MIRA
INFORM REPORT
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Report Date : |
29.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
AMOLI
ORGANICS PRIVATE LIMITED |
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Registered Office : |
Plot No. 322 / 4, 40 Shed Area, GIDC, Vapi – 396 195, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.09.1991 |
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Com. Reg. No.: |
04-16288 |
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CIN No.: [Company Identification No.] |
U24231GJ1991PTC016288 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
SRTA01797F MUMA22952G |
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PAN No.: [Permanent Account No.] |
AACCA3990Q |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturer
and Seller of Bulk Drugs |
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 930000 |
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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. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Rajesh Doshi |
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Designation : |
Accounts Manager |
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Contact No.: |
Mobile no.91-9987502826 |
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Date : |
26.12.2008 |
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No. 322 / 4, 40 Shed Area, GIDC, Vapi – 396 195, |
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Tel. No.: |
91-260-22424882 / 22400383 |
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Mobile No.: |
91-9987502826 |
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Fax No.: |
91-260-22431982 |
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E-Mail : |
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Website : |
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Area : |
60,000
sq. ft. |
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Location : |
Leased |
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Corporate
Office : |
407,
Dalamal House, |
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Tel. No.: |
91-22-22854715 |
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Fax No.: |
91-22-22041400 |
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E-Mail : |
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Factory 2 : |
Plot
No. 421 to 425, 432, 433 and 436, Taluka – Padra, District: Vadodara, |
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Tel. No.: |
91-2662-3200383 |
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Offices and
Stock Points : |
Located
At:
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DIRECTORS
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Name : |
Mr.
Manish Umed Doshi |
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Designation : |
Managing Director |
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Address : |
1201, A Chandanbala Apartment, 4, RD. Thakkar Marg, Walkeshwar,
Mumbai – 400 006, |
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Date of Birth/Age : |
07.10.1961 |
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Qualification : |
B. Pharma |
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Date of Appointment : |
19.09.1991 |
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Name : |
Ms.
M. Vandana Doshi |
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Designation : |
Director |
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Address : |
1201-A, Chandanbala Apartment, 4, RD. Thakkar Marg,
Walkeshwar, Mumbai – 400 006, |
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Date of Birth/Age : |
23.08.1962 |
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Date of Appointment : |
19.09.1991 |
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Name : |
Mr.
Shekar Chandra Parenky |
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Designation : |
Director |
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Address : |
A 11, Happy Home, Plot No. 16, Vashi, New Mumbai |
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Date of Birth/Age : |
09.12.1951 |
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Date of Appointment : |
19.09.1991 |
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Name : |
Mr. Khurana |
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Designation : |
Director |
MAJOR
SHAREHOLDERS
As on 29.09.2007
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Names of
Shareholders |
No. of Shares |
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Vandna
M. Doshi |
1631776 |
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Manish
U. Doshi |
1070496 |
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|
78880 |
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Manish
U. Doshi (HUF) |
498848 |
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Tolstoy
Investments Private Limited 98, |
320000 |
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Port
Limited 4th
Floor, |
1000000 |
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Total |
4600000 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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21.74 |
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Bodies
corporate |
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6.96 |
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Directors
or relatives of directors |
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71.30 |
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Total |
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100.00 |
BUSINESS
DETAILS
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Line of Business : |
Manufacturer
and Seller of Bulk Drugs |
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Products : |
Bulk
Drugs |
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Exports : |
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Countries : |
Middle East, European Countries, Asian Countries, |
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Imports : |
Raw
materials, capital goods, etc. from reputed manufacturers and suppliers in |
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Countries : |
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Terms : |
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Selling : |
Credit 30-60 days |
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Purchasing : |
L/C
(60 days) and Credit 30 days |
PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity (p. a. ) |
Actual Production |
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Bulk
Drugs |
Tons |
NA |
1600.00 |
1551.034 |
GENERAL
INFORMATION
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Customers : |
Trader and
Manufacturer |
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No. of Employees : |
250 |
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Bankers : |
Ř State Bank of India,
Industrial Finance Branch, The Arcade, World trade Centre, Cuffe Parade,
Mumbai – 400 005, Maharashtra, India Ř EXIM Bank, World Trade Centre,
Cuffe Parade, Mumbai – 400 005 Ř ICICI Bank, Backbay
Reclamation |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
R. M.
Kayal and Company Chartered
Accountants |
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Address : |
406,
Rewa Chambers, B/h. Ayakar Bhavan 31, New Marine Lines, Mumbai – 400020, |
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Tel. No.: |
91-22-22333452/
22032326 |
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Res No.: |
91-22-28084791 |
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Fax No.: |
91-22-22032326/
27 |
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E-Mail : |
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E-Fax: |
001-425-732-1880 |
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Associates/Subsidiaries : |
Ř Umedica Laboratories Limited 407, Dalamal House, Tel. No. 91-22-285 4715 Fax No. 91-22-204 1400 E-Mail: amoli@vsnl.com Website: http://www.amoliindia.com
- It is engaged
in manufacturing and exporting of a wide range of injectables,
tablets, capsules, suspensions and dry syrups, etc. - Subject is
Government Recognised Export House. Ř
Bharat Mercantile Company Ř
Sweta
Pharma Private Limited Ř
Amoli
Infotech Private Limited Ř Ř KMI Business Technologies Private Limited |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12500000 |
Equity Shares |
Rs.10/-
each |
Rs.125.000
millions |
Issued,
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4600000 |
Equity Shares |
Rs.10/-
each |
Rs.46.000
millions |
(Of above 2249100 shares of Rs.10/- each were issued as fully paid up
Bonus Shares by way of Capitalisation of General Reserve.)
FINANCIAL
DATA
[all figures
are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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1000.000 |
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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 |
46.000 |
46.000 |
46.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
192.487 |
187.601 |
157.815 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
238.487 |
233.601 |
203.815 |
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LOAN FUNDS |
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1] Secured Loans |
424.053 |
252.600 |
187.106 |
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2] Unsecured Loans |
197.912 |
100.446 |
102.040 |
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TOTAL BORROWING |
621.965 |
353.046 |
289.146 |
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DEFERRED TAX LIABILITIES |
28.472 |
23.158 |
24.218 |
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TOTAL |
888.924 |
609.805 |
517.179 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
425.125 |
302.674 |
275.015 |
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Capital
work-in-progress |
18.583 |
31.238 |
12.589 |
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|
670.813
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552.418
|
420.740 |
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INVESTMENT |
0.215 |
0.237 |
0.235 |
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DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
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1114.736 |
886.567 |
708.579 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
251.187
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237.846
|
150.504
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Sundry Debtors |
288.561
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259.407
|
229.245
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Cash & Bank
Balances |
15.580
|
2.406
|
1.033
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Other Current
Assets |
0.000
|
0.000
|
0.000
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Loans &
Advances |
115.485
|
52.759
|
39.958
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Total Current Assets |
670.813
|
552.418
|
420.740 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
199.222
|
256.028
|
184.050
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Provisions |
26.590
|
20.734
|
7.350
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Total Current Liabilities |
225.812
|
276.762
|
191.400 |
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Net
Current Assets |
445.001
|
275.656
|
229.340
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
888.924 |
609.805 |
517.179 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
970.523 |
943.205 |
786.904 |
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Other Income |
16.565 |
9.464 |
37.040 |
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Total Income |
987.088 |
952.669 |
823.944 |
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Profit/(Loss) Before Tax |
16.055 |
42.567 |
47.144 |
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Provision for Taxation |
11.169 |
12.781 |
12.612 |
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Profit/(Loss) After Tax |
4.886 |
29.786 |
34.532 |
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Total Exports |
205.000 |
176.023 |
147.452 |
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Total Imports |
257.615 |
282.765 |
203.165 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
|
(56.542) |
(32.962) |
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Material Consumed |
|
614.757 |
516.315 |
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Manufacturing Expenses |
|
160.232 |
138.927 |
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Personal Cost |
|
59.490 |
45.006 |
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Interest |
971.033 |
29.854 |
22.106 |
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Depreciation & Amortization |
|
44.639 |
41.342 |
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Other Expenses |
|
57.672 |
46.066 |
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Total
Expenditure |
971.033 |
910.102 |
776.800 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
0.49 |
3.13 |
4.03
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Net Profit Margin (PBT/Sales) |
(%) |
1.65 |
4.47 |
5.50
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.44 |
4.80 |
6.65
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Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.18 |
0.23
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Debt Equity Ratio (Total Liability/Networth) |
|
3.55 |
2.70 |
2.35
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Current Ratio (Current Asset/Current Liability) |
|
2.97 |
2.00 |
2.20
|
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the
company |
AMOLI ORGANICS PRIVATE LIMITED |
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Presented By |
AMOLI
ORGANICS PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
Deed of hypothecation
of dated 08.02.2005 executed AMOLI ORGANICS PRIVATE
LIMITED, company within the meaning of companies act. 1956 and having its
registered office at 322/4, 40 shed area GIDC Vapi, Gujarat – 396195 therein
and hereinafter referred to as the borrowers in favour of ICICI Bank
Limited |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Secured working
capital facilities nor exceeding Rs. 80.00 millions (the aforesaid working capital
facilities as renewed / modified / amended from time to time are hereinafter
collectively referred to as the facilities) exte4nded / granted to the
borrower. |
|
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 |
The properties
more particularly described in Annexure I hereto |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration
of ICICI having granted agreed to grant to the borrower the facilities,
agreement and declaration by the borrower inter alia, as follows: Covenant by the
borrower to comply to ensure compliance with all the term and conditions set out
in the master facility agreement dated 08.02.2005 entered between the
borrower and ICICI as modified amended / renewed / supplemented from time to
time. The borrower
shall pay / repay all amount in respect of the facility and pay interest and
all other monies in the manner set out in the agreement and the other
transaction documents The assets were
thereby hypothecated inter alia to ICICI as a by way of exclusive / first /
second / first and exclusive charge, as specified in Annexure I hereto as security
for and be charged with the repayment of the facilities, all interest and
other monies in the manner set out in the agreement and the other transaction
documents Power of entry,
power to take charge and or possession of, seize, recover, receive, appoint
received of and remove and sale by auction or private contract, despatch for
realisation or otherwise dispose of or deal with all or any part of the
assets etc. as provided in the deed of hypothecation. All other terms
and conditions as contained in the deed of hypothecation |
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5) Name and
Address and description of the person entitled to the charge. |
ICICI Bank Limited 215, Free Press House, Free Press Journal Marg, Nariman Point Mumbai - 400021 |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90106321 |
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Corporate
identity number of the company |
U24231GJ1991PTC016288 |
|
Name of the
company |
AMOLI
ORGANICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot
No. 322 / 4, 40 Shed Area, GIDC, Vapi – 396 195, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State
Bank of India, Industrial Finance Branch, The Arcade, World trade Centre,
Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: kamalax_saraf@hotmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
No Instrument.
Memorandum of deposit of title deeds for creation of charges for loan to
cover further facilities/ limits allowed and/ or allowed to be with
enhancement. |
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Date of
instrument Creating the charge |
22.05.2007 |
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Amount secured by
the charge |
Rs.505.000
millions |
|
Short particulars
of the property charged |
A first charge by
way of hypothecation of the borrowers entire goods, movables and other assets
present and future including documents of title to the goods and other
assets, such as book debts, outstanding monies, receivables including
receivables by way of cash assistance and/or cash incentives under the cash
incentives scheme or any other scheme, claims including claims by way of
refund of customs/ excise duties under the duty drawback credit scheme or any
other scheme, bills, invoices. |
|
Date of latest
modification prior to the present modification |
12.05.2007 |
|
Particulars of
the present modification |
Now by the
present modification dated 22.05.2007 the company offered an additional
security by way of an equitable mortgage by deposit of title deeds over the
immovable properties to secure its credit facilities of Rs.505.000
millions(i.e. State Bank of India Rs.275.000 millions together with ICICI
Bank Limited Rs.230.000 millions) |
TRADE REFRENCES:
- Phizer
- Glaxo
OPERATION:
The Net Sales stood
at Rs.970.523 millions for the F.Y. 2006-07, reflecting a growth of 3% over the
previous year. Export sales of the company have grown from Rs.186.702 millions
to Rs.217.926 millions.
FUTURE PROSPECTS:
The growth
strategies of the company are based on enlarging market base, improved market
share and value addition to customer services.
Fixed Assets
Ř
Factory
Plot
Ř
Starr
Quarter Plot
Ř
Ř
Plant
and machinery
Ř
Electrical
Equipments
Ř
Motorcar
and Vehicles
Ř
Motorcar
Ř
Motor
Lorry
Ř
Furniture
Fixture and Office equipments
Ř
Computer
Ř
Efferent
Treatment Plant
WEBSITE DETAILS:
Subject, is a member of Amoli Group of Companies founded by
MR.UMED DOSHI 40 years ago. The group is engaged in the manufacturing and
marketing of Active Pharmaceutical Ingredients and Intermediates.
Leading manufacturers of Diclofenac Salts and
Carbamazepine
Two multipurpose plants with reactor volume
more than 350 KL.
Follow WHO GMP and highest international
standards.
Quality Management System ensures strict
quality control.
Full fledged R&D center.
Pilot plant translates laboratory results
into production scale.
Undertake Contract Research and Custom
Synthesis.
Products with Drug Master Files.
Large clientele includes many multinational
companies.
300 dedicated and strong work force with
specialised technical experts to meet customer's specific needs.
A Government of India recognised Export House
with exports to more than 45 countries.
PRODUCTS
ACTIVE PHARAMACEUTICAL INGREDIENTS
DICLOFENAC SODIUM and SALTS
CARBAMAZEPINE
ACECLOFENAC
OXCARBAZEPINE
PIOGLITAZONE HCL
LEVETIRACETAM
ASCORBIC ACID (VITAMIN C)
GABAPENTINE
SODIUM ASCORBATE
SERTRALINE HCL
CALCIUM ASCORBATE
VENLAFAXINE HCL
CLOTRIMAZOLE
TELMISARTAN
BIFONAZOLE
METRONIDAZOLE BENZOATE
ARTEMETHER
FORMOSULPHATHIAZOLE
ARTESUNATE
S/R PELLETS
DIHYDRALAZINE SULPHATE
GRANULES
NORETHISTERONE ACETATE
Available
- DMF
- Cert. of Suitability
- Micronised Material
- As per latest Pharm. Stds.
- Intermediates
- Contract research and Custom Synthesis
Note : All Transactions are carried out in
confirmity with the patent laws applicable in the user country. Responsibility
with respect to third party's patent rights in a specific country lies
exclusively with the buyer
INTERMEDIATES
|
Diclofenac Sodium
Oxcarbazepine
|
Subject has state-of-the-art manufacturing
facilities comparable with the best in the world with right expertise to
manufacture wide spectrum of molecules catering to global pharmaceutical
formulators. This total reactor volume is 350KL.
The Company has two plants, located at Vapi and
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts,
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.47.89 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.67.37 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|