MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GALAXY LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
B-22, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.07.1991 |
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Com. Reg. No.: |
11-62334 |
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Capital Investment
/ Paid-up Capital : |
Rs.33.300 millions |
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CIN No.: [Company Identification
No.] |
U85190MH1991PTC062334 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
and Exporter of Drugs and Fine Chemicals |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
B-22, |
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Tel. No.: |
91-240-2376119 / 2376105 |
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Fax No.: |
91-240-2335273 |
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E-Mail : |
DIRECTORS
As on 10.09.2010
|
Name : |
Mr. Shrikant R Deshmukh |
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Designation : |
Director |
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Address : |
3, Gurukul Apartment, Plot No. 5, Bansilal Nagar, |
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Date of Birth/Age : |
15.02.1955 |
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Date of Appointment : |
07.03.1991 |
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DIN No. : |
00641227 |
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Name : |
Mr. Nagesh S Walimbe |
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Designation : |
Director |
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Address : |
Plot No. 35, Sri Swami Ayyappa Co-Operative Society, Madhapur, |
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Date of Birth/Age : |
03.03.1955 |
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Date of Appointment : |
30.09.2002 |
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DIN No. : |
00236578 |
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|
|
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Name : |
Mr. Mohan Sundaresan |
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Designation : |
Nominee Director |
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Address : |
Row House No. 8, Nyato Plateau, Mohammadwadi, Near Corinthian Club,
Pune – 411 028, |
|
Date of Ceasing : |
06.08.2006 |
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DIN No. : |
00641144 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
Industrial Development Bank of |
|
160000 |
|
Shrikant R Deshmukh |
|
1604618 |
|
Shrikant R Deshmukh (HUF) |
|
50000 |
|
Nagesh S Walimbe |
|
370550 |
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Sham Sadashiv Wagh |
|
30100 |
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Vikas Indrarao Jagtap |
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30000 |
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Devayani Nagesh Walimbe |
|
50000 |
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Anushree Srikant Deshmukh |
|
280000 |
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Anushree Srikant Deshmukh (M/s. |
|
43300 |
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Dilip Balkrishna Deshpande |
|
55000 |
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Sadhana Srikant Deshmukh |
|
120000 |
|
Gopal Bhaskar Awadhani |
|
50000 |
|
Madhuri Shamkant Dabke |
|
10000 |
As on 10.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Nationalised or other banks |
|
4.80 |
|
Bodies
corporate |
|
95.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Drugs and Fine Chemicals |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
IDBI Bank Limited City MSME Center, Navi Mumbai, IDBI Bank
Building, 2nd Floor, Sector 11, CBD Belapur, Navi Mumbai – 400
614, ·
Axis Bank Limited
·
State Bank of ·
Syndicate Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Bangad and Company Chartered Accountant |
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Address : |
1st Floor, Tapadia Terraces, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3330000 |
Equity Shares |
Rs.10/- each |
Rs.33.300
millions |
(Out of the above 420000 shares were issued
for consideration otherwise than in cash)
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 |
33.300 |
33.300 |
26.010 |
|
|
2] Share Application Money |
0.096 |
0.000 |
1.775 |
|
|
3] Reserves & Surplus |
4.496 |
1.430 |
1.151 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
37.892 |
34.730 |
28.936 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
41.132 |
37.304 |
21.159 |
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2] Unsecured Loans |
4.409 |
4.520 |
4.511 |
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TOTAL BORROWING |
45.541 |
41.824 |
25.670 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
83.433 |
76.554 |
54.606 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.170 |
26.549 |
26.144 |
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Capital work-in-progress |
0.168 |
4.020 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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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Inventories |
28.012
|
29.672 |
22.461 |
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|
Sundry Debtors |
21.306
|
30.749 |
9.090 |
|
|
Cash & Bank Balances |
0.390
|
2.559 |
1.369 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.070
|
9.177 |
7.046 |
|
Total
Current Assets |
58.778
|
72.157 |
39.966 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.034
|
25.972 |
11.402 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.649
|
0.200 |
0.102 |
|
Total
Current Liabilities |
18.683
|
26.172 |
11.504 |
|
|
Net Current Assets |
40.095
|
45.985 |
28.462 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
83.433 |
76.554 |
54.606 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales (Net of Excise Duty) |
120.111 |
61.368 |
26.823 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
13.301 |
7.455 |
5.894 |
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FINANCIAL
OVERHEADS / INTEREST |
4.627 |
3.738 |
3.807 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.673 |
3.717 |
2.087 |
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DEPRECIATION/
AMORTISATION |
5.142 |
3.356 |
3.705 |
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PROFIT BEFORE
TAX (E-F) |
3.531 |
0.361 |
(1.618) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.94
|
0.59 |
(6.03) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.46
|
0.37 |
(2.45) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.01 |
(0.06) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
1.96 |
1.28 |
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Current Ratio (Current Asset/Current Liability) |
|
3.15
|
2.76 |
3.47 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY DURING THE PERIOD
During the period the sales-turnover and profitability to the company
have improved to a great extent. The sales-turnover during the year has
increased by almost 1.96 times, as compared to sales turnover of the previous
year. Further the company has earned a profit of Rs.3.531 millions against the
previous year of Rs.0.361 million before provision for tax. The Directors are
confident that the same trend of improvement in sales-turnover and
profitability will continue during the current year 2010-11.
FORM 8
|
Corporate identity number of the company |
U85190MH1991PTC062334 |
|
Name of the company |
GALAXY LABORATORIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
B-22, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10124909 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of charge holder |
IDBI Bank Limited City MSME Center, Navi Mumbai, IDBI Bank Building, 2nd
Floor, Sector 11, CBD Belapur, Navi Mumbai – 400 614, |
|
Nature of instrument creating charge |
1. Sanction letter. 2. Supplemental Deed Of Hypothecation 3. Declaration of Undertaking. |
|
Date of instrument Creating the charge |
26.02.2011 |
|
Amount secured by the charge |
Rs.52.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest For CC: at BBR+4.75% p.a., Payable monthly. For LC Commission as per Trade Finance SoC. Terms of Repayment i) CC : Repayable on demand ii) Honoring of commitment on due date (Tenure not to exceed 90 days
for individual LC), facility valid for 12 months. Margin For CC: 25% on Stocks and 40% on Book Debts. For Letter of Credit: 25% in the form of FDR. Extent and Operation of the charge 1. Charge over immovable and movable properties including movable
plant and machinery, spares, stocks,
book debts and other current assets of the company. 2. The charge will operate as a
continuing security for due repayment by the company to IDBI, of the cc of Rs.25.500 millions, TL of
Rs.19.000 millions and LC of Rs.7.500 millions, together with interest, other
interest, L.D., cost etc. to be paid by the company as per loan
agreement/deep of hypothecation agreement |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
Borrower's entire stocks and other moveables
including book debts, bills, outstanding monies receivables, P and M, spares,
tools and accessories wherever lying,
both present and future. ·
Immovable properties of the company situated at
Plot No.B-22, Midc Industrial Area, ·
Admeasuring 8158 sq. mtrs. In the state of |
|
Particulars of the present modification |
Security by way of hypothecation of entire movable and current assets
of the company and mortgage of immovable properties of the company situated
at Plot No.B-22, Midc Industrial Area, |
FIXED ASSETS
·
Land
·
Site Development
·
Plant and Machinery
·
Effluent Treatment Plant
·
·
Vehicle (Two Wheeler)
·
Vehicle (Four wheeler)
·
Electrifications
·
Furniture and Fixture
·
Office Equipments
·
R and D Laboratory Equipments
·
Computer
·
Borewell
·
Security Equipment
·
Patent Know-How
WEB DETAILS
Profile
Subject is an ambitious
venture actively supported by the Industrial Development Bank of India (IDBI),
MUMBAI .
The company was
established by a team of technically qualified and highly competent young
entrepreneurs in 1994-95 to tap the market for 'difficult to manufacture' fine
chemicals.
Company's main products,
2,4-Dichloroacetophenone(99%) and 2,4-Dichloro-5-Fluoro-Acetophenone(99%), are
well established in the international market and another product, Furfurylamine
(99%) which is an intermediate for Frusemide is fast gaining grounds. The
fourth product , Isopropyl Antipyrine, an antipyretic/analgesic Drug, is on the
anvil .
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 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.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.