MIRA
INFORM REPORT
|
Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNILAB CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
107/108, Anjani Complex, Plot No.316, Parera Hill Mroad, Andheri (East),
Mumbai-400 099, Maharasahtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.1978 |
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Com. Reg. No.: |
11-20256 |
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CIN No.: [Company Identification
No.] |
U2411MH1978PTC020256 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03870G |
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PAN No.: [Permanent Account No.] |
AAACV0707D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulk Drugs. |
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 130000 |
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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 a well 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) |
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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 |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Swarna |
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Designation : |
Accounts Department |
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Date : |
18.03.2011 |
LOCATIONS
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Registered Office : |
212, Majestic Shopping Centre, J S S Road, Girgaon, Mumbai-400 004, |
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Tel. No.: |
91-22-65704098/65705475/28260263 |
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Fax No.: |
94-22-28373987 |
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E-Mail : |
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Website : |
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Factory : |
W-32, MIDC, Phase II, Dombivli (East), Mumbai-421 204, Maharasahtra, |
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Tel. No.: |
91-251-2871942/2870632 |
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Fax No.: |
91-251-2870632 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Deepak Kantilal Vora |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
15.10.1953 |
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Date of Appointment : |
10.06.1994 |
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Name : |
Ms. Smita Deepak Vora |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
19.16.1957 |
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Date of Appointment : |
01.06.2001 |
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Name : |
Ms. Sarmishta Vora |
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Designation : |
Director |
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Address : |
47-A, |
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Date of Birth/Age : |
24.11.1930 |
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Date of Appointment : |
01.03.2001 |
KEY EXECUTIVES
|
Name : |
Ms. Swarna |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Deepak Kantilal Vora |
|
13750 |
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Rahul Deepak Vora |
|
10000 |
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Smita Deepak Vora |
|
1250 |
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Total |
|
25000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs. |
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Exports : |
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Products : |
Bulk Drugs |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
·
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
100 (Office-20, Factory-80) Approximately |
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Bankers : |
·
Industrial Development Bank of India Limited,
Damle building, ·
IDBI Bank Limited, IDBI tower Complex, Cuffe
Parade, Mumbai-400 005, |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
V. D. Lagu and Company Chartered Accountants |
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Address : |
3, Vaikhari Ground Floor, Near Parle Tilak Vidyalaya, Hanuman Road,
Vile Parle (East), Mumbai- 400 057, Maharasahtra, India |
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Tel. No.: |
91-22-26114719/26166159 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- Each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- Each |
Rs.2.500 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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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.809 |
24.786 |
21.524 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.309 |
27.286 |
24.024 |
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LOAN FUNDS |
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1] Secured Loans |
(0.019) |
1.400 |
4.400 |
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2] Unsecured Loans |
4.701 |
6.248 |
3.889 |
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TOTAL BORROWING |
4.682 |
7.648 |
8.289 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.991 |
34.934 |
32.313 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.541 |
7.885 |
7.740 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.504 |
0.246 |
0.045 |
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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 |
13.970
|
11.147 |
13.326 |
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Sundry Debtors |
24.975
|
30.018 |
24.456 |
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Cash & Bank Balances |
2.334
|
4.736 |
2.943 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
23.070
|
23.974 |
16.394 |
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Total
Current Assets |
64.349
|
69.875 |
57.119 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.646 |
36.921
|
24.892
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Other Current Liabilities |
2.717
|
2.111 |
2.559 |
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Provisions |
7.040
|
4.040 |
5.140 |
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Total
Current Liabilities |
36.403
|
43.072 |
32.591 |
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Net Current Assets |
27.965
|
26.803 |
24.528 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.010 |
34.934 |
32.313 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
19.741 |
6.970 |
8.305 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
10.718 |
1.613 |
1.575 |
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Profit for the
Year |
9.023 |
5.357 |
6.730 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.55
|
6.89 |
10.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.20 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
1.86 |
1.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.62 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
26.646 |
36.921
|
24.892 |
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U24110MH1978PTC020256 |
|
Name of the
company |
UNILAB CHEMICALS
AND PHARMACEUTICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
212, Majestic Shopping Centre, J S S Road, Girgaon, Mumbai-400 004, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10010735 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
IDBI Bank Limited, IDBI tower Complex, Cuffe Parade, Mumbai-400 005, |
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Nature of
description of the instrument creating or modifying the charge |
Loan - cum -
hypothecation agreement |
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Date of
instrument Creating the charge |
24.04.2010 |
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Amount secured by
the charge |
Rs.30.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) CC - at BPLR +
0.50% 2) PC & FBP/FBN - at BPLR - 2.5% upto 180 days & BPLR + 3% for
above 180 days 3) LC & BG - as per SOC Terms of
Repayment CC, PC, FBP/FBN
& BG - Repayment within 12 months on demand. LC - Repayment within 90 days on demand. Margin 1) CC - 25% over
stock & 40% over book debts of less than 90 days 2) PC - 10% 3) FBP/FBN - NIL 4) LC - 15% in
the form of FDR 5) BG - 25% in
the form of FDR Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges, expenses etc. Others Details of credit
facilities as under :- (Rs. in Millions) 1) Cash
Credit - Rs. 5.000
2) Packing
Credit - Rs. 2.000 3) FBP/FBN - Rs. 2.200 4) Letter of
Credit - Rs.18.000 5) Bank Guarantee
- Rs. 3.000 --------------- Total Rs.30.200 |
|
Short particulars
of the property charged |
First and
exclusive charge and security by way of hypothecation of all present and
future current assets including stocks and book debts and plant &
machineries |
|
Date of latest
modification prior to the present modification |
22.02.2008 |
|
Particulars of
the present modification |
Charge enhanced
from Rs.20.000 millions- to Rs.30.200 millions. |
Fixed Assets:
·
Land
·
·
Plant and Machinery
·
Air Handling System
·
Motor Car
·
Furniture and Fixture
·
Office Equipments
·
Cycle
·
Computer
·
Office Equipments
·
Glass Equipments
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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
5 |
|
--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 |
YES |
|
--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.