MIRA
INFORM REPORT
|
Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
Plot E19-21, (EPIP Zone), Manjusar, GIDC, Tal: Savil, Vadodara –
391770, |
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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.: |
04-046275 |
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CIN No.: [Company Identification
No.] |
U24230GJ2005PTC046275 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDT01232A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Empty Hard Gelatine Capsules. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
As per last available financials, the company had not started its
commercial activities. Payments terms are not known. The company can be considered for business dealings on a secured 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
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Registered Office : |
Plot E19-21, (EPIP Zone), Manjusar, GIDC, Tal: Savil, Vadodara –
391770, |
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Tel. No.: |
91-2667-264008 / 264009 |
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Fax No.: |
91-2667-264009 / 91-265-2393699 |
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E-Mail : |
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Website : |
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Overseas Office : |
Prilckegatan 27, 42532 |
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Tel. No.: |
46-31-572036 |
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Fax No.: |
46-31-572036 |
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E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Devang Chandrakant Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
21.05.1979 |
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Date of Appointment : |
20.06.2005 |
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Din : |
00847694 |
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Name : |
Mr. Yajnik Prashant Harvadanlal |
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Designation : |
Director |
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Address : |
17, Meghalaya, |
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Date of Appointment : |
24.03.2007 |
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Din : |
02201328 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.12.2008
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Chandrakant Patel |
|
792382 |
|
Total |
|
792382 |
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Devang Chandrakant Patel |
|
160000 |
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Mr. Yajnik Prashant Harvadanlal |
|
820000 |
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Chandrakant C Patel |
|
490200 |
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Narendra Narkar |
|
661000 |
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Dinesh V Patel |
|
5000 |
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Total |
|
2136200 |
As on 30.09.2009
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Empty Hard Gelatine Capsules. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Union Bank of India, Sayajiganj Branch, Union Bank Bhavan, Syayjiganj,
Vadodara – 390005, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
R.C.Thakkar and Associates Chartered Accountant |
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Address : |
32, Paradise Complex, Near Kala Ghoda, Sayajigunj, Vadodara – 390005, |
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Tel. No.: |
91-2667-2362255 |
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Fax No.: |
91-2667-2363465 |
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E-Mail : |
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PAN No.: |
AAEFR3847C |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4,500,000 |
Equity Shares |
Rs.10/-each |
Rs.45.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2928582 |
Equity Shares |
Rs.10/-each |
Rs.29.286 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
29.286 |
21.362 |
0.100 |
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2] Share Application Money |
14.965 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.251 |
21.362 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
82.737 |
29.145 |
1.947 |
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2] Unsecured Loans |
0.529 |
0.058 |
0.058 |
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TOTAL BORROWING |
83.266 |
29.203 |
2.005 |
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DEFERRED TAX LIABILITIES |
0.000
|
0.000 |
0.000 |
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TOTAL |
127.517 |
50.565 |
2.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.239 |
26.144 |
3.236 |
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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 |
0.109
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.557
|
3.069 |
2.863 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.711
|
23.871 |
0.100 |
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Total
Current Assets |
2.377
|
26.940 |
2.963 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.649
|
4.651 |
4.940 |
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Other Current Liabilities |
0.122
|
0.000 |
0.000 |
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Provisions |
0.014
|
0.044 |
0.015 |
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Total
Current Liabilities |
6.785
|
4.695 |
4.955 |
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Net Current Assets |
(4.408)
|
22.245 |
(1.992) |
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MISCELLANEOUS EXPENSES |
11.686 |
2.176 |
0.861 |
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TOTAL |
127.517 |
50.565 |
2.106 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.04
|
1.59 |
69.60 |
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Current Ratio (Current Asset/Current Liability) |
|
0.35
|
5.74 |
0.60 |
LOCAL AGENCY FURTHER INFORMATION
Registered office of the company has been shifted form
FINANCIAL RESULTS
/ OPERATIONS :
The company was incorporated on 20th
June 2005, with the object of setting up small-scale industrial unit for
manufacturing empty hard gelatine capsules.
They are pleased to inform that the project
has been successfully commissioned and the commercial production has been
started in the year 2009-2010.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24230GJ2005PTC046275 |
|
Name of the
company |
TERRENE PHARMA
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. E 19-21,
Epip Zone, Manjusar Gidc, Ta: Savli, Vadodara -391770, |
|
This form is for |
Creation of charge |
|
Type of charge |
Movabel Property
(not being pledge) |
|
Particular of
charge holder |
Union Bank of India, Sayajiganj Branch, Union Bank Bhavan, Syayjiganj,
Vadodara – 390005, |
|
Nature of
instrument creating charge |
General Term Loan
Agreement (SD - 18) |
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Date of
instrument Creating the charge |
28.01.2011 |
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Amount secured by
the charge |
Rs.40.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- TL - 4.50% OVER BASE RATE Terms of
Repayment - In 78 monthly installments Margin – 25% Extent and
Operation of the charge - Hypothecation of all tangible movable machineries,
plant and machinery, fixtures, fittings, other installations, cranes,
furniture’s, computers & other accessories, vehicles together with
spares, tools and accessories and all other articles lying/ situated /
installed on the premises at Plot No.E-19 to E-21 (EPIP Zone), GIDC,
Manjusar, Tal. Savli, Dist. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of all
tangible movable machineries, plant and machinery, fixtures, fittings, other
installations, cranes, furniture’s, computers & other accessories,
vehicles together with spares, tools and accessories and all other articles
lying / situated / installed on the premises at Plot No.E-19 to E-21 (EPIP
Zone), GIDC, Manjusar, Tal. Savli, Dist. |
FIXED ASSETS :
- Computer and Printer
- Electrical Installations
- Furniture and Fixtures
- Office Equipments
- Plant and Machinery
AS PER WEBSITE
Company Profile
Terrene Pharma is a manufacturer of empty hard capsules (EHC). The finished product is then packed and distributed in both the domestic and international markets across the globe.
Terrene Pharma is managed by three key executives
representing production, marketing, sales, and finance. These executives bring
to the company substantial and diversified experience in chemical/drug
manufacturing, regulatory compliance, management and financial control.
Terrene Pharma focuses on the specific needs of the
pharmaceutical and nutraceutical industry and provides greater
precision controls to the product than other capsule manufacturers.
Team
Executive Director - Chandrakant Patel
Chandrakant has worked in various industries in
Chandrakant has achieved many milestones in his professional career,
most notable being production and commercialisation of Chlorpropamide (used in
the treatment of non-insulin dependent diabetes) and Solanesol (used in the
treatment of heart diseases, cancers and ulcers.
In the chemical industry he was instrumental in revitalising an ailing
sodium cyanide manufacturing plant and commercialising the production of
Black-Nickel Oxide (used in the electronic component manufacturing industry.
He brings to the organisation over 21 years of experience in the
Pharmaceutical and Chemical industry, along with; 8 years of wide ranging
technocrat experience from the UN.
Executive Director - Prashant Yajnik
Prashant’s career centred around the Indian chemical industry before
being deputed in 1994 by the Indian Chemical Manufacturers Association to
represent India as an advisor during the negotiation/implementation of the
Chemical Weapons Convention (UN). He has distinctly represented
Prashant is a pioneer in the field of Organo-Chlorine based pesticides
and has acquired in-depth knowledge of Phosphorus based chemicals for their
application in pharmaceuticals. He has also been instrumental in implementing
major green-field projects in
He brings to the organisation over 25 years of experience in the
Pharmaceutical and Chemical industry, along with; 14 years of wide ranging
technocrat experience from the UN.
CEO - Devang Patel
Before launching Terrene Pharma, Devang worked as a Business
Consultant at a Anglo-Dutch steel conglomerate where he was the principle
architect of the group’s multi-platform knowledge and learning system. His expertise
lies in designing content and manufacturing management systems, reengineering
business process and providing due diligence prior to implementing production
systems across an organisation.
Devang graduated with a bachelor degree in electrical engineering and
followed it up with a masters degree in system engineering and management at
the world renowned Technical University of
He brings to the organisation valuable set of analytical and
technological knowledge along with a vast understanding of international
business management practices.
Vice President - Bhavin Patel
Bhavin completed his Bachelor of Business (Banking and Finance) and
Bachelor of Computing degree in 2005 from
In a relatively short period of time he has worked for Rhubarb
Enterprise as a Financial Accountant, Research Analyst at Property Investment
Research and at LaSalle Investments (a subsidiary of Jones Lang LaSalle) as an
Investment Analyst. As an Investment Analyst, he was responsible for
managing LaSalle's USD 1 billion exposure to the
He brings to the organisation a unique set of analytical and
technological skills along with sound competence in the area of finance. In
addition he along with Mr. Devang Patel provides the organisation with right
balance of experience and youthful start-up zest.
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 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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
12 |
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.