MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHISH LIFE SCIENCE PRIVATE LIMITED |
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Formerly Known
As : |
BHAGAT CHEM [ |
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Registered
Office : |
213, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
[west], Mumbai – 400053, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2010 |
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Date of
Incorporation : |
10.01.1992 |
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Com. Reg. No.: |
11-064810 |
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Capital
Investment / Paid-up Capital : |
Rs.10.652 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1992PTC064810 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB15783F MUMA23286E |
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PAN No.: [Permanent Account No.] |
AABCB4093N AAACA6063A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Formulation |
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No. of Employees
: |
120 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [45] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Bharat Shah |
|
Designation : |
Vice President |
|
Date : |
14.06.2011 |
LOCATIONS
|
Registered / Head Office : |
213, laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri [west],
Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-42105000 / 26345969 / 66912953 |
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Fax No.: |
91-22-42105050 / 26399288 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
J-37, MIDC, Tarapur, Boisar, District Thane – 401501, |
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Tel. No.: |
91-2525-272348 |
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Fax No.: |
91-2525-260804 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajesh Kumar Agarwal |
|
Designation : |
Director |
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Address : |
1705, |
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Date of Birth/Age : |
27.08.1975 |
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Date of Appointment : |
18.06.2005 |
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DIN : |
00410686 |
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Name : |
Mr. Sidharth Banka |
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Designation : |
Director |
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Address : |
807, Samarth Angan II, A Wing, K.L. Walwalkar Road, Opposite MiIlat
Nagar, Andheri – West, Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1982 |
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Date of Appointment : |
08.06.2005 |
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DIN : |
00941526 |
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|
Name : |
Mr. Hanuman Prasad Banka |
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Designation : |
Director |
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Address : |
807, Samarth Angan II, A Wing, K.L. Walwalkar Road, Opposite MiIlat Nagar,
Andheri – West, Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1951 |
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Date of Appointment : |
09.06.2005 |
|
DIN : |
00417563 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Equity Shares |
|
|
|
Rajesh Kumar Agarwal |
|
411525 |
|
Sidharth Banka |
|
51187 |
|
Hanuman Prasad Banka |
|
69637 |
|
Hanuman Prasad Banka HUF |
|
18000 |
|
Sarladevi Banka |
|
28463 |
|
Saurabh Banka |
|
30375 |
|
Nirmal Devi |
|
22500 |
|
Sajjan Kumar |
|
72563 |
|
Rajesh Kumar Agarwal HUF |
|
45000 |
|
Nisha Agarwal |
|
6188 |
|
Ashish Interchem Private Limited, |
|
112500 |
|
Pawan Kumar |
|
9562 |
|
Pawan Kumar Banka HUF |
|
6188 |
|
Ritu Agarwal |
|
28125 |
|
Barji Devi |
|
8437 |
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Total Equity
Shares |
|
920250 |
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||
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Preference
Shares |
|
|
|
Ashish Interchem Private Limited, |
|
145000 |
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Total Preference
Shares |
|
145000 |
As on 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
12.22 |
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Directors or relatives of Directors |
87.78 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Formulation |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Others – Chemical Companies |
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No. of Employees : |
120 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V.K. Beswal and Associates Chartered Accountant |
|
Address : |
408/410, Rewa Chambers, 31, New Marine Lines, Mumbai – 400020, |
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Tel. No.: |
91-22-22065656 |
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Fax No.: |
91-22-22095656 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
955,000 |
Equity Shares |
Rs.10/-each |
Rs.9.550 millions |
|
145,000 |
Preference Shares |
Rs.10/-each |
Rs.1.450 millions |
|
|
|
|
Rs.11.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
920,250 |
Equity Shares |
Rs.10/-each |
Rs.9.202 millions |
|
145,000 |
Preference Shares |
Rs.10/-each |
Rs.1.450 millions |
|
|
|
|
Rs.10.652
millions |
Of the above
511,250 equity shares have been issued as bonus shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.652 |
10.652 |
5.540 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24.953 |
22.882 |
19.924 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35.605 |
33.534 |
25.464 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
76.060 |
52.334 |
37.459 |
|
|
2] Unsecured Loans |
6.897 |
5.921 |
0.477 |
|
|
TOTAL BORROWING |
82.957 |
58.255 |
37.936 |
|
|
DEFERRED TAX LIABILITIES |
3.323 |
3.357 |
2.547 |
|
|
|
|
|
|
|
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TOTAL |
121.885 |
95.146 |
65.947 |
|
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|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
48.934 |
52.867 |
44.824 |
|
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Capital work-in-progress |
42.293 |
4.855 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34.322
|
20.462 |
14.623 |
|
|
Sundry Debtors |
15.271
|
16.011 |
8.148 |
|
|
Cash & Bank Balances |
1.586
|
2.527 |
2.959 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
18.659
|
13.227 |
15.849 |
|
Total
Current Assets |
69.838
|
52.227 |
41.579 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
30.283 |
8.054 |
10.720 |
|
|
Other Current Liabilities |
8.320
|
0.156 |
0.000 |
|
|
Provisions |
0.627
|
6.661 |
9.761 |
|
Total
Current Liabilities |
39.230
|
14.871 |
20.481 |
|
|
Net Current Assets |
30.608
|
37.356 |
21.098 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.050 |
0.068 |
0.025 |
|
|
|
|
|
|
|
|
TOTAL |
121.885 |
95.146 |
65.947 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
135.475 |
146.535 |
94.690 |
|
|
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Other Income |
7.280 |
6.443 |
5.888 |
|
|
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TOTAL (A) |
142.755 |
152.978 |
100.578 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
97.322 |
93.171 |
55.323 |
|
|
|
Manufacturing and Administrative Expenses |
41.530 |
35.154 |
18.993 |
|
|
|
Increase / Decrease in Stock |
[9.093] |
[2.431] |
3.135 |
|
|
|
TOTAL (B) |
129.759 |
125.894 |
77.451 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.996 |
27.084 |
23.127 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.076 |
6.236 |
3.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.920 |
20.848 |
19.930 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.285 |
3.896 |
2.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.635 |
16.952 |
17.765 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.554 |
6.015 |
6.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2.081 |
10.937 |
11.233 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Items |
0.009 |
0.057 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.992 |
14.010 |
6.560 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.088 |
0.554 |
|
|
|
Interim Dividend - Equity Shares |
0.000 |
0.102 |
0.102 |
|
|
|
Interim Dividend - Pref. Shares |
0.000 |
1.380 |
1.022 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.252 |
0.191 |
|
|
|
Proposed Dividend |
0.000 |
0.920 |
1.636 |
|
|
|
Tax on Proposed Dividend |
0.000 |
0.156 |
0.278 |
|
|
BALANCE CARRIED
TO THE B/S |
23.064 |
20.992 |
14.010 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
118.568 |
145.343 |
93.671 |
|
|
TOTAL EARNINGS |
118.568 |
145.343 |
93.671 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29.672 |
48.933 |
18.475 |
|
|
TOTAL IMPORTS |
29.672 |
48.933 |
18.475 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.14 |
11.89 |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
|
|
|
|
|
Sales Turnover [Approximately] |
|
|
220.000 |
|
|
|
|
|
Expected Sales ( 2011-2012 ) : Rs.300.000 millions
The above information has been parted by Mr. Bharat Shah [Vice President]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.46
|
7.15 |
11.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.94
|
11.57 |
18.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.22
|
16.13 |
20.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.50 |
0.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.43
|
2.18 |
2.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
3.51 |
2.03 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULT :
During the year the company has earned a profit of Rs.2.071 millions
after providing Rs.4.285 millions towards depreciation and Rs. 0.555 millions
towards provision for current income tax and deferred taxation.
SUNDRY
CREDITORS DETAILS (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Due to SSI Unit |
26.361 |
8.054 |
-- |
|
Due to Others |
3.922 |
0.000 |
-- |
|
For Goods |
-- |
-- |
7.409 |
|
For Expenses |
-- |
-- |
3.311 |
|
Total |
30.283 |
8.054 |
10.720 |
Contingent Liability
(Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Corporate Guarantee for Ashish Interchem
Private Limited |
25.439 |
25.439 |
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U24100MH1992PTC064810 |
|
Name of the
company |
ASHISH LIFE
SCIENCE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
213, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
80044360 |
|
Type of charge |
|
|
Particular of
charge holder |
Small Industries Development Bank of India, 11-13, Atlanta, 1st
Floor, 209, V. K. Shah Marg, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Nature of
instrument creating charge |
Term Loan cum hypothecation
agreement dated 29.03.2010 Memorandum of
Entry dated 30.03.2010 |
|
Date of
instrument Creating the charge |
30.03.2010 |
|
Amount secured by
the charge |
Rs.72.600 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 11.25% p.a. Or As Fixed By SIDBI From Time To Time Terms of
Repayment - 50 Monthly Installments Of Rs.0.050 million After 6 Months From
The Date Of First Disbursement Margin - As
required by SIDBI from time to time Extent and
Operation of the charge - First Charge on immovable and movable assets of the
company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge by
way of hypothecation on all the movable assets of the borrower, including
movables, plant, machinery, equipments, tools, accessories acquired/ to be
acquired under the project. Extension of
First Charge By Way Of Equitable Mortgage Of Land And Building Situated At
Plot No J-137, Midc, Tarapur, Thane. First Charge On
The Assets Already Charged To SIDBI Along with Those Assets Which Are Not Charged To Any Lenders Extension Of
First Charge By Way Of mortgage of property situated at 213, |
|
Date of
instrument modifying the charge |
21.12.2009 |
|
Particulars of
the present modification |
Sixth
Modification To Increase The Secured Amount From Rs.70.100 millions To Rs.
72.600 millions |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Generator
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
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 |
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 |
|
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.