MIRA INFORM REPORT
|
Report Date : |
13.02.2007 |
IDENTIFICATION DETAILS
|
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 |
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
|
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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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
|
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 : |
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 : |
09.10.1937 |
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Date of Appointment : |
12.07.2004 |
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|
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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: |
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 : |
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 : |
26.11.1971 |
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Date of Appointment : |
26.09.2005 |
KEY EXECUTIVES
|
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 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
VIC Enterprises Private
Limited |
11110 |
|
Puran Associates Private
Limited |
11110 |
|
Gyan Enterprises Private
Limited |
11110 |
|
Ratna Commercial
Enterprises Private Limited |
1231110 |
|
Chowdhary Associates |
11110 |
|
A CEE Enterprises |
11110 |
|
Pradip Burman |
619310 |
|
Meera Burman |
405500 |
|
Devika Burman |
202700 |
|
Chetan Burman |
348700 |
|
Pradip Burman (HUF) |
97320 |
|
Sahjwal Investments &
Trading Company |
1470000 |
|
Total |
4227490 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Veterinary Medicines, Food Supplements & Pet Foods. |
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|
|
|
Products : |
Aqua Products v Superliv v Stersroak v Spirumax v Aycal D v Ayumin Cattle Products v
Ruchamax v
Pachoplus v
Diaroak v
Yakrifit v
Afanil v
Janova v
Payapro v
Caldhan v
Exapar v Charmil v Uraksha Poultry
Products : v Superliv v Stersroak v Toxiroak v Ayucal – V v Dimbpro Pig Products v Ruchamax v Exapar v Diaroak v Payapro Pet Products v
Zerokeet v
Newcharm v
Charmaid v
Livjivan v
Loamglo v
Vitacharm v
Otosaf |
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Exports to : |
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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|
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Holding Company : |
Ratna
Commercial Enterprises Private Limited |
GENERAL INFORMATION
|
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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Banking Relations : |
Satisfactory |
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Auditors : |
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 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.775 |
42.275 |
38.775 |
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|
2] Share Application Money |
57.500 |
7.500 |
15.000 |
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|
3] Reserves and Surplus |
44.000 |
14.000 |
0.000 |
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|
3] (Accumulated Losses) |
(27.204) |
(16.307) |
(18.520) |
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NETWORTH
|
124.071 |
47.468 |
35.255 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
184.594 |
84.599 |
26.234 |
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2] Unsecured Loans |
6.751 |
5.492 |
5.101 |
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TOTAL
BORROWING
|
191.345 |
90.091 |
31.335 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL
|
315.416 |
137.559 |
66.590 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
203.808 |
41.097 |
16.878 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT
|
0.020 |
0.020 |
0.020 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
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|
|
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Inventories
|
42.387
|
16.944
|
9.970
|
|
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Sundry Debtors
|
78.692
|
43.383
|
28.852
|
|
|
Cash & Bank Balances
|
30.722
|
24.251
|
24.026
|
|
|
Loans & Advances
|
11.328
|
44.681
|
11.349
|
Total Current Assets
|
163.129
|
129.259 |
74.197
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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Current Liabilities
|
51.403
|
32.674
|
24.442
|
|
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Provisions
|
0.138
|
0.143
|
0.063
|
Total Current Liabilities
|
51.541
|
32.817 |
24.505
|
|
Net Current
Assets
|
111.588
|
96.442 |
49.692
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
315.416 |
137.559 |
66.590 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other income]
|
|
|
141.023 |
|
|
|
|
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Profit/(Loss) Before Tax
|
|
|
(10.733) |
Provision for Taxation
|
|
|
|
Profit/(Loss) After Tax
|
|
|
(10.733) |
|
|
|
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Export Value
|
|
|
14.801 |
|
|
|
|
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Import Value
|
|
|
2.967 |
|
|
|
|
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Total Expenditure
|
|
|
142.848 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
NA |
(7.61)
|
|
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Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
NA |
(7.65)
|
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Return on Total Assets
(PBT/Total Assets} |
(%) |
NA
|
NA |
(9.79)
|
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Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
NA |
(0.20)
|
|
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|
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|
Debt Equity Ratio
(Total Liability/Networth) |
|
1.96
|
2.59 |
1.04
|
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
3.16
|
3.94 |
3.03
|
LOCAL AGENCY FURTHER INFORMATION
Subject
was formerly known as Dabur Ayurvet Limited
Form 8 Particular for
creation or modification of charges
|
Name of the company |
AYURVET LIMITED |
|
Presented By |
RANJAN KUMAR, COMPANY SECRETARY |
|
1) Date and description of
instrument creating the change |
Special
hypothecation agreement dated 02.03.2005. |
|
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). |
|
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% |
|
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 |
|
6) Date and brief description of instrument
modifying the charge |
Special
hypothecation agreement dated 27.12.2005. |
|
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.44.17 |
|
UK Pound |
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.57.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
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 |
|