MIRA INFORM REPORT

 

 

Report Date :

17.01.2013

 

IDENTIFICATION DETAILS

 

Name :

AJANTA PHARMA (MAURITIUS )LTD.

 

 

Registered Office :

BPML Industrial Building ,Goodlands

 

 

Country :

Mauritius

 

 

Date of Incorporation :

03.04.2012

 

 

Com. Reg. No.:

C108935

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Manufacturer and marketer of pharmaceutical products

 

 

No. of Employees :

20 employees.

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Company

Payment Behaviour :

Unknown

Litigation :

Clear

 

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Mauritius

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MAURITIUS - ECONOMIC OVERVIEW

 

Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been in the order of 5% to 6%. This remarkable achievement has been reflected in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure. The economy rests on sugar, tourism, textiles and apparel, and financial services, and is expanding into fish processing, information and communications technology, and hospitality and property development. Sugarcane is grown on about 90% of the cultivated land area and accounts for 15% of export earnings. The government's development strategy centers on creating vertical and horizontal clusters of development in these sectors. Mauritius has attracted more than 32,000 offshore entities, many aimed at commerce in India, South Africa, and China. Investment in the banking sector alone has reached over $1 billion. Mauritius, with its strong textile sector, has been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA). Mauritius' sound economic policies and prudent banking practices helped to mitigate negative effects from the global financial crisis in 2008-09. GDP grew more than 4% per year in 2010-11, and the country continues to expand its trade and investment outreach around the globe.

Source : CIA

SUBJECT'S NAME   

 

Registered Name:                                  AJANTA PHARMA (MAURITIUS )LTD.

Requested Name:                                  AJANTA PHARMA (MARUTIUS )LTD.

Other Names:                                        APML

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  MEDIA Industrial Building, Goodlands, Mauritius

Reg Address:                                         BPML Industrial Building ,Goodlands, Mauritius

Postal Address:                                     MEDIA Industrial Building, Goodlands,

Country:                                                Mauritius

Phone:                                                  230-2830334/6591/2169

Fax:                                                      230-2831172

Email:                                                   apml.info@ajantapharma.com/ apml@intnet.mu

Website:                                               www.ajantamauritius.com

 

CREDIT OPINION

 

Projected Financial Index as of December 2013 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           03/04/2012

Reg. Number:                                                 C108935

Nominal Capital                                               MUR. 613,791

Subscribed Capital                                          MUR. 613,791

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Mannalal B. Agrawal                                  Chairman                        

Mr. Purushottam B. Agrawal                            Vice Chairman                 

Mr. Madhusudan B. Agrawal                            Vice Chairman                 

Mr. Yogesh M. Agrawal                                   MD                                 

Mr. Chandrakant Khetan                                  Director                           

Dr. Anil Kumar                                                Director                           

Ms. Madhu Verma                                           Director                           

Mr. S. C. Saha                                                Director                           

Ajanta Pharma Limited(India)                            Holding Co.                      100%

 

 

RELATED COMPANIES  

 

None                                                              Parent company.

None                                                              Subsidiary company.

Ajanta Pharma Inc.,

Ajanta Pharma Philippines Inc.,

Ajanta Pharma Ltd.(Vietnam).                          Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to operate as manufacturer and marketer of pharmaceutical products

Imports:                                                          Worldwide

Exports:                                                         Neighboring countries

Trademarks:                                                   None

Terms of sale:                                                 Cash (40%) and 25-90 days (60%), invoices.

                                                                    

Main Customers:                                             firms and organizations  

Employees:                                                    20 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Mauritius

Location:                                                        Leased premises, 5,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          Information not available.

                                                                    

 

FINANCE 

 

Currency Reported:                                         Mauritius Rupee (MUR.)

Approx. Ex. Rate:                                           1 US Dollar = 30.61 Mauritius Rupee

Projected Fiscal Year End:                              December 31, 2013

Projected Inflation:                                           According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

 

Financial Information not Submitted                 

                                                                    

                                                                    

Profit and Loss (expressed in MUR.)

                                                                                   2013

Projected Sales                                                            450,000,000

 

BANK 

 

Bank Name:                                                   MCB BANK

Branch:                                                          Mauritius

Comments:                                                     None

                                                                    

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.82

UK Pound

1

Rs.87.99

Euro

1

Rs.72.83

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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 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%)

 

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