%20LIMITED%20-%20140903%2003-May-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
Note:
Correct name of the company is “MAXHEAL PHARMACEUTICALS (INDIA)
LIMITED”.
IDENTIFICATION DETAILS
|
Name : |
MAXHEAL PHARMACEUTICALS ( |
|
|
|
|
Registered
Office : |
102/103, Tulsi Niwas, Pushtikar Co-Operative Society Limited,
Jogeshwari (West), Mumbai – 400 102, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.06.2009 |
|
|
|
|
Com. Reg. No.: |
11-193624 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100MH2009PLC193624 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM36630G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM0717K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Pharmaceuticals Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 78000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a successor of Maxheal Pharmaceuticals a partnership
concern started in the year 1984. It is a company having moderate track. Trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The concern can be considered for small 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
102/103, Tulsi Niwas, Pushtikar Co-Operative Society Limited,
Jogeshwari (West), Mumbai – 400 102, |
|
Tel. No.: |
91-22-42767718 (30 lines)/ 26786103/ 104 |
|
Fax No.: |
91-22-26786105 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
95/6, MIDC, Satpur, Nashik – 422 007, |
|
Tel. No.: |
91-253-2350021 |
|
Fax No.: |
91-253-2353951 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Maxheal Laboratories Private Limited Plot No. 2-7/80-85, SURSEZ, Sachin, District – |
|
Tel. No.: |
91-261-2397135 |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Madan Mohanlal Sakhala |
|
Designation : |
Managing Director |
|
Address : |
A-702, |
|
Date of Birth/Age : |
04.11.1948 |
|
Qualification : |
Diploma in Pharmaceuticals |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00475606 |
|
|
|
|
Name : |
Mrs. Hemlata Madan Sakhala |
|
Designation : |
Director |
|
Address : |
A-702, |
|
Date of Birth/Age : |
26.09.1951 |
|
Date of Appointment : |
29.06.2009 |
|
DIN No.: |
00475674 |
|
|
|
|
Name : |
Mr. Mehul Madan Sakhala |
|
Designation : |
Director |
|
Address : |
A-702, |
|
Date of Birth/Age : |
03.06.1985 |
|
Date of Appointment : |
29.06.2009 |
|
DIN No.: |
00475715 |
KEY EXECUTIVES
|
Name : |
Mr. Haresh Sanghvi |
|
Designation : |
Senior Manager-International Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Madan M. Sakhala |
|
720000 |
|
Hemlata M. Sakhala |
|
230000 |
|
Mehul M. Sakhala |
|
10000 |
|
Madan M. Sakhala (HUF) |
|
10000 |
|
Rachana Kalpesh Loonawat |
|
10000 |
|
Priya Atul Lalwani |
|
10000 |
|
Manisha K. Kothari |
|
10000 |
|
Total
|
|
1000000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Products. |
|
|
|
|
Products : |
·
Capsules ·
Tablets |
GENERAL INFORMATION
|
No. of Employees : |
25 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.B. Chhajed and Company Chartered Accountants |
|
Address : |
202, |
|
|
|
|
Sister Concerns : |
Ally Pharma
Options Private Limited CIN No.: U24230MH2003PTC138511 Office Address: Located at Jogeshwari, Mumbai, Factory Address: J-7, MIDC, Tel. No.: 91-2525-261100 Fax No.: 91-2525-261109 E-Mail: apopl@maxheal.in |
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 :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
29.06.2009 to
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9.623 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
19.623 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
117.553 |
|
|
2] Unsecured Loans |
|
|
95.570 |
|
|
TOTAL BORROWING |
|
|
213.123 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
232.746 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
35.097 |
|
|
Capital work-in-progress |
|
|
1.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
28.457 |
|
|
DEFERREX TAX ASSETS |
|
|
0.057 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
103.840 |
|
|
Sundry Debtors |
|
|
215.771 |
|
|
Cash & Bank Balances |
|
|
2.685 |
|
|
Other Current Assets |
|
|
28.051 |
|
|
Loans & Advances |
|
|
26.566 |
|
Total
Current Assets |
|
|
376.913 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
203.172 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
5.606 |
|
Total
Current Liabilities |
|
|
208.778 |
|
|
Net Current Assets |
|
|
168.135 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
232.746 |
|
%20LIMITED%20-%20140903%2003-May-2011_files/image003.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
29.06.2009 to
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
453.107 |
|
|
|
Other Income |
|
|
12.121 |
|
|
|
TOTAL (A) |
|
|
465.228 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Semi Finished Goods |
|
|
(11.773) |
|
|
|
Raw Material Consumed |
|
|
378.759 |
|
|
|
Cost of |
|
|
9.015 |
|
|
|
Manufacturing Expenses |
|
|
21.129 |
|
|
|
Personnel Expenses |
|
|
9.531 |
|
|
|
Office and Administrative Expenses |
|
|
8.120 |
|
|
|
Selling and Distribution Expenses |
|
|
11.460 |
|
|
|
Preliminary Expenses |
|
|
0.206 |
|
|
|
TOTAL (B) |
|
|
426.447 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
38.781 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
22.366 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
16.415 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
4.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
11.765 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
2.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
9.622 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
9.622 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
9.62 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
29.06.2009 to
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
2.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
2.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
2.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
21.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.81 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U73100MH2009PLC193624 |
|
Name of the
company |
MAXHEAL PHARMACEUTICALS ( |
|
Address of the
registered office or of the principal place of business in |
102/103, Tulsi Niwas, Pushtikar Co-Operative Society Limited,
Jogeshwari (West), Mumbai – 400 102, E-Mail: msakhla@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10213957 |
|
Type of charge |
Book Debts Movable Property Others (Stocks,
Packing Material, Goods etc.) |
|
Particular of
charge holder |
Oriental Bank of Commerce, Malad (West) Branch, Vikas Chambers, E-Mail: emailroc@rediffmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement to Secure Credit/ Loan Facilities. |
|
Date of
instrument Creating the charge |
25.09.2010 |
|
Amount secured by
the charge |
Rs.144.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest rate and
Penal interest rate as agreed between the borrower company and the bank from
time to time. Terms of
Repayment: Repayment, as
agreed between the borrower company and the bank from time to time. Margin: Margin rate, as
agreed between the borrower company and the bank from time to time. Extent and
Operation of the charge: At the request of
the borrower company, bank has revised overall banking limits upto Rs.144.000
millions [i.e. PCI/ PCFC limit Rs.114.000 millions, Letter of Credit (Inland/
Foreign) Rs.30.000 millions, Sub-Limit Bank Guarantee Rs.3.200 millions]
against hypothecation of entire stocks of Raw Material, Finished goods, Work
in Progress, Packing Material relating to Drug and Pharmaceuticals,
formulations of the company lying at factory at Nashik and book debts. The Charge stands
modified upto Rs.144.000 millions. |
|
Short particulars
of the property charged |
Hypothecation of entire
stock of raw material, finished goods, work in process, packing material
relating to drug and pharmaceuticals, formulations of firm lying at factory
at Nashik and office at Jogeshwari and at other places, goods in transit and
book debts |
|
Particulars of
the present modification |
At the request of
the borrower company, bank has revised overall banking limits upto Rs.144.000
millions [i.e. PCI/ PCFC limit Rs.114.000 millions, Letter of Credit (Inland/
Foreign) Rs.30.000 millions, Sub-Limit Bank Guarantee Rs.3.200 millions]
against hypothecation of entire stocks of Raw Material, Finished goods, Work
in Progress, Packing Material relating to Drug and Pharmaceuticals,
formulations of the company lying at factory at Nashik and book debts. The Charge stands
modified upto Rs.144.000 millions. |
|
Corporate
identity number of the company |
U73100MH2009PLC193624 |
|
Name of the
company |
MAXHEAL PHARMACEUTICALS ( |
|
Address of the registered
office or of the principal place of
business in |
102/103, Tulsi Niwas, Pushtikar Co-operative Society Limited,
Jogeshwari (West), Mumbai - 400 102, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others – Stocks,
Packing Material |
|
Particular of
charge holder |
Oriental Bank of Commerce, Vikas Chambers, link Road, Malad (West),
Mumbai – 400064, Email: emailroc@rediffmail.com |
|
Nature of
instrument creating charge |
Bank Letter dated
10th August, 2010 [w.e.f 31st July, 2010] |
|
Date of
instrument Creating the charge |
31.07.2010 |
|
Amount secured by
the charge |
Rs. 125.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest rate and
Penal interest rate as agreed between the borrower company and the bank from
time to time. Terms of repayment Repayment, as
agreed between the borrower company and the bank from time to time. Margin Margin rate, as
agreed between the borrower company and the bank from time to time. Extent and operation of the charge At the request of
the borrower company, bank has adjusted Ad-Hoc Packing Credit Limit of Rs.
19.000 millions. The Packing Credit limit stands reduced from Rs. 114.000
millions to Rs. 95.000 millions and effectively the total banking limits
stands reduced upto Rs. 125.000 millions [i. e PCL/PCFC limit Rs.95.000
millions and Letter of Credit (Inland/Foreign) Rs. 30.000 millions (Sub Limit
Bank Guarantee Rs. 5.000 millions] against Continuation of charge by way of
Hypothecation of stock of raw material, finished goods etc. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Entire stock of raw material, finished goods, work in process, packing
material relating to drug and pharmaceuticals formulations of
firm lying at factory at Nasik and office at Jogeshwari (W), goods in transit
and book debts of firms. |
|
Particulars of
the present modification |
At the request of
the borrower company, bank has adjusted Ad-Hoc Packing Credit Limit of Rs.
19.000 millions. The Packing Credit limit stands reduced from Rs. 114.000
millions to Rs. 95.000 millions and effectively the total banking limits
stands reduced upto Rs. 125.000 millions [i. e PCL/PCFC limit Rs.95.000
millions and Letter of Credit (Inland/Foreign) Rs. 30.000 millions (Sub Limit
Bank Guarantee Rs. 5.000 millions] against Continuation of charge by way of
Hypothecation of stock of raw material, finished goods etc. |
WEBSITE DETAILS:
PROFILE
An ISO – 9001:2008 and WHO (GMP) certified
company,
subject is one of the manufacturers and exporters of a vast range of high
quality pharmaceutical products like pharmaceutical drug formulations and drug
suspensions.
The range of products includes Anthelmentics, Analgesics, Antipyretics,
Antibiotics, B- Lactum, Vitamins, Anti-TB, Anti-inflammatory, Anti-Bacterials,
CNS and more, which are available in various forms, such as capsules, tablets,
drug syrup suspension, injections.
AWARDS AND CERTIFICATION
Mr. Madan Sakhala, Director of M/s Subject
receiving "Niryat Shree" 2003 award from Hon. Shri Bhairav Singh
Shekhavat - Vice President, Government
of India, along with Mr. Shah Nawaz Hussain - Hon. Minister of State for
Civil Aviation, Government of India.
- WHO-GMP
certifications.
- ISO 9001:2000
certification.
- Export
Recognition Award (Niryat Shree) in 2003 by Federation of Indian Export
Organization (FIEO).
- Received TWO
STAR Export House status by Government of India.
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.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.