MIRA
INFORM REPORT
|
Report Date : |
16.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AERO PHARMA PRIVATE LIMITED |
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Registered Office : |
9, Siddhi Vinayak Apartment, B.K.
Marg, Mulund (East), Mumbai – 400 081, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.02.1983 |
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Com. Reg. No.: |
11-29373 |
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CIN No.: [Company
Identification No.] |
U24239MH1983PTC029373 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19844G |
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PAN No.: [Permanent
Account No.] |
AAACA9856B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To carry on business of manufacturers, purchasers, importers,
exporters, manipulators, dealers, processors, sellers, wholesalers,
retailers, agents & distributors of pharmaceuticals, medicines, chemicals
of any nature & kind whatsoever, articles, compounds, drugs, cosmetics,
dyeware, mineral waters, essences, broths, other restoratives or other items
of special diet especially suited to invalids, infants, convalescents and
army personnel & alkalis, acids, tonics, sizing & other medicinal
& pharmaceutical preparations of any nature & kind whatsoever
including aerosols surgical instruments & apparatus, manually,
electrically, mechanically & / or electronically operated , surgical preparations
of all kinds, & other articles required by the medical & para-medical
personnel for the practice of medical profession. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
275000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. 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 / Factory
: |
9, Siddhi Vinayak Apartment, B.K.
Marg, Mulund (East), Mumbai – 400 081, Maharashtra, India |
|
Tel. No.: |
91-22-27690020 / 25652781 / 25916579 / 25685627 |
|
Mobile No.: |
91-98 21106673 [Mr. Alok Kamat] |
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Fax No.: |
91-22-27690637 / 27672637 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Administrative
Office : |
B-32(B) TTC Industrial Area, Rabale, Navi Mumbai -
400 701, Maharashtra, India |
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Tel.
No.: |
91-22-2769 2164 / 2760 2536 |
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Fax
No.: |
91-22-2769 2637 |
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E-Mail
: |
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Factory : |
B-37, MIDC, Murbad, Dist – Thane, Maharashtra, India
|
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Tel.
No.: |
91-22-2524 222026 / 222027 |
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Fax
No.: |
91-22-2524 222029 |
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E-Mail
: |
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Factory : |
Aero Pharma Silvassa Preeti Industrial Estate, 1st Floor,
Amli, Silvassa (D. & N.H.) 396230 |
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Tel.
No.: |
91-260-2646867 / 2644128 |
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Fax
No.: |
91-260-2646858 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr. Ravindra Anandrao kamat |
|
Designation : |
Managing Director |
|
Address : |
25-26, Siddhi Vinayak Apartments, B. K. Marg,
Mulund (East), Mumbai – 400 081 |
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Date of Birth/Age : |
29/08/1951 |
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Qualification : |
M.Sc. (Microbiology) |
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Date of Appointment : |
21/02/1983 |
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Previous Employment : |
Johnson & Johnson Limited |
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Name : |
Mrs. Sushama R. Kamat |
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Designation : |
Director
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Address : |
25-26, Siddhi Vinayak Apartments, B. K. Marg,
Mulund (East), Mumbai – 400 081 |
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Date of Birth/Age : |
29/03/1954 |
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Date of Appointment : |
01/04/1995 |
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|
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Name : |
Dr. N
S Iyer |
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Designation : |
Director
|
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Address : |
63
Bharat Tirth, 409 V. N. Purav Marg, Chembur, Mumbai – 400071, Maharashtra,
India |
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Date of Birth/Age : |
21.06.1926 |
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Date of Appointment : |
08.08.1996 |
KEY EXECUTIVES
|
Name
: |
Mr.
Alok Kamat |
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Designation
: |
Manager
New Business Development |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Ravindra A. Kamat |
|
602500 |
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Mrs. Sushma R. Kamat |
|
147500 |
|
Mr. Anagha R. Kamat |
|
5000 |
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Total |
|
755000 |
BUSINESS DETAILS
|
Line of Business : |
To carry on business of manufacturers, purchasers, importers,
exporters, manipulators, dealers, processors, sellers, wholesalers,
retailers, agents & distributors of pharmaceuticals, medicines, chemicals
of any nature & kind whatsoever, articles, compounds, drugs, cosmetics,
dyeware, mineral waters, essences, broths, other restoratives or other items
of special diet especially suited to invalids, infants, convalescents and
army personnel & alkalis, acids, tonics, sizing & other medicinal
& pharmaceutical preparations of any nature & kind whatsoever
including aerosols surgical instruments & apparatus, manually,
electrically, mechanically & / or electronically operated , surgical
preparations of all kinds, & other articles required by the medical &
para-medical personnel for the practice of medical profession. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
180 |
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Bankers : |
The Thane Janata Sahakari Bank Limited -
Deen Dayal Bhavan, Jambali Naka, Thane – 400 601, Maharashtra,
India Bank of India -
Mulund West Branch, Nimish Apartments, Lal Devedayal Road,
Mulund [Wets], Mumbai – 400080, India |
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Banking Relations : |
Satisfactory
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Auditors : |
C. B.
R. Murthy Chartered Accountants Behind Income Tax Office, 408 Maker Bhavan 3, New Marine Lines,
Mumbai – 400020, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
|
1,250,000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 12.500 millions |
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Total
|
|
Rs.
15.000 millions |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
755,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.550 millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.550 |
7.550 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
62.012 |
52.524 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
69.562 |
60.074 |
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|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
47.418 |
51.472 |
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2] Unsecured Loans |
|
17.384 |
18.393 |
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TOTAL BORROWING |
|
64.802 |
69.865 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
|
134.364 |
129.939 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
44.262 |
46.219 |
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Capital work-in-progress |
|
0.844 |
0.844 |
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INVESTMENT |
|
28.184 |
22.417 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
77.365 |
72.911 |
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Sundry Debtors |
|
52.092 |
62.913 |
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Cash & Bank Balances |
|
5.476 |
6.963 |
|
|
Loans & Advances |
|
8.421 |
7.053 |
|
Total Current Assets |
|
143.354 |
149.840 |
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|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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|
Current Liabilities |
|
73.208 |
82.106 |
|
|
Provisions |
|
9.072 |
7.275 |
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Total Current Liabilities |
|
82.280 |
89.381 |
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Net Current Assets |
|
61.074 |
60.459 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
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TOTAL |
|
134.364 |
129.939 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
175.640 |
173.265 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
10.484 |
15.955 |
|
Provision
for Taxation |
|
0.996 |
1.902 |
|
Profit/(Loss)
After Tax |
|
9.488 |
14.053 |
|
|
|
|
|
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Total
Expenditure |
|
165.156 |
157.310 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
5.40 |
8.11 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
5.97 |
9.21 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
5.59 |
8.14 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.15 |
0.27 |
|
|
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
2.11 |
2.65 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.74 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The company is engaged in to carry on business of manufacturers,
purchasers, importers, exporters, manipulators, dealers, processors, sellers,
wholesalers, retailers, agents & distributors of pharmaceuticals,
medicines, chemicals of any nature & kind whatsoever, articles, compounds,
drugs, cosmetics, dyeware, mineral waters, essences, broths, other restoratives
or other items of special diet especially suited to invalids, infants,
convalescents and army personnel & alkalis, acids, tonics, sizing &
other medicinal & pharmaceutical preparations of any nature & kind
whatsoever including aerosols surgical instruments & apparatus, manually,
electrically, mechanically & / or electronically operated , surgical
preparations of all kinds, & other articles required by the medical &
para-medical personnel for the practice of medical profession.
It is also engaged as manufacturers and contract fillers of
quality cosmetics, pharmaceutical and household products in liquid, lotion,
cream and aerosol form, colour cosmetics such as lipsticks, eyeliner, mascara,
compact powder, blush and eye shadow, etc.
The company is a Registered Small Scale Industry.
The company’s fixed assets of important value include Land
(leasehold – Murbad), Factory Building, Plant & Machinery (Electrical
Installations and Laboratory Equipments), Furniture & Fixtures, Air
Conditioner, Office Equipments, Computer and Motor Car.
Bankers
Charges Report as per Registry
|
Name of the company |
AERO
PHARMA PRIVATE LIMITED |
|
Presented By |
MR. RAVINDRA A. KAMAT AND MRS.
SUSHAMA R. KAMAT |
|
1) Date and description of instrument creating the change |
Deed
of hypothecation of stock dated 06.02.1985 for Rs. 0.150 Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.150 Millions |
|
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 |
Hypothecation
of all Tangible Movable Assets including imported raw materials and other and
other local raw materials as can containers, bottles, Eathycloride Acid
situated / stored / lying at W-34 (B) TTC Area, Rable MIDC, Belapur or
wherever situated and / or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation
of asses described in column 3 as are or may at any time be in the possession
or power of the company to secure at demand cash credit of Rs. 0.150 Millions
which in including Rs. 0.060 Millions against Hypothecation of imported raw
materials and Rs. 0.090 Millions against hypothecation of local raw material
covering interest @ 5.5 % over Bank rate with a minimum of 15.5 % p.a. with
quarterly rests or at such other rates notified to the company by the Bank
from time to time with power to the Bank to seize and realise. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Mulund West Branch, Nimish Apartments, Lal Devedayal Road,
Mulund [Wets], Mumbai – 400080, India |
|
6) Date and brief description of instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
As Per Website
Aero Pharma Group of companies was promoted by Ravi Kamat and
incorporated in the year 1983. It started operations at Rabale, Navi Mumbai in
1995 and still has its Head Office at Rabale.
Over the last 21 years, it has grown to become a multi-locational,
multi-product independent contract manufacturer for some of the most recognized
names in India in cosmetics and personal products, like Hindustan Lever Limited, Aviance (Direct Marketing subsidiary of HLL),
Avon, Oriflame, Revlon, JK Helene Curtis (Park Avenue), Gillette, Modicare,
Marico, E. Merck, Godrej Sara Lee etc.
Today, Aero Pharma Group is one
of the Largest Cosmetics and Toiletries Contract Manufacturing Group in India,
with manufacturing spread across two entities and three locations (Aero Pharma
Private Limited at Rabale and Murbad, and Aero Pharma (Silvassa) at Silvassa).
Both these entities are collectively referred to herein as Aero Pharma. The
total built-up area of these factories is 75,000 sq ft (5,000 at Rabale, 30,000
at Murbad and 40,000 at Silvassa). The plot size at Murbad can take a total
construction of 120000 sq. ft. (11500 sq. mtr.)
Aero Pharma is probably the only
company in the country that offers to its customers a wide range of products
like Lipsticks, Foundations, Compact
Powders, Eye Make up products, Skin Care Creams, Hair Care Creams, Lotions,
Shampoos, Aerosols like Foams, Deodorants, Natural Sprays, Splash on
etc. All these are packed in an array of packaging choices like bottles, jars,
tubes, sachets etc. Currently, at all three plants put together, more than 1000
SKUs are manufactured every year, using more than 3,500 different items of
stock.
Today, Aero Pharma is been chosen as
the major contract manufacturer by Marico Limited to cater their export orders
of Hair Creams and Hair Oils.
Its competence lies in the ability to handle high complexities even for
relatively low volumes, at competitive rates, while maintaining the highest
quality standards. Aero Pharma follows stringent quality procedures and adheres
to GMP norms. Small wonder then, that any major MNC manufacturer entering India
invariably shortlists Aero Pharma for consideration as a prime manufacturer and
vendor.
Aero Pharma strongly believes that the work
environment should be conducive to the workmen, the surroundings and the local
regulations.
Aero Pharma has in place policies that guide each and every employee to work
safely in an environment friendly manner and keep the interests and safety of
the consumer in mind. Besides having inhouse Safety and GMP Manager, its plants
are regularly audited for Plant and Workers’ Safety, Consumer Safety etc and
have consistently scored well. This is apart from the statutory audits carried
out by the respective local government audit teams.
- Health & Safety Policy
- Enviornment Policy
- Quality & Consumer
Safety Policy
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.44.19 |
|
UK
Pound |
1 |
Rs.86.32 |
|
Euro |
1 |
Rs.58.07 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|