MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
KESHAVA ORGANICS PRIVATE LIMITED |
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Registered Office : |
321, Durian Estate, Goregaon – Mulund link Road, Goregaon (East),
Mumbai – 400 063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.06.1993 |
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Com. Reg. No.: |
11-72411 |
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CIN No.: [Company
Identification No.] |
U24110MH1993PTC072411 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK14561B |
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PAN No.: [Permanent
Account No.] |
AAACK3793P |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
The company is engaged in manufacturing of fine chemicals and
bulk drugs. |
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 |
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Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 65320 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and progressive company having satisfactory track records. Directors are reported as experienced respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
321, Durian Estate, Goregaon – Mulund link Road, Goregaon (East),
Mumbai – 400 063, Maharashtra, |
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Tel. No.: |
91-22-28730646 / 48 |
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Fax No.: |
91-22-28730647 |
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E-Mail : |
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Website : |
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Administrative Office : |
3/40, Nav Sarvoday, A. W. Vartak Road, Vile Parle (East), Mumbai - 400 057, Maharashtra, India |
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Tel. No.: |
91-22-2614 0601 |
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Fax No.: |
91-22-2616 0697 |
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E-Mail : |
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Factory : |
Plot No. T-100, MIDC, Tarapur, Boisar, Taluka - Palghar, District Thane - 401 506, Maharashtra, India |
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Tel. No.: |
91-2525-270362 |
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Fax No.: |
91-2525-276472 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Dinkar Keshav Raut |
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Designation : |
Director |
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Address : |
502, Vaikunth Prathna Samaj Cross Road, Vile Parle (East), Mumbai –
400 057, Maharashtra |
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Date of Birth/Age : |
01.10.1951 |
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Date of Appointment : |
16.06.1993 |
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Name : |
Mr. Vasant Keshav Raut |
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Designation : |
Director |
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Address : |
A/303, Ranjita CHS Limited, Eksar, Borivali (West), Mumbai – 400 091,
Maharashtra |
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Date of Birth/Age : |
05.10.1955 |
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Date of Appointment : |
16.06.1993 |
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Name : |
Mr. Ravindra Keshav Raut |
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Designation : |
Director |
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Address : |
Keshav Kunj, Near Chandra Talkij, Dahanu – 401 602, Thane ,
Maharashtra |
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Date of Birth/Age : |
13.09.1953 |
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Date of Appointment : |
16.06.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Dinkar Keshav Raut |
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4220 |
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Mr. Ravindra Keshav Raut |
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520 |
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Mr. Vasant Keshav Raut |
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560 |
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Mr. Kamal Keshav Raut |
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450 |
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Mr. Keshav Arjun Raut |
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1350 |
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Mrs. Ulka Ravindra Raut |
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1650 |
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Mrs. Varsha Vasant Raut |
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1650 |
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Mrs. Ashalata Ramesh Raul |
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900 |
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Total |
11300 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of fine chemicals
and bulk drugs. |
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Products : |
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Exports : |
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Countries : |
Overseas Markets |
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Imports : |
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Countries : |
Europe and China |
GENERAL
INFORMATION
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Suppliers : |
Ø Aarti Engineering Service Ø Adhikari Transport Company Ø A.K. Chemical Ø A.K. Petrochem Ø Alkali Metal Limited Ø Ashish Sulpher Dyes Private Limited Ø A to Z Steel Ø Atul Limited Ø Bharat Ice Factory Ø Bhishak Pharma Ø Borolab Glass Company Ø Causway International Ø Deshmukh and Associates Ø Deva Acid and Chemicals Ø Dhananjay Packaging Ø Enopeck Seals (India) Ø Gudia Private Limited Ø Hariram Vishwakarma Ø H. R. Dye Chem Ø J. K. Paints Ø Kadam Construction Company Ø Ketul Chem Private Limited Ø Kulswamini Trading Company Ø Lab Test Instrument Company Ø Mahadev Woven and Saw Mills Ø Mahavir Enterprises Ø M. B. Enterprises Ø Micro Electronics Ø Mitsu Chem Private Limited Ø Mukta Trading Company Ø Narmada Chemicals |
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Customers : |
Ø Alcon Pharmaceuticals Private Limited Ø Arco Pharma Private Limited Ø Ariane Orgachem Private Limited Ø Arrow Chemical Inc. Ø Bax Global GmbH Ø Cadila Pharmaceutical Limited Ø Cas Importacao and Exportacao Ø Chungwa Chemical Ø Drv Organics (Drs) Ø Duopharma Malasia Sdn. Bhd. Ø Euresian Ø Euroasia Trans Continental Ø Halcyon Lab Private Limited Ø Import Export Department Ø Kemwell Private Limited – Bangalore Ø Medi Product Private Limited (Old) Ø Nivedita Chemical Private Limited Ø Pfizer Limited Ø Pragati Raw Pharma Private Limited Ø Precious Pharma Ø Baphira Life Science Private Limited Ø Selectchemie Ag Ø Talent Laboratories Ø Transo Pharm Handle GmbH Ø Veghoba Traders |
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No. of Employees : |
Around 200 |
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Bankers : |
State Bank of India Address: Dahanu Road, Branch, Thane |
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Facilities : |
(Figures are in Rs. millions)
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Deshmukh & Associates Chartered Accountants
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Address : |
20, Mahavir Mansion, 70, Trinity Street, Off. 1st Dhobi Talao Lane, Mumbai - 400 002, Maharashtra, India |
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Tel. No.: |
91-22-2206 1692 / 2369 2309 (Res.) |
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Fax No.: |
91-22-2203 1219 |
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E-Mail : |
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Associates/Subsidiaries : |
· DRV Organics Factory: 184 / 185,
MIDC, Tarapur, District, Thane – 401 506, India Tel No: 91-2525- 279379 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity shares |
Rs. 100/- each |
Rs. 3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11300 |
Equity shares |
Rs. 100/-
each |
Rs. 1.130
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 |
1.130 |
1.130 |
1.130 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.200 |
10.737 |
9.683 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.330 |
11.867 |
10.813 |
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LOAN FUNDS |
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1] Secured Loans |
4.587 |
3.600 |
3.787 |
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2] Unsecured Loans |
0.053 |
0.052 |
0.052 |
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TOTAL BORROWING |
4.640 |
3.652 |
3.839 |
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DEFERRED TAX LIABILITIES |
0.635 |
0.455 |
0.000 |
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TOTAL |
21.605 |
15.974 |
14.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.225 |
11.198 |
10.663 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.988 |
0.894 |
0.035 |
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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 |
2.386
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3.646 |
3.744
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Sundry Debtors |
5.107
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6.419 |
0.000
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Cash & Bank Balances |
2.134
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0.629 |
4.567
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Other Current Assets |
0.000
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0.000 |
2.988
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Loans & Advances |
4.345
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2.657 |
1.883
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Total
Current Assets |
13.972
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13.351 |
13.182 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.376
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8.771 |
8.607
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Provisions |
1.204
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0.698 |
0.621
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Total
Current Liabilities |
12.580
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9.469 |
9.228 |
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Net Current Assets |
1.392
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3.882 |
3.954 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.605 |
15.974 |
14.652 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover
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50.373 |
43.258 |
37.823 |
Other Income
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0.000 |
0.000 |
0.000 |
Total Income
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50.373 |
43.258 |
37.823 |
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Profit/(Loss) Before Tax
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5.848 |
2.207 |
2.438 |
Provision for Taxation
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0.000 |
0.000 |
0.774 |
Profit/(Loss) After Tax
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5.848 |
2.207 |
1.664 |
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Export Value
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0.000 |
0.000 |
23.102 |
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Import Value
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0.000 |
0.000 |
2.567 |
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Expenditures : |
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Interest |
0.257 |
0.225 |
0.000 |
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Depreciation & Amortization |
1.487 |
1.209 |
0.000 |
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Other Expenditure |
42.781 |
39.617 |
0.000 |
Total Expenditure
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44.525 |
41.051 |
35.384 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
11.60
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5.10
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4.40
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Net Profit Margin (PBT/Sales) |
(%) |
11.60
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5.10
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6.44
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.32
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8.99
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10.21
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Return on Investment (ROI) (PBT/Networth) |
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0.35
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0.18
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0.22
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Debt Equity Ratio (Total Liability/Networth) |
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1.05
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1.10 |
2.21
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Current Ratio (Current Asset/Current Liability) |
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1.11
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1.40 |
1.43
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LOCAL AGENCY
FURTHER INFORMATION
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Name of the
company |
KESHAV ORGANICS PRIVATE LIMITED |
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Presented
By |
State Bank of India,
Dahanu Road, Thane |
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1) Date and
description of instrument creating the change |
a) General
agreement for the grant of small Industrial advances and hypothecation of
movables, book debts and other assets b) Ancillary
agreement No. 1 c) Ancillary agreement
No. 3 all the above
agreement are at 17.10.1995 and executed for the creation of a single charge. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.500
millions Demand cash
Credit (hypothecation of
stocks) Rs. 0.215 millions Clean Demand
C.C Rs. 0.285
millions Total Rs. 0.500 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 |
All the present
and future goods, book debts, movable and other assets of the borrower
including documents of title to goods and other assets such as outstanding
moneys, receivable, claims, bills, invoices, documents, contracts,
engagements, securities, investments, and right and all the present and
future machinery, socks, bills / book debts, stock such as raw material,
finished goods, stock in process. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
ROI: 1% over the SBAR minimum of 16.5% p.a
Margin : Raw Material : 25% Finished goods : 331/3% Stock in Process : 40%, Bills / Book debts
: 20% |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Address: Dahanu Road, Branch, Thane |
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6) Date and brief description of instrument
modifying the charge |
a) Supply general
Agreement for the grant of Small Industrial advances and hypothecation of goods,.
Book debts and other assets, b) ancillary
agreement No. 1 c) ancillary
agreement No. 3 d) ancillary
agreement No. 6 all the above
agreement are dated 25.06.1996 and executed fro the creation of a single
modification |
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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 was created on 17.10.1995 and for Rs. 0.500 millions a demand cash
credit limit (hypothecation of stocks) consisted of Rs. 0.215 millions and
clean demand cash credit (Bills) of Rs. 0.285 millions New by the present
modification dated 25.06.1996 the limit under the above heads have been
increased to Rs. 1.500 millions each both aggregating to Rs. 3.000 millions
and additional to letter of credit and Guarantee increased by Rs. 2.080
millions thus making a total to Rs. 5.080 millions i.e,
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Its products range
includes:
Ø 2-Benzyl Pyridine
Ø 4-Benzyl Pyridine
Ø 2-Benzoyl Pyridine
Ø 4-Benzoyl Pyridine
Ø Pheniramine Maleate
Ø Chlorpheniramine Maleate
Ø Mepyramine (Pyrilamine) Maleate
Ø Brompheniramine Maleate
It is in trade terms
with:
+ Alcon Pharmaceuticals Limited
+ Arrow Chemicals Inc
+ Aventis Pharma Limited
+ Euresian
+ Halcycon Labs Private Limited
+ Keymed
+ Nivedita Chemicals Private Limited
+ Prachi Pharmaceuticals
+ Selectchemie AG
+ Semos Pharmaceutical
+ Siddharth International
+ Talent Laboratories
+ Transo Pharma Handles GMBH
+ Unibious Laboratories
+ Unimax Corporation
+ YU YU Industrial Company Limited
+ Acetochem Agencies
+ Bhishak Pharma
+ DRY Organics
+ Gudia Pir
+ Bharat Ice Factory
+ Laxmi Dyechem
+ Saraswat Engineering Services
+ Shivani Mini Forge
+ Shree Gurudev Agencies
+ Plass Barrel Private Limited
+ Crystal Engineering
+ Asco Tarapur Industry
+ Surya Chemicals Industries
+ Trivedi Industries
+ Urmi Chemicals
The company's fixed assets of important value such as :-
· Land, building,
· Plant & machinery,
· Furniture,
· Fax machine,
· Motor car,
· Computer,
· Motor/scooter,
· Air conditioner,
· Office premises,
· Flat,
· Technical know-how,
· Electrical installation.
WEBSITE DETAILS:
Subject An ISO 9001 - 2000 certified company is one
of the leading Suppliers of selective ACTIVE PHARMA INGRADIENT AND
INTERMEDIATES based on mainly NITROGENEOUS HETEROCYCLIC compounds.
Keshava Group was founded in 1992 by Mr. D.K. Raut and brothers. Their
untiring enterprise and managerial skills have expanded Keshava into a group of
two associate companies and secured a prominent position in ACTIVE PHARMA
INGRADIENT AND INTERMEDIATES industry within a short span.
Today, Keshava Organics finds itself in the best position to provide technically
sound and quality conscious product development support to companies who are
leaders in their own segments. Keshava has gained expertise in optimizing
quality ACTIVE PHARMA INGREDIENTS (bulk drug) solutions for the customers
through pro-active and responsive manufacturing support.
INFRASTRUCTURE
Subject has versatile plant
located near to Mumbai having SS 316, MS and Glass Lined Reactors along with
support utilities infrastructure. Keshava has full-fledged Q.C. laboratory with
equipments that includes FTIR, HPLC, GAS CHROMATOGRAPH, SPECTROPHOTOMETER and
entire array of sophisticated analytical instruments. The strict quality
management systems have achieved the highest level of acceptance international
standards.
Keshava Organics possesses well-developed infrastructure and possesses the
process capabilities to perform the following processes:
· Alkylation
· N-Alkylation
· Hydrolysis
· Benzoylation
· Condensation
· Friedel Craft Alkylation
· Chlorination
· Oxidation
· Assymmetric Synthesis
· Decarboxylation
ISO 9001-2000
CERTIFICATION
KESHAVA ORGANICS has already achieved the Quality Management
System Certification ISO 9001-2000. BVQI awarded the Certificate of approval on
30th August 2003. This achievement once again goes on to reaffirm their commitment
to supply the highest quality ACTIVE PHARMA INGREDIENTS and INTERMEDIATES.
cGMP (W.H.O.
G.M.P.) CERTIFICATION
Subject is already complying with the requirements
of cGMP STANDERDS and expect to certify to this standards shortly.
Quality Policy
They shall aim at
ever improving customer satisfaction through supply of superior active pharma
ingredients and
Intermediates
within promised delivery times.
IN THIS ENDEAVTOUR
They shall
establish, implement & continually improve their quality management system.
Set measurable quality objectives in order to pursue ever improving
performance. Comply with cgmp ( w.h.o. g.m.p.) and other applicable statutory
requirements in letter as well as spirit.
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.39.37 |
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UK Pound |
1 |
Rs.81.82 |
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Euro |
1 |
Rs.56.83 |
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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