MIRA
INFORM REPORT
|
Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PALAM PHARMA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12, Dandyval Compound, Near Old Nirma, Phase I, GIDC, Vatva, Ahmedabad
– 382 445, |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
24.12.1997 |
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|
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Com. Reg. No.: |
04-33493 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.4.600 millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U24230GJ1997PTC033493 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer of Dicyclomine Hydrochloride IP / BP / USP |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 52000 |
|
|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
12, Dandyval Compound, Near Old Nirma, Phase I, GIDC, Vatva, Ahmedabad
– 382 445, |
|
Tel. No.: |
91-79-25831892 / 25890579 |
|
Mobile No.: |
91-9825044098 (Mr. Tarun Patel) |
|
Fax No.: |
91-79-25890579 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Bharat P Patel |
|
Designation : |
Director |
|
Date of Appointment : |
24.12.1997 |
|
DIN No. : |
01953194 |
|
|
|
|
Name : |
Mr. Narendra S Patel |
|
Designation : |
Dirfector |
|
Address : |
A-Suprabhat Apartments, |
|
Date of Appointment : |
24.12.1997 |
|
Date of Ceasing : |
25.01.2006 |
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|
|
|
Name : |
Mr. Rakesh S Patel |
|
Designation : |
Director |
|
Date of Appointment : |
24.12.1997 |
|
Date of Ceasing : |
17.08.2004 |
|
|
|
|
Name : |
Mr. Tarun P Patel |
|
Designation : |
Director |
|
Date of Appointment : |
24.12.1997 |
|
DIN No. : |
01809415 |
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|
|
|
Name : |
Mrs. Savitaben G Patel |
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Designation : |
Director |
|
Date of Appointment : |
24.12.1997 |
|
Date of Ceasing : |
06.10.1998 |
|
|
|
|
Name : |
Mr. Shakralal G Patel |
|
Designation : |
Director |
|
Address : |
B-2, 188, Madhuvrund Society, Opposite Railway Nala, Ghatlodia,
Ahmedabad, |
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Date of Appointment : |
24.12.1997 |
|
Date of Ceasing : |
25.01.2006 |
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|
|
|
Name : |
Mr. Natvarlal N Tandel |
|
Designation : |
Director |
|
Address : |
B/h. Best Ball Factory, Kotlav, Killapardi, Valsad – 396 125, |
|
Date of Appointment : |
24.12.1997 |
|
Date of Ceasing : |
01.02.2007 |
|
PAN No. : |
ABEPT6574D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bharatbhai P Patel |
|
164100 |
|
Tarunbhai P Patel |
|
192300 |
|
Truptiben T Patel |
|
51300 |
|
Kusumben B Patel |
|
49000 |
|
Shivang B Patel |
|
700 |
|
Shiddharth T Patel |
|
700 |
|
Jalpa B Patel |
|
100 |
|
Jasmin T Patel |
|
1800 |
|
Total |
|
460000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dicyclomine Hydrochloride IP / BP / USP |
|
|
|
|
Products : |
·
Dicyclomine
Hydrochloride IP ·
Dicyclomine
Hydrochloride BP ·
Dicyclomine
Hydrochloride USP ·
Fluoxetine
Hydrochloride USP ·
Proguanil Hydrochloride
IP ·
Proguanil Hydrochloride
BP ·
Clomiphene Citrate IP ·
Clomiphene Citrate BP Clomiphene Citrate USP |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
DCMII |
Kg. |
-- |
10000 |
-- |
|
Tinidazole |
Kg. |
-- |
4500 |
-- |
|
Clotrimazole |
Kg. |
-- |
3500 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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||||||||||||
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·
HDFC Bank ·
State
Bank of Vatva Industrial Branch, Vatva, Ahmedabad, |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Rajesh J Shah and Associates Chartered Accountant |
|
Address : |
B/403-404, |
|
Tel. No.: |
91-79-26580664 |
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Mobile No.: |
91-9824045695 |
|
TeleFax No.: |
91-79-26580765 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
460000 |
Equity Shares |
Rs.10/- each |
Rs.4.600
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.600 |
4.600 |
4.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.348 |
5.574 |
2.230 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12.948 |
10.174 |
6.830 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
1.135 |
|
|
2] Unsecured Loans |
3.305 |
5.249 |
5.172 |
|
|
TOTAL BORROWING |
3.305 |
5.249 |
6.307 |
|
|
DEFERRED TAX LIABILITIES |
1.246 |
1.213 |
1.234 |
|
|
|
|
|
|
|
|
TOTAL |
17.499 |
16.636 |
14.371 |
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|
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|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
8.203 |
7.335 |
6.639 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.465
|
3.021 |
3.578 |
|
|
Sundry Debtors |
10.458
|
12.713 |
9.269 |
|
|
Cash & Bank Balances |
0.552
|
0.575 |
0.939 |
|
|
Other Current Assets |
2.842
|
2.978 |
0.065 |
|
|
Loans & Advances |
0.203
|
0.228 |
0.434 |
|
Total
Current Assets |
16.520
|
19.515 |
14.285 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.359
|
9.700 |
5.818 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.885
|
0.534 |
0.755 |
|
Total
Current Liabilities |
7.244
|
10.234 |
6.573 |
|
|
Net Current Assets |
9.276
|
9.281 |
7.712 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.499 |
16.636 |
14.371 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
32.846 |
39.231 |
30.332 |
|
|
|
Other Income |
0.221 |
3.121 |
3.124 |
|
|
|
TOTAL (A) |
33.067 |
42.352 |
33.456 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
24.736 |
21.122 |
|
|
|
Manufacturing Overheads |
|
7.347 |
5.840 |
|
|
|
Office Overheads |
|
1.473 |
0.580 |
|
|
|
Selling and Distribution Overheads |
|
1.629 |
1.544 |
|
|
|
Directors Remuneration |
|
1.100 |
0.600 |
|
|
|
Auditors Remuneration |
|
0.028 |
0.029 |
|
|
|
Increase / (Decrease) in Stock |
|
0.325 |
(0.318) |
|
|
|
TOTAL (B) |
28.382 |
36.638 |
29.397 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.685 |
5.714 |
4.059 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
OVERHEADS (D) |
NA |
0.858 |
0.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.685 |
4.856 |
3.653 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.524 |
0.456 |
0.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.161 |
4.400 |
3.222 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.354 |
1.077 |
0.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.807 |
3.323 |
2.863 |
|
|
|
|
|
|
|
|
|
|
DEFERRED TAX
ASSET / LIABILITY ADJUSTMENT |
NA |
0.021 |
0.932 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2.230 |
0.299 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5.574 |
2.230 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3.030 |
2.100 |
0.309 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.10 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.49
|
7.85 |
8.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.67
|
11.22 |
10.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.83
|
16.36 |
15.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.43 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
1.53 |
1.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.90 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Name of the company |
PALAM PHARMA PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Agreements with
Banks creating second charge dated 05.07.1999 and extension of Equitable Mortgage
b way of Creating Second Charges dated 20.07.1999 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
Second charge in
favour of Bank for property Mortgage to GSFC like Land, Building and
hypothecation to GSFC like Plant and Machinery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per Agreements with Banks and extension
of Equitable Mortgage by way of Second Charge. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Vatva Industrial
Branch, Vatva, Ahmedabad, |
|
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 |
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.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.