MIRA INFORM REPORT
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Report No. : |
302392 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ENCUBE ETHICALS PRIVATE LIMITED |
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Registered
Office : |
Unit No. 24, Steelmada Industrial Estate, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.09.1995 |
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Com. Reg. No.: |
11-092485 |
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Capital
Investment / Paid-up Capital : |
Rs. 15.000 Millions |
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CIN No.: [Company Identification
No.] |
U24230MH1995PTC092485 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02391E |
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PAN No.: [Permanent Account No.] |
AAACE1408R |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged in the business of Manufacturing of dermatological, pharmaceutical and therapeutic preparations, patent medicines, drugs, etc. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct The company can be considered for normal 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.
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Anil |
|
Designation : |
Export Department |
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Contact No.: |
91-22-66783848 |
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Date : |
08.01.2015 |
LOCATIONS
|
Registered Office : |
Unit No. 24, Steelmada Industrial Estate, |
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Tel. No.: |
91-22-66783848 (3 Lines) / 28503838/ 28504335 / 28508612 /
29204335 / 29204336 / 29203838 / 29204336 |
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Fax No.: |
91-22-28504336 / 29204336 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No. C-1, Madkaim Industrial Estate, Madkaim, Post :
Mardol, Ponda, Goa – 403 404, |
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Tel. No.: |
91-832-2392223 / 2392314 |
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Fax No.: |
91-832-2392225 |
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E-Mail : |
DIRECTORS
AS ON 01.09.2014
|
Name : |
Mr. Mehul Madhusudan Shah |
|
Designation : |
Director |
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Address : |
52/B/402, Ruby Apartment, 4th Floor, JVPD Scheme No.7,
Mumbai – 400 049, |
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Date of Birth/Age : |
21.07.1966 |
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Date of Appointment : |
07.09.1995 |
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DIN No.: |
00312359 |
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Name : |
Mr. Madhusudan Nyalchandh Shah |
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Designation : |
Director |
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Address : |
52/B/402, Ruby Apartment, 4th Floor, JVPD Scheme No.7, Mumbai
– 400 049, |
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Date of Birth/Age : |
30.11.1934 |
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Date of Appointment : |
07.09.1995 |
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DIN No.: |
00314267 |
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Name : |
Mr. Nilesh Navin Maniar |
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Designation : |
Director |
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Address : |
1 Aashish 51 C, S V Road, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
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Date of Birth/Age : |
06.07.1960 |
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Date of Appointment : |
30.01.2002 |
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DIN No.: |
00330165 |
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Name : |
Mr. Himanshu Mahendra Gandhi |
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Designation : |
Director |
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Address : |
B-302 Gokul Gagan, |
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Date of Birth/Age : |
23.01.1970 |
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Date of Appointment : |
30.01.2002 |
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DIN No.: |
00784178 |
KEY EXECUTIVES
|
Name : |
Mr. Anil |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS
As on 01.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Madhusudan Nyalchandh Shah |
|
600000 |
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Mehul Madhusudan Shah |
|
600000 |
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Madhusudan Nyalchandh Shah HUF |
|
10 |
|
Mehul Madhusudan Shah HUF |
|
10 |
|
Nilesh Navin Maniar |
|
20 |
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Himanshu Mahendra Gandhi |
|
20 |
|
Chandra M Shah |
|
225000 |
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Niti M Shah |
|
74890 |
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Chandramani Maniar |
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20 |
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Pinki H Gandhi |
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20 |
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Rupa N Maniar |
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20 |
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Bipin G Gandhi |
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20 |
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Total |
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1500030 |
As on 01.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Manufacturing of dermatological, pharmaceutical and therapeutic preparations, patent medicines, drugs, etc. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shaparia and Mehta Chartered Accountants |
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Address : |
1/74, Krishna Kunj, |
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Tel. No.: |
91-22-24098905/ 06 / 07 / 08 |
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Fax No.: |
91-22-24098905/ 06 / 07 / 08 |
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E-Mail : |
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PAN No.: |
AABFS3225N |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
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Associate |
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CAPITAL STRUCTURE
As on 01.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1500030 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
15.000 |
15.000 |
15.000 |
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(b) Reserves &
Surplus |
1306.048 |
956.182 |
638.314 |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
1321.048 |
971.182 |
653.314 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
143.486 |
95.635 |
72.253 |
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(c) Other long term
liabilities |
1.322 |
1.322 |
1.080 |
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(d) long-term provisions |
0.000 |
0.655 |
0.347 |
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Total Non-current
Liabilities (3) |
144.808 |
97.612 |
73.680 |
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(4) Current Liabilities |
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(a) Short term borrowings |
110.769 |
212.304 |
246.024 |
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(b) Trade payables |
132.404 |
107.113 |
103.804 |
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(c) Other current
liabilities |
129.174 |
94.419 |
98.327 |
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(d) Short-term provisions |
143.079 |
132.418 |
96.385 |
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Total Current Liabilities
(4) |
515.426 |
546.254 |
544.540 |
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TOTAL |
1981.282 |
1615.048 |
1271.534 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
1242.844 |
936.036 |
729.802 |
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(ii) Intangible Assets |
14.245 |
4.925 |
3.300 |
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(iii) Capital
work-in-progress |
1.386 |
21.135 |
53.138 |
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(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
11.463 |
11.359 |
4.000 |
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(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.485 |
142.038 |
33.556 |
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(e) Other Non-current
assets |
2.664 |
2.500 |
0.000 |
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Total Non-Current Assets |
1326.087 |
1117.993 |
823.796 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
214.658 |
169.434 |
145.121 |
|
(c) Trade receivables |
260.607 |
146.261 |
156.000 |
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(d) Cash and cash
equivalents |
5.153 |
6.518 |
7.563 |
|
(e) Short-term loans and
advances |
174.777 |
174.842 |
139.054 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
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Total Current Assets |
655.195 |
497.055 |
447.738 |
|
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|
|
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TOTAL |
1981.282 |
1615.048 |
1271.534 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
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Gross Income |
1699.954 |
1527.115 |
1103.553 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
TOTAL EXPENSES |
NA |
NA |
NA |
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PROFIT/ (LOSS) BEFORE TAX |
517.535 |
466.782 |
342.476 |
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Less |
TAX |
158.895 |
146.282 |
109.425 |
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PROFIT/ (LOSS) AFTER TAX
|
358.640 |
320.500 |
233.051 |
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Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
881.638 |
579.795 |
361.011 |
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Less |
APPROPRIATIONS |
|
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Transfer to General
Reserve |
35.864 |
16.025 |
11.653 |
|
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Proposed Dividend |
7.500 |
2.250 |
2.250 |
|
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Tax on Proposed Dividend |
1.275 |
0.382 |
0.365 |
|
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Total |
44.639 |
18.657 |
14.268 |
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Balance Carried to the
B/S |
1195.639 |
881.638 |
579.794 |
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EARNINGS IN FOREIGN
CURRENCY |
439.300 |
434.100 |
371.000 |
|
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Earnings / (Loss) Per
Share (Rs.) |
239.09 |
213.66 |
155.36 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Net Profit Margin (PAT / Sales) |
(%) |
21.10 |
20.99 |
21.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
26.29 |
29.50 |
28.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39 |
0.48 |
0.52 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.22 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
|
1.27 |
0.91 |
0.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
15.000 |
15.000 |
15.000 |
|
Reserves & Surplus |
638.314 |
956.182 |
1306.048 |
|
Net worth |
653.314 |
971.182 |
1321.048 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
246.024 |
212.304 |
110.769 |
|
Total borrowings |
246.024 |
212.304 |
110.769 |
|
Debt/Equity ratio |
0.377 |
0.219 |
0.084 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Gross Income |
1103.553 |
1527.115 |
1699.954 |
|
|
|
38.382 |
11.318 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Gross Income |
1103.553 |
1527.115 |
1699.954 |
|
Profit |
233.051 |
320.500 |
358.640 |
|
|
21.12% |
20.99% |
21.10% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS IS NOT AVAILABLE
|
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 |
No |
|
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 |
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
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks |
0.013 |
94.227 |
|
Loans repayable on demand from others |
0.100 |
0.000 |
|
Deposits from shareholders |
39.880 |
0.000 |
|
Loans and advances from related parties |
34.549 |
117.673 |
|
Total |
74.542 |
211.900 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10171735 |
14/12/2012 * |
110,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B64024433 |
* Date of charge modification
FIXED ASSETS
- Land
- Office building
- Factory building
- Other plant and equipment
- Furniture and fixtures
- Motor vehicles
- Computer equipments
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 registere 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. 62.16 |
|
|
1 |
Rs.94.27 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.