MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARUN AND COMPANY |
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Registered Office : |
Polaris, 6th Floor, Off Marol Maroshi Road, Behind Sangeet Plaza,
Marol, Andheri [East], Mumbai – 400059, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
1947 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Exporter, Importer and Agent of Industrial Enzymes and Pharma Raw
Materials |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established concern. The management of the concern
remained non-cooperative during current investigation. Hence, this report is
based on indirect sources of information. Trade relations are reported as
fair. Business is active. Payments are reported as usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Polaris, 6th Floor, Off Marol Maroshi Road, Behind Sangeet
Plaza, Marol, Andheri [East], Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-67723000 |
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Fax No.: |
91-22-67253399 |
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E-Mail : |
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Website : |
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Branches : |
Located at
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PARTNERS
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Name : |
Mr. D. M. Doshi |
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Designation : |
Partner |
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Name : |
Mr. Rashesh Doshi |
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Designation : |
Partner |
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E-Mail : |
KEY EXECUTIVES
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Name : |
Ms. Priya |
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Designation : |
Export Executive |
BUSINESS DETAILS
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Line of Business : |
Exporter, Importer and Agent of Industrial Enzymes and Pharma Raw
Materials |
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Brand Names : |
‘ZYTEX’ |
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Exports : |
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Products : |
Industrial Enzymes and Pharma Raw Materials |
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Countries : |
Africa, South East and Asia |
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Imports : |
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Products : |
Industrial Enzymes and Pharma Raw Materials |
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Countries : |
Europe, Japan, US, UK and Denmark |
GENERAL
INFORMATION
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No. of Employees : |
Around 50 |
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Bankers : |
Bank of India |
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Banking Relations
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-- |
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Memberships : |
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Associates/Subsidiaries : |
Zytex [India] Private Limited |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
-- |
FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile
Established
in 1947, subject is engaged in the business of a
wide range of innovative & unique biotechnology products in India. Having
pioneered the enzymes business in the country more than two decades ago, subject is now associated with leading
manufacturers of biotechnology products all over the world. It has a rich list
of customers, which includes almost all leading companies in pharmaceutical,
textile, diagnostics, oil, starch, baking and other industries. Subject currently develops, manufactures and markets a wide range
of products including enzymes of diagnostics, research & industrial grades,
biochemicals, probiotics, enzyme / probiotic formulations and reagents for
research & diagnostics.
Subject
has set up a full-fledged laboratory for its R&D activities in the
commercial capital of India, Mumbai alongside its corporate office. From the
very inception, subject has
believed in building a strong base, not only for new products, but also for
application technology.
Subject is a frontrunner amongst
biotechnology suppliers in India with diversified interest in areas such as
industrial biotechnology, diagnostics, molecular biology and pharmaceuticals.
Commenced with the marketing of pharmaceuticals ingredients in a petite way in
1947, the company has been growing in line with the trends of the modern world
and has ventured into specialized and innovative areas in biotechnology.
As a
first step in the diversification process, it had taken up the exclusive
distributorship of the world's largest producers of enzymes, Novo Nordisk A/s
(now Novozymes A/s) of Denmark in 1980 thus pioneering the enzymes business in
India. Subject now has strategic business alliances with world-renowned
manufacturers of enzymes, biochemicals, probiotics, food & feed additives,
clinical chemistry reagents, enzyme substrates, etc. Selection of business
associates has always been meticulous that all of them are the best in their
respective fields worldwide. Subject is continuously in search of new
bisiness partners to enhance its product range and services in order to fulfill
its customers' growing demands.
Subject is located in Mumbai, the
commercial capital of India, with a distribution network all over India which also extends internationally in several Asian
countries. Subject's distribution arm Rashesh & Co., maintains a
modernized warehouse about 50 kms. away from Mumbai. To meet the growing
customer demands the company has established branch offices in several metro
cities around the country like New Delhi (North), Kolkata (East), Bangalore and
Bellary (South). Owing to its thirst in adopting latest technologies, subject set up its own well-equipped laboratory in Mumbai under a
team of technically qualified & experienced personnel in early 2000.
Quality analysis of enzymes & other products as wel as application trials
are being done in this laboratory to stimulate customer backup.
This division is lead by qualified personnel, including food technologists, oil
technologists & microbiologists. Apart from doing lab analysis, application
trials, etc. both at the Q.C. lab as well as customers' laboratories/plants,
this technically strong team provides instant technical backup to the
customers.
Arun
& Co. has been in association with the world's largest enzyme manufacturers
Novozymes A/s Denmark (previoulsly Novo Nordisk A/s) since 1980. Arun & Co.
exclusively supplies Novozyme's enzymes for industries like detergent, textile,
starch, alcohol, baking, food, pharmaceutical, protein, oil & fat, leather,
tea, coffee, etc. It now has the names of almost all of India's leading
companies, included in the above industries, within its customer profile. Arun
& Co. also offers unique formulations and ingredients (Probiotics &
Prebiotics) for the feed industry. With the growing concerns of environmental
pollution, the company has introduced a range of products useful for biological
waste treatment.
Business
Partners
Novozymes
A/S, Denmark Since
1980
Solvay
Pharmaceuticals BV,
The Netherlands Since
1989
Biozyme
Laboratories Ltd,
U.K. Since
1998
Organo
Technie S.A., France Since
1999
Worthington
Biochemical Corporation, USA Since
1999
Bitop
AG, Germany Since
2000
Takara
Bio Inc., Japan Since
2002
Institut
Rosell / Lallemand,
Canada Since
2003
Boval
Company, USA Since
2004
Far
Srl, Italy Since
2004
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.07 |
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UK Pound |
1 |
Rs.77.98 |
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Euro |
1 |
Rs.59.02 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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