MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
AYURVET LIMITED |
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Registered Office : |
6th Floor, Sagar Plaza, District Centre, Laxmi
Nagar, Vikas Marg, New Delhi – 110092 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.10.1992 |
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Com. Reg. No.: |
55-50587 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC050587 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA11433C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Veterinary Medicines, Food
Supplements & Pet Foods. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
The company has been promoted by strong promoter of Dabur Limited, a well established and diversified company having fine track. Trade relations are reported as fair. Profit margin is under severe pressure. Payments are usually correct and as per commitments. Financial position is moderate. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6th Floor, Sagar Plaza, District Centre, Laxmi
Nagar, Vikas Marg, New Delhi – 110092 |
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Tel. No.: |
91-11-22455992-94 |
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Fax No.: |
91-11-22455991 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. SP-C-162, Matsaya Industrial Area, Desula, Alwar
– 301030, Rajasthan. |
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Tel. No.: |
91-144-2881319/ 2881217/ 2881542/ 1881543/ 28815469 |
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Fax No.: |
91-144-2881302, 2881459 |
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Telex : |
0366-206-DABR IN |
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Area : |
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Location : |
Industrial |
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Factory 2 : |
Village Katha, Post Office Baddi, District Solan, Himachal
Pradesh |
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R & D Unit : |
22, Site IV, Sahibabad (Ghaziabad), Uttar Pradesh – 201010 |
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Tel. No.: |
91-120-2777901-07 |
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Fax No.: |
91-120-2770914 |
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Telex : |
0592-228 DABR IN |
DIRECTORS
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Name : |
Mr. Pradip Burman |
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Designation : |
Chairman |
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Address : |
5/7, Shanti Niketan, New Delhi-110021 |
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Date of Birth/Age : |
02.11.1942 |
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Date of Appointment : |
26.09.2005 |
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Name : |
Mr. Pushkar Nath Bhat |
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Designation : |
Director |
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Address : |
D-1/102 A, Satya Marg, Chanakya Puri, New Delhi-110021 |
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Date of Birth/Age : |
09.10.1937 |
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Date of Appointment : |
12.07.2004 |
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Name : |
Mr. Karan Singh Mehta |
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Designation : |
Director |
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Address : |
C-70, Panchshila Enclave, New Delhi-110017 |
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Date of Birth/Age : |
15.10.1946 |
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Date of Appointment : |
30.07.2003 |
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Name : |
Mr. Mohanji Saxena |
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Designation : |
Managing Director |
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Address : |
A-601, Towers Apartments, Swasthya Vihar, Delhi-110092 |
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Date of Birth/Age : |
12.06.1956 |
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Date of Appointment : |
26.09.2005 |
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Name : |
Mr. Chetan Burman |
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Designation : |
Director |
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Address : |
6/24, Shanti Niketan, New Delhi-21 |
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Date of Birth/Age : |
26.11.1971 |
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Date of Appointment : |
26.09.2005 |
KEY EXECUTIVES
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Name : |
Mr. Mukesh Verma |
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Designation : |
Company Secretary |
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Address : |
338-339, Pocket-B3, Sector VI, Rohini, Delhi-110085 |
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Date of Birth/Age : |
24.07.1972 |
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Date of Appointment : |
15.05.2002 |
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Date of Ceasing : |
11.11.2004 |
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Name : |
Mr. Ranjan Kumar |
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Designation : |
Company Secretary |
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Address : |
RZ-53, Vaishali Colony, Palam Road, New Delhi-45 |
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Date of Birth/Age : |
27.11.1975 |
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Date of Appointment : |
09.02.2005 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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VIC Enterprises Private Limited |
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11110 |
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Puran Associates Private Limited |
|
11110 |
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Gyan Enterprises Private Limited |
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11110 |
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Ratna Commercial Enterprises Private Limited |
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1231110 |
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Chowdhary Associates |
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11110 |
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A CEE Enterprises |
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11110 |
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Pradip Burman |
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619310 |
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Meera Burman |
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405500 |
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Devika Burman |
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202700 |
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Chetan Burman |
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348700 |
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Pradip Burman (HUF) |
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97320 |
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Sahjwal Investments & Trading Company |
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1470000 |
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Total |
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4227490 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Veterinary Medicines, Food
Supplements & Pet Foods. |
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Products : |
v Aqua Products v
Superliv v
Stersroak v
Spirumax v
Aycal D v
Ayumin v Cattle Products v Ruchamax v Pachoplus v Diaroak v Yakrifit v Afanil v Janova v Payapro v Caldhan v Exapar v
Charmil v
Uraksha v
Poultry Products : v
Superliv v
Stersroak v
Toxiroak v
Ayucal – V v
Dimbpro v Pig Products v
Ruchamax v
Exapar v
Diaroak v
Payapro v Pet Products v Zerokeet v Newcharm v Charmaid v Livjivan v Loamglo v Vitacharm v Otosaf |
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Exports : |
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Countries : |
South East Asian Region, East and West Africa, East
Europe, Russia. Vietnam, Nigeria, South Africa and Hungary. |
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Group Company : |
Dabur India Limited |
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Holding Company : |
Ratna Commercial Enterprises Private Limited |
GENERAL
INFORMATION
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No. of Employees : |
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Bankers : |
v Punjab Nationa Bank v Canara Bank v ABN
Amro Bank N.V., Hansalaya Building, 15, Barakhamba Road, New Delhi-110001,
Delhi, India |
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Facilities : |
-- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
G Basu & Company Chartered Accountants |
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Address : |
2, Jeevan Tara Building, Parliament Street, P.O.Box No.
573 N New Delhi – 110001. |
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Tel. No.: |
91-11-23361715 |
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Mobile No.: |
91-98105147204 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4977490 |
Equity Shares |
Rs.10/- each |
Rs.49.775 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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49.775 |
42.274 |
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2] Share Application Money |
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57.500 |
7.500 |
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3] Reserves & Surplus |
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44.000 |
14.000 |
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4] (Accumulated Losses) |
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(27.204) |
(16.306) |
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NETWORTH |
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124.070 |
47.468 |
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LOAN FUNDS |
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1] Secured Loans |
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184.594 |
84.599 |
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2] Unsecured Loans |
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6.751 |
5.492 |
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TOTAL BORROWING |
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191.345 |
90.091 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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315.415 |
137.559 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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203.809 |
41.096 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.020 |
0.020 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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42.386 |
16.945 |
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Sundry Debtors |
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78.692 |
43.383 |
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Cash & Bank Balances |
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30.721 |
24.250 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
11.328 |
44.681 |
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Total
Current Assets |
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163.127 |
129.259 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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51.403 |
32.673 |
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Provisions |
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0.138 |
0.143 |
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Total
Current Liabilities |
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51.541 |
32.816 |
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Net Current Assets |
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111.586 |
96.443 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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315.415 |
137.559 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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239.845 |
191.607 |
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Total Income |
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239.845 |
191.607 |
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Profit/(Loss) After Tax |
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(9.227) |
2.213 |
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Earnings in Foreign Currency : |
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Total Earnings |
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35.112 |
25.195 |
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Expenditures : |
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Interest |
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5.792 |
2.267 |
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Depreciation & Amortization |
|
7.759 |
5.403 |
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Other Expenditure |
|
235.522 |
181.724 |
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Total Expenditure |
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249.073 |
189.394 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(3.84) |
1.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.41 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.46 |
3.93 |
LOCAL AGENCY
FURTHER INFORMATION
Subject was formerly known as Dabur Ayurvet Limited
Form 8 Particular for creation or
modification of charges
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Name of the company |
AYURVET
LIMITED |
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Presented By |
RANJAN KUMAR, COMPANY
SECRETARY |
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1) Date and description of instrument creating the change |
Special hypothecation agreement dated 02.03.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR 110000000 |
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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 |
First charge by way of hypothecation of fixed assets of the company (both present and future). |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate – 8% p.a. payable monthly Loan to be drawn down in tranches with repayment of each tranche in the following manner : Year 1 : 9% (equal quarterly installments) Year 2 : 23% Year 3 : 32% Year 4 : 36% |
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5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank N.V. Hansalaya, 15, Barakhamba Road, New Delhi-110001 |
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6) Date and brief description of instrument modifying the charge |
Special hypothecation agreement dated 27.12.2005. |
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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. |
Additional banking facility of Rs.20.000 millions is provided by increasing the term loan facility from Rs.110.000 millions to Rs.130.000 millions so the total limit under this agreement has gone up from Rs.110.000 millions to Rs.130.000 millions. Other terms and conditions of special hypothecation agreement dated 02.03.2005 will remain same. |
Website details
attached :
PROFILE :
The inception of subject is extension of Dabur's status as a pioneer in the herbal medicines so as to include animal population in the gamut of its health care operations. The vision borne more than a century ago, steeped in a heartfelt concern for the ailings and sufferings of animal population so as to enable them to lead a healthy and disease free life.
They are committed to work for
customer satisfaction. With a constant focus to meet
the needs of their valuable customers in time they are dedicated to provide
products and better services regularly. Research is an ongoing
process at subject to develop new formulations and attain
breakthrough in herbal research.
Constant efforts are undertaken by their dedicated field force to provide the customers with regular service to meet their needs. They seek long term relationships based on their comprehensive understanding of all their customers needs and on the value they provide through superior products and services.
Subject encourages research for upliftment of the standards of animal health care and solicits support of veterinary scientists , dairy farmers and other animal lovers who would like to be associated for similar cause.
Research :
Research and Development is a passion at subject. Every
product marketed
by the company undergoes stringent quality control measures.
The emphasis is given on right selection of the herbs, its scientific
processing and efficacy evaluation. Toxicological
and pharmacological profile of each and
every herb is thoroughly documented before its inclusion for the product
formulation.
The research unit of the company is an exemplary unit equipped with the state-of-the-art instrumentation facilities required for herbal research. Scientists with diversified backgrounds belonging to different specialized fields are engaged in developing herbal therapy for animal health care.
The company also works for the preservation and propagation of medicinal herbs so as to prevent their extinction and maintain the desired quality. This aspect is taken up by self and contract farming of medicinal herbs and their propagation by standard techniques like tissue culture.
New Products :
The company manufacturing and exporting the following new products :
v Caldhan V Suspension : Calcium, Vitamin D3, Vitamin B12
v Vitadhan Liquid
v Superliv DS Premix : Herbal Liver Tonic For Poultry.
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|