MIRA INFORM REPORT
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Report No. : |
311842 |
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Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MEGA FINE PHARMA PRIVATE LIMITED |
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Registered
Office : |
Sethna Building, 4th Floor, 55, Maharshi Carve Road, Marine
Lines, Mumbai-400002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.08.1995 |
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Com. Reg. No.: |
11-092028 |
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Capital Investment
/ Paid-up Capital : |
Rs.15.534 Million |
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CIN No.: [Company Identification
No.] |
U24239MH1995PTC092028 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Active Pharmaceutical Ingredients (APIs)
and Advanced Intermediates. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The company has reported good profitability for the year 2013-2014. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
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 PARTED BY
|
Name : |
Mr. Nilesh Satghare |
|
Designation : |
Account Department |
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Contact No.: |
91-22-22090666 |
|
Date : |
10.03.2015 |
LOCATIONS
|
Registered Office : |
Sethna Building, 4th Floor, 55, Maharshi Carve Road, Marine
Lines, Mumbai-400002, Maharashtra, India |
|
Tel. No.: |
91-22-61461111 / 26302513 / 22090666 |
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Fax No.: |
91-22-61461109 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Nashik Site: |
31-35 and 48-51/201 Lakhmapur, Dindori, Nashik - 422202, Maharashtra,
India |
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Tel. No.: |
91-2557-250121 |
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Fax No.: |
91-2557-250586 |
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E-Mail : |
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Vapi Site: |
911, 3rd Phase, GIDC, Vapi - 396195, Gujarat, India |
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Tel. No.: |
91-260-2400685 |
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Fax No.: |
91-260-2424622 |
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E-Mail : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ashok Kirtilal Jhaveri |
|
Designation : |
Director |
|
Address : |
193/B, Heera Panna, Bhulabhai Desai Road, Haji Ali, Mumbai - 400026, Maharashtra,
India |
|
Date of Birth/Age : |
23.03.1953 |
|
Date of Appointment : |
22.08.1995 |
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PAN No.: |
AACPJ4491N |
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DIN No.: |
00187516 |
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PAN No.: |
AACPJ4491N |
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|
|
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Name : |
Mr. Shailesh Jethmal Sanghvi |
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Designation : |
Director |
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Address : |
801, Jogani Apartments, 29-B, Dongarshi Road, Walkeshwar, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
20.08.1968 |
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Date of Appointment : |
22.08.1995 |
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PAN No.: |
AAEPS1864N |
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DIN No.: |
00194775 |
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PAN No.: |
AAEPS1864N |
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|
|
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Name : |
Mr. Hasmukh Purshottam Gandhi |
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Designation : |
Director |
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Address : |
Flat No. 82, Tower-A, Kalpataru Residency, Opposite Cine Planet, Sion (East), Mumbai - 400022, Maharashtra, India |
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Date of Birth/Age : |
08.08.1951 |
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Date of Appointment : |
14.04.2000 |
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PAN No.: |
AEOPG8109A |
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DIN No.: |
00193181 |
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PAN No.: |
AEOPG8109A |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Satghare |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Active Pharmaceutical Ingredients (APIs)
and Advanced Intermediates. |
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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 : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Martial |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
Total Facilities: Rs. 140.000 Million
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Facilities : |
Total Facilities: Rs. 370.000 Million (From State Bank of India) Total Facilities: Rs. 140.000 Million (HDFC Bank Limited)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain Ambavat and Associates Chartered Accountants |
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Address : |
10, Cemox House
3rd Floor, 7 Barrack, Road,
Opposite Bombay Hospital, Mumbai – 400020, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFJ1780E |
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Memberships : |
-- |
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Collaborators : |
-- |
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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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Subsidiary company: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1553445 |
Equity Shares |
Rs.10/- each |
Rs.15.534 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
15.534 |
16.209 |
16.209 |
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(b) Reserves & Surplus |
833.603 |
798.193 |
499.156 |
|
(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) |
849.137 |
814.402 |
515.365 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
84.125 |
32.159 |
88.905 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
84.125 |
32.159 |
88.905 |
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(4) Current Liabilities |
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(a) Short term borrowings |
263.080 |
250.542 |
193.982 |
|
(b) Trade payables |
275.946 |
237.444 |
201.614 |
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(c) Other current liabilities |
105.353 |
20.378 |
2.311 |
|
(d) Short-term provisions |
129.641 |
146.002 |
84.273 |
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Total
Current Liabilities (4) |
774.020 |
654.366 |
482.180 |
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TOTAL |
1707.282 |
1500.927 |
1086.450 |
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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 |
465.094 |
346.282 |
281.148 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
28.952 |
75.696 |
20.936 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.677 |
12.893 |
12.893 |
|
(c) Deferred tax assets (net) |
3.036 |
4.330 |
4.395 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
508.759 |
439.201 |
319.372 |
|
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(2) Current assets |
|
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
376.506 |
296.350 |
317.869 |
|
(c) Trade receivables |
461.056 |
486.397 |
281.137 |
|
(d) Cash and cash equivalents |
81.712 |
28.888 |
17.024 |
|
(e) Short-term loans and
advances |
21.071 |
27.432 |
10.140 |
|
(f) Other current assets |
258.178 |
222.659 |
140.908 |
|
Total
Current Assets |
1198.523 |
1061.726 |
767.078 |
|
|
|
|
|
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TOTAL |
1707.282 |
1500.927 |
1086.450 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1931.841 |
1989.851 |
1430.308 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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|
Less |
EXPENSES |
NA |
NA |
NA |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
517.987 |
543.957 |
361.311 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
34.488 |
26.464 |
38.510 |
|
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|
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|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
483.499 |
517.493 |
322.801 |
|
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|
Less/
Add |
DEPRECIATION/
AMORTISATION |
86.959 |
67.842 |
68.986 |
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|
PROFIT/
(LOSS) BEFORE TAX |
396.540 |
449.651 |
247.898 |
|
|
|
|
|
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Less |
TAX |
118.074 |
133.658 |
69.923 |
|
|
|
|
|
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|
|
PROFIT/
(LOSS) AFTER TAX |
278.466 |
315.993 |
177.975 |
|
|
|
|
|
|
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|
Earnings
/ (Loss) Per Share (Rs.) |
179.26 |
194.94 |
92.65 |
Expected Sales ( 2014-2015) : Rs.2000.000 Million
The above information has been parted by Mr. Nilesh atghare
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.41 |
15.88 |
12.44 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
26.81 |
27.34 |
25.26 |
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.84 |
31.94 |
23.65 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.55 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41 |
0.35 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.62 |
1.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
16.209 |
16.209 |
15.534 |
|
Reserves & Surplus |
499.156 |
798.193 |
833.603 |
|
Net
worth |
515.365 |
814.402 |
849.137 |
|
|
|
|
|
|
long-term borrowings |
88.905 |
32.159 |
84.125 |
|
Short term borrowings |
193.982 |
250.542 |
263.080 |
|
Total
borrowings |
282.887 |
282.701 |
347.205 |
|
Debt/Equity
ratio |
0.549 |
0.347 |
0.409 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1430.308 |
1989.851 |
1931.841 |
|
|
|
39.120 |
-2.915 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1430.308 |
1989.851 |
1931.841 |
|
Profit |
177.975 |
315.993 |
278.466 |
|
|
12.44% |
15.88% |
14.41% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: 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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Other loans and advances, others |
0.000 |
0.020 |
|
Total |
0.000 |
0.020 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10350830 |
26/04/2012 |
140,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI -
400013, MAHARASHTRA, INDIA |
B37894151 |
|
2 |
10007239 |
02/03/2013 * |
600,300,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, GROUND FLOOR,FREE PRESS
JOURNAL MARG,NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B71713986 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Vehicles
- Office equipment
- 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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.75 |
|
|
1 |
Rs.94.60 |
|
Euro |
1 |
Rs.67.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.