MIRA INFORM REPORT
|
Report Date : |
26.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AMOLI ORGANICS PRIVATE LIMITED |
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Registered Office : |
Plot No. 322 / 4, 40 Shed Area,
GIDC, Vapi – 396 195, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.09.1991 |
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Com. Reg. No.: |
04-16288 |
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CIN No.: [Company Identification No.] |
U24231GJ1991PTC016288 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
SRTA01797F
/ MUMA22952G |
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PAN No.: [Permanent Account No.] |
AACCA3990Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacture and |
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
930000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 322 / 4, 40 Shed Area,
GIDC, Vapi – 396 195, |
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Tel. No.: |
91-260-22424882 / 22400383 |
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Fax No.: |
91-260-22431982 |
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E-Mail : |
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Website : |
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Area : |
60,000 sq.ft. |
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Location : |
Leased |
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Corporate
Office : |
407, Dalamal House, |
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Tel.
No.: |
91-22-22854715 |
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Fax
No.: |
91-22-22041400 |
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E-Mail
: |
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Factory
1 : |
Plot No. 421 to 425, 432, 433 and 436, Taluka – Padra, District:
Vadodara |
DIRECTORS
|
Name : |
Mr. Manish Umed Doshi |
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Designation : |
Managing Director |
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Address : |
1201, A Chandanbala Apartment,
4, R.R. Thakkar Marg, Walkeshwar, Mumbai – 400 006, |
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Date of Birth/Age : |
07.10.1961 |
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Date of Appointment : |
19.09.1991 |
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Name : |
Ms. M. Vandana Doshi |
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Designation : |
Director |
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Address : |
1201-A, Chandanbala Apartment,
4, R.R. Thakkar Marg, Walkeshwar, Mumbai – 400 006 |
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Date of Birth/Age : |
23.08.1962 |
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Date of Appointment : |
19.09.1991 |
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Name : |
Mr. Shekar Chandra Parenky |
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Designation : |
Director |
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Address : |
A 11, Happy Home, Plot No. 16,
Vashi, New Mumbai |
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Date of Birth/Age : |
09.12.1951 |
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Date of Appointment : |
19.09.1991 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mrs. Vandna M. Doshi |
|
1480512 |
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Mr. Manish U. Doshi |
|
919232 |
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Ms. Indu U. Doshi (HUF) |
|
78880 |
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Mr. Manish U. Doshi (HUF) |
|
498848 |
|
Tolstoy Investments Private Limited 98, |
|
320000 |
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Mr. Umed B. Doshi 38, |
|
302528 |
|
Port Limited 4th Floor, |
|
1000000 |
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Total
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|
4600000 |
BUSINESS
DETAILS
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Line of Business : |
Manufacture and |
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Products : |
Bulk Drugs |
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Imports from : |
Raw materials, capital goods, etc. from reputed manufacturers
and suppliers in |
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Terms : |
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Purchasing : |
L/C (60 days) |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity (p. a. ) |
Actual Production |
|
Bulk Drugs |
Tons |
NA |
1600.00 |
1551.034 |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
Ø
State Bank of Ø
EXIM Bank, World Trade Centre, Cuffe Parade, Mumbai – 400
005 |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
R. M. Kayal and Company Chartered Accountants 406, Rewa Chambers, B/h. Ayakar Bhavan 31, New Marine Lines,
Mumbai – 400020 |
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Tel. No.: |
91-22-22333452 |
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Res No.: |
91-22-28084791 |
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Fax No.: |
91-22-22032326 |
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E-Mail : |
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E-Fax: |
001-425-732-1880 |
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Associates/Subsidiaries : |
Ø
Umedica Laboratories Limited 407, Dalamal House, Tel. No. 91-22-285 4715 Fax No. 91-22-204 1400 E-Mail: amoli@vsnl.com Website: http://www.amoliindia.com
- It is engaged in manufacturing and exporting of a wide range
of injectables,
tablets, capsules, suspensions and dry syrups, etc. - Subject is Government Recognised Export House. Ø
Bharat Mercantile Company Ø
Sweta Pharma Private Limited Ø
Amoli Infotech Private Limited Ø
|
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
12500000 |
Equity Shares |
Rs. 10/- each |
Rs. 125.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
46,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 46.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
46.000 |
46.000 |
46.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
187.601 |
157.815 |
123.283 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
233.601 |
203.815 |
169.283 |
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|
LOAN FUNDS |
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1] Secured Loans |
252.600 |
187.106 |
171.202 |
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2] Unsecured Loans |
100.446 |
102.040 |
98.589 |
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TOTAL BORROWING |
353.046 |
289.146 |
269.791 |
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DEFERRED TAX LIABILITIES |
23.157 |
24.218 |
15.327 |
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TOTAL |
609.804 |
517.179 |
454.401 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
302.673 |
275.015 |
263.662 |
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Capital
work-in-progress |
31.238 |
12.589 |
0.000 |
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INVESTMENT |
0.237 |
0.235 |
0.236 |
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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 |
237.846
|
150.504
|
121.117 |
|
|
Sundry
Debtors |
259.407
|
229.245
|
209.379 |
|
|
Cash
& Bank Balances |
2.406
|
1.033
|
0.317 |
|
|
Other
Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans
& Advances |
52.759
|
39.958
|
24.810 |
|
Total Current
Assets |
552.418
|
420.740
|
355.623 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current
Liabilities |
256.028
|
184.050
|
161.470 |
|
|
Provisions |
20.734
|
7.350
|
3.650 |
|
Total Current
Liabilities |
276.762
|
191.400
|
165.120 |
|
|
Net Current Assets |
275.656
|
229.340
|
190.503 |
|
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|
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
609.804 |
517.179 |
454.401 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
943.205 |
786.904 |
|
|
|
Other Income |
9.464 |
37.040 |
|
|
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Total
Income |
952.669 |
823.944 |
752.442 |
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|
|
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Profit/(Loss) Before Tax |
42.567 |
47.144 |
60.740 |
|
|
Provision for Taxation |
12.781 |
12.612 |
23.884 |
|
|
Profit/(Loss) After Tax |
29.786 |
34.532 |
36.856 |
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Total
Earnings |
176.023 |
147.452 |
173.628 |
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Total
Imports |
282.765 |
203.165 |
177.276 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
56.542 |
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Interest |
29.854 |
22.106 |
691.702 |
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Depreciation & Amortization |
44.639 |
41.342 |
|
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Total
Expenditure |
892.151 |
746.313 |
691.702 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.13 |
4.03
|
4.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.47 |
5.50
|
8.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.75 |
6.78
|
9.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23
|
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.70 |
2.35
|
2.57 |
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Current Ratio (Current Asset/Current Liability) |
|
1.99 |
2.20
|
2.15 |
LOCAL
AGENCY FURTHER INFORMATION
Fixed
Assets
Ø
Factory Plot
Ø
Starr Quarter Plot
Ø
Ø
Plant and machinery
Ø
Electrical Equipments
Ø
Motorcar and Vehicles
Ø
Motorcar
Ø
Motor Lorry
Ø
Furniture Fixture and Office equipments
Ø
Computer
Ø
Efferent Treatment Plant
Future
Prospect
The
growth strategies of the company are based on enlarging market base, improved
market share and value addition to customer services.
Insurance
The
company’s property including building, plant and machinery, stocks, stores etc.
continue to be adequately insured against all risks.
active pharmaceutical INGREDIENTS:
Ø
Carbamzepine (Bromine Free) EP / BP / USP
Ø
Celecoxib
Ø
Cetirizine Dihydrochloride EP / BP
Ø
Clotrimazole EP / BP / USP
Ø
Diclofenac Sodium EP / BP / USP / JP
Ø
Diclofenac Potassium
Ø
Diclofenac Diethyl Amine BP
Ø
Rofecoxib
Ø
Sildenafil Citrate
Ø
Sodium Ascorbate
Ø
Vitamin C Plain & Coated BP / USP
intermediates
Ø
Diclofenac Sodium
1-(2,6 Dichlorophenyl)-2-indolinone
2,6-Dicolodiphenylamine
2,6-Dichlorophenol
Ø
Clotrimazole
O-chloro trityl chloride
Ø
Carbammazepine
Iminostilbene (Bromine Free)
Ø
Cetirizine Dihydrochloride
Ø
Sertraline Hydrochloride
Sertralone (Tetralone)
Racemic Sertraline
The company is in trade terms with:
Ø
BASF-
Ø
Atofina Catalyst India Limited
Ø
Chemphar
1101,
Form
8 Particular for creation or modification of charges
|
Name
of the company |
AMOLI ORGANICS PRIVATE LIMITED |
|
Presented By |
AMOLI ORGANICS PRIVATE LIMITED |
|
1)
Date and description of instrument creating the change |
Deed
of hypothecation of dated 08.02.2005 executed AMOLI
ORGANICS PRIVATE LIMITED, company within the meaning of companies act. 1956
and having its registered office at 322/4, 40 shed area GIDC Vapi, Gujarat –
396195 therein and hereinafter referred to as the borrowers in favour of
ICICI Bank Limited |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Secured
working capital facilities nor exceeding Rs. 80.00 millions (the aforesaid
working capital facilities as renewed / modified / amended from time to time
are hereinafter collectively referred to as the facilities) exte4nded /
granted to the borrower. |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
The
properties more particularly described in Annexure I hereto |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
In
consideration of ICICI having granted agreed to grant to the borrower the
facilities, agreement and declaration by the borrower inter alia, as
follows: Covenant
by the borrower to comply to ensure compliance with all the term and
conditions set out in the master facility agreement dated 08.02.2005 entered
between the borrower and ICICI as modified amended / renewed / supplemented
from time to time. The
borrower shall pay / repay all amount in respect of the facility and pay
interest and all other monies in the manner set out in the agreement and the
other transaction documents The
assets were thereby hypothecated inter alia to ICICI as a by way of exclusive
/ first / second / first and exclusive charge, as specified in Annexure I
hereto as security for and be charged with the repayment of the facilities,
all interest and other monies in the manner set out in the agreement and the
other transaction documents Power
of entry, power to take charge and or possession of, seize, recover, receive,
appoint received of and remove and sale by auction or private contract,
despatch for realisation or otherwise dispose of or deal with all or any part
of the assets etc. as provided in the deed of hypothecation. All
other terms and conditions as contained in the deed of hypothecation |
|
5)
Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited 215, Free Press House, Free Press Journal Marg, Nariman Point Mumbai - 400021 |
|
6)
Date and brief description of
instrument modifying the charge |
NA |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
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. 40.95 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 55.09 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition (40%) Ownership background
(20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses
an extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial
& operational base are regarded healthy. General unfavourable factors
will not cause fatal effect. Satisfactory capability for payment of interest
and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse
factors are apparent. Repayment of interest and principal sums in default or
expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute
credit risk exists. Caution needed to be exercised |
Credit not recommended |