MIRA INFORM REPORT

 

 

 

Report Date :

03.07.2008

 

IDENTIFICATION DETAILS

 

Name :

AUROCHEM LABORATORIES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

333, Gundecha Industrial Complex, Akuril Road, Kandivali East, Mumbai – 400101, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

26.11.1997

 

 

Com. Reg. No.:

11-112098

 

 

CIN No.:

[Company Identification No.]

U24230MH1997PTC112098

 

 

IEC No.:

0397082886

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA17202D

 

 

PAN No.:

[Permanent Account No.]

AAACA9690D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Pharmaceuticals Formulations.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 28000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and established company having moderate track. Company’s profitability is improving and is expected to wipe-off previous losses soon. Trade relations are fair. Payments are reported as slow but correct.

 

The company can be considered for small to mediocre business dealings with slight caution, initially.

 

No clean credit can be granted.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sanjay

Designation :

Accountants

Date :

28.07.2008

 

 

LOCATIONS

 

Registered Office :

333, Gundecha Industrial Complex, Akuril Road, Kandivali East, Mumbai – 400101, Maharashtra, India

Tel. No.:

91-22-28858503/ 28858504/ 28858505

Mobile No.:

91-9833108225

Fax No.:

91-22-28873236

E-Mail :

aurochem@mtnl.net.in

info@aurochemlaboratories.com

sales@aurochemlaboratories.com

d_ddesai@yahoo.com

ashardeepak@hotmail.com

Website :

http://www.aurochemmlabs.com

http://www.aurochemlaboratories.com

Area :

1600 sq. ft.

Location :

Owned

 

 

Corporate Office :

A-3, Kavita Apartments, Dr. N. R. Karodia Marg, Borivali (West), Mumbai-400092, Maharashtra, India

Tel No.:

91-22-28056665

Mobile :

91-9820067503

 

 

Factory 1:

Located at:

 

Palghar

 

 

Factory 2:

Unit No. A-34, Nand Bhuvan Industrial Estate, Mahal Industrial Estate, Off. Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India

 

DIRECTORS

 

Name :

Mr. Pravinchandra Desai

Designation :

Chairman

Address :

C/201-202, Raghuvanshi Apartmetns, Chandavarkar Lane, Borivli (West), Mumbai-400092, India

Date of Birth/Age :

28.04.1945

Qualifications :

B.Sc

Date of Appointment :

26.11.1997

 

 

Name :

Mr. Mahesh M. Shah

Designation :

Director

Address :

D/112, Matru Ashish, Chandavarkar Lane, Borivli (West), Mumbai-400092, India

Date of Birth/Age :

11.07.1956

Qualifications :

B.Com

Date of Appointment :

26.11.1997

 

 

Name :

Mr. Piyush M. Shah

Designation :

Director

Address :

B/307, Matru Ashish, Chandavarkar Lane, Borivli (West), Mumbai-400092

Date of Birth/Age :

25.05.1961

Qualifications :

B.Sc

Date of Appointment :

26.11.1997

 

 

Name :

Mr. Deepak D. Desai

Designation :

Director

Address :

C/201-202, Raghuvanshi Apartmetns, Chandavarkar Lane, Borivli (West), Mumbai-400092

Date of Birth/Age :

23.09.1969

Qualifications :

B.Com

Date of Appointment :

03.12.1997

 

 

KEY EXECUTIVES

 

Name :

Alpesh Shah and Associates

Designation :

Company Secretary

Address :

Mumbai - 400092

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 30.09.2005)

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Pravin B. Desai

 

226460

Mr. Piyush M. Shah

 

192280

Mr. Deepak Desai and Others

 

1000

Mr. Mahesh M. Shah

 

281692

Mr. Piyush Shah and Others

 

1000

Mr. Deepak Desai and Others

 

1000

Mr. Ravi Mehta

 

246540

Mr. Keyur Mehta

 

1

Dhanshree Fabrics

 

1

Mr. Gulam Khan

 

1

Mr. Adil Khan

 

1

Mrs. Urmila D. Parekh

 

1

Mrs.Seema S. Chavan

 

1

 

(As on 31.03.2007)

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Pharmaceuticals Formulations.

 

 

Products :

 

 

Exports :

 

Countries :
  • Africa
  • Gulf Countries
  • Asia Countries

 

 

Imports :

 

Countries :

China

 

 

Terms :

 

Selling :

DP for Local

 

 

Purchasing :

L/C, DP for Local

 

 

GENERAL INFORMATION

 

Suppliers :
  • Ajit Mittal Concepts (India)
  • Apex Extrusions Private Limited
  • Aquatic Remedies Private Limited
  • Compack Enterprises India Private Limited
  • Indoco Remedies Limited
  • Ipca Laboratories Limited
  • Jayant Paper Box Private Limited
  • Kahan Printers Private Limited
  • Manga Capsules Limited
  • Nectar Drugs Private Limited
  • .Pretty Pack Well Private Limited
  • Royal Packaging & Allied
  • Satyanand Plastics Private Limited

 

 

Customers :

Wholesalers

 

  • Altus Pharma Technology Private Limited
  • Galpha Laboratories Limited.
  • Glow Export Trading Private Limited
  • Green Star International Private
  • Lily Healthcare Private Limited
  • Ochoa Laboratories Private Limited
  • Orison Marketing Agencies
  • Shreya Life Sciences Private Limited
  • Moonlight Pharmacy (1998) Limited
  • Zenufa Laboratories SPRL
  • Aurochem Paharma (I) Private Limited
  • Ayush Drug Distributors
  • Karnani Laboratories Limited

 

 

No. of Employees :

200

 

 

Bankers :
  • State Bank of India

MIDC Andheri (East) Branch, Marol, Central Road, Andheri (East), Mumbai – 400093, Maharashtra, India

 

  • Citi Bank
  • Standard Chartered Bank

 

 

Facilities :

CC – Rs.9.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Hemant Vyas and Associates

Chartered Accountants

Address :

C-18, Madhu CHS Limited, Rokadia Cross Lane,  Borivali (West), Mumbai-400092, India

Tel No.:

91-22-28931088

 

 

Associates/Subsidiaries :

Auro Pharmaceuticals Industries

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs.20.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

95000

Equity Shares

Rs.100/- each

Rs.9.500 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

9.500

9.500

9.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(3.866)

(7.478)

(11.775)

NETWORTH

5.634

2.022

(2.275)

LOAN FUNDS

 

 

 

1] Secured Loans

9.155

11.476

22.159

2] Unsecured Loans

24.593

21.365

21.566

TOTAL BORROWING

33.748

32.841

43.725

DEFERRED TAX LIABILITIES

1.391

0.000

0.000

 

 

 

 

TOTAL

40.773

34.863

41.450

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

11.057

0.000

0.000

Capital work-in-progress

3.561

11.652

9.202

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

3.263

7.163

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
16.312

16.056

18.133

 

Sundry Debtors
32.820

28.398

28.008

 

Cash & Bank Balances
2.940

2.516

2.169

 

Other Current Assets
3.242

3.080

8.754

 

Loans & Advances
2.029

1.690

2.659

Total Current Assets
57.343

51.740

59.723

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
27.038

30.946

33.795

 

Provisions
4.150

0.850

0.850

Total Current Liabilities
31.188

31.796

34.645

Net Current Assets
26.155

19.944

25.078

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.004

0.007

 

 

 

 

TOTAL

40.773

34.863

41.450

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

88.118

120.867

Other Income

 

0.000

0.000

Total Income

 

88.118

120.867

 

 

 

 

Profit/(Loss) Before Tax

 

11.567

9.744

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

11.567

9.744

 

 

 

 

Expenditures :

 

 

 

 

Depreciation & Amortization

 

0.776

0.659

 

Other Expenditure

 

75.775

110.464

Total Expenditure

 

76.551

111.123

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
13.13

8.06

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
13.13

8.06

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
16.91

18.83

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
2.05

4.82

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
6.20

31.97

(34.45)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.84

1.63

1.72

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRUSTSEAL ACCEPTANCE CHART                                  

 

 

Parameters

Details

 

 

Statutory Approvals

 

Income Tax Registration

AAACA9690D

Import Export Code

0397082886

Name of Bank

State Bank of India

Current Account Number

10606691836

 

 

 

 

 

Trade Reference:

 

 

Fixed assets:

 

 

 

Website Details

 

Profile:

 

Engaged in manufacturing, supplying and exporting of pharmaceutical products, they are amongst the fastest growing organizations in the pharma industry. Manufactured as per international set standards, our products viz antibacterial, antimalarial, impotence drugs, NSAIDS, cardiovascular, anti fungal, etc. are very effective and reliable. They offer more than 450 different types of drugs.


The medicines manufactured by marketed across the globe via their soundly connected marketing and distribution network. Various institutions like hospitals, pharmacies, chemists, pharmaceutical wholesalers, health organizations, medical centers, etc. can source their products at competitive prices.


Moreover, depending upon the nature of business required by their customers from overseas market, they have laid differential plans like contractual manufacturing, partnerships, etc. Their products can be sourced within stipulated time frame.

 

 

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.43.34

UK Pound

1

Rs.86.53

Euro

1

Rs.68.54

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

2

--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

 

28

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions