MIRA
INFORM REPORT
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Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ATHENS LABS LIMITED |
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Registered Office : |
A-33, National Market, Peeragarhi, Delhi, 110087 |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
22.01.2001 |
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Com. Reg. No.: |
109326 |
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CIN No.: [Company
Identification No.] |
U24121DL2001PLC109326 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA09083E |
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PAN No.: [Permanent
Account No.] |
AADCA5390B |
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Legal Form : |
Closely held Public Limited
Liability Company. |
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Line of Business : |
Manufacturers, Importers, Exporters and Dealers of Pharmaceuticals,
Medicines, Drugs, Chemical, Industrial and Other Preparations and articles,
Compounds Drugs and dealers in Chemicals, Surgical and scientific apparatus
and materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2080 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a Seven Years old Company having moderate track. The
Company has not filed any financials with the Government Registry after 2004.
We spoke to Mr. Jitendra and Mr. Joshi, who failed to update with latest
financials and business with latest financials and business details. It is
difficult to access the current position of the Company in absence of latest
financials. The Company can be considered for business dealings on safe and
secured trade terms and conditions only, Initially. |
INFORMATION
DECLINED BY
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Name : |
Mr. Jitendra |
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Name : |
Mr. Joshi |
LOCATIONS
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Registered Office : |
A-33, National Market, Peeragarhi, Delhi, 110087, India. |
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Tel : |
91-11-27915028 / 27915026 |
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Fax : |
91-11-27915026 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Anil Sharma |
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Designation : |
Director |
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Address : |
A-2/121, Sector – 3, Rohini, Delhi, 110083, India. |
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Date of Birth/Age : |
22/06/1975 |
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Date of Appointment : |
22.01.2001 |
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Name : |
Mr. Kiran Sharma |
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Designation : |
Director |
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Address : |
A-2/121, Sector – 3, Rohini, Delhi, 110083, India. |
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Date of Birth/Age : |
16/10/1954 |
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Date of Appointment : |
05.08.2003 |
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Name : |
Mr. Kishan Lal Sharma |
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Designation : |
Director |
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Address : |
A-2/121, Sector – 3, Rohini, Delhi, 110083, India. |
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Date of Birth/Age : |
05/05/1945 |
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Date of Appointment : |
22.01.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Anil Sharma |
290000 |
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Mr. Savita Sharma |
67000 |
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Mr. Kishan Lal Sharma |
190000 |
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Mr. Kiran Sharma |
115000 |
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Mr. Uma Sharma |
30000 |
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M/s. Ask Consultants and Company |
25000 |
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Mrs. Neha Garg |
20000 |
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M/s. Rock Star Pharma |
50000 |
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Mr. Ajesh Gujela |
3500 |
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Mr. Amit Jain |
2500 |
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Mr. Anil Wadhwa |
2600 |
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Mrs. Geetika Sharma |
4000 |
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Mr. Vipin Kumar Arora |
4000 |
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Mrs. Jyoti Khera |
4000 |
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Mrs. Deepa Gandhi |
3000 |
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Mr. Nitin Suri |
3000 |
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Mr. Rajbir |
3000 |
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Mr. Rajesh Vij |
4000 |
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Mr. Rajneesh Setiya |
4000 |
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Miss Shiwani |
3500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers, Exporters and Dealers in Pharmaceuticals,
Medicines, Drugs, Chemical, Industrial and Other Preparations and articles,
Compounds Drugs and dealers in Chemicals, Surgical and scientific apparatus
and materials. |
GENERAL
INFORMATION
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Suppliers : |
v Aarbee Express v CineLinkes
Systems Private Limited v D. R.
Enterprises v Daljit Singh v Dee Kay
Enterprises v Friends
Photocopy Centre v Faith
Pharmaceuticals Limited v Hotel Sun Shine v Marg Compusoft
(India) v Winco (India) v Glomed
Pharmaceuticals v God Gift
Laboratory Private Limited v Pol Pharma
(India) Private Limited v Rachana
Novelties v Pharmasia v Volmac Engg and
Services |
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Customers : |
v Aastha Agencies v Agarwal Medical
Agency v Amba Medicate v Apna Chemist v Bharam Shakti
Hospital v Chandrashekar
Pharmaceuticals v Hindustan
Pharmaceuticals v Linkers
Pharmaceuticals v Jaggi Pharmaceuticals v D. K. Pharma v Jogindra Medicos v M. S.
Pharmaceuticals v Varma Medical
Agencies v Obroi Pharmacy
Jessa Ram Hospital v Parah
Enterprises and Pharmaceuticals |
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Bankers : |
v Canara Bank v ICICI Bank v HDFC Bank v Punjab National
Bank, Kalaamb, 173030, Himachal Pradesh, India. |
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Facilities : |
Secured Loans As On 31.03.2004
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
P. S. Kohli and Company, Chartered Accountants |
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Address : |
5/70, W.E.A., Ajmal Khan Road, Post Box No: 2594, Karol Bagh, New
Delhi, 110 005, India |
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Tel. No.: |
91-11-5729257, 5720547 |
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Subsidiaries : |
v Volmac
Engineering , New Delhi v Athens Labs
Limited (Pharma Division), New Delhi v Athens Labs
Limited (Phoenician Division), New Delhi v Winco (India),
Haryana v ASA Machinery
Private Limited, (Pharma Machinery) v Rock Star
Pharma, New Delhi v Shambros
Machinaries Private Limited v Techwin
Machinaries |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.020 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.027) |
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NETWORTH |
0.520 |
0.473 |
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LOAN FUNDS |
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1] Secured Loans |
1.140 |
0.887 |
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2] Unsecured Loans |
0.040 |
0.221 |
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TOTAL BORROWING |
1.180 |
1.108 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
1.700 |
1.581 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.684 |
0.545 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Stock in Trade |
1.099 |
1.216 |
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Sundry Debtors |
1.754 |
1.772 |
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Cash & Bank Balances |
0.045 |
0.046 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
0.512 |
0.279 |
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Total
Current Assets |
3.410 |
3.313 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
2.375 |
2.269 |
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Provisions |
0.030 |
0.024 |
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Total
Current Liabilities |
2.405 |
2.293 |
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Net Current Assets |
1.005 |
1020 |
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MISCELLANEOUS EXPENSES |
0.011 |
0.016 |
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TOTAL |
1.700 |
1.581 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
8.705 |
6.693 |
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Other Income |
0.000 |
0.000 |
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Total Income |
8.705 |
6.693 |
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Profit/(Loss) Before Tax |
0.078 |
0.024 |
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Provision for Taxation |
0.030 |
0.024 |
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Profit/(Loss) After Tax |
0.048 |
0.000 |
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Expenditures : |
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Administrative Expenses |
0.119 |
0.069 |
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Purchases made for re-sale |
0.140 |
0.096 |
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Salaries, Wages, Bonus, etc. |
0.001 |
0.001 |
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Director’s Remuneration |
0.225 |
0.119 |
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Payment to Auditors |
0.012 |
0.010 |
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Interest |
0.194 |
0.068 |
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Insurance Expenses |
0.016 |
0.000 |
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Depreciation & Amortization |
0.190 |
0.144 |
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Other Expenditure |
7.730 |
6.162 |
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Total Expenditure |
8.627 |
6.669 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total
Income |
(%) |
0.55
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-- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.89
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0.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.89
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0.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.62
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4.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.42
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1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of Charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24231DL2001PLC109326 |
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Global location number (GLN) of the company |
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Name of the company |
ATHENS LABS LIMITED |
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Address |
A-5, DSIDC Engg. Complex, Mangopuri Industrial Area, Phase – I Delhi – 110085, India. |
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Type of Charges |
Hypothecation |
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Whether consortium finance is involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name: Punjab National Bank Address : Nahan State : Himachal Pradesh Country : India Pin Code : 17301 |
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Nature or description of the instrument creating or modifying the charge |
Agreement for Hypothecation of goods and Book Debts to secure Cash Credit Facility. |
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Date of the instrument creating charge |
08.02.2006 |
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Amount Secure by the charge |
Rs. 7.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
The above is to secure Cash Credit facility of Rs. 7.500 millions against hypothecation of stock and Book Debts belonging to the borrower though the drawing power against stock/book debts shall be allowed as per such limits fixed, besides any other securities created / to be created by borrowers. Interest at the rate of BPLR+0% which presently is 10.75% p.a. or at such rate that the bank may fix from time to time with monthly rests and shall be calculated on the daily balance due to the bank on the said account and shall be charged monthly so long as the amount due from the borrowers is not paid in its entirety and the same will form part of the principal and carry interest @2% p.a. with agreed rests over and above the agreed rate as in force. The Bank shall have discretion to decide the manner of computation of interest tax and charging thereof in the account. Margin – 25% |
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In case of acquisition of property, subjected to charge, furnish the details relating the existing charge on the property so acquired |
v Stock in trade v Book Debts |
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Short particulars of the Property charged |
Hypothecation with the Bank (i) The present and future stocks of raw materials, work in progress, finished goods, consumables, stores and spares (hereinafter reffered to as the goods), which belong to them and which now or hereinafter from time to time during the continuance of this agreement shall be brought in, stored or be in or about their factory premises or godowns at Village Rampur Jattan (Kala Amb) Tehsil Nahan District Sirmour or at any Branch Office / Sale Office or any other godowns or be in the course of transit from one godown to another or whether else the same may be. (ii) Present and future book debts, outstanding decrees, money receivables, claims, securities, Government subsidies, investments, rights and other movable assets excluding bills purchased / discounted by bank and bills against which advances have been made (all of which are hereinafter reffered to as book debts)which belong to them and which now or hereinafter from time to time during the continuance of this agreement may belong to them, as security for payment of the balance due to the bank by them at any time or ultimately found due on the closing of the said Cash Credit Accounts and for payment of all debts and liabilities mentioned in clause 20 of the agreement. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
YES |
Contingent Liability
There is a Contingent Liability of Rs. 4.000
millions in respect of central sales tax act, (Previous Year Rs. 4.000
millions).
Fixed Assets
v Computers
v Furniture and Fixtures
v Air Conditioner
v Cars
v Motor Cycles
v Office Equipment
Financial Results
During the Financial year ending 31.03.2004
the Company has achieved a turnover of Rs. 8.705 millions against a turnover of
Rs. 6.694 millions during the previous financial year.
The Company has earned a Net Profit of Rs.
0.078 millions as against a Profit of Rs. 0.024 millions during the previous
financial year.
An ISO-9001:2000 certified Pharmaceutical
Company having its Manufacturing Unit at Kal following WHO-GMP standards. A
very fast growing and diversifying organization Preset divisions Pharma and
Phonecian and coming up with 4 new divisions. Having a vision of 50.
Corporate Profile
Milestones
* Assurance for the Quality. A Year later, Athens got ISO Certification
(ISO 9001:2000) by Norsek, Norway, EUROPE.
* In 2002, a year later after its incorporation, Athens started its own
manufacturing unit – WINCO India.
* Athens became Limited Company in 2003.
* Athens Labs feels privileged to be the Marketing Associates of Genesee
Biomedical Inc. USA to provide latest and most innovative pharmaceutical
research products to doctors.
* Athens has established itself as one of the frontrunners in export and
import of various salts like Saccharomyes Boulardi, Grape Seed Extract, Green
Tea Extract, Lycopene, Isoflavones.
* Launch of ASA Machinery (P) Ltd in 2005.
* A Coming up Manufacturing Unit at Kala-Amb in Himachal Pradesh which is
spread over in 4100 sq. yards area.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 36.96 |
|
UK Pound |
1 |
Rs. 78.71 |
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Euro |
1 |
Rs. 63.22 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
19 |
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 |
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