MIRA INFORM REPORT

 

 

Report Date :

22.09.2011

 

IDENTIFICATION DETAILS

 

Name :

AXON DRUGS PRIVATE LIMITED (w.e.f. 01.02.1991)

 

 

Formerly Known As :

ALSALABS PRIVATE LIMITED

 

 

Registered Office :

K-95, 16TH Street, K Block, Anna Nagar, Chennai – 600 102, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

10.07.1990

 

 

Com. Reg. No.:

18 - 19380

 

 

Capital Investment / Paid-up Capital :

Rs. 4.000 Millions

 

 

CIN No.:

[Company Identification No.]

U24117TN1990PTC019380

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEA11979C

 

 

PAN No.:

[Permanent Account No.]

AAACA3195K

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer and Exporter of Pharmaceutical Drugs.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 75000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

LOCATIONS

 

Registered Office :

K-95, 16TH Street, K Block, Anna Nagar, Chennai – 600 102, Tamilnadu

Tel. No.:

91-44-42171424 / 1425

Fax No.:

91-44-43500673

E-Mail :

info@axondrugs.com

axondrugs@gmail.com

Website :

http://www.axondrugs.com

 

 

Representative  Office :

21/26, Truong Son Street, Ward 4, Tan Binh District, Ho Chi Minh City, SR Vietnam.

Tel. No.:

91-84 8845 6037

 

 

Representative Office :

Rahul Healthcare Pty. Limited,

No. 13A, Street 41, Sangat Tonle Basak, Khan Chomkarmon, Phnom Penh, Cambodia.

Tel. No.:

91-855 023 224 932

 

 

Factory 1 :

148 / 12B, Chennai - Bangalore Highway, Chembarambakkam - 602 103. Tamilnadu, India.

Tel. No.:

91-44-2681 0930

Fax No.:

91-44-2681 1286

E-Mail :

works@axondrugs.com

 

 

DIRECTORS

 

As on 27.09.2010

 

Name :

Mr. Damodaram Harirajan

Designation :

Managing Director

Address :

96/54 Aspiran Garden, Kilpauk,  Chennai – 600 010, Tamilnadu, India.

Date of Birth/Age :

18.05.1957

Date of Appointment :

10.07.1990

DIN No.:

00991324

Other Directorship:

 

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24117TN1990PTC019380

AXON DRUGS PRIVATE LIMITED

Managing director

10/07/1990

10/07/1990

-

Active

NO

2

U24233TN2010PTC074560

ARTURA PHARMACEUTICALS PRIVATE LIMITED

Director

10/02/2010

10/02/2010

-

Active

NO

 

 

Name :

Mrs. Pushpakala Harirajan

Designation :

Director

Address :

96/54 Aspiran Garden, Kilpauk,  Chennai – 600 010, Tamilnadu, India.

Date of Birth/Age :

25.08.1960

Date of Appointment :

10.07.1990

DIN No.:

02305635

Other Directorship:

.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24117TN1990PTC019380

AXON DRUGS PRIVATE LIMITED

Director

10/07/1990

10/07/1990

-

Active

NO

2

U24233TN2010PTC074560

ARTURA PHARMACEUTICALS PRIVATE LIMITED

Director

10/02/2010

10/02/2010

-

Active

NO

 

 

Name :

Mr. Surajmal Mittalal

Designation :

Director

Address :

5, Venkatachala Street, Chennai – 600 003, Tamilnadu

Date of Birth/Age :

25.07.1955

Date of Appointment :

21.01.1991

DIN No.:

02318356

Other Directorship:

.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24117TN1990PTC019380

AXON DRUGS PRIVATE LIMITED

Director

21/01/1991

21/01/1991

-

Active

NO

 

 

Name :

Mr. S. Vikram Harirajan

Designation :

Director

Address :

No.17, New No.39, 7th west Cross Street, Shenoy Nagar, Chennai – 600 030, Tamilnadu, India.

Date of Appointment :

30.05.1984

Date of Birth/Age :

14.08.2008

DIN No :

02305647

E-Mail :

axondrugs@gmail.com

Other Directorship:

 

.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24117TN1990PTC019380

AXON DRUGS PRIVATE LIMITED

Director

14/08/2008

14/08/2008

-

Active

NO

2

U24233TN2010PTC074560

ARTURA PHARMACEUTICALS PRIVATE LIMITED

Managing director

08/08/2011

10/02/2010

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.09.2010

 

Names of Shareholders

No. of Shares

D. Harirajan

8100

Kala Harirajan

12200

D. Surishankar

200

S. Mittalal

3250

T. Rajmohan

1250

Vatsala Damodaran

1500

Durga Vivek

250

D Surishankar HUF

550

D Hari Rajan HUF

1600

Vikram Harirajan

10400

K Hari Prasad

700

Total

40000

 

Equity Share Breakup (Percentage of Total Equity)

As on 27.09.2010

 

Category 

 

Percentage of Holding

 

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Pharmaceutical Drugs.

 

 

Products :

ITC CODE

Product Description

28299.14

Paracetamol Tablets

300490.07

Ibnprufen Tablets

 

 

GENERAL INFORMATION

 

Bankers :

·         Indian Overseas Bank, Kilpauk Branch, 477 Kilpauk Garden Road, Kilpauk, Chennai – 600010, Tamilnadu, India.

 

·         Tamilnadu Industrial Investment Corporation Limited, C-48;2, Avenue, Anna Nagar, Chennai – 600 040, Tamilnadu, India.

 

 

Facilities:

Secured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

IOB – Term Loan

3.724

2.647

IOB- Packing Credit

1.134

1.500

IOB – Cash Credit

3.391

3.046

IOB- Foreign Bills Purchase

10.115

4.224

Kotak Mahindra Prime Limited, Vehicle Loan

0.065

0.146

HDFC- Vehicle Loan

0.000

0.474

Total

18.429

12.037

 

 

 

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Short Term Loans

0.000

0.025

Dues to Directors

1.421

1.050

Total

1.421

1.075

 

 

Banking Relations :

Satisfactory 

 

 

Auditors :

S. Sampath

Chartered Accountant

Address :

No. 19, Umayal Road, Kilpauk, Chennai-600010, Tamilnadu, India

Pan No :

AACPS3486J

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40000

Equity Shares

Rs.100/- Each

Rs. 4.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40000

Equity Shares

Rs.100/- Each

Rs. 4.000 Millions

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4.000

4.000

2.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

14.986

8.139

2.845

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

18.986

12.139

5.345

LOAN FUNDS

 

 

 

1] Secured Loans

18.429

12.037

15.240

2] Unsecured Loans

1.421

1.075

0.700

TOTAL BORROWING

19.850

13.112

15.940

DEFERRED TAX LIABILITIES

0.570

0.488

0.484

 

 

 

 

TOTAL

39.406

25.739

21.769

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

14.454

13.036

11.524

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
17.556

17.883
7.990

 

Sundry Debtors
20.637

10.940
16.303

 

Cash & Bank Balances
2.841

1.895
0.045

 

Other Current Assets
3.640

5.021
4.986

 

Loans & Advances
8.607

7.643
4.432

Total Current Assets
53.281

43.382

33.756

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
25.484

28.317
22.809

 

Other Current Liabilities
0.000

0.000
0.000

 

Provisions
2.845

2.362

0.702

Total Current Liabilities
28.329

30.679
10.246

Net Current Assets
24.952

12.703

23.510

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

39.406

25.739

21.769

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Turnover

150.077

114.875

85.794

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

NA

107.222

94.188

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

107.222

94.188

 

 

 

 

 

 

PROFIT BEFORE TAX

NA

7.653

2.099

 

 

 

 

 

Less

TAX                                                                 

NA

2.227

0.755

 

 

 

 

 

 

PROFIT AFTER TAX

6.847

5.426

1.344

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

140.474

NA

NA

 

TOTAL EARNINGS

140.474

NA

Na

 

 

 

 

 

 

Earnings Per Share (Rs.)

171.18

--

83.96

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
NA

13.56
6.22

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
NA

0.63
0.39

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
2.54

3.61
4.39

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
1.88

1.41
1.44

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTE:        

 

The Registered office of the Company has been shifted from “No.242, Kilpauk Garden Road, Kilpauk, Chennai – 600 010, Tamilnadu, India.” To present address w.e.f. 20.06.2006

 

Performance:

 

The company has made a turnover of Rs. 150.077 Millions and ends with net profit after tax of Rs. 6.847 Millions. In the ensuring years the Directors are optimistic of increase in business volume and earning profit.

 

 

Form 8:

 

Name of the company

AXON DRUGS PRIVATE LIMITED

Presented By

Directors

1) Date and description of instrument creating the change

Agreement of Hypothecation

18.07.1992

2) Amount secured by the charge/amount owing on the securities of charge

Rs.0.500 Million

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

Cash Credit Against book Debts.

Hypothecation of Book Debts

4) Gist of the terms and conditions and extent and operation of the charge.

Cash Credit Against book Debts Rate of Interest 21.75 %

5) Name and Address and description of the person entitled to the charge.

M/s Indian Overseas Bank

Kilpauk Branch

Chennai – 600 010

6) Date  and brief description of instrument modifying the charge

Letter of Hypothecation (for Securing machineries / Vehicles / Goods / Book – Debts ) dated 18th December 2005

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.

1. with the sanction of fresh term loan – Machinery of Rs.2.727 millions, the total limit stands enhanced from Rs. 14.500 millions to Rs.17.227 Millions following are the existing and enhanced limit

 

Sr. No.

Nature Facility

Existing Limit

Enhanced Limit

1

Cash Credit

2.000 millions

2.000 millions

2.

Packing Credit

3.000 millions

3.000 millions

3.

DBPF

7.000 millions

7.000 millions

4.

LC (Foreign)

1.500 millions

1.500 millions

5.

LG

1.000 million

1.000 million

6.

Term Loan Machinery

NIL

2.727 millions

 

Total

14.500 millions

17.227 millions

 

2. The above enhanced limit of Rs.17.227 millions is secured by way of exclusive charge by way of hypothecation of stocks, book debts and all other current assets of the company both present and future and second charge on all fixed assets of the company both present and future situate at 148 / 12 B, Chennai – Bangalore highway, Chembarakkam 602 103 in Favour of Indian Overseas Bank.

 

3. All other terms and conditions remain uncharged.

 

 

Corporate identity number (CIN) Foreign company registration number

U24117TN1990PTC019380

Name of the Company

AXON DRUGS PRIVATE LIMITED

Address

K-95, K Block, 16th Street, Anna Nagar East, Chennai – 600 102, Tamilnadu, India.

This form is for

Modification of Charge

Charge Identification Number of the charge to be modified

90290048

Type of Charge

·         Immovable property

·         Book debts

Particulars of the charge holder 

Indian Overseas Bank

Kilpauk Branch, 477 Kilpauk Garden Road, Kilpauk, Chennai – 600010, Tamilnadu

Email ID: klpakbr@chemsco.iobnet.co.in

Nature of Description of the Instrument(s) Creating or modifying the charge

Letter hypothecation (for securing machineries / Vehicles/ Goods / Book – Debts  ) Dated 29.12.2010

Confirmation Letter for E M Creation

Date of instrument Creating the charge

29.12.2010

Amount secured by the charge

Rs. 34.550 Millions

Brief of the principal terms and conditions 

a. Rate of Interest

For Cash Cash- Base Rate+ 2.25% (Presently 11.25%) p.a.

Term Loan – Base Rate + 2.50% (Presently 11.50%) P.a.

 

b.Terms of Repayment

CC on Demnd and Renewal every year

 

c.Margin

Stocks: 25%

Book Debts-50%

Term Loan- 25%

 

d. Extent and Operation of the Charge

Secured by way of hypothecation of stocks, book debts and all other current assets of the company both present and future and first charge on all fixed assets of the company both present and future and property situated at, item No. 1) Survey No. 148 / 12AA, - Patta No. 429 Measuring 3.427 Grounds, Chennai Bangalore Highway, Chembarambakkam – 602103. Item No. 2) Survey No. 148 / 12 B, - Patta No. 852 measuring 5.286 Grounds, Chennai, Bangalore highway, Chembarambakkam – 602103

Short Particular of the Property Charged

Secured by way of hypothecation of stocks, book debts and all other current assets of the company both present and future and first charge on all fixed assets of the company both present and future and property situated at, item No. 1) Survey No. 148 / 12A, - Patta No. 429 Measuring 3.427 Grounds, Chennai Bangalore Highway, Chembarambakkam – 602 103. Item No. 2) Survey No. 148 / 12 B, - Patta No. 852 measuring 5.286 Grounds, Chennai, Bangalore highway, Chembarambakkam – 602 103

Date of latest modification prior to the present modification

11.12.2009

Particular of the present modification 

                                   Old Limit    New Limit                          

Cash Credit                   2.000          2.000

P.C.                              4.000          4.000

DBPF                           12.500         15.000

LCF                              1.500          2.500 

LG                                2.000          2.000

T.L. I                             3.750          3.000

T.L. II                            1.650          1.650

TL-III                             0.800          0.800

TL-IV                             0.000          0.800                                           

 

FIXED ASSETS:

·         Land

·         Plant and Machinery

·         Furniture and Fittings

·         Office Equipments

·         Vehicle

·         Air Conditioners

·         Computers

·         Building

 

 

Website Details:

 

Profile:

 

Axon Drugs is a thriving pharmaceutical company headquartered at Chennai, the southern Metropolitan city which has fast developed into a primary business destination in India.


Axon started off with supply of medicines to Government Institutions in the form of tenders. Gradually, with this expertise Axon ventured into higher avenues.


Axon is a Central Government certified  EXPORT HOUSE, which is a tribute to its export credentials. It has been exporting products to overseas markets since 1995 and has set an indelible impression upon a sizeable number of nations.


Axon has its vision set upon penetrating and setting a footprint in countries spread across all continents. Its primary aim is to be a profitable, self-sustaining organization regarded for its values and respected for its integrity.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.48.82

UK Pound

1

Rs.75.48

Euro

1

Rs.66.10

 

 

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

5

--CREDIT LINES

1~10

4

--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

 

45

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.