MIRA
INFORM REPORT
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Report Date : |
28.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
VISA DRUGS AND PHARMACEUTICALS PRIVATE LIMITED (w.e.f. 04.02.2010) |
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Formerly Known
As : |
DUPHAR PHARMACEUTICALS INDIA PRIVATE LIMITED |
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Registered
Office : |
24/25, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.07.2008 |
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Com. Reg. No.: |
21-127222 |
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CIN No.: [Company Identification
No.] |
U85100WB2008PTC127222 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 47000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is three years old company having moderate track.
Profitability of the company appears to be low. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
LOCATIONS
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Registered Office / Factory: |
24/25, |
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Tel. No.: |
91-33-26663064 |
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E-Mail : |
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Factory: |
Vill Gullarwala, Near |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Aditya Balasaria |
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Designation : |
Director |
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Address : |
40, |
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Date of Birth/Age : |
02.03.1977 |
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Date of Appointment : |
07.07.2008 |
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DIN No.: |
02228287 |
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Name : |
Mr. Madhusudan Balasaria |
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Designation : |
Director |
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Address : |
35/1, Diamond Harbour Road, Flat -105, Harbour Heights, P S South
Port, Kolkata-700027, West Bengal, India |
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Date of Birth/Age : |
30.08.1954 |
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Date of Appointment : |
07.07.2008 |
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DIN No.: |
02233059 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Aditya Balasaria |
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5000 |
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Madhusudan Balasaria |
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5000 |
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Total |
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10000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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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 : |
Manufacturer of Pharmaceutical Formulations. |
GENERAL INFORMATION
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Bankers : |
Allahabad Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agarwal N and Associates Chartered Accountant |
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Address : |
32, |
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Tel. No.: |
91-33-40052004 |
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Mobile No.: |
91-9830993272 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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11.500 |
0.000 |
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3] Reserves & Surplus |
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0.240 |
0.028 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.840 |
0.128 |
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LOAN FUNDS |
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1] Secured Loans |
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116.725 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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116.725 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.012 |
0.000 |
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TOTAL |
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128.577 |
0.128 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.454 |
0.000 |
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Capital work-in-progress |
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124.080 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.555
|
0.000 |
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Sundry Debtors |
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2.096
|
0.000 |
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Cash & Bank Balances |
|
0.431
|
0.124 |
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Other Current Assets |
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0.000
|
0.000 |
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Loans & Advances |
|
0.055
|
0.000 |
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Total
Current Assets |
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6.137
|
0.124 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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2.007
|
0.000 |
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Other Current Liabilities |
|
0.010
|
0.005 |
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Provisions |
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0.095
|
0.015 |
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Total
Current Liabilities |
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2.112
|
0.020 |
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Net Current Assets |
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4.025
|
0.104 |
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MISCELLANEOUS EXPENSES |
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0.018 |
0.024 |
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TOTAL |
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128.577 |
0.128 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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93.826 |
88.699 |
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Other Income |
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0.000 |
0.000 |
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TOTAL |
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93.826 |
88.699 |
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Less |
EXPENSES |
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Purchases |
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96.697 |
88.636 |
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Administrative and Selling Expenses
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0.358 |
0.013 |
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Preliminary Expenses Written Off |
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0.006 |
0.006 |
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Financial Expenses |
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0.000 |
0.000 |
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Increase / Decrease in Stock |
|
(3.555) |
0.000 |
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TOTAL |
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93.506 |
88.655 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
0.320 |
0.044 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
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0.001 |
0.000 |
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PROFIT BEFORE
TAX |
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0.319 |
0.044 |
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Less |
TAX |
|
0.108 |
0.016 |
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PROFIT AFTER TAX
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|
0.211 |
0.028 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.028 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
0.239 |
0.028 |
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Earnings Per
Share (Rs.) |
|
21.10 |
2.80 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
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0.22 |
0.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.34 |
0.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.84 |
35.48 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.04 |
0.15 |
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Current Ratio (Current Asset/Current Liability) |
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2.90 |
6.20 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10226281 |
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Corporate
identity number of the company |
U85100WB2008PTC127222 |
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Name of the
company |
VISA DRUGS &
PHARMACEUTICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
24/25, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Allahabad Bank, |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Memorandum of
Entries dated 29.11.2010 |
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Date of
instrument Creating the charge |
29.11.2010 |
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Amount secured by
the charge |
Rs.350.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest same as earlier
agreement Terms of
Repayment same as earlier
agreement Margin same as earlier
agreement |
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Short particulars
of the property charged |
I)
All that
piece and parcel of land bearing Khasra No.372/1 measuring 4 bighas 5 Biswa,
Kasra No.369/2/3, measuring 9 Biswa and Khasra No.373 measuring 1 Bigha 4
Biswa Hadbast No.194 total land II)
Measuring
5 Bighas 19 Biswa situated at village Gullaewala, Tehsil Baddi, District
Solan (H.P) with building constructed thereon along with all civil works,
plant and machineries with accessories III)
With
fitting and other assets, furniture and fixture, electricity on as is where
is basis. Excluding the above said property all other terms and conditions
remain same as continue to before in full IV)
Force
and effect. V)
Personal
Guarantee of Sri Madhusudan Balasaria,
Sri Aditya Balasaria and Smt. Alka Balasaria |
|
Particulars of
the present modification |
By this
modification the overall credit facilities remain same of Rs.350.000 Millions
and in additional a equitable mortgage has been created |
Fixed Assets:
- Land
- Shed and Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment
- Computer
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.