MIRA
INFORM REPORT
|
Report Date : |
18.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADROIT PHARMACHEM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot/Block
No.549/550, Opposite Vinay Petroleum, At and Post Manjusar, Taluka-Savli, Vadodara
– 391 775, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.01.2013 |
|
|
|
|
Com. Reg. No.: |
04-073351 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100GJ2013PTC073351 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALCA2592F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of
manufacturing of Chemicals having application in Pharmaceutical
Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having moderate track record. The company has achieved sizeable turnover from its first year of business
operation however incurred heavy loss which resulted in fully erosion of
networth. However, trade relations are reported to be improving. Business is
active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
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.
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.
LOCATIONS
|
Registered Office : |
Plot/Block
No.549/550, Opposite Vinay Petroleum, At and Post Manjusar, Taluka-Savli,
Vadodara – 391 775, Gujarat, India |
|
Tel. No.: |
91-2667-264666/ 264003 |
|
Fax No.: |
91-2667-264666 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 24.08.2013
|
Name : |
Mr. Rajulkumar Shamjibhai Makadia |
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|
Designation : |
Managing Director |
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|
Address : |
901, Shital Flats, Diwalipura, Vadodara – 390 007, Gujarat, India |
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|
Date of Birth/Age : |
12.08.1967 |
||||||||||||||||||
|
Date of Appointment : |
01.02.2013 |
||||||||||||||||||
|
DIN No.: |
06399498 |
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E-Mail: |
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Other Directorship:
|
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|
|
|
||||||||||||||||||
|
Name : |
Mr. Alpeshkumar Ratilal Sinojia |
||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||
|
Address : |
A-27, Rajlaxmi Park Society, Near Abhilasha Char Rasta, New Sama Road,
Vadodara – 390 024, Gujarat, India |
||||||||||||||||||
|
Date of Birth/Age : |
08.11.1971 |
||||||||||||||||||
|
Date of Appointment : |
01.02.2013 |
||||||||||||||||||
|
DIN No.: |
06399502 |
||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Nileshkumar Makadia |
|
125000 |
|
Rajulkumar Shamjibhai Makadia |
|
125000 |
|
Vinodrai Vachhani |
|
50000 |
|
Alpeshkumar Ratilal Sinojia |
|
50000 |
|
Champagauri Vachhani |
|
50000 |
|
Sonalben Javia |
|
50000 |
|
Chetankuamr Ratilal Sinojia |
|
50000 |
|
Total
|
|
500000 |
AS ON 24.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
80.00 |
|
Other
top fifty shareholders |
|
20.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
manufacturing of Chemicals having application in Pharmaceutical
Industry. |
|
|
|
|
Products : |
·
Amino and Nitro
Phthalonitrile |
GENERAL INFORMATION
|
Customers : |
· PAB Organics Private Limited. · Ami Life Science Private Limited ·
Grind Lays Pharmaceuticals Private Limited |
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|
|
||||||||||||||||
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No. of Employees : |
Not Available |
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|
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|
Bankers : |
State Bank of
India, Manjusar Branch, Taluka: Savli, Vadodara – 391 775, Gujarat, India |
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|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Bhandari Chartered Accountants |
|
Address : |
38/101, Gautam Nagar, Race Course, Vadodara – 390 007, Gujarat, India |
|
PAN No.: |
AANFS8293E |
CAPITAL STRUCTURE
AS ON 24.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
5.000 |
|
(b) Reserves & Surplus |
|
|
(7.118) |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
(2.118) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
101.596 |
|
(b) Deferred tax liabilities (Net) |
|
|
6.656 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) Long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
108.252 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
8.922 |
|
(b)
Trade payables |
|
|
22.690 |
|
(c)
Other current liabilities |
|
|
0.359 |
|
(d) Short-term
provisions |
|
|
1.188 |
|
Total Current
Liabilities (4) |
|
|
33.159 |
|
|
|
|
|
|
TOTAL |
|
|
139.293 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
75.869 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
3.394 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
79.263 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
13.995 |
|
(c)
Trade receivables |
|
|
42.684 |
|
(d) Cash
and cash equivalents |
|
|
2.061 |
|
(e)
Short-term loans and advances |
|
|
1.290 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
60.030 |
|
|
|
|
|
|
TOTAL |
|
|
139.293 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
|
30.525 |
|
|
|
Other Income |
|
|
0.133 |
|
|
|
TOTAL (A) |
|
|
30.658 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
27.545 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
27.545 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
3.113 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
|
|
2.841 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
0.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
|
|
(0.462) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
6.656 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX (G-H) (I) |
|
|
(7.118) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(14.24) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
PAT / Total
Income |
(%) |
|
|
(23.22) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(1.51) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(0.33) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
(52.18) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last about three
months |
Yes |
|
12) Profitability for last about three months |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
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 |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
Long Term Loans – Others |
|
|
From Directors
and Shareholders |
52.154 |
|
From Others (Term: Repayment
is not stipulated, repayable after 12 months) Rate of Interest – 12% |
48.723 |
|
Total |
100.877 |
INDEX OF CHARGES:
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
CHARGE
HOLDER |
Address |
Service
Request Number (SRN) |
|
1 |
10465995 |
22/05/2013 |
14,000,000.00 |
STATE
BANK OF INDIA |
MANJUSAR
BRANCH, TALUKA: SAVLI, VADODARA, GUJARAT |
B84398296 |
|
2 |
10401811 |
08/02/2013 |
14,000,000.00 |
STATE
BANK OF INDIA |
MANJUSAR
BRANCH, TALUKA: SAVLI, VADODARA, GUJARAT |
B67585497 |
REVIEW OF OPERATIONS:
The Company was incorporated under Part IX of
Companies Act, 1956 on 11.01.2013 with the Office of the Registrar of
Companies, Gujarat at Ahmedabad and accordingly, its first financial statements
have been prepared for the period commencing from the date of incorporation
i.e. 11.01.2013 and ended on 31.03.2013. The Company is engaged in the business
of manufacturing of Chemicals having application in Pharmaceutical
Industry.
FIXED ASSETS:
·
Land
·
Building
·
R&D Equipment
·
Plant and Equipment
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
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 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.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
1 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
13 |
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.