MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
BAKUL PHARMA PRIVATE LIMITED |
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Registered Office : |
16/2, Sterling Centre, 4th Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.10.1997 |
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Com. Reg. No.: |
11-111089 |
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Capital Investment/
Paid-up Capital: |
Rs.0.990 million |
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CIN No.: [Company
Identification No.] |
U24230MH1997PTC111089 |
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IEC No.: |
0398000697 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07456B |
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PAN No.: [Permanent Account No.] |
AAACB5067D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drugs. |
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No. of
Employees: |
Around 75 |
RATING & COMMENTS
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MIRAs Rating : |
Ba (45) |
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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 97000 |
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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 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.
INFORMATION DECLINED BY
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
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Registered Office : |
16/2, Sterling Centre, 4th Floor, |
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Tel. No.: |
91-22-24934638(5 Lines)/ 24932623 |
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Fax No.: |
91- 22 -24932623 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Plot No. 6202, Ankleshwar Industrial Area, G.I.D.C.,
Ankleshwa 393002, District Bharuch, |
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Tel. No.: |
91-2646-252035 / 221582 |
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Fax No.: |
91-2646-250294 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
(As on 30.09.2010
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Name : |
Mrs. Madhavi Yogin Majmudar |
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Designation : |
Director |
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Address : |
5B Manek, |
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Date of Birth/Age : |
05.08.1955 |
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Qualification : |
B.Sc |
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Date of Appointment : |
16.01.1998 |
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DIN No.: |
00730312 |
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Name : |
Mr. Ranjit Yogin Majmudar |
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Designation : |
Director |
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Address : |
5B Manek, |
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Date of Birth/Age : |
19.03.1950 |
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Qualification : |
B.Sc, M.S. ( |
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Date of Appointment : |
06.10.1997 |
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DIN No.: |
00730514 |
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Name : |
Mr. Anand Vadilal Mehta |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.02.1956 |
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Date of Appointment : |
16.01.1998 |
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Date of Ceasing: |
01.10.2009 |
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DIN No.: |
00001924 |
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Name : |
Mr. Devendra Singh |
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Designation : |
Director |
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Address : |
66/3 Padmalaya, Sion (W), Mumbai 400 022, |
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Date of Birth/Age : |
19.04.1953 |
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Date of Appointment : |
16.01.1998 |
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Date of Ceasing: |
30.08.2007 |
KEY EXECUTIVES
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Name : |
Mr. Vinod Popat |
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Designation : |
General Manager Finance and Secretarial |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2010)
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Names of Shareholders |
No. of Shares |
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Ranjit N Majmudar |
20000 |
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Yogin Ranjit Majmudar |
20000 |
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Madhavi Y Majmudar |
9500 |
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Hamsons Laboratories Private Limited, |
16500 |
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Saga Chemicals Private Limited, |
16500 |
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Alpic Pharma Private Limited, |
16500 |
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Total |
99000 |
Equity share breakup (percentage of total equity)
As on 30.09.2010
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Category |
Percentage |
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Bodies Corporate (not mentioned above) |
50.00 |
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Directors or relatives of directors |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs. |
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Products : |
· Chemicals · Pharmaceuticals · Herbal · Medical · Bactelogical · Immunological · Contraceptive · Therapeutic and Biological Drugs · Preparation Dyes · Pesticides · Substances · Materials and Products and Compounds · Intermediates · Derivatives |
PRODUCTION STATUS (31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Theobromine and other related products |
KG |
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100000 |
99530 |
GENERAL INFORMATION
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No. of Employees : |
Around 75 |
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Bankers : |
·
The HongKong and 52/60, |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Thacker Butala Desai Associates Chartered Accountants |
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Address : |
381 Ismail Building, D N Road, Mumbai 400 001, |
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Tel No : |
91-22-22042080 |
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Fax No : |
91-22-22040148 |
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Pan No : |
AAAFT2158E |
CAPITAL STRUCTURE
AS ON (31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
99000 |
Equity Shares |
Rs. 10/- each |
Rs.0.990 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.990 |
0.990 |
0.990 |
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2] Share Application Money |
0.000 |
0.000 |
6.710 |
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3] Reserves & Surplus |
23.308 |
7.167 |
2.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[2.960] |
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NETWORTH |
24.298 |
8.157 |
6.840 |
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LOAN FUNDS |
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1] Secured Loans |
26.094 |
28.468 |
19.654 |
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2] Unsecured Loans |
27.184 |
32.501 |
23.692 |
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TOTAL BORROWING |
53.278 |
60.969 |
43.346 |
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DEFERRED TAX LIABILITIES |
2.040 |
2.064 |
0.000 |
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TOTAL |
79.616 |
71.190 |
50.186 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.488 |
19.848 |
20.559 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.305 |
0.305 |
0.305 |
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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 |
29.258
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32.503 |
33.581 |
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Sundry Debtors |
48.871
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28.475 |
20.870 |
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Cash & Bank Balances |
10.784
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2.265 |
1.209 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
44.835
|
36.547 |
30.463 |
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Total
Current Assets |
133.748
|
99.790 |
86.123 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
56.668
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40.662 |
50.196 |
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Other Current Liabilities |
18.257
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8.091 |
6.605 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
74.925
|
48.753 |
56.801 |
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Net Current Assets |
58.823
|
51.037 |
29.322 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
79.616 |
71.190 |
50.186 |
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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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Gross Receipts/ Turnover |
372.145 |
358.595 |
252.319 |
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NET PROFIT |
17.236 |
8.026 |
5.426 |
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Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
5.066 |
[2.960] |
[8.386] |
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BALANCE CARRIED
TO THE B/S |
22.302 |
5.066 |
[2.960] |
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Earnings Per
Share (Rs.) |
--- |
-- |
-- |
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.28
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13.45 |
14.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.79
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2.05 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
56.668
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40.662 |
50.196 |
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Total |
56.668
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40.662 |
50.196 |
Operations and
Performance:
The year 2009-10 witnessed an improvement performance of the company on all
parameters and as a result the companys overall financial recorded good
increase as compared to the previous year. Gross income for the year achieved
at Rs. 372.145 Millions the highest ever since inception of the company. Net
profit for the year increased from Rs. 5.027 Millions (Previous year) to Rs.
17.236 Millions year, recording an increase of 114.72%.
Bankers Charges
Report as per Registry
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Name of the
company |
BAKUL PHARMA PRIVATE LIMITED |
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Presented By |
The Hongkong and Shanghai
Banking Corporation Limited (HongKong Bank) |
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1) Date and description of instrument creating the change |
Agreement for
Overdraft/Cash Credit/Loan against hypothecation of revolving stocks and other
moveble assets and also present and future book debts dated 10.09.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.500 Millions |
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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 |
All the Companys
stock-in-trade both present and future including raw materials,
work-in-progress, spares and stores and finished goods whosesoever situate,
held or kept in India including in the Companys premises/ factories/ godowns
or held by any third party to the order and disposition of the Company and/or
in transit and all documents of title, negotiable instruments, policies of
Insurance and other documents and/or instruments relating thereto And Also all the
Companys present and future book debts, outstanding monies, receivables,
claims and bills now due, owing and payable or which may at any time during
the continuance of the security become due, owing or payable to the Company in
the course of its business by any person, firm, Company or body corporate or
by the Government of India or any State Government or any Government
Department or office of any Municipal or local or public or Semi-Governmental
body or authority or any body corporate or any undertaking or project
whatsoever in the Public Sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of Overdraft/Loan and/or any other banking facilities sanctioned/to be sanctioned
by the Bank to the Company, the Company has hypothecated and charged as a
continuing security, the assets mentioned in Item No.3 above to secure the
repayment of the advances together with interest cost and all other charges.
Interest at the rate of 15% per annum shall be payable by the Company,
subject however that the bank shall have the right to change the rate of
interest after giving notice to the company. The Company shall maintain such
margin of security as may be specified by the bank from time to time. In case
the Company fails to fulfill its obligations under the Agreement, the Bank
shall be entitled to take possession of the hypothecated properties and sell
them by public auction or private contract and utilize the proceeds in full
or part settlement of its claims. |
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5) Name and Address and description of the person entitled to the charge. |
The 52/60, |
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6) Date and brief description of instrument modifying the charge |
The third
Supplemental Agreement dated 18.03.2004 made between the Company and the bank
for Rs. 26.300 millions. |
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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. |
By the First
Supplemental Agreement dated 23.10.2000 at the request of the Company, the
Bank increased the maximum drawing limit under the facilities from Rs.7.500
millions to Rs.12.500 millions and in consideration thereof the Company
agreed to extend the charge to secure the additional facilities upto
Rs.12.500 millions. The Company agreed to pay interest at the rate of % per
annum and agreed to maintain margin over the asset as advised by the bank
from time to time. By the Second Supplemental Agreement dated 29.06.2001 at
the request of the Company, The Bank increased the maximum drawing limit
under the facilities from Rs.12.500 millions to Rs.17.500 millions and in
consideration thereof the Company agreed to pay interest at the rate of % per
annum and agreed to maintain margin over the assets as advised by the Bank
from time to time. By this Third Supplemental Agreement, at the request of
the Company the bank has agreed to increase maximum drawing limit under the
facilities from Rs.17.500 millions to Rs.26.300 millions and in consideration
thereof the Company agreed to extend the charge to secure the additional
facilities upto Rs.26.300 millions. The company agreed to pay interest at the
rate of % and maintain margin over assets as advised by the bank from time to
time. All other terms and conditions of the Principal Agreement of
Hypothecation dated 10.09.1998 as varied, enlarged and modified by the First
Supplemental Agreement dated 23.10.2000 and the Second Supplemental Agreement
dated 29.06.2001 shall remain unchanged. |
Fixed Assets:
·
· Building
· Office Equipments
· Computer
· Electrical Installation
· Furniture and Fixtures
· Laboratory Equipments
· Plant and Machinery
· Vehicles
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 Intl
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 companys 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.44.43 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 SCs 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.