MIRA INFORM REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEDISYNTH CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
4, Arif Mansion, 1ST Floor, Irla Society Road, Vile Parle (West) , Mumbai- 400056, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
04.02.1983 |
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Com. Reg. No.: |
11-029252 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.000
Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1983PTC029252 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM14491B |
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PAN No.: [Permanent Account No.] |
AACCM4942L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Homeopathic Medicines. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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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 to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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. Ashutosh |
|
Designation : |
Finance Head |
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Contact No.: |
91-22-27613119 |
|
Date : |
15.11.2013 |
LOCATIONS
|
Registered Office : |
4, Arif Mansion, 1ST Floor, Irla Society Road, Vile Parle (West) , Mumbai- 400056, Maharashtra, India |
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Tel. No.: |
91-22-26713966/ 26230818 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office/ Factory : |
D-282, M.I.D.C, Turbhe, Navi Mumbai – 400705, Maharashtra, India |
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Telefax : |
91-22-27681116/ 27613119 |
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E-mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Jayant Manjunath Vaknalli |
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Designation : |
Director |
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Address : |
A 7/2, Sarswat
Colony, Santacruz [West], Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
11.12.1940 |
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Date of Appointment : |
21.09.1998 |
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DIN No.: |
01833965 |
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Other Directorship :
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Name : |
Ms. Sunila Sharad Vaknalli |
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Designation : |
Director |
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Address : |
7/3, Saraswat
Colony, Santacruz [West], Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
30.10.1941 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02510916 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Ashutosh |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Sunila Vaknalli |
|
9650 |
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Jayant Vaknalli |
|
6999 |
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Sangeeta Jayant Vaknalli |
|
800 |
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Nihar Jayant Vaknalli |
|
2000 |
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Antara Jayant Vaknalli |
|
100 |
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Riti Sharad Vaknalli |
|
350 |
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Nandita Vankali |
|
100 |
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Jayant Vaknalli HUF |
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1 |
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Total |
|
20000 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Homeopathic Medicines. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· South East Asia |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Cash and Depend |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· Citi Bank N.A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India ·
The Shamarao Vithal Co-operative Bank Limited,
Satakruz West Branch, Mumbai - 400055, Maharashtra, India ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Citi Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Trivedi and Associates Chartered Accountants |
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Address : |
Ranjit Studios, 119, 'G' Block, Ground Floor, Dadasaheb Phalke
Road, Dadar (East), Mumbai – 400014, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABPT8670Q |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders'
Funds |
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|
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(a) Share Capital |
2.000 |
2.000 |
2.000 |
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(b) Reserves & Surplus |
33.351 |
29.579 |
24.935 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
35.351 |
31.579 |
26.935 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.609 |
3.224 |
6.285 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.117 |
1.128 |
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(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
0.609 |
3.341 |
7.413 |
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(4)
Current Liabilities |
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(a)
Short term borrowings |
37.666 |
32.489 |
30.860 |
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(b)
Trade payables |
5.282 |
6.619 |
5.446 |
|
(c)
Other current liabilities |
8.199 |
5.220 |
5.060 |
|
(d)
Short-term provisions |
6.176 |
4.322 |
5.191 |
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Total
Current Liabilities (4) |
57.323 |
48.650 |
46.557 |
|
|
|
|
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TOTAL |
93.283 |
83.570 |
80.905 |
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II.
ASSETS |
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(1)
Non-current assets |
|
|
|
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(a)
Fixed Assets |
|
|
|
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(i)
Tangible assets |
43.238 |
42.973 |
45.749 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.510 |
0.510 |
0.510 |
|
(c) Deferred tax assets
(net) |
0.005 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.231 |
0.219 |
0.206 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
43.984 |
43.702 |
46.465 |
|
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(2)
Current assets |
|
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
20.861 |
18.714 |
14.267 |
|
(c)
Trade receivables |
20.058 |
12.984 |
13.266 |
|
(d)
Cash and cash equivalents |
1.944 |
4.080 |
2.631 |
|
(e)
Short-term loans and advances |
6.436 |
4.090 |
4.276 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
49.299 |
39.868 |
34.440 |
|
|
|
|
|
|
TOTAL |
93.283 |
83.570 |
80.905 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
140.314 |
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|
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Other Income |
|
|
1.734 |
|
|
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TOTAL (A) |
170.087 |
148.792 |
142.048 |
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
|
43.061 |
|
|
|
Manufacturing Expenses |
|
|
5.050 |
|
|
|
Employees Remuneration and Benefits |
|
|
32.603 |
|
|
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Administrative Expenses |
|
|
7.233 |
|
|
|
Selling and Distribution Expenses |
|
|
29.860 |
|
|
|
Increase/ (Decrease) in stocks |
|
|
6.999 |
|
|
|
TOTAL (B) |
164.624 |
143.224 |
124.806 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including Financial
and Depreciation Expenses) |
(Including
Financial and Depreciation Expenses) |
17.242 |
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
5.963 |
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
11.279 |
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|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
6.378 |
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|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
5.463 |
5.568 |
4.901 |
|
|
|
|
|
|
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Less |
TAX (H) |
1.691 |
0.924 |
2.033 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
3.772 |
4.644 |
2.868 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.069 |
0.035 |
0.063 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
189.00 |
232.00 |
143.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.22
|
3.12 |
2.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
3.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.89
|
6.70 |
6.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.18 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.08
|
1.13 |
1.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.82 |
0.74 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10388833 |
29/11/2012 |
40,000,000.00 |
CITI BANK N.A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA, INDIA |
B62896469 |
|
2 |
90165823 |
27/01/1984 |
1,000,000.00 |
THE SARASWAT CO - OPERATIVE BANK LIMITED |
TAJ BUILDING; GROUND FLOOR; NEAR EXCESIOR CINEMA, AMRIT KESHAV NAYAK MARG, MUMBAI - 400002, MAHARASHTRA, INDIA |
- |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan from Director |
8.213 |
9.000 |
|
Loan from Shareholders |
8.418 |
8.200 |
|
|
|
|
|
Total |
16.631 |
17.200 |
FIXED ASSETS:
· Freehold Land
· Buildings
· Plant and Machinery
· Motor Vehicles
· Laboratory Equipments
· Electrical Installation
· Air Conditioner
· Computer
· Computer Software
· Factory Equipment
· Furniture and Fixture
· Office Equipments
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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. 63.06 |
|
|
1 |
Rs. 101.15 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.