MIRA
INFORM REPORT
|
Report Date : |
31.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
N.K.P. PHARMA PRIVATE LIMITED |
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Registered
Office : |
Plot No.1814/B, Phase III, GIDC, Vatva, Ahmedabad-382445, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
08.10.2008 |
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Com. Reg. No.: |
04-055212 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3.000 millions |
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CIN No.: [Company Identification
No.] |
U01403GJ2008PTC055212 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Packaging Machinery. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 138000 |
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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 a part of N.K.P Group. It is a well established company having a satisfactory track record.
There appears slight dip in the profitability. However, general financial position of the company seems to be good.
Performance capacity appears to be high. Trade relations are reported to be
fair. Business is active. Payments are reported to be usually correct and as
per commitment. The company can be considered for normal 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 – 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
SME CRISIL |
|
Rating |
SME 2 (SME rating) |
|
Rating Explanation |
Creditworthiness of the company appears to
be high |
|
Date |
August, 2012 |
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 : |
Plot No.1814/B, Phase III, GIDC, Vatva, Ahmedabad-382445, |
|
Tel. No.: |
91-79-25890834 / 25891746 |
|
Fax No.: |
91-79-25894282 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.08.2012
|
Name : |
Darshan Natvarlal Mevada |
|
Designation : |
Director |
|
Address : |
40/B |
|
Date of Appointment : |
08.10.2008 |
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DIN No.: |
01818221 |
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|
|
|
Name : |
Hitesh Natvarlal Mevada |
|
Designation : |
Director |
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Address : |
40/B |
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Date of Birth/Age : |
04.08.1975 |
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Date of Appointment : |
08.10.2008 |
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DIN No.: |
01820149 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Hitesh N Mevada |
|
4500 |
|
Darshan N Mevada |
|
4500 |
|
Mittal H Mevada |
|
20000 |
|
Payal D Mevada |
|
20000 |
|
Natverlal R Mevada(HUF) |
|
500 |
|
Rukhiben N. Mevada |
|
9500 |
|
Darshan H Mevada(HUF) |
|
8000 |
|
Hitesh N Mevada(HUF) |
|
8000 |
|
Teeshan D Mevada |
|
6250 |
|
Prem D Mevada |
|
6250 |
|
Maan H Mevada |
|
12500 |
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Total |
|
100000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Darshan H Mevada(HUF) |
|
1500 |
|
Hitesh N Mevada(HUF) |
|
1500 |
|
Payal H Mevada |
|
1000 |
|
Mittal H Mevada |
|
1000 |
|
Natverlal R Mevada(HUF) |
|
7500 |
|
Rukhiben N Mevada |
|
7500 |
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Total |
|
20000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.08.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
83.50 |
|
Other top fifty shareholders |
16.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Packaging Machinery. |
GENERAL INFORMATION
|
Customers : |
·
Aristo Pharmaceuticals Private Limited ·
Aristo Laboratories Private Limited ·
Biochem Lab Limited ·
Cadila Healthcare Limited ·
Cadila Pharmaceuticals Limited ·
Contacare Ophthalmics Limited ·
Biotech Ophthalmics Private Limited ·
Diamond Biolife Private Limited ·
Elysium Pharma Private Limited ·
Macleods Pharma Limited ·
Sun Pharmaceutical Industries Limited ·
Unimed Technologies Limited ·
Okasa Pharma Limited ·
Glenmark Pharma. ·
Indian Immunologicals Limited ·
Caplin Point Private Limited ·
Bharat Biotech Limited ·
Zuventus Healthcare Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
The Kukarwada Nagrik Sahakari Bank Limited Krishna complex, Hathipura, madhupura, ahmedabad - 380004, ·
Axis Bank Limited Ground Floor, Business Square Building, Near Krishna Baug Char Rasta,
Maninagar, Ahmedabad - 380008, Gujarat, India ·
HDFC Bank Limited ·
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mahendra N. Shah and Company Chartered Accountants |
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Address : |
E/3 Capital Commercial Centre, Near Sanyas Ashram , |
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PAN No.: |
AADFM4086H |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Millions |
|
20000 |
Preference Shares |
Rs.100/- each |
Rs. 2.000 Millions |
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|
|
|
|
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Total |
|
Rs. 3.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Millions |
|
20000 |
Preference Shares |
Rs.100/- each |
Rs. 2.000 Millions |
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|
|
|
|
|
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Total |
|
Rs. 3.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.000 |
3.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.628 |
23.527 |
10.695 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
34.628 |
26.527 |
13.695 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.370 |
23.593 |
21.019 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
5.151 |
|
|
TOTAL BORROWING |
24.370 |
23.593 |
26.170 |
|
|
DEFERRED TAX LIABILITIES |
2.697 |
1.864 |
0.867 |
|
|
|
|
|
|
|
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TOTAL |
61.695 |
51.984 |
40.732 |
|
|
|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.601 |
41.474 |
29.305 |
|
|
Capital work-in-progress |
0.405 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
14.583 |
5.017 |
0.780 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.147
|
29.320 |
20.265 |
|
|
Sundry Debtors |
37.101
|
35.868 |
34.911 |
|
|
Cash & Bank Balances |
7.478
|
0.978 |
8.738 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
30.252
|
25.143 |
16.554 |
|
Total
Current Assets |
109.978
|
91.309 |
80.468 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
71.716
|
53.234 |
45.093 |
|
|
Other Current Liabilities |
22.954
|
16.536 |
15.508 |
|
|
Provisions |
19.202
|
16.046 |
9.220 |
|
Total
Current Liabilities |
113.872
|
85.816 |
69.821 |
|
|
Net Current Assets |
(3.894)
|
5.493 |
10.647 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.695 |
51.984 |
40.732 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
172.158 |
168.161 |
138.945 |
|
|
|
Other Income |
1.547 |
1.166 |
2.996 |
|
|
|
TOTAL (A) |
173.705 |
169.327 |
141.941 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
98.817 |
|
120.332 |
|
|
|
Employee benefit expense |
26.639 |
18.173 |
|
|
|
|
Other expenses |
23.290 |
22.499 |
|
|
|
|
Changes in inventories |
4.930 |
(9.899) |
|
|
|
|
TOTAL (B) |
153.676 |
144.088 |
120.332 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.029 |
25.239 |
21.609 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.560 |
2.528 |
3.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.469 |
22.711 |
17.842 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.162 |
1.221 |
0.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
14.307 |
21.490 |
17.029 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.904 |
7.357 |
7.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.403 |
14.133 |
9.297 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.526 |
4.695 |
1.120 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend Equity Shares |
|
1.000 |
0.500 |
|
|
|
Proposed Dividend Preference Shares |
NA |
0.120 |
0.120 |
|
|
|
Corporate Dividend Tax |
|
0.182 |
0.102 |
|
|
|
General Reserve |
|
5.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
12.526 |
4.695 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
45.401 |
4.408 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1.724 |
0.000 |
|
|
|
Capital Goods |
NA |
5.174 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
6.898 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
94.03 |
141.33 |
92.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.41
|
8.35 |
6.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.31
|
12.78 |
12.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.91
|
16.18 |
15.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.81 |
1.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.99
|
4.12 |
7.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
1.06 |
1.15 |
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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
PERFORMANCE:
The Company has earned
revenue from operation of Rs.172.158 millions as against Rs.168.161 millions in
the previous year resulting a meager improvement of 2.5%. The Company is
engaged in the principle business of manufacturing of Pharmaceutical
machineries.
2011 – 12 started
on a high with strong demand pull from the FMCG, Pharma, industries, both in
and outside of India. However, as the year progressed, the financial crisis
deepened in Europe, the US industry indicators continued to remain weak
resulting in an overall slowdown in demand in those economies which finally
impacted the finished product price adversely, creating a price-cost imbalance
in strategic raw materials.
India, the
weakening of the rupee put enormous inflationary pressures on the economy in
the second half of the current year under review forcing the government to take
fiscal measures which stagnated public spending, reduced capital outflow and
consumer spending which eventually resulted into weakening of overall market
demand for the final products of the Company’s customers. This in turn
adversely impacted the Company’s volumes and prices in the second half of the
year. As the Company is engaged in providing equipment and pharmaceutical
machineries and almost all major pharmaceutical companies have put on hold
their Capex Products or are delaying the same and waiting for the economy to
turn-around. The forex fluctuations and strengthening of US $ against Indian
Rupee has also adversely impacted the exports.
The profitability
during the year is adversely impacted on account of factors as narrated above
and also for the reasons that the Company has substantially invested in
strengthening its labour fource, skilled and unskilled man-power, which is a
long term strategic measure to meet with the requirements and capture the
opportunity whenever there is a positive improvement in the economic
conditions.
The Company is
rigorously pursuing various new markets and expanding its reach to new
territories in the global market.
The Company has
also upgraded its equipments to improve the quality of products to meet with
the requirements of quality conscious export market.
The Directors are also hopeful of improved performance in the years to
come.
FIXED ASSETS
·
Land (Freehold)
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Other Equipment
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 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.54.85 |
|
|
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.