MIRA
INFORM REPORT
|
Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NABROS PHARMA PRIVATE LIMITED |
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Registered
Office : |
Nabros House, 3rd Floor, Behind British Library, Opposite
Art Galary, Law Garden, Ellisbridge, Ahmedabad 380006, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
29.12.1983 |
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Com. Reg. No.: |
006628 |
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Capital
Investment / Paid-up Capital : |
Rs.6.270 millions |
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CIN No.: [Company Identification
No.] |
U24230GJ1983PTC006628 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of
Phospholipids for Pharmaceutical and Food Applications |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 5279144 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial position
of the company appears to be sound. Directors are reported as experienced,
respectable and resourceful businessmen. Trade relations are fair. Payments
are reported to be regular and as per commitments. The company can be considered good for normal 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 |
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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 : |
Nabros House, 3rd Floor, Behind British Library, Opposite
Art Galary, Law Garden, Ellisbridge, Ahmedabad 380006, Gujarat, India |
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Tel. No.: |
91-79-26405299 / 26447591 |
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Fax No.: |
91-79-26407399 |
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E-Mail : |
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Factory : |
National Highway No. 8, Kheda, Gujarat, India |
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Kavit M Shah |
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Designation : |
Director |
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Date of Birth/Age : |
11.09.1974 |
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Date of Appointment : |
05.04.2009 |
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Name : |
Mr. Samir D Bhavsar |
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Designation : |
Director |
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Date of Birth/Age : |
23.09.1969 |
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Date of Appointment : |
17.01.2011 |
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Name : |
Mrs. Chandrikaben N Shah |
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Designation : |
Director |
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Date of Appointment : |
29.10.1984 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
No. of Shares |
|
Navnitbhai M Shah |
52578 |
|
Chandrikaben N Shah |
10120 |
|
Kavit M Shah |
1 |
|
Samir Bhavsar |
1 |
|
Total |
62700 |
AS ON 27.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Phospholipids for Pharmaceutical and Food Applications |
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Products: |
·
Essel
Forte ·
Flucodex
–N Teb ·
Dolaren
Tab |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Canara Bank,
Bhadra Branch, Ahmedabad, Gujarat, 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 : |
Atul B Gandhi and Company Chartered Accountant |
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Address : |
1 Asha Complex, Behind Navrangpura Police Station, Navrangpura,
Ahmedabad 380009, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
100000 |
Equity Shares |
Rs. 100 each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
62700 |
Equity Shares |
Rs. 100 each |
Rs.6.270 millions |
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(Bonus Shares issue in the ratio of 5 shares for every 1 share held) |
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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 |
6.270 |
6.270 |
6.270 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1313.516 |
1165.812 |
1107.345 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1319.786 |
1172.082 |
1113.615 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
324.954 |
19.008 |
64.508 |
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TOTAL BORROWING |
324.954 |
19.008 |
64.508 |
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DEFERRED TAX LIABILITIES |
3.318 |
3.717 |
3.778 |
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TOTAL |
1648.058 |
1194.807 |
1181.901 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
71.322 |
78.906 |
84.890 |
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Capital work-in-progress |
99.987 |
18.020 |
0.000 |
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INVESTMENT |
38.220 |
50.916 |
35.455 |
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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 |
40.332
|
40.378 |
41.383 |
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Sundry Debtors |
234.191
|
501.709 |
288.189 |
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Cash & Bank Balances |
1271.084
|
821.493 |
624.664 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
493.876
|
408.506 |
415.625 |
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Total
Current Assets |
2039.483
|
1772.086 |
1369.861 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
77.968
|
86.744 |
91.398 |
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Other Current Liabilities |
0.586
|
0.587 |
0.586 |
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Provisions |
522.400
|
637.790 |
216.321 |
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Total
Current Liabilities |
600.954
|
725.121 |
308.305 |
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Net Current Assets |
1438.529
|
1046.965 |
1061.556 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1648.058 |
1194.807 |
1181.901 |
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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 |
571.916 |
607.745 |
413.057 |
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Other Income |
110.738 |
111.553 |
16.643 |
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TOTAL (A) |
682.654 |
719.298 |
429.700 |
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Less |
EXPENSES |
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Cost of Materials |
118.685 |
133.884 |
84.802 |
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Manufacturing Expenses |
23.223 |
19.715 |
15.838 |
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Employees Remuneration |
9.945 |
9.091 |
6.101 |
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|
Increase/(Decrease) in Finished Goods |
3.428 |
(2.416) |
3.036 |
|
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Selling and Distribution Expenses |
40.394 |
51.108 |
52.449 |
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Administrative Expenses |
72.751 |
13.557 |
12.290 |
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TOTAL (B) |
268.426 |
224.939 |
174.516 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
414.228 |
494.359 |
255.184 |
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Less |
FINANCIAL
EXPENSES (D) |
5.252 |
3.159 |
3.368 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
408.976 |
491.200 |
251.816 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.282 |
11.325 |
8.870 |
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PROFIT BEFORE
TAX (E-F) (G) |
398.694 |
479.875 |
242.946 |
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Less |
TAX (H) |
67.600 |
54.630 |
28.573 |
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PROFIT AFTER TAX
(G-H) (I) |
331.094 |
425.245 |
214.373 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
964.900 |
956.433 |
747.060 |
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Less |
APPROPRIATIONS |
|
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|
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|
Transfer to General Reserve |
50.000 |
50.000 |
5.000 |
|
|
|
Dividend |
156.750 |
313.500 |
0.000 |
|
|
|
Tax on Dividend |
26.640 |
53.278 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1062.604 |
964.900 |
956.433 |
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|
Earnings Per
Share (Rs.) |
5281.00 |
6782.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
48.50
|
59.11 |
49.88 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
59.71
|
78.95 |
58.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.88
|
25.92 |
16.70 |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.40 |
0.21 |
|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.63 |
0.33 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
2.44 |
4.44 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION
During the year company has achieved a total turnover of the Rs. 571.916
millions which includes Rs. 546.043 millions export sales as compared to last
year export sales of Rs. 574.833 millions. The company earned net profit after
provision for taxation is Rs. 331.094 millions.
NOTE:
Registered office of the company has been shifted from 401 Ashwamegh Complex, Near Mithakhali Under Bridge, Navrangpura, Ahmedabad 380009, India to the Amit Farm, Jain Upashray, Near Coca Cola Factory, National High Way No. 8, Kajipura, Gujarat, India w.e.f. 10.09.2007
Registered office of the company has been shifted from Amit Farm, Jain Upashray, Near Coca Cola Factory, National High Way No. 8, Kajipura, Gujarat, India to the present address w.e.f. 30.09.2008
FIXED ASSETS:
·
Land
·
Factory Building
·
Plant and Machinery
·
Office Equipments
·
Vehicles
·
Dies
·
Computers
·
Electric Installation
·
Lab Equipments
·
New Office Premises
·
Air Conditioner
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.44.99 |
|
|
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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.