MIRA
INFORM REPORT
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Report Date : |
20.11.2008 |
IDENTIFICATION DETAILS
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Name : |
MULTI ORGANICS PRIVATE LIMITED |
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Registered Office : |
503, Keshava, Bandra- Kurla Complex, Bandra (East), Mumbai-400051, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.06.1976 |
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Com. Reg. No.: |
11-19067 |
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CIN No.: [Company
Identification No.] |
U27100MH1976PTC019067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20905D |
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PAN No.: [Permanent
Account No.] |
AAACM4507D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and supplier of Advance intermediates and Fine Chemicals
to the Global Pharmaceutical, Agro Chemical and Colarant Industry. |
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 1300000 |
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Status : |
Good |
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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
records. Trade relations are fair. Financial position is good. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
503, Keshava, Bandra- Kurla Complex, Bandra (East), Mumbai-400051, |
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Tel. No.: |
91-22-26590172 |
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Fax No.: |
91-22-66954585 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.ft ( Owned) |
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Factory 1 : |
A1, MIDC, |
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Tel. No.: |
91-7172-287618 |
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Area : |
10 acre ( Owned) |
DIRECTORS
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Name : |
Mr. Vasantrao V Birewar |
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Designation : |
Chairman and Additional Director |
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Address : |
Krishma Apartment, Building No. A-10, Flat No. 1103, |
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Date of Birth/Age : |
22.09.1937 |
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Qualification : |
Graduate |
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Date of Appointment : |
27.03.2007 |
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Other Directorship: |
Abhideep Chemicals Private Limited U24110MH1986PTc041439 |
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Name : |
Mrs. Alka Baburao Birewar |
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Designation : |
Director |
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Address : |
103, Tower B, Kalpataru Residen, |
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Date of Birth/Age : |
01.04.1941 |
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Date of Appointment : |
09.06.1976 |
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Name : |
Mr. Abhijeet Baburao Birewar |
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Designation : |
Director |
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Address : |
113-B-Kalpataru Residency, Kamani Marg, Near Sioncircle, Sion (East),
Mumbai-400022, |
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Date of Birth/Age : |
03.12.1969 |
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Qualification : |
M.S.C in Chemicals From |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Prakash Vithalrao Kondawar |
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Designation : |
Director |
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Address : |
415-A-Wing, 4th Floor, Himeshikhar Apartments, 11, Shivaji
Nagar, Nagpur-440010, |
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Date of Birth/Age : |
29.09.1943 |
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Date of Appointment : |
09.06.1973 |
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Name : |
Mr. B V Birewar |
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Designation : |
Managing Director |
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Qualification : |
M.Tech |
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Name : |
Mr. Ajit M Naik |
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Designation : |
Director |
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Address : |
63/ B Kalpatru Residency, Near |
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Date of Birth/Age : |
09.06.1960 |
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Qualification : |
B.Tech, MBA |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Deepak Birewar |
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Designation : |
Director |
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Address : |
93/ B Kalpatru Residency, Near |
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Date of Birth/Age : |
22.10.1962 |
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Qualification : |
PHD From |
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Date of Appointment : |
30.09.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Baburao Vishawanath Birewar |
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62640 |
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Baburao Vishawanath Birewar/ Alak B Birewar |
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75840 |
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Baburao Vishawanath Birewar |
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44800 |
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Baburao Vishwanath Birewari. Deepak Baburao Birewar |
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1500 |
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Alka B Birewar |
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56420 |
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Alka B Birewar / Abhijeet B Birewar |
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55200 |
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Alka Birewar / Abhijeet B Birewar |
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1500 |
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Baburao Vishwanath Birewar |
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24120 |
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Abhijeet Baburao Birewar |
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29475 |
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Deepak Baburao Birewar |
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24255 |
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Rasika Abhijeet Birewar |
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375 |
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Neeta Ajit Naik |
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6375 |
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Ajit M Naik |
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3500 |
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Prakash Vithal Rao Koandawar |
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6400 |
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Anuprita Prakash Kondawar |
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2400 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Director or relatives of directors |
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70.00 |
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Other Top fifty ( 50) Shareholders (Other than listed above) |
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30.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and supplier of Advance intermediates and Fine Chemicals
to the Global Pharmaceutical, Agro Chemical and Colarant Industry. |
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Exports : |
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Countries : |
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Aisa |
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Imports : |
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Countries : |
·
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Ukrain ·
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
330 (Office 30, Factory 300) |
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Bankers : |
·
Bank of ·
HDFC Bank, Khar |
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Facilities : |
CC Rs. Above 50.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kanu Doshi Associates ( Jayesh Parmar) Chartered Accountant |
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Address : |
158, Udyog Bhavan, |
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Memberships : |
·
Basic Chemicals, Pharmaceuticals and Cosmetics
Export Promotion Council ·
Indian Drug Manufacturers Association |
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Associates/Subsidiaries : |
Abhideep Chemical Private Limited |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
980000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.800 Millions |
|
2000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.200 Milllion |
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Total |
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Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
6.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
259.887 |
250.407 |
247.496 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
265.887 |
256.407 |
253.496 |
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LOAN FUNDS |
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1] Secured Loans |
9.111 |
1.566 |
0.897 |
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2] Unsecured Loans |
47.615 |
48.128 |
48.766 |
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TOTAL BORROWING |
56.726 |
49.694 |
49.663 |
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DEFERRED TAX LIABILITIES |
8.263 |
9.389 |
14.308 |
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TOTAL |
330.876 |
315.490 |
317.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.710 |
126.339 |
128.452 |
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Capital work-in-progress |
1.277 |
0.150 |
1.158 |
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INVESTMENT |
90.027 |
116.533 |
121.225 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
42.739
|
36.703 |
47.346 |
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Sundry Debtors |
71.307
|
32.500 |
27.706 |
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Cash & Bank Balances |
10.892
|
26.880 |
35.421 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
51.788
|
18.609 |
17.708 |
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Total
Current Assets |
176.726
|
114.692 |
128.181 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
53.494
|
41.563 |
52.282 |
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Provisions |
4.370
|
0.661 |
9.267 |
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Total
Current Liabilities |
57.864
|
42.224 |
61.549 |
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Net Current Assets |
118.862
|
72.468 |
66.632 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
330.876 |
315.490 |
317.467 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
368.897 |
247.016 |
281.765 |
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Other Income |
11.708 |
9.048 |
13.827 |
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Total Income |
380.605 |
256.064 |
295.592 |
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Profit/(Loss) Before Tax |
NA |
(1.848) |
3.139 |
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Provision for Taxation |
NA |
(4.268) |
(0.121) |
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Profit/(Loss) After Tax |
NA |
2.420 |
3.260 |
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Expenditures : |
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Cost of Goods Sold |
NA |
15.551 |
12.401 |
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Manufacturing Expenses |
NA |
83.150 |
90.952 |
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Increase/(Decrease) in Finished Goods |
2.761 |
11.113 |
(28.278) |
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Interest |
NA |
0.895 |
0.830 |
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Depreciation & Amortization |
NA |
14.370 |
13.625 |
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Other Expenditure |
NA |
132.833 |
202.923 |
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Total Expenditure |
NA |
257.912 |
292.453 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
-
|
0.94 |
1.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
-
|
(0.74) |
1.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
-
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(0.51) |
0.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
-
|
(0.007) |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.35 |
0.43 |
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Current Ratio (Current Asset/Current Liability) |
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3.05
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2.72 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Divis Laboratories,
Hydrabad
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Raha Dies, Mumbai
Fixed Assets:
·
·
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Residental Flats
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Plant and Machienry
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Water Pollution
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Vehicles
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Office Equipments
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Computers/ Software
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Furniture and Fixtures
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Office Premises
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Quarters
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Jeep/ Van Shed
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Administrative Building
·
Air- Conditioners
Bankers Charges
Report as per Registry
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Name of the company |
Multi Organics Private Limited |
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Presented By |
Jointly by the Company and Bank of |
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1) Date and description of instrument creating the change |
Hypothecation of goods and book debts to secure cash credit facility dated
12th June 1989 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 3.500 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 |
Hypothecation of receivable / book debts outstanding not more than 90
days. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
I] Interest / Commission as per RBI / H. O. Rules II] Securities to cover principal amount together with interest, Cost,
Charges, Expenses etc. |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of Kala Nagar Bandra [Eats] Mumbai – 400051 |
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6) Date and brief description
of instrument modifying the charge |
Composite deed of hypothecation for AKL Facilities dated 17th November, 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. |
First Modification - on 16.08.1989 Charges enhanced from Rs. 3.500
Millions to Rs. 5.000 Millions Second Modification - On
13.01.1998 Charge enhanced from Rs. 5.000 Millions to Rs. 12.000 Millions By Present Modification – Charge enhanced from Rs. 12.000 Millions to
Rs. 12.500 Millions Details as under :
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AS PER WEBSITE:
History:
Multi Organics is
Strong business ethics, low-cost and efficient manufacturing skills, commitment
to outstanding service and wide-ranging technology know-how make Multi Organics
a preferred partner for its customers.
Multi Organics’ products are used in a wide range of industries such as
Pharmaceuticals and API’s, Agrochemicals, Electronic Chemicals, Colorants –
Dyes, Pigments and Food Colors, amongst others.
The company’s success is based on the know-how of its people and their ability
to identify new customer needs at an early stage and to work together with
customers to develop innovative, efficient solutions.
Profile:
The registration process requires manufacturers and
importers to generate detailed data for all chemicals produced or imported into
the EU above one ton per year. The registrants must also identify appropriate
risk management measures and communicate them to the stakeholders down the
value-chain.
Multi Organics is prepared for the implementation of REACH. They see REACh as
much as a regulation as a Threat /
into effect.
Multi Organics clearly supports REACh! A high degree of human safety and
protection of the environment is not a regulation, but a clear choice and a way
of working for Multi Organics.
Multi Organics communicates closely with their customers and suppliers about
any REACh concerns.
Services:
Multi Organics’ manufacturing services
comprises two business sectors of Contract Manufacturing and Custom Synthesis.
It offers the global chemical industry world-class services related to
research, development, scale-up and manufacturing of chemicals, intermediates,
fine and specialty chemicals from research to commercial quantities.
Overview
Multi Organics is a leading contract manufacturing and
custom synthesis company with a broad tool-box of capabilities and
technologies. The customer focused approach allows them to uniquely offer to
the clients synergies between R and D, Scale-up, and Frugal Manufacturing
skill-sets to enable the production of Intermediates and Specialty Chemicals
for use in the Pharma, Agro, Electronic and the Colorant industries.
Key to success
·
Multi Organics Contract and Custom
Manufacturing combines:
·
Rich experience
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A proven track record
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Extensive technical expertise and
technology platforms
·
Financial security
·
High quality
·
Dedicated professional project
management to ensure that the customer’s projects are successfully completed on
time, on budget and at the expected quality standard.
The Multi Organics Contract and Custom Manufacturing has
three manufacturing facilities in 2 cities
They provide the clients with complete, but flexible
development and manufacturing packages created through close interactive
partnerships with the customers.
Why Outsource with Multi Organics
There are several reasons why customers should consider
outsourcing the development and manufacture of the product:
·
Conserve cash by avoiding risky capital
investments and eliminating long lead times to build and commission a new
manufacturing facility by taking advantage of the multi-purpose facilities.
·
Improve flexibility and speed to market
by focusing the resources on the core competences.
·
Access the R and D, the process
development and low-cost manufacturing technologies.
·
Have a partner who is fully committed
to custom manufacturing the product.
The Manufacturing Services comprises of the following
activities
·
Manufacturing Services
·
Chemical Synthesis
·
Process Design Technologies
·
Project Management
·
Quality Management Assurance
·
SHE
·
Integrated Waste Management
·
Call them understand the capabilities
in greater detail in the above areas
The capabilities Include
·
Expertise in Hazardous and highly
reactive chemicals
·
Sodium Cyanide, Thionyl Chloride -
SOCl2, POCL3, Chloro Sulfonic Acid
·
Sulphonation (High Temperature and High
Pressure)
·
Caustic Fusion (High Temperature and
High Pressure)
·
Kolbe Schmidt Reaction / Carboxylation
(High Temperature and High Pressure)
·
Chiral Synthesis
·
Hydrogenation
·
Cyanation
·
Esterification
·
Halogenation’s – Fluorination,
Bromination and Chlorination
Reactions
under special conditions
Low-temperature reactions (-10°C)
High-temperature reactions (+400°C)
High-pressure reactions (10–100 bar)
Infrastructure Overview
·
Head office in Mumbai with
manufacturing facility in
·
10 Acres of land in MIDC industrial
area with all governmental / regulatory clearances including pollution.
·
3 separate chemical plants available in
the same complex with one of them being Flame Proof
·
All utilities such as Steam, Power,
Compressed air, Vacuum, Cooling water, Chilling facility
·
Large number of MS, SS, GL,
Nickle-cladded vessels with sizes ranging from 0.5 KL to over 10 KL in 4
distinct plants on the same site
·
Equipments to handle practically all of
the Chem Engg unit operations
·
Extensive effluent treatment plant to
treat large amounts of effluent and to ensure close to "zero-discharge"
Effluent Treatment Facilities
·
Dedicated Effluent Treatment Plant is
present on-site
·
ETP plant can handle a large amount of
liquid effluent
·
Effluent is processed in ETP for
by-product recovery
·
Concentrated effluent sent to solar
evaporation pond
·
Solid waste sent to incinerator
Quality Control
·
Strong QC Processes and Systems in
place with Detailed Documentation, Checks and Balances, well defined
Responsibility and Accountability
·
Headed by an Independent QC Manager
with 10 people in 3 shifts assisting him
·
QC Lab is well equipped with GC, HPLC,
Spectrophotometers and host of other relevant equipments
·
Met the stringent Quality requirements
of Pharma, Agrochem, Reprographic, Electronic, Photographic chemicals verticals
Research and Development
·
A 2500 sq ft brand new R and D center
·
R and D
·
Well developed with 3 Doctorates and 3
more team members with extensive experience in R and D
·
Over 10 intermediates for the Pharma,
Agro-chem and Electronic chem being developed
Chemical Reactions (Large scale 1000+ MT)
·
Sulphonation
·
Caustic Fusion – High Temp
·
Carboxylation - High Temp and High
Pressure
·
Etherification
·
Esterification
·
Acidification
·
Neutralization
·
Chemical Reactions (Small / Medium
scale 10+ MT)
·
Hydrogenation
·
N,O,C Alkylation
·
Oxidation and Reduction
·
Friedel Crafts
·
Bromination and Chlorination
·
Rearrangements
·
Amidation
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 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.49.74 |
|
|
1 |
Rs.74.37 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|