MIRA
INFORM REPORT
|
Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELNOVA PHARMA |
|
|
|
|
Registered
Office : |
Nahan Road, Village Moginand, Kala AMB, District Sirmour – 173 030,
Himachal Pradesh |
|
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|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
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Year of
Establishment : |
2007 |
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|
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Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business
: |
Manufacturer of Pharmaceutical Formulation. |
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|
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|
No. of Employees
: |
200 (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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established
partnership concern 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 concern 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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. Balkar Singh |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-180-4003688 |
|
Date : |
11.02.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Nahan Road, Village Moginand, Kala AMB, District Sirmour – 173 030,
Himachal Pradesh, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Head Office : |
Vishnu
Carpets Building, G.T. Road, Panipat – 132 103, Haryana, India |
|
Tel. No.: |
91-180-4003688/ 2666616 |
|
Fax No.: |
91-180-2666597 |
|
|
|
|
Marketing Office : |
Suite No.715,
D Mall, Netaji Subhash Place,
Pitampura, New Delhi – 110 026,
India |
|
Tel. No.: |
91-11-45618188 |
|
E-Mail: |
PARTNERS
|
Name : |
Mr. Rajesh Jain |
|
Designation : |
Partner |
|
Date of Birth/Age : |
30 Years |
|
Qualification : |
B. Com |
|
|
|
|
Name : |
Mr. Ankur Gulati |
|
Designation : |
Partner |
|
Date of Birth/Age : |
25 Years |
|
Qualification : |
B. Com |
KEY EXECUTIVES
|
Name : |
Mr. Balkar Singh |
|
Designation : |
Accounts Executive |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Formulation. |
|
|
|
|
Products : |
·
Vitamins ·
Nutrition ·
Hormonal and Ethical Preparation ·
Food Supplements · All types of Soft Gelatin Medicines |
|
|
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|
Imports : |
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|
Products : |
Raw Materials |
|
Countries : |
China |
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|
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Terms : |
|
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Selling : |
L/C and Credit |
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|
|
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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|
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No. of Employees : |
200 (Approximately) |
|
|
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Bankers : |
Union Bank of India, Sirmour Branch, Himachal Pradesh, India (Contact
No.: 91-1704-222335) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Atul Chopra and Associates Chartered Accountants |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
600.000 |
400.000 |
|
|
|
|
|
Expected Sales (2013-14) : Rs.700.000 Millions.
The above information has been parted by Mr. Balkar Singh (Accounts
Executive).
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
LOCAL AGENCY FURTHER INFORMATION
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
|
400.000 |
600.000 |
|
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 three years |
No |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
No |
|
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 |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
WEBSITE DETAILS:
INTRODUCTION:
·
Subject is vertically
integrated health care company with one of the best pharmaceutical and
nutraceutical manufacturing facilities of Soft Gel Capsule as per (Good
Manufacturing Practices Act) guideline at Kala Amb (Himachal Pradesh, India)
·
The company provides 100% Excise and Sales Tax
benefits to its customers due to its location in excise free zone.
·
Technical support is provided by Dr. K.R. Bhat
having more than 35 years of experience in the field of soft gelatin capsules.
·
The rich experience of directors provides an edge
to fulfill the job assigned with quality control and proper validation, In all
Subject is the blend of beautiful outer environment of Himachal and competent,
dedicated, dynamic, specialized staff to provide inert inner environment.
·
Annual Manufacturing Capacity of above 6 billion
caps/year.
·
Subject believes in "Total Quality
Management".
SERVICES /
FACILITIES:
·
Most modern and sophisticated machinery of ane of best make
available in the world from Sky Softgel, Korea.
·
Project is designed to follow the guidelines of WHO-GMP.
·
Unit is constructed on Uni-flow process layout with separate
entry for man and material hence no criss-cross movement.
·
Area of plant is 4000 sq. meters, with green environment in
surroundings
·
From gelatin manufacturing to medicament manufacturing to
final product sorting all one in uniflow manner on machines provided by sky
softgel, Korea
TECHNICAL
SERVICES:
·
Handling the critical support system like HVAC, water purification
system with required standards and their validation complying standards like
WHO-GMP.
·
Separate and hygienically card for, in and out flow of man
and material at all levels.
·
Three Encapsulation machine with an output of 1,00,000 soft
gel capsule per hour/Machine depending on capsule size.
SERVICE:
·
ELNOVA'S unique product and service offerings combined with
manufacturing flexibility enables it to create customized fortification
solutions
ACTIVITIES:
·
To formulate pharmaceutical products on contract basis, as
per the specifications of the clients.
·
Manufacturing of specialized pharmaceutical formulations.
·
To produce Soft Gel Products for MNC's.
·
Creating unique and new formulations, FDC's, providing comprehensive
medical rationale and product backup data.
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] 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.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
6 |
|
--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 |
NO |
|
--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 |
|
--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.