MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
INDOVAX PRIVATE LIMITED |
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Registered Office : |
8th Floors,Eros Apartments, 56 Nehru Place, New
Delhi;110019 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.06.1986 |
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Com. Reg. No.: |
024582 |
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CIN No.: [Company
Identification No.] |
U74899DL1986PTC024582 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
The company is engaged in manufacturing and trading of Poultry Vaccines and Animal (Poultry) Health Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payment are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
8th floors Apartments, 56 nehru place New Delhi:110019 |
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Tel. No.: |
91-11-26462854 |
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E-Mail : |
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Web site: |
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Area : |
800 Sq.ft |
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Location : |
leased |
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Corporate Office : |
Corporate Heights, Soc-24, Sector-14, Gurgaon, Haryana-122001 (India) |
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Tel. No.: |
91-124-2315044/ 45 / 46 |
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Fax No.: |
91-124-2314680 |
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E-Mail : |
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FACTORY / WAREHOUSE: |
Village Siswala, P.O. Rawalwas Khurd, Hissar – 125 001, Haryana |
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Area : |
5,000 sq.mtr |
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Location : |
owned |
DIRECTORS
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Name : |
Mr. Vinod Somnath Kapur |
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Designation : |
Chairman Cum Managing Director |
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Address : |
Village Khandsa Delhi Jaipur Road, Gurgon:122001 Haryana |
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Date of Birth/Age : |
20.07.1934 |
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Date of Appointment : |
23.06.1986 |
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Name : |
Mr. Shashi Kapur |
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Designation : |
Managing Director |
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Address : |
Village Khandsa Delhi Jaipur Road, Gurgon:122001 Haryana |
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Date of Birth/Age : |
01.12.1947 |
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Date of Appointment : |
23.06.1986 |
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Name : |
Dr. Srirangachar Belu KJeshavamurthy |
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Designation : |
Director |
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Address : |
59, Lower Palace Orchards Bangalore:560003, Karnataka |
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Date of Birth/Age : |
09.10.1928 |
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Date of Appointment : |
30.12.1988 |
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Name : |
Mr. Sudhir Varma |
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Designation : |
Director |
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Address : |
10, Sector-18, Chandigarh |
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Date of Birth/Age : |
19.08.1980 |
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Date of Appointment : |
24.10.1991 |
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Name : |
Mr. Rahul Kapur |
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Designation : |
Director |
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Address : |
J-6/6, DLF Phase-2, DLF Qutab Enclave, Gurgaon, Haryana |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Vinod Somnath Kapur |
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304822 |
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Shashi Kapur |
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104108 |
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Janak Mohini Kapur |
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7500 |
Equity Share Breakup:
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing and trading of
Poultry Vaccines and Animal (Poultry) Health Products. |
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Products : |
New Castle Disease, Infectious Bursal Disease, Marek’s Disease, Infectious
Bronchitis, Flow Pox, Fowl Cholera, E D S’76, Hydropericardium Syndrome,
Infectious Coryza, Combinations |
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Imports : |
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Countries : |
Italy, Belgium and USA. |
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Terms : |
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Selling : |
cash, credit (30 to 60 days) and others terms. |
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Purchasing : |
L/C, Credit (30 to 60 days) and others terms. |
GENERAL
INFORMATION
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Customers : |
Wholesalers and poultry farms. |
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No. of Employees : |
65 |
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Bankers : |
UTI Bank Ltd.
Sco-13, Sector-14. Gurgaon-122001 Indian Bank, Nehru Place, New Delhi – 110 019 Indian Bank, Hissar, Haryana Canara Bank, East Patel Road, New Delhi Syndicate Bank, East Patel Road, New Delhi |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D.C.Jain and Associates Chartered Accountant |
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Address : |
A-14/3, Jamna Bhawan Asaf Ali Road, New Delhi:110002, Delhi |
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Associates/Subsidiaries : |
Keggfarms Private Limited, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/-Each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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416430 |
Equity Shares |
Rs.100/-Each |
Rs.41.643 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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41.643 |
41.643 |
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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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159.170 |
151.489 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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200.813 |
193.132 |
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LOAN FUNDS |
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1] Secured Loans |
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16.614 |
22.235 |
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2] Unsecured Loans |
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5.388 |
11.666 |
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TOTAL BORROWING |
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22.002 |
33.901 |
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DEFERRED TAX LIABILITIES |
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17.094 |
16.777 |
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TOTAL |
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239.909 |
243.810 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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105.470 |
111.050 |
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Capital work-in-progress |
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2.194 |
0.083 |
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INVESTMENT |
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0.146 |
0.145 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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78.010 |
58.311 |
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Sundry Debtors |
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76.292 |
84.068 |
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Cash & Bank Balances |
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12.758 |
26.055 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.404 |
3.950 |
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Total
Current Assets |
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170.464 |
172.384 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.408 |
25.242 |
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Provisions |
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13.957 |
14.610 |
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Total
Current Liabilities |
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38.365 |
39.852 |
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Net Current Assets |
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132.099 |
132.532 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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239.909 |
243.810 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.19 |
0.20 |
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Current Ratio (Current Asset/Current Liability) |
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4.44 |
4.32 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
INDOVAX PRIVATE
LIMITED |
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Presented By |
Mr. Shashi Kapur
Managing Director |
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1) Date and description of instrument creating the change |
Deed of Hypothecation of Current Assets. Book Debts, Machinery and
other Movable fixed assets dated 02.09.2004 and mortage by deposit of title
deeds was created by the company in favour of UTI Bank Ltd. In respect of
immovable properties of the company situated at Village Siswala, P.O.
Rawalwas Khurd. Hisar, Haryana (No instrument was executed for mortage f
immovable properties of the Company)- Registered on 13.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.42.500 Millions |
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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 |
As per Deed of
hypothecation of Current Assets dated 02.09.2004 As per Deed of
Hypothecation of Book Debts dated 02.09.2004 As per Deed of
Hypothecation of Machinery and other movable fixed assets: dated 02.09.2004 As per
Schedule A and B attached (with
respect t mortgage of immovable properties of the company) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facilities within the overall limit:
Margin : Cash Credit:
Interest: Cash Credit: BPLR
less 0.50% i.e; 11.50 % p.a payable monthly EPC/FBD: Preshipment: Upto 180 days
:
9.50%p.a 180 days -360
days 14.00%
p.a Postshipments: Upto 90days 9.5% p.a 90 days-180
day 12.50%
p.a L/C –As per
Bank’s /RBI Guidelines Repayment: On
demand |
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5) Name and Address and description of the person entitled to the charge. |
UTI Bank Ltd.
Sco-13, Sector-14. Gurgaon-122001 |
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6) Date and brief description of instrument modifying the charge |
Deed fo
Hypothecation of Current Assets dt: 10.02.2006 Deed of
hypothecation of Machinery and other movable fixed assets dt.10.02.2006 Term Loan
Agreement dt:10.02.2006 |
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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. |
Facilities within
the overall limit of Rs.62.500 Millions have been modified as under:
Pricing : Cash Credit: PLR
Less 2% effective 10% p.a payable monthly Exporrt Credit
Facilities – PLR Less 3.5% effective 8.50% Letter of Credit-
As per Bank’s/ FEDAI guidelines Term Loan- PLR
Less 2% effective 10% p.a payable monthly Margin: Cash Credit: Inventory:25% Export Credit
Facilities: EPC -25% on
stocks EBD-Nil Letter of
Credit-25% Repayment: Cash Credit/
Ex[port Credit Facilities- on Demand Term Loan-84
equated monthly installment of Rs.0.332 Millions each from the month of
disbursement. |
As Per Web Site:
THE COMPANY is engaged in the production of quality poultry biologicals since 1991.
Nowhere in the world is fighting poultry diseases easy. In India it is even more difficult because of the complexities involved.
Severe agro-climatic conditions with temperatures varying from 0oC to 46oC; humidity varying from 0% to 100%; even housing varying from crudely put together sheds to modern cage system and environment controlled housing, resulting in a hugely complex scenario where bacteria and viruses thrive. This is why the country presents one of the toughest bio-security challenges anywhere in the world.
In the face of such adversity, poultry farmers in India have still managed to reach productivity levels that could be compared with the best in the world.
All this has been possible because the Indian poultry farmer has been able to not only improve his own efficiency, but also tackle the many poultry disease challenges that he has encountered.
When the dreaded Gumboro disease hit the Indian poultry farmer in early 90s and farmers were losing 10% to 90% chickens at their farm ... when no other product - Indian or International worked ... it was THE COMPANY products that were able to successfully control this dreaded disease.
Since then, THE COMPANY with its research focused at product development for Indian (tropical) conditions and a unique holistic approach to poultry disease challenges, as distinct from a product approach, has helped the Indian poultry farmer in overcoming the ever-increasing and challenging disease problems
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THE COMPANY believes that there is much more to combating poultry diseases than just producing vaccines - relevant research, specific products and specially designed vaccination programmes. RESEARCH, QUALITY, INNOVATION, TECHNICAL SERVICES ...
... that is THE COMPANY for you.
Spread over 14 acres in a completely poultry-free zone, THE COMPANY has a most modern state-of-the-art facility designed to not only match, but exceed the global standards.
THE COMPANY products that consist of viral vaccines, inactivated vaccines and bacterins are manufactured by using SPF eggs and the best quality raw material, sourced from renowned international suppliers.
All THE COMPANY products meet the highest quality standards.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.74 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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