MIRA
INFORM REPORT
|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
DELTA FINOCHEM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.121, MIDC, Satpur, Nashik - 422007, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.02.2000 |
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|
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Com. Reg. No.: |
11-123980 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 9.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2000PTC123980 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKD01177B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD2796A |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturing of active pharmaceutical Ingredients, drug
intermediates and organic specialties. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was erstwhile promoted as a proprietary concern in 1978, and
was reconstituted as a private limited company in the year 2000. It is an established company having moderate track record. As per indirect source, we found that the management has reported a
consecutive dip in its volumes as well as net profitability for previous
years and has seen a cash loss from its operations during FY 14. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow but correct. In view of pressure on its financial profile, the company can be
considered for business dealings with caution. |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to influence
each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes that many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BB+” |
|
Rating Explanation |
Moderate risk of default regarding timely
servicing of financial obligations. |
|
Date |
20.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high credit
risk. |
|
Date |
20.06.2014 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Vilas |
|
Designation : |
Commercial Department |
|
Contact No.: |
91-9822452312 |
|
Date : |
09.09.2014 |
LOCATIONS
|
Registered Office : |
Plot No.121, MIDC, Satpur,
Nashik - 422007, Maharashtra, India |
|
Tel. No.: |
91-253-2350554/ 2363279 |
|
Mobile No.: |
91-9822452312 (Mr. Vilas) |
|
Fax No.: |
91-253-2353798/ 6604094 |
|
E-Mail : |
|
|
Location : |
Leased |
|
|
|
|
Factory : |
Gat No.350, Village Wadivarhe, Taluka Igatpuri, District Nashik,
Maharashtra, India |
|
Tel. No.: |
91-2553-306251 / 52 |
|
Fax No.: |
91-2553-306260 |
|
E-Mail : |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Sharayu Dattatraya Deshmukh |
|
Designation : |
Director |
|
Address : |
5, Eden Garden, Plot No-173 A, Mahatma Nagar, Nashik - 422007,
Maharashtra, India |
|
Date of Birth/Age : |
17.04.1942 |
|
Date of Appointment : |
01.02.2000 |
|
DIN No.: |
00014928 |
|
|
|
|
Name : |
Mr. Sandeep Dattatray Deshmukh |
|
Designation : |
Director |
|
Address : |
Plot No.178 A, Near Ganapati Temple, Mahatma Nagar, Nashik - 422007,
Maharashtra, India |
|
Date of Birth/Age : |
26.10.1966 |
|
Date of Appointment : |
01.02.2000 |
|
DIN No.: |
00011060 |
KEY EXECUTIVES
|
Name : |
Mr. Vilas |
|
Designation : |
Commercial Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
Sharayu Dattatray Deshmukh |
788400 |
|
Sandeep Dattatray Deshmukh |
18010 |
|
Dattatray Shantaram Deshmukh |
93580 |
|
Alpana Sandeep Deshmukh |
10 |
|
Total |
900000 |
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of active pharmaceutical Ingredients, drug
intermediates and organic specialties. |
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Exports : |
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|
Products : |
Finished Goods |
|
Countries : |
· Germany USA |
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Germany China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· State Bank of India, Satpur Industrial Area, Satpur, Nashik - 422007, Maharashtra, India The Shamrao Vithal Co-Operative Bank Limited, L-15, Utility
Center, Opposite Rajiv Gandhi Bhavan, Sharanpur Road, Nashik - 422002,
Maharashtra, India · ICICI Bank Limited |
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Facilities : |
NOTE LONG TERM
BORROWINGS A] Nature of
security given (i) State Bank of India Term Loan I and II: Both Term Loan
are secured by hypothecation of machinery and equipment purchased out of
amount financed. Following immovable properties are also given as collateral
Securities: a) Plot at Gat
No. 350, Wadivarhe, Tallgatpuri, District Nashik, admeasuring 20171.00 sq.
mtr and building thereon admeasuring 2556.19 sq. mtr. b) Plot No. 121,
in the Satpur Industrial Area, Satpur, Nashik. Admeasuring 900 sq. mtr and
the factory building thereon admeasuring 267.345 sq. mtr. c) Land known as
Gat No. 504 and 507, Plot No. 18 and 19, Village Gonde Dumala, Taluka
Igatpuri, District Nashik, admeasuring 7200.00 sq. mtr and RCC construction
made thereon. (ii) HDFC Vehicle loan 19568138: Loan is secured
by hypothecation of vehicle purchased out of amount financed. Moreover six
Post-Dated cheques of Rs.0.181 Million each bearing chq Nos. 1847187 to
1847192 respectively are also given as security. iii) HDFC Vehicle loan 19533833: Loan is secured
by hypothecation of vehicle purchased out of amount financed. Moreover six Post-Dated
cheques of Rs.0.181 Million each bearing chq nos. 1847187 to 1847192
respectively are also given as security. iv) Cholamandalam DBS Finance Company Limited: Loan is secured
by hypothecation of vehicle purchased out of amount financed. B] Terms of
Repayment as on 31.03.2013 (i) State Bank of India Term Loan I: Repayable in 36
months after moratorium period of 12 months, commencing from September 2012.
35 Installments of Rs. 0.695 Million each. Last installment is of Rs. 0.675
Million due in August 2015. (ii) State Bank of India Term Loan II: Repayable in 36
months after moratorium period of 12 months, commencing from January, 2014.
35 Installments of Rs. 0.700 Million each. Last Installment is of Rs. 0.500
Million due in December, 2016. (iii) HDFC Vehicle loan 19568138: Repayable in 36
equal monthly installments of Rs. 0.022 Million each commencing from
05.10.2011 out of which 18 Installments are already paid up to 31.03.2013 iv) HDFC Vehicle loan 19533833: Repayable in 36
equal monthly installments of Rs. 0.038 Million each commencing from
05.10.2011 out of which 18 installments are already paid up to 31.03.2013 v) Cholamandalam DBS Finance Company Limited: Repayable in 48
equal monthly installments of Rs. 0.022 Million each commencing from
10.10.2009 out of which 42 installments are already paid up to 31.03.2013 SHORT TERM BORROWINGS i) Cash Credit facility is secured by way of hypothecation of Stock
and Debtors, and entire current assets present and future. Following
immovable properties are also given as collateral securities; a)
Plot at Gat No. 350, Wadivarhe, Taluka lgatpuri,
District Nashik, admeasuring 20171.00 sq. mtr and building thereon b)
Plot No. 121,
in the Satpur Industrial Area, Satpur, Nashik. Admeasuring 900 sq. mtr and
the factory building c)
Land known as Gat No. 504 and 507, Plot No. 18
and 19, Village Gonde Dumala, Taluka Igatpuri, District Nashik. |
|
Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
M M Pandit and Company Chartered Accountants |
|
Address : |
312, Sarda Sankul, M G Road, Nashik - 422001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
BFHPS9603C |
|
|
|
|
Name : |
CY and Associates Cost Accountants |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,900,000 |
Equity Shares |
Rs.10/- each |
Rs. 29.000 Millions |
|
10,000 |
10% Non-Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 1.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900,000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000
Millions |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
9.000 |
9.000 |
9.000 |
|
(b) Reserves & Surplus |
326.236 |
301.277 |
230.008 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
335.236 |
310.277 |
239.008 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17.444 |
10.944 |
10.091 |
|
(b) Deferred tax liabilities (Net) |
7.944 |
7.294 |
5.257 |
|
(c) Other long term liabilities |
1.261 |
2.295 |
1.758 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
26.649 |
20.533 |
17.106 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
152.197 |
83.811 |
50.058 |
|
(b) Trade payables |
126.244 |
144.831 |
131.139 |
|
(c) Other current
liabilities |
13.369 |
4.430 |
3.477 |
|
(d) Short-term provisions |
12.658 |
33.205 |
42.242 |
|
Total Current Liabilities (4) |
304.468 |
266.277 |
226.916 |
|
|
|
|
|
|
TOTAL |
666.353 |
597.087 |
483.030 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
211.017 |
196.996 |
98.200 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
12.026 |
1.691 |
13.744 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
110.938 |
35.704 |
31.612 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.537 |
1.121 |
1.116 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
335.518 |
235.512 |
144.672 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
59.428 |
64.770 |
56.405 |
|
(c) Trade receivables |
228.800 |
228.575 |
245.243 |
|
(d) Cash and cash
equivalents |
2.018 |
1.804 |
2.483 |
|
(e) Short-term loans and
advances |
36.822 |
64.407 |
32.484 |
|
(f) Other current assets |
3.767 |
2.019 |
1.743 |
|
Total Current Assets |
330.835 |
361.575 |
338.358 |
|
|
|
|
|
|
TOTAL |
666.353 |
597.087 |
483.030 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
883.467 |
948.932 |
816.795 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
826.928 |
826.186 |
679.482 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
56.539 |
122.746 |
137.313 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
19.557 |
17.130 |
13.284 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.009 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
36.973 |
105.616 |
124.029 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
12.013 |
34.347 |
42.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
24.960 |
71.269 |
81.670 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
201.776 |
171.474 |
136.806 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.73 |
79.19 |
90.74 |
|
AS PER CRISIL
|
Particulars |
31.03.2014 |
|
|
|
|
Sales Turnover |
827.000 |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.83 |
7.51 |
10.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.80 |
18.87 |
28.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.34 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.51 |
0.31 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.36 |
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
9.000 |
9.000 |
9.000 |
|
Reserves & Surplus |
230.008 |
301.277 |
326.236 |
|
Net
worth |
239.008 |
310.277 |
335.236 |
|
|
|
|
|
|
long-term borrowings |
10.091 |
10.944 |
17.444 |
|
Short term borrowings |
50.058 |
83.811 |
152.197 |
|
Total
borrowings |
60.149 |
94.755 |
169.641 |
|
Debt/Equity
ratio |
0.252 |
0.305 |
0.506 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
816.795 |
948.932 |
883.467 |
|
|
|
16.177 |
(6.899) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
816.795 |
948.932 |
883.467 |
|
Profit |
81.670 |
71.269 |
24.960 |
|
|
10.00% |
7.51% |
2.83% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current
Maturities of Long Term Debts |
|
|
|
|
Term Loans from
Banks |
|
|
|
|
SBI Term Loan |
8.340 |
0.000 |
0.000 |
|
HDFC Vehicle Loan |
0.203 |
0.203 |
0.000 |
|
HDFC Vehicle Loan |
0.358 |
0.358 |
0.000 |
|
Cholamandalam DBS Finance Company Limited |
0.128 |
0.231 |
0.248 |
|
Total |
9.029
|
0.792 |
0.248 |
|
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 |
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 |
----- |
|
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10324745 |
14/11/2011 |
18,000,000.00 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LTD. |
L-15, UTILITY CENTER, OPP. RAJIV GANDHI BHAVAN, SHARANPUR ROAD, NASHIK, MAHARASHTRA - 422002, INDIA |
B28423093 |
|
2 |
90160356 |
11/01/2005 |
18,000,000.00 |
STATE BANK OF INDIA |
SATPUR INDUSTRIAL AREA BRANCH, NASHIK, MAHARASHTRA, INDIA |
- |
|
3 |
90160191 |
13/05/2014 * |
439,900,000.00 |
STATE BANK OF INDIA |
SATPUR INDUSTRIAL AREA, SATPUR, NASHIK, MAHARASHTRA - 422007, INDIA |
C06472120 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Deferal Loan |
3.675 |
3.887 |
|
Total |
3.675 |
3.887 |
|
NOTE Sales Tax
Deferral Loan: a)
Out of Rs. 4.099 Millions of Rs. 1.061 Millions is
repayable in 5 yearly installments of Rs.0.212 Million each commencing from
30.04.2011 as per order dated 22.03.2007 and out of this two installment is
paid up to b)
Out of Rs. 4.099 Millions loan of Rs. 0.068
Million is repayable in 5 yearly installments of Rs.0.013 Million each
commencing from 30.04.2013 as per order dated 29.06.2006 and out of this no
installment is paid up to 31.03.2013 c)
Out of Rs. 4.099 Millions loan of Rs. 1.859
Millions is repayable in 5 yearly installments of Rs. 0.372 Million each
commencing from 30.04.2013 as per order dated 29.06.2006 and out of this no
installment is paid up to d)
Out of Rs. 4.099 Millions loan of Rs. 0.791
Million is repayable in 5 yearly installments of Rs. 0.158 Million each
commencing from 30.04.2014 as per order dated 27.08.2007 and out of this no
installment is paid 31.03.2013 e)
Out of Rs. 4.099 Millions for balance loan of Rs.
0320 Million no order for repayment schedule in not determined |
||
BACKGROUND
Subject is ISO 9001:2008 certified company manufacturing active pharmaceutical Ingredients, drug intermediates and organic specialties. Its plant are situated at Wadivarhe, Gonde and Satpur in Nasik, Its plant is cGMP approvable. With well equipped production infrastructure and quality control systems company is able to manufacture quality products consistently. Company’s products are exported to USA, Europe and SE Asia.
OPERATION
The company has achieved a turnover of Rs. 868.400 Millions. The company has good prospects in coming years too, which will further increase the profitability of the company.
CONTINGENT
LIABILITIES (AS ON 31.03.2013)
I) On behalf of the company State Bank of India has issued a Bank Guarantee in favour of Bharat Petroleum Corporation Limited to tune of Rs. 2.000 Millions which is valid from 13/02/2013 to 28/02/2015.
II) Company has given a Corporate Guarantee to the Shamrao Vithal Co-operative Bank on behalf of its related concern Adima Organics Private Limited for availing Term Loan from bank.
FIXED ASSETS
· Land
Building
Plant
and Machinery
Furniture
and Fitting
Furniture
and Fixtures
Office
Equipments
Electronic
Equipment
Scale
Platform
Fax
Machine
Type
writer
Computer
Scooter
Vehicles
Lab
Equipment
Effluent
Treatment (Boiler)
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.60.43 |
|
|
1 |
Rs.97.25 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.