MIRA INFORM REPORT
|
Report Date : |
22.12.2012 |
IDENTIFICATION
DETAILS
|
Name : |
MELODY HEALTHCARE PRIVATE LIMITED |
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Registered
Office : |
505, Unique Tower, Behind Patel Petrol Pump, Near Kamat Club, S. V.
Road, Goregaon (West), Mumbai-400062, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.08.2006 |
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Com. Reg. No.: |
11- 163460 |
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Capital
Investment / Paid-up Capital : |
Rs. 35.000 millions |
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CIN No.: [Company Identification
No.] |
U24239MH2006PTC163460 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM31297A |
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PAN No.: [Permanent Account No.] |
AAECM7293G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of active Pharmaceutical ingredients and its
intermediates. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 an established
company having a moderate track record. There appears huge accumulated losses
recorded by the company. However, the company has
performed well in the current year. Trade relations are reported to be fair.
Business is active. Payments are reported to be slow. The company can be considered
for business dealings on a safe and secured 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
505, Unique Tower, Behind Patel petrol Pump, Near Kamat Club, S. V.
Road, Goregaon (West), Mumbai-400062, Maharashtra |
|
Tel. No.: |
91-22-28780912 |
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Fax No.: |
91-22-28780892 |
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E-Mail : |
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Website : |
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Factory : |
J-73, MIDC, Tarapur, Boisar- 401 506 Dist - Thane, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Dahyabhai Somabhai Patel |
|
Designation : |
Director |
|
Address : |
A-201, Adarsh Classic, Adarsh Vihar Complex, Marve Road, Malad
(West)-400064, Mumbai |
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Date of Appointment : |
01.08.2006 |
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DIN No.: |
00952228 |
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Name : |
Mr. Babubhai Nathabhai Patel |
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Designation : |
Director |
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Address : |
302, Adhishwar Apartment, 3rd Floor, M. P. Vaidhya Marg,
Ghatkopar (East)-400077, Mumbai |
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Date of Appointment : |
01.08.2006 |
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DIN No.: |
00943732 |
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Name : |
Mr. Milind Dahyabhai Patel |
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Designation : |
Director |
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Address : |
A-201, Adarsh Classic, Adarsh Vihar Complex, Marve Road, Malad
(West)-400064, Mumbai |
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Date of Appointment : |
01.08.2006 |
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DIN No.: |
01522023 |
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Name : |
Mr. Harshvardhan Singhania |
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Designation : |
Director |
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Address : |
28, Maheshwar Niketan, Peddar Road-400026, Mumbai |
|
Date of Appointment : |
13.06.2011 |
|
DIN No.: |
01499199 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Sr No. |
Names of Shareholders |
|
No. of Shares |
|
1 |
Mr. Dahyabhai Somabhai Patel |
|
700000 |
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2 |
Mr. Babubhai Nathabhai Patel |
|
750000 |
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3 |
Mr. Milind Dahyabhai Patel |
|
350000 |
|
4 |
Mr. Vinod Banwarilal Singhania |
|
350000 |
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5 |
Mrs. Abha Singhania |
|
350000 |
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6 |
Mr. Shivang Rajesh Singhania |
|
300000 |
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7 |
Mr. Siddharth Singhania |
|
175000 |
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8 |
Mrs. Shreya S. Singhania |
|
175000 |
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9 |
Mr. Harshvardhan Singhania |
|
350000 |
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Total |
|
3500000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of active Pharmaceutical ingredients and its
intermediates. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ø
Allahabad Bank, Fort Branch, Allahabad Bank Building,
Ground Floor, 37, Mumbai Samachar Marg, Mumbai-400023, Maharashtra, India Ø
State Bank of India, Industrial Finance Branch,
Lekhraj Bhavan, Saki Vihar Road, Saki Naka, Mumbai-400072, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
ABN and Company Chartered Accountant |
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Address : |
365, Mangaldas Building No. 5, 2nd Floor, Kitchen Garden
Lane, Mumbai-400002 Maharashtra India |
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PAN No.: |
AACFA7738H |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.000 |
35.000 |
35.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
10.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(42.905) |
(56.492) |
(38.191) |
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|
NETWORTH |
(7.905) |
(21.492) |
6.809 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
27.551 |
30.553 |
61.344 |
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2] Unsecured Loans |
139.472 |
89.134 |
52.241 |
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TOTAL BORROWING |
167.023 |
119.687 |
113.585 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
159.118 |
98.195 |
120.394 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
100.622 |
105.876 |
105.219 |
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Capital work-in-progress |
40.472 |
7.349 |
0.000 |
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|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
23.974 |
5.555 |
5.555 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.415
|
18.693 |
19.360 |
|
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Sundry Debtors |
19.462
|
17.456 |
6.878 |
|
|
Cash & Bank Balances |
1.665
|
0.611 |
0.316 |
|
|
Other Current Assets |
6.743
|
4.263 |
0.000 |
|
|
Loans & Advances |
20.878
|
18.007 |
13.114 |
|
Total
Current Assets |
71.163
|
59.030 |
39.668 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.874
|
52.317 |
33.660 |
|
|
Other Current Liabilities |
24.239
|
27.298 |
0.608 |
|
|
Provisions |
0.000
|
0.000 |
1.483 |
|
Total
Current Liabilities |
77.113
|
79.615 |
35.751 |
|
|
Net Current Assets |
(5.950)
|
(20.585) |
3.917 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
5.703 |
|
|
|
|
|
|
|
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TOTAL |
159.118 |
98.195 |
120.394 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
94.423 |
55.848 |
29.385 |
|
|
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Other Income |
3.329 |
4.952 |
9.161 |
|
|
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TOTAL (A) |
97.752 |
60.8 |
38.546 |
|
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|
|
|
|
|
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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) |
89.338 |
55.596 |
33.627 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.414 |
5.204 |
4.919 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.810 |
7.681 |
8.927 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.604 |
(12.885) |
(4.008) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.436 |
5.416 |
4.990 |
|
|
|
|
|
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|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(4.832) |
(18.301) |
(8.998) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(18.419) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-I) (J) |
13.587 |
(18.301) |
(8.998) |
|
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|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
33.483 |
27.324 |
0.463 |
|
|
|
TOTAL EARNINGS |
33.483 |
27.324 |
0.463 |
|
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IMPORTS |
|
|
|
|
|
|
Raw
Materials |
31.911 |
16.137 |
6.078 |
|
|
|
Capital
Goods |
1.229 |
0.000 |
0.000 |
|
|
|
TOTAL IMPORTS |
33.140 |
16.137 |
6.078 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.523 |
------- |
------- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
13.899
|
(30.100) |
(23.344) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.117)
|
(32.769) |
(30.621) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.813) |
(11.098) |
(6.210) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.611 |
0.852 |
(1.321) |
|
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|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(30.884) |
(9.273) |
21.932 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.923 |
0.7414 |
1.110 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FIXED ASSETS
Tangible Assets
·
·
·
Furniture and Fixtures
·
Lab Equipment
·
Plant and Machinery
·
Computers
·
Electric Installation
·
Motor Car
·
Tools and Equipments
·
Office Premises
·
Water Tank
WEBSITE DETAILS
COMPANY PROFILE:
Subject is one of the manufacturer of Active Pharmaceutical ingredients and its
intermediates with multidimensional business activities. They have been
exporting the active Pharmaceutical Ingredients to a number of countries across
the globe. Since its inception, the Company has seen tremendous growth and has
taken rapid strides forward in its business operations. Right from the start,
The Company positioned as a premier manufacturer of the Active Pharmaceutical
ingredients and its intermediates.
MHPL has been setting new standards through a dedicated team of
professionals who are applying systematic efforts in achieving the status of
becoming one of the leading Indian manufacturers of APIs.
The successful matching of technology and processes with specific needs
have allowed us to establish and add a broad range of products to their
portfolio.
Their facilities are spread across a total area of 5700 sq m. They have
put in place world-class facilities by leveraging state-of-the-art
manufacturing technology, incorporating best practices and adhering to
stringent regulatory compliances, to ensure that the customer receives products
of the highest quality. Plant is built as per US FDA guidelines and has
approved by WHO authorities. MHPL has successfully established itself as a
trustworthy name when it comes to customers as well as the pharmaceutical
world. Needless to mention that it has thus attained global recognition within
a very short span of time. The Company straddles across key therapy areas and
markets its products in both evolving and developed markets. Every effort is
taken to ensure that all the products manufactured at MHPL
are of highest quality standards. Each product is manufactured under strict
supervision at every stage of manufacturing ensuring that the very best product
leaves the factory.
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 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] 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. 55.09 |
|
|
1 |
Rs. 89.54 |
|
Euro |
1 |
Rs. 72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
RJT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
12 |
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.