MIRA
INFORM REPORT
|
Report Date : |
07.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
ICPA HEALTH PRODUCTS LIMITED |
|
|
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|
Registered
Office : |
233-A, Adarsh Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
20.08.1983 |
|
|
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|
Com. Reg. No.: |
11-030670 |
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Capital
Investment / Paid-up Capital : |
Rs.2.450 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1983PLC030670 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMI04908B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI3042F |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Drugs and Cosmetics |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [51] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
USD 1890000 |
|
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Subject is a well
established company having fine track. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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 : |
233-A, Adarsh Industrial Estate, |
|
Tel. No.: |
91-22-28322379 / 28362138 |
|
Fax No.: |
91-22-28216928 |
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E-Mail : |
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Website : |
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Plant : |
286/287, GIDC, Ankleshwar – 393002, |
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Tel. No.: |
91-2646-220765 / 221915 |
|
Fax No.: |
91-2646-251708 |
|
Email : |
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Rohit Gulabchand Mehta |
|
Designation : |
Managing Director |
|
Address : |
702, Shilpa Cooperative Housing Society Limited, |
|
Date of Birth/Age : |
26.071947 |
|
Date of Appointment : |
20.08.1983 |
|
DIN : |
00145570 |
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|
|
|
Name : |
Ms. Abha Sajjankumar Damani |
|
Designation : |
Director |
|
Address : |
702, Shilpa Cooperative Housing Society Limited, |
|
Date of Birth/Age : |
27.05.1978 |
|
Date of Appointment : |
01.04.2000 |
|
DIN : |
00145916 |
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|
|
|
Name : |
Mrs. Hiral Nimesh Chheda |
|
Designation : |
Director |
|
Address : |
6, BHikoba Niwas, |
|
Date of Birth/Age : |
28.06.1979 |
|
Date of Appointment : |
01.04.2000 |
|
DIN : |
00145838 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rohit Gulabchand Mehta |
|
14310 |
|
Rohit Gulabchand Mehta |
|
2800 |
|
Meena R. Mehta |
|
3488 |
|
Meena R. Mehta |
|
1390 |
|
Abha R Mehta |
|
1234 |
|
HIral N. Chheda |
|
1220 |
|
Roopa V Mehta |
|
10 |
|
Vinod G Mehta |
|
10 |
|
Vinod G Mehta |
|
10 |
|
Nandita Y. Shah |
|
10 |
|
Sejal Y. Shah |
|
4 |
|
Ramilaben S. Vora |
|
14 |
|
Total |
|
24500 |
As on 23.09.2011
|
Equity Share
Break Up Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Drugs and Cosmetics |
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|
|
|
Products : |
Therapeutic Mouth Rinse Chlorhexindine Gluconate Base Paste for Sensitive Teeth Strontium Chloride Base Paste for Sensitive Teeth Potassium Nitrate Base |
PRODUCTION STATUS [As on 31.03.2010]
|
Particulars |
Unit |
Actual
Production |
|
Tablets |
Lakhs |
182.90 |
|
Liquids |
Kilolitres |
494.46 |
|
Capsules |
Lakha |
0.00 |
|
Powders |
Tonees |
387.55 |
|
Injections |
Lakhs |
7.59 |
|
Pastes and Cream |
Tonnes |
551.35 |
|
Soap |
Lakhs |
0.00 |
Note :
- Capacities are interchangeable and hence can not be stated
separately.
- Production of finished goods includes goods sent for clinical trails
- Quantity details of production includes figures in respect of
injection, liquids and tablets for which part of the production process is
carried out with third parties under company’s supervision and control on
loan license basis
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
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Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. S. Mehta and Company Chartered Accountants |
|
Address : |
11/13, |
|
PAN : |
AAAFB1403A |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000 |
Equity Shares |
Rs.100/- each |
Rs.2.500
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,500 |
Equity Shares |
Rs.100/- each |
Rs.2.450
millions |
|
|
|
|
|
Note : Of the above shares 7000 equity shares of
Rs.100/- each are allotted as fully paid bonus shares by way capitalization of
general reserves.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.450 |
2.450 |
2.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
470.886 |
388.955 |
309.432 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
473.336 |
391.405 |
311.882 |
|
|
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 |
3.755 |
3.515 |
3.454 |
|
|
|
|
|
|
|
|
TOTAL |
477.091 |
394.920 |
315.336 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
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|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
75.966 |
77.329 |
70.161 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.581 |
|
|
|
|
|
|
|
|
INVESTMENT |
258.955 |
236.233 |
163.170 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
53.821
|
42.599 |
47.104 |
|
|
Sundry Debtors |
45.920
|
47.017 |
31.979 |
|
|
Cash & Bank Balances |
22.847
|
16.916 |
24.754 |
|
|
Other Current Assets |
43.203
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.477
|
19.404 |
16.020 |
|
Total
Current Assets |
188.268
|
125.936 |
119.857 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.330
|
40.629 |
36.066 |
|
|
Other Current Liabilities |
1.918
|
1.914 |
1.919 |
|
|
Provisions |
1.850
|
2.035 |
1.448 |
|
Total
Current Liabilities |
46.098
|
44.578 |
39.433 |
|
|
Net Current Assets |
142.170
|
81.358 |
80.424 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
477.091 |
394.919 |
315.336 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
464.761 |
426.349 |
365.981 |
|
|
|
|
30.601 |
0.000 |
0.000 |
|
|
|
Profit on futures and options [net] |
0.000 |
4.204 |
0.000 |
|
|
|
Other Income |
16.145 |
10.607 |
13.034 |
|
|
|
TOTAL (A) |
511.507 |
441.160 |
379.015 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
214.624 |
182.874 |
173.989 |
|
|
|
Purchase of Securities |
62.199 |
0.000 |
0.000 |
|
|
|
Employee Cost |
50.814 |
44.779 |
39.213 |
|
|
|
Selling and Distribution Expenses |
48.057 |
42.538 |
37.501 |
|
|
|
Administrative and other
Expenses |
41.559 |
37.003 |
28.038 |
|
|
|
Loss on futures and options [net] |
2.554 |
0.000 |
1.853 |
|
|
|
Increase / [Decrease] in Stocks |
[34.586] |
6.610 |
[6.546] |
|
|
|
TOTAL (B) |
385.221 |
313.804 |
274.048 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
126.286 |
127.356 |
104.967 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.541 |
0.334 |
0.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
125.745 |
127.022 |
104.724 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.627 |
9.358 |
9.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
115.118 |
117.664 |
95.082 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
33.145 |
38.061 |
30.246 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior period adjustment [net] |
[0.043] |
0.080 |
0.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX |
81.930 |
79.523 |
64.752 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
371.461 |
291.938 |
227.186 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
453.391 |
371.461 |
291.938 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY - FOB Value of Export |
NA |
5.422 |
4.332 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Material and packing material and trading goods |
- |
25.585 |
27.847 |
|
|
|
Capital Goods |
- |
0.808 |
0.000 |
|
|
|
TOTAL IMPORTS |
NA |
26.393 |
27.847 |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
3346 |
3246 |
2643 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.02
|
18.02 |
17.08 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
24.77
|
27.60 |
25.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.57
|
57.89 |
34.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.30 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.10
|
0.11 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.08
|
2.82 |
3.04 |
LOCAL AGENCY FURTHER INFORMATION
Operational
Performance
The company has continued to post improved results during the year.
While the gross sales have increased to Rs.480.872 millions fro that of 440.720
million in the immediately preceding financial year. The net profit before tax
and prior items has marginally reduced to Rs.115.118 millions against
Rs.117.664 millions in the immediately preceding financial year.
Outlook for the
current year : the prospects for the current year appear positive and progressive in
view of promising economic conditions and increasing health awareness in the
people. The company is confident of achieving better results through higher
market penetration both at national and international levels.
FIXED ASSETS :
- Land
- Building
- Dies and
mould
- Effluent
treatment plant
- R and D
equipment
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Office
Equipments
- Electrical
Installations
- Vehicles
- Motor Cycle
- Refrigerator
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.52.78 |
|
|
1 |
Rs.82.33 |
|
Euro |
1 |
Rs.68.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.