MIRA
INFORM REPORT
|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHARMAZELL ( |
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Formerly Known As : |
NOVEON DIAMALT PRIVATE LIMITED |
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Registered Office : |
Plot No. B5 and B6, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
22.09.1993 |
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Com. Reg. No.: |
18-025852 |
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Capital Investment
/ Paid-up Capital : |
Rs. 45.000 millions |
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CIN No.: [Company
Identification No.] |
U24294TN1993PTC025852 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED00550E |
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PAN No.: [Permanent
Account No.] |
AAACD3338F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and providing of active pharmaceutical ingredients (API’s) and intermediates. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 2800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having a satisfactory
track record. Trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct and as per commitment. The concern can be considered for normal business dealings at usual
trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 PARTED BY
|
Name : |
Mr. Anantharam |
|
Designation : |
Finance Department |
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Contact No.: |
91-44-22626262 |
|
Date : |
23.07.2013 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. B5 and B6, |
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Tel. No.: |
91-44-22626262 |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Govindaraj Ramakrishnan |
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Designation : |
Managing Director |
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Address : |
Plot -1511, T-5 Krishnan Nagar, Anna Nagar (West), Chennai - 600050 |
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Date of Birth/Age : |
12.12.1953 |
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Date of Appointment : |
01.04.2010 |
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DIN No. : |
00888254 |
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Other Directorship :
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Name : |
Mr. Anant Dattatray Barbadikar |
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Designation : |
Director |
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Address : |
1-83-15/5, F. No.302, Sampath Chambers, MVP Colony, Sec-3, Double
Road, Vishakapatnam – 530017, Andhra Pradesh, India |
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Date of Birth/Age : |
02.01.1966 |
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Date of Appointment : |
30.09.2010 |
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DIN No. : |
01867501 |
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Other Directorship :
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Name : |
Mr. Oliver Valentin Bolzern |
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Designation : |
Director |
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Address : |
Nicklheim, Fichtenweg, 9 B, Raubling 83064, Switzerland |
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Date of Birth/Age : |
14.12.1956 |
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Date of Appointment : |
08.02.2003 |
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DIN No. : |
01944621 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Anantharam |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pharmazell Beteiligungs Gmbh |
|
200 |
|
Pharmazell Gmbh |
|
449800 |
|
Total |
|
450000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and providing of active pharmaceutical ingredients (API’s) and intermediates. |
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Products : |
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Exports : |
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Products : |
Finished Good |
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Countries : |
· Germany Brazil Argentina |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit and Depend |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Actual
Production ** |
|
Amino Acid Products |
In Metric Tonnes |
NA |
1000 |
331.996 |
|
Propafenone |
In Metric Tonnes |
NA |
100 |
57.114 |
|
Others |
In Metric Tonnes |
NA |
260 |
33.705 |
Note:
*On triple shift basis, as certified by the management and relied upon by the auditors. The installed capacity is subject to product mix and utilization of plant and machinery, which is common for different products.
**Production excludes the material processed on conversion
basis.
GENERAL INFORMATION
|
No. of Employees : |
60 (Approximately) |
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Bankers : |
Indian Bank, Chennai, Tamilnadu, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Subramanian And Company Chartered Accountant |
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Address : |
New No. 6, |
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Tel. No.: |
91-44-24992261 / 24991347 / 24994231 |
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Fax No.: |
91-44-24991408 |
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E-mail : |
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Website : |
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PAN No. : |
AAAFR0602F |
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Holding Company : |
Pharmazell Gmbh |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
450000 |
Equity Shares |
Rs. 100/- each |
Rs. 45.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
|
45.000 |
45.000 |
|
(b) Reserves & Surplus |
|
656.982 |
516.561 |
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(c) Money
received against share warrants |
|
0.000 |
0.000 |
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|
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(2) Share Application money pending allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
701.982 |
561.561 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
|
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
|
8.077 |
10.198 |
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(c) Other long term liabilities |
|
0.000 |
0.000 |
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(d) long-term provisions |
|
6.850 |
4.898 |
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Total Non-current Liabilities (3) |
|
14.927 |
15.096 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
|
0.000 |
0.000 |
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(b) Trade payables |
|
42.167 |
46.996 |
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(c) Other current
liabilities |
|
5.239 |
7.530 |
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(d) Short-term provisions |
|
24.333 |
21.691 |
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Total Current Liabilities (4) |
|
71.739 |
76.217 |
|
|
|
|
|
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TOTAL |
|
788.648 |
652.874 |
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|
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II.
ASSETS |
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|
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|
(1) Non-current assets |
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|
|
|
(a) Fixed Assets |
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|
|
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(i) Tangible assets |
|
171.176 |
158.423 |
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(ii) Intangible Assets |
|
3.345 |
4.460 |
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(iii) Capital
work-in-progress |
|
12.206 |
7.482 |
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(iv)
Intangible assets under development |
|
0.000 |
0.000 |
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(b) Non-current Investments |
|
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.374 |
|
(e) Other Non-current assets |
|
5.623 |
9.784 |
|
Total Non-Current Assets |
|
192.350 |
180.523 |
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
93.510 |
73.395 |
|
(c) Trade receivables |
|
427.614 |
358.064 |
|
(d) Cash and cash
equivalents |
|
57.978 |
28.432 |
|
(e) Short-term loans and
advances |
|
14.535 |
10.058 |
|
(f) Other current assets |
|
2.661 |
2.402 |
|
Total Current Assets |
|
596.298 |
472.351 |
|
|
|
|
|
|
TOTAL |
|
788.648 |
652.874 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
45.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
410.809 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
455.809 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
7.233 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
463.042 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
123.589 |
|
|
Capital work-in-progress |
|
|
23.411 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
100.383 |
|
|
Sundry Debtors |
|
|
254.072 |
|
|
Cash & Bank Balances |
|
|
7.807 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
121.411 |
|
Total
Current Assets |
|
|
483.673 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
45.914 |
|
|
Other Current Liabilities |
|
|
10.271 |
|
|
Provisions |
|
|
111.446 |
|
Total
Current Liabilities |
|
|
167.631 |
|
|
Net Current Assets |
|
|
316.042 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
463.042 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
894.142 |
|
|
|
|
|
Other Operating Revenue |
0.693 |
18.830 |
|
|
|
|
Other Income |
3.057 |
0.440 |
|
|
|
|
TOTAL (A) |
897.892 |
686.163 |
548.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
405.213 |
|
|
|
|
|
Employee benefit expense |
85.719 |
69.725 |
|
|
|
|
Other Expenses |
162.118 |
151.124 |
|
|
|
|
Increase/ (Decrease) in Finished Goods and WIP |
12.925 |
2.683 |
|
|
|
|
TOTAL |
665.975 |
503.035 |
485.600 |
|
|
|
|
|
(Including |
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
231.917 |
183.128 |
Depreciation) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
27.144 |
22.913 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
204.773 |
160.215 |
62.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
64.352 |
54.464 |
23.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
140.421 |
105.751 |
38.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
712.914 |
487.317 |
427.190 |
|
|
|
Conversion Charges |
153.692 |
155.875 |
112.074 |
|
|
TOTAL EARNINGS |
866.606 |
643.192 |
539.264 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2.946 |
3.737 |
7.007 |
|
|
|
Raw Materials |
302.593 |
198.357 |
178.241 |
|
|
|
Packing Materials |
0.872 |
2.529 |
1.620 |
|
|
|
Stores and Spares |
0.726 |
4.954 |
5.243 |
|
|
TOTAL IMPORTS |
307.137 |
209.577 |
192.111 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
312.05 |
235.00 |
86.37 |
|
%20PRIVATE%20LIMITED%20-%20229182%2027-Jul-2013_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20229182%2027-Jul-2013_files/image002.gif){kind=small}
|
Particulars |
|
|
31.03.2013 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
900.000 |
|
|
|
|
|
The above information has been parted by Mr. Anantharam (Finance
Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
15.64
|
15.41 |
7.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.90
|
24.02 |
NNA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.37
|
92.59 |
10.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.29 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.31
|
6.20 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four 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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
COURSE OF BUSINESS AND OUTLOOK
During the year, progress has
continued in the company's performance. The company had achieved a turnover of Rs.884.900
millions as compared to the turnover of Rs. 683.400 millions in the
previous corresponding year .The profit
after tax stood at Rs. 140.400 millions as compared to Rs. 105.700 millions in
the previous year.
FIXED ASSETS
v Tangible Assets
Land
Buildings
Plant
and Machinery
Furniture
and Fixtures
Office
Equipments
Computer
Equipments
Vehicles
v
Intangible
Assets
Computer
Software
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.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.