MIRA
INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALCON BIOSCIENCES PRIVATE LIMITED |
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Formerly Known
As : |
ALCON PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
112, Marine Chambers, 11, New Marine Lines, Mumbai – 400020, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.04.1982 |
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Com. Reg. No.: |
11-026953 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U24230MH1982PTC026953 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Pharmaceutical Bulk Drugs |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 112000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
112, Marine Chambers, 11, New Marine Lines, Mumbai – 400020, |
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Tel. No.: |
91-22-56332427-31/61505222 |
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Fax No.: |
91-22-22071955 |
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E-Mail : |
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Factory : |
A-1/2104, Phase III, GIDC, Vapi - 396195, |
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Tel. No.: |
91-260-2431572 |
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Fax No.: |
91-260-2435265 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Vishal N Jajodia |
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Designation : |
Director |
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Address : |
A/14, |
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Date of Birth/Age : |
27.05.1973 |
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Date of Appointment : |
07.12.2003 |
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DIN No. : |
00367209 |
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Name : |
Mr. Rakesh Ayodhya Prasad Pandey |
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Designation : |
Director |
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Address : |
B/303, Trishul Damodar Nagar, Virar (West), Thane – 401303, |
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Date of Appointment : |
15.10.2007 |
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DIN No. : |
01872040 |
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Name : |
Mr. Sant Kumar O Khandelwal |
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Designation : |
Additional Director |
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Address : |
C/104, Sadasatya Apartments, |
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Date of Birth/Age : |
10.06.1975 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02506332 |
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Name : |
Mr. Siluvaimuthu Paul Rajaiah Nadar |
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Designation : |
Director |
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Address : |
G/504, Building NO. 3, Kukreja Complex, L.B.S Marg, Bhandup (West),
Mumbai – 400078, |
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Date of Birth/Age : |
01.12.1969 |
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DIN No. : |
00367373 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Jajodia N Vishal |
|
834016 |
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Jajodia V Sawit |
|
165984 |
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Total |
|
1000000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pharmaceutical Bulk Drugs |
GENERAL INFORMATION
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No. of Employees
: |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinod S. Mehta and Company Chartered Accountant |
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Address : |
114, Jolly Bhavan-1, 10 New Marine Lines, Mumbai – 400020, |
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Pan No. : |
AADFV0519Q |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
11.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.698 |
4.677 |
2.856 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.198 |
14.677 |
12.856 |
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LOAN FUNDS |
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1] Secured Loans |
27.121 |
23.709 |
26.625 |
|
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2] Unsecured Loans |
11.988 |
26.378 |
23.856 |
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TOTAL BORROWING |
39.109 |
50.087 |
50.481 |
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DEFERRED TAX LIABILITIES |
0.487 |
0.545 |
0.664 |
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TOTAL |
67.794 |
65.309 |
64.001 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.975 |
14.544 |
15.379 |
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Capital work-in-progress |
1.810 |
0.386 |
0.000 |
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INVESTMENT |
14.001 |
0.002 |
0.002 |
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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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|
|
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Inventories |
44.104
|
21.221 |
24.328 |
|
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Sundry Debtors |
52.845
|
63.261 |
21.580 |
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|
Cash & Bank Balances |
3.659
|
6.531 |
6.873 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
65.609
|
31.249 |
26.370 |
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Total
Current Assets |
166.217
|
122.262 |
79.151 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
101.944
|
45.487 |
19.641 |
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Other Current Liabilities |
28.409
|
24.567 |
9.308 |
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Provisions |
2.856
|
1.831 |
1.582 |
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Total
Current Liabilities |
133.209
|
71.885 |
30.531 |
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Net Current Assets |
33.008
|
50.377 |
48.620 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.794 |
65.309 |
64.001 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
212.768 |
266.816 |
160.024 |
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Other Income |
0.335 |
0.303 |
0.735 |
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TOTAL (A) |
213.103 |
267.119 |
160.759 |
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Less |
EXPENSES |
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|
|
|
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Cost of materials |
186.716 |
237.249 |
140.264 |
|
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Administrative and other expenses |
18.240 |
19.828 |
13.860 |
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Loss of sale of assets |
0.041 |
0.000 |
0.000 |
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TOTAL (B) |
204.997 |
257.077 |
154.124 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.106 |
10.042 |
6.635 |
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Less |
FINANCIAL
EXPENSES (D) |
2.689 |
4.741 |
3.053 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.417 |
5.301 |
3.582 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.429 |
2.304 |
2.571 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.988 |
2.997 |
1.011 |
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Less |
TAX (I) |
0.967 |
1.121 |
0.418 |
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PROFIT AFTER TAX
(G-I) (J) |
2.021 |
1.876 |
0.593 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.677 |
2.856 |
2.296 |
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SHORT
PROVISOIN W/OFF |
0.000 |
(0.055) |
(0.033) |
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BALANCE CARRIED
TO THE B/S |
6.698 |
4.677 |
2.856 |
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EARNINGS IN
FOREIGN CURRENCY |
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Goods |
62.391 |
93.944 |
57.098 |
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TOTAL EARNINGS |
62.391 |
93.944 |
57.098 |
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IMPORTS |
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Traded Goods |
45.848 |
23.265 |
6.924 |
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TOTAL IMPORTS |
45.848 |
23.265 |
6.924 |
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Earnings Per
Share (Rs.) |
2.02 |
1.88 |
0.59 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.95
|
0.70 |
0.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.40
|
1.12 |
0.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.61
|
2.19 |
1.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.20 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.11
|
8.31 |
6.30 |
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Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.70 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
Despite recession, the company did well during the year and registered a
net profits of Rs.2.021 millions compared to Rs.1.876 millions during the
previous year.
The board looks forward better results during the years to come.
Form 8:
|
Corporate identity
number of the company |
U24230MH1982PTC026953 |
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|
Name of the
company |
ALCON BIOSCIENCES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
112, Marine Chambers,
11, New Marine Lines, Mumbai - 400020, |
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This form is for |
Modification of
charge |
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Type of charge |
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Particular of charge
holder |
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Nature of
instrument creating charge |
1) Supplemental
Composite Agreement Of Hypothecation Of Goods, Book Debts, Moveable Machinery
and Vehicles 2) Supplemental
Memorandum Of Entry Relating To Deposit Of Title Deeds By Constructive
Delivery (Both Instrument
Constitute Single Charge) |
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Date of
instrument Creating the charge |
05.06.2010 |
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Amount secured by
the charge |
Rs. 96.566
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest: 0.50% Below Prime Lending Rate Of The Bank Per Annum With Monthly
Rests Terms of
Repayment - Term Loans Fbp/ Ufbp/ Psdl
(Usance 120days) Bp/Bd/Packing Credit/ Cash Credit Sub Limit : Cash
Credit (Hypothecation Of Stocks and Book Debts) Sub Limit : Fbp/
Ufbp (120days Direct Bill To Party)/ Bill Discounting (Domestic 90days) Sub Limit :
Packing Credit 90days Letter Of Credit
(Inland/ Foreign) Bank Guarantee Notional Credit
Exposure Margin - 25% On
Stocks 30% On Sip 40% On Domestic
Bd 20% On Export Bd 25% On Bank
Guarantee Facility Extent and
Operation of the charge - Bank Of Baroda B/O Nariman Point Branch Mumbai
First Charge Holder |
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|
Particulars of
the property charged |
Goods, book debts,
moveable machinery and vehicles leasehold rights in the plot of admeasuring
2702 sq. Mtrs of a-1 type with the shed bearing no.2104 in vapi industrial
estate, iii phase, gidc, vapi, district valsad, gujarat |
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Particulars of
the present modification |
Charge Stands at
Rs. 96.566 millions |
Fixed Assets:
- Land
- Furniture and fixture
- Typewriter
- Electric fittings
- Scooter
- Factory building
- Plant and machinery
- Electrical equipments
- Computer
- Fax machine
- Air conditioner
- Mobile phone
- Laboratory equipments
- Motor car
- EPABX Telephone
- Lap top
- Gas cylinder
- Cooling tower
- R. O. Plant
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.44.68 |
|
|
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
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.