MIRA
INFORM REPORT
|
Report Date : |
12TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
AMOLI ORGANICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 322 / 4, Shed Area, GIDC,
Vapi – 396 195, Gujarat, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
19.09.1991 |
|
|
|
|
Com. Reg. No.: |
04-16288 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24231GJ1991PTC016288 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA01797F
/ MUMA22952G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCA3990Q |
|
|
|
|
Legal Form : |
Private limited liability company. |
|
|
|
|
Line of Business : |
Manufacture and Sale of Bulk Drugs |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
800000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established company having satisfactory track. Directors are reported
as experienced, respectable and resourceful businessmen. Their trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 322 / 4, Shed Area, GIDC,
Vapi – 396 195, Gujarat, India |
|
Tel. No.: |
91-260-22424882 / 22400383 |
|
Fax No.: |
91-260-22431982 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
60,000 sq.ft. |
|
Location : |
Leased |
|
|
|
|
Corporate
Office : |
407, Dalamal House, Jamnadas Bajaj Road, Nariman Point, Mumbai –
400 021, Maharashtra, India |
|
Tel.
No.: |
91-22-22854715 |
|
Fax
No.: |
91-22-22041400 |
|
E-Mail
: |
|
|
|
|
|
Factory
1 : |
Plot No. 421 to 425, 432, 433 and 436, Taluka – Padra, District:
Vadodara |
DIRECTORS
|
Name : |
Mr. Manish Umed Doshi |
|
Designation : |
Managing Director |
|
Address : |
1201, A Chandanbala Apartment,
4, R.R. Thakkar Marg, Walkeshwar, Mumbai – 400 006, Maharashtra |
|
Date of Birth/Age : |
07.10.1961 |
|
Date of Appointment : |
19.09.1991 |
|
|
|
|
Name : |
Mrs. Vandana M. Doshi |
|
Designation : |
Director |
|
Address : |
1201-A, Chandanbala Apartment,
4, R.R. Thakkar Marg, Walkeshwar, Mumbai – 400 006 |
|
Date of Birth/Age : |
23.08.1962 |
|
Date of Appointment : |
19.09.1991 |
|
|
|
|
Name : |
Dr. Parenky Shekhar |
|
Designation : |
Director |
|
Address : |
A 11, Happy Home, Plot No. 16,
Vashi, New Mumbai |
|
Date of Birth/Age : |
09.12.1951 |
|
Date of Appointment : |
19.09.1991 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mrs. Vandna M. Doshi |
|
1480512 |
|
Mr. Manish U. Doshi |
|
919232 |
|
Ms. Indu U. Doshi (HUF) |
|
78880 |
|
Mr. Manish U. Doshi (HUF) |
|
498848 |
|
Tolstoy Investments Private Limited 98, Mansoor Building, Shamldas Gandhi Marg, Mumbai – 400002 |
|
320000 |
|
Mr. Umed B. Doshi 38, Cloud View Road, G Block, 7th Floor, Elvyn Tower,
Hong Kong |
|
302528 |
|
Port Limited 4th Floor, Casace Building, Eith Corel St., Port
Louis, Mauritius – 230-2129800 |
|
1000000 |
|
Total
|
|
4600000 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Sale of Bulk Drugs |
|
|
|
|
Products : |
Bulk Drugs |
|
|
|
|
Imports from : |
Raw materials, capital goods, etc. from reputed manufacturers
and suppliers in Europe |
|
|
|
|
Terms : |
|
|
|
|
|
Purchasing : |
L/C (60 days) |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity (p. a. ) |
Actual Production |
|
Bulk Drugs |
Tons |
NA |
1600.00 |
1551.034 |
|
|
|
|
|
|
GENERAL
INFORMATION
|
|
|
||||||||||||
|
No. of Employees : |
250 |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Ø
State Bank of India Churchgate, Mumbai – 400 020 Ø
EXIM Bank, World Trade Centre, Cuffe
Parade, Mumbai – 400 005 |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
R. M. Kayal and Company Chartered Accountants 406, Rewa Chambers, B/h. Ayakar Bhavan 31, New Marine Lines,
Mumbai – 400020 |
|
Tel. No.: |
91-22-22333452 |
|
Res No.: |
91-22-28084791 |
|
Fax No.: |
91-22-22032326 |
|
E-Mail : |
|
|
E-Fax: |
001-425-732-1880 |
|
|
|
|
Associates/Subsidiaries : |
Ø
Umedica Laboratories Limited 407, Dalamal House, J. B.
Road, Nariman Point, Mumbai - 400 021 Tel. No. 91-22-285 4715 Fax No. 91-22-204 1400 E-Mail: amoli@vsnl.com Website: http://www.amoliindia.com
- It is engaged in manufacturing and exporting of a wide range
of injectables,
tablets, capsules, suspensions and dry syrups, etc. - Subject is Government Recognised Export House. Ø
Bharat Mercantile Company Ø
Sweta
Pharma Private Limited Ø
Amoli
Infotech Private Limited Ø
Om
Siddhi Trading Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
55,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 55.000 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
46,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 46.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
46.000 |
46.000 |
46.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
157.815 |
123.283 |
86.428 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
203.815 |
169.283 |
132.428 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
187.106 |
171.202 |
185.402 |
|
|
2] Unsecured Loans |
102.040 |
98.589 |
72.191 |
|
|
TOTAL BORROWING |
289.146 |
269.791 |
257.593 |
|
|
DEFERRED TAX LIABILITIES |
24.218 |
15.327 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
517.179 |
454.401 |
390.021 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
275.015 |
263.662 |
264.287 |
|
|
Capital work-in-progress |
12.589 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.235 |
0.236 |
0.241 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
150.504
|
121.117 |
155.180 |
|
|
Sundry Debtors |
229.245
|
209.379 |
110.129 |
|
|
Cash & Bank Balances |
1.033
|
0.317 |
6.387 |
|
|
Other Current Assets |
0.000
|
0.000 |
22.419 |
|
|
Loans & Advances |
39.958
|
24.810 |
4.958 |
|
Total Current Assets |
420.740
|
355.623 |
299.073 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
184.050
|
161.470 |
173.580 |
|
|
Provisions |
7.350
|
3.650 |
-- |
|
Total Current Liabilities |
191.400
|
165.120 |
173.580 |
|
|
Net Current Assets |
229.340
|
190.503 |
125.493 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
517.179 |
454.401 |
390.021 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other
income] |
856.906 |
752.442 |
488.497 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
47.144 |
60.740 |
5.587 |
|
Provision
for Taxation |
12.612 |
23.884 |
-- |
|
Profit/(Loss)
After Tax |
34.532 |
36.856 |
5.587 |
|
|
|
|
|
|
Export
Value |
147.452 |
173.628 |
146.645 |
|
|
|
|
|
|
Import
Value |
203.165 |
177.276 |
214.003 |
|
|
|
|
|
|
Total
Expenditure |
809.761 |
691.702 |
482.908 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
4.03
|
4.90 |
1.14 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
5.50
|
8.07 |
1.14 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
6.78
|
9.81 |
0.99 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.36 |
0.04 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.35
|
2.57 |
3.26 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.20
|
2.15 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Ø Factory Plot
Ø
Starr
Quarter Plot
Ø
Factory
Building
Ø
Plant
and machinery
Ø
Electrical
Equipments
Ø
Motorcar
and Vehicles
Ø
Motorcar
Ø
Motor
Lorry
Ø
Furniture
Fixture and Office equipments
Ø
Computer
Ø
Efferent
Treatment Plant
Operation
The net
sales stood at Rs. 786.904 millions for the F. Y. 2004-05, reflecting a growth
of 17.37 % over the corresponding period of the previous year.
Future
Prospect
The
growth strategies of the company are based on enlarging market base, improved
market share and value addition to customer services.
Insurance
The
company’s property including building, plant and machinery, stocks, stores etc.
continue to be adequately insured against all risks.
active pharmaceutical INGREDIENTS:
Ø
Carbamzepine (Bromine Free) EP / BP / USP
Ø
Celecoxib
Ø
Cetirizine Dihydrochloride EP / BP
Ø
Clotrimazole EP / BP / USP
Ø
Diclofenac Sodium EP / BP / USP / JP
Ø
Diclofenac Potassium
Ø
Diclofenac Diethyl Amine BP
Ø
Rofecoxib
Ø
Sildenafil Citrate
Ø
Sodium Ascorbate
Ø
Vitamin C Plain & Coated BP / USP
intermediates
Ø
Diclofenac Sodium
1-(2,6 Dichlorophenyl)-2-indolinone
2,6-Dicolodiphenylamine
2,6-Dichlorophenol
Ø
Clotrimazole
O-chloro trityl chloride
Ø
Carbammazepine
Iminostilbene (Bromine Free)
Ø
Cetirizine Dihydrochloride
Ø
Sertraline Hydrochloride
Sertralone (Tetralone)
Racemic Sertraline
The company is in trade terms with:
Ø
BASF-D- 67056, Ludwindgshaten, Germany
Ø
Atofina Catalyst India Limited
Birlagram
Building, Nagda - 456 331, Madhya Pradesh
Ø
Chemphar
1101, Paramount Building, 12, KA
Yip St. Chaiwan, HongKong
|
Name of the company |
AMOLI ORGANICS PRIVATE LIMITED |
|
Presented By |
AMOLI ORGANICS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Deed of hypothecation of dated 08.02.2005 executed AMOLI ORGANICS PRIVATE LIMITED, company within the meaning of companies act. 1956 and having its registered office at 322/4, 40 shed area GIDC Vapi, Gujarat – 396195 therein and hereinafter referred to as the borrowers in favour of ICICI Bank Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Secured working capital facilities nor exceeding Rs. 80.00 millions (the aforesaid working capital facilities as renewed / modified / amended from time to time are hereinafter collectively referred to as the facilities) exte4nded / granted to the borrower. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The properties more particularly described in Annexure I hereto |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of ICICI having granted agreed to grant to the borrower the facilities, agreement and declaration by the borrower inter alia, as follows: Covenant by the borrower to comply to ensure compliance with all the term and conditions set out in the master facility agreement dated 08.02.2005 entered between the borrower and ICICI as modified amended / renewed / supplemented from time to time. The borrower shall pay / repay all amount in respect of the facility and pay interest and all other monies in the manner set out in the agreement and the other transaction documents The assets were therby hypothecated inter alia to ICICI as a by way of exclusive / first / second / first and exclusive charge, as specified in Annexure I hereto as security for and be charged with the repayment of the facilities, all interest and other monies in the manner set out in the agreement and the other transaction documents Power of entry, power to take charge and or possession of, seize, recover, receive, appoint received of and remove and sale by auction or private contract, despatch for realisation or otherwise dispose of or deal with all or any part of the assets etc. as provided in the deed of hypothecation. All other terms and conditions as contained in the deed of hypothecation |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited 215, Free Press House, Free Press Journal Marg, Nariman Point Mumbai - 400021 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Annexure I The whole of the Borrower stocks of raw materials good in process, semi finished and finished goods consumable stores and spares and such other movable, including book debts bills, whether documentary or clean, both present and future, whether in the possession or under the control of the borrower or not whether now lying loose or in case or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these present by brought into or upon or be stored or be in or about all the borrower factories, premises and Godown situate at Mumbai, Vapi or wherever else the same may be or be held by any party or the order or disposition of the borrower in the course of transit of on high seas or in order or delivery (the current assets which expression shall as the context may permit or require mean any or each or such current assets.) The current assets have been hypothecated as and by way of first charge on pari-passu basis. The whole of the Borrower movable properties including its movable plant and machinery, machinery spares, tools and accessories, non – trade receivable and other movable, both present and future, whether in the possession or under the control of the borrower or not whether now lying loose or in case or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these present by brought into or upon or be stored or be in or about all the borrower factories, premises and Godown situate at Mumbai, Vapi or wherever else the same may be or be held by any party or the order or disposition of the borrower in the course of transit of on high seas or in order or delivery (the movable properties which expression shall as the context may permit or require mean any or each or such movable properties.) The movable properties sets have been hypothecated as and by way of first charge on pari-passu basis. |
|
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for making
any prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 46.04 |
|
UK
Pound |
1 |
Rs. 84.73 |
|
Euro |
1 |
Rs. 57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |