|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
AUROLAB TRUST |
|
|
|
|
Registered
Office : |
No. 1, Annanagar, |
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|
Country : |
|
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|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of Establishment : |
1992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
IEC No.: |
3592001850 |
|
|
|
|
TIN No.: |
33914880631 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAATA1142P |
|
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|
Legal Form : |
Trust |
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Line of Business
: |
Manufacturer and Exporter of Intraocular Lenses, Suture Needles,
Pharmaceutical Products, Surgical Blades and Ophthalmic Instruments. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Payments are usually correct. Business is
active. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Srinivas |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9965803398 |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office : |
No. 1, Annanagar, |
|
Tel. No.: |
91-452-2446100 |
|
Mobile No.: |
91-9965803398 (Mr. Srinivas) |
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Fax No.: |
91-452-2446200 |
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E-Mail : |
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|
Website : |
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|
Area : |
2 Acres |
|
Location : |
Owned |
|
|
|
|
Factory : |
No.1, Sivagangai Main Road, Veerapanjan, Madurai – 625020, Tamilnadu,
India |
|
Tel. No.: |
91-452-2446100/ 3096100 |
|
Fax No.: |
91-452-2446200 |
|
E-Mail : |
|
|
Area : |
3 Acres |
|
Location : |
Owned |
MANAGEMENT
|
Name : |
Mr. R.D. Tulsiraj |
|
Designation : |
President of Trustee |
|
|
|
|
Name : |
Dr. S. Arvind |
|
Designation : |
Secretary |
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|
|
|
Name : |
Mr. G. Srinivasan (Engineer) |
|
Designation : |
Trustee |
|
|
|
|
Name : |
Dr. P. Namberumalswami |
|
Designation : |
Trustee |
|
|
|
|
Name : |
Dr. G. Nachiyar |
|
Designation : |
Trustee |
|
|
|
|
Name : |
Dr. R. Kim |
|
Designation : |
Trustee |
|
|
|
|
Name : |
Mr. Srinivas |
|
Designation : |
Account Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Intraocular Lenses, Suture Needles, Pharmaceutical
Products, Surgical Blades and Ophthalmic Instruments. |
|
|
|
|
Products : |
· Cataract Surgical Products · Aurolac · Non Absorbable Suture Needles · Aurokit · Aurocautery · Aurolase · Surgical Blades · Aurosil Plus · Polycryl - Absorbable Sutures and Surgical Needles · Auroflex EV - Negative Aspheric Iol · Aurovue - Hydrophobic Acrylic Foldable Iol · Single Piece Iol and Three Piece Iol |
|
|
|
|
Exports : |
|
|
Products : |
· Pharmaceutical Products · Surgical Blades |
|
Countries : |
· South Africa · China · USA · UK |
|
|
|
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Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
· UK · US · Europe · China · Singapore |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
· Sabic Innovative Plastics India Private Limited, Gurgaon, Haryana, India |
|
|
|
|
Customers : |
Wholesalers, Retailers and End Users · Lentille Optics private Limited, New Delhi, India |
|
|
|
|
No. of Employees : |
500 (Approximately) |
|
|
|
|
Bankers : |
·
Indian Overseas Bank, Anna Nagar Branch · State Bank of India, Madurai Branch |
|
|
|
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Banking
Relations : |
-- |
|
|
|
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Auditors : |
|
|
Name : |
Ramakrishna Raja and Company Chartered Accountants |
|
Address : |
Madurai, Tamilnadu, India |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
No Divulged |
|
Borrowed : |
No Divulged |
|
Total : |
No Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
700.000 |
650.000 |
500.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.1000.000 Millions
The above information has been parted by Mr. Srinivas.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
TRADE REFERENCE:
· Lentille Optics private Limited, New Delhi, India
· Sabic Innovative Plastics India Private Limited, Gurgaon, Haryana, India
WEBSITE DETAILS:
PROFILE:
Subject based in southern part of India, is an integral part of the Aravind Eye Care System. It manufactures a wide range of high quality ophthalmic consumables such as intraocular lenses, surgical sutures, pharmaceutical products, surgical blades and equipments. Though its primary focus is on ophthalmic segment, subject is diversifying into related health care areas where its existing capabilities can be leveraged, such as cardiovasular sutures, microsurgical hand sutures, antiseptics and disinfectant solutions, spectacle cleaner etc.
Subject’s growth and product development criteria are driven by societal needs for high quality products at affordable prices. All subject products are manufactured on efficient production lines with strict quality assurance measures that comply with US FDA, EU GMP, WHO GMP norms.
Subject’s products are exported to 130 and more countries worldwide, with focus markets like India, Africa, Latin America, Central America and Southeast Asia. Subject envisages entering European and other developed markets on the strength of its product quality and as a strategic means to cross subsidized products in needy markets.
MILESTONES
1992 – Subject was established in 1992 as a
non-profit charitable trust with the mission of making high quality ophthalmic
products, affordable and accessible to vision impaired worldwide. It started
with the manufacturing of 3 piece Intraocular lenses and supplied at 1/10th the
prevailing market prices
1997 – Pharmaceuticals division was started for
manufacturing unavailable and orphan drugs.
1998 – Suture needle manufacturing division was
started with technology transfer from Europe
– First
Indian IOL manufacturer to get ISO: 9001 for process quality
1999 – Subject established its spectacle lens division
to provide manufacturing support for the optical shops. The need for an
in-house processing facility was identified as the first major need to meet the
increasing customer demand for quick service and lightweight plastic lenses.
– First
Indian IOL manufacturer to get CE (Conformite Europeenne) a mandatory
conformance mark certifies that a product has met EU consumer safety, health or
environmental requirements for product quality.
2002 – The project involves developing high technology
hearing aids at low cost was started and distributing at affordable prices
primarily in developing countries.
2003 – Received United States Food and Drugs
Administration approval for its Nylon and Silk sutures from the Center for
Devices and Radiological Health, Department of Health and Human Service
2005 – Started manufacturing blades with in-house
technology
–
Established equipment manufacturing division to develop green laser
Photocoagulator
2007 – Subject moved to the new state of the art
manufacturing facility in September 2007
2008 – Residential Hostel for production staff
was started in the new campus
2011 – Inauguration of Silicone lab
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the 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.54.32 |
|
UK Pound |
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.