MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMOL PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
B 6 7, Saroj Apartment, Opposite Holyspirit Hospital, M C R D,
Mumbai-400093, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
12.02.1996 |
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Com. Reg. No.: |
11-097178 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.987 millions |
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|
CIN No.: [Company Identification
No.] |
U24230MH1996PTC097178 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA10137B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Pharmaceutical Manufacturer and Wholesaler. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
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|
Status : |
Satisfactory |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
B 6 7, Saroj Apartment, Opposite Holyspirit Hospital, M C R D,
Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-40568100 |
|
Fax No.: |
91-22-40568154 |
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E-Mail : |
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|
Branch Office : |
C2-08, Twin Arcade Military Road, Marol, Andheri (East), Mumbai-400059 |
|
Tel. No.: |
91-22-28506705 |
DIRECTORS
AS ON 27.05.2010
|
Name : |
Mr. Ashok Dhanpatrai Luhadia |
|
Designation : |
Director |
|
Address : |
2, Tamaron CT, Monmouth Jn., NJ. |
|
Date of Birth/Age : |
12.03.1952 |
|
Date of Appointment : |
12.02.1996 |
|
DIN No : |
02453038 |
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|
|
|
Name : |
Ms. Shobha Ashok Luhadia |
|
Designation : |
Director |
|
Address : |
2, Tamaron CT, Monmouth Jn., NJ. |
|
Date of Birth/Age : |
27.09.1954 |
|
Date of Appointment : |
12.02.1996 |
|
DIN No : |
02458242 |
|
|
|
|
Name : |
Mr. Dhanpatrai Gulabchand Luhadia |
|
Designation : |
Director |
|
Address : |
28-A, Bajrang Vihar, Shantinagar, durgapura, Jaipur, India |
|
Date of Birth/Age : |
14.01.1928 |
|
Date of Appointment : |
01.03.1996 |
|
DIN No : |
02458288 |
|
|
|
|
Name : |
Mr. Sandeep Sapra |
|
Designation : |
Director |
|
Address : |
Royal Paradise, Krishna, A-39, Flat No-32, Vidyalaya Marg, Tilak
Nagar, Jaipur, India |
|
Date of Birth/Age : |
22.04.1964 |
|
Date of Appointment : |
01.03.1996 |
|
DIN No : |
01456155 |
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|
|
|
Name : |
Mr. Amol Luhadia |
|
Designation : |
Director |
|
Address : |
1300, airport Road, North Brunswick, NJ |
|
Date of Birth/Age : |
23.08.1983 |
|
Date of Appointment : |
23.08.2001 |
|
DIN No : |
02452930 |
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|
|
|
Name : |
Ms. Sonali Luhadia |
|
Designation : |
Director |
|
Address : |
2, Tamaron CT, Monmuth Jn., NJ |
|
Date of Birth/Age : |
08.08.1980 |
|
Date of Appointment : |
01.01.2000 |
|
DIN No : |
02453206 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.05.2010
|
Names of Shareholders |
No. of Shares |
|
Ashok Dhanpatrai Luhadia |
30508 |
|
Shobha Ashok Luhadia |
29160 |
|
Sandeep Sapra |
1 |
|
Ashok Dhanpatrai Luhadia Jtly. with Shobha Ashok Luhadia |
269500 |
|
Shobha Ashok Luhadia Jtly. With Ashok Dhanpatrai Luhadia |
269500 |
|
Ashok Dhanpatrai Luhadia Jtly. With Dhanpatrai Gulabchand Luhadia |
1 |
|
Total |
598670 |
AS ON 27.05.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Pharmaceutical Manufacturer and Wholesaler. |
PRODUCTION STATUS AS ON 31.12.2009
|
Particulars |
|
|
|
Installed
Capacity |
2000 kgs. Per
day |
850 Million
Tablets / Capsules per annum |
|
Actual
Production |
370469 kgs. |
107.52 Million Tablets / Capsules |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of Bikaner and Jaipur, SMS Highway,
Chaura Rasta, Jaipur-302003, Rajasthan India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Walter And Associates Chartered Accountant |
|
Address : |
B-6/7 Saroj Apartment, Mahakali Caves Road Andheri (East),
Mumbai-400093, Maharashtra, India |
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|
|
|
Subsidiaries : |
·
Amol Properties Private Limited CIN NO.: U45200MH2003PTC142320 ·
Ameravite Healthcare Private Limited CIN NO.: U85190MH2008PTC186063 ·
Amol Biotech Limited ·
ACI Biotech Import and Export Company Limited |
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|
|
|
Associates : |
·
US Pharma Inc. ·
US Vitamina LLC. ·
A Pharma USA Inc. |
CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
598670 |
Equity Shares |
Rs.10/- each |
Rs. 5.987
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.987 |
5.987 |
5.987 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
252.177 |
243.499 |
208.147 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
258.164 |
249.486 |
214.134 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
74.981 |
145.561 |
104.932 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
74.981 |
145.561 |
104.932 |
|
|
DEFERRED TAX LIABILITIES |
12.266 |
13.279 |
7.921 |
|
|
|
|
|
|
|
|
TOTAL |
345.411 |
408.326 |
326.987 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
191.134 |
175.071 |
141.911 |
|
|
Capital work-in-progress |
0.000 |
9.436 |
18.054 |
|
|
|
|
|
|
|
|
INVESTMENT |
45.945 |
47.680 |
39.739 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
30.976
|
45.646 |
30.383 |
|
|
Sundry Debtors |
149.418
|
254.959 |
199.096 |
|
|
Cash & Bank Balances |
7.685
|
9.939 |
21.956 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
74.926
|
69.776 |
53.041 |
|
Total
Current Assets |
263.005
|
380.320 |
304.476 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
112.900
|
179.374 |
172.044 |
|
|
Other Current Liabilities |
35.680
|
18.772 |
0.000 |
|
|
Provisions |
6.093
|
6.035 |
5.149 |
|
Total
Current Liabilities |
154.673
|
204.181 |
177.193 |
|
|
Net Current Assets |
108.332
|
176.139 |
127.283 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
345.411 |
408.326 |
326.987 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
554.528 |
603.513 |
497.490 |
|
|
|
Other Income |
4.825 |
27.988 |
13.265 |
|
|
|
TOTAL (A) |
559.353 |
631.501 |
510.755 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decrease) in Stock |
1.703 |
(4.445) |
26.511 |
|
|
|
Raw Material Consumed |
115.242 |
103.908 |
105.403 |
|
|
|
Cost of Goods Traded |
266.984 |
346.869 |
235.093 |
|
|
|
Manufacturing Expenses |
61.580 |
51.542 |
47.499 |
|
|
|
Administrative Expenses |
77.939 |
59.188 |
45.293 |
|
|
|
TOTAL (B) |
523.448 |
557.062 |
459.799 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.905 |
74.439 |
50.956 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.067 |
13.952 |
8.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.838 |
60.487 |
42.788 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.260 |
12.390 |
6.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15.578 |
48.097 |
35.942 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.414 |
17.103 |
11.354 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
12.164 |
30.994 |
24.588 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
221.489 |
199.497 |
183.911 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.230 |
5.500 |
5.500 |
|
|
|
Dividend |
1.497 |
2.993 |
2.993 |
|
|
|
Tax on Dividend |
0.254 |
0.509 |
0.509 |
|
|
BALANCE CARRIED
TO THE B/S |
229.672 |
221.489 |
199.497 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
515.609 |
582.137 |
495.906 |
|
|
TOTAL EARNINGS |
515.609 |
582.137 |
495.906 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
4.457 |
15.419 |
|
|
|
Stores & Spares |
0.000 |
0.568 |
0.000 |
|
|
|
Capital Goods |
5.189 |
6.617 |
4.389 |
|
|
|
Others |
265.388 |
345.398 |
234.934 |
|
|
TOTAL IMPORTS |
270.577 |
357.040 |
254.742 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.32 |
51.77 |
41.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
2.17
|
4.91 |
4.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.81
|
7.97 |
7.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.43
|
8.66 |
8.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.94
|
1.46 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.86 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND OUT LOOK
During the year,
the Company has achieved the turnover of Rs. 559.35 millions as against Rs. 631.50 millions in the previous year which is basically
due to recession in the US market and resultantly the net profit after tax of
the Company has come down to Rs.12.16
millions as against Rs.30.99
millions in the previous year.
During the year on
29th October 2009 there was a blast in the IOC Depot, Sitapura, Jaipur close to
the factory premises of the Company due to which the building premises and its
plant and machinery got severely damaged along with other lab equipments. The
factory was completely shut down for operations for a period of 5 days and
thereafter it resumed the production activity gradually. The Company was
insured against damage to fixed assets and it lodged an Insurance Claim of Rs.
16.382 millions for
repairing/replacement of its various fixed assets.
FORM 8
|
Corporate
identity number of the company |
U24230MH1996PTC097178 |
|
Name of the
company |
AMOL
PHARMACEUTICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B 6 7 Saroj Apartment, Opposite Holyspirit
Hospital, M C R D, Mumbai- 400093, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge Others |
|
Particular of
charge holder |
State Bank of Bikaner and Jaipur, SMS Highway, Chaura Rasta,
Jaipur-302003, Rajasthan India |
|
Nature of
instrument creating charge |
Letter regarding
the grant of individual limits within the overall limits dated 10.05.2011,
the lender (STATE BANK OF BIKANER AND JAIPUR) has revised the overall limit
from Rs.305.000 millions to a lower limit of Rs.265.000 millions and the
borrower(THE COMPANY), has agreed to reduce the overall limit of Rs. 265.000
millions (including TL of Rs. 40.000 millions) |
|
Date of
instrument Creating the charge |
10.05.2011 |
|
Amount secured by
the charge |
Rs. 265.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per RBI / bank
directions as applicable for Export
Finance and for Cash Credit limit
3.75% above base rate i.e 12.50%, Term Loan- 4.50% above Base rate i.e.13.75% Terms of repayment Term Loan in 24
equal monthly Installments commencing after three months from date of disbursement. Margin Raw Materials -
25% Stock In Process
- 25% Finished Goods -
25% ODFBC - 5% BG - 15% LC Limits - 10%
and 15% For Merchanting Trade Transaction Book Debts- 25% |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
all stocks of raw materials, stock in process, finished goods, all bills,
receivables etc. and other fixed
movables assets of the company to cover the modified limits of Rs. 265.000
millions. Equitable
Mortgage on all immovable properties of the company comprising factory land
and building, Plant and Machinery situated at E1 362-363-364 ,Sitapura
Industrial area, Jaipur to cover the modified limit of Rs. 265.000 millions |
|
Charge
identification number of the charge to be modified |
90150434 |
|
Date of
instrument modifying the charge |
19.03.2010 |
|
Particulars of
the present modification |
Modified on 10.05.2011
to decrease the limit from Rs. 305.000 millions to Rs. 265.000 millions |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Other Equipment
·
Electrical Installation
·
Computer
·
Furniture and Fixtures
·
Vehicles
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. 44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.