MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
OBSURGE BIOTECH LIMITED |
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Registered Office : |
405-406, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.01.2002 |
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Com. Reg. No.: |
55-113701 |
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CIN No.: [Company
Identification No.] |
U24232DL2002PLC113701 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELO01513B |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Pharmaceutical Formulations, Bulk
Drugs, Hospital Supplies, Cosmetics. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 11000 |
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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
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Registered Office : |
405-406, |
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Tel. No.: |
91-11-22442114/ 22442115/ 22442116/ 22442117 |
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Mobile No.: |
91-9810611709 |
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Fax No.: |
91-11-22442115 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Jaswant Singh Chauhan |
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Designation : |
Chairman cum Managing Director |
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Address : |
82A, Pocket IV, Mayur Vihar Phase I, Delhi-110091 |
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Date of Birth/Age : |
13.10.1955 |
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Date of Appointment : |
04.01.2002 |
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Name : |
Mr. Ajay Kumar Srivastava |
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Designation : |
Whole time Director |
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Address : |
107, Neelgiri Appartments, Kaushanbi, Gaziabad |
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Date of Appointment : |
01.04.2002 |
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Date of Ceasing : |
24.04.2004 |
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Name : |
Mr. Latish Malhotra |
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Designation : |
Whole time Director |
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Address : |
R-9/111, Raj Nagar, |
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Date of Birth/Age : |
04.01.1955 |
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Date of Appointment : |
04.01.2002 |
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Name : |
Mrs. Sheela Wanti Chauhan |
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Designation : |
Director |
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Address : |
A-503, 5th Floor, |
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Date of Birth/Age : |
02.10.1924 |
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Date of Appointment : |
07.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mrs. Sheela Wanti |
1000 |
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Ms. Ritu Malhotra |
1000 |
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Mrs. Indu Malhotra |
4000 |
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Mr. Latish Malhotra |
12500 |
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Mr. Vijay P Dixit |
1000 |
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Mr. Jaswant S Chauhan |
142000 |
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Mrs. Rita Chauhan |
10000 |
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Total |
171500 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Pharmaceutical Formulations, Bulk
Drugs, Hospital Supplies, Cosmetics. |
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Products : |
v
Pharmaceutical Formulations v
Bulk drugs v
Hospital supplies v
Cosmetics |
GENERAL INFORMATION
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Bankers : |
Union Bank of |
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Facilities : |
Secured Loans
(Rs. In millions): (As on
31.03.205) From Union Bank of Unsecured Loans
: Unsecured loan from Directors or their relatives : Rs.2.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay K Bansal & Company Chartered Accountants |
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Address : |
205, |
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Associates/Subsidiaries : |
Jagdish Medicare Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
181500 |
Equity Shares |
Rs.10/- each |
Rs.1.815
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.815 |
1.715 |
1.715 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.093 |
1.063 |
0.706 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.908 |
2.778 |
2.421 |
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LOAN FUNDS |
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1] Secured Loans |
4.973 |
2.910 |
1.756 |
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2] Unsecured Loans |
2.000 |
2.000 |
0.000 |
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TOTAL BORROWING |
6.973 |
4.910 |
1.756 |
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DEFERRED TAX LIABILITIES |
0.054 |
0.083 |
0.084 |
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TOTAL |
9.935 |
7.771 |
4.261 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.646 |
2.022 |
2.200 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.079
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8.938 |
9.557 |
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Sundry Debtors |
17.990
|
12.305 |
14.726 |
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Cash & Bank Balances |
0.282
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0.071 |
0.428 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.605
|
1.708 |
1.751 |
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Total
Current Assets |
29.956
|
23.022 |
26.462 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.883
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17.310 |
24.457 |
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Provisions |
1.800
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0.000 |
0.000 |
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Total
Current Liabilities |
21.683
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17.310 |
24.457 |
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Net Current Assets |
8.273
|
5.712 |
2.005 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.037 |
0.056 |
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TOTAL |
9.935 |
7.771 |
4.261 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
108.336 |
97.526 |
100.672 |
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Other Income |
0.001 |
0.001 |
0.036 |
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Total Income |
108.338 |
97.527 |
100.708 |
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Profit/(Loss) Before Tax |
1.583 |
0.602 |
0.831 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1.583 |
0.602 |
0.831 |
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Expenditures : |
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Cost of Goods Sold |
NA |
38.926 |
39.409 |
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Administrative Expenses |
NA |
55.593 |
58.311 |
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Purchases made for re-sale |
45.989 |
NA |
NA |
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Financial Expenses |
NA |
1.881 |
1.798 |
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Salaries, Wages, Bonus, etc. |
19.628 |
NA |
NA |
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Managerial Remuneration |
2.238 |
NA |
NA |
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Payment to Auditors |
0.020 |
NA |
NA |
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Interest |
1.694 |
NA |
NA |
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Insurance Expenses |
0.155 |
NA |
NA |
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Depreciation & Amortization |
0.402 |
0.525 |
0.358 |
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Other Expenditure |
36.627 |
NA |
NA |
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Total Expenditure |
106.755 |
96.926 |
99.877 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.46
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0.62 |
0.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.46
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0.62 |
0.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.01
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2.40 |
2.90 |
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Return on Investment (ROI) (PBT/Networth) |
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0.54
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0.22 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.85
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8.00 |
10.83 |
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Current Ratio (Current Asset/Current Liability) |
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1.38
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1.33 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
OBSURGE
BIOTECH LIMITED |
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Presented By |
J |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 02.09.2002 for cash credit limit (Registered on 19.09.2002) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 millions |
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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 |
Hypothecation of book debts, stocks of drugs and medicines both present and future kept anywhere or in consignee. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% Rate of interest @ 3.25% p.a. over PLR with a minimum of 14.75% with monthly basis |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Sheetla House, New Delhi-110019 |
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6) Date and brief description of instrument modifying the charge |
Hypothecation agreement of goods and debts (SD-06) dated 12.09.2005 |
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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. |
Limits enhanced from Rs.3.500 millions to Rs.5.000 millions fund based. Interest @ 2% p.a. over PLR i.e.12.75% p.a. at present with penal interest @ 2% on take over of loan. Margin 25% Other terms Hypothecation of fully paid up and duly insured stocks and book debts First charge on residential property situated at House
No.111, Block R-9, Raj Nagar, Personal guarantee of all the directors of the company and Mrs. Indu Malhotra (Co-owner of the collateral security). |
The situation of the registered office of the company was changed from
206, Allied House, 1, LSC Opposite Pushpa Bhawan, New
To :
405-406,
Fixed Assets :
v
Air Conditioner
v
Computer
v
Fan
v
Refrigerator
v
Band
v
Projector
v
Car
v
Furniture
v
Generator
v
Motor cycle
Website Details :
In 2002, a group of spirited pharma professionals with varied experience in finance, marketing, sales , production, & distribution joined hands to start an organization with a vision to provide relief from the scourge of disease at an affordable price to the widest possible cross-section of patients in the country. The organization has identified the therapy gaps and bridged it with unique formulations fitting squarely into the gaps. After the initial hiccups the organization is now well set to make rapid strides in the post GATT scenario with a bold presence through new launches which have great potential for sales. The organization is headed by a seasoned personality Mr. J.S. Chauhan ,Who is the C.M.D. of the organization, a person with extensive experience in pharma sales & marketing, production & finance.
In the organization quality systems are well defined processes. Any aberration is mapped against the correct process to check for non compliance. If processes are inadequate, they are rejiggered and standards are reset. Gap Analysis, taking into accounts both internal & external context of competitive environment, forms the basis of strategizing for the future. Business excellence is achieved through leadership in Customer focus & satisfaction , Strategic Planning, Process Management & Information Analysis. Excesses This has always been a beckon light paradigm for the company.
The company today is aiming at 200 million sales in current financial year and
in the coming two years. time to achieve 500 million sales , with its
operations spread all over the country with 250 people in the field which will
increase to 400 by 2006. with a well researched portfolio of . high yield. and
. high potential. products that are in growth phase in the industry. Today the
company is into the therapeutic segments of Surgery, Neurology, Gynaecology,
Medicine, Dental, & ENT, with anti-inflammatory antibiotics, hormone,
anti-anemic and neuro tonics.
Emphasis is on high investment in field force training and marketing
programmers with the objectives of building brands and creating strong presence
in the market.
The organization helps employees to understand that they have to contribute and
helps them do that. Emphasis on personal growth and development is a way to
influence employee motivation, not only to maximize their contribution but also
thereby to improve the productivity of the company.
Manpower being the greatest asset of the company, is treasured the most. They all
are cultured into a role of family member of OBSURGE FAMILY. A high degree of
involvement of all members has made OBSURGE a force to reckon with. As a part
of ambitious growth plan the management is envisaging new divisions in near
future to service the specialty segment of Cardiology, Drabetology and
Oncology. Shortly, Company's presence in international market will be noticed
especially in
A collaboration with a phrama major player from
Products
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CATEGORY WISE PRODUCT DETAILS |
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GYNAE |
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CARNYL-FE CAP |
DUB-5 TAB |
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CARNYL-FE SUSP. |
EMESTAT/EMESTAT OD
TAB. |
|
FETUGEST 250/500
(DISPO) |
H-STAT 250/500 |
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FIBRAN TAB. |
OB-CAL TAB. |
|
STAT-C 250/500 |
SERADIC/SERADIC-P/GEL |
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GENERAL SURGERY |
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FIBRAN |
H-STAT 250/500 |
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NIMSPA |
NIMDASE |
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SERADIC/SERADIC P |
DUCIDAL OZ |
|
STAT-C 250/500 |
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MEDICINE |
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ALCOBAL |
HYZOLE P/10/20 |
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AH-I |
MINTOVIT |
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PHYLIN-I |
OB-12/FORTE |
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DUCIDAL-OZ/PLUS |
OBCAL |
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PERIZOLE |
CARTIEL |
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ESMA PD |
MET 25/50 KIT |
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NIMSPA |
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ENT |
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SERADIC/P |
STAT-C 250/500 |
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SUPKOF |
DUCIDAL OZ/PLUS |
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FIBRAN |
NIMDASE |
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PAEDIATRICS |
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AH-I |
DUCIDAL PLUS/OZ
SUSP. |
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SUPKOF |
DUDYS |
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ORTHOPAEDICS |
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CARTIEL |
COPRES M 10/20 |
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OB-CAL |
SERADIC/P/MR/GEL |
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TIZADIC |
MET UP 25/50 |
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NEUROLOGY |
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OB-12/OB-12 FORTE |
ALCOBAL |
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SKIN (DERMATOLOGY) |
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ONDERM |
MINTOVIT |
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ALCOBAL |
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GASTROENTEROLOGY |
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HYZOLE P/DP |
PERIZOLE |
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AH-I |
DUCIDAL OZ |
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ORNIMAX |
NIMSPA |
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DUDYS |
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DENTIST |
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TANGIM |
ANASEP |
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COPRES M 10/20 |
DUCIDAL OZ |
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NIMDASE |
SERADIC/P |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.76 |
|
|
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|