MIRA
INFORM REPORT
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Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BENZOCHEM LIFESCIENCES PRIVATE LIMITED |
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Registered Office : |
Vishwam, 8/B Postal Colony, 1st Floor, Chembur, Mumbai-400071, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.07.2004 |
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Com. Reg. No.: |
11-147388 |
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CIN No.: [Company
Identification No.] |
U24230MH2004PTC147388 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB14561B |
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PAN No.: [Permanent
Account No.] |
AACCB4466A |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Carry on the business as Manufacturer, Mixer, Producer, Buyer, Seller, Compounder, Indenters, Dealer, or as Distributors, Stockiest, Importer, Exporter deal in all kinds of Medical Preparation, Pharmaceutical, Drugs and Medicated Preparations, Patent Mediciners, Herbs, Healthcare Products including Homeopathic, Ayvurvedic, Allopathic, Unani and Biochemical Medicines in the form of liquid, syrup, dry syrup, capsules, lotions, injections, ointment, tablets, powder and other conceivable form including by-products and waste products preparations healthcare products both in the local as well as overseas market. |
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 20000 |
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Status : |
Good |
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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. 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
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Registered Office : |
Vishwam, 8/B Postal Colony, 1st Floor, Chembur, Mumbai-400071, Maharashtra, India |
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Tel. No.: |
91-22-25243678/55751356/25285563/25262890/25285563 |
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Fax No.: |
91-22-25223251/25262867 |
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E-Mail : |
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Website : |
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Factory 1 : |
Benzo House, E/81, MIDC Tarapur, Boisar, Thane District 4012506, India |
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Tel. No.: |
91-2525-272541 |
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Fax No.: |
91-2525-261727 |
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Factory 2 : |
Unit-2, Kalamsar Village, Kambaht, District Gujarat, India |
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Branches : |
Ř Benzochem Lifesciences Limited, 25, Featherston Road, Sutton Coldfield, Birmingham – B743JW, United Kingdom Ř Benzochem Lifesciencses Limited, St. Pletertstraat 34B4, B – 2400 Mol, Belgium |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Kashi Sundaram Vishwanathan |
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Designation : |
Managing Director |
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Address : |
Vishwam, 8/B Postal Colony, Chembur, Mumbai 400071, Maharashtra, India |
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Date of Birth/Age : |
14.07.1945 |
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Date of Appointment : |
03.04.2006 |
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Name : |
Mr. Shripal Parasmal Jain |
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Designation : |
Director |
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Address : |
401, Archana Apartments, 4th Floor, Dr. Rajanbali Patel Road, Breach Candy, Mumbai- 400 026, Maharashtra, India |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Shripal Parasmal Jain |
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7,50,000 |
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Mr. K. V. Vishwanathan |
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7,50,000 |
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Total |
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15,00,000 |
BUSINESS DETAILS
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Line of Business : |
Carry on the business as Manufacturer, Mixer, Producer, Buyer, Seller, Compounder, Indenters, Dealer, or as Distributors, Stockiest, Importer, Exporter deal in all kinds of Medical Preparation, Pharmaceutical, Drugs and Medicated Preparations, Patent Mediciners, Herbs, Healthcare Products including Homeopathic, Ayvurvedic, Allopathic, Unani and Biochemical Medicines in the form of liquid, syrup, dry syrup, capsules, lotions, injections, ointment, tablets, powder and other conceivable form including by-products and waste products preparations healthcare products both in the local as well as overseas market. |
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Exports : |
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Countries : |
Europe, Middle East and Russia |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C and D/P |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
250 |
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Bankers : |
Canara Bank Amar Mahal Chembur Branch, Ghatkoper Mahul Road, Opposite Shoppers Stop, Chembur, Mumbai – 400089, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raman Jain and Company Chartered Accountants |
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Address : |
Ahuja House, 2nd Floor, 83, Vithal Wadi, Mumbai – 400002,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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08.07.2004 to
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.718 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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5.718 |
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LOAN FUNDS |
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1] Secured Loans |
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19.820 |
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2] Unsecured Loans |
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16.000 |
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TOTAL BORROWING |
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35.820 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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41.538 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.855 |
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Capital work-in-progress |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.474 |
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Sundry Debtors |
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13.106 |
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Cash & Bank Balances |
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2.839 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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6.084 |
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Total
Current Assets |
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38.503 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.261 |
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Provisions |
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0.627 |
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Total
Current Liabilities |
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19.888 |
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Net Current Assets |
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18.615 |
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MISCELLANEOUS EXPENSES |
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0.068 |
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TOTAL |
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41.538 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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08.07.2004 to
31.03.2005 |
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Sales Turnover |
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25.978 |
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Other Income |
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0.374 |
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Total Income |
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26.352 |
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Profit/(Loss) Before Tax |
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1.231 |
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Provision for Taxation |
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0.513 |
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Profit/(Loss) After Tax |
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0.718 |
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Expenditures : |
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Raw Material Consumed |
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16.602 |
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Salaries, Wages, Bonus, etc. |
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1.498 |
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Managerial Remuneration |
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0.150 |
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Payment to Auditors |
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0.015 |
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Interest |
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0.624 |
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Insurance Expenses |
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0.054 |
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Power & Fuel |
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0.905 |
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Other Expenditure |
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5.273 |
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Total Expenditure |
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25.121 |
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KEY RATIOS
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PARTICULARS |
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08.07.2004 to
31.03.2005 |
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PAT / Total Income |
(%) |
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2.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.01 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.74 |
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Current Ratio (Current Asset/Current Liability) |
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1.94 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Benzochem Chemical Industries, a partnership concern of Mr. K. V.
Vishwanathan and Mr. Shripal Jain was established in the year 1982. They were
the partner in the concern which became Bnenzochem Lifesciences Private Limited
in January 2005.
Web details are attached herewith:
Incorporated in the year 1978, as medium sized company with the goal to
be versatile in field of Active Pharmaceutical Ingredient manufacture,
Benzochem today is a leading player in developing and commercializing products
catering to variety of therapeutical categories, integrating into a leading
finished dosage manufacturer.
Subject state-of -the art plants at Tarapur, & Kambhat that confirm
to stringent CGMP guidelines, facilitates production of wide range of API,
advanced & conventional finished dosage forms for Human & Veterinary
Uses.
Subject goal is to make utmost use of their resources in order to earn
the reputation of being the ideal partner for companies in pharmaceutical
industry, as they seek to optimize & expand their business operations.
With full-fledged marketing capabilities, the company has been able to market
its products in over 30 countries in Asia, Middle East, Europe and South
America.
VISION
Benzochem is constantly seeking breakthroughs that will change the face
of medicine. They strive for ways to provide health care with innovative
solutions, setting goals to serve medical science, for the prevention and
treatment of disease ensuring a high quality of life.
Subject vision at Benzochem is to be leaders in the constantly changing
pharmaceutical environment, by providing high quality products for the benefit
of our customers.
Subject are committed to attracting, developing and training the most qualified
people in the pharmaceutical industry. Together they aspire to be proactive and
to maintain a creative environment, which will contribute to the success and
growth of the company.
STRATEGIC DIRECTION
At Benzochem our strategy is to depend on own financial resources to
develop independently. We endeavour to meet the following goals:
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Maintain our investment in R&D and capitalize on our own expertise
in the pharmaceutical field, eventually becoming independent of external
resources
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Invest selectively and expand rationally by developing products with commercial
potential thus constantly renewing our product portfolio
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Utilize our market expertise and focus on further expanding and
maximizing our marketing and sales efforts
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Maintain the entrepreneurial and pioneering spirit which led to the
creation and development of our company into a large and dynamic business
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Expand the diversity of our organization by continuing to expand our
presence internationally
Ř Be open to a
variety of business opportunities including licensing agreements, co-marketing,
distribution and manufacture of products under license
MISSION
The most precious thing in the world's preserving human life and health,
and peoples' greatest wish to eliminate disease.
Subject believed they could realize their goal and dream only when they are
healthy. Without their health, they cannot expect to be fully successful in the
future.
In the past 23 years since their company was established in 1978, they have
spared our efforts to make such dreams a reality.
They take pride in making only the highest-quality medicine, always keeping in
mind their company's mission to promote health and social development
Under the motto "Greater Creativity by Greater Challenge" we will
continue to strive to enhance the welfare of all employees, cultivating men and
women of ability and contribute to the development of new medical science.
They pledge once again to do their best to foster a future-oriented
pharmaceutical company in the 21st century and to realize the dream of
eradicating disease and enjoying healthy lives.
Possess a strong manufacturing infrastructure. This is being put up for
international regulatory approval.
Produce the quality that the customers and industry want. More
important, we endeavor to produce the best that good health needs.
Subject remain
customer centric. This focus ensures those products changes are made to
changing requirement Updations are a regular/continuous process. Rapid response
to latest changes & adaptation to new market demand helps us work for
customer retention, and gains from repeat orders.
Specialized product range & documented quality.
Benzochem is committed to total quality management. The manufacturing
process is carried out under strict supervision of our technically competent staff
as per the predefined processes and procedures. To ensure that the cGMP
standards are met and products comply with international quality standards,
quality control measures have been imbibed at various stages of production
starting from approval of raw materials, in-process materials and extends to
checking of finished products The Batch Manufacturing Records and Batch
Packaging Records are maintained for all manufactured products. The Final
products are tested to the strictest of the available international
pharmacopeial standards and norms. Stability studies are conducted on all our
manufactured products.
Subject have well equipped chemical and instrumental laboratories with
modern and sophisticated instruments such as H.P.L.C., G.C., I.R.,U.V. Spectrophotometer,
Polarimeter and Karl Fischer Titrators etc All equipments used in manufacturing
,testing and packaging of the materials are regularly maintained and calibrated
both at our in-house and by third party laboratories. High quality performance standards
are achieved through qualified and experienced staff, modern equipment,
documented procedures and an established quality assurance system.
Technical Staff who are highly qualified and experienced in chemical
research analytical development, safety-health environment, regulatory
requirements, engineering and information technology, quality assurance, IPF
etc. They provide a comprehensive and complete technical support. Complementing
them qualified and well trained chemists, quality assurance and control
personnel.
Custom synthesis at Benzochem is tailored to meet the customer needs, be
it as a laboratory scale-up, commercial scale-up or post commercialization
stages.
Benzochem offers its comprehensive services along with a promise of
quality and consistency. These are made available at a speed and cost that are
mutually beneficial.
As part of the Chemical Development service, the Company offers scale-up
of existing processes, preparation of intermediates in milligrams to kilo lots,
processes optimization, development and use of purification techniques and
alternate process routes.
Specialized product range & documented quality.
Benzochem promises the outsourcing partner benefits that are both
commercial and qualitative.
Some of the notable features of this arrangement are:
Strict confidentiality and utmost secrecy is maintained through absolute
adherence to the non-disclosure clause.
Multi disciplinary project teams interface with the customer from the
start, to ensure a seamless integrated approach. Their responsiveness enables
rapid execution of projects.
A highly efficient supply chain management and optimal utilization of
capacities coupled with chemical skills, enables Benzochem to pass on
substantial cost benefits to its customers
Besides conforming to cGMP and cGLP, due attention is given to Safety,
Health & Environment aspects.
A right mix of instrumentation and production expertise ensures due
emphasis on profiling, characterization of compounds, reduction in impurities,
chiral resolution and impurity profiling. All these ensure the highest quality
of deliverables and optimize the yields.
The practices at Benzochem are in adherence to latest quality &
safety standards. We ensure the implementation of cGMP standards; follow our in-house
S.O.P's, and pharmacopeial specifications. Most of our products are supported
by the technical packages comprising of Drug Master files, Product Dossiers,
Free sale certificates, Certificate of Pharmaceutical Products, etc.
INSTALLED FACILITIES
Ř
Glass Lined & SS Reactors.
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Thermic Synthesis Reactors.
Ř
Distillation & Solvent Recovery.
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Solid Treatment Equipments.
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Effluent Treatment Facilities
TECHNICAL
CAPABILITIES
Ř
Glass Lined & SS Reactors.
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Acylations
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Additions
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Bromination
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Chlorinations
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Chlorosulphonations
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Esterification
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Fractional Distillation
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Formylations
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Friedel-Crafts
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Fusion & alkali Fusion Facilities
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Grignard Reaction
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Hydrogenation · High temperature condensation
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High Pressure ( Up to 50 kgs) · Methoxylations
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Pressure Reactions · Pressure hydrogenations.
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Solid Gas Carboxilation pressure eaction
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Reaction temperatures can range from (-) 30 °c to (+) 250 °c.
The
intermediates, wastes and effluents are treated effectively so as to ensure
compliance with environmental norms. Subject environmental policy is to produce
highest quality products in harmony with the ecological system and to minimize
the damage to the environment by complying with all the statutory regulations
and ISO-14001 : 1996 standards.
Bankers Charges
Report as per Registry
|
Name of the company |
BENZOCHEM
LIFESCIENCES PRIVATE LIMITED |
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Presented By |
Canara Bank, Amar
Mahal, Chembur Branch, Mumbai |
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1) Date and description of instrument creating the change |
Common Hypothecation
agreement Dated 23.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.054
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 |
The borrower
hypothecates and charges in favour of the Bank by way of first charge : All stocks of
goods such as raw materials, goods in process, finished and manufactu5red goods
and other items of stock in trade and stores, spares,, components, machinery,
vehicles, furniture and fixture and all other movable goods and properties of
every description of the borrower wherever situated whether at the Borrower
factories, place of business, residence, godowns or in transit or in the
custody of processor, warehouse agents or others or where else the same may
be situated, lying or being including any such raw materials, articles or
goods stores, spares, components, stock in trade and all description of
movable property in the course of delivery to the Borrower. All of the
borrower present and future book dents, outstanding moneys, bill receivable,
claims, bills contracts, securities, investments, cash, gold, silver,
jewellery, right and assets and rights relating to or in movable properties
of whatsoever nature to which the borrower entitled to during the continuance
of the agreement. Plant,
machineries and instruments as per common hypothecation agreement dated
23.08.2005 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The terms and
conditions of the facilities granted by the are as under Rs in Millions
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Amar Mahal
Chembur Branch, Ghatkoper Mahul Road, Opposite Shoppers Stop, Chembur, Mumbai
– 400089 |
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6) Date and brief description of instrument modifying the charge |
Letter Evidencing
Deposit of Title Deeds on 14.09.2005 |
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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. |
The original
charge dated 23.08.2005 for Rs. 15.054 Millions has been modified by the
creation of Equitable Mortgage by deposit of title deeds with the Bank of the
immovable properties. All that piece and parcel of land bearing Plot No. E-81
admeasuring 1000 sq met. Situated at MIDC Tarapur Industrial Area, Village
Salwad, Boisar, Thane and bounded towards North by Plot E – 80, towards South
by Plot E – 82, towards East by Estate Road and towards West by Plot by E-64 together
with all buildings, structures, fixtures, fittings, machineries standing /
installed thereon and to be erected / installed and put up in future to
secure the repayment of the credit facilities due and owing by Benzochem
Lifesciences Private Limited to Canara Bank to the extenet of Rs. 15.054
Millions granted by Amar Mahal Branch of the said Bank of principal and also
to secure the interest, costs, charges and expenses thereon. |
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.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|