MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOSCH PHARMACEUTICAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
15, C Laxmi Industrial Estate, New |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.04.1992 |
|
|
|
|
Com. Reg. No.: |
11-066403 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.18.546 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1992PTC066403 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD08736A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers and Exporters of Bulk Drugs, Intermediates, Formulations
and Veterinary Pharmaceuticals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 110,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having Satisfactory track. Trade
relations are reported as fair. Business is active. Payment are reported to
be usually correct. The company can be considered normal for business dealing 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 / Corporate Office : |
15, C Laxmi Industrial Estate, New |
|
Tel. No.: |
91-22-26321315 / 42366888 |
|
Fax No.: |
91-22-26325380 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Distribution Network: |
Located at :
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sanjay Kanaiyalal Doshi |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
12- Samir, |
|
Date of Birth/Age : |
04.06.1961 |
|
Date of Appointment : |
20.04.1992 |
|
DIN: |
01751254 |
|
|
|
|
Name : |
Mrs. Prachi Sanjay Doshi |
|
Designation : |
Director |
|
Address : |
12- Samir, |
|
Date of Birth/Age : |
29.10.1964 |
|
Date of Appointment : |
31.10.1992 |
|
DIN: |
00440899 |
|
|
|
|
Name : |
Miss Ruchi Sanjay Doshi |
|
Designation : |
Director |
|
Address : |
12- Samir, |
|
Date of Birth/Age : |
18.12.1987 |
|
Date of Appointment : |
01.04.2007 |
|
DIN: |
01751218 |
|
|
|
|
Name : |
Mr. Kanaiyalal Bhagwandas Doshi |
|
Designation : |
Managing Director |
|
Address : |
12- Samir, |
|
Date of Birth/Age : |
15.09.1928 |
|
Cessation: |
Death |
|
Date of Cessation : |
10.03.2009 |
KEY EXECUTIVES
|
Name : |
Dr. Sharat Tugnait |
|
Designation : |
CEO Animal Health |
|
E-Mail |
|
|
|
|
|
Name : |
Dr. Ashok Shrivastava |
|
Designation : |
Vice President (Marketing) |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Sanjeev Suri |
|
Designation : |
Vice President (Sales) |
|
E-Mail : |
|
|
|
|
|
Name : |
Mrs. Shailaja Thakkar |
|
Designation : |
Vice President (Exports) |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Pramod Singh |
|
Designation : |
General Manager (Marketing) |
|
E-Mail : |
|
|
|
|
|
Name : |
Dr. Debajani Das |
|
Designation : |
Marketing Manager |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Shrijeev Srivastava |
|
Designation : |
Manager (I.T.) |
|
E-Mail : |
shrijeev@dosch.com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sanjay Kanaiyalal Doshi |
|
161148 |
|
Mrs. Prachi Sanjay Doshi |
|
20766 |
|
Miss Ruchi Sanjay Doshi |
|
3546 |
|
TOTAL |
|
185460 |
As on 22.02.2011
|
Name of Allotees |
|
No. of Shares Allotted |
|
Mr. Sanjay Kanaiyalal Doshi |
|
13460 |
|
Mrs. Prachi Sanjay Doshi |
|
8010 |
|
Miss Ruchi Sanjay Doshi |
|
4170 |
|
TOTAL |
|
25640 |
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 : |
Manufacturers and Exporters of Bulk Drugs, Intermediates, Formulations
and Veterinary Pharmaceuticals. |
|
|
|
|
Brand Names : |
|
GENERAL INFORMATION
|
Bankers : |
State Bank of |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arun M. Agarwal and Associates Chartered Accountant |
|
Address : |
A-201, Gokul Vihar-1 CHS Limited, Thakur Complex, Kandivali (East),
Mumbai-400101, |
|
Mobile No.: |
91-9821797308 |
|
Pan No,. |
AAVPA5520A |
|
E-Mail : |
CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
185,460 |
Equity Shares |
Rs.100/-
each |
Rs.18.546
Millions |
Note:
1. Out of the above
980 equity shares of Rs.100 /- each were allotted as fully paid bonus shares by
capitalising
General Reserve in F.Y. 2004-05.
2. Out of the
above 25,000 equity shares of Rs.100 /- each were allotted as fully paid bonus
shares by capitalising
General Reserve in F.Y. 2009-10.
3. Out of the
above 50,000 Equity Shares of Rs.100/- each issued during the F.Y. 2005-06 for
consideration
other than cash.
4. Out of the
above 35,460 Equity Shares of Rs.100/- each issued during the F.Y. 2009-10 for
Share Premium of
Rs.41/- each.
After As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs.100/-
each |
Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
211,100 |
Equity Shares |
Rs.100/-
each |
Rs.21.110
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 |
18.546 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.545 |
5.343 |
3.608 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.007) |
|
|
NETWORTH |
29.091 |
17.843 |
16.101 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
45.146 |
22.380 |
17.858 |
|
|
2] Unsecured Loans |
21.881 |
10.280 |
6.819 |
|
|
TOTAL BORROWING |
67.027 |
32.660 |
24.677 |
|
|
DEFERRED TAX LIABILITIES |
0.235 |
0.297 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.353 |
50.800 |
40.778 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.129 |
5.505 |
6.792 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.022 |
0.007 |
0.004 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.641
|
11.127 |
24.084 |
|
|
Sundry Debtors |
91.317
|
71.335 |
46.977 |
|
|
Cash & Bank Balances |
7.862
|
2.697 |
1.899 |
|
|
Other Current Assets |
7.838
|
4.293 |
2.993 |
|
|
Loans & Advances |
14.951
|
11.719 |
9.803 |
|
Total
Current Assets |
144.609
|
101.171 |
85.756 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.128
|
41.692 |
48.561 |
|
|
Other Current Liabilities |
4.437
|
8.658 |
0.000 |
|
|
Provisions |
8.861
|
5.561 |
3.251 |
|
Total
Current Liabilities |
55.426
|
55.911 |
51.812 |
|
|
Net Current Assets |
89.183
|
45.260 |
33.944 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.019 |
0.028 |
0.038 |
|
|
|
|
|
|
|
|
TOTAL |
96.353 |
50.800 |
40.778 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SALES |
|
|
|
|
|
Income |
398.726 |
324.368 |
193.823 |
|
|
Other Income |
0.579 |
10.988 |
9.994 |
|
|
TOTAL
SALES |
399.305 |
335.356 |
203.817 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
142.303 |
|
|
Manufacturing
Expenses |
|
|
4.866 |
|
|
Employee Costs |
|
|
16.445 |
|
|
Office
and Administration Expenses |
|
|
9.939 |
|
|
Selling And Distribution
Expenses |
|
|
23.709 |
|
|
Prior Period Expenses |
|
|
0.127 |
|
|
TOTAL
EXPENSES |
382.560 |
327.818 |
197.393 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
16.745 |
7.538 |
6.424 |
|
|
|
|
|
|
|
Less |
INTEREST |
2.427 |
1.909 |
3.298 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.318 |
5.629 |
3.126 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.570 |
1.279 |
1.624 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
12.748 |
4.350 |
1.502 |
|
|
|
|
|
|
|
Less |
TAX |
4.337 |
2.615 |
0.298 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
8.441 |
1.735 |
1.204 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BROUGHT
FORWARD |
5.281 |
3.546 |
2.341 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13.722 |
5.281 |
3.546 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
233.474 |
193.014 |
- |
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
93.704 |
55.056 |
- |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.52 |
13.88 |
9.64 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
2.11 |
0.51 |
0.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.19 |
1.34 |
0.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.40 |
4.07 |
1.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.24 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.20
|
4.96 |
4.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
1.80 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
Business Activities:
During the year ended 31st March
2010, the company has achieved a turnover and other income of Rs.398.726
Millions as compared to the turnover and other income of Rs.335.356 Millions of
the preceding year. Which represents 18.90% growth in turnover and other
income. The company has made profit before tax of Rs.12.748 Millions as against
Profit before tax of Rs.4.350 Millions during the preceding year. This result is mainly due to aggressive
penetrating marketing approach and dedicated efforts of field staff appointed
at various state levels. During the year under consideration the company
expanded its marketing operations covering almost all the major cattle
population areas in
Bankers Charges Report
as per Registry
|
Corporate identity number of the company |
U24230MH1992PTC066403 |
||||||||||||
|
Name of the company |
Dosch Pharmaceutical Private Limited |
||||||||||||
|
Address of the registered office or of the principal place of business in |
15, C Laxmi Industrial Estate, New |
||||||||||||
|
This form is for |
Modification of Charge |
||||||||||||
|
Charge identification (ID) number of the charge to be modified |
80037270 |
||||||||||||
|
Type of charge |
Immovable Property Book Debts Movable Property Others: Stock of Raw Materials, WIP, Finished goods,PM. |
||||||||||||
|
Particular of charge holder |
Name: State Bank of Address: Kandivali Industrial Estate Branch, Near Hindustan Naka, Government Industrial
Estate, Plot 11/AB, Kandivali (W), Mumbai-400067, |
||||||||||||
|
Nature of instrument creating charge |
Supplemental Agreement of Loan cum Hypothecation dated 30 August, 2010
and Letter of Arrangement dated 30 August, 2010. |
||||||||||||
|
Date of instrument Creating the charge |
30.08.2010 |
||||||||||||
|
Amount secured by the charge |
Rs.77.500 Millions |
||||||||||||
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest: 12.75% p.a. 1% above SBAR. Terms of Repayment: Working Capital-Repayable on demand. Margin: 25% on Raw materials- Indigenous, 40% on Semi finished goods
(stock in process), 33.33% on Finished goods. 40% on Domestic receivables,
15% on Export packing credit, 20% each on LC and Bank guarantees. Extent and Operation of the charge : Security created by way of first
charge and to cover all monies including the principal sums, interest, costs,
charges and expenses. |
||||||||||||
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
|
||||||||||||
|
Date of instrument modifying the charge |
14.06.2010 |
||||||||||||
|
Particulars of the present modification |
The existing limit is enhanced from Rs.74.500 Millions to Rs.77.500
Millions as under:
|
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.