MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
OCEANIC PHARMACHEM PRIVATE LIMITED |
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Registered Office : |
329, A-Z Industrial Estate, G Kadam Marg, Lower Parel (West), Mumbai –
400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.05.1997 |
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Com. Reg. No.: |
11-107746 |
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CIN No.: [Company
Identification No.] |
U24100MH1997PTC107746 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO04714D |
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PAN No.: [Permanent
Account No.] |
AAACO3146Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drug Intermediates, APIs, Veterinary
Products and Specialty Chemicals. |
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 2000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Shah, Director declined business and financial details. Subject is a small traders and commission indenting agents and earns
Rs.0.8 Million (gross) by way of commission, annually. Trade relations are
fair. 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. |
INFORMATION
DECLINED BY
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Name : |
Mr. Shah |
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Designation : |
Director |
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Date : |
02.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
329, A-Z Industrial Estate, G Kadam Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India |
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Tel. No.: |
91-22-24921664/ 24921669/ 24921711 |
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Fax No.: |
91-22-24950364/ 66608535 |
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E-Mail : |
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Website : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mrs. Dina Jayesh Shah |
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Designation : |
Director |
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Address : |
Flat No.6, 2nd Floor, Mazda Chaman, 13 Darratray Road,
Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
10.03.1951 |
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Date of Appointment : |
02.05.1997 |
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Name : |
Mr. Jayesh J. Shah |
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Designation : |
Director |
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Address : |
Flat No.6, 2nd Floor, Mazda Chaman, 13 Darratray Road,
Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
08.01.1951 |
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Date of Appointment : |
02.05.1997 |
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Name : |
Mr. Bhavik Jayesh Shah |
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Designation : |
Director |
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Address : |
Flat No.6, 2nd Floor, Mazda Chaman, 13 Darratray Road,
Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
22.08.1980 |
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Date of Appointment : |
02.04.2007 |
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Partnership Firm : |
Ocean Trading Corporation |
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Name : |
Mr. Bansari J. Shah |
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Designation : |
Director |
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Address : |
Flat No.6, 2nd Floor, Mazda Chaman, 13 Darratray Road,
Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
13.11.1981 |
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Date of Appointment : |
02.04.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.09.2007)
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Names of Shareholders |
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No. of Shares |
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Jayesh J. Shah |
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1 |
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Dina Jayesh Shah |
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401 |
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Bhavik Jayesh Shah |
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600 |
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Total |
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1002 |
(As on 30.09.2007)
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Category |
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Percentage
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Directors or relatives of director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drug Intermediates, APIs, Veterinary
Products and Specialty Chemicals. |
GENERAL
INFORMATION
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Bankers : |
Santacruz (West) Branch, Poddar Road, Santacruz (West), Mumbai –
400054, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. S. Damania and Company Chartered Accountant |
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Address : |
321, Oomrigar Building, 115 Carnac Road, Crawford Market, Mumbai –
400003, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1002 |
Equity Shares |
Rs.100/- each |
Rs.0.100 Million |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.358 |
0.044 |
0.041 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.458 |
0.144 |
0.141 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.009 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.009 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.458 |
0.144 |
0.150 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.015
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0.096 |
0.123 |
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Cash & Bank Balances |
0.294
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0.408 |
0.155 |
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Other Current Assets |
0.064
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0.032 |
0.009 |
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Loans & Advances |
0.688
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0.044 |
0.000 |
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Total
Current Assets |
1.061
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0.580 |
0.287 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.368
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0.366 |
0.092 |
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Provisions |
0.235
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0.070 |
0.047 |
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Total
Current Liabilities |
0.603
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0.436 |
0.139 |
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Net Current Assets |
0.458
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0.144 |
0.148 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
0.458 |
0.144 |
0.150 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
0.749 |
0.616 |
0.252 |
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Other Income |
0.005 |
0.003 |
0.003 |
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Total Income |
0.754 |
0.619 |
0.255 |
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Profit/(Loss) Before Tax |
0.315 |
0.025 |
0.125 |
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Provision for Taxation |
0.000 |
0.023 |
0.047 |
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Profit/(Loss) After Tax |
0.315 |
0.002 |
0.078 |
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Total Expenditure |
0.439 |
0.594 |
0.130 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
41.78
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0.32 |
30.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
42.06
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4.06 |
49.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.69
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4.31 |
43.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.69
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0.17 |
0.89 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32
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3.03 |
1.05 |
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Current Ratio (Current Asset/Current Liability) |
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1.76
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1.33 |
2.06 |
LOCAL AGENCY
FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from Mazda Chaman,
Plot No.6 – B, Dattatray Road, Santacruz West, Mumbai – 400054, Maharashtra,
India to the present address w.e.f. 02.04.2007.
WEBSITE DETAILS:
PROFILE:
The Indian Pharmaceutical industry, today, is one of the most intense knowledge driven industries, which is continuously in the state of dynamic transition and is growing consistently at the rate of 8-9%. It is expected to do even better in the future.
Subject was established in 1998 with a view to cater to the Chemical and Pharmaceutical requirement of Multinational and International Companies. Subject is managed by a blend of highly experienced and young talent with a focus on Custom Synthesis.
Subject located in Mumbai, has a very strong Technical team, making it research driven, export oriented, thereby providing a wide range of quality products and services to various customers.
Subject has a unique combination of Quality, Technical Skills and Knowledge of Large Untapped Markets. Hence it is the ideal partner for Contract Manufacturing in India.
Multinational and international pharmaceutical companies have to achieve efficiencies in cost, capacity, marketing or to obtain a specific expertise not available in-house. With the high level of competency amongst Chemical and Pharmaceutical companies innovative, state-of-the-art processes, production and technology-outsourcing for Multinational and International Companies becomes the natural choice. This enables them to concentrate on marketing their products, without spending time in drug discovery and process of manufacturing.
Mr. J.J. Shah, the promoter of company, is a very reputed name in the Industry having an experience and knowledge of more than 30 years. He has a reputation not only in India, but also worldwide due to his long experience of Sourcing and Developing Chemicals and Pharmaceuticals in India.
Subject has developed products for several companies and also help International Pharmaceutical Companies to manufacture new Generics in India with the help of 'Strong Technical Team' as well as its vast experience to handle GMP and CGMP compliant plants. Subject has specialized staff to even prepare Dossier for Regulatory markets and handle Turnkey Projects for Pharmaceutical and Chemical Companies.
CORE COMPETENCY /
UNIT PROCESSES
- Chlorosulfonation
- Nitration
- Phosgenation
- Halogenation
- Cyanation
- Hydrogenation
- Vilsmeier reaction
- Chiral synthesis
- Friedel craft reaction
- Amination
- Oxidation
- Grignard reaction
- Hoffman rearrangement (amide → amine)
- Sandmeyer reaction
- Sulfonation
- Esterification
- Reduction
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 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.49.79 |
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UK Pound |
1 |
Rs.73.37 |
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Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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