MIRA
INFORM REPORT
|
Report Date : |
31.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
MEGA FINE PHARMA PRIVATE LIMITED |
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Registered
Office : |
Sethna Building, 4th Floor, 55, Maharshi Carve Road, Marine
Lines, Mumbai-400002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.08.1995 |
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Com. Reg. No.: |
11-092028 |
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Capital
Investment / Paid-up Capital : |
Rs.16.209 Millions
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CIN No.: [Company Identification
No.] |
U24239MH1995PTC092028 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (APIs) and Advanced Intermediates. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1300000 |
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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 well 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Sethna Building, 4th Floor, 55, Maharshi Carve Road, Marine
Lines, Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22-61461111/26302513 |
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Fax No.: |
91-22-61461109 |
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E-Mail : |
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Nashik Site: |
31-35 and 48-51/201 Lakhmapur, Dindori, Nashik-422202, Maharashtra,
India |
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Tel. No.: |
91-2557-250121 |
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Fax No.: |
91-2557-250586 |
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E-Mail : |
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Vapi Site: |
911, 3rd Phase, GIDC, Vapi-396195, Gujarat, India |
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Tel. No.: |
91-260-2400685 |
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Fax No.: |
91-260-2424622 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Ashok Kirtilal Jhaveri |
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Designation : |
Director |
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Address : |
193/B, Heera Panna, Bhulabhai Desai Road, Haji Ali, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
23.03.1953 |
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Date of Appointment : |
22.08.1995 |
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Din No.: |
00187516 |
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Other Directorship:
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Name : |
Mr. Shailesh Jethmal Sanghvi |
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Designation : |
Director |
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Address : |
801, Jogani Apartments, 29-B, Dongarshi Road, Walkeshwar,
Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
20.08.1968 |
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Date of Appointment : |
22.08.1995 |
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Din No.: |
00194775 |
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Other Directorship:
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Name : |
Mr. Hasmukh Purshottam Gandhi |
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Designation : |
Director |
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Address : |
Flat No. 82, Tower-A, Kalpataru Residency, Opposite Cine Planet, Sion
(East), Mumbai-400022, Maharashtra, India |
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Date of Birth/Age : |
08.08.1951 |
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Date of Appointment : |
14.04.2000 |
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Din No.: |
00193181 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Ashok Kirtilal Jhaveri |
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428551 |
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Rupal Ashok Jhaveri |
|
55882 |
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Kunal Ashok Jhaveri |
|
55882 |
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Hasmukh Purshottam Gandhi |
|
324247 |
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Meeta Hasmukh Gandhi |
|
54014 |
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Arun Purshottam Gandhi |
|
54022 |
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Dharmesh Purshottam Gandhi |
|
54010 |
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Prafulchandra Gamanlal Soni |
|
54022 |
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Shailesh Jethmal Sanghvi |
|
327520 |
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Meena Shailesh Sanghvi |
|
65470 |
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Neena Mukesh Sanghvi |
|
65478 |
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Kamala Jethmal Sanghvi |
|
81847 |
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Total |
|
1620945 |
AS ON 30.09.2011
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
96.67 |
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Other
top fifty shareholders |
|
3.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (APIs) and Advanced
Intermediates. |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India, Backbay Reclamation Branch, Raheja
Chamber, Nariman Point, Mumbai-400021, Maharashtra, India ·
State Bank of India, Mid Corporate Loan
Administration Unit, Varsova, Andheri (West), Mumbai-400053, Maharashtra,
India ·
State Bank of India, Churchgate Branch, The
International Maharshi Karve Road, Churchgate, Mumbai-400020, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jain Ambavat and Associates Chartered Accountants |
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Address : |
302, Niranjan, 99, Marine Drive, Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22-43473635/40/22817463/22820549 |
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Pan No.: |
AAAFJ1780E |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1620945 |
Equity Shares |
Rs.10/- each |
Rs.16.209
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 |
16.209 |
16.209 |
16.209 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
326.832 |
281.958 |
263.640 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
343.041 |
298.167 |
279.849 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
249.601 |
175.239 |
225.564 |
|
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2] Unsecured Loans |
60.000 |
70.000 |
67.371 |
|
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TOTAL BORROWING |
309.601 |
245.239 |
292.935 |
|
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DEFERRED TAX LIABILITIES |
1.521 |
5.284 |
14.298 |
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|
|
|
|
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TOTAL |
654.163 |
548.690 |
587.082 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
316.433 |
293.324 |
316.868 |
|
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Capital work-in-progress |
6.698 |
27.920 |
0.000 |
|
|
|
|
|
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INVESTMENT |
1.216 |
1.217 |
1.217 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
162.442
|
133.110 |
81.625 |
|
|
Sundry Debtors |
242.365
|
124.022 |
184.212 |
|
|
Cash & Bank Balances |
12.791
|
11.796 |
23.577 |
|
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Other Current Assets |
85.826
|
75.044 |
60.783 |
|
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Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
503.424
|
343.972 |
350.197 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
153.642
|
97.384 |
|
|
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Other Current Liabilities |
1.571
|
20.579 |
81.642 |
|
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Provisions |
18.395
|
0.000 |
|
|
Total
Current Liabilities |
173.608
|
117.963 |
81.642 |
|
|
Net Current Assets |
329.816
|
226.009 |
268.555 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.220 |
0.442 |
|
|
|
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|
|
|
|
TOTAL |
654.163 |
548.690 |
587.082 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
944.116 |
655.504 |
701.342 |
|
|
|
Other Income |
7.831 |
12.629 |
NA |
|
|
|
TOTAL (A) |
951.947 |
668.133 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
536.103 |
387.608 |
|
|
|
|
Manufacturing Expenses |
147.921 |
101.126 |
|
|
|
|
Salary |
62.486 |
45.654 |
|
|
|
|
Directors Remuneration |
7.920 |
7.020 |
NA |
|
|
|
Auditors Remuneration |
1.233 |
1.029 |
|
|
|
|
Other Expenses |
62.621 |
51.947 |
|
|
|
|
Donation |
1.812 |
0.101 |
|
|
|
|
Increase or Decrease in Stock |
(29.331) |
(51.485) |
|
|
|
|
TOTAL (B) |
790.765 |
543.000 |
NA |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
161.182 |
125.133 |
128.118 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.840 |
25.172 |
29.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
127.342 |
99.961 |
98.159 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.835 |
71.172 |
71.672 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
59.507 |
28.789 |
26.487 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.632 |
10.472 |
8.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
44.875 |
18.317 |
17.757 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
263.043 |
244.726 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
307.918 |
263.043 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
787.403 |
575.239 |
NA |
|
|
|
Commission Received |
0.451 |
4.950 |
NA |
|
|
TOTAL EARNINGS |
787.854 |
580.189 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.68 |
43.51 |
10.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.71
|
2.74 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.30
|
4.39 |
3.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.25
|
4.52 |
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.10 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.41
|
1.22 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.92 |
4.29 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year the company has made a profit of Rs.59.507 Millions (before
tax) as against a profit of Rs.28.789 Millions (before tax) in the previous
year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10007239 |
|
Corporate identity
number of the company |
U24239MH1995PTC092028 |
|
Name of the
company |
MEGA FINE PHARMA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sethna Building, 4th Floor, 55, Maharshi Carve Road, Marine
Lines, Mumbai-400002, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
State Bank of India, Backbay Reclamation Branch, Raheja Chamber,
Nariman Point, Mumbai-400021, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental Agreement of Hypothecation of Goods
and Assets for Increase in the Overall Limit 2) Letter Reg. Grant of Individual Limits
within the Overall Limit both pertaining to a single charge. |
|
Date of
instrument Creating the charge |
29.05.2010 |
|
Amount secured by
the charge |
Rs.380.400 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On working
capital: 1.5% above SBAR i.e. 13.25% p.a. On Term Loan
(new): 1.5% above SBAR i.e. 13.25% p.a. Terms of
Repayment Working Capital -
on demand Term Loan (new)
of Ra.135.000 Millions - January 2011 to March,2011 - 3 installments of Rs.1.666 Millions each April,2011 - March,2012 - 12 installments of Rs.1.666 Millions each April,2012 - March,2013 - 12 installments of Rs.2.500 Millions each April,2013 - March,2014 - 12 installments of Rs.3.750 Millions each April,2014 - March,2015 - 12 installments of Rs.2.916 Millions each Margin As prescribed by
the Bank from time to time. Presently - On R/Ms (domestic/imported), stock in
process, finished goods 25%, book-debts/receivables (cover period 90 days)
40%, EPC 10% Extent and
Operation of the charge First charge |
|
Short particulars
of the property charged |
All present &
future goods, book-debts, machineries |
|
Particulars of
the present modification |
Additional credit
facilities of Rs.159.900 Millions granted. Hence, amount of charge increased
from Rs.220.500 Millions to Rs.380.400 Millions [EPC (SBI Export Gold
Card/PCFC) Rs.90.000 Millions, DCC (within EPC) Rs.40.000 Millions, EBP
(within EPC) Rs.50.000 Millions, T/L-1 (o/s) Rs.49.900 Millions, T/L-II (o/s)
Rs.24.400 Millions, T/L-III (o/s) Rs.9.400 Millions, T/L (new)-IV Rs.135.000
Millions, L/C Rs.40.000 Millions, B/G Rs.10.000 Millions, Off B/S Exp (PFE) Rs.21.700
Millions] |
FIXED ASSETS:
·
Air Conditioner
·
Computer
·
Electrification
·
Erection and Insul
·
Factory Building
·
Fire Fighting Equipments
·
Furniture and Fixtures
·
Laboratory Equipments
·
Land
·
Motor Car
·
Plant and Machinery
·
Type Writer
·
Staff Safety Equipments
·
Vehicles
WEBSITE DETAILS:
PROFILE:
Subject, established in 1995, is a privately owned and professionally managed enterprise with it’s corporate office in Mumbai, India and two multipurpose manufacturing sites at Vapi and Nashik in India, both successfully inspected by US-FDA. With it’s decades of experience in the Pharmaceutical Industry, Subject not only manufactures it’s own Active Pharmaceutical Ingredients (APIs) and Advanced Intermediates but also Contract manufactures for Innovators and several Global Pharma companies.
Their focus is on niche products with a presence in more than 40 countries. Their partners are essentially innovators and generic drug companies across the globe for whom they develop a range of new niche products in select therapeutic categories like CNS (Central Nervous System), Anthelmintic and Urinary Incontinence. They supply a wide range of high quality generic and custom manufactured APIs in volumes that range from a few grams to tons.
Subject has a special expertise in Polymorphs and Chiral products. Subject is also one of the largest manufacturers of Pyrantel Pamoate besides being a leading manufacturer of Piperazine derivatives.
Both the plants are successfully US-FDA inspected as well as certified by WHO GMP, ISO 9001:2008, 14001:2004 and OHSAS 18001:2007 and have been audited by several Innovators and leading Generic companies from time to time.
A perfect blend of Human talent, R and D Labs, Pilot Plant and cGMP manufacturing facilities backed by their Quality Assurance, Regulatory Affairs and Intellectual Property cell gives Subject an edge.
Their regulatory team is well trained and experienced to comply with US-FDA, EDQM, Japanese PMDA and other regulatory authority requirements. The company has over 40 regulatory filings for it’s APIs to it’s credit with an impressive pipeline.
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.49.50 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
47 |
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.