MIRA
INFORM REPORT
|
Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUYASH
LABORATORIES LIMITED |
|
|
|
|
Formerly Known as : |
AARTI PHARMACARE LIMITED |
|
|
|
|
Registered Office : |
Plot No. W 61 (B),
MIDC, Tarapur, Palghar, Thane – 401506, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
18.10.2002 |
|
|
|
|
Com. Reg. No.: |
11-137605 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24230MH2002PLC137605 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA16502D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECA6424H |
|
|
|
|
Legal Form : |
A Closely Held Public
Limited Company. The company is a Subsidiary of Arti Drugs Limited, Mumbai
which is a listed company on the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturer and
Exporter of Pharmaceutical Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
– established company having satisfactory track. Trade relations are fair. Financial
position is good. Payments are usually correct and as per commitments.
Nothing adverse reported. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office / Factory : |
Plot No. W 61
(B), MIDC, Tarapur, Palghar, Thane – 401506, Maharashtra, India |
|
Tel. No.: |
91-22-24072249 |
|
Fax No.: |
91-22-24072249 /
24073462 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative
Office : |
109-D, Mahendra Industrial
Estate, Ground Floor, Road No. 29, Sion East, Mumbai, Maharashtra |
|
Tel. No.: |
91-22-24019025 |
|
Fax No.: |
91-22-24073462 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Harshit M Savla |
|
Designation : |
Director |
|
Address : |
601, Landmark, Plot No. 487, Tagore Road, Santacruz, Mumbai – 400054,
Maharashtra, India |
|
Date of Birth/Age : |
19.11.1962 |
|
Date of Appointment : |
21.02.2004 |
|
|
|
|
Name : |
Mr. Prakash Moreshwar Patil |
|
Designation : |
Director |
|
Address : |
H – 101, Krishna Shantivan, Borivali [East], Mumbai – 400066,
Maharashtra, India |
|
Date of Birth/Age : |
16.08.1947 |
|
Date of Appointment : |
21.02.2004 |
|
|
|
|
Name : |
Mr. Satish Prabhakar Nachane |
|
Designation : |
Director |
|
Address : |
301, Krishna Niwas, Gawand Path, Naupada, Thane – 400602, Maharashtra
India |
|
Date of Birth/Age : |
08.04.1946 |
|
Date of Appointment : |
15.06.2005 |
|
|
|
|
Name : |
Mr. Harit Pragji Shah |
|
Designation : |
Director |
|
Address : |
391 B, Barsana, Telang Cross Road No. 3, Matunga [C.R.], Mumbai –
400019 |
|
Date of Birth/Age : |
12.10.1963 |
|
Date of Appointment : |
21.02.2004 |
|
|
|
|
Name : |
Ms. Manjari Mohan Sabnis |
|
Designation : |
Director |
|
Address : |
11, Utkarsh, 7th -4th Road, Junction, Santacruz
[West], Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
18.01.1975 |
|
Date of Appointment : |
15.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Aarti Drugs Limited |
|
619116 |
|
Haya Chandrakant Gogri |
|
111897 |
|
Priti Prakash Patil |
|
65432 |
|
Sadhana Satish Nachane |
|
26344 |
|
Harit Pragji Shah |
|
39103 |
|
Seema harshit Savla |
|
89226 |
|
Harshit Manilal Savala [HUF] |
|
53535 |
|
Jayshree Harit Shah |
|
20381 |
|
Prakash M. Patil - HUF |
|
65432 |
|
Satish P Nachane – HUF |
|
21953 |
|
Renil Rajendra Gogri |
|
42200 |
|
Mirik Rajendnra Gogri |
|
42200 |
|
Mehul Satish Nachane |
|
17134 |
|
Total |
|
1213953 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
58.12 |
|
Directors or relatives of directors |
|
13.82 |
|
Other top fifty shareholders |
|
28.06 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter
of Pharmaceutical Products |
GENERAL
INFORMATION
|
No. of Employees : |
400 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Raman Shah and
Associates Chartered
Accountants |
|
Address : |
SAM Plaza, ‘A’ Wing, 2nd Floor, H. K. Irani Road, Dahanu
Road, District Thane – 401506, Maharashtra, India |
|
|
|
|
Parent Company : |
Arti Drugs
Limited CIN No.:
U37060MH1990PLC055433 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1065245 |
Equity Shares |
Rs. 10/- each |
Rs. 10.652 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.652 |
12.139 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
300.240 |
323.408 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
310.892 |
335.547 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
69.967 |
40.000 |
|
|
2] Unsecured Loans |
|
7.600 |
10.000 |
|
|
TOTAL BORROWING |
|
77.567 |
50.000 |
|
|
DEFERRED TAX LIABILITIES |
|
4.800 |
3.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
393.259 |
388.547 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
305.317 |
335.230 |
|
|
Capital work-in-progress |
|
13.271 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
52.059 |
68.226 |
|
|
Sundry Debtors |
|
49.976 |
24.317 |
|
|
Cash & Bank Balances |
|
11.732 |
6.160 |
|
|
Other Current Assets |
|
4.271 |
4.253 |
|
|
Loans & Advances |
|
17.126 |
6.672 |
|
Total
Current Assets |
|
135.164 |
109.628 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
56.074 |
53.541 |
|
|
Provisions |
|
4.445 |
2.800 |
|
Total
Current Liabilities |
|
60.519 |
56.341 |
|
|
Net Current Assets |
|
74.645 |
53.287 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.026 |
0.030 |
|
|
|
|
|
|
|
|
TOTAL |
|
393.259 |
388.547 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
247.992 |
273.632 |
|
|
Other Income |
|
0.000 |
0.365 |
|
|
Total Income |
|
247.992 |
273.997 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
21.171 |
40.507 |
|
|
Provision for Taxation |
|
3.445 |
5.800 |
|
|
Profit/(Loss) After Tax |
|
17.726 |
34.707 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
109.933 |
154.639 |
|
|
Purchases made for re-sale |
|
11.521 |
11.117 |
|
|
Consumption of stores and spares parts |
|
3.132 |
2.466 |
|
|
Increase/(Decrease) in Finished Goods |
|
25.559 |
[35.400] |
|
|
Salaries, Wages, Bonus, etc. |
|
4.514 |
3.541 |
|
|
Managerial Remuneration |
|
0.000 |
0.000 |
|
|
Payment to Auditors |
|
0.103 |
0.097 |
|
|
Interest |
|
3.281 |
0.820 |
|
|
Insurance Expenses |
|
0.791 |
0.522 |
|
|
Power & Fuel |
|
10.209 |
9.532 |
|
|
Depreciation & Amortization |
|
31.632 |
34.690 |
|
|
Other Expenditure |
|
26.146 |
51.466 |
|
Total Expenditure |
|
226.821 |
233.490 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
7.15 |
12.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
8.54 |
14.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.81 |
9.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.44 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.23 |
1.95 |
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SUYASH LABORATORIES LIMITED |
|
Presented By |
ING Vysya Bank
Limited, Mumbai |
|
1) Date and description of instrument creating the change |
General hypothecation
agreement and facility agreement both dated 30.11.2005 and create single
charge |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by
way of exclusive charge on the entire stock of raw materials, stock in
process, semi finished and finished goods, consumable stores an spares, packing
materials, furniture and fixture vehicles, computers, machinery, equipment
and all other movable fixed assets, book debts, claims and receivable
belonging to the borrower both present and future wherever situated and in
transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.50 %
p.a. monthly rest. Security to
secure Term together with interest, cost, expense charges, commission etc, TL repayable in
12 equal quarterly installments commencing from 31.03.2006 |
|
5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank Limited, Mumbai |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
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.39.27 |
|
UK Pound |
1 |
Rs.82.24 |
|
Euro |
1 |
Rs.57.48 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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. |
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 |
|