1. Summary Information
|
|
|
Country |
|
|
Company Name |
Maxim Pharmaceuticals Private Limited |
Principal Name 1 |
Mr. Ashok K Dhoka |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Manjula A Dhoka |
|
|
|
Registration # |
25-13106 |
|
Street Address |
No.4/16, |
||
|
Established Date |
10.12.1998 |
SIC Code |
-- |
|
Telephone# |
91-20-26454269 / 020 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-20-26445550 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
Tablets |
|
# of employees |
80 Approximately |
Product Name 2 |
Capsules |
|
Paid up capital |
Rs.2,450,000/- |
Product Name 3 |
Powder |
|
Shareholders |
Directors
or relatives of directors (100.00%) |
Banking |
Corporation Bank |
|
Public Limited Corp. |
NO |
Business Period |
13 Years |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
91,912,000 |
Current Liabilities |
65,940,000 |
|
Inventories |
13,707,000 |
Long-term Liabilities |
61,065,000 |
|
Fixed Assets |
67,719,000 |
Other Liabilities |
653,000 |
|
Deferred Assets |
000 |
Total Liabilities |
127,658,000 |
|
Invest& other Assets |
243,000 |
Retained Earnings |
43,473,000 |
|
|
|
Net Worth |
45,923,000 |
|
Total Assets |
173,581,000 |
Total Liab. & Equity |
173,581,000 |
|
Total Assets (Previous Year) |
115,689,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
261,300,000 |
Net Profit |
NA |
|
Sales(Previous yr) |
199,425,000 |
Net Profit(Prev.yr) |
4,060,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAXIM PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No.4/16, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
10.12.1998 |
|
|
|
|
Com. Reg. No.: |
25-13106 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.450 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24239PN1998PTC013106 |
|
|
|
|
IEC No.: |
3103007647 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCM8428N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Medicines, Pharmaceutical Formulations and Drugs |
|
|
|
|
No. of Employees : |
80 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 180000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Alizeb |
|
Designation : |
Chartered Accountant |
|
Contact No.: |
91-9823366810 |
|
|
|
|
Name : |
Mr. Ashok Dhoka |
|
Designation : |
Director |
|
Contact No.: |
91-9881398081 |
|
|
|
|
Name : |
Mr. Vishal Dhoka |
|
Designation : |
Director |
|
Contact No.: |
91-9850878081 |
LOCATIONS
|
Registered Office : |
No.4/16, |
|
Tel. No.: |
91-20-26454269 / 020 |
|
Mobile No.: |
91-9881398081 (Mr. Ashok Dhoka) 91-9850878081 (Mr. Vishal Dhoka) |
|
Fax No.: |
91-20-26445550 |
|
E-Mail : |
|
|
Area : |
1060 sq. ft. |
|
Locations : |
Owned |
|
|
|
|
Factory : |
Plot No.11-12
Kumar Industrial Estate, Gat No. 1251-1261, Alandi Markal Road, Markal Khed,
Pune – 412105, |
|
Tel No.: |
91-2135-665972-3 |
|
Fax No.: |
91-2135-665971 |
|
E-Mail : |
|
|
Area : |
@25000 sq. ft. |
|
Locations : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ashok Kundanmal Dhoka |
|
Designation : |
Managing Director |
|
Address : |
4/16, |
|
Date of Birth/Age : |
08.07.1952 |
|
Qualification : |
Pharm Graduate |
|
Date of Appointment : |
10.12.1998 |
|
DIN No.: |
00409742 |
|
|
|
|
Name : |
Mrs. Manjula Ashok Dhoka |
|
Designation : |
Whole- Time Director |
|
Address : |
4/16, |
|
Date of Birth/Age : |
10.11.1954 |
|
Qualification : |
B. A. Graduate |
|
Date of Appointment : |
10.12.1998 |
|
PAN No.: |
ADTPD2998Q |
|
DIN No.: |
00507112 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Manjula Ashok Dhoka |
|
119010 |
|
Ashok Kundanmal Dhoka |
|
126010 |
|
Vishal Ashok Dhoka |
|
10 |
|
Nikita Nitin Parmar |
|
10 |
|
Total |
|
245040 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medicines, Pharmaceutical Formulations and Drugs |
|
|
|
|
Products : |
·
Tablets ·
Capsules ·
Powder ·
Syrup |
PRODUCTION STATUS AS ON 31.03.2009)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Tablets |
Nos. |
3600.00 |
426 |
|
Capsules |
Nos. |
1000.00 |
37.00 |
|
Dry Syrup |
Nos. |
50.00 |
18.00 |
GENERAL INFORMATION
|
No. of Employees : |
80 Approximately |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Corporation
Bank ·
Central
Bank of 317, ·
HDFC Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A M Kankaria and Company Chartered Accountant |
|
Address : |
112/113, TimeSquare, |
|
Mobile No.: |
91-9823647448/ 9623026766 |
|
PAN No.: |
ABJPK2896E |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
|
245040 |
Equity Shares |
Rs.10/- Each |
Rs.2.450
Millions |
(Of the above shares 98000 shares have been
allotted as fully paid up pursuant to a contract without payment being received
in cash)
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 |
2.450 |
2.450 |
2.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
43.473 |
34.255 |
29.005 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
45.923 |
36.705 |
31.455 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
36.162 |
8.481 |
5.724 |
|
|
2] Unsecured Loans |
24.903 |
24.903 |
21.103 |
|
|
TOTAL BORROWING |
61.065 |
33.384 |
26.827 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
106.988 |
70.089 |
58.282 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
67.719 |
49.467 |
24.450 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.243 |
0.230 |
5.055 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.707
|
9.736
|
6.453
|
|
|
Sundry Debtors |
77.503
|
42.701
|
35.169
|
|
|
Cash & Bank Balances |
0.751
|
2.360
|
3.719
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
13.658
|
11.195
|
9.910
|
|
Total
Current Assets |
105.619
|
65.992
|
55.251
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.846
|
40.868
|
21.285 |
|
|
Other Current Liabilities |
3.094
|
2.428
|
2.158
|
|
|
Provisions |
0.653
|
2.304
|
3.031
|
|
Total
Current Liabilities |
66.593
|
45.600
|
26.474
|
|
|
Net Current Assets |
39.026
|
20.392
|
28.777
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
106.988 |
70.089 |
58.282 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Turnover |
261.300 |
199.425 |
273.139 |
|
|
|
Other Income |
NA |
0.683 |
0.918 |
|
|
|
TOTAL (A) |
NA |
200.108 |
274.057 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
146.287 |
179.153 |
|
|
|
Excise Duty |
|
23.959 |
52.182 |
|
|
|
Manufacturing Expenses |
|
10.834 |
12.976 |
|
|
|
Employees Cost |
NA |
4.758 |
7.612 |
|
|
|
Directors Remuneration |
|
3.604 |
8.038 |
|
|
|
Administrative Expenses |
|
1.896 |
1.629 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
0.923 |
0.339 |
|
|
|
TOTAL (B) |
NA |
192.261 |
261.929 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
7.847 |
12.128 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
NA |
0.609 |
0.306 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
7.238 |
11.822 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
1.362 |
1.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.887 |
5.876 |
10.550 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
1.816 |
3.213 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
4.060 |
7.337 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5.060 |
Nil |
Nil |
|
|
|
Capital Goods |
0.468 |
Nil |
Nil |
|
|
TOTAL IMPORTS |
5.528 |
Nil |
Nil |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
-- |
16.57 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA |
2.03 |
2.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.78 |
2.95 |
3.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.70 |
5.09 |
13.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.16 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.78 |
2.15 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.45 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY
During the financial year company has recorded an improved turnover of
Rs.261.300 millions as against a turnover of Rs.199.400 millions in the
previous year. The company has registered a net profit (before tax) of Rs.9.887
millions as against Rs.7.583 millions in the previous year. This is an
improvement over the previous year. With a view to conserve the resources, the
Board has decided to transfer the entire balance of profit to General Reserve
Account.
FORM 8
|
Corporate identity number of the company |
U24239PN1998PTC013106 |
|
Name of the company |
MAXIM PHARMACEUTICALS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
No.4/16, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10180499 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Corporation Bank |
|
Nature of instrument creating charge |
Memorandum of Deposit of Title Deeds
to create a Mortgage |
|
Date of instrument Creating the charge |
25.09.2009 |
|
Amount secured by the charge |
Rs.35.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Cash Credit -11.50% p.a., Term Loan-12% p.a. Terms of Repayment Cash Credit- Running account repayable
on demand subject to Annual Renewal. Term Loan - Initial moratorium period of 6 months. After that 60
months with monthly installment of Rs.0.250 million. Interest to be paid separately
as and when due. Margin Cash Credit- Book Debts- 40% Term Loan - 66.67% Extent and Operation of the charge Exclusive Charge |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Immovable properties of the company |
|
Particulars of the present modification |
Additional security by way of Mortgage of immovable properties of the
company given. There is no change in the amount secured by charge, which
remains at Rs.35.000 millions |
FIXED ASSETS
·
·
Building under Construction WIP
·
Building
·
Machinery Services
·
Plant and Machinery WIP
·
Plant and Machinery
·
Generators
·
Electrical – Building WIP
·
Electrical – Building
·
Electrical – Machinery
·
Car
·
Tata indigo Car manza
·
Computer and Software
·
Printer
·
UPS
·
Tools and Equipments
·
Air Handling and Environmental Control Equipment
WIP
·
Air Handling and Environmental Control Equipment
·
Furniture and Fixtures WIP
·
Furniture and Fixtures
·
Office Equipments
·
Laboratory Equipments
·
Security
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.46.02 |
|
|
1 |
Rs.73.61 |
|
Euro |
1 |
Rs.64.78 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--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.