MIRA
INFORM REPORT
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Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
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Name : |
FORBES PHARMACEUTICALS |
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Registered Office : |
403, Yogeshwar, 135/139, Kazi Sayed Street, Mumbai – 400003, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Year of Establishment : |
1972 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of EDTA Compound, Molybdenum Compound. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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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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 partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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
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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
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Name : |
Mr. Mudit M. Kamdar |
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Designation : |
Partner |
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Contact No.: |
91-9819885930 |
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Date : |
23.03.2011 |
LOCATIONS
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Registered Office/ Factory : |
403, Yogeshwar, 135/139, Kazi Sayed Street, Mumbai – 400003, |
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Tel. No.: |
91-22-21024041/ 21024243/ 23426542 |
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Fax No.: |
91-22-25027777/ 23420913 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
507, Business Park, Tilak Road Corner, Ghatkopar (East), Mumbai –
400077, Maharashtra, India |
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Factory : |
Plot No.N-172, MIDC, Tarapur, Boisar (West), District Thane,
Maharashtra, India |
PARTNERS
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Name : |
Mr. Anurva M. Kamdar |
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Designation : |
Partner |
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Date of Birth/Age : |
28 years |
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Qualification : |
B. Tech |
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Name : |
Mr. Mudit M. Kamdar |
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Designation : |
Partner |
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Date of Birth/Age : |
24 years |
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Qualification : |
B. Tech |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of EDTA Compound, Molybdenum Compound. |
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Products : |
·
EDTA Compound ·
Copper Compound ·
Molybdenum Compound ·
Vanadium Compound ·
Zinc Compound ·
Cobait Compound ·
Inorganic Compound ·
Organic Compound ·
Nicotine Compound ·
Agriculture Compound |
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Exports : |
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Products : |
All Products |
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Countries : |
·
·
·
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Gulf countries ·
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
45 (In Office-30 and In Factory-15) (Approximately) |
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Bankers : |
·
Union Bank of Ghatkopar Branch, Mumbai, ·
Dena Bank Ghatkopar Branch, Mumbai, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. N. Shah Chartered Accountant |
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Address : |
Mumbai, |
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Sister Concern : |
·
Yogidre Chem Private Limited 403, Yogeshwar, 135/139, Kazi Sayed Street, Mumbai – 400003, (Manufacturer of EDTA Compound, Copper Compound, Molybdenum Compound,
Vanadium Compound, Zinc Compound, Cobait Compound) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2010 |
31.03.2009 |
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Sales Turnover |
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250.000 |
180.000 |
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Expected Sales (2010-2011) : Rs. 350.000 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
·
Ranbaxy
WEBSITE DETAILS:
PROFILE:
Subject is a reputed manufacturer and exporter of specialty chemicals
and compounds, which form an important ingredient for varying industrial units
like: food, textile, pharmaceuticals, dyes industry, rubber and others. Since
its inception in the year 1980, the company has been at the front edge in the
chemical sector and has been offering quality metal salts including Zinc,
Copper, Nickel, Vanadium, Molybdium, Cobalt, Iodine, Silver, Paladium,
Platinum, Tungstan and many more. Most of the players in this industry find it
hard to be match the quality and diversity of their range.
Continuing with the outstanding growth in the chemical sector and expanding its
product portfolio, the company introduced a new product range of Nicotine in
the year 1995, which proved to be highly beneficial for the pharmaceuticals
industries. Moreover, the company's range of products likes: Sulphates,
Nitrates, Nitrites, Carbonates and Oxides are widely in demand and serve
varying purposes.
Furthermore, several initiatives are taken by the company towards process
development of industry specific chemicals and allied compounds that have
various applications in distinct industries. The company's endeavors are
directed towards providing complete and integrated service based on safe and
cost effective measures and environmental standards.
INFRASTRUCTURE
They have established a huge manufacturing unit at
They have broad range of process capabilities, in addition to a fully equipped
pilot facility, high rectification distillation, continuous-flow fixed bed
reactors, and specialized equipment for polymer manufacturing. With around
three decades of fine chemical experience, they can safely perform virtually
any chemical reaction and can handle hazardous materials as well.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.77 |
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|
1 |
Rs.72.66 |
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Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.