MIRA
INFORM REPORT
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Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MEYER ORGANICS PRIVATE LIMITED |
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Registered Office : |
A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.02.1981 |
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Com. Reg. No.: |
11-23845 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.999 Millions |
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CIN No.: [Company
Identification No.] |
U24239MH1981PTC023845 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM07443C |
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PAN No.: [Permanent
Account No.] |
AABCM9346B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Pharmaceutical Formulation |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular 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) |
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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 |
INFORMATION PARTED BY
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Name : |
Ms. Suruchi |
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Designation : |
Account Manager |
LOCATIONS
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Registered Office : |
A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604, |
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Tel. No.: |
91-22-25817000 |
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Fax No.: |
91-22-25817002 / 25817030 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Head Office /Administrative Office : |
A-303, Road No. 32, Wagle Industrial Estate, Thane West, Thane-400601,
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Tel. No.: |
91-22-25817000 |
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Fax No.: |
91-22-25817002 |
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E-Mail : |
DIRECTORS
As on : 24.09.2010
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Name : |
Mrs. Uma Paul Kalekar |
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Designation : |
Director |
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Address : |
203, Iris, C Unati Garden Opposite Devdaya Nagar, Pokharan RDI,
Thane-401606, Maharashtra, India |
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Date of Birth/Age : |
27.01.1967 |
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Date of Appointment : |
14.07.2006 |
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Din No.: |
01725745 |
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Name : |
Mrs. Rohini K Lalwani |
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Designation : |
Director |
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Address : |
1, |
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Date of Birth/Age : |
21.08.1960 |
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Date of Appointment : |
08.07.2004 |
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Din No.: |
0218066 |
KEY EXECUTIVES
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Name : |
Ms. Suruchi |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 24.09.2010
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Names of Shareholders |
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No. of Shares |
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Lalwani T Kartarsingh |
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74096 |
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Kalsey H Pushpa |
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6000 |
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Lalwani Tej Kartarsingh |
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141028 |
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Lalwani K Ajit |
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141027 |
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Omega Meyer Limited, Island |
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107747 |
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P Balsubramanian |
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1 |
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Swaminathan Vasantha |
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1 |
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Lalwanin K Rohini |
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30000 |
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Total |
|
499900 |
As on : 24.09.2010
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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90.70 |
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Directors or relatives of directors |
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6.00 |
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Other top fifty shareholders |
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3.30 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Pharmaceutical Formulation |
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Products : |
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Exports : |
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Products : |
Pharmaceutical Formulation |
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Countries : |
·
UK ·
Nigeria ·
Indonesia |
PRODUCTION STATUS
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Particulars |
As on 31.03.2010 |
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Tablets and Capsules (No. In Millions) |
625.771 |
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Syrup (In liters) |
1456951.59 |
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Cream/Granules (In Kgs.) |
16802.71 |
GENERAL INFORMATION
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No. of Employees : |
250 (Approximately) |
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Bankers : |
Citi Bank N.A, Bandra Kurla Complex, G-Block, Bandra (East),
Mumbai-400051, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
GPS and Associates Chartered Accountant |
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Address : |
A-1, Sindhi Niwas, |
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Tel No. : |
91-22-24468959 / 24446688 / 24441348 / 24440777 |
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Fax No. : |
91-22-24466455 |
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E-mail : |
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Pan No.: |
AADFG4422H |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
499900 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.999
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 |
4.999 |
4.999 |
4.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
522.610 |
352.818 |
227.695 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
527.609 |
357.817 |
232.694 |
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LOAN FUNDS |
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1] Secured Loans |
56.836 |
202.869 |
180.374 |
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2] Unsecured Loans |
0.000 |
0.000 |
17.320 |
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TOTAL BORROWING |
56.836 |
202.869 |
197.694 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
584.445 |
560.686 |
430.388 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
236.738 |
198.452 |
206.928 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.059 |
0.059 |
0.059 |
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DEFERREX TAX ASSETS |
7.639 |
2.710 |
3.256 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
246.353
|
229.655
|
215.350
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Sundry Debtors |
294.724
|
272.561
|
202.812
|
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Cash & Bank Balances |
92.214
|
88.181
|
25.219
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
65.840
|
50.474
|
67.291
|
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Total
Current Assets |
699.131
|
640.871
|
510.672
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
351.397
|
256.461
|
285.480
|
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Provisions |
7.725
|
24.945
|
5.047
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Total
Current Liabilities |
359.122
|
281.406
|
290.527
|
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Net Current Assets |
340.009
|
359.465
|
220.145
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
584.445 |
560.686 |
430.388 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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NET SALES |
2103.314 |
1845.239 |
1586.650 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
1799.502 |
1601.957 |
1464.506 |
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Advertising Expenses |
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Prior Period Adjustments |
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TOTAL (B) |
1799.502 |
1601.957 |
1464.506 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
303.812 |
243.282 |
122.144 |
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Less |
FINANCIAL
EXPENSES (D) |
7.013 |
17.186 |
17.448 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
296.799 |
226.096 |
104.696 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.145 |
17.653 |
17.826 |
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PROFIT BEFORE
TAX (E-F) (G) |
278.654 |
208.443 |
86.870 |
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Less |
TAX (I) |
99.030 |
(78.400) |
32.931 |
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PROFIT AFTER TAX
(G-I) (J) |
179.624 |
130.043 |
53.939 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
179.624 |
108.430 |
53.939 |
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Less |
APPROPRIATIONS |
|
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|
Transfer to General Reserve |
(1.840) |
(21.600) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
161.224 |
179.624 |
108.430 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Manufactured goods Sale |
428.803 |
399.338 |
NA |
|
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|
Trading Goods Sale |
293.439 |
242.984 |
NA |
|
|
TOTAL EARNINGS |
722.242 |
642.322 |
NA |
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|
Earnings Per
Share (Rs.) |
359.31 |
260.14 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
13.24 |
11.30 |
5.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.77 |
24.83 |
12.11 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.58 |
0.37 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78 |
1.35 |
2.10 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.94 |
2.28 |
1.76 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE :
The company has shown a good performance during the year, the total
sales (Domestic and exports) had increased from Rs.1845.239 Millions to
Rs.2103.314 Millions, registering an increased of 14%. The company achieved a
net profit of Rs.208.443 Millions, there is rise in net profit ratio from
11.30% to 13.20%. The export turnover was Rs.722.270 Millions as compared to
the previous year of Rs.642.322 Millions.
During the year, the company has added new business line of Technical
testing and analysis of Pharmaceuticals and other Products.
The company attributes the growth in sales and profit due to the
innovative skills and strategic planning implemented by the marketing and sales
personnel in order to achieve the best performance in the highly competitive
pharmaceutical market.
FORM : 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90146426 |
|
Corporate
identity number of the company |
U24239MH1981PTC023845 |
|
Name of the
company |
MEYER ORGANICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Citi Bank N.A Bandra Kurla Complex, G-Block, Bandra (East), Mumbai-400051, E-mail : vlaxman@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Constructive
memorandum of entry |
|
Date of
instrument Creating the charge |
29.07.2008 |
|
Amount secured by
the charge |
Rs. 197.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The borrower
shall pay interest at such rate as may be determined by Citi Bank NA from time
to time Terms of
Repayment Loan Shall be
Repayable on Demand Margin Borrower shall at
al times during the continuance of this security maintain a sufficient amount
to provide the margin of security from time to time advised by the bank Extent and
Operation of the charge The company
accorded and gave oral consent to Citi Bank NA for its working capital limits
of Rs.197.500 Millions in respect of its immovable properties |
|
Short particulars
of the property charged |
Property
including land and building located at plot no. A-177, Wagle
Industrial Estate, Thane and
plot no. A-303, Wagle Industrial Estate, Thane and Property
including land and building located at plot no. A-22, Thane
Industrial Estate, Wagle Industrial Estate, Panchapakhadi road, District
Thane |
|
Date of latest
modification prior to the present modification |
12.09.2007 |
|
particulars of
the present modification |
The bank has now
increased credit facility from Rs.176.700 Millions to Rs.197.500 Millions together
with al interest, costs, charges, expenses and other monies payable under or
in respect of said credit facility. |
FIXED
ASSETS:
- Land
- Guest House
- Warehouse
- Furniture
- Plant and
Machinery
- Electrical
Installments
- Office
Equipments
- Vehicles
- Air
Conditioner
- Computer
- Tools and
Equipments
- Generator
- Elevator
- Trademark
AS PER WEBSITE DETAILS :
Milestone:
1982 Meyer Organics was founded in Mumbai (
1984 Meyer commences commercial production in its
state-of-the-art production at Thane.
1985 Meyer Organics enters Nigerian Market.
1986 Meyer Organics opens Export to U. K. Market.
1988 Meyer Organics opens Export to
1989 National launch of its Formulation in the
Indian Market.
1995 Meyer Organics enters Ghana Market in
2000 Pregnacare Clinical trial confirms customer
confidence at national level.
2001 The formulation gets WHO-GMP certification.
2002 Meyer Organics Private Limited achieved
certificate of quality system assessment from AQA International, USA for establishment of quality management
system with international quality system standard ISO 9001 and Q 9001-2000
Government of India - certifies Meyer Organics as Export house
2003 Meyer Organics enters
2004 Meyer Organics enters
2005 Meyer Organics enters
2006 Meyer Organics enters
2007 Meyer Organics enters
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. 44.91 |
|
|
1 |
Rs. 72.89 |
|
Euro |
1 |
Rs. 64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.