MIRA
INFORM REPORT
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Report Date : |
25.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ACME FORMULATIONS
PRIVATE LIMITED |
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Registered Office : |
Village
Chowkiwalatehsil Nalagarh, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.06.2004 |
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Com. Reg. No.: |
06-27223 |
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Capital
Investment / Paid-up Capital : |
Rs. 40.975 Millions |
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CIN No.: [Company
Identification No.] |
U24230HP2004PTC027223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLA11750E |
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PAN No.: [Permanent
Account No.] |
AAECA7994C |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturers and
Exporters of Pharmaceuticals link tablets crystal etc. |
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No. of Employees
: |
300
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1200000 |
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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. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
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Registered Office / Factory 1 : |
Village
Chowkiwalatehsil Nalagarh, |
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Tel. No.: |
91-1795-220272 /
73 / 74 / 308001-5 |
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Fax No.: |
91-1795-220115 /
308000 |
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E-Mail : |
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Websites : |
www.acmeformulation.com
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Area : |
6500 sq. mtrs.
(Factory : 1 Acres) |
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Location : |
Owned |
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Factory 2: |
P O Rajpura, Opposite GPI Textiles, Nalagarh,
District Solan - 74101, Himachal
Pradesh |
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Tel. No.: |
91-1795-308051-55 |
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Fax No.: |
91-1795-308050 |
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E-Mail : |
DIRECTORS
As on 20.09.2010
|
Name : |
Mr. Dilipkumar B. Shah |
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Designation : |
Director |
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Address : |
House No. 102/103, Shikhavali Flat B/H |
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Date of Birth/Age : |
02.01.2005 |
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Date of Appointment : |
21.06.2004 |
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Name : |
Mr. Rishi Aggarwal |
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Designation : |
Chairman cum Managing Director |
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Address : |
# 561, Sector 18, |
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Date of Birth/Age : |
17.05.1973 |
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Date of Appointment : |
25.07.2005 |
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Name : |
Mr. Pradeep Diwan |
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Designation : |
Director |
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Address : |
House No. 1048, Sector 18, |
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Date of Birth/Age : |
10.01.1963 |
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Date of Appointment : |
07.07.2005 |
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Name : |
Mr. Ram Gopal Arora |
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Designation : |
Director |
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Address : |
# 4, |
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Date of Birth/Age : |
29.12.1955 |
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Date of Appointment : |
12.08.2006 |
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Name : |
Mr. Viral Shah |
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Designation : |
Whole time director |
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Address : |
House No. 102/103, Shikhavali Flat B/H |
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Date of Birth/Age : |
02.12.1979 |
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Date of Appointment : |
24.01.2007 |
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Name : |
Ms. Sarita Aggarwal |
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Designation : |
Whole time director |
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Address : |
House No. 561, Sector 18, |
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Date of Birth/Age : |
23.07.1947 |
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Date of Appointment : |
01.10.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Rajnish Dhammi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
|
Names of Shareholders |
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No. of Shares |
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Mr. Dilipkumar B. Shah |
|
1024376 |
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Ms. Sarita Aggarwal |
|
1000671 |
|
JCBL India Private Limited, |
|
1744659 |
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Mr. Viral Shah |
|
327799 |
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Total |
|
4097505 |
AS ON 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
43.00 |
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Directors or relatives of Directors |
57.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporters of Pharmaceuticals link tablets crystal etc. |
GENERAL INFORMATION
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Customers : |
Retailers and End
Users · Abbott · Zydus Cadila · Alkem · Novartis · Merck · German Remedies · USV ·
Lyka · Intas · Ranbaxy ·
Dabur ·
Torrent
·
Alembic ·
Bayer ·
Piramal
Healthcare ·
Unique |
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No. of Employees : |
300 (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 : |
Kansal Singla and Associates Chartered Accountants |
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Address : |
SCO 80-81, 4th Floor, Sector 17-C, |
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Associates/Subsidiaries : |
·
J.C.B.
Limited
Address : Line of Business : Pharmaceuticals |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10 /- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,097,505 |
Equity Shares |
Rs. 10 /- each |
Rs. 40.975
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.975 |
40.975 |
40.975 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
276.828 |
238.146 |
180.282 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
317.803 |
279.121 |
221.257 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
105.425 |
178.178 |
169.731 |
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2] Unsecured Loans |
0.000 |
11.700 |
14.200 |
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TOTAL BORROWING |
105.425 |
189.878 |
183.931 |
|
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DEFERRED TAX LIABILITIES |
9.582 |
0.000 |
0.000 |
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|
|
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TOTAL |
432.810 |
468.999 |
405.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
163.919 |
396.191 |
147.698 |
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Capital work-in-progress |
11.415 |
8.257 |
205.442 |
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INVESTMENT |
20.205 |
0.325 |
0.325 |
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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 |
112.092
|
99.237 |
71.876 |
|
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Sundry Debtors |
108.847
|
140.572 |
78.409 |
|
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Cash & Bank Balances |
87.957
|
2.031 |
2.876 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
121.660
|
53.564 |
42.740 |
|
Total
Current Assets |
430.556
|
295.404 |
195.901 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
164.682
|
209.749 |
139.502 |
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Other Current Liabilities |
6.484
|
11.730 |
7.176 |
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Provisions |
22.119
|
9.725 |
20.784 |
|
Total
Current Liabilities |
193.285
|
231.204 |
167.462 |
|
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Net Current Assets |
237.271
|
64.200 |
28.439 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.026 |
0.050 |
|
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Pre-Operative Expenses |
0.000 |
0.000 |
23.234 |
|
|
|
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|
|
|
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TOTAL |
432.810 |
468.999 |
405.188 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
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|
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Income |
826.112 |
768.452 |
586.534 |
|
|
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Other Income |
6.464 |
0.074 |
0.322 |
|
|
|
TOTAL (A) |
832.576 |
768.526 |
586.856 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
603.053 |
588.302 |
421.212 |
|
|
|
Manufacturing Expenses |
34.294 |
34.373 |
26.400 |
|
|
|
Employee Cost |
39.050 |
37.946 |
27.738 |
|
|
|
Administrative & Selling Expenses |
27.628 |
23.003 |
17.677 |
|
|
|
Loss on sale of Unit |
52.144 |
0.000 |
0.000 |
|
|
|
Preliminary Expenses Written Off |
0.026 |
0.026 |
0.025 |
|
|
|
Increase/(Decrease) in Stock |
2.407 |
(9.112) |
(1.823) |
|
|
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TOTAL (B) |
758.602 |
674.538 |
491.229 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
73.974 |
93.988 |
95.627 |
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
7.494 |
12.235 |
5.802 |
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
66.480 |
81.753 |
89.825 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.186 |
14.481 |
5.660 |
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PROFIT BEFORE
TAX (E-F) (G) |
58.294 |
67.272 |
84.165 |
|
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Less |
TAX (I) |
10.021 |
(0.179) |
0.618 |
|
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PROFIT AFTER TAX
(G-I) (J) |
48.273 |
67.451 |
83.547 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
85.145 |
77.282 |
53.324 |
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|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Equity Dividend – Interim |
8.195 |
8.195 |
8.195 |
|
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|
Tax on Dividend |
1.393 |
1.393 |
1.393 |
|
|
BALANCE CARRIED TO
THE B/S |
73.830 |
85.145 |
77.283 |
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|
Earnings Per
Share (Rs.) |
11.78 |
16.46 |
20.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.79
|
8.77 |
14.23 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.05
|
8.75 |
14.34 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.80
|
9.72 |
24.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.24 |
0.38 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
1.50 |
1.58 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.22
|
1.27 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U24230HP2004PTC027223 |
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|
Name of the
company |
ACME FORMULATIONS
PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
Village
Chowkiwalatehsil Nalagarh, |
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This form is for |
Modification of
charge |
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Type of charge |
Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Unattested Memorandum of Hypothecation. |
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Date of instrument
Creating the charge |
15.01.2011 |
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Amount secured by
the charge |
Rs. 85.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per facility letter
dated 28.10.2010 to be amended from time to time. Terms of
Repayment As per facility
letter dated 28.10.2010 to be amended from time to time. Margin As per facility
letter dated 28.10.2010 to be amended from time to time. Extent and
Operation of the charge Pari passu
charge. Others The security by
way of 1st pari passu charge over co's immovable and movable fixed assets has
been created in favour of scb for the purpose of securing of ecb facility to the
extent of usd 1.7 million (facility amt.) Granted to company for the purpose
of filing form 8, facility amount eqv. In inr has been calculated at the
rs.50/-each per us$. |
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|
Particulars of
the property charged |
Equitable
mortgage by way of first pari passu charge over company's immovable property
i.e. All those and parcel of land bearing khewat & khatauni no. 28/33,
khasra no. 152/121/2/5-3, 154/122/2/6-11, Measuring total
of 11 kanals and 14 marlas situated at village ghogarwal, pargana, tehsil
nalagarh, dist. Solan (h.p.) Together with all building and structures
thereon and plant and machinery Attached to earth
or permanently fastened to anything attached to earth. |
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Date of
instrument modifying the charge |
15.09.2010 |
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|
Particulars of the
present modification |
Ecb facility of
Rs. 85.000 millions (usd 1700000) already secured by equitable mortgage over
co's immo. Property at village ghogarwal, pargana, tehsil nalagarh, dist.
Solan (h.p.) Shall now adlly. Be secured by first pari passu charge with
sidbi over all present & future movable fixed assets of the company
stored or to be stored at co's godowns or premises situated at village
ghogarwal, pargana, tehsil nalagarh, dist. Solan (h.p.) Or wherever else the
same may be. |
fixed assets:
· Land and Site Development
· Factory and Building
· Plant and Machinery
· Office Equipment
· Furniture and Fixtures
· Vehicles
· Computers
Website Details:
Overview:
Subject is a leading global provider of contract dosage form development and manufacturing services to the pharmaceutical industries.
Employing more than 250 highly-skilled staff, subject’s modern manufacturing
facilities located in
Subject’s development and manufacturing capabilities cover prescription (Rx) products in solid, semi-solid and liquid dosage forms.
Subject offers contract pre-formulation, formulation and analytical development, manufacturing, scale-up services for pharmaceutical products of essentially all types.
Founded in 2003 Acme has always been exclusively focused on outsourcing. Acme proudly serves more than 20 customers including many of the world’s leading pharmaceutical companies.
They provide fully integrated contract manufacturing and development solutions to their customers, from early development to high-volume commercial manufacturing and packaging. Offering world-class facilities and expertise, and an unwavering focus on service quality, subject is uniquely positioned to serve as the pharmaceutical industry's preferred strategic partner.
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.