|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
406 Word Trade Centre Sayjigunj, Baroda - 390005 Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.11.1989 |
|
|
|
|
Com. Reg. No.: |
013000 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.30.241 Millions |
|
|
|
|
CIN No.: [Subject Identification
No.] |
U24230GJ1989PLC013000 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Subject |
|
|
|
|
Line of Business
: |
Manufacturer of API Pharmaceutical Products |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 542144 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established Subject having satisfactory track. Profitability of the Subject appears to be fair. General financial
position of the Subject appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are
usually correct. The Subject can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit or CAD in April-June widened to 4.9 % of gross domestic product. High
imports of gold and oil led to a worsening of the traqde deficit, resulting in
CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the
corresponding quarter of the previous financial year. The government aims to
bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot
for the world’s most honest city while Lisbon, the capital of Portugal, proved
to be the least honest. The survey put hundreds of people to test in four
continents to find out just how honest they were by dropping wallets and seeing
how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund based cash credit Limits : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
|
|
|
Rating |
Short Term Fund based cash credit Limits : A3 |
|
Rating Explanation |
Moderate degree of safety high credit risk. |
|
Date |
June, 2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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.
INFORMATION PARTED BY
|
Name : |
Ms. Pooja |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-265-2361978 |
|
Date : |
03.12.2013 |
LOCATIONS
|
Registered Office : |
406 Word Trade Centre Sayjigunj, Baroda - 390005 Gujarat,
India |
|
Tel. No.: |
91-265-2361978 |
|
Fax No.: |
91-265-2226023 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Halol, Gujarat, India |
DIRECTORS
AS ON 11.09.2013
|
Name : |
Mrs. Vaishali Janak Sheth |
|
Designation : |
Whole Time Director |
|
Address : |
54, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara 390007 |
|
Date of Birth/Age : |
31.08.1959 |
|
Date of Appointment : |
16.11.1989 |
|
DIN No.: |
00049421 |
|
|
|
|
Name : |
Mr. Janak Kanalyalal Sheth |
|
Designation : |
Managing Director |
|
Address : |
54, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara 390007 |
|
Date of Birth/Age : |
17.10.1953 |
|
Date of Appointment : |
16.11.1989 |
|
DIN No.: |
00049392 |
|
|
|
|
Name : |
Mr. Manharlal Ratanlal Katwala |
|
Designation : |
Director |
|
Address : |
21, Anupam Society, Near Sardar Baug Atithi Gruh Alkapuri, Vadodara –
390007 |
|
Date of Birth/Age : |
08.10.1931 |
|
Date of Appointment : |
20.07.2000 |
|
DIN No.: |
00049787 |
|
|
|
|
Name : |
Mr. Rajnikant Gokuldas Kadakia |
|
Designation : |
Director |
|
Address : |
5, Ioc Nagar housing society, Old padre Road, Vadodara – 390015 |
|
Date of Birth/Age : |
04.01.1929 |
|
Date of Appointment : |
18.09.2010 |
|
DIN No.: |
03256416 |
|
|
|
|
Name : |
Mr. Arvind Modi |
|
Designation : |
Nominee Director |
|
Address : |
M/S. Kisan Kiran 150 Bapu Marg, Sadar Bazar Champa Janigir
Chhattisgarh – 495671, India |
|
Date of Birth/Age : |
07.09.1980 |
|
Date of Appointment : |
05.05.2012 |
|
DIN No.: |
0527760 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Janak Kanalyalal Sheth |
|
1465180 |
|
Vaishali Janak Sheth |
|
606700 |
|
Rajesh K Sheth |
|
803010 |
|
Subodh Sharoff |
|
3010 |
|
Manharlal Ratanlal Katwala |
|
10 |
|
GVFL Trustee Subject Private Limited, Ahmedabad |
|
43120 |
|
Jairam Shastry |
|
3000 |
|
R J Sheth |
|
100100 |
|
Total |
|
3024130 |
AS ON 11.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
98.37 |
|
Other top fifty shareholders |
0.20 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of API Pharmaceutical Products |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda, IBB Branch, Ground Floor,
Surajplaza Building, Sayajigunj, Vadodara - 380006,Gujarat, India ·
ICCI Bank Limited, JMC House, 9th
Floor, Opposite Parimal Garden, Ambawadi , Ahmedabad – 380008, Gujarat, India
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
SECURED: The Bank
Facilities of Working Capital such as Cash Credit, Packing Credit (INR and fC), Foreign and Inland Bills Purchase
/ Discounted, Buyers' Credit, Letters of Credit and Bank Guarantee are
obtained from Bank of Baroda and are secured by hypothecation of Subject's
entire Stocks of Raw Materials, Semi-Finished and Finished Goods. Consumable
Stores and Spares and such other movables Including Book-Debts and
Receivables (both present and future) and by first charge on ah Plant and
Machineries, Electrical Installations, Furniture’s and Fixtures, Office
Equipment and other movable Fixed Assets of (ha Subject situated at the
Factory and Office premises. All faculties are further secured by Equitable
Mortgage of Factory Land and Building of the Subject situated at Kalol as
well as personal guarantee of three Directors of the Subject The Bank
has granted Cash Credit Facility upto a maximum of Rs.80.000 Millions for pre
and post sale working capital requirement of the Subject which comes an
Interest at the rate of 12.25% p.a. The
Buyers Credit which was availed by the Subject from foreign banks In the
previous financial year were secured by counter-guarantee by Bank of Baroda
given to the said foreign banks against and within the LC Limits that was
sanctioned by Bank of Baroda to The Subject. The obligation with respect to
the same has been discharged by the Subject with interest In the year under
report and the resultant loss on account of foreign exchange rate difference
is duly accounted under the 'Finance Cost", The Subject has discounted various Foreign Bills from time to Time with Bank of Baroda for generating post shipment finance. The Bank ha* sanctioned a sub limit of Rs.30.000 millions with respect to FBP/FBOVFCBP/FCBD within the overall limit of Rs.80.000 Millions towards the Cash Credit facility sanctioned by the bank. This facility carries an Interest rate of 11.25% pra.
DEBENTURES: The Subject raised a sum of
Rs.25.000 Millions from Gujarat Venture Finance Limited by way of Private
placement of Equity Shares end Debentures vide agreements did. 23rd January,
2006 end 31st January, 20O9 Out of the same, cum of Rs.3.681
Millions has been invested by GVFL towards subscription of 43,120 Equity
Shares of the Subject of Rs. 10 each at an average price of Rs. 90 par share.
The balance amount of Rs, 21.119 Millions invested has been Invested by way
of subscription to 2,11,156 3%
Optionally Convertible
Debentures of Ra 10Q/-each which ere unsecured. The 3% OCD's Issued to
GVFL ere convertible at the option of GVFL, in full or In Dart, any time
after 31st March, 2DH at a
conversion p/E multiple of 14, on an average EPS of year ended 31"
March, 20l0 and 31st March. 2011, of the audited statement of the
Subject. GVFL shall have an option
to redeem the OCD a in full or In pen, any time after 31st March,
2011 sobs to
provide an Internal rate of return of 25% on said OOP's. OCD's carry simple
Interest of 3% per annum and Subject has a moratorium on Interest payment Ml
conversion. GVFL snail haws an option to convert the accumulated interest
Into equity at the time of conversion of OCD's to equity on the same terms
and conditions as applicable to The OCD's if
equity shares are
Issued to any other
investor by the Subject before conversion of OCD into equity shares, then
GVFL shall have the option to convert the OCD into equity share within 6
months from the data of such Investment by the other Investor The conversion
price of the OCD's shall be a price
per equity shale which is at a discount of 15% on the price tor each
equity share Issued to such other investor. UNSECURED LOANS FROM OTHERS: The subject has been
sectioned an unsecured assistance of Rs.10.000 Millions by ha
Government of India. Ministry of Science and Technology, Department of
Bio-Technology under Its SIBRI scheme for the Subject Bio-Technology Research
Activities. The sanctioned amount consists of Grant-in-Aid of Rs. 1.000
Millions and Loan of Rs,9.000 millions with the total amount of Rs. 10.000 Millions to be disbursed in 3 Installments,
Till the end of the year under report, a sum of Rs.9.000 Millions had been
released in favour at the Subject consisting of a Grent-in-Aid of Rs1.000
Millions and Loan of Rs8.0000 Millions. Out of the four
components, amount a sum of Rs.1.500 millions was returned by the Subject to
the preceding year since the same was received against procurement of certain
equipment for the biotech research but wen not ultimately acquired by the
Subject. Further, the rnoratoriornon the repayment on the loan and the
interest to be charged on the loan, if any, was not specified in the sanction
and disburament orders. However, as per the Information available with the
Subject, it is required to pay the outstanding amount of loan of Rs6.500
millions In 10 equal yearly in a installments with the payment of
the year under report. Out of the
remaining balance amount of Rs 5.850 Millions from the lean component Rs
5.200 Millions hat been Shown as Long term borrowing under the head unsecured Loans - Others' and the remaining amount of Rs.
65.000 Millions has been shown under "Other Current liabilities"
being Fie amount of Installment due to be paid In the next reporting period. The Interest to be
charged on the loan. It any has not been specified In the sanction and
disbursement' orders. Consequently no provision for Interest payable. If any,
on the loan has bean made by the Subject as at the yea/ end. The Grant-in aid of Rs.1.000 Million including Rs.0500 Million
received in the year under report has been sanctioned against the manpower
cost on the biotechnology research and hence the said Rs.0.500 pertaining to
the year |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Naresh and Subject Chartered Accountant |
|
Address : |
City Enclave, Near Baroda High School, Opp Polo Ground, Vadodara –
390001, Gujarat, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3024130 |
Equity Shares |
Rs.10/- each |
Rs.30.241
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.241 |
30.241 |
30.241 |
|
(b) Reserves and Surplus |
105.295 |
88.176 |
78.595 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
135.536 |
118.417 |
108.836 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
26.319 |
23.119 |
53.232 |
|
(b) Deferred tax liabilities (Net) |
17.609 |
17.783 |
15.942 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
43.928 |
40.902 |
69.174 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
51.254 |
45.764 |
55.022 |
|
(b) Trade payables |
43.891 |
30.219 |
57.365 |
|
(c) Other current
liabilities |
6.518 |
5.711 |
7.772 |
|
(d) Short-term provisions |
6.827 |
1.871 |
8.331 |
|
Total Current Liabilities (4) |
108.490 |
83.565 |
128.490 |
|
|
|
|
|
|
TOTAL |
287.954 |
242.884 |
306.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
106.500 |
110.494 |
111.391 |
|
(ii) Intangible Assets |
0.015 |
0.030 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.822 |
1.253 |
1.254 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
107.337 |
111.777 |
112.645 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
37.509 |
27.065 |
83.979 |
|
(c) Trade receivables |
98.426 |
55.307 |
75.957 |
|
(d) Cash and cash
equivalents |
9.097 |
12.866 |
5.771 |
|
(e) Short-term loans and
advances |
35.585 |
35.869 |
28.148 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
180.617 |
131.107 |
193.855 |
|
|
|
|
|
|
TOTAL |
287.954 |
242.884 |
306.500 |
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
414.246 |
458.182 |
451.543 |
|
|
|
Other Income |
3.016 |
1.794 |
1.148 |
|
|
|
TOTAL (A) |
417.262 |
459.976 |
452.691 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
329.421 |
354.345 |
404.499 |
|
|
|
Purchase of Stock in trade |
7.863 |
4.139 |
6.507 |
|
|
|
Changes in inventories of finished goods work in progress and stock in
trade |
(1.406) |
28.403 |
(28.429) |
|
|
|
Employees Benefit Expenses |
12.178 |
10.501 |
8.080 |
|
|
|
Other Expenses |
29.783 |
37.083 |
25.238 |
|
|
|
Exceptional Items |
(0.393) |
(4.374) |
0.013 |
|
|
|
TOTAL (B) |
377.446 |
430.097 |
415.908 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.816 |
29.879 |
36.783 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.174 |
11.900 |
9.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.642 |
17.979 |
26.938 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.022 |
4.848 |
4.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
23.620 |
13.131 |
22.169 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
6.501 |
3.551 |
9.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
17.119 |
9.580 |
13.168 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
133.329 |
47.311 |
NA |
|
|
TOTAL EARNINGS |
133.329 |
47.311 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
276.757 |
250.259 |
NA |
|
|
|
Consumables and Materials |
0.083 |
1.583 |
NA |
|
|
TOTAL IMPORTS |
276.840 |
251.842 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.65 |
3.17 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.10
|
2.09 |
2.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.70
|
2.86 |
4.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.91
|
5.41 |
7.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.11 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.57
|
0.58 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.57 |
1.51 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 REVIEW & NEW DEVELOPMENTS
During
the period, the world economy stayed subdued. The Indian economy continued to
struggle with slow down in manufacturing and infrastructure sectors, lack luster
government policies, sluggish capital market, fluctuating crude oil prices,
increased in basic raw material costs, sliding of rupee and higher finance cost
In
such challenging, phase, the Subject continued to achieve a steady performance
in both API section and Biotech RandD section. The API business mainly
comprises of manufacturing of products namely, Oxytetracycline Salts.
Chloramphenicol Salts, Erythromycin Salts used by the formulators. The Subject
has continued is trend and developed generic drugs namely Ofloxacin during the
year and successfully launched the same in the market. In Biotech Rand D Section, the Subject
carrying out R and D activities relating to development of Apoptosis -
including human - origin Fee - based chimeric proteins for targeted elimination
of mast cells and basophils : a new approach for allergy and asthma treatment
under the venture funding from GVFL,
In
overall, the revenues for the year ended on 31.03.2013 decreased to Rs. 417.300
Millions as compared to Rs. 459.900 Millions in the previous year However, due
to our focus on direct exports from deemed exports wherein realization of sale
proceeds was in foreign currencies, the Subject could improve upon its margins
and hence, the profit after tax (PAT) for the FY 31.03.2013 arrived at Rs.
17.100 Millions as against Rs. 9.500 Millions in the previous year
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10268960 |
04/07/2012 * |
323,500,000.00 |
BANK OF BARODA |
IBB Branch, Ground Floor,, Surajplaza
Building, S |
B43069442 |
|
2 |
10173435 |
07/09/2009 |
2,500,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
BLOCK 2, CGO COMPLEX,, LODHI ROAD,, NEW
DELHI, De |
A68898493 |
|
3 |
10086463 |
16/12/2011 * |
323,500,000.00 |
BANK OF BARODA |
IBB BRANCH, GROUND FLOOR,, SURAJPLAZA
BUILDING, S |
B28326973 |
CMT REPORT (Corruption, Money Laundering and 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 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 Subject 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 Subject’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.61.62 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE and 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 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 and 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.