|
Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
RATING & COMMENTS
|
MIRAs Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Mohmedmustakim Nisarahmed Sabugar |
|
Designation : |
Director |
|
Contact No.: |
91-79-25600713 |
|
Date : |
12.05.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Shelter Nagar, Near S. T. Bus Stand, Himmatnagar 383001, Gujarat,
India |
|
Tel. No.: |
91-2772-240108/ 246995 |
|
Fax No.: |
91-2772-230129 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Mistry Chambers, Khanpur,
Ahmedabad 380 001, Gujarat, India |
|
Tel. No.: |
91-79-25600713 |
|
Fax No.: |
91-79-25600736 |
|
E-Mail : |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Mohmedmustakim Nisarahmed Sabugar |
|
Designation : |
Director |
|
Address : |
Navi Vahorwad, Himatnagar, Sabarkantha 383001, Gujarat, India |
|
Date of Birth/Age : |
05.08.1977 |
|
Date of Appointment : |
12.10.2007 |
|
DIN No.: |
01456841 |
|
|
|
|
Name : |
Mr. Nisarahmed Haji Abdulnabi Sabugar |
|
Designation : |
Director |
|
Address : |
Navagara Street, Navi Vahorwad, Himatnagar, Sabarkantha 383001,
Gujarat, India |
|
Date of Birth/Age : |
31.05.1949 |
|
Date of Appointment : |
12.10.2007 |
|
DIN No.: |
01470218 |
|
|
|
|
Name : |
Mr. Mohmedshaqil Nisar Ahmed Sabugar |
|
Designation : |
Director |
|
Address : |
Navagara Street, Navi Vahorwad, Himatnagar, Sabarkantha 383001,
Gujarat, India |
|
Date of Birth/Age : |
25.09.1982 |
|
Date of Appointment : |
12.10.2007 |
|
DIN No.: |
01474868 |
|
|
|
|
Name : |
Mr. Bala Raman Nayar |
|
Designation : |
Nominee Director |
|
Address : |
Maudestan, 194 Dmonte Park Road, Bandra, Mumbai 400050, Maharashtra,
India |
|
Date of Birth/Age : |
12.04.1966 |
|
Date of Appointment : |
17.03.2012 |
|
Name of the
company or institution whose nominee the appointee is : |
Morpheus Media Fund |
|
DIN No.: |
02161861 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nisarahmed A. Sabugar |
|
40000 |
|
Mustaqim N. Sabugar |
|
100000 |
|
Mohmedshakil Sabugar |
|
100000 |
|
Zubeda N. Sabugar |
|
40000 |
|
Nasrat M. Sabugar |
|
40000 |
|
Suraiya M. Sabugar |
|
40000 |
|
Parvez R. Idariya |
|
40000 |
|
|
|
|
|
Total |
|
400000 |
(AS ON 30.09.2011)
Equity Shares Break up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Ayurvedic
Product - Human Health Product, Veterinary Product - Animal Health Product,
etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad 380006, Gujarat, India · Kotak Mahindra Bank · Barclays Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. Gamadia and Company Chartered Accountant |
|
Address : |
410, 'Shail', Opposite Navrangpura Telephone Exchange, Near Madhusudan
House, Off C. G. Road, Ellisbridge, Ahmedabad 380006, Gujarat, India |
|
Telefax No.: |
91-79-26442206/ 30615664 |
|
Email : |
|
|
Website : |
|
|
PAN No.: |
AAFFN6652G |
|
|
|
|
Other related
parties : |
· Gandhi Brothers · Shelter Pharmacy Private Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
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 |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
29.636 |
23.679 |
23.352 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.636 |
27.679 |
27.352 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.422 |
15.847 |
6.244 |
|
|
2] Unsecured Loans |
0.856 |
2.474 |
4.826 |
|
|
TOTAL BORROWING |
21.278 |
18.321 |
11.070 |
|
|
DEFERRED TAX LIABILITIES |
0.081 |
0.148 |
0.050 |
|
|
|
|
|
|
|
|
TOTAL |
54.995 |
46.148 |
38.472 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.549 |
19.080 |
21.351 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.313
|
8.115 |
10.205 |
|
|
Sundry Debtors |
42.319
|
18.914 |
8.060 |
|
|
Cash & Bank Balances |
0.238
|
0.465 |
0.457 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.482
|
2.006 |
2.096 |
|
Total
Current Assets |
60.352
|
29.500 |
20.818 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
21.250 |
0.531 |
0.747 |
|
|
Other Current Liabilities |
0.375
|
0.503 |
2.019 |
|
|
Provisions |
2.380
|
1.514 |
1.063 |
|
Total
Current Liabilities |
24.005
|
2.548 |
3.829 |
|
|
Net Current Assets |
36.347
|
26.952 |
16.989 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.098 |
0.115 |
0.131 |
|
|
|
|
|
|
|
|
TOTAL |
54.995 |
46.148 |
38.472 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
149.918 |
128.014 |
115.457 |
|
|
|
Other Income |
0.419 |
0.691 |
0.869 |
|
|
|
TOTAL (A) |
150.337 |
128.705 |
116.326 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Variation in Stock |
(6.010) |
1.732 |
(2.441) |
|
|
|
Raw Materials Consumption |
137.924 |
113.858 |
106.636 |
|
|
|
Manufacturing Expenses |
0.352 |
0.096 |
0.244 |
|
|
|
Personnel Expenses |
2.679 |
2.746 |
1.473 |
|
|
|
Administrative Expenses |
0.952 |
1.718 |
2.896 |
|
|
|
Selling and Distribution Expenses |
2.783 |
0.345 |
0.372 |
|
|
|
Loss on sale of car |
0.000 |
0.180 |
0.000 |
|
|
|
TOTAL (B) |
138.680 |
120.676 |
109.180 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.657 |
8.029 |
7.146 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.013 |
2.646 |
2.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.644 |
5.383 |
4.707 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.590 |
0.591 |
0.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.054 |
4.792 |
4.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.733 |
2.602 |
1.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.321 |
2.190 |
3.404 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
8.009 |
5.819 |
2.415 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.330 |
8.009 |
5.819 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.135 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.80 |
5.47 |
8.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.20
|
1.70 |
2.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.37
|
3.74 |
3.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.21
|
9.86 |
10.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.17 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
0.75 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
11.58 |
5.44 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
-
Creditors for Goods |
18.741 |
0.382 |
0.614 |
|
-
Creditors for Expenses |
2.509 |
0.149 |
0.133 |
|
|
|
|
|
|
Total |
21.250 |
0.531 |
0.747 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
FORM 8:
|
Corporate
identity number of the company |
U24233GJ2007PLC051956 |
|
Name of the
company |
SHELTER PHARMA
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Shelter Nagar,
Near S. T. Bus Stand, Himmatnagar 383001, Gujarat, India |
|
This form is for |
Creation of charge
|
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
· Axis Bank Limited Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad 380006, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Joint Memorandum
of Entry |
|
Date of
instrument Creating the charge |
11/06/2010 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest BPLR - 2.00% i.e.
12.75% p.a. With Monthly Rest (Presently BPLR @ 14.75%) Terms of
Repayment On Demand 25.00 % On Stock 40.00% On Book
Debts not older than 90 days (No DP to be
permitted against BD pertaining to sister concerns) Margin Extent and
Operation of the charge Others Details of
Facility: Cash Credit: Rs.20.000 Millions. Personal
Guarantee: Personal Guarantee of the present Directors of the Companies Personal
Properties: Resident properties located at 6/672, Nani Voharwad Nava Gharani
Fali, Bandhubhavan, Himatnagar, belonging to Mr. Nasir A. Sabugar vide City
Survey No. 2053 paiki admeasuring about 102-28-66 Sq. Mtrs. vide Nagarpalika
property No. 6/672. |
FIXED ASSETS:
· Land and Land Development
· Building
· Plant and Machinery
· Office Equipment
· Furniture and Fixture
· Computer
· Vehicles
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 Intl 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 companys 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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs 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.