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MIRA
INFORM REPORT
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Report Date : |
20.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
BRIOCIA PHARMA (INDIA) PRIVATE LIMITED |
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Registered Office : |
64, Khotachiuwadi, Girgaon, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.03.2002 |
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Com. Reg. No.: |
11-135088 |
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CIN No.: [Company
Identification No.] |
U24230MH2002PTC135088 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02563B |
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Legal Form : |
Private Limited Liability Company Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Pharmaceutical Medicines. |
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 110000 |
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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 : |
Subject is a well established company having satisfactory track. The company claims to have registered sales turnover of Rs.400 millions
in 2007-08. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The Company has not filed its Latest financials with the Government
Registry. |
INFORMATION PARTED
BY
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Name : |
Mr. Mehta |
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Designation : |
General Manager |
LOCATIONS
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Registered Office : |
64, Khotachiuwadi, Girgaon, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23400882 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Head Office : |
410/411, 4th Floor, Nucleus, 1 Church Road, Pune – 411 001,
Maharashtra, India |
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Tel. No.: |
91-20-30582736 /731 |
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Fax No.: |
91-20-30582735 |
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E-Mail : |
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Factory : |
Plot E-1, MIDC Industrial Area, Jejuri, Pune – 412 303 Maharashtra,
India |
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Tel. No.: |
91-2115-300000/101 |
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Fax No.: |
91-215-253349 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashok Sukhalal Bora |
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Designation : |
Executive Director |
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Address : |
38, Mukund Nagar, Pune – 411 037, Maharashtra, India |
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Date of Birth/Age : |
17.06.1952 |
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Date of Appointment : |
07.03.2002 |
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Name : |
Mr. Abhay Ashok Bora |
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Designation : |
Managing Director |
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Address : |
38, Mukund Nagar, Pune – 411 037, Maharashtra, India |
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Date of Birth/Age : |
12.04.1978 |
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Date of Appointment : |
07.03.2002 |
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Name : |
Ms. Neha Ashok Bora |
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Designation : |
Director |
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Address : |
38, Mukund Nagar, Pune – 411 037, Maharashtra, India |
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Date of Birth/Age : |
19.06.1980 |
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Date of Appointment : |
14.03.2002 |
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Name : |
Mr. Sukhalal Chandmal Bora |
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Designation : |
Director |
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Address : |
38, Mukund Nagar, Pune – 411 037, Maharashtra, India |
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Date of Birth/Age : |
17.07.1925 |
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Date of Appointment : |
11.11.2002 |
KEY EXECUTIVES
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Name : |
Mr. K. K. Jain |
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Designation : |
Vice President-Marketing |
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Address : |
Briocia Pharma (India) Private Limited |
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Tel. No : |
91-20-30582731/740/736 |
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Fax : |
91-20-30582735 |
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Email : |
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Name : |
Mr. P. M. Mutha |
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Designation : |
General Manager-Commercial |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Abhay Ashok Bora |
130000 |
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Ratanbai S. Bora |
95000 |
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Shakuntala A. Bora |
80000 |
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Sukhalal Chandmal Bora – HUF |
75000 |
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Rass Healthcare Private Limited |
120000 |
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Total |
500000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies corporate |
23.52 |
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Directors or relative of directors |
76.48 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Pharmaceutical Medicines. |
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Exports : |
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Countries : |
·
Costa Rica ·
Srilanka etc. |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Customers : |
OEM’s ·
Biostar Pharmaceuticals Private Limited ·
Abott Limited ·
IDA Foundation – Amsterdam based company ·
Social Security – Costa Rica ·
Marpal Pharma |
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No. of Employees : |
220 (In Head Office 20 and In Factory 200) |
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Bankers : |
Bank of Maharashtra Oswalbandhu Samaj, Vardhman Building, Ground Floor, Shankarsheth Road,
Pune – 411 042, Maharashtra, India Union Bank of India Industrial Finance Branch, Sacha Peer Street; Camp; Pune – 411 001,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kulin Mehta and Company |
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Address : |
31, Khimji Meghji House, 11/15, Issaji Street, Vadgadi Masjid (W),
Mumbai – 400 003, Maharashtra, India |
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Sister Concern : |
Biostar Pharmaceuticals Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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16.236 |
10.770 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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21.236 |
15.770 |
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LOAN FUNDS |
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1] Secured Loans |
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31.139 |
28.810 |
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2] Unsecured Loans |
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20.458 |
9.437 |
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TOTAL BORROWING |
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51.597 |
38.247 |
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DEFERRED TAX LIABILITIES |
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1.372 |
1.132 |
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TOTAL |
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74.205 |
55.149 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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61.648 |
44.010 |
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Capital work-in-progress |
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6.278 |
0.735 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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43.586 |
44.114 |
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Sundry Debtors |
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6.903 |
9.101 |
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Cash & Bank Balances |
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2.227 |
5.154 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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6.309 |
6.650 |
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Total
Current Assets |
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59.025 |
65.019 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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52.746 |
54.621 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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52.746 |
54.621 |
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Net Current Assets |
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6.279 |
10.398 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.006 |
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TOTAL |
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74.205 |
55.149 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.91 |
5.89 |
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Current Ratio (Current Asset/Current Liability) |
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1.12 |
1.19 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References :
·
Abott Limited
·
Cipla
Form No. 8
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Name of the company |
BRIOCIA PHARMA (INDIA) PRIVATE LIMITED |
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Presented By |
Mr. Ashok Bora |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation
and Memorandum of Entry dated 23rd December, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.000
millions – Term Loan Facility Rs.5.000 millions
– Letter of Credit Facility |
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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
all those existing and future machinery / plant / vehicle / capital goods /
assets / crafts / and all those movable assets / properties capable of
passing by delivery as specified in hypothecation agreement located at Plot
No.E-1, MIDC Industrial Area, Jejuri – 412 303, Maharashtra, India In addition
Deposit of title deeds of Immovable property at Plot No. E-1, village Jejuri,
Taluka Purandar, Dist. Pune with the Bank as collateral security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– 12.5% p.a. Period – 40
months Repayable – 38
Instalments Moratorium 2
months |
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5) Name and Address and description of the person entitled to the charge. |
The Union Bank of India Industrial Finance Branch, Pune |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U24230MH2002PTC135088 |
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Name of the
company |
BRIOCIA PHARMA (INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
64, Khotachiuwadi, Girgaon, Mumbai – 400 004, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Others |
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Particular of
charge holder |
Bank of Maharashtra Oswalbandhu Samaj, Vardhman Building, Ground Floor, Shankarsheth Road,
Pune – 411 042, Maharashtra, India |
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Nature of
instrument creating charge |
Composite Deed of
Hypothecation for all facilities dated 12th January, 2007. Agreement for
Term Loan dated 12th January, 2007. |
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Date of
instrument Creating the charge |
12.01.2007 |
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Amount secured by
the charge |
Rs.65.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest As per credit rating currently MB2 i.e. BPRL-1.25% i.e. 10.25% pa.
with monthly rests. ·
Terms of
repayment Term Loan of Rs.30.000 millions repayable in equal installment of
Rs.0.358 million over period of 84 months to commence one month after
disbursement. ·
Margin For Term Loan of Rs.30.000 millions and Cash Credit of Rs.20.000
millions – Minimum 25% in Bank’s favour. For Letter of Credit of Rs.5.000 millions – 15% in deposit with Bank. ·
Extent and
operation of the charge The term loan is secured by way of Mortgage of Land and Building at
MIDC Jejuri, The cash credit is secured against hypothecation of stock and
book debts and Letter of credit is secured against hypothecation of material
procured under L/C and personal guarantee of Directors. All other facilities
to be collaterally secured by Mortgage of land and building/ Machinery. |
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Particulars of
the property charged |
Term Loan –
Mortgage of land and building at MIDC at Jejuri (Rs.150.000 millions) Cash Credit –
Hypothecation of stocks and book debts. Collateral : Mortgage of land and
building and hypothecation of machinery Rs.155.000 millions Letter of Credit
– Hypothecation of material to be procured under L/C and personal Guarantee
of Directors. |
ABOUT THEM/THEIR
ASSOCIATES
Biostar Pharmaceuticals Private Limited
This is their sister company with more than 3 decades of experience of
manufacturing of tablets, liquids, capsules and ointments. Biostar Private
Limited is responsible for marketing of our products in domestic market. It has
its presence in West Zone of India with medical representatives, taking our
products to the interiors of Maharashtra. Briocia Pharma develops new products
for Biostar Pharmaceuticals to take to our customers.
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Web Details
Subject was established in the year 2002 under
the visionary leadership of late Mr S.C. Bora ably supported by Mr Ashok Bora
and Mr Abhay Bora with an objective to manufacture drugs of international
quality standards.
Subject acquired the manufacturing plant
previously owned by Abott Ltd. situated at MIDC Industrial Area of Jejuri-
Pune. The facility is developed for the manufacture of Oral Dosage Forms such
as Tablets and Liquids and is approved by WHO Officials in November 2003.
Subject began its business manufacturing
products for Abott Ltd. on Contract manufacturing term. Internationally known
brands like Digene Gel and Tablets and the Brufen range have been manufactured
here.
Subject is permitted to manufacture the
Tablet formulation of Synthetic Thyroid Hormone (Thyroxine Sodium Tablets) under
the Licence No. PD-85 (under Schedule C and C1). Manufacturing unit has a
separate section dedicated to Hormone manufacturing activity.
Now, their Research and development department has developed
its own products for international markets as well as domestic market.
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.47.08 |
|
UK Pound |
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING
EXPLANATIONS
|
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 |
|
--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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|