MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEGA FINE PHARMA PRIVATE LIMITED |
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Registered
Office : |
Sethna Building 4th Floor, 55 Maharshi Carve Road, Marine
Lines, Mumbai 400002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.08.1995 |
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Com. Reg. No.: |
092028 |
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Capital
Investment / Paid-up Capital : |
Rs.16.209 millions |
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CIN No.: [Company Identification
No.] |
U24239MH1995PTC092028 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of Pharmaceutical Ingredients and Advance Intermediates |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1192664 |
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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 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) |
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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 : |
Sethna Building 4th Floor, 55 Maharshi Carve Road, Marine
Lines, Mumbai 400002, Maharashtra, India
|
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Tel. No.: |
91-22-61461111 |
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Fax No.: |
91-22-61461109 |
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E-Mail : |
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Factory : |
Nashik 31-35 and 48-51 / 201 Lakhmapur, Dindori, Nashik 422202, Maharashtra,
India Tel No. 91-2557-250121 Fax No.: 91-2557-250586 Email: admin.nashik@megafine.in
Vapi 911, 3rd Phase, GIDC, Vapi 396195, Gujarat, India Tel. No.: 91-260-2400685 Fax No.: 91-260-2424622 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Shailesh J Sanghvi |
|
Designation : |
Director |
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Date of Birth/Age : |
20.08.1968 |
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Date of Appointment : |
22.08.1995 |
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Name : |
Mr. Ashok K Jhaveri |
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Designation : |
Director |
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Date of Birth/Age : |
23.03.1953 |
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Date of Appointment : |
22.08.1995 |
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|
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|
Name : |
Mr. Hasmukh P Gandhi |
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Designation : |
Director |
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Date of Birth/Age : |
08.08.1951 |
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Date of Appointment : |
14.04.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Ashok Kirtilal
Jhaveri |
428551 |
|
Rupal Ashok
Jhaveri |
55882 |
|
Kunal Ashok
Jhaveri |
55882 |
|
Hasmukh
Purshottam Gandhi |
324247 |
|
Meeta Hasmukh
Gandhi |
54014 |
|
Arun Purshottam
Gandhi |
54022 |
|
Dharmesh
Purshottam Gandhi |
54010 |
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Prafulchandra
Gamanlal Soni |
54022 |
|
Shailesh Jethmal
Sanghvi |
327520 |
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Meena Shailesh
Sanghvi |
65470 |
|
Neena Mukesh
Sanghvi |
65478 |
|
Kamala Jethmal Sanghvi |
81847 |
|
Total |
1620945 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
96.67 |
|
Other top fifty shareholders |
|
3.33 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Ingredients and Advance Intermediates |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, MIDC Loan Administration Unit, Shree Hari Building,
Varsova, Andheri (West), Mumbai 400053, Maharashtra, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain Ambavat and Associates Chartered Accountant |
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Address : |
302, Niranjan, 99 Marine Drive, Mumbai 400002, Maharashtra, India |
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Tel. No.: |
91-22-43473635-40/22817463/22820549 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2000000 |
Equity Shares |
Rs. 10 each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1620945 |
Equity Shares |
Rs. 10 each |
Rs.16.209 millions |
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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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|
|
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|
1] Share Capital |
16.209 |
16.209 |
4.209 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
281.957 |
263.640 |
249.675 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
298.166 |
279.849 |
253.884 |
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LOAN FUNDS |
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1] Secured Loans |
175.238 |
225.564 |
166.173 |
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2] Unsecured Loans |
70.000 |
67.370 |
75.430 |
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TOTAL BORROWING |
245.238 |
292.934 |
241.603 |
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DEFERRED TAX LIABILITIES |
5.284 |
14.297 |
11.271 |
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TOTAL |
548.688 |
587.080 |
506.758 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
293.324 |
316.868 |
277.692 |
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Capital work-in-progress |
27.920 |
0.000 |
94.305 |
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INVESTMENT |
1.216 |
1.216 |
1.216 |
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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 |
133.110
|
81.625 |
54.611 |
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Sundry Debtors |
124.021
|
184.212 |
101.894 |
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Cash & Bank Balances |
11.795
|
23.576 |
4.793 |
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Other Current Assets |
75.044
|
60.783 |
60.041 |
|
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Loans & Advances |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
343.970
|
350.196 |
221.339 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
0.000
|
66.803 |
81.709 |
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Other Current Liabilities |
117.963
|
14.839 |
6.754 |
|
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
117.963
|
81.642 |
88.463 |
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Net Current Assets |
226.007
|
268.554 |
132.876 |
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MISCELLANEOUS EXPENSES |
0.221 |
0.442 |
0.669 |
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TOTAL |
548.688 |
587.080 |
506.758 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
655.503 |
701.341 |
358.339 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
655.503 |
701.341 |
358.339 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
532.432 |
573.223 |
297.995 |
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Advertising Expenses |
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TOTAL (B) |
532.432 |
573.223 |
297.995 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
123.071 |
128.118 |
60.344 |
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|
Less |
FINANCIAL
EXPENSES (D) |
23.111 |
29.959 |
5.644 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.960 |
98.159 |
54.700 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
71.172 |
71.672 |
24.488 |
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PROFIT BEFORE
TAX (E-F) (G) |
28.788 |
26.487 |
30.212 |
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Less |
TAX (H) |
10.471 |
8.730 |
11.923 |
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PROFIT AFTER TAX
(G-H) (I) |
18.317 |
17.757 |
18.289 |
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Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.79
|
2.53 |
5.10 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.39
|
3.77 |
8.43 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.51
|
3.97 |
6.05 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.11 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
1.38 |
1.34 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
4.28 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS:
The company is running
well and the directors are hopeful of doing good business this year also.
During the year under review the company has completed the work on the new
plant and the final production has also started during the year. The directors
are hopeful of achieving higher sales during the year.
FORM 8
|
Corporate
identity number of the company |
U24239MH1995PTC092028 |
|
Name of the
company |
MEGA FINE PHARMA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sethna Building 4th Floor, 55 Maharshi Carve Road, Marine
Lines, Mumbai 400002, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of India, MIDC Loan Administration Unit, Shree Hari
Building, Varsova, Andheri (West), Mumbai 400053, Maharashtra, India Email: s.rane@sbi.co.in |
|
Nature of
instrument creating charge |
Memorandum of Deposit
for Creation of Further Charge |
|
Date of
instrument Creating the charge |
11.03.2011 |
|
Amount secured by
the charge |
Rs. 380.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and operation of the charge First charge |
|
Short particulars
of the property charged (Including location of the property) |
Plot Nos.31 to
35, 48 to 51, out of Gat No. 201, in Kedar Indl. Area, Village Lakhmapur,
Taluka Dindori, Dist. Nashik, Maharashtra Plot No. 911
admn. 1401 sq. meters, in Vapi Indl. Area of GIDC, Village Chhiri, Taluka
Pardi, Dist. Valsad, Gujarat |
|
Date of
instrument modifying the charge |
29.05.2010 |
|
Particulars of
the present modification |
Equitable mortgage
created on immovable properties of the Compny as described in Column 15 above
to further secure the various credit facilities granted by the Bank, extended
to further secure the enhanced credit facilities of Rs.380.400 millions. |
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.43.94 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.66 |
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 |
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 |
|
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.