MIRA
INFORM REPORT
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Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
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Name : |
AURA PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
301, Dimple Arcade, Thakur Complex, Asha Nagar, Kandivali (East),
Mumbai – 400 101, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.12.2009 |
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Com. Reg. No.: |
11-197919 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U24239MH2009PTC197919 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA36673A |
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PAN No.: [Permanent Account No.] |
AAICA1115H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Pharmaceutical Products. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having poor trade. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Name : |
Mr. Santosh Francis D’ Souza |
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Designation : |
Director |
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Contact No.: |
91-9833885069 |
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Date : |
23.06.2012 |
LOCATIONS
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Registered Office : |
301, Dimple Arcade, Thakur Complex, Asha Nagar, Kandivali (East),
Mumbai – 400 101, |
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Tel. No.: |
91-22-28543245/ 65248269/ 28543246 |
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Mobile No.: |
91-9833885069 (Mr. Santosh Francis D’ Souza) |
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Fax No.: |
91-22-28543245/ 28543246 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Located at: v
Navi Mumbai |
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Branch Office 1 : |
306, |
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Branch Office 2 : |
#1-8-50/3/5/A, Plot No.48, Krishna Nagar
Colony, Near Food World, |
DIRECTORS
As on 09.09.2011
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Name : |
Mr. Santosh Francis D’ Souza |
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Designation : |
Director |
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Address : |
29A, 12, Takshila, |
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Date of Birth/Age : |
27.08.1980 |
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Date of Appointment : |
17.12.2009 |
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DIN No.: |
02791449 |
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Other Directorship :
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Name : |
Mr. Abdulbhai Gulamhusain Mulani |
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Designation : |
Director |
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Address : |
Khojwad Rana, Vav Porbunder, Mumbai, |
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Date of Birth/Age : |
10.08.1937 |
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Date of Appointment : |
26.10.2010 |
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DIN No.: |
03010964 |
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Other Directorship :
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Name : |
Mr. Sultanali Juma Mulani |
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Designation : |
Director |
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Address : |
Khojavad, Ranavav, Junagadh – 361 006, |
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Date of Birth/Age : |
08.02.1971 |
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Date of Appointment : |
02.03.2012 |
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DIN No.: |
02804045 |
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Other Directorship :
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Name : |
Mr. Dilavar Alibhai Abhavani |
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Designation : |
Director |
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Address : |
Sarmat, |
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Date of Birth/Age : |
25.02.1972 |
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Date of Appointment : |
02.03.2012 |
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DIN No.: |
02804128 |
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Other Directorship :
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Name : |
Larissa Rose Fernandes |
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Designation : |
Director |
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Address : |
C/202 Panchvan Complex, |
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Date of Birth/Age : |
24.09.1980 |
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Date of Appointment : |
02.03.2012 |
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DIN No.: |
05238032 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2011
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Names of Shareholders |
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No. of Shares |
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Santosh Francis D’ Souza |
|
6000 |
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Abdulbhai Gulamhusain Mulani |
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4000 |
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Total |
|
10000 |
As on 09.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Products. |
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Products : |
v
Medical Disposable v
Packing Materials v
Miscellaneous v
Formulations |
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Exports : |
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Products : |
v
Medical Disposable v
Packing Materials v
Miscellaneous v
Formulations |
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Countries : |
v
v
v
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Suppliers : |
v Vaishali Pharma Private Limited, Borivali |
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Customers : |
Wholesalers and Manufacturer |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
v
Union Bank of v
The Shamrao
Vithal Co-Operative Bank |
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Facilities : |
Overdraft – Rs.10.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajiv N. Shah and Associates Chartered Accountants |
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Address : |
403-A, Ankur Co-Operative Society, 51, |
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Income-tax
PAN of auditor or auditor's firm : |
AAFPS1156E |
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Associates/Subsidiaries : |
Stanmarc Enterprise |
CAPITAL STRUCTURE
As on 09.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(1.429) |
(0.627) |
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NETWORTH |
|
(1.329) |
(0.527) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
|
5.620 |
0.000 |
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TOTAL BORROWING |
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5.620 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.008 |
0.007 |
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TOTAL |
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4.299 |
(0.520) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.893 |
0.663 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERRED TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
12.469 |
10.202 |
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Sundry Debtors |
|
4.593 |
0.000 |
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Cash & Bank Balances |
|
3.797 |
1.360 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans, Advances & Deposits |
|
2.453 |
0.433 |
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Total
Current Assets |
|
23.312 |
11.995 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
19.281 |
3.820 |
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Other Current Liabilities |
|
0.270 |
9.383 |
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Provisions |
|
0.379 |
0.006 |
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Total
Current Liabilities |
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19.930 |
13.209 |
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Net Current Assets |
|
3.382 |
(1.214) |
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MISCELLANEOUS EXPENSES |
|
0.024 |
0.031 |
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TOTAL |
|
4.299 |
(0.520) |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
94.852 |
0.000 |
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Other Income |
|
9.151 |
0.086 |
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TOTAL (A) |
|
104.003 |
0.086 |
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Less |
EXPENSES |
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Office Expenses |
|
|
0.678 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
|
104.574 |
0.678 |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(0.571) |
(0.592) |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(0.571) |
(0.592) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.231 |
0.027 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
(0.802) |
(0.619) |
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Less |
TAX (H) |
|
0.000 |
0.008 |
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
(0.802) |
(0.627) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.627) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
(1.429) |
(0.627) |
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EARNINGS IN
FOREIGN CURRENCY |
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From exports of Goods |
|
94.800 |
0.000 |
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TOTAL EARNINGS |
|
94.800 |
0.000 |
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Earnings/ (Loss)
Per Share (Rs.) |
|
(80.20) |
(62.70) |
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Particulars |
|
|
31.03.2012 |
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Sales Turnover (Approximately) |
|
|
150.000 |
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Expected Sales (2012-2013): Rs.350.000 millions (New Orders)
The above information has been parted by Mr. Santosh Francis D’ Souza
(Director).
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(0.77) |
(729.07) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(0.85) |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(3.31) |
(4.89) |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.60 |
1.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
(19.22) |
(25.06) |
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Current Ratio (Current Asset/Current Liability) |
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|
1.17 |
0.90 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of
Establishment |
Yes |
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2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
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4) Premises
details |
No |
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5) Type of
Business |
Yes |
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6) Line of
Business |
Yes |
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7) Promoter’s
background |
Yes |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
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11) Turnover of
firm for last two years |
Yes |
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12) Profitability
for last two years |
Yes |
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13) Reasons for
variation <> 20% |
Yes |
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14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
Yes |
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18) Major
customers |
No |
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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 |
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24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
YEAR IN
RETROSPECT:
The character of
any organization is not only refined but also defined with the way it handles
itself in challenging more so than in opportune time. The past decade has
witnessed a sustained growth for their Company in the wake of proactive
initiatives taken, despite challenges faced. The directors are to communicate
that going by the numbers posted, they have not only demonstrated strong
resilience but also have built robust platform upon which they shall further
scale up their existing businesses and shape the future of the Company. Shaping
the future, calls for identifying opportunities and mitigating potential risks
in order to create a sustainable value creating organization, having requisite
immunity from the Industry as well as macro-economical risks. This calls for a
three pronged approach – adding more segments, reaching new geographical bounds
and strengthening cost structures. Taking this goal in view and taking into
account the vast potential market in African countries as well as European
countries, the directors are very keen on setting up most modern and state of
the art manufacturing facility with latest technology and WHO GMP compliant
plant for bulk drugs, formulations, inject able, syrups, ointments either in
Gujarat or Andhra Pradesh and the directors are also seriously considering the
same being set up in any Special Economic Zones in the above mentioned states.
Their initiatives
translated into a stout performance during the year. The Company posted an
excellent top line of Rs.94.800 millions, up against in F.Y.2009-10. Their
Gross Profit improved by 93% to 10.100 millions in F.Y.2010-11 against Rs.
-5.300 millions in F.Y.2009-10.
Above performance
has been achieved due to their constant marketing efforts winning them
continuous orders from the most trustworthy overseas corporate giants. The
Company has also been very actively focused on strengthening its human resource
at the top of the hierarchy by inducting and availing the services of the
management personnel to the umpteen benefit of the company. The Directors are
making their best efforts to broaden the segmental base so as to provide
stability to the company under the worst conditions of the economy of the
country or global economy as a whole.
FUTURE STRATEGY:
The Company is
committed to work with a sense of purpose, with an inspiring vision and with a
strategy of transformation. Therefore, the Company will not only face the
contemporary challenges, but will also pledge its unflinching allegiance to a
future that has multidimensional multipliers for growth. And to achieve all
that is visualized by the Company, they have shifted the focus of the existing
strategy of capitalizing in the overseas market only. The Company has been
putting in rigorous efforts for achieving the desired goals.
FUTURE GROWTH:
The Directors have
been putting in best efforts for expanding the customer base, the product
segment base, the infrastructural set up.
TRADE REFERENCES:
v Vaishali Pharma Private Limited, Borivali
WEBSITE DETAILS:
PROFILE:
Subject is
running an international import export-trading establishment from
The company is divided in four divisions:
v Medical Disposables
v Pharmaceutical Machinery
v Pharmaceutical raw materials and Excipients
v Industrial Packing material
Subject specializes in a wide variety of medical disposable products applicable in almost all fields of therapy as below:
v Infusion and transfusion
v Urology
v Anaesthesia
v Surgery
v Gastroenterology
v Miscellaneous
Subject a one-stop solution for a Pharmaceutical company. It is one of the leading exporters in pharmaceutical machinery.
Subject as a
company has continuously worked towards achieving highest quality standards and
continuous design and product refinement; in the field of Pharmaceutical
Machinery. This along with a strong determination to excel has put the company
in a leading position in
Subject also deals with all aspects of Pharmaceutical Industry such as Pharmaceutical raw materials, Packing materials.
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.54.55 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.