MIRA
INFORM REPORT
|
Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MANGALAM DRUGS AND ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
292, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.04.1972 |
|
|
|
|
Com. Reg. No.: |
11-116413 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.131.782 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1972PLC116413 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19790B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM7880P |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of active Pharma ingredients, bulk drugs,
perfumery chemicals, disperse dye intermediate. |
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|
|
|
No. of Employees
: |
529 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. There
appears sharp dip in the profits during 2012. The external borrowings of the
company appear to be increasing over years. However, trade relations are reported as fair. Business is active.
Payment terms are slow. The company can be considered for business dealings with great
caution. |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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 is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
LONG TERM RATING : CRISIL B- |
|
Rating Explanation |
High risk of default |
|
Date |
06.02.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
SHORT TERM RATING : CRISIL A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
06.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 DECLINED
Management Non Co-Operative
(91-22-22087969)
LOCATIONS
|
Registered Office : |
292, |
|
Tel. No.: |
91-22-22087969/7489/7411 |
|
Fax No.: |
91-22-22087074 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
4500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Unit No.1 and 2, Plot No.187, GIDC Vapi, District – Bulsar – 396195,
Gujarat, India |
|
Tel. No.: |
91-260-2430598/2143 |
|
Fax No.: |
91-260-2431919 |
|
|
|
|
Factory 2 : |
Plot No.1203, GIDC Vapi, District – Bulsar – 396195, |
|
Tel. No.: |
91-260-2430598/2143 |
|
Fax No.: |
91-260-2431919 |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Goverdhan Dhoot |
|
Designation : |
Chairman |
|
Address : |
214, Ozeana, 5th Floor, |
|
Date of Birth/Age : |
21.10.1953 |
|
Date of Appointment : |
16.04.1996 |
|
DIN No.: |
01240086 |
|
Name : |
Mr. Subhash C. Khattar |
|
Designation : |
Director |
|
Address : |
C-7, Swati Apartment, Kalyan Complex, Off |
|
Date of Birth/Age : |
03.07.1939 |
|
Date of Appointment : |
04.06.2004 |
|
DIN No.: |
01122941 |
|
Name : |
Mr. Rajendraprasad Mimani |
|
Designation : |
Director |
|
Address : |
35, |
|
Date of Birth/Age : |
02.04.1952 |
|
Date of Appointment : |
01.11.2004 |
|
DIN No.: |
00017399 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3154235 |
23.94 |
|
|
2475560 |
18.79 |
|
Sub Total |
5629795 |
42.72 |
|
|
|
|
|
Total
Shareholding Promoter and Prompter Group (A) |
5629795 |
42.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
3003115 |
22.79 |
|
|
|
|
|
|
3075408 |
23.34 |
|
|
1360191 |
10.32 |
|
|
109739 |
0.83 |
|
|
40537 |
0.31 |
|
|
69202 |
0.53 |
|
Sub Total |
7548453 |
57.28 |
|
Total Public Shareholding (B) |
7548453 |
57.28 |
|
Total (A) + (B) |
13178248 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Sub Total |
0 |
0.00 |
|
Total (A) + (B) + (C) |
13178248 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of active Pharma ingredients, bulk drugs, perfumery chemicals, disperse dye intermediate. |
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Products : |
|
PRODUCTION STATUS
As on 31.03.2012
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Basic Drugs and Intermediates |
Tons |
NA. |
600 |
369.22 |
Note :
Installed Capacity varies depends on the
product-mix manufactured by the company from year to year and accordingly figures
of Installed Capacity have been regrouped whenever necessary.
GENERAL INFORMATION
|
No. of Employees : |
529 (Approximately) |
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Bankers : |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Milwani Associates Chartered Accountant |
|
Address : |
18, Bagaria house, 1st Floor, |
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|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13178248 |
Equity shares |
Rs.10/- each |
Rs.131.782
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
131.782 |
131.782 |
131.782 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
248.835 |
242.498 |
279.941 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
380.617 |
374.280 |
411.723 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
446.017 |
373.104 |
314.102 |
|
|
2] Unsecured Loans |
113.998 |
104.023 |
88.186 |
|
|
TOTAL BORROWING |
560.015 |
477.127 |
402.288 |
|
|
DEFERRED TAX LIABILITIES |
64.524 |
61.682 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1005.156 |
913.089 |
814.011 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
568.360 |
542.615 |
465.242 |
|
|
Capital work-in-progress |
1.518 |
2.044 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.444 |
1.440 |
1.440 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
489.846
|
332.706
|
238.617 |
|
|
Sundry Debtors |
89.099
|
217.652
|
219.858 |
|
|
Cash & Bank Balances |
10.268
|
6.924
|
6.473 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
58.919 |
29.136
|
25.253 |
|
Total
Current Assets |
648.132
|
586.418
|
490.201 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
126.844
|
156.104
|
|
|
|
Other Current Liabilities |
87.454
|
63.324
|
|
|
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total
Current Liabilities |
214.298
|
219.428
|
142.872 |
|
|
Net Current Assets |
433.834
|
366.990
|
347.329 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1005.156 |
913.089 |
814.011 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sales and Services) |
1531.819 |
1273.849 |
1122.922 |
|
|
|
Other Income |
9.540 |
5.947 |
4.660 |
|
|
|
TOTAL (A) |
1541.359 |
1279.796 |
1127.582 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1244.485 |
976.687 |
|
|
|
|
Changes in inventories of finished goods, work in progress and stock in trade |
(157.615) |
(57.527) |
|
|
|
|
Employee benefits expense |
90.097 |
74.913 |
|
|
|
|
Other Expenses |
214.006 |
154.361 |
|
|
|
|
TOTAL (B) |
1390.973 |
1148.434 |
1018.621 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
150.386 |
131.362 |
108.961 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
101.643 |
68.593 |
57.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
48.743 |
62.769 |
51.742 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.364 |
32.730 |
29.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.379 |
30.039 |
22.030 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
5.042 |
9.155 |
9.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
6.337 |
20.884 |
12.912 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
56.590 |
35.706 |
22.794 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
62.927 |
56.590 |
35.706 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXPORT
EARNINGS |
103.744 |
112.061 |
204.752 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.48 |
1.58 |
1.38 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
|
|
|
|
|
Net Sales |
|
242.600 |
203.900 |
|
Total Expenditure |
|
269.900 |
211.800 |
|
PBIDT (Excl
OI) |
|
(27.300) |
(7.900) |
|
Other Income |
|
0.100 |
0.100 |
|
Operating
Profit |
|
(27.200) |
(7.800) |
|
Interest |
|
23.700 |
24.400 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
(50.900) |
(32.200) |
|
Depreciation |
|
9.300 |
10.200 |
|
Profit
Before Tax |
|
(60.300) |
(42.400) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions
and contingencies |
|
0.000 |
0.000 |
|
Profit
After Tax |
|
(60.300) |
(42.400) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(60.300) |
(42.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.41
|
1.63
|
1.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.74
|
2.36
|
1.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.94
|
2.66
|
2.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.08
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47
|
1.27
|
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.02
|
2.67
|
3.43 |
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 |
No |
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
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 |
DETAILS OF UNSECURED LOAN
(Rs. In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
DEFERRED PAYMENT
LIABILITIES |
|
|
|
Deferred Sales tax loan |
3.998 |
4.023 |
|
|
|
|
|
TERM LOAN |
|
|
|
From Others |
110.000 |
100.000 |
|
Total |
113.998 |
104.023 |
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
A) Performance
Guarantees/ Bonds |
|
|
|
(i) Guarantee executed in favor of Assistant Collector of Customs |
1.985 |
1.985 |
|
(ii) Guarantee executed in favor of Export Parties. |
0.000 |
0.000 |
|
(iii) Guarantee executed in favor of Central Excise |
0.884 |
0.884 |
|
|
|
|
|
B) Others |
|
|
|
(iv) Guarantee given to GSPC Gas Company Limited |
6.602 |
4.576 |
|
(v) Guarantee given to Corporate |
0.000 |
561.934 |
|
(vi) Guarantee given to GPCB |
0.800 |
0.000 |
|
(vii) Guarantee given to Sale Tax (Gujarat) |
0.271 |
0.000 |
UNAUDITED FINANCIAL
RESULTS (PROVISIONAL) FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2012
(Rs. In Millions)
|
Sr. No. |
Particulars |
Unaudited |
||
|
Quarter ended |
Half year ended |
|||
|
3 months ended |
Year to date figures for Current period ended |
|||
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
1 |
Sales/Income from operation(Net of Excise duty) |
201.066 |
237.592 |
438.658 |
|
2 |
Other Operating Income |
2.789 |
4.976 |
7.765 |
|
3 |
Total Net Income from Operation |
203.855 |
242.568 |
446.423 |
|
4 |
Expenditures |
|
|
|
|
|
(a) Increase / decrease in stock in trade & work in progress |
38.044 |
66.750 |
104.794 |
|
|
(b) Consumption of raw materials |
105.051 |
136.044 |
241.095 |
|
|
(c) Employees Cost |
21.617 |
21.831 |
43.448 |
|
|
(d) Depreciation |
10.216 |
9.341 |
19.557 |
|
|
(e) Other expenditure |
47.065 |
45.280 |
92.345 |
|
|
(f) Total |
221.993 |
279.246 |
501.239 |
|
5 |
Profit(+)/Loss(-) from operations before Other income,Finance cost and Exceptional Items(3-4) |
(18.138) |
(36.678) |
(54.816) |
|
6 |
Other income |
0.099 |
0.099 |
0.198 |
|
7 |
Profit (+) / Loss (-) from ordinary activities before Finance Cost & Exceptional Items(5+6) |
(18.039) |
(36.579) |
(54.618) |
|
8 |
Finance Cost |
24.348 |
23.689 |
48.037 |
|
9 |
Profit(+)/Loss(-) from ordinary activities after Finance cost & Exceptional Items(7-8) |
(42.387) |
(60.268) |
(102.655) |
|
10 |
Exceptional Items |
0.00 |
0.00 |
0.00 |
|
11 |
Profit(+)/Loss(-) before Tax (9-10) |
(42.387) |
(60.268) |
(102.655) |
|
12 |
Tax Expenses(incl Deferred Tax) |
0.00 |
0.00 |
0.00 |
|
13 |
Net Profit(+)/Loss(-) after Tax (11-12) |
(42.387) |
(60.268) |
(102.655) |
|
14 |
Extraordinary Items |
0.00 |
0.00 |
0.00 |
|
15 |
Net Profit(+)/Loss(-) for the period(13-14) |
(42.387) |
(60.268) |
(102.655) |
|
16 |
Paid up Equity Share Capital (face value Rs.10/-each) |
131.782 |
131.782 |
131.782 |
|
12 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year. |
0.00 |
0.00 |
0.00 |
|
13 |
Earning per share (EPS) |
|
|
|
|
|
(a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
(3.22) |
(4.57) |
(7.79) |
|
|
(b) Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
(3.22) |
(4.57) |
(7.79) |
|
14 |
Non Promoters Shareholding |
|
|
|
|
|
- Number of shares |
7548453 |
7548453 |
7548453 |
|
|
- Percentage of shareholding |
57.28 |
57.28 |
57.28 |
|
15 |
Promoters and Promoter group Shareholding |
|
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
|
Number of Shares |
1441095 |
1441095 |
1441095 |
|
|
Percentage of Shares (as a % of the total shareholding of promoter & promoter group |
25.60 |
25.59 |
25.60 |
|
|
Percentage of Shares (as a % of the total share capital of the company) |
10.94 |
10.94 |
10.94 |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of Shares |
4188700 |
4188700 |
4188700 |
|
|
Percentage of Shares (as a % of the total shareholding of promoter & promoter group) |
74.40 |
74.41 |
74.40 |
|
|
Percentage of Shares (as a % of the total share capital of the company) |
31.78 |
31.78 |
31.78 |
NOTES:
1. The above results have been reviewed by the Audit Committee and thereafter, were taken on record by the Board of Directors of the Company at their meeting held on 8th, November 2012.
2. During the Quarter and Half Year ended 30th September 2012, 0 Investor complaints were received, all of which have been attended by the company. No complaints were pending at the beginning or at the end of the quarter.
3. Previous year figure are regrouped wherever necessary.
FIXED ASSETS:
- Land
- Other Building
- Plant and Machinery
- Motor Car
- Furniture and Fixture
- Office Equipment
- Computers
- Laboratory Equipment
- Air Conditioner
WEBSITE DETAILS:
Business Description
Subject is an India-based company. The Company has two segments:
bulk drugs, and chemicals and others. The Company is engaged in the
manufacturing of chemicals, such as active pharma ingredients (API) perfumery,
disperse dye intermediates, bulk drugs and bulk drugs intermediates. During the
fiscal year ended March 31, 2010, the Company produced 633.59 tons of bulk
drugs and intermediates; 6.54 tons of dyes and intermediates; 54.66 tons of
meta chloro aniline and allied products, and 30 tons of phenyl ethyl alcohol,
phenyl ethyl methyl, ether and allied products. As of March 31, 2010, it had
installed capacity to produce 1,260 tons of bulk drugs and intermediates; 750
tons of dyes and intermediates; 350 tons of meta chloro aniline and allied
products, and 350 tons of phenyl ethyl alcohol, phenyl ethyl methyl, ether and
allied products. The Company’s products include chloroquine phosphate I.P.,
aluminum chloride anhydrous, and dyes and intermediaries. For the nine months
ended 31 December 2010, subject's revenues increased 15% to RS988.7M. Net
income increased 35% to RS15.4M. Revenue reflect an increase in income from
operations. Net income also reflects a rise in operating profit margin. The
Company is engaged in the manufacturing of chemicals, such as active pharma
ingredients (API) perfumery, disperse dye intermediates, bulk drugs and bulk
drugs intermediates.
Board of Directors
Mr. Govardhan M. Dhoot
Executive Chairman of the Board, Chief Executive Officer
He has over three decades of experience in the Chemical Industry, handling
marketing in both domestic and export market. He has traveled to many countries
and visited important Industrial and Commercial Capitals all over the world. He
is director of Raga Organics Private Limited, Mangalam Laboratories Private
Limited
Mr. Rajendraprasad K.
Mimani
Non-Executive Independent Director
He has experience in marketing of various types of products. He has
an experience over 35 years. His other Directorships include Universal
Transformers Private Limited, Boesky Securities Private Limited
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 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 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.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.