MIRA
INFORM REPORT
|
Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIDAS CARE PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Lotus Corporate Park, 302, "B" Wing, 3rd Floor, CTS
No.185/A, Graham Firth Compound, Western Express Highway, Goregaon (East),
Mumbai – 400 063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-039852 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.909
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239MH1986PTC039852 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21047F MUMM23552E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM4264B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Health Care Aerosols, Personal Care Aerosols and Room
Care Aerosols, Industrial Care Aerosols etc. |
|
|
|
|
No. of Employees
: |
Approximately 1060 (In Office – 60, In Factory – 1000) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1639000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Midas Care Group. It is an established company
having satisfactory track record. The management has failed to file its financial with Government
Department for the year 2012 and 2013. As per previous financial of 2011, the rating reflects company’s
above-average financial risk profile, high networth, low gearing and
comfortable debt protection metrics. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can considered for 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
May 21, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
May 21, 2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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. Anirudh |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-42193905 |
|
Date : |
10.01.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Lotus Corporate Park, 302, "B" Wing, 3rd Floor, CTS
No.185/A, Graham Firth Compound, Western Express Highway, Goregaon (East),
Mumbai – 400 063, Maharashtra, India |
|
Tel. No.: |
91-22-42193900 / 01/ 05/ 26833409/ 26835677/ 26835678/ 61414220 |
|
Fax No.: |
91-22-26837947 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
B-16, MIDC, Waluj,
Aurangabad – 431 136, Maharashtra, India |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mrs. Sangithaa Brijbandhu Gupta |
|
Designation : |
Managing Director |
|
Address : |
601, “Raheja Orchid”, Plot No.47, 9th Road, JVPD, Juhu,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Date of Birth/Age : |
27.11.1962 |
|
Qualification : |
MA |
|
Date of Appointment : |
16.05.1956 |
|
DIN No : |
00645197 |
|
|
|
|
Name : |
Ms. Shivangi Brijbandhu Gupta |
|
Designation : |
Director |
|
Address : |
601, “Raheja Orchid”, Plot No.47, 9th Road, JVPD, Juhu, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Date of Birth/Age : |
21.10.1987 |
|
Date of Appointment : |
21.10.2005 |
|
DIN No : |
00645465 |
|
|
|
|
Name : |
Nandan Brijbandhu
Gupta |
|
Designation : |
Director |
|
Address : |
601, “Raheja Orchid”, Plot No.47, 9th Road, JVPD, Juhu,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1991 |
|
Date of Appointment : |
01.03.2011 |
|
DIN No : |
03245153 |
KEY EXECUTIVES
|
Name : |
Mr. Atul Jagannath Khanolkar |
|
Designation : |
Manager |
|
Address : |
Flat No.181, Building No.9, D.G. Nagar Cooperative Housing Society,
Dewan Maan, Vasai (West), Thane, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1965 |
|
Date of Appointment : |
02.01.2001 |
|
|
|
|
Name : |
Mr. Naeemuddin Jamaliddin Ansari |
|
Designation : |
Manager |
|
Address : |
1st Floor, Mamledar Building, Vaitalpada, Bhiwandi – 421
302, Maharashtra, India |
|
Date of Birth/Age : |
03.02.1963 |
|
Date of Appointment : |
18.09.2001 |
|
|
|
|
Name : |
Mr. Anirudh |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Sangithaa Gupta |
|
467 |
|
Midas Care Holdings Private Limited, India |
|
59000 |
|
Nandan Brijbandhu Gupta |
|
417 |
|
Shivangi Brijbandhu Gupta |
|
16 |
|
Total |
|
59900 |
AS ON 28.09.2011
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Sangithaa Gupta |
|
13000 |
|
Nandan Brijbandhu Gupta |
|
9000 |
|
Shivangi Brijbandhu Gupta |
|
9000 |
|
Total |
|
31000 |
AS ON 28.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
98.50 |
|
Directors or relatives of directors |
|
1.50 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Health Care Aerosols, Personal Care Aerosols and Room
Care Aerosols, Industrial Care Aerosols etc. |
|
|
|
|
Products : |
·
Health
Care Aerosols ·
Room
Care Aerosols ·
Personal
Care Aerosols ·
Aerosols Cans |
|
|
|
|
Exports : |
|
|
Products : |
·
Health
Care Aerosols ·
Room
Care Aerosols ·
Personal
Care Aerosols ·
Aerosols Cans |
|
Countries : |
·
Gulf
Country ·
Tanzania
·
Malaysia
·
Vietnam
·
Nepal ·
USA |
|
|
|
|
Imports : |
|
|
Products : |
·
Raw
Materials |
|
Countries : |
·
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
2010-11 |
|
(i) Aerosol
Formulation |
|
|
a Capacities (units) (on single shift basis) |
|
|
Licensed |
Not applicable |
|
Installed As certified by the management and accepted by Auditors, being a
technical matter. |
52,740,000 |
|
b Production (units) - including 86,25,135 units on job work basis |
40,782,431 |
|
|
|
|
(ii) Can Manufacturing
(on single shift basis) |
|
|
a Capacities (units) |
|
|
Licensed |
Not applicable |
|
Installed |
51,120,000 |
|
b Production (units) |
9,128,573 |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
No. of Employees : |
Approximately 1060 (In Office – 60, In Factory – 1000) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West) , Mumbai – 400 013, Maharashtra, India (Tel.
No.: 91-22-66521308) ·
Bank of Baroda ·
ICICI Bank Limited, Landmark
Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India ·
Citi Bank ·
Deutsche Bank AG, 110, Sidrah, S.V. Road, Khar
(West), Mumbai – 400 052, Maharashtra, India ·
Yes Bank Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arora and Arora Chartered Accountants |
|
Address : |
12, Dhanlakshmi, Hanuman Road, Vile Parle (East), Mumbai – 400 057,
Maharashtra, India |
|
Mobile No.: |
91-9821050212 |
|
E-Mail : |
|
|
PAN No.: |
AABFA2147F |
|
|
|
|
Holding Company : |
Midas Care
Holdings Private Limited CIN No.: U65990MH1986PTC041437 |
|
|
|
|
Group Company where common control exists : |
·
Florensa Care Products Private Limited ·
Lovincare Cosmetics Private Limited |
CAPITAL STRUCTURE
AS ON 28.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600 million |
|
40000 |
Preference Shares |
Rs.10/- each |
Rs.0.400 million |
|
|
Total |
|
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
59900 |
Equity Shares |
Rs.10/- each |
Rs.0.599
million |
|
31000 |
Preference Shares |
Rs.10/- each |
Rs.0.310
million |
|
|
Total |
|
Rs.0.909 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.909 |
0.909 |
0.909 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
408.893 |
332.571 |
253.052 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
409.802 |
333.480 |
253.961 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
172.843 |
130.598 |
82.701 |
|
|
2] Unsecured Loans |
7.754 |
5.703 |
3.804 |
|
|
TOTAL BORROWING |
180.597 |
136.301 |
86.505 |
|
|
DEFERRED TAX LIABILITIES |
5.199 |
4.650 |
2.955 |
|
|
|
|
|
|
|
|
TOTAL |
595.598 |
474.431 |
343.421 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
234.302 |
223.851 |
188.001 |
|
|
Capital work-in-progress |
2.688 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
22.239 |
22.110 |
27.907 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
213.359
|
152.259
|
111.032 |
|
|
Sundry Debtors |
162.289
|
129.216
|
87.612 |
|
|
Cash & Bank Balances |
103.759
|
64.191
|
53.162 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
99.898
|
78.414
|
47.285 |
|
Total
Current Assets |
579.305
|
424.080
|
299.091 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
147.385 |
140.984
|
119.684 |
|
|
Other Current Liabilities |
80.920
|
42.507
|
33.539 |
|
|
Provisions |
14.631
|
12.119
|
18.355 |
|
Total
Current Liabilities |
242.936
|
195.610
|
171.578 |
|
|
Net Current Assets |
336.369
|
228.470
|
127.513 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
595.598 |
474.431 |
343.421 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales & Job Work Charges |
1826.164 |
1294.085 |
927.179 |
|
|
|
Other Income |
18.879 |
21.007 |
15.509 |
|
|
|
TOTAL |
1845.043 |
1315.092 |
942.688 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Increase/Decrease in Stocks |
1771.245 |
(5.543) |
(12.173) |
|
|
|
Purchase of Finished Goods |
|
95.253 |
16.833 |
|
|
|
Manufacturing Expenses |
|
900.183 |
664.814 |
|
|
|
Administrative Expenses |
|
93.337 |
75.382 |
|
|
|
Selling and Distribution Expenses |
|
169.282 |
121.652 |
|
|
|
TOTAL |
1771.245 |
1252.512 |
866.508 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
73.798 |
62.580 |
76.180 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
27.389 |
22.494 |
14.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
46.409 |
40.086 |
62.174 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
15.181 |
13.814 |
17.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
31.228 |
26.272 |
44.829 |
|
|
|
|
|
|
|
|
|
Add |
Excess (short) provision of earlier year – Income
tax |
(0.411) |
1.718 |
(0.185) |
|
|
|
|
|
|
|
|
|
|
Income Tax
Earlier Year |
(0.700) |
(0.054) |
(0.068) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
277.197 |
249.261 |
204.685 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
307.314 |
277.197 |
249.261 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
111.267 |
40.964 |
10.296 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw & Packing Materials |
176.040 |
91.605 |
56.127 |
|
|
|
Capital Goods |
3.213 |
19.152 |
0.000 |
|
|
|
Others |
1.151 |
0.546 |
0.000 |
|
|
TOTAL IMPORTS |
180.404 |
111.303 |
56.127 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
521.00 |
439.00 |
748.00 |
|
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
2263.600 |
2166.400 |
|
|
|
|
|
Expected Sales (2013-2014): More than Rs.3000.000 millions
The above information has been parted by Mr. Anirudh (Finance Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.69 |
2.00
|
4.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.54 |
3.10
|
6.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.70 |
6.19
|
12.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.12
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.44 |
0.41
|
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38 |
2.17
|
1.74 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 five years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
LITIGATION
DETAILS:
|
Case Details |
|
|
Bench:-Bombay |
|
|
|
Lodging No.:- |
SL/1493/2004 |
Filing Date:- |
10/05/2004 |
Reg. No.:- |
S/2100/2004 |
Reg. Date:- |
22/07/2004 |
Petitioner:- MISS CHERIE COSMETICS PRIVATE
LIMITED
Respondent:- MIDAS CARE PHARMACEUTICALS
Petn.Adv.:- Prajakta M. Kerkar
Resp.Adv.:- Rajesh Shah and Company
Bench:- SINGLE
Status:- Transferred
Category:- COMMERCIAL CAUSE SUITS
Transfer Date:- 09/10/2012
Remark:- TRANSFERRED TO CITY CIVIL COURT
INDEX OF CHARGES:
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10458591 |
18/09/2013 |
145,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B88917000 |
|
2 |
10325152 |
28/11/2011 |
25,000,000.00 |
DEUTSCHE
BANK AG |
110,
SIDRAH, S.V. ROAD, KHAR (WEST), MUMBAI, MAHARASHTRA - 400052, INDIA |
B28559508 |
|
3 |
10131253 |
15/02/2013
* |
612,500,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B68807700 |
|
4 |
10067022 |
12/11/2012
* |
547,500,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B62295175 |
|
5 |
90225942 |
24/02/1994 |
364,000.00 |
THE SARASWAT
CO- OPERATIVE BANK OF LIMITED |
APSARA
CINEMA BUILDING, DR D B MARG GRANT ROAD, BOMBAY, MAHARASHTRA - 400007, INDIA |
- |
|
6 |
90221465 |
02/03/1989
* |
75,000.00 |
BANK
OF INDIA |
KHAJINA
MAHAL 189 S V ROAD ANDHRI WEST, BOMBAY, MAHARASHTRA - 400058, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2011 Rs. In Millions |
31.03.2010 Rs. In Millions |
|
Loans directors unsecured |
0.018 |
0.018 |
|
Deposits related parties unsecured |
7.736 |
5.685 |
|
Total |
7.754 |
5.703 |
FINANCIAL RESULTS:
The Company has
achieved Turnover of Rs.1826.164 millions compared to Rs.1294.085 millions in
the previous year.
The turnover of
the products of brand owners manufactured on Principal to Principal basis has
shown substantial growth during the year. The Company has continued giving much
thrust on the promotion of its own brands through electronic media. During the
year new brands have been added under own brand product category.
The volume in
Metered Dose Inhalation Aerosol is witnessing increase year after year. The
Company is in process of expanding production capacity of Metered Dose
Inhalation facility.
The volumes in
aluminium and tin can manufacturing facility is showing increasing trend.
Under the Montreal
Protocol, all companies have to phase out (stop using) Ozone Depleting
Substances (ODS) with effect from 01.01.2010, though this has been extended up
to 31.12.2012 under Essential Use Nominations by the United Nations.
Accordingly their Company has entered into an Agreement with Government of
India for such phase out of ODS within the given time frame. Their Company had
been using ODS (CFC) in the manufacture of Metered Dose Inhalation (MDIs) for
Asthma care and keeping the phase out plan in mind had started Research and
Development of CFC (ODS) Free MDIs. Hugh cost has been incurred and more will
have to be incurred in future. In lieu of such phase out and its related costs
for development etc., their Company has received further Compensation amounting
to Rs.45.231 millions during the year under the said agreement with Government
of India. This amount also has been kept under
OPERATIONS:
The Company had continued
its Research and Development work in the field of high tech aerosols and is
laying more emphasis on the new propellants specially in the MDIs.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
i Bank Guarantees |
9.570 |
|
|
|
|
ii Dividend on preference shares : |
|
|
1989-90 |
0.011 |
|
1990-91 |
0.012 |
|
1991-92 |
0.012 |
|
1992-93 |
0.012 |
|
1993-94 |
0.012 |
|
1994-95 |
0.012 |
|
1995-96 |
0.012 |
|
1996-97 |
0.012 |
|
1997-98 |
0.012 |
|
1998-99 |
0.012 |
|
1999-00 |
0.012 |
|
2000-01 |
0.012 |
|
2001-02 |
0.012 |
|
2002-03 |
0.012 |
|
2003-04 |
0.012 |
|
2004-05 |
0.012 |
|
2005-06 |
0.012 |
|
2006-07 |
0.012 |
|
2007-08 |
0.012 |
|
2008-09 |
0.012 |
|
2009-10 |
0.012 |
|
2010-11 |
0.012 |
|
|
|
|
iii Disputed Demands |
|
|
Central Excise |
1.137 |
|
Service Tax |
0.578 |
|
Sales Tax |
7.083 |
|
Income Tax |
0.000 |
FIXED ASSETS:
· Land
· Factory Building
· Other Building
· Residential Flat
· Plant and Machinery
· Electrical Installations
· R and D Assets
· Lab Equipments
· Office Equipments
· Computer
· Air Conditioner
· Furniture and Fixtures
· Vehicles
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 records 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.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.