MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ZYG PHARMA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.08.1987 |
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Com. Reg. No.: |
11-044312 |
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CIN No.: [Company Identification
No.] |
U24230MH1987PTC044312 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ01034F |
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PAN No.: [Permanent Account No.] |
AAACZ0340D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and Exporter of creams, ointments, lotions and solutions |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
|
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 470000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular 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
|
Name : |
Mr. Kaladhar Narayan Mungi |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9981150157 |
|
Date : |
02.05.2011 |
LOCATIONS
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Registered Office : |
405-8 B Wing Navbharat Estzakaria Bunder Road, Sewri West, Mumbai –
400015, Maharashtra, India |
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Tel. No.: |
91-22-24158860 |
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Mobile No.: |
91-9981150157 (Mr. Kaladhar Narayan Mungi) |
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Fax No.: |
91-22-24158862 |
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E-Mail : |
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Website : |
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Area : |
2500 sq.ft |
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Location : |
Owned |
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Factory : |
Plot No. 810, Sector III, Pitampur Industrial Area, District Dhar –
454775, |
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Tel. No.: |
91-7292-256224/256449 |
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Fax No.: |
91-7292-256224/256449 |
DIRECTORS
As On 21.09.2010
|
Name : |
Mr. Sudhir Ajitkumar Merchant |
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Designation : |
Director |
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Address : |
8A, Suvas Apartments, 68-F, |
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Date of Birth/Age : |
25.08.1953 |
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Date of Appointment : |
17.08.1987 |
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DIN No.: |
00033406 |
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Name : |
Mr. Viren Ajitkumar Merchant |
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Designation : |
Managing Director |
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Address : |
9-B, Sonas Apartments, 68-F, |
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Date of Birth/Age : |
15.10.1965 |
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Date of Appointment : |
21.09.1989 |
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DIN No.: |
00033464 |
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Name : |
Mrs. Shaila Viren Merchant |
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Designation : |
Managing Director |
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Address : |
9-B, Sonas Apartments, 68-F, |
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Date of Birth/Age : |
10.11.1967 |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
01789821 |
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Name : |
Mr. Arun S. Karnik |
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Designation : |
Director |
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Address : |
38, Shreedeep, |
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Date of Birth/Age : |
30.07.1945 |
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Date of Appointment : |
20.09.1990 |
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Date of Ceasing : |
01.09.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Kaladhar Narayan Mungi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sudhir A. Merchant |
|
17016 |
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Nandini S Merchant |
|
15000 |
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Aditya S. Merchant |
|
15000 |
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Shaila V. Merchant |
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30200 |
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Viren A. Merchant |
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12416 |
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Rupa S. Merchant |
|
15000 |
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Ajitkumar Merchant |
|
15504 |
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Indumati A. Merchant |
|
15504 |
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Anjali V. Merchant |
|
9700 |
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Radhika V. Merchant |
|
9700 |
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Total |
|
155040 |
As On 21.09.2010
|
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 : |
Manufacture and Exporter of creams, ointments, lotions and solutions |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Ointments and Lotions |
M.T |
NA |
370.000 |
347.021 |
Note:-
1) Installed Capacity is
certified by the Management and accepted by Auditors, this being a technical
matter.
2) The Company is not
required to obtain licence under the Industries (Development and Regulation) Act,1956 and hence licenced
capacities are not applicable.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 180.800 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.
P. Asher and Company Chartered Accountant |
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Address : |
Vela Kutir, Plot No. 25, Navyug Society, V. M. Road, JVPD Road, Vile
Parle (W), Mumbai -400056, Maharashtra, India |
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Tel. No.: |
91-22-26192153 |
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E-Mail : |
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Pan No.: |
AACPA5226E |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
155040 |
Equity Shares |
Rs. 10/- each |
Rs. 1.550
Million |
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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 |
1.550 |
1.550 |
1.550 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
117.714 |
111.435 |
104.522 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
119.264 |
112.985 |
106.072 |
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LOAN FUNDS |
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1] Secured Loans |
141.592 |
138.266 |
122.539 |
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2] Unsecured Loans |
16.616 |
21.752 |
21.272 |
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TOTAL BORROWING |
158.208 |
160.018 |
143.811 |
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DEFERRED TAX LIABILITIES |
4.135 |
4.325 |
4.812 |
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TOTAL |
281.607 |
277.328 |
254.695 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
158.029 |
153.123 |
152.395 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.948 |
20.385 |
19.763 |
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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 |
56.691
|
59.775 |
44.289 |
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Sundry Debtors |
81.883
|
35.005 |
25.271 |
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Cash & Bank Balances |
58.511
|
24.500 |
15.571 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
85.761
|
89.421 |
86.104 |
|
Total
Current Assets |
282.846
|
208.701 |
171.235 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
45.736 |
40.078 |
30.622 |
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Other Current Liabilities |
66.072
|
13.071 |
10.980 |
|
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Provisions |
52.408
|
51.732 |
47.096 |
|
Total
Current Liabilities |
164.216
|
104.881 |
88.698 |
|
|
Net Current Assets |
118.630
|
103.820 |
82.537 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
281.607 |
277.3280 |
254.695 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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Income |
226.079 |
229.409 |
|
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Other Income |
57.446 |
38.243 |
|
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TOTAL (A) |
283.525 |
267.652 |
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Less |
EXPENSES |
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|
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
251.175 |
234.521 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
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Less |
FINANCIAL
EXPENSES (D) |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.350 |
33.131 |
34.606 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.461 |
22.277 |
12.289 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
10.889 |
10.854 |
22.317 |
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Less |
TAX (I) |
4.610 |
4.563 |
8.361 |
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PROFIT AFTER TAX
(G-I) (J) |
6.279 |
6.291 |
13.956 |
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BALANCE CARRIED
TO THE B/S |
6.279 |
6.291 |
13.956 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
21.153 |
11.058 |
9.402 |
|
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TOTAL EARNINGS |
21.153 |
11.058 |
9.402 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
24.910 |
11.574 |
0.666 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.578 |
|
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TOTAL IMPORTS |
24.910 |
11.574 |
2.244 |
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|
Earnings Per
Share (Rs.) |
40.50 |
40.57 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
230.000
(approximately) |
|
|
|
|
|
Expected Sales (2011-12) : Rs. 250.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.21
|
2.35 |
NA |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.82
|
4.73 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.47
|
3.00 |
6.90 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.10 |
0.21 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.70
|
2.34 |
2.19 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.99 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
The details of
sundry creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to micro, small and medium enterprises |
4.676 |
7.555 |
8.498 |
|
Others |
41.060 |
32.523 |
22.124 |
|
Total |
45.736 |
40.078 |
30.622 |
Trade References:
- Nicholas Piramal
- Solvay Pharma India Limited
- Stiefel India Private Limited
OPERATIONS:
The net sales for the year were Rs. 226.079 millions were 1.45% lower than the prior year (Rs.229.409 millions). The net profit after depreciation and tax for the year is Rs. 6.279 millions (Previous Year - Rs.6.291 millions).
Contingent liabilities not provided for:
i) Income tax
liability that may arise (excluding interest) in respect of which the
Department is in appeal before the Income Tax Appellate Tribunal : Rs. Nil (Previous year : Rs. Nil/-).
Fixed Assets:
- Leasehold land
- Lease improvement
- Factory buildings
- Plant and machinery
- Laboratory ware
- Electrical installation
- Air conditioning
- Effluent treatment plant
- Warehouse accessories
- Office equipments
- Furniture and fixture
- Computers including software
- Vehicles
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.73.89 |
|
Euro |
1 |
Rs.65.57 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.