MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEYER ORGANICS PRIVATE LIMITED |
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Registered Office : |
A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.02.1981 |
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Com. Reg. No.: |
11-23845 |
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CIN No.: [Company
Identification No.] |
U24239MH1981PTC023845 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM07443C |
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PAN No.: [Permanent
Account No.] |
AABCM9346B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Pharmaceutical Formulation |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company. Trade relations are
fair. Business is active. General financial position is satisfactory.
Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Suruchi |
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Designation : |
Account Manager |
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Date : |
04.12.2008 |
LOCATIONS
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Registered Office : |
A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604,
Maharashtra, India |
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Tel. No.: |
91-22-25817000 |
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Fax No.: |
91-22-25817002 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Administrative Office : |
A-303, Road No. 32, Wagle Industrial Estate, Thane West, Thane-400601,
Maharashtra, India |
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Tel. No.: |
91-22-25817000 |
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Fax No.: |
91-22-25817002 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chandrashekhar Dattatray Bendre |
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Designation : |
Director |
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Address : |
111, Punarvasu, Trangan, Complex, Thane-400601, Maharashtra, India |
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Date of Birth/Age : |
03.08.1958 |
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Date of Appointment : |
25.08.2000 |
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Name : |
Mrs. Uma Paul Kalekar |
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Designation : |
Director |
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Address : |
203, Iris, C Unati Garden Opposite Devdaya Nagar, Pokharan RDI,
Thane-401606, Maharashtra, India |
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Date of Birth/Age : |
27.01.1967 |
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Date of Appointment : |
14.07.2006 |
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Name : |
Mrs. Rohini K Lalwani |
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Designation : |
Director |
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Address : |
1, Nariman Building, M Karve Road, Opposite Cooperage Ground,
Mumbai-400021, Maharashtra, India |
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Date of Birth/Age : |
21.08.1960 |
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Date of Appointment : |
08.07.2004 |
KEY EXECUTIVES
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Name : |
Ms. Suruchi |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 25.09.2008
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Names of Shareholders |
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No. of Shares |
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Lalwani T Kartarsingh |
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74096 |
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Kalsey H Pushpa |
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6000 |
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Lalwani Tej Kartarsingh |
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141028 |
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Lalwani K Ajit |
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141027 |
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Omega Meyer Limited |
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107747 |
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Balsubramanian |
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1 |
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Swaminathan Vasantha |
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1 |
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Lalwanin K Rohini |
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30000 |
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Total |
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499900 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s), Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
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90.70 |
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Directors or relatives of Directors |
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6.00 |
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Other top fifty (50) Shareholders (other than listed above) |
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3.30 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Pharmaceutical Formulation |
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Exports : |
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Products : |
Pharmaceutical Formulation |
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Countries : |
·
UK ·
Nigeria ·
Indonesia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
Credit ( 30-60 Days) |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
Citi Bank N.A, Bandra Kurla Complex, G-Block, Bandra (East),
Mumbai-400051, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
GPS and Associates Chartered Accountant |
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Address : |
A-1, Sindhi Niwas, Sitaladevi Temple Road, Mahim, Mumbai-400016,
Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
499900 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.999
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.999 |
4.999 |
4.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
227.695 |
179.219 |
135.270 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
232.694 |
184.218 |
140.269 |
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LOAN FUNDS |
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1] Secured Loans |
180.374 |
118.551 |
83.838 |
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2] Unsecured Loans |
17.320 |
17.320 |
17.320 |
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TOTAL BORROWING |
197.694 |
135.871 |
101.158 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.202 |
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TOTAL |
430.388 |
320.089 |
242.629 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
206.928 |
76.464 |
74.800 |
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Capital work-in-progress |
0.000 |
62.974 |
54.721 |
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INVESTMENT |
0.059 |
0.069 |
0.069 |
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DEFERREX TAX ASSETS |
3.256 |
3.567 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
215.350
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173.703 |
85.813 |
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Sundry Debtors |
202.812
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156.473 |
136.759 |
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Cash & Bank Balances |
25.219
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18.055 |
12.719 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
67.291
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75.614 |
45.567 |
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Total
Current Assets |
510.672
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423.845 |
280.858 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
285.480
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238.878 |
138.593 |
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Provisions |
5.047
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7.952 |
29.226 |
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Total
Current Liabilities |
290.527
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246.830 |
167.819 |
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Net Current Assets |
220.145
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177.015 |
113.039 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
430.388 |
320.089 |
242.629 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.09
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2.08 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.76
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1.72 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Associated Capsules
·
Bio Con India Private Limited
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90144378 |
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Corporate
identity number of the company |
U24239MH1981PTC023845 |
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Name of the
company |
MEYER ORGANICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604,
Maharashtra, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of charge
holder |
Citi Bank N.A, Bandra Kurla Complex, G-Block, Bandra (East),
Mumbai-400051, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
29.07.2008 |
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Amount secured by
the charge |
Rs. 162.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate/s as may be determined by the Bank from time to time Terms of
Repayment Loan Shall be
Repayable on Demand Margin As may be
stipulated by Bank form time to time Extent and
Operation of the charge The current
Assets hypothecation to the Bank more particularly described in Column No. 14
as security for the repayment of the loan together with all interest,
liquidated damages, premia on prepayment or on redemption, costs, changes and
other expenses by Meyer Organics Private Limited to the Bank. |
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Short particulars
of the property charged |
Hypothecation by
way of first exclusive charge on the stocks and book debts forming part of
the current asset (including stocks and book debts) and movable fixed assets
(including plant and machinery, office equipment, furniture and fixtures,
etc.) of the borrower both present and future. |
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Date of latest
modification prior to the present modification |
06.08.2007 |
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Name of the company |
MEYER ORGANICS PRIVATE LIMITED |
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Presented By |
Mr. C D Bendre |
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1) Date and description of instrument creating the change |
Goods Security
Agreement dated 10.03.2003 Loan Agreement For property dated 10.03.203 and
Memorandum of Entry dated 10.03.2003 executed by Meyer Organics Private
Limited referred to as the company) in favour (hereafter referred to as “the lender;’ constituted as single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Facilities
for Rs. 32.500 Millions of which Rs. 30.000 Millions funded facilities and Rs.
2.500 Millions is Non Funded facilities. |
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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 |
Hypothecation of stocks,
book debts forming part of its current assets present and future,
hypothecation of other movable including (furniture, plant and machinery,
vehicle office equipment, air conditioner, computer, tools and equipment,
generator) forming part of fixed assets
both present and future and equitable mortgage on property situated at
A-177,Road No. 162, Wagle Industrial Estate, Thane-400604, Maharashtra, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the company, said facilities
under the agreement and declaration by the Company, inter alia, as follows.: 1) Government by
the company to repay the facility at above and pay interest and all other
monies in the manner set out in the said agreement between the Company and
the Lender and to comply with the terms and conditions of the said agreement. 2) The said
current assets hypothecated to the Lender as and by way of First charge and
said fixed assets hypothecated including office premises mortgaged ot the
lender as an by way of first charge, as security of for and be charged with
the repayment of the loan with all interest, liquidated, damages, premia on
prepayment or on redemption, costs, charges, and other expenses payable by
the company to the lender in respect thereof. Margin – 32% on
stocks and 49% on book debts 3) The companies
to keep the said assets in marketable and condition and also insured as
provided therein 4) Power of entry,
power to take charge and / or possession of , seize, recover, receive,
appoint an sell, contract, dispactch for realization or otherwise dispose of
or deal with all or any part of the sadi assets etc. as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank N.A, Bandra Kurla Complex, G-Block, Bandra (East),
Mumbai-400051, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Deed of
Modification dated 22.09.2005 for enhancement in credit facilities. |
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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. |
The Original
charge was created o9n 10.03.2003 for Rs. 32.500 Millions hypothecated by way
of first exclusive charge on stocks, book debts, plant and machinery and
equipment etc, forming part of current and fixed assets both present and
future. Subsequently, the
Bank had enhanced facilities to the Company and executed Deed of Modification
dated 05.09.2005 for Rs. 55.000 Million , secured by first exclusive charge
on stocks, book debts, plant and machinery and equipment etc. forming part of
current and fixed assets both present and future. Now, at the
request of the company, the Bank has further enhanced the facilities to the
company and executed a Deed of modification dated 22.09.2005 for Rs. 65.000
Millions which is an enhancement of Rs. 10.000 Millions secured by first
exclusive charge on current asset and fixed assets of the Company. |
Fixed Assets:
·
Land
·
Factory Building
·
Guest House
·
Warehouse
·
Furniture
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Plant and Machinery
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Electrical Installments
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Office Equipments
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Vehicles
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Air Conditioner
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Computer
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Tools and Equipments
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Generator
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Elevator
·
Trademark
AS PER WEBSITE:
Milestone:
1982 Meyer Organics was founded in Mumbai (India)
by Dr. K. T. Lalvani.
1984 Meyer commences commercial production in its
state-of-the-art production at Thane.
1985 Meyer Organics enters Nigerian Market.
1986 Meyer Organics opens Export to U. K. Market.
1988 Meyer Organics opens Export to Caribbean
Island and Latin America.
1989 National launch of its Formulation in the
Indian Market.
1995 Meyer Organics enters Ghana Market in Africa.
2000 Pregnacare Clinical trial confirms customer
confidence at national level.
2001 The formulation gets WHO-GMP certification.
2002 Meyer Organics Pvt. Ltd. achieved certificate
of quality system assessment from AQA International, USA for establishment of
quality management system with international quality system standard ISO 9001
and Q 9001-2000 Government of India - certifies Meyer Organics as Export house
2003 Meyer Organics enters Mauritius, Middle East
and Iran Market.
2004 Meyer Organics enters Vietnam and Sri Lankan
markets
2005 Meyer Organics enters Cambodia, Kenya, Zambia
and Azerbaijan Markets
2006 Meyer Organics enters Sierra Leone, Myanmar
2007 Meyer Organics enters Guatemala, Iraq.
Upcoming markets Laos, HongKong, Bangladesh, Cameroon, Mozambique, Yemen,
Nepal.
Corporate Sale:
They have a Marketing Field Force of 1000+ personnel. Meyer
has presence all over India. They have the C & F and Super-Distributors in
Delhi, Jalandhar, Zirakhpur, Ambala, Ghaziabad, Chandigarh, Jaipur, Dehradun,
Kolkata, Cuttack, Gauhati Patna, Ranchi, Raipur, Jabalpur, Bhopal, Baroda,
Mumbai, Pune, Hyderabad, Chennai and Cochin. They are handling 800+ stockists
through the C & F Headquarters in India.
Hr in Meyer:
Meyer Organics provides excellent work and growth
environment to people coming from diverse backgrounds. Each of these personnel
possess an extensive array of experience. The culture thrives on hard work, innovation,
mutual respect, and a sense of accountability and responsibility.
The employees are supported by a management team that
believes in decentralized control over day - to - day activities, open
communication and discussion, cross functional teams and intra-department job
rotation.
Employees' performance is regularly evaluated and training
and development needs are addressed accordingly. Both in-house and external
training is provided to the personnel for effective execution of their
responsibilities.
Meyer Organics is truly a great place to grow.
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 |
|
UK Pound |
1 |
Rs.73.38 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|