MIRA
INFORM REPORT
|
Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
NATURAL
REMEDIES PRIVATE LIMITED |
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Registered Office : |
“ |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.04.1998 |
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Com. Reg. No.: |
08-23573 |
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CIN No.: [Company
Identification No.] |
U24232KA1998PTC023573 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN00659B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and sale of health / pharmaceutical preparations, out of natural Inputs/herbs, for both human and veterinary/animal consumption, as per standards of W.H.O., G.M.P., U.S.F.D.A., T.G.A. / Australia, M.C.A. Europe etc. |
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 490000 |
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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 / Corporate Office : |
“ |
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Tel. No.: |
91-80-41858888 / 26535891 / 40208888 |
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Fax No.: |
91-80-26535889 /40208885 |
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E-Mail : |
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Website : |
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Area
: |
4000
sq. ft. [Owned] |
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Factory
and R & D Centre : |
Plot No.
5-B, Veerasandra Industrial Area, 19th K M Stone, |
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Tel. No.: |
91-80-41859999 / 27832265 |
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Fax No.: |
91-80-27834369 |
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E-Mail : |
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Area : |
65000
sq ft. on 100000 sq. ft. land area [Owned] |
DIRECTORS
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Name : |
Mr. Ravindra Kumar Agarwal |
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Designation : |
Chairman and Managing Director |
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Address : |
16, |
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Date of Birth/Age : |
29.08.1937 |
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Date of Appointment : |
30.08.2002 |
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Name : |
Mr. Anurag Agarwal |
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Designation : |
Director and Chief operating officer |
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Address : |
16, |
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Date of Birth/Age : |
19.07.1963 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Kartikey Agarwal |
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Designation : |
Director |
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Address : |
17, |
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Date of Birth/Age : |
18.05.1959 |
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Date of Appointment : |
30.08.2002 |
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Name : |
Dr. Amit Agarwal |
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Designation : |
Director |
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Address : |
30, |
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Date of Birth/Age : |
24.01.1969 |
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Date of Appointment : |
01.01.2000 |
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Name : |
Mr. T D Sivakumar |
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Designation : |
Director |
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Address : |
No. 19, |
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Date of Birth/Age : |
22.07.1973 |
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Date of Appointment : |
28.12.2006 |
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Other Directorship : |
Protechem Industries [ L15319PY1987PLC000533 |
KEY EXECUTIVES
|
Name : |
Mr. S. R. Ravi |
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Designation : |
Company Secretary |
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Address : |
No. 30 A G S Colony, Anand Nagar, |
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Date of Birth/Age : |
26.06.1956 |
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Date of Appointment : |
31.01.2004 |
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Name : |
Mr. T. K. Padmanabhan |
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Designation : |
General Manager & Company
Secretary |
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Name : |
Mr. Govindappa Srinivasaiah |
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Designation : |
Company secretary |
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Address : |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
07.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
R. K. Agarwal |
|
883112 |
|
Katikey Agarwal – HUF |
|
640000 |
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Anurag Agarwal |
|
896445 |
|
Abha Agarwal |
|
161333 |
|
Renu Agarwal |
|
134667 |
|
Savita Agarwal |
|
108000 |
|
Amit Agarwal |
|
108000 |
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R. K. Agarwal - HUF |
|
185335 |
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Katikey Agarwal |
|
1 |
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Neetu Agarwal |
|
1 |
|
Siddarth Agarwal |
|
234889 |
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Aditya Agarwal |
|
328224 |
|
Ayush Agarwal |
|
166668 |
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Mayank Agarwal |
|
166668 |
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Divya Sangal |
|
1 |
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Jyotsna Agarwal |
|
1 |
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Chandra Satish |
|
1 |
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Sujata Parekh |
|
1 |
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Sunil Parikh |
|
1 |
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Total |
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4013348 |
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Equity Share
Breakup |
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Category |
|
Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of health / pharmaceutical preparations, out of natural Inputs/herbs, for both human and veterinary/animal consumption, as per standards of W.H.O., G.M.P., U.S.F.D.A., T.G.A. / Australia, M.C.A. Europe etc. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material / Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C at sight, L/C (90 days), Credit (30-60 days) |
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Purchasing : |
L/C at sight, L/C (30 days), Credit (30-60 days) |
GENERAL INFORMATION
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Suppliers : |
Ř Rollatainers Limited, Bangalore-562123 Ř
Nathimal, |
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Customers : |
Ř
Gold Mohur Feeds, Ř
Johnson and |
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No. of Employees : |
270 |
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dogra and Company Chartered Accountants |
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Address : |
No. 384, 17th Main,
4’T, Block, Jayangar Bangalore – 560 041, |
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Associates/Subsidiaries : |
Ř
Indian Herbs
Concentrate Private Limited Ř
Blonat Private
Limited Ř Artech Furnishers & Interiors Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4013348 |
Equity Shares |
Rs.10/- each |
Rs. 40.133 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
40.133 |
40.133 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
83.354 |
55.531 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
123.487 |
95.664 |
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LOAN FUNDS |
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1] Secured Loans |
|
196.507 |
154.359 |
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2] Unsecured Loans |
|
15.995 |
11.796 |
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TOTAL BORROWING |
|
212.502 |
166.155 |
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DEFERRED TAX LIABILITIES |
|
18.095 |
16.324 |
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TOTAL |
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354.084 |
278.143 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
113.318 |
96.817 |
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Capital work-in-progress |
|
0.317 |
0.704 |
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Intangible Assets |
|
3.831 |
0.853 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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155.911 |
114.739 |
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Sundry Debtors |
|
80.568 |
55.478 |
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Cash & Bank Balances |
|
18.753 |
40.478 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
55.021 |
19.706 |
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Total
Current Assets |
|
310.253 |
230.401 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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76.447 |
54.675 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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76.447 |
54.675 |
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Net Current Assets |
|
233.806 |
175.726 |
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MISCELLANEOUS EXPENSES |
|
2.812 |
4.043 |
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TOTAL |
|
354.084 |
278.143 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
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2.34 |
2.31 |
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Current Ratio (Current Asset/Current Liability) |
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|
4.06 |
4.21 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
NATURAL REMEDIES PRIVATE
LIMITED |
|
Presented By |
State Bank of NATURAL REMEDIES PRIVATE
LIMITED |
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1) Date and description of instrument creating the change |
All the above
pertain to same charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 31.000
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 |
Whole of the
borrower’s movable assets like finished goods, raw materials, stores and
consumable, packaging materials and receivables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 2.25 % above SBAR with a minimum of 15.25 % plus interest Tax of 0.30 % The above rate is
subject to changed as and when there is change. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
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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. |
By the above the
amount secured by the charge stands increased from Rs. 79.500 Millions to Rs.
17.500 Millions Rate of interest
: CC – 2 % above SBAR : effective rate 12.75 % p.a. with monthly rests, EPC /
FBD as advised by RBI Margin 25 % on
RM/SIP/LC/BG and 40 % on book debts and receivables Repayment : on
demand Security of all present
and future goods, book debts and all other movable assets of the borrower
including documents of title to goods, outstanding monies, receivables
including receivables by way of cash assistance and / or cash incentives
under the cash incentives scheme or any other scheme, claims, including
claims by way of refund of customs / excise duties under the duty draw back
credit scheme or any other sachem bills, invoice, documents, contract,
insurance policies, guarantees engagements, securities, investments, rights
by way of first charge and hypothecation of the present machinery listed in
the schedule thereto and all future machinery by way of second chare,
belonging to or in the possession or under the control of the borrower
wherever lying, stored and kept and whether in possession of the bank of any
third party whether in India or elsewhere through out the world including all
such goods, other movable assets as may be in course of shipment, transit or
delivery, by way of first charge already obtained will continue for the
increased limit of Rs. 107.500 Millions All other terms
and conditions remain unchanged. |
|
This form is for |
Creation of
charge |
|
Charge
identification number of the charge to be modified |
90198036 |
|
Corporate identity
number of the company |
U24232KA1998PTC023573 |
|
Name of the
company |
NATURAL
REMEDIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
“ |
|
Type of charge |
Immovable Property |
As Per
Website
Corporate
Over 50 years of their existence in herbal health care has enlivened
their experience of medicinal research working with nature. Combining the
tenets of fundamental science with Herbs to develop safe & efficacious
medicines has been their credo.
Natural Remedies a pioneer in phytopharmaceuticals is today
credited with integrating a scientific approach to the search of medicines and
health supplements ensuring purity, safety and affordability.
Natural Remedies formerly known as Indian Herbs was founded in
1951, by the late Sri. Ramlal Agarwal, an entrepreneur with a profound
knowledge on herbs and their medicinal benefits. He is also credited to being
the first individual to apply the sound principles of Herbal science in
veterinary health care.
Over the years they have diversified with their solutions, that
blend the understanding of the benefits of medicinal herbs with modern science
to develop and provide herbal veterinary medicines, human health supplements
and standardized herbal extracts.
Their Chairman and Managing Director, Mr. R.K. Agarwal has ensured
their investments in R&D spring desired results in the progress of
scientifically proven herbal medicines & supplements. His vision on the
potential of herbal ingredients for specific use in the dietary supplement
industry, coupled with his knowledge of Ayurveda has helped the organization
enter the foray of herbal extracts and develop exciting ingredients &
formulations for the natural products industry.
Natural Remedies has a R&D center, with a lab capacity of 8000
sq.ft., with an investment exceeding US $ 1 million.
Natural Remedies’ state-of-the-art R&D center is a complete
research facility with independent Phytochemistry, Pharmacology, Microbiology,
Bio-assay, Formulation & Development and Quality Control laboratories,
which work together with a multidisciplinary approach at various stages of
product research and development.
These departments are driven with a true sense of scientific
temper, by more than 60 scientists from various disciplines, who ensure that
their research and development programme is truly international and adheres to
guidelines established by the WHO, US-DSHEA, TGA and other regulatory bodies.
The Natural Remedies R&D center holds the reputed
accreditation from the Indian systems of Medicine & Homeopathy, Ministry of
Health & Family Welfare, Government of India and is recognized by the
Department of Scientific and Industrial Research, Government of India. Natural
Remedies' manufacturing plants are fully GMP compliant and have
state-of-the-art manufacturing equipments.
While partnering with Natural Remedies, you are assured of true
commitment from management, strong top-tier customer relationships, global
presence, end-to-end solutions, excellence in manufacturing and a reputation
for quality, efficacy and safety.
Milestones
Topicure- The first herbal veterinary aerosol
spray introduced to the Indian market
Involon - Veterinary effervescent bolus, the
first of its kind in the Indian market
Phytochemical
Reference Standards- First Indian company to offer a
single repository of primary phytochemical reference standards for commercial
scale and standardization of medicinal plants and their products
JNR- The
Journal of Natural Remedies dedicated to medicinal plant research and is
indexed in several International databases. Natural Remedies is the first to do
so
Bioactive compounds- Isolated 12 different
bioactive compounds from Indian medicinal plants following bioactivity guided
fractionation
Novel method- Developed novel methods of evaluating
natural products for enzyme inhibitory activity
Novel phytocompounds- Isolated several novel
phytocompounds hitherto unreported from a popular Indian medicinal plant
Pioneering GC Method- Developed a single run Gas
Chromatography method for estimation of 29 different pesticide residues
Anti-allergy-
Developed an anti-allergic preparation NRA2, which is apparently the only
herbal product; thoroughly investigated in terms of safety, toxicity, efficacy
and standardization
Herbal veterinary products- Natural Remedies Pvt. Ltd. is
the first company in the country to introduce herbal veterinary products
Patents- Filed over nine patents on Herbal
formulations
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.71 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|