|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MICRO ORGO CHEM |
|
|
|
|
Registered
Office : |
57, CL – B, LIC Sector, GIDC, Vapi – 396195, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 (UNAUDITED) |
|
|
|
|
Date of
Incorporation : |
1992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.387 Millions |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM15571D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFM1877H |
|
|
|
|
Legal Form : |
Partnership
concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacture
and Exporter of as Erythromycin Stearate, Erythromycin Estolate, Danazol, and
Pyrazinamide. |
|
|
|
|
No. of Employees
: |
60 (In office 10 + In factory50) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed partnership concern having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The concern 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vinod D Ranka |
|
Designation : |
Manager |
|
Contact No.: |
91-9820340830 |
|
Date : |
27.03.2012 |
LOCATIONS
|
Registered Office/Factory : |
57, CL – B, LIC Sector, GIDC, Vapi – 396195, Gujarat, India |
|
Tel. No.: |
91-260-2422074/6543792 |
|
Fax No.: |
91-260-2422074 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
16000sq.fts |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Mahesh Ranka |
|
Designation : |
Director |
|
Address : |
51, Kalpataru Chs. Seth Motisha Lane, Mazgaon, Mumbai – 600010,
Maharashtra, India |
|
Date of Birth/Age : |
53 years |
|
Qualification : |
B.com |
|
Experience : |
20 years |
|
|
|
|
Name : |
Mr. Manish J Jain |
|
Designation : |
Director |
|
Address : |
103B, Shakti Sadan Kher Nagar, opposite Western Express Way Near
Provident Fund Office, Bandra East, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
43 years |
|
Qualification : |
B.com |
|
Experience : |
20 years |
KEY EXECUTIVES
|
Name : |
Mr. Vinod D Ranka |
|
Designation : |
Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
and Exporter of as Erythromycin Stearate, Erythromycin Estolate, Danazol, and
Pyrazinamide |
|
|
|
|
Exports : |
|
|
Products : |
API |
|
Countries : |
·
Pakistan ·
Bangladesh ·
Argentina ·
Mexico ·
Spain |
|
|
|
|
Imports : |
|
|
Products : |
Intermediates of API |
|
Countries : |
·
China ·
Mexico |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
|
|
|
|
Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
GENERAL INFORMATION
|
Customers : |
·
Tianjin Hi Tesion Bio and Chem Co. Limited, China ·
Hangzhou Viwa Co. Limited, China ·
Tianjtn Gencom Pharmaceutical Co. Limited, China ·
Shanghai Natural Bio-Engineering Co Limited, China ·
Productos Quim1cos Naturales S.A.De C.V, Mexico ·
Kyowa Hakko Industry (S) Pte Ltd, Singapore ·
Jiangsu Guo Tai Int'l Group Hua Tai Import and
Export Co. Limited, China ·
Yancheng Longshen Fine Chemical, China ·
Polfa Trachomin S.A. Tarchomin Pharmaceutical
Works, Poland ·
Enshi Qing.Iiang Bio Bio-Engineering Co Limited,
China ·
Zhejiang Tongxiang Foreign Trade (Group) Co. Limited, China · Henan X1nxiang Huaxing Pharmaceutical, China |
|
|
|
|
No. of Employees : |
60 (In office 10 + In factory50) |
|
|
|
|
Bankers : |
Bank of Baroda, 3rd Phase Branch, GIDC Vapi – 396195,
Gujarat, India |
|
|
|
|
Facilities : |
Rs.29.000 Millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nikhil Gandhi and Company Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
|
Particulars |
Rs.
In Millions 31.03.2011 |
|
Partners Capital
|
Rs.20.387
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARISED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 (Unaudited) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
|
|
20.387 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
29.000 |
|
|
2] Unsecured Loans |
|
|
141.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
13.865 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7.515 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
176.493 |
|
|
Cash & Bank Balances |
|
|
0.631 |
|
|
Other Current Assets |
|
|
0.012 |
|
|
Loans & Advances |
|
|
3.118 |
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
|
|
53.277 |
|
|
Provisions |
|
|
2.423 |
SUMMARISED PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 (Unaudited) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
356.843 |
|
|
|
Other Income |
|
|
2.017 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
|
|
2.313 |
|
|
|
Manufacturing Expenses |
|
|
11.129 |
|
|
|
Other Expenses |
|
|
7.708 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
337.710 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
|
|
11.386 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
326.324 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
|
2.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
TAX |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
0.655 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
10.963 |
|
|
TOTAL EARNINGS |
|
|
10.963 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
150.765 |
|
|
|
Stores & Spares |
|
|
1.055 |
|
|
|
Capital Goods |
|
|
13.865 |
|
|
TOTAL IMPORTS |
|
|
165.685 |
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
-- |
|
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 |
Yes |
|
16) Details of sister concerns |
-- |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
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 |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Trade References:
·
Avik Pharmaceuticals
·
Sanjay Chemicals
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.51.30 |
|
|
1 |
Rs.81.36 |
|
Euro |
1 |
Rs.67.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
50 |
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.