1. Summary Information
|
|
|
Country |
|
|
Company Name |
POLYDRUG LABORATORIES PRIVATE LIMITED |
Principal Name 1 |
Mr. Chunilal K Thakrar |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Punit C Thakrar |
|
|
|
Registration # |
11-147729 |
|
Street Address |
A-201/202, Nav Bharat Estate, |
||
|
Established Date |
28.07.2004 |
SIC Code |
-- |
|
Telephone# |
91-22-24106001 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-22-24106008 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Pharmaceutical Bulk Drugs |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.86,995,050/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of Directors – 99.93%, Other top fifty shareholders – 0.07% |
Banking |
Tamilnad
Mercantile Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
8 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (46) |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
CEO |
|
Associates |
-- |
Polydrug Laboratories |
-- |
|
Note |
- |
||
2. Summary Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
271,403,000 |
Current Liabilities |
92,363,000 |
|
Inventories |
90,891,000 |
Long-term Liabilities |
287,981,000 |
|
Fixed Assets |
218,875,000 |
Other Liabilities |
26,114,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
406,458,000 |
|
Invest& other Assets |
314,000 |
Retained Earnings |
88,030,000 |
|
|
|
Net Worth |
175,025,000 |
|
Total Assets |
581,483,000 |
Total Liab. & Equity |
581,483,000 |
|
Total
Assets (Previous Year) |
532,244,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
NA |
Net Profit |
35,851,000 |
|
Sales(Previous yr) |
709,301,000 |
Net Profit(Prev.yr) |
33,627,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
POLYDRUG LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-201/202, Nav Bharat Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
28.07.2004 |
|
|
|
|
Com. Reg. No.: |
11-147729 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.86.995 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231MH2004PTC147729 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP18857G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP3618H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of Pharmaceutical Bulk Drugs |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track records. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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-201/202, Nav Bharat Estate, |
|
Tel. No.: |
91-22-24106001 |
|
Fax No.: |
91-22-24106008 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Ambernath Industrial Area, Plot No. 37, Anand Nagar, MIDC, Ambernath –
421 506, |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Chunilal Kalidas Thakrar |
|
Designation : |
Director |
|
Address : |
513/A, |
|
Date of Birth/Age : |
21.05.1933 |
|
Date of Appointment : |
28.07.2004 |
|
Din No.: |
00351566 |
|
|
|
|
Name : |
Mr. Punit Chunilal Thakrar |
|
Designation : |
Director |
|
Address : |
513/A, |
|
Date of Birth/Age : |
17.06.1967 |
|
Date of Appointment : |
28.07.2004 |
|
Din No.: |
00351619 |
|
|
|
|
Name : |
Mrs. Bina Punit Thakrar |
|
Designation : |
Director |
|
Address : |
513/A, |
|
Date of Birth/Age : |
14.11.1970 |
|
Date of Appointment : |
28.07.2004 |
|
Din No.: |
00351627 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Thakrar K. Chunilal |
|
520000 |
|
Thakrar C. Chandrika |
|
232500 |
|
Thakrar C. Punit |
|
1820500 |
|
Thakrar P. Bina |
|
922500 |
|
Ms. Karina Punit Thakrar (Guardian Mr. Punit C. Thakrar) |
|
1000 |
|
Mrs. Varsha Kumari |
|
1000 |
|
Thaakrar C. Punit/ Thakrar P.Bina |
|
500000 |
|
Mrs. Hema Dilip Lakhani / Ms. Kajal Dilip Lakhani |
|
2500 |
|
TOTAL |
|
4000000 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Openplus SA. |
|
1832000 |
|
M/s. Far East Century Private Limited, |
|
954360 |
|
Openplus SA. |
|
1913145 |
|
TOTAL |
|
4699505 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.93 |
|
Other top fifty shareholders |
0.07 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Pharmaceutical Bulk Drugs |
|
|
|
|
Products : |
Chlorobutanol
Pellets
Direct Compression
Micoencapsulated
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Tamilnad Mercantile Bank Limited, Hemprakash Building, Ground Floor,
92, Kazi Syed Street, Mandvi, Masjid, Mumbai – 400 003, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lakhani and Company Chartered Accountants |
|
Address : |
Jeevan Udyog, 278, D N Road, 2nd Floor, Above Khadhi Bhandar,
Fort, Mumbai – 400 001, |
|
PAN.: |
AAAFL1302L |
|
|
|
|
Key Management Personnel : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
6000000 |
Preferences Share |
Rs.10/- each |
Rs.60.000 Millions |
|
|
TOTAL |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
Millions |
|
4699505 |
Preferences Share |
Rs.10/- each |
Rs.46.995
Millions |
|
|
TOTAL |
|
Rs.86.995 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
86.995 |
92.175 |
92.175 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
88.030 |
52.178 |
18.552 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
175.025 |
144.353 |
110.727 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
213.511 |
218.246 |
225.453 |
|
|
2] Unsecured Loans |
74.470 |
42.763 |
39.825 |
|
|
TOTAL BORROWING |
287.981 |
261.009 |
265.278 |
|
|
DEFERRED TAX LIABILITIES |
16.362 |
16.074 |
11.349 |
|
|
|
|
|
|
|
|
TOTAL |
479.368 |
421.436 |
387.354 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
218.875 |
230.832 |
240.399 |
|
|
Capital work-in-progress |
0.314 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
90.891
|
59.413 |
43.900 |
|
|
Sundry Debtors |
232.303
|
198.138 |
168.164 |
|
|
Cash & Bank Balances |
5.074
|
14.471 |
2.373 |
|
|
Other Current Assets |
22.803
|
18.794 |
25.455 |
|
|
Loans & Advances |
11.223
|
10.596 |
6.972 |
|
Total
Current Assets |
362.294
|
301.412 |
246.864 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.819
|
82.297 |
72.736 |
|
|
Other Current Liabilities |
16.544
|
22.974 |
25.876 |
|
|
Provisions |
9.752
|
5.537 |
3.297 |
|
Total
Current Liabilities |
102.115
|
110.808 |
101.909 |
|
|
Net Current Assets |
260.179
|
190.604 |
144.955 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
|
|
TOTAL |
479.368 |
421.436 |
387.354 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
709.301 |
521.667 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
660.032 |
497.213 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
49.269 |
24.454 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
15.642 |
7.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
35.851 |
33.627 |
16.929 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
538.977 |
609.864 |
463.320 |
|
|
TOTAL EARNINGS |
538.977 |
609.846 |
463.320 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
67.681 |
60.549 |
|
|
|
Capital Goods |
NA |
0.000 |
0.794 |
|
|
TOTAL IMPORTS |
NA |
67.681 |
61.343 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.96 |
8.41 |
4.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
4.74 |
3.25
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
9.26 |
5.03
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.34 |
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
2.58 |
3.29
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.55
|
2.72 |
2.48
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U24231MH2004PTC147729 |
|
Name of the
company |
POLYDRUG LABORATORIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Address : A-201/202, Navbharat Estate, Email : dharmesh@polydrug.com |
|
This form is for |
Creation
of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Tamilnad Mercantile Bank, Gordia House, 1st Floor, 101-104,
Email : mumbai_mandvi@tnmboline.com |
|
Nature of
instrument creating charge |
1. Deed of hypothecation
of machinery, accessories and tools executed on 17th January 2012. 2. Mortgage
extension letter dated 17th January 2012 executed by the company in favour of
bank for extending the scope of mortgage for the present facility. |
|
Date of instrument
Creating the charge |
17.01.2012 |
|
Amount secured by
the charge |
Rs.55.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Base rate + 3.00%
(presently 13.75%) till 31.12.2012 and thereafter as per credit rating. Terms of
Repayment: Repayment in 60
EMI. Payment of first EMI starts from 17th February 2013. Emi amount - for
1 to 59 EMI Rs.923.000 millions and 60th EMI of Rs.923.000 millions Margin: 30% Extent and Operation of the charge: The present facility is granted for purchase of machineries. A hypothecation on the machineries / accessories to be purchased under the present facility and collateral security by way of extension of mortgage on the existing land and factory building as more particularly provided in therein is provided as security to secure the repayment of loan of Rs.55.400 millions along with interest payable thereon. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
machinery, accessories and tools having value of Rs.79.454 millions to be
purchased under the present credit facility. Extension of
equitable mortgage on the factory land at plot no. N-37, additional Ambarnath
industrial area, Ambarnath admeasuring 24558 sq. Mtrs. Extension of
equitable mortgage on the factory building constructed on land at Plot No.
N-37, additional Ambarnath industrial area, Ambarnath admeasuring 6887.01 sq.
Mtrs. Extension of
equitable mortgage on the factory building to be constructed on land at plot
no. N-37, additional Ambarnath industrial area, Ambarnath admeasuring 7962.40
sq. Ft. |
FIXED
ASSETS
·
Leasehold Premises
·
·
Plant and Machinery
·
D and G Set
·
Elevators
·
Fire Equipments
·
Air Handling Unit
·
Hosts and Cranes
·
Lab Equipments
·
Sewing Machine
·
Transformer
·
Wrapping Machine
·
HVAC Equipments
·
Air Condition
·
Computers
·
Elect Fitting
·
Fridge
·
Furniture
·
Motor Cycle
·
Telephone Instruments
·
Vaccum Cleaner
·
Water Filter
·
Xerox Machine
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] 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.48.96 |
|
|
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.40 |
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 |
6 |
|
--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 |
|
46 |
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.