MIRA INFORM REPORT
|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BASIC PHARMA LIFE SCIENCE PRIVATE LIMITED |
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|
|
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Registered
Office : |
Plot No.146/B, GIDC Estate, Opposite Fire Fighter Station, Ankleshwar
– 393 002, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
|
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Date of
Incorporation : |
20.06.2005 |
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|
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Com. Reg. No.: |
04-046278 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.3.484
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230GJ2005PTC046278 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB01634D |
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|
|
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PAN No.: [Permanent Account No.] |
AACCB7672G |
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Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer and Exporter of Bulk Drugs, Drug Intermediates and Fine
Chemicals. |
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|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 88000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
LOCATIONS
|
Registered Office/ Factory : |
Plot No.146/B, GIDC Estate, Opposite Fire Fighter Station, Ankleshwar
– 393 002, |
|
Tel. No.: |
91-2646-645714/ 226037 |
|
Mobile No.: |
91-9825056886 (Mr. Paresh Madhavjibhai Vaghasia) |
|
Tele Fax No.: |
91-2646-226037 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Paresh Madhavjibhai Vaghasia |
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|
Designation : |
Director |
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|
Address : |
Block No.28, Manorath CHS, GIDC Estate, Ankleshwar – 393 002, |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375578 |
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Other Directorship :
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|||||||||||||||||||||||||||
|
Name : |
Mr. Mahesh Rajabhai Vekaria |
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|
Designation : |
Director |
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|
Address : |
Block No.1320, Behind GIL Colony, GIDC New Colony, Anklewshwar – 393
002, |
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|
Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375493 |
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Other Directorship :
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|
Name : |
Mr. Mukesh Devrajbhai Thummar |
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|
Designation : |
Director |
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|
Address : |
Block No.28, Manorath CHS, GIDC Estate, Ankleshwar – 393 002, |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375546 |
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Other Directorship :
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|||||||||||||||||||||||||||
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Name : |
Mr. Nileshkumar Shantilal Gondaliya |
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Designation : |
Director |
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|
Address : |
Plot No. RCL 40/246, Near Gatu Vidhyalaya, GIDC, New Colony,
Ankleshwar – 393 002, Gujarat, India |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00375608 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
N.V. Kathiria and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
601, Samudra Annexe, Near Hotel Klassic Gold, Off. C.G. Road,
Navrangpura, Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26563106 |
|
Mobile No.: |
91-9825068364 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Paresh Madhavjibhai Vaghasla |
|
87103 |
|
Mahesh Rajabhai Vekaria |
|
87103 |
|
Nileshkumar Shantilal Gondaliya |
|
87102 |
|
Mukesh Devrajbhai Thummar |
|
87102 |
|
Total |
|
348410 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bulk Drugs, Drug Intermediates and Fine
Chemicals. |
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|
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|
Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
2010-2011 |
|
Licensed Capacity |
N.A. |
|
Installed
Capacity (In Kgs./ p.a.) |
|
|
Chlorhexidine Base |
36000 |
|
Chlorhexidine Gluconate |
150000 |
|
Chlorhexidine Acetate |
10000 |
|
Chlorhexidine Hcl |
10000 |
|
Cetrimide Powder |
20000 |
GENERAL INFORMATION
|
No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Rahuldeo and Company Chartered Accountants |
|
Address : |
S/F-1, Omkar Complex, Valia Road, G.I.D.C., Ankleshwar – 393 002,
Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AEAPP0126N |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
348410 |
Equity Shares |
Rs.10/- each |
Rs.3.484
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3.484 |
3.484 |
|
(b) Reserves & Surplus |
|
18.605 |
10.871 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
19.299 |
5.904 |
|
(b) Deferred tax liabilities (Net) |
|
1.222 |
1.159 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
Long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
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(4) Current liabilities |
|
|
|
|
(a)
Short term borrowings |
|
24.577 |
5.108 |
|
(b)
Trade payables |
|
34.043 |
25.247 |
|
(c)
Other current liabilities |
|
0.512 |
2.151 |
|
(d)
Short-term provisions |
|
7.089 |
4.651 |
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TOTAL |
|
108.831 |
58.575 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
38.046 |
28.731 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.752 |
0.752 |
|
(e)
Other Non-current assets |
|
3.515 |
0.561 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
17.490 |
8.388 |
|
(c)
Trade receivables |
|
22.435 |
8.672 |
|
(d)
Cash and cash equivalents |
|
5.955 |
0.063 |
|
(e)
Short-term loans and advances |
|
9.055 |
4.776 |
|
(f)
Other current assets |
|
11.583 |
6.632 |
|
TOTAL |
|
108.831 |
58.575 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3.484 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3.980 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7.464 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
9.647 |
|
|
2] Unsecured Loans |
|
|
5.076 |
|
|
TOTAL BORROWING |
|
|
14.723 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.564 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
22.751 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
18.673 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
5.639 |
|
|
Sundry Debtors |
|
|
2.234 |
|
|
Cash & Bank Balances |
|
|
2.172
|
|
|
Other Current Assets |
|
|
4.177
|
|
|
Loans & Advances |
|
|
2.015
|
|
Total
Current Assets |
|
|
16.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
10.933
|
|
|
Other Current Liabilities |
|
|
0.011
|
|
|
Provisions |
|
|
1.249
|
|
Total
Current Liabilities |
|
|
12.193 |
|
|
Net Current Assets |
|
|
4.044
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.034 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
22.751 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
140.447 |
102.071 |
53.661 |
|
|
|
Other Income |
3.670 |
2.572 |
1.630 |
|
|
|
TOTAL |
144.117 |
104.643 |
55.291 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
132.585 |
94.557 |
52.167 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
132.585 |
94.557 |
52.167 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
11.532 |
10.086 |
3.124 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.798 |
3.195 |
1.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
7.734 |
6.891 |
2.103 |
|
|
|
|
|
|
|
|
|
|
C.I.F. VALUE OF
IMPORTS |
43.999 |
16.039 |
3.390 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.20 |
19.78 |
6.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.51 |
6.59
|
3.80
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.21 |
9.88
|
5.82
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.60 |
17.22
|
8.95
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.70
|
0.42
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.99 |
0.77
|
1.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
0.77
|
1.33
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
No |
|
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 Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
|
|
|
Director |
|
|
|
Mahesh Vekaria |
0.489 |
0.365 |
|
Mukesh Thummar |
0.225 |
0.204 |
|
Nilesh Gondaliya |
0.600 |
0.292 |
|
Paresh Vaghashiya
|
0.275 |
0.000 |
|
Other |
|
|
|
Shareholders and
Relatives |
7.295 |
5.043 |
|
Total |
8.884 |
5.904 |
OPERATIONS:
The Company achieved
turnover of Rs.140.447 millions net of Taxes as compared to last year’s turnover
of Rs.102.071 millions showing increase of 37.60%. The increase was mainly due
to increased sale of some high value items of intermediates in domestic market.
The company has
incurred Rs.7.929 millions towards Expansion of the plant during the year and
the expansion proposed during last financial year is now completed. This will
help to add up new products.
FIXED ASSETS:
· Factory Building
· Leasehold Land
· Vehicles
· Plant and Machinery
· Laboratory Equipments
· Electrical Installations
· Diesel Generator Set
· Weighing Scale
· Gas Pipeline Heating System
· Office Equipments
· Computer
· Printer
· Furniture and Fixtures
· Refrigerator
· Mobile Phones
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.58.93 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
46 |
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.