MIRA INFORM REPORT
|
Report Date : |
26.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMNEAL LIFE SCIENCES PRIVATE LIMITED |
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Registered
Office : |
882/1-871, Village Rajoda, Near Hotel Kankavati, Bavla - 382220, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.03.2008 |
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Com. Reg. No.: |
04-053430 |
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Capital
Investment / Paid-up Capital : |
Rs. 586.794 Millions |
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CIN No.: [Company Identification
No.] |
U73100GJ2008PTC053430 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA07921E |
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PAN No.: [Permanent Account No.] |
AAGCA9685C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Bulk Drugs. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2060000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Amneal Pharmaceuticals Company India
Limited. It is an established company having moderate track record. Even though the company was incorporated during the year 2008, the
company commenced its commercial operations from FY 2014. The company has achieved a sizable turnover and profit from its first
year of operation. However, reserves level of the company is low. Borrowing of the
company has also increased during 2014. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Pushpa Joshi |
|
Designation : |
Company Secretary |
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Contact No.: |
91-79-67778300 |
|
Date : |
23.12.2014 |
LOCATIONS
|
Registered Office : |
882/1-871, Village Rajoda, Near Hotel Kankavati, Bavla - 382220, |
|
Tel. No.: |
91-2714-304700/ 671500 |
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Mobile No.: |
91-8511174070 [Mr. Harshal] |
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Fax No.: |
91-2714-304704 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No. 15, 16, 17, Pharmez (Special Economic Zone –
SEZ), |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Suresh Punambhai Patel |
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Designation : |
Director |
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Address : |
Block No. Shri Somnathnagar CHS Limited, B/H |
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Date of Birth/Age : |
15.03.1961 |
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Date of Appointment : |
31.03.2008 |
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PAN No.: |
ACRPP4822E |
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DIN No.: |
01856345 |
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Other Directorship :
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Name : |
Mr. Kanubhai Punambhai Patel |
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Designation : |
Director |
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Address : |
22, Ramyakunj Society, Galaxi Cinema, Naroda, Ahmedabad – 382325, |
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Date of Birth/Age : |
31.08.1942 |
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Date of Appointment : |
31.03.2008 |
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DIN No.: |
01883090 |
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Other Directorship :
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Name : |
Mr. Nikunj Bansibhai Patel |
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Designation : |
Director |
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Address : |
A/29/A, Karmacharinagar Society, Part I, Opposite Alkapuri Society,
Ghatlodia, Ahmedabad – 380061, Gujarat, India |
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Date of Birth/Age : |
04.11.1975 |
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Date of Appointment : |
30.09.2013 |
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PAN No.: |
ALJPP2060M |
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DIN No.: |
02790495 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Ms. Pushpa Joshi |
|
Designation : |
Company Secretary |
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Address : |
A-505, Smarana Apartments, Near Torrent Power Zonal Office, Bakeri
City, Vejalpur, Ahmedabad – 382220, Gujarat, India |
|
Date of Birth/Age : |
03.03.1986 |
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Date of Appointment : |
09.04.2012 |
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PAN No.: |
AXSPP6822A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Amneal Singapore Private Limited, Singapore |
77040282 |
94.11 |
|
Kanu Patel |
2152857 |
2.63 |
|
Suresh Patel |
445557 |
0.54 |
|
Nikunj Patel |
2073000 |
2.53 |
|
Pankil Patel |
150000 |
0.18 |
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Total |
81861696 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
94.11 |
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Directors
or relatives of directors |
5.89 |
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|
|
|
Total |
100\.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Bulk Drugs. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· Bank of Baroda Shapath-III, Ground Floor, Near GNFC Info Tower, Bodakdev,
Ahmedabad - 380054, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates LLP Chartered Accountants |
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Address : |
2nd Floor, Shivalik Ishaan, Near C N Vidhyalaya, Ambawadi, Ahmedabad, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACHFS9181P |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Amneal Pharmaceuticals Company (India) Private Limited [U24231GJ2006PTC048109] · Amneal Pharmaceuticals LLC |
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Associate company : |
Amneal Pharma Investment Holdings |
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Holding company : |
Amneal Singapore Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
90,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 900.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
81,861,696 |
Equity Shares |
Rs. 10/- each |
Rs. 818.617 Millions |
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AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
80,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 800.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
58,679,433 |
Equity Shares |
Rs. 10/- each |
Rs. 586.794 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
586.794 |
271.246 |
217.068 |
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(b) Reserves & Surplus |
73.836 |
(6.289) |
0.000 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
61.798 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
722.428 |
264.957 |
217.068 |
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(3)
Non-Current Liabilities |
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|
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|
(a) Long-term borrowings |
1595.049 |
859.090 |
621.594 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.939 |
0.242 |
0.000 |
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Total
Non-current Liabilities (3) |
1597.988 |
859.332 |
621.594 |
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(4) Current Liabilities |
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|
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|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
50.970 |
0.000 |
0.000 |
|
(c)
Other current liabilities |
194.623 |
81.017 |
10.812 |
|
(d)
Short-term provisions |
8.226 |
4.500 |
0.415 |
|
Total
Current Liabilities (4) |
253.819 |
85.517 |
11.227 |
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TOTAL |
2574.235 |
1209.806 |
849.889 |
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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 |
1202.246 |
95.894 |
92.891 |
|
(ii)
Intangible Assets |
1.197 |
0.000 |
0.028 |
|
(iii)
Capital work-in-progress |
675.288 |
811.685 |
130.887 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
287.421 |
160.587 |
32.833 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2166.152 |
1068.166 |
256.639 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
120.830 |
0.000 |
350.044 |
|
(b)
Inventories |
133.413 |
0.000 |
0.000 |
|
(c)
Trade receivables |
98.362 |
0.000 |
0.000 |
|
(d)
Cash and cash equivalents |
36.435 |
131.407 |
242.189 |
|
(e)
Short-term loans and advances |
18.100 |
9.566 |
0.460 |
|
(f)
Other current assets |
0.943 |
0.667 |
0.557 |
|
Total
Current Assets |
408.083 |
141.640 |
593.250 |
|
|
|
|
|
|
TOTAL |
2574.235 |
1209.806 |
849.889 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
505.167 |
0.000 |
|
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Other Income |
|
2.040 |
0.442 |
|
|
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TOTAL |
|
507.207 |
0.442 |
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Less |
EXPENSES |
|
|
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|
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TOTAL |
|
467.825 |
6.731 |
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PROFIT/ (LOSS)
BEFORE TAX |
|
39.382 |
(6.289) |
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Less |
TAX |
|
7.814 |
0.000 |
|
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|
PROFIT/ (LOSS)
AFTER TAX |
|
31.568 |
(6.289) |
|
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|
Earnings/ (Loss)
Per Share (Rs.) |
|
0.54 |
(0.23) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.25 |
0.00 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.07 |
(1.58) |
NA |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
(0.02) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.21 |
3.24 |
2.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61 |
1.66 |
52.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
217.068 |
271.246 |
586.794 |
|
Reserves & Surplus |
0.000 |
(6.289) |
73.836 |
|
Share Application money pending allotment |
0.000 |
0.000 |
61.798 |
|
Net
worth |
217.068 |
264.957 |
722.428 |
|
|
|
|
|
|
Long-term borrowings |
621.594 |
859.090 |
1595.049 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
621.594 |
859.090 |
1595.049 |
|
Debt/Equity ratio |
2.864 |
3.242 |
2.208 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
505.167 |
|
|
|
|
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
505.167 |
|
Profit/ (Loss) |
(6.289) |
31.568 |
|
|
|
6.25% |
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
two years |
Yes |
|
12] |
Profitability for last
two 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) |
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 |
Yes |
|
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 |
10333830 |
04/01/2014 * |
2,024,500,000.00 |
BANK OF BARODA |
SHAPATH-III, GROUND
FLOOR, NR. GNFC INFO TOWER, |
B93501203 |
* Date of charge modification
CORPORATE INFORMATION
The company domiciled in India and incorporated under the
provisions of the Companies Act, 1956. The company is in the process of setting
up of the new manufacturing facility for injectible and oral solid drugs and is
also engaged in carrying out scientific research and development by undertaking
pharmaceuticals, research, Novel Drug Delivery Systems, research (NODS), and
analytical testing and to market this research and development, mainly for the export
purpose for the US and European markets as well as other markets.
PERFORMANCE REVIEW
During the year the company has initiated commercial activities and it’s
Sales of Services for the year financial year 2013-14 Rs. 505.167 Millions.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· 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. 63.45 |
|
|
1 |
Rs. 98.88 |
|
Euro |
1 |
Rs. 77.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.