MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
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Name : |
ADVY CHEMICAL |
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Registered Office : |
Plot No. A -334/336/338, Road No. 26 Wagle industrial Estate, Thane-400 604, |
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Country : |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1991 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Provider of services to the IVD industry |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 15000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a small concern in its field. Its payments are slow and
delayed. No responsible person was available for a long-time either at office
or at factory. The concern can be considered for small to mediocre business at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Akshay Pai |
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Designation : |
Manager |
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Name : |
Mr. N P Sawant |
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Designation : |
Admin Manager |
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Date : |
22.10.2008 |
LOCATIONS
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Registered Office / Plant : |
Plot No. A -334/336/338, Road No. 26 Wagle industrial Estate, Thane-400 604, |
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Tel. No.: |
91-22-25830326 |
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Fax No.: |
91-22-25830311 |
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E-Mail : |
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Website : |
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Area : |
16000 Sq.fts |
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Location : |
Owned |
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Head Office / Corporate office : |
17th Floor, Hoechst House, Nariman Point, Mumbai – 400 021,
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Tel. No.: |
91-22-66560900 |
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Fax No.: |
91-22-67522699 |
SOLE PROPRIETOR
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Name : |
Mr. Bharat Daftary |
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Designation : |
Proprietor |
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Date of Birth/Age : |
44 years |
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Qualification : |
Graduate |
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Experience : |
15 years |
KEY EXECUTIVES
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Name : |
Mr. Akshay Pai |
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Designation : |
Manager |
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Name : |
Mr. N P Sawant |
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Designation : |
Admin Manager |
BUSINESS DETAILS
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Line of Business : |
Provider of services to the IVD industry |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
IVD Industry |
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No. of Employees : |
164 (4 in Office and 60 in Factory) |
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Bankers : |
HDFC Bank, Thane Branch |
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Banking
Relations : |
Unknown |
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Associates/Subsidiaries : |
Bharat serum India
Private Limited, Mumbai, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.000 millions (Estimated) |
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Borrowed : |
---- |
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Total : |
Rs. 3.000 millions (Estimated) |
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:-
Business
Subject was incorporated in 1991 with the objective of providing quality products and services to the IVD industry, in a business to business fashion. Over the years, Subject has developed into a globally recognized provider of high quality reagents and components specifically tailored to suit the needs of its customers.
Consistently high quality, reproducibility and a flexible approach to
address the needs of each customer has helped Subject emerge as an enabler and
provider to diagnostic manufacturers the world over. The Concern is entirely
export oriented with a majority of its clients in Europe,
The core competency of Subject lies in years of experience and expertise
in protein purification. This proficiency has translated into Subject emerging
as one of the largest producers of C - reactive protein (CRP) in the world,
with an annual capacity of close to 400 grams. In addition to CRP, Subject
produces a wide range of protein products that cater to the requirements of
diagnostic manufacturers manufacturing tests for infectious diseases,
immunology and protein assays.
Subject’s products
fall under two broad categories –
Purified Proteins and Polyclonal Antisera raised in goats.
At the concern, they strive to ensure that the every lot manufactured
lives up to their stringent requirements for
· Viral inactivation
· Viral testing
· Stability
· Reproducibility
· Purity
· Activity
Subject’s Protein Products are either
(i)
Derived from body fluids
(ii)
Cell line derived
Their protein products derived from natural sources undergo efficient
viral inactivation steps to ensure that the final product is completely safe.
All their protein products undergo both in house and third party testing
for viral markers (Anti HIV 1/2, Anti HBV, Anti HCV detection) as well as third
party NAT testing from an NABL certified laboratory.
In house stability testing is carried out for all their products to
ensure that every lot they produce is of the highest quality. The stability
data is available to their customers on request. In addition to this, stability
studies and testing done to generate customer-specified information can be
carried out to assimilate data using protocols and systems specified by the
customer, to ensure relevant information to suit varied QC requirements.
All Advy’s Antisera undergo a low pH viral inactivation step prior to
processing to ensure that the final product is safe to handle.
Subject offers the unique feature of manufacturing anti sera to meet the
customers exact requirements of activity. On receiving the desired
specifications (activity, total protein, total albumin, Becker titre, etc) from
the customer and/or a reference standard, they can generate Antisera to exactly
meet the customer’s requirements.
In addition to the normal in house QC, Subject also tests the stability
of its Antisera as per testing protocols provided by their customers. This
helps ensure that each lot manufactured for the customer is exactly as per
their specifications, thereby reducing testing time.
In addition to the Antisera from goats, Subject also has the
infrastructure to generate antibodies in other species, on request.
In addition to manufacturing purified proteins and polyclonal anti sera,
Subject also offers its customers a range of services to add value to every
business interaction.
Their services
include:
1. Custom Antisera
development
Subject’s infrastructure allows for the custom development of polyclonal
Antisera against new proteins to meet a customer’s specific demand. The
Antisera can be raised in goats and other species, to meet each customer’s
requirements. Ensuring a fast turnover time from antigen procurement to
delivery of the processed Antisera, Subject offers a viable avenue for
customers looking for hard-to-procure Antisera
2. Custom reagent
development
Subject’s in house R and D team and developmental expertise focuses on
the development of finished reagents for interested customers. In addition to
trouble shooting for existing reagents, Subject also offers its customers the opportunity
to outsource the development and formulation of novel reagents to Subject’s
experienced team.
3. Development of paired antigen and antibody
4. Contract Manufacturing
Subject’s existing infrastructure and close association with BSV enables
it to offer a wide range of contract manufacturing opportunities from packaging
to cell culture and downstream processing.
5. Coupling of proteins to enzymes, haptens, fluorescent markers.
Advantage
The advantages enjoyed by customers that make use of the concern’s
services include
· Economic viability
· Cost advantage
· Fast turnover time
· Adherence to regulatory guidelines
· Skilled workforce to target the entire gamut of operations involved in IVD manufacturing
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the concern 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 concern’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.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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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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38 |
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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