MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ONEIRO CHEMICALS LIMITED |
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Formerly Known As : |
ORIENT PHARMACHEM PRIVATE LIMITED |
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Registered Office : |
1st Floor, ABS Tower, Old Padra Road, Vadodara – 390007,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.10.2004 |
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Com. Reg. No.: |
044960 |
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CIN No.: [Company
Identification No.] |
U24230GJ2004PLC044960 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDO00203A |
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PAN No.: [Permanent
Account No.] |
AAACO7069C |
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Legal Form : |
Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturing
of a Range of Organic Chemicals for use as Raw Materials and Intermediates in
the Pharmaceutical Industry |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 75264 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company. The company has some accumulated losses.
However, the same are expected to be wiped-off soon. Trade relations are
fair. Payments are reported as slow but correct. The company can be considered can be considered normal for small to
mediocre business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered/ Corporate Office : |
1st Floor, ABS Tower, Old Padra Road, Vadodara – 390007,
Gujarat, India |
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Tel. No.: |
91-265-2341648/ 2338839/ 2334516/ 390007 |
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Fax No.: |
91-265/2336908 |
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E-Mail : |
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Website : |
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Factory : |
S. No. 475/P, At and Po. Ekalbara, Taluka – Padra, District – Vadodara
– 391440, India |
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Tel. No.: |
91-2662-226039/ 395563 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Mukesh Dahyabhai Patel |
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Designation : |
Director |
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Name : |
Mr. Dushyant Dahyabhai Patel |
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Designation : |
Director |
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Address : |
3/4, Akashwan Housing Complex, Gotri-Sevasi, Baroda – 391101, Gujarat,
India |
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Date of Birth/Age : |
15.09.1954 |
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Date of Appointment : |
27.10.2004 |
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Email : |
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Name : |
Mr. Niraj M. Patel |
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Designation : |
Director |
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Address : |
93, Urmi Socierty, Productivity Road, Vadodara – 390007, India |
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Date of Birth/Age : |
29.10.1975 |
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Date of Appointment : |
01.12.02004 |
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Email : |
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Name : |
Mr. Nikhil Mukesh Patel |
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Designation : |
Director |
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Address : |
93, Urmi Socierty, Productivity Road, Vadodara – 390007, India |
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Date of Birth/Age : |
04.11.1978 |
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Date of Appointment : |
01.12.2004 |
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Email : |
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Name : |
Mr. Pranav Dushyant Patel |
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Designation : |
Director |
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Address : |
3/4, Akashwan Housing Complex, Gotri-Sevasi, Baroda – 391101, Gujarat,
India |
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Date of Birth/Age : |
14.12.1979 |
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Date of Appointment : |
01.12.2004 |
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Email : |
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Name : |
Mr. Yashwanrbhai Fakirbhai Patel |
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Designation : |
Director |
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Address : |
16-B, Green Land Socierty, Hari Nagar Vasna Road, Off Gotri Road,
Baroda – 390021, Gujarat, India |
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Date of Birth/Age : |
01.06.1951 |
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Date of Appointment : |
06.05.2006 |
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Tel No.: |
91-265-2341648 |
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Fax No.: |
91-265-2336908 |
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Date of Appointment : |
31.08.2006 |
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Email : |
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Other Directorship Company : |
Transpek Finance Limited Director U65910GJ1991PLC015044 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Mukesh Dahyabhai Patel |
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5000 |
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Mr. Dushyant Dahyabhai Patel |
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5000 |
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Total |
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10000 |
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of a Range of Organic Chemicals for use as Raw Materials and Intermediates in
the Pharmaceutical Industry |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Old Padra Road
Branch, Vadodara - 390015, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Contractor Nayak and Krishnadwala Chartered Accountant |
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Address : |
1 B, 1st Floor, Pushpam, K. D. Road, Vile Parle (W), Mumbai
– 400056, Maharashtra, India |
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Associates/Subsidiaries : |
Transpek Finance Limited Director U65910GJ1991PLC015044 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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2000000 |
Equity Share |
Rs.10/- each |
Rs.20.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
20.000 |
17.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
(1.184) |
(2.404) |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
18.816 |
14.596 |
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LOAN FUNDS |
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1] Secured Loans |
|
52.510 |
27.030 |
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2] Unsecured Loans |
|
18.970 |
10.300 |
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TOTAL BORROWING |
|
71.480 |
37.330 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
90.296 |
51.926 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
80.369 |
49.136 |
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Capital work-in-progress |
|
0.000 |
3.409 |
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INVESTMENT |
|
1.375 |
0.787 |
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DEFERREX TAX ASSETS |
|
0.758 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19.934 |
11.500 |
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Sundry Debtors |
|
20.218 |
2.827 |
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Cash & Bank Balances |
|
3.368 |
0.941 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3.887 |
4.240 |
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Total
Current Assets |
|
47.407 |
19.508 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
37.233 |
18.961 |
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Provisions |
|
2.585 |
2.058 |
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Total
Current Liabilities |
|
39.818 |
21.019 |
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Net Current Assets |
|
7.589 |
(1.511) |
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MISCELLANEOUS EXPENSES |
|
0.205 |
0.105 |
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TOTAL |
|
90.296 |
51.926 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
91.653 |
23.215 |
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Other Income |
|
0.495 |
3.272 |
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Total Income |
|
92.148 |
26.487 |
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Profit/(Loss) Before Tax |
|
0.579 |
(2.307) |
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Provision for Taxation |
|
(0.640) |
0.045 |
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Profit/(Loss) After Tax |
|
1.219 |
(2.262) |
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Expenditures : |
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Raw Material Consumed |
|
65.084 |
21.193 |
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Purchases made for re-sale |
|
0.364 |
0.732 |
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Consumption of stores and spares parts |
|
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
|
(4.990) |
(5.167) |
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Salaries, Wages, Bonus, etc. |
|
7.454 |
2.193 |
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Managerial Remuneration |
|
1.080 |
0.415 |
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Payment to Auditors |
|
0.050 |
0.017 |
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Interest |
|
5.322 |
2.029 |
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Insurance Expenses |
|
0.416 |
0.100 |
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Power & Fuel |
|
6.471 |
2.956 |
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Depreciation & Amortization |
|
3.313 |
1.251 |
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Other Expenditure |
|
7.005 |
3.075 |
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Total Expenditure |
|
91.569 |
28.794 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.32 |
(8.54) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.63 |
(9.94) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.45 |
(3.36) |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.03 |
(0.16) |
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Debt Equity Ratio (Total Liability/Networth) |
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5.91 |
3.99 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.19 |
0.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
ONEIRO CHEMICALS LIMITED |
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Presented By |
Mr. Dushyant Dahyabhai Patel, Director |
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1) Date and description of instrument creating the change |
Agreement for
Hypothecation of Goods dated 16th May, 2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
Facilities of Rs.2.000 Millions |
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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 |
On first charge
basis, hypothecation of all stock of goods such as raw materials, goods in
process, finished and manufactured goods, equipment, tools, stores and spares
and/ or consumer articles and accessories stored or to be stored at company
factory at Akalbara, Taluka – Padra, District – Vadodara including goods in the course of transit
or delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– 13.5% p.a. with quarterly rest, which the Bank may after from time to time. Margin – 25% on
raw materials and 30% on others |
|
5) Name and Address and description of the person entitled to the charge. |
The Kalupur
Commercial Co-operative Bank Limited Old Padra Road
Branch, Vadodara – 390015, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental Deed
of Hypoithecation of Goods dated 19th July, 2005. |
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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. |
At the request of
the company, the Bank has granted additional cash credit facility of Rs.1.500
Million (Stock), marking the total limit enhanced from Rs.2.000 Millions to
Rs.3.500 Millions accordingly, the original charge created vide agreement of
hypothecation of goods dated 16th May 2005 is modified and
extended to secure the revised limit of Rs.3.500 Millions The other terms
and conditions of the original charges remained un-altered. |
|
Corporate
identity number (CIN) Foreign company registration number |
U24230GJ2004PLC044960 |
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Name of the
Company |
ONEIRO CHEMICALS LIMITED |
|
Address |
1st Floor, ABS Tower, Old Padra Road, Vadodara – 390007,
Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Book Debts Movable Property (not
being pledge) |
|
Particulars of
the charge holder |
The Kalupur
Commercial Co-operative Bank Limited Old Padra Road
Branch, Vadodara - 390015, Gujarat, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Agreement for
Hypothecation of Stock and Book debts dated 05.01.2007 |
|
Date of the
instrument creating or modifying the charge |
05.01.2007 |
|
Amount secured by
the charge |
Rs.13.500 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Presently 11%
p.a. to Calculated on the daily balance and to be charged in company account
with monthly rest, subject to alteration from time to time. Margin: Repayable on
demand Margin: 30% on stock and
book debts, which the Bank may specify from time to time. Extent and
operation of the charge: First
hypothecation charge on stock and book debts. |
|
Short particulars
of the property charged (including location of the property) |
The whole of the
company stock, whether raw, in process of manufacture or in finished form,
Equipments, Tools, Stores and Spares and/or consumable articles and
accessories to be stored into company factory at village Ekalbara, – Padra,
District – Vadodara or any where elese including goods in transit or delivery
and all Book Debts. |
|
Particular of the
present modification |
N.A. |
Website details:
Established
in the year 2004, Subject is an ISO-9001-2000 certified organization. It is a
relatively young company that is making its presence felt and making rapid
progress nationally and internationally.
Subject is involved in the manufacturing of a range of organic chemicals for
use as raw materials and intermediates in the pharmaceutical industry. Subject
is one of its kinds of the very few companies which have been able to carve a
niche in the pharmaceutical industry by using the right blend of Research
Strengths, Manufacturing Capabilities and Human Resources and well established
quality management system.
- Infrastructure :
Total
Land Area
30000 sq mtr
Total
Plant Area
OPCC plant: 1100 sq.mtr.
Utility Area: 300 sq.mtr.
Stores Area: 200 sq.mtr.
Total
Manpower
85 People (3 Shifts, 7 Days)
Installed
Plant Capacity
Omeprazole
Chloro Compound 6 MT/month
- SS Reactors
1KL to 5 KL (Total No. 12)
- Glass lined
reactors 0.5 KL to 3 KL (Total No.6)
- Total Volume
47 KL
- No. of
Centrifuges 5
- No of Dryers
1 (Tray Dryer , 200 Trays)
- No of Nutsche
Filters 3
List of
Utilities:
- Boiler
- Chilled water plant
- Brine unit
- Cooling Tower
- Soft water plant
- DM water plant
- RO plant
- N2
plant
Reaction Handling
Capabilities:
- Reduction
- Methylation
- Hydrolysis
- Chlorination
- Condensation
- Bromination
- Sulphonation
- Grignard
Reaction
- Fridel Crafts
Reactions
- Nitration
- Mannich
Reaction
- Cyclization
- Dehydrogenation
- Esterification
- Acetylation
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.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|