MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ABIL CHEMPHARMA PRIVATE LIMITED |
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Registered
Office : |
A-301, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.09.2002 |
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Com. Reg. No.: |
11-137264 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51397MH2002PTC137264 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Manufacturer and Exporter of Active
Pharmaceutical Ingredients, Pharmaceutical Injectable, Paracetamol Capsule,
Pharmaceutical Tablets, etc. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 66000 |
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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 company having satisfactory track. There
appears some dip in the turnover and profitability of the company. However, networth
appears to be satisfactory. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct. 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) |
|
|
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 : |
A-301, |
|
Tel. No.: |
91-22-26822392/ 93/ 26822532/ 39523338/ 268466642/ 268466643/ 39523338
|
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Fax No.: |
91-22-26822391 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Located at: v Bhiwandi v Vapi |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Nirav Vikram Maniar |
|
Designation : |
Director |
|
Address : |
K-5 Kutir, Ram Laxman Kutir, Housing Society Limited, Azad Loan,
Andheri (West), Off |
|
Date of Birth/Age : |
05.11.1975 |
|
Date of Appointment : |
18.09.2002 |
|
DIN No.: |
00162331 |
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|
|
|
Name : |
Mr. Vikram Vadilal Maniar |
|
Designation : |
Additional Director |
|
Address : |
K-5 Kutir, Ram Laxman Kutir, Housing Society Limited, Azad Loan,
Andheri (West), Off |
|
Date of Birth/Age : |
27.07.1943 |
|
Date of Appointment : |
11.02.2010 |
|
DIN No.: |
00043519 |
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|
|
|
Name : |
Mr. Praesh Shantilal Bagadia |
|
Designation : |
Additional Director |
|
Address : |
A/302, Jai Shankar Kripa, 3rd Floor, Opposite Bhuta High
School, Old Nagarda Road, Andheri (East), Mumbai – 400 069, Maharashtra,
India |
|
Date of Birth/Age : |
02.07.1964 |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
01636125 |
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|
|
|
Name : |
Mr. Rajesh Jairam Nayak |
|
Designation : |
Additional Director |
|
Address : |
2/10, Bimal Apartments, Hindu Friends Society, Jogeshwari (East),
Mumbai – 400 060, |
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Date of Birth/Age : |
19.04.1962 |
|
Date of Appointment : |
01.11.2010 |
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Date of Ceasing : |
01.02.2011 |
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DIN No.: |
01184018 |
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|
|
|
Name : |
Mr. Vinay Govindaji Gathani |
|
Designation : |
Director |
|
Address : |
13-A/288, Hira House, |
|
Date of Birth/Age : |
20.10.1959 |
|
Date of Appointment : |
01.07.2006 |
|
Date of Ceasing : |
11.02.2010 |
|
DIN No.: |
00527134 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nirav Vikram Maniar |
|
80000 |
|
Namita Maniar |
|
20000 |
|
Total |
|
100000 |
As on 31.03.2011
|
Names of Allottees |
|
No. of Shares |
|
Nirav Vikram Maniar |
|
150000 |
|
Total |
|
150000 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Active
Pharmaceutical Ingredients, Pharmaceutical Injectable, Paracetamol Capsule,
Pharmaceutical Tablets, etc. |
|
|
|
|
Products : |
GENERAL INFORMATION
|
No. of Employees : |
20 (Approximately) |
|
|
|
|
Bankers : |
Bank of |
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|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Parikh and Amin Associates Chartered Accountant |
|
Address : |
205, 2nd Floor, B-Wing, Abhinav Apartments, 302, |
|
Tel. No.: |
91-22-26161717 / 26161818 |
|
Fax No.: |
91-22-26174646 |
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E-Mail : |
|
|
PAN No.: |
AABFM0369B |
CAPITAL STRUCTURE
After 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.465 |
14.535 |
10.059 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.465 |
15.535 |
11.059 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.187 |
0.137 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.652 |
15.672 |
11.059 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.759 |
5.024 |
5.331 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.016 |
0.016 |
0.016 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.015
|
5.594
|
17.547
|
|
|
Sundry Debtors |
45.661
|
54.812
|
109.110
|
|
|
Cash & Bank Balances |
10.033
|
13.170
|
8.415
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
10.970
|
9.274
|
4.606
|
|
Total
Current Assets |
67.679
|
82.850 |
139.678 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.426
|
66.832 |
129.885 |
|
|
Other Current Liabilities |
0.389
|
0.769 |
0.362 |
|
|
Provisions |
4.987
|
4.617
|
3.719
|
|
Total
Current Liabilities |
55.802
|
72.218
|
133.966
|
|
|
Net Current Assets |
11.877
|
10.632
|
5.712
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.652 |
15.672 |
11.059 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
188.781 |
431.327 |
516.320 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
188.781 |
431.327 |
516.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
187.144 |
424.338 |
508.708 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
187.144 |
424.338 |
508.708 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.637 |
6.989 |
7.612 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.287 |
0.308 |
0.393 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.350 |
6.681 |
7.219 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.420 |
2.206 |
3.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
0.930 |
4.475 |
3.332 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.234 |
7.759 |
5.427 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
1.000 |
|
|
BALANCE CARRIED
TO THE B/S |
13.164 |
12.234 |
7.759 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13.666 |
13.666 |
12.133 |
|
|
|
Brokerage |
0.856 |
0.236 |
0.000 |
|
|
TOTAL EARNINGS |
14.522 |
13.902 |
12.133 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.00 |
45.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.49
|
1.55 |
0.65
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.86
|
7.60 |
4.98
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.43 |
0.65
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.39
|
4.65 |
12.11
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.15 |
1.04
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51397MH2002PTC137264 |
|
Name of the
company |
ABIL CHEMPHARMA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A-301, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of E-Mail: sanwes@bankofbaroda.com |
|
Nature of
instrument creating charge |
Memorandum of
Deposit of Original Documents / Title Deeds
|
|
Date of
instrument Creating the charge |
06.11.2007 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Extent and
operation of the charge: Mortgage by
deposit of Title Deeds in respect of Company’s immovable properties (a) Office
premises No. 304, 3rd Floor, A wing, Kailash Tower Co-Operative
Housing Society Limited constructed on land bearing CTS. No. 343, Survey no.
26A, Hissa no. 5 part, village Gundavali, Taluka – Andheri, admeasuring 501
Sq. Feet (b) Office
Premises No. 305, 3rd Floor, A Wing, Kailash Tower Co-Operative
Housing Society Limited constructed on land bearing CTS. No. 343, Survey no.
26A, Hissa no. 5 part, village Gundavali, Taluka – Andheri, admeasuring 612
Sq. Feet. Others Other Terms and
Conditions as per Memorandum of Deposit of Original Documents / Title Deeds dated
06.11.2007. |
|
Particulars of
the property charged |
Mortgage by
deposit of Title Deeds in respect of Company’s immovable properties (a) Office premises No. 304, 3rd
Floor, A wing, Kailash Tower Co-Operative Housing Society Limited constructed
on land bearing CTS. No. 343, Survey no. 26A, Hissa no. 5 part, village
Gundavali, Taluka – Andheri, admeasuring 501 Sq. Feet (b) Office Premises No. 305, 3rd
Floor, A Wing, Kailash Tower Co-Operative Housing Society Limited constructed
on land bearing CTS. No. 343, Survey no. 26A, Hissa no. 5 part, village
Gundavali, Taluka – Andheri, admeasuring 612 Sq. Feet. |
FIXED ASSETS:
v Computer
v Air Conditioner
v Office Equipment
v Furniture and Fixture
v Mobile Phone
v Office Premises
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
|
45 |
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.