagar - 263 146, |
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E-Mail : |
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Head Office : |
No.415, |
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Tel. No.: |
91-11-41608196/ 08197/ 66504841 |
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Fax No.: |
91-11-41608197 |
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Factory 2 : |
B-172, RIICO Area, Behror, District Alwar – 301 701, |
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Tel. No.: |
91-1494-221001/ 221002/ 220296 |
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Fax No.: |
91-1494-220876 |
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Factory 3 : |
31, Basant Lok Community Centre, Vasant Vihar, |
DIRECTORS
As on 15.03.2010
|
Name : |
Mr. Bindu Kumar Luthra |
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Designation : |
Director |
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Address : |
31/21, East Patel Nagar, New Delhi-110 005, |
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Date of Birth/Age : |
28.08.1946 |
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Date of Appointment : |
20.05.1999 |
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DIN No.: |
00004154 |
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Name : |
Mrs. Usha Luthra |
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Designation : |
Director |
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Address : |
31/21, East Patel Nagar, New Delhi-110 005, |
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Date of Birth/Age : |
18.11.1950 |
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Date of Appointment : |
08.01.1996 |
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DIN No.: |
00004148 |
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Name : |
Mr. Santosh Chand Gupta |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
15.07.1937 |
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Date of Appointment : |
16.04.2002 |
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Date of Ceasing : |
25.08.2010 |
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DIN No.: |
00012413 |
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Name : |
Mr. Anil Kumar Gupta |
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Designation : |
Director appointed in casual vacancy |
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Address : |
A-31, Krishanpura, Modinagar – 201 204, |
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Date of Birth/Age : |
05.11.1951 |
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Date of Appointment : |
25.08.2010 |
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DIN No.: |
00015159 |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.03.2010
|
Names of Shareholders |
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No. of Shares |
|
PKG Finlease and Holdings Private Limited, |
|
250000 |
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ABR Finlease and Holdings Private Limited, |
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250000 |
|
Bindu Kumar Luthra |
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1 |
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Usha Luthra |
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1 |
|
Santosh Chand Gupta |
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1 |
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Total
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500003 |
As on 15.03.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
99.99 |
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Directors
or relatives of directors |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Medicines. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 30.09.2009)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Liquid |
Ltrs. |
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2400000 |
1210408 |
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Ointment |
Kgs. |
|
600000 |
240927 |
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Powder |
Kgs. |
|
22500 |
7226 |
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Oral |
Ltrs. |
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150000 |
36021 |
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Tablets |
Nos. |
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240000000 |
101593350 |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
100 (In office – 20, In factory – 80) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Rajasthan Financial Corporation, Udyog Bhawan, Jaipur, |
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Auditors : |
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Name : |
Agarwal Saraf and Company Chartered Accountants |
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Address : |
514, |
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Tel. No.: |
91-11-27682000/ 27670722/ 32504309 (D) |
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Fax No.: |
91-11-27682000 |
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E-Mail : |
CAPITAL STRUCTURE
As on 15.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500003 |
Equity Shares |
Rs.10/- each |
Rs.5.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
226.111 |
157.503 |
91.565 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
231.111 |
162.503 |
96.565 |
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LOAN FUNDS |
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1] Secured Loans |
192.720 |
116.114 |
150.004 |
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2] Unsecured Loans |
79.990 |
132.862 |
52.072 |
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TOTAL BORROWING |
272.710 |
248.976 |
202.076 |
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DEFERRED TAX LIABILITIES |
19.321 |
10.112 |
7.205 |
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TOTAL |
523.142 |
421.591 |
305.846 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
288.731 |
282.341 |
274.359 |
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Capital work-in-progress |
38.240 |
1.992 |
0.000 |
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INVESTMENT |
0.500 |
0.050 |
0.000 |
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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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|
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Inventories |
65.140
|
77.379 |
59.583 |
|
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Sundry Debtors |
100.518
|
107.136 |
61.302 |
|
|
Cash & Bank Balances |
14.660
|
3.989 |
18.053 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
211.693
|
165.876 |
82.621 |
|
Total
Current Assets |
392.011
|
354.380 |
221.559 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
66.656 |
62.844 |
74.499 |
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Other Current Liabilities |
95.789
|
137.977 |
103.728 |
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Provisions |
33.895
|
16.351 |
11.845 |
|
Total
Current Liabilities |
196.340
|
217.172 |
190.072 |
|
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Net Current Assets |
195.671
|
137.208 |
31.487 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
523.142 |
421.591 |
305.846 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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Income |
557.233 |
472.300 |
494.024 |
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Other Income |
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TOTAL |
557.233 |
472.300 |
494.024 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
450.419 |
376.366 |
448.157 |
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|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
450.419 |
376.366 |
448.157 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
106.814 |
95.934 |
45.867 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
16.102 |
17.572 |
24.805 |
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PROFIT BEFORE
TAX |
90.712 |
78.362 |
21.062 |
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Less |
TAX |
25.090 |
12.411 |
5.889 |
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PROFIT AFTER TAX
|
65.622 |
65.951 |
15.173 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
|
Export Earnings |
0.000 |
0.000 |
0.668 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
0.668 |
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IMPORTS |
|
|
|
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|
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|
Raw Materials |
62.006 |
48.246 |
76.758 |
|
|
|
Capital Goods |
3.697 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
65.703 |
48.246 |
76.758 |
|
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|
Earnings Per
Share (Rs.) |
131.24 |
131.90 |
30.35 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
PAT / Total Income |
(%) |
11.78
|
13.96 |
3.07 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.33
|
12.31 |
4.25 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.48 |
0.22 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.03
|
2.87 |
4.06 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
1.63 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
30.09.2009 (Rs. in millions) |
30.09.2008
(Rs. in millions) |
30.09.2007 (Rs. in millions) |
|
Sundry Creditors |
66.656 |
62.844 |
74.499 |
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|
Note:
The registered office of the company has been shifted from 415, Modi Tower, 98, Nehru Place, New Delhi – 110 019 to the present address w.e.f. 14.05.2009.
|
Corporate
identity number of the company |
U74899UR1985PTC032852 |
|
Name of the
company |
G S PHARMBUTOR PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.58, 59, 66 and 67, Sector – 3, Integrated Industrial Estate
(IIE), Pant Nagar, Rudrapur, District Udham Singh Nagar - 263 146, E-Mail: legal@winmedicare.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10156192 |
|
Type of charge |
Any interest in immovable property |
|
Particular of
charge holder |
The Shamrao Vithal Co-Operative Bank Limited, SVC Tower, Nehru Road,
Vakola, Santa Cruz (East), Mumbai – 400 055, Maharashtra, India E-Mail: santacruz@svcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Letter
sanctioning Ad-hoc Facility-Bills Discounting. |
|
Date of
instrument Creating the charge |
11/10/2010 |
|
Amount secured by
the charge |
Rs.238.200
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13.50% p.a. + 2.00% i.e. 15.50%. Terms of
Repayment: As per documents Margin: As per
documents Extent and
Operation of the charge: As per documents |
|
Short particulars
of the property charged |
Hypothecation of
Plant and Machinery at Plot B-172. Mortgage of all piece and parcel of land
being Plot B-172, admeasuring 7922.22
sq. mtrs . and structure thereon admeasuring 2753.61 sq. mtrs. RIICO
Industrial Area, Alwar, Rajasthan. Hypothecation of
Plant and Machinery at Plot No. 58, 59, 66 and 67. Mortgage of all
land being plot 58, 59, 66 and 67, Sec-3, admeasuring 11272.33 sq. mtrs . and
structure thereon admeasuring 3381.70 sq. mtrs. I.I.E. Pany Nagar, Kalyanpur,
Kichha, Rudrapur, Uttaranchal. Invoices/trade
bills/supply bills lodged with the Bank for collection and/or discount from
time to time. |
|
Date of latest
modification prior to the present modification |
24/05/2010 |
|
Particulars of
the present modification |
Existing limit of
Rs.228.200 millions revised to Rs.238.200 millions by increasing existing
bill discounting limit of Rs.130.000 millions to Rs.140.000 millions. The
existing Term Loan of Rs.98.200 millions is remain same. |
CONTINGENT LIABILITIES:
|
Particulars |
30.09.2009 (Rs. in
millions) |
|
1. Guarantee given by the company to Custom
Authority (Mumbai) |
0.356 |
|
2. Guarantee given by the company to
Commercial Tax Officer, Uttarakhand |
0.200 |
|
3. Sales Tax demand disputed and pending
before appellate Authorities |
* 111.960 |
|
4. Excise duty demand raised by Commercial
(Excise) on Physician sample and stayed by tribunal. |
6.619 |
|
5. Excise duty demand raised by Commercial Appeal
(Excise) on Physician sample. |
1.367 |
|
6. Excise duty demand raised by Asst.
Commercial Appeal (Excise) |
0.174 |
|
7. Service Tax on technical knowhow fees
raised by Joint Comm. (Excise) |
1.742 |
|
|
|
* Based on favorable decision in similar
cases/ legal opinions taken by the company/ consultation with solicitors, the
management believes that the company has a good chance of success in above
mentioned Cases and hence, no provision there against in considered necessary.
FIXED ASSETS:
·
Land (Leasehold)
·
Building
·
Electric Installations
·
Lab Equipments
·
Fire Fighting Equipments
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Motor Cars
·
Cycle
·
Plant and Machinery
·
Air Conditioner
·
Tools and Tackles
·
Temporary Wooden
Structure
·
Software
·
Technical Know How Fee
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.