MIRA
INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
HALCYON LABS PRIVATE LIMITED |
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Registered Office : |
405-408, Navbharat Estate, ‘B’ Wing, 4th Floor, Zakaria Bunder Road, Sewri (West), Mumbai – 400015, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.05.1984 |
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Com. Reg. No.: |
11-54370 |
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CIN No.: [Company
Identification No.] |
U24230MH1989PTC054370 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07173F |
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PAN No.: [Permanent
Account No.] |
AAACV8781C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, producers, processors, formulators, sellers, importers, exporters, merchants, distributors, traders and dealers in property medicines, common medicinal prefarations, vitamin preparations exlirs, drops, tonics, other liquid, drugs and medicines, injections, tablets, capsules, lotions, ointments, medicinal preparations containing anti-biotics, creams and powders. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 225000 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. 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 : |
405-408, Navbharat Estate, ‘B’ Wing, 4th Floor, Zakaria Bunder Road, Sewri (West), Mumbai – 400015, Maharashtra, India |
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Tel. No.: |
91-22-24158857/58/59/60 |
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Mobile No.: |
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Fax No.: |
91-22-24158860 / 61/ 62 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 409, Phase – IV, Naroda Industrial Estate, Naroda, Ahmedabad –382330, Gujarat |
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Tel. No.: |
91-79-2811132/2821009 / 2284 4624 /4370 |
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Fax No.: |
91-79-2821607 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Rupa Sudhir Merchant |
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Designation : |
Managing Director |
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Address : |
8A, Suvas Apartments, 68 F. L. Jagmohandas Marg, Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
17.01.1955 |
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Date of Appointment : |
11.09.1989 |
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Name : |
Mr. Bipin N. Parikh |
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Designation : |
Executive Director |
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Address : |
9, Radha Nivas, Rajawadi Road, 7, Ghatkopar [West], Mumbai – 400077 |
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Date of Birth/Age : |
03.03.1963 |
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Date of Appointment : |
01.04.1989 |
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Name : |
Mr. Kirit N. Shah |
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Designation : |
Director |
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Address : |
24 Shanti Kunj, Plot No. 279, Sionn, Mumbai – 400022, Maharashtra |
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Date of Birth/Age : |
12/12/1949 |
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Date of Appointment : |
15.11.1997 |
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Name : |
Mrs. Shaila Viren Merchant |
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Designation : |
Director |
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Address : |
9B, Suvas Apartments, 68 F. L. Jagmohandas Marg, Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
10.11.1967 |
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Date of Appointment : |
31.07.1998 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Sudhir A. Merchant |
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46506 |
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Amishef Investments Private Limited |
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30000 |
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Saidarshan Business Centres Private Limited |
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16400 |
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Sudhir A Merchant and Rupa S Merchant |
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21825 |
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Aditya Merchant |
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53750 |
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Nandini S. Merchant |
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42000 |
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Anjali V. Merchant |
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47875 |
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Viren Merchant and Shaila Merchant |
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53200 |
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Indu A Merchant and Viren Merchant |
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3000 |
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Rupa S Merchant & Sudhir A. Merchant |
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4500 |
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Shaila Merchant |
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35500 |
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Ajitkumar Gordhandas Merchant |
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21875 |
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Viren A. Merchant |
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57906 |
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Indu A Merchant |
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25125 |
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Rupa S Merchant |
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25900 |
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Ajitkumar Gordhandas Merchant & Indu A Merchant |
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6375 |
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Total |
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491737 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, producers, processors, formulators, sellers, importers, exporters, merchants, distributors, traders and dealers in property medicines, common medicinal prefarations, vitamin preparations exlirs, drops, tonics, other liquid, drugs and medicines, injections, tablets, capsules, lotions, ointments, medicinal preparations containing anti-biotics, creams and powders. |
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Products : |
v Active Ingredients (Bulk Drugs) v Intermediate Chemicals |
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Exports : |
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Countries : |
France, Germany, Vietnam, U.K., U.S.A., South Africa, Italy and Indonesia. |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
v Bank of Baroda, International Business Branch, Nariman Point, Mumbai – 400021, Maharashtra v Citi Bank N.A. |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A P. Asher & Company Chartered Accountants |
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Address : |
Vela Kutir, Plot No. 25, Navyug Society, V. M. Road, JVPD Scheme, Mumbai –400056, Maharashtra |
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Tel. No.: |
91-22-26192153 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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550000 |
Equity Shares |
Rs.10/- each |
Rs. 5.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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491737 |
Equity Shares |
Rs.10/- each |
Rs. 4.917
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.917 |
4.917 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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53.394 |
49.101 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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58.311 |
54.018 |
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LOAN FUNDS |
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1] Secured Loans |
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29.724 |
20.930 |
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2] Unsecured Loans |
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0.000 |
4.000 |
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TOTAL BORROWING |
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29.724 |
24.930 |
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DEFERRED TAX LIABILITIES |
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2.707 |
3.021 |
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TOTAL |
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90.742 |
81.969 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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29.992 |
32.193 |
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Capital work-in-progress |
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1.206 |
0.000 |
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INVESTMENT |
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14.900 |
14.900 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.723 |
16.400 |
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Sundry Debtors |
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48.257 |
33.918 |
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Cash & Bank Balances |
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3.585 |
1.377 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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13.287 |
7.367 |
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Total
Current Assets |
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82.852 |
59.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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34.812 |
24.016 |
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Provisions |
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3.450 |
0.320 |
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Total
Current Liabilities |
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38.262 |
24.336 |
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Net Current Assets |
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44.590 |
34.726 |
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MISCELLANEOUS EXPENSES |
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0.054 |
0.150 |
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TOTAL |
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90.742 |
81.969 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.17 |
0.91 |
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Current Ratio (Current Asset/Current Liability) |
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2.17 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was originally incorporated on 23rd November, 1989 under the name and style of “Virup Pharma Private Limited” at Mumbai in Maharashtra having Company Registration Number 54370.
The name of the company was changed to present with effect from 20th October, 1993.
Business:
Subject is incorporated to carry on the business as manufacturers, producers, processors, formulators, sellers, importers, exporters, merchants, distributors, traders and dealers in property medicines, common medicinal preparations, vitamin preparations exlirs, drops, tonics, other liquid, drugs and medicines, injections, tablets, capsules, lotions, ointments, medicinal preparations containing anti-biotics, creams and powders.
The company amalgamated with ‘Financial Strategies Group (India) Private Limited with effect from 1st April, 1999, into itself to as a process of restructuring its business operations.
Generic Names of Principal Products/Services of the company are as under :
v Bulk Drugs
v Textile Chemicals
v Formulations
The company’s fixed assets of important value includes land, factory building, plant and machinery, plant utilities, vehicles, office equipments, computers and peripherals.
Website Details Attached:
Halcyon
Labs, is an independent Indian company specialising in the development and
manufacture of cortico steroids, antibiotics & other APIs for the
pharmaceuticals industry.
Its outstanding manufacturing facilities
are located in the Naroda Industrial Area, Ahmedabad situated 450 Kms. from
Mumbai and well supported by an excellent communications system.
The company is managed and run by a team
of qualified professional chemists which has great experience and expertise in
this type of products.
About :
Manufacturing
Plant
Halcyon Labs manufacturing facilities have been designed from the outset in
accordance with FDA guidelines.
The "clean room" for the treatment of the final products,
has been specifically designed in accordance with approved pharmaceutical
standards.
The facilities also include a modern and well-equipped pilot
plant which permits the development of efficient and reliable processes which
take into account and respect the environment.
Research and Development
Halcyon Labs, specialises in the development of new processes, through the
application of alternative synthetic procedures.
The R&D support facilities, together with the
possibilities for process scale-up and plant scale production, make Halcyon
Labs the ideal partner for Pharmaceuticals manufacturers At the same time,
Halcyon Labs is able to provide and characterise data and samples of related
impurities, stability studies and so on, in order to
elaborate extensive and complete " Drug Master Files " for its
products.
Sterile filtration
Halcyon Labs has invested in quality, and now offers a plant for the
manufacture of cortico steroids with MLT by membrane filtration.
Our proposal is to offer products with the highest standard
of quality. This state-of-the-art technology avoid microorganism in products to
be used. This new plant is also equipped with a microniser for final solid
handling.
License
DRUG LICENSE ISSUED BY
Food & Drugs Control Administration Govt. of India.
DMF - Number Holder for Few Products
FREE SALE CERTIFICATE ISSUED BY FDA INDIA
An ISO 9001:2000 & GMP Certified Company
Building and Other Facilities
PLOT AREA : 5,500 SQ. MT.
PRODUCTION AREA : 15,000 SQ. FT.
LAB & QC AREA : 1500 SQ. FT.
ADMINISTRATION AREA : 2800 SQ. FT.
STORAGE AREA : 3,300 SQ. FT.
Products:
APIs
Vitamin B2 ( Riboflavin) - IP/BP/EP/USP
Timethoprim - IP/BP/EP/USP
cortico steroids
Betamethasone - IP/BP/EP/USP
Betamethasone dipropionate - BP/EP/USP
Betamethasone valerate - IP/BP/EP/USP
Betamethasone sodium phosphate - IP/BP/EP/USP
Clobetasol propionate - BP/EP/USP
Clobetasone butyrate - BP/EP
Beclomethasone dipropionate - IP/BP/EP/USP
Dexamethasone sodium phosphate - IP/BP/EP/USP
Note: They can offer above Products in
Micronized form.
Antibiotics
Erythromycin - IP/BP/EP/USP
Erythromycin estolate - IP/BP/EP/USP
Erythromycin ethyl succinate - BP/EP/USP
Erythromycin stearate - IP/BP/EP/USP
Note: They can
offer above Products in Micronized, Compacted and Crystalline form.
Other APIS
Clotrimazole - IP/BP/EP/USP
Dexchlorpheniramine Maleate - BP/EP/USP
Ketoconazole - IP/BP/EP/USP
Miconazole nitrate - IP/BP/EP/USP
Carbamazepine - IP/BP/EP/USP
Intermediates chemicals
Pamoic acid
Disodium pamoate
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.27 |
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UK Pound |
1 |
Rs.85.54 |
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Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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