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MIRA
INFORM REPORT
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Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASTRA LIFECARE (INDIA) PRIVATE LIMITED |
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Registered Office : |
Plot 57/P, Rajoda, Sarkhej Bavla Highway, Ahmedabad – 382 220, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.02.2004 |
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Com. Reg. No.: |
04-43597 |
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CIN No.: [Company
Identification No.] |
U24231GJ2004PTC043597 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical Items |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 220000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has
substantial losses. However, it’s payments are usually correct and as per
commitments. The company can be considered fro small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Plot 57/P, Rajoda, Sarkhej Bavla Highway, Ahmedabad – 382 220,
Gujarat, India |
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Mobile No.: |
91-9924511944 / 9924611944 / 992441944 / 45 |
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Fax No.: |
91-2714-231 132 |
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E-Mail : |
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Website : |
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Corporate Office : |
207/208, Crescent Tower, Off New Link Road, Andheri (West), Mumbai –
400 053, Maharashtra, India |
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Tel. No.: |
91-22-2674 0821 / 31 |
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Fax No.: |
91-22-2674 0663 |
DIRECTORS
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Name : |
Mr. Azizali A Bhaidani |
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Designation : |
Director |
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Address : |
B-501, Green Park, Usha Darshan Co-op.Housing Society, Off New link
Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
07.04.1969 |
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Date of Appointment : |
11.02.2004 |
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Name : |
Mr. Shabbir S Kassam |
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Designation : |
Director |
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Address : |
4, Rose Close, Harrow Weale,Harrow, Middle Sex – HA36SR, Uninted
Kingdom |
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Date of Birth/Age : |
30.08.1957 |
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Date of Appointment : |
11.02.2004 |
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Name : |
Mr. Kaizer Kurben Vora |
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Designation : |
Director |
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Address : |
24, Gohari Mansion, 2nd Hasanabad Lane, Santacruz (West),
Mumbai – 400 054, Maharashtra, India |
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Date of Appointment : |
29.10.2004 |
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Name : |
Mr. Ahmedali A Bhaidani |
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Designation : |
Director |
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Address : |
B-501, Green Park, Usha Darshan Co-op.Housing Society, Off New link
Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
07.03.1965 |
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Date of Appointment : |
25.11.2004 |
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Name : |
Mr. Manoj Patel |
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Designation : |
Director - Technical |
KEY EXECUTIVES
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Name : |
Mr. Manish Shah |
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Designation : |
VP – Operations |
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Name : |
Mr. Uday Naik |
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Designation : |
Head of Quality Assurance and Control |
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Name : |
Mr. Hiren Patiwala |
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Designation : |
Head of Engineering and Utilities |
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Name : |
Mr. Pathik Mehta |
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Designation : |
Head of Human Resources |
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Name : |
Mr. Vipul Patel |
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Designation : |
General Manager Operations |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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Shabbir S Kassam |
776450 |
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Fatima Kassam |
4000 |
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Azizali A Bhaidani |
1575350 |
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Semina A Bhaidani |
4100 |
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M Kassam |
1769550 |
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Ahmedali A Bhaidani |
870550 |
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Total |
5000000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Items |
GENERAL
INFORMATION
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No. of Employees : |
About 80 |
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Bankers : |
·
ICICI Bank ·
State Bank of India Overseas Branch, B/h, Gujarat Vidyapith,
Navjeevan Poast Office, Ashram Road, Ahmedabad – 380 014, Gujarat, India ·
Axis Bank Limited “Trishul” 3rd Floor, Opp.
Samratheshwar Temple, Law Garden, Ellisbridge, Ahmedabad – 380 006, Gujarat,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Teksingh Thakur Chartered Accountants |
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Address : |
33, Shalvik Building, 9, Kalpana Society, B/H Navrangpura Post Office,
Navrangpura, Ahmedabad – 380 009, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
40.000 |
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2] Share Application Money |
12.035 |
12.035 |
7.798 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(17.226) |
(1.232) |
0.000 |
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NETWORTH |
44.809 |
60.803 |
47.798 |
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LOAN FUNDS |
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1] Secured Loans |
106.276 |
87.823 |
0.000 |
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2] Unsecured Loans |
36.722 |
7.639 |
0.000 |
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TOTAL BORROWING |
142.998 |
95.462 |
0.000 |
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DEFERRED TAX LIABILITIES |
9.574 |
0.000 |
0.000 |
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TOTAL |
197.381 |
156.265 |
47.798 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
148.960 |
14.251 |
3.565 |
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Capital work-in-progress |
0.000 |
137.475 |
37.144 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
47.337
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11.806 |
0.000 |
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Sundry Debtors |
22.056
|
0.418 |
0.000 |
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Cash & Bank Balances |
4.644
|
4.643 |
2.304 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.512
|
11.384 |
13.345 |
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Total
Current Assets |
87.549
|
28.251 |
15.649 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
40.101
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25.049 |
9.635 |
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Provisions |
0.096
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0.000 |
0.000 |
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Total
Current Liabilities |
40.197
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25.049 |
9.635 |
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Net Current Assets |
47.352
|
3.202 |
6.014 |
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MISCELLANEOUS EXPENSES |
1.069 |
1.337 |
1.075 |
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TOTAL |
197.381 |
156.265 |
47.798 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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71.669 |
0.416 |
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Other Income |
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0.167 |
0.302 |
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Total Income |
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71.836 |
0.718 |
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Profit/(Loss) Before Tax |
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(6.324) |
(1.232) |
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Provision for Taxation |
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9.670 |
0.000 |
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Profit/(Loss) After Tax |
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(15.994) |
(1.232) |
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Expenditures : |
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Financial charges |
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11.265 |
0.012 |
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Increase/(Decrease) in Finished Goods |
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(13.899) |
(6.436) |
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Depreciation & Amortization |
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6.701 |
0.165 |
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Other Expenditure |
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74.093 |
8.209 |
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Total Expenditure |
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78.160 |
1.950 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(22.26)
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(171.59) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(8.82)
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(296.15) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.67)
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(2.90) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.14)
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(0.02) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.09
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1.98 |
0.20 |
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Current Ratio (Current Asset/Current Liability) |
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2.18
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1.13 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
ASTRA LIFECARE (INDIA) PRIVATE LIMITED |
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Presented By |
Mr. Ahmedali A Bhaidani – Director |
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1) Date and description of instrument creating the change |
Agreement for Hypothecation
of Goods and Assets dated 23.04.2005 “(“the Deed”), ASTRA LIFECARE
(INDIA) PRIVATE LIMITED (therein executed by and hereinafter referred to as
the Borrower / the Company) in favour of State Bank of India (SBI), (therein
and hereafter referred to ad “the Bank”) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loans of
Rs.70.000 millions, Fund based Working Capital limits by way of EPC FBD
facility to the extent of Rs.30.000 millions aggregating Rs.100.000 millions
(hereafter referred to as the Loan”). |
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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 present and
future goods, book debts and all other movable assets and all present and
future, Plant and Machinery installed or to be installed at the location of
the factory as borrower and any where else located. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
TL - Rate of Interest
(@ 0.75% below SBAR 10.25%) i.e. 9.50% subject of revision from time to time
in respect of Term Loan. WC – Interest
applicable as per the Bank’s / RBI subject to revision from time to time. Margin would be
as per the below:
The credit
facilities is also secured by the personal guarantee of the following : 1.
Mr. Azizali A Bhaidani 2.
Mr. Ahmedali A Bhaidani 3.
Mr. Kaizer Kurben Vora 4.
Mr. Shabbir S Kassam |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Overseas Branch, B/h, Gujarat Vidyapith, Navjeevan Poast Office, Ashram
Road, Ahmedabad – 380 014, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporate
identity number of the company |
U24231GJ2004PTC043597 |
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Name of the
company |
ASTRA LIFECARE (INDIA) PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot 57/P, Rajoda, Sarkhej Bavla Highway, Ahmedabad – 382 220,
Gujarat, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable property
(not being pledge) |
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Particular of
charge holder |
Axis Bank Limited “Trishul” 3rd Floor, Opp. Samratheshwar Temple, Law Garden,
Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Nature of
instrument creating charge |
Composite Hypothecation
deed |
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Date of
instrument Creating the charge |
11.01.2008 |
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Amount secured by
the charge |
Rs.158.075
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Terms of
repayment 1.
Term Loan I –
Rs.59.275 millions – 60 Monthly Inst. Of Rs.0.975 millions each and last
inst. of Rs.0.775 millions 2.
Term Loan II
– Rs.12.800 millions – 60 Monthly Inst. Of Rs.0.200 million each and last
inst. of Rs.0.800 million 3.
Term Loan II
– Rs.5.000 millions – 35 Monthly Inst. Of Rs.0.138 million each and last
inst. of 0.170 million commencing from 01.04.2008. ·
Margin EPC/PCFC/FBP/FBD/PSCFC – 10% C C (Sublimit of EPC/PCFC/FBP/FBD/PSCFC – Raw Materials – 25% , SIP
and FG 40% Letter of Credit – Cash Margin 15% Bank Guarantee (Domestioc / Foreign) (As a sublimit of Letter of
Credit) – Cash Margin 15% ·
Extent and
operation of the charge Charge is operational to the extent of Rs.158.075 millions plus
interest, cost, charges, expenses etc. on the properties of the company. ·
Others Details of total credit facilities sanctioned of Rs.158.075 millions
is as mentioned below; EPC/PCFC/FBP/FBD/PSCFC – Rs.40.000 millions CC ((Sublimit of EPC/PCFC/FBP/FBD/PSCFC) Rs.10.000 millions Letter of credit – Rs.40.000 millions Bank Guarantee (Sub limit of letter of credit )Rs.5.000 millions Term Loan – I (Takeover from SBI) – Rs.59.275 millions Term Loan – II (Takeover from SBI) Rs.12.800 millions Term Loan – III
(Fresh Term Loan – Rs.5.000 millions Forward Cover LER – Rs.1.000 million |
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Particulars of
the property charged |
First charge over
the company’s current assets i.e. stocks of raw materials, WIP, Finished
goods, spares and consumables and receivables, both present and future. Extension of
first charge on company’s fixed assets, both present and future Exclusive charge
on the fixed assets of the Company, both present and future, by way of Eq. Mortgage of
immovable assets and Hyp. of other movable fixed assets of the company. Extension of
first charge on the entire current assets of the company, both present and
future. |
Web Details
ABOUT THE COMPANY
Subject was
formed in February 2004 and came into commercial production in April 2006. At
present, this facility is established to manufacture all types of Tablets and
Capsules. This plant has dedicated facilities for General and Beta-lactum
products and are equipped with latest technology equipments. The in-house
Quality Assurance and Control department is also facilitated with modern
technology laboratory equipments to meet the international standards.
The facility is WHO-GMP compliant and have also been approved by National Drug
Authority of Uganda as well as Tanzania Food and Drug Authority. The long-term
aim is to obtain other international regulatory approvals like, TGA-Australia,
MHRA-U.K., MCC-South Africa, USFDA.
Subject has strong marketing base in East
African countries through its associate companies and other established
customers in other part of African region. Besides marketing the products in
international markets, subject can also be the ideal
outsourcing partner for exporting companies with its huge installed capacity
for Tablets and Capsules. Timely and qualitative services are protocol with the company.
A dedicated team of highly qualified
and experienced professionals work round-the-clock to ensure that the goals are
achieved by constant knowledge sharing and emphasis on Total Quality Management
in everything they do.
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.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|