MIRA
INFORM REPORT
|
Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BASIC PHARMA LIFE SCIENCE PRIVATE LIMITED |
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Registered
Office : |
Plot No. 146/B, GIDC Estate, Near GIDC Office, Opposite New Fire Station,
Ankleshwar-393002, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.06.2005 |
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Com. Reg. No.: |
04-046278 |
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Capital
Investment/ Paid-up Capital: |
Rs. 3.484 Millions
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CIN No.: [Company Identification
No.] |
U24230GJ2005PTC046278 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB01634D |
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PAN No.: [Permanent Account No.] |
AACCB7672G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Bulk Drugs, Drug Intermediates and Fine Chemicals. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29000 |
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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) |
|
|
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 : |
Plot No. 146/B, GIDC Estate, Near GIDC Office, Opposite New Fire
Station, Ankleshwar-393002, |
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Tel. No.: |
91-2646-645714/ 226037 |
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Tele Fax No.: |
91-2646-226037 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Paresh Madhavjibhai Vaghasia |
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Designation : |
Director |
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Address : |
Block No. 28, Manorath CHS, GIDC Estate, Ankleshwar, |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375578 |
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Name : |
Mr. Mahesh Rajabhai Vekaria |
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Designation : |
Director |
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Address : |
Block No. 1320, Behind GIL Colony, GIDC New Colony, Anklewshwar, |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375493 |
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Name : |
Mr. Mukesh Devrajbhai Thummar |
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Designation : |
Director |
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Address : |
Block No. 28, Manorath CHS, GIDC Estate, Ankleshwar, |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375546 |
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Name : |
Mr. Nileshkumar Shantilal Gondaliya |
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Designation : |
Director |
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Address : |
40/246, Near Gatu Vidhyalaya, GIDC New Colony, Ankleshwar, |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375608 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Paresh Vaghasla |
|
87103 |
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Mahesh Vekaria |
|
87103 |
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Nilesh S Gondaliya |
|
87102 |
|
Mukesh Thummar |
|
87102 |
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Total |
|
348410 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs, Drug Intermediates and Fine Chemicals. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
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Chlorhexidine Base |
Kgs/p.a. |
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|
36000 |
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Chlorhexidine Gluconate |
Kgs/p.a. |
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|
150000 |
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Chlorhexidine Acetate |
Kgs/p.a. |
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|
10000 |
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Chlorhexidine Hcl |
Kgs/p.a. |
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|
10000 |
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Cetrimide Powder |
Kgs/p.a. |
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|
20000 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
Rahul Deo and Company Chartered Accountant |
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Address : |
S-35, Uma Complex, GIDC, Ankleshwar-393002, |
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PAN No.: |
AEAPP0126N |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
348410 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.484
Millions |
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 |
3.484 |
3.484 |
3.484 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.980 |
1.588 |
0.919 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.464 |
5.072 |
4.403 |
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LOAN FUNDS |
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1] Secured Loans |
9.647 |
11.078 |
4.608 |
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2] Unsecured Loans |
5.076 |
5.208 |
2.186 |
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TOTAL BORROWING |
14.723 |
16.286 |
6.794 |
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DEFERRED TAX LIABILITIES |
0.564 |
0.444 |
0.249 |
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TOTAL |
22.751 |
21.802 |
11.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.673 |
16.891 |
11.795 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
5.639 |
6.949 |
4.709 |
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Sundry Debtors |
2.234 |
3.005 |
1.508 |
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Cash & Bank Balances |
2.172
|
1.296 |
1.520 |
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Other Current Assets |
4.177
|
2.459 |
1.195 |
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Loans & Advances |
2.015
|
2.136 |
1.096 |
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Total
Current Assets |
16.237
|
15.845 |
10.028 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.933
|
10.343 |
9.137 |
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Other Current Liabilities |
0.011
|
[0.022] |
0.118 |
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Provisions |
1.249
|
0.664 |
1.173 |
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Total
Current Liabilities |
12.193
|
10.985 |
10.428 |
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Net Current Assets |
4.044
|
4.860 |
[0.400] |
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MISCELLANEOUS EXPENSES |
0.034 |
0.051 |
0.051 |
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TOTAL |
22.751 |
21.802 |
11.446 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
53.661 |
34.291 |
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Other Income |
|
1.630 |
0.977 |
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TOTAL |
|
55.291 |
35.268 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
|
52.167 |
34.291 |
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Depreciation |
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Interest |
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TOTAL |
|
52.167 |
34.291 |
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PROFIT BEFORE
TAX |
|
3.124 |
0.977 |
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Less |
TAX |
|
1.021 |
0.113 |
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PROFIT AFTER TAX
|
|
2.103 |
0.864 |
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IMPORTS |
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Import Value |
|
3.390 |
5.964 |
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TOTAL IMPORTS |
|
3.390 |
5.964 |
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Earnings Per
Share (Rs.) |
|
6.04 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.80
|
2.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.82
|
2.85 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.95
|
2.98 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.19 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.61
|
5.38 |
3.91 |
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.44 |
0.96 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
The company achieved turnover of Rs. 53.661 Millions during the year as compared
to Rs. 34.291 Millions in the previous financial year. The increase in turnover
is due to addition of different products with varying molecules and grades. All
the products of the company are well received in market.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10011404 |
|
Corporate
identity number of the company |
U24230GJ2005PTC046278 |
|
Name of the
company |
BASIC PHARMA LIFE SCIENCE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 146/B, GIDC Estate, Near GIDC Office, Opposite New Fire
Station, Ankleshwar-393002, |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
1.
Supplemental
Composite Agreement of Hypothecation of goods, book debts, movable machinery
and vehicles dated 17.07.2008 2.
Supplemental
Memorandum of Entry Dated 17.07.2008 |
|
Date of
instrument Creating the charge |
17.07.2008 |
|
Amount secured by
the charge |
Rs. 11.579
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50% over BPLR
payable at monthly rests on term loan and cash credit. Terms of
Repayment Payable on Demand Margin 25% on Machines
and Stock 40% on Book Debts 25% Cash Margin Extent and
Operation of the charge Till full and
final payment |
|
Short particulars
of the property charged |
The company’s immovable
properties situated at Plot No. 146/B, GIDC,m Ankleshwar Together with
building and structure thereon, fixed plant and machineries, fixture and
fittings, constructed, erected and installed and also include all the stocks,
materials and book debts of the
company. |
|
Date of latest
modification prior to the present modification |
14.07.2006 |
|
Particulars of
the present modification |
By virtue of the said modification, the charge
originally created on 14.07.2006 and subsequently modified from time to time
is now further extended. This charge now stand for aggregate limit of Rs.
11.579 Millions as under.:
|
Fixed Assets:
·
·
·
Plant and Machinery
o
Electrical Installation
o
Weighing Scale
o
Laboratory Equipments
o
Gas Pipeline Heating
Systems
o
Plant and Machinery
·
Office Equipments
·
Computers
·
Mobile Phones
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.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
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 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.