MIRA INFORM REPORT

 

 

Report Date :

29.01.2013

 

IDENTIFICATION DETAILS

 

Name :

BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED

 

 

Registered Office :

407 -408, Sharda Chambers,, New Marine Lines, Mumbai-400020, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

24.09.2002

 

 

Com. Reg. No.:

11-137329

 

 

Capital Investment / Paid-up Capital :

Rs. 5.000 Millions

 

 

CIN No.:

[Company Identification No.]

 U24230MH2002PTC137329

 

 

PAN No.:

[Permanent Account No.]

AABCB9286B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Pharmaceutical Raw Material, they do Manufacturing through Job Work.

 

 

No. of Employees :

35 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1238000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – 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

 

 

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.

 

 

LOCATIONS

 

Registered Office / Corporate Head Quarter :

407 -408, Sharda Chambers,, New Marine Lines, Mumbai-400020, Maharashtra, India

Tel. No.:

91-22-40560560

Fax No.:

91-22-40560555

E-Mail :

bdrpharma@vsnl.net

 

 

Regional Office :

LOCATED AT:

 

v  Ahmedabad

 

 

Factory / Sites :

ALSO LOCATED AT:

 

v  Surat

v  Baroda

 

 

DIRECTORS

 

As on 30.09.2012

 

Name :

Mr. Raheel Dharmesh Shah

Designation :

Director

Address :

2301-A,2302-B, Sterling Towers, Harischandra Goreg, Aonkar Narg, Gamdevi, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

20.01.1990

Date of Appointment :

27.07.2011

DIN No.:

03582861

 

 

Name :

Mr. Suresh Chhabildas Shah

Designation :

Director

Address :

5th Floor, Surya Kiron, 551 Pan Gully, Off Hughes Road, P O 26 WB, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

23.02.1947

DIN No.:

00477470

 

 

Name :

Mr. Dharmesh Mahendra Shah

Designation :

Director

Address :

2301, Sterling Towers, H G Marg, Gamdevi, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

15.03.1966

Qualification :

Chemical Engineer

Date of Appointment :

24.09.2002

DIN No.:

00452961

 

 

Name :

Mr. Vijay Chhabildas Shah

Designation :

Director

Address :

501, Panchsheel, 5th Floor, C Road, Churchgate, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

19.02.1945

Date of Appointment :

05.01.2004

DIN No.:

00453308

 

 

Name :

Mr. Tejash Vijay Shah

Designation :

Director

Address :

Room No. A 29, B 51-52, Lal Sing Building, Lohar Chawl, Kalbadevi, Mumbai- 400002, Maharashtra, India

Date of Birth/Age :

11.08.1978

Date of Appointment :

16.01.2008

DIN No.:

01862033

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2012

 

Names of Shareholders

 

No. of Shares

Dharmesh Mahendra Shah

 

4900

Binita Dharmesh Shah

 

347900

M Sharmishta Shah

 

147000

Vijay Chabildas Shah

 

100

Suresh Chabildas Shah

 

100

Total

 

500000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2012

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Pharmaceutical Raw Material, they do Manufacturing through Job Work.

 

 

GENERAL INFORMATION

 

No. of Employees :

35 (Approximately)

 

 

Bankers :

v  ABN Amro Bank N.V., 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

 

 

Facilities :

SECURED LOAN

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Secured Borrowings

 

 

Borrowings

1.403

0.000

Total

1.403

0.000

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Lalit Mehta and Company

Chartered Accountants

Address :

101, Apollo Arcade, R.K. Singh Marg, Off P.P. Road, Near Sona Udyog, Andheri (East), Mumbai – 400069, Maharashtra, India

PAN No.:

AABPM6331K

 

 

Associates :

v  Sunshine Organics Private Limited

 (CIN No: U24110MH1988PTC048981)

v  BDR Life Sciences Private Limited

       (CIN No: U24230GJ1993PTC020258)

v  Innova Life Sciences Private Limited

 (CIN No: U24230MH2003PTC143625)

v  Virdev Intermediates Private Limited

 (CIN No: U24230GJ1994PTC021189)

v  Mepromax Life Sciences Private Limited

 (CIN No: U24231GJ2005PTC021189)

v  B K Life Sciences Private Limited

 (CIN No: U24239MH2006PTC164688)

v  Mepro Laboratories

v  Mepro Pharmaceuticals Private Limited

v  M J Chempharm Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 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

5.000

5.000

5.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

304.555

218.886

171.109

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

309.555

223.886

176.109

LOAN FUNDS

 

 

 

1] Secured Loans

1.403

0.000

0.000

2] Unsecured Loans

24.977

23.410

9.596

TOTAL BORROWING

26.380

23.410

9.596

DEFERRED TAX LIABILITIES

0.503

0.291

0.000

 

 

 

 

TOTAL

336.438

247.587

185.705

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

19.091

9.680

6.036

Capital work-in-progress

38.906

0.000

0.000

 

 

 

 

INVESTMENT

74.966

74.966

74.775

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
141.274

84.225

116.864

 

Sundry Debtors
450.606

444.018

427.039

 

Cash & Bank Balances
343.438

279.495

157.096

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
100.919

73.492

42.076

Total Current Assets
1036.237

881.230

743.075

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.000

0.000

599.452

 

Other Current Liabilities
743.262

659.589

4.920

 

Provisions
89.500

58.700

33.809

Total Current Liabilities
832.762

718.289

638.181

Net Current Assets
203.475

162.941

104.894

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

336.438

247.587

185.705

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

1536.945

1222.765

915.159

 

 

Other Income

46.204

20.095

22.741

 

 

TOTAL                                    

1583.149

1242.860

937.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

1442.975

1169.791

875.250

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(Including

(Including

62.650

 

 

Financial

Financial

 

Less

FINANCIAL EXPENSES                                   

Expenses and

Expenses and

6.367

 

 

Depreciation)

Depreciation)

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                              

 

 

56.283

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

 

0.733

 

 

 

 

 

 

PROFIT AFTER DEPRECIATION BUT BEFORE TAX

140.174

73.069

55.550

 

 

 

 

 

Less

TAX                                                                 

45.788

24.954

22.582

 

 

 

 

 

 

PROFIT AFTER TAX                            

94.385

48.115

32.968

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

50.000

0.000

N.A

 

 

Dividend

7.500

0.000

N.A

 

 

Tax on Dividend

1.216

0.000

N.A

 

BALANCE CARRIED TO THE B/S

35.669

48.115

N.A

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

683.822

640.772

488.403

 

TOTAL EARNINGS

683.822

640.772

488.403

 

 

 

 

 

 

Earnings Per Share (Rs.)

188.77

96.23

65.94

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

5.96

3.87

3.52

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

9.12

5.98

6.07

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

13.28

8.20

7.42

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.45

0.33

0.32

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.78

3.31

3.68

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.24

1.23

1.16

 

 

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

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

 No

 

 

UNSECURED LOAN

 

Particulars

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Unsecured Borrowings

 

 

Borrowings

24.977

23.410

Total

24.977

23.410

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 53.89

UK Pound

1

Rs. 84.93

Euro

1

Rs. 72.51

 

 

INFORMATION DETAILS

 

Report Prepared by :

RJT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

51

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.