MIRA INFORM REPORT

 

 

Report No. :

319712

Report Date :

07.05.2015

 

IDENTIFICATION DETAILS

 

Name :

PREMIUM SERUMS AND VACCINES PRIVATE LIMITED

 

 

Registered Office :

406, B Wing, Highway Rose Co Operative Housing Society, 92 Dixit Road Extension, Vile Parle (East), Mumbai 400057, Maharashtra

Mobile No.:

91-9441092052 (Santhi Priya)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

29.01.2009

 

 

Com. Reg. No.:

11-189968

 

 

Capital Investment / Paid-up Capital :

Rs. 20.000 Million

 

 

CIN No.:

[Company Identification No.]

U24110MH2009PTC189968

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Anti-snake venom Serum, Anti-Snake Venom Plasma, and Anti-rabies serum.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 37000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Company has reported above average operational performance and achieved profit from its operational activities.

 

However, rating remain constrained on account of company's moderate financial risk and negative reserves position which hampered net worth profile of the company.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

In view of weak net worth position, the company can be - considered for business dealing the some caution.

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CRISIL

Rating

Long term rating: BB-

Rating Explanation

Inadequate credit quality and high credit risk.

Date

29.10.2014

 

 

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.

 

LOCATIONS

 

Registered Office :

406, B Wing, Highway Rose Co Operative Housing Society, 92 Dixit Road Extension, Vile Parle (East), Mumbai 400057, Maharashtra, India 

Tel No.:

Not Available

Mobile No.:

91-9441092052 (Santhi Priya)

Fax No.:

Not Available

E-Mail :

drdhawanshyam@gmail.com

 

 

Factory :

Gat No. 354-1 354-2 A/P Narayangaon, Near Champagne Indage, Tal Junna, District Pune 410504, Maharashtra, India

Mobile No.:

91-937728543

 

 

Branch Office :

Located at Hyderabad, Telangana, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Girish Nathuram Kolwankar

Designation :

Director

Address :

380 Sasawane Alibaug, Raigad 401201, Maharashtra, India

Date of Birth/Age :

26.06.1962

Date of Appointment :

29.01.2009

DIN No.:

01623301

 

 

Name :

Mr. Shyam Bhalchandra Dhawan

Designation :

Director

Address :

At and Post Sasawane Alibaug, Raigad 401201, Maharashtra, India

Date of Birth/Age :

15.10.1962

Date of Appointment :

29.01.2009

DIN No.:

02482752

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Girish Nathuram Kolwankar

100000

50.00

Shyam Bhalchandra Dhawan

100000

50.00

Total

200000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Anti-snake venom Serum, Anti-Snake Venom Plasma, and Anti-rabies serum.

 

 

Products :
  • Anti-snake venom Serum
  • Anti-Snake Venom Plasma
  • Anti-rabies serum

 

 

Brand Names :

Not Available 

 

 

Agencies Held :

Not Available 

 

 

Exports :

Not Available 

 

 

Imports :

Not Available 

 

 

Terms :

Not Available 

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available 

Name of the Person :

Not Available 

Contact No.:

Not Available 

Since How Long Known :

Not Available 

Maximum Limit Dealt :

Not Available 

Experience :

Not Available 

Remark:

Not Available 

 

 

Customers :

Reference :

Not Available 

Name of the Person :

Not Available 

Contact No.:

Not Available 

Since How Long Known :

Not Available 

Maximum Limit Dealt :

Not Available 

Experience :

Not Available 

Remark:

Not Available 

 

 

No. of Employees :

Not Available 

 

 

Bankers :

Bank Name

Bank of Maharashtra

Branch

Ranade Road Branch, Dadar, Mumbai 400028, Maharashtra, India

Person Name (With Designation)

Not Available 

Contact Number

Not Available 

Name of Account Holder

Not Available 

Account Number

Not Available 

Account Since (Date/Year of Account Opening)

Not Available 

Average Balance Maintained (If Possible)

Not Available 

Credit Facilities Enjoyed (If any)

Not Available 

Account Operation

Not Available 

Remarks (If any)

Not Available 

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

(a) Term loans

from Bank of Maharashtra

 

 

Term Loan 1

22.186

36.100

Term Loan 2

16.569

22.132

Term Loan 4

24.682

0.000

(Secured by hypothecation of plant & machinery, equipments, livestock, vehicles and equitable mortgage of buildings & directors' immovable property.

 

Terms of Repayment & Interest

Term Loan 1 : Rs. 12.200 million per year

Term Loan 2 : Rs. 0.360 million per month

Term Loan 4 : Rs. 0.360 million per month

 

Rate of Interest - Bank of Maharashtra Base Rate + 3 % above loans have been guaranteed by Directors)

 

 

(b) Vehicle Loans

(Secured by hypothecation of vehicle.)

from Bank of Maharashtra

 

 

Vehicle Loan 2

0.111

0.276

Vehicle Loan 3

0.000

0.481

Vehicle Loan 4

0.183

0.000

Short-term borrowings

 

 

(a) Loans repayable on demand

 

 

Cash Credit

(Rate of Interest – 13.40% p. a.)

3.977

0.000

Short Term Loan

(Rate of Interest – 14.25% p. a.)

0.000

20.558

(Secured by hypothecation of plant and machinery, equipments, vehicles and equitable mortgage of buildings and directors immovable property and personality guaranteed by Directors)

 

 

Total

67.708

79.547

 

Auditors :

 

Name :

Tembey and Mhatre

Chartered Accountant

Address :

120 Udyog Mandir No.1 Bhagoji Keer Marg, Mahim West, Mumbai 400016, Maharashtra, India

Tel./ Fax No.:

91-22-24448069/73

E-Mail :

tembeymhatre@vsnl.com

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFT4024B

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates:

Premium Chick Feeds Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs. 20.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs. 20.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

20.000

20.000

0.500

(b) Reserves & Surplus

(6.973)

(14.460)

(22.868)

(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)

13.027

5.540

(22.368)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

107.963

101.720

122.593

(b) Deferred tax liabilities (Net)

0.341

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)

108.304

101.720

122.593

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3.977

20.558

3.532

(b) Trade payables

9.261

4.379

1.984

(c) Other current liabilities

46.005

31.054

25.277

(d) Short-term provisions

1.760

0.000

0.000

Total Current Liabilities (4)

61.003

55.991

30.793

 

 

 

 

TOTAL

182.334

163.251

131.018

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

110.564

114.281

83.775

(ii) Intangible Assets

0.010

0.016

0.027

(iii) Capital work-in-progress

21.952

4.922

29.920

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

9.489

7.542

2.736

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

142.015

126.761

116.458

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

31.227

27.226

8.083

(c) Trade receivables

3.688

3.079

3.410

(d) Cash and cash equivalents

3.424

2.765

2.388

(e) Short-term loans and advances

1.980

3.420

0.679

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

40.319

36.490

14.560

 

 

 

 

TOTAL

182.334

163.251

131.018

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

93.327

60.480

20.461

 

Other Income

2.066

0.894

1.019

 

TOTAL (A)

95.393

61.374

21.480

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL (B)

61.219

27.238

15.191

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

34.174

34.136

6.289

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

11.085

13.286

10.725

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

23.089

20.850

(4.436)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

13.501

12.441

9.649

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

9.588

8.409

(14.085)

 

 

 

 

 

Less

TAX (H)

2.101

0.000

(0.615)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

7.487

8.409

(13.470)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(14.460)

(22.869)

(9.399)

 

 

 

 

 

 

Balance Carried to the B/S

(6.973)

(14.460)

(22.869)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

37.44

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

8.02

13.90

(65.83)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

36.62

56.44

30.74

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.98

5.31

(13.93)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.74

1.52

0.63

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

8.59

22.07

-5.64

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.66

0.65

0.47

 

 

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

0.500

20.000

20.000

Reserves & Surplus

(22.868)

(14.460)

(6.973)

Net worth

(22.368)

5.540

13.027

 

 

 

 

long-term borrowings

122.593

101.720

107.963

Short term borrowings

3.532

20.558

3.977

Total borrowings

126.125

122.278

111.940

Debt/Equity ratio

(5.639)

22.072

8.593

 

 

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

20.461

60.480

93.327

 

 

195.587

54.311

 

 

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

20.461

60.480

93.327

Profit

(13.470)

8.409

7.487

 

(65.83%)

13.90%

8.02%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

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

No

10]

Designation of contact person

No

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

Yes

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

 (a) Loans and advances from related parties

 

 

Dr. Shyam Dhawan

23.010

21.510

Dr. Girish Kolwankar

21.222

21.221

(No repayment schedule has been specified. Lenders have agreed not to withdraw the loan amount till the repayment of term loans. Loans are Interest free)

 

 

Total

44.232

44.232

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10352133

01/11/2013 *

57,000,000.00

BANK OF MAHARASHTRA

RANADE ROAD DADAR BRANCH, SAMRUDDHI HEIGHTS,, D.
L. VAIDYA ROAD, DADAR,, MUMBAI, MAHARASHTRA - 4000
28, INDIA

B92691146

2

10181574

30/07/2014 *

92,500,000.00

BANK OF MAHARASHTRA

RANADE ROAD DADAR BRANCH, SAMRUDDHI HEIGHTS,, D.
L. VAIDYA ROAD, DADAR,, MUMBAI, MAHARASHTRA - 4000
28, INDIA

C20996161

 

* Date of charge modification

 

FIXED ASSETS:

  • Plasma Building
  • Staff Quarters
  • Horse Shed
  • Motor Vehicles
  • Livestock
  • Electrical Fittings
  • Office Equipment
  • Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.64

UK Pound

1

Rs.96.81

Euro

1

Rs.71.52

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

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

 

32

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.