MIRA INFORM REPORT

 

 

Report Date :

03.12.2007

 

IDENTIFICATION DETAILS

 

Name :

NOVOZYMES SOUTH ASIA PRIVATE LIMITED

 

 

Registered Office :

9, 1st Floor, Innovator Building, International Tech Park, Whitefield Road, Bangalore – 560 066, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

04.08.1998

 

 

Com. Reg. No.:

24038

 

 

CIN No.:

[Company Identification No.]

U24299KA1998PTC024038

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRN00665A

 

 

PAN No.:

[Permanent Account No.]

AAACN7030Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of enzymes, industrial enzymes and other substances.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 500000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of multinational operations. Available information indicates high financial responsibility of the company.  Trade relations are fair. Financial positions is satisfactory. Payments are correct and as per commitments. 

 

The company can be considered good for any normal business dealings.

 

LOCATIONS

 

Registered Office :

9, 1st Floor, Innovator Building, International Tech Park, Whitefield Road, Bangalore – 560 066, Karnataka

Tel. No.:

91-80-8418275 / 8418280/ 8418285

Mobile No.:

91-80-8418275

Fax No.:

91-80-8410451

E-Mail :

srgt@novozymes.com

psri@novo.dk

Info@novozymes.com

Website :

http://www.novozymes.com

Area :

3000 sq.fts

Location :

Rented

 

 

Corporate Office:

20TH KM House Road (BIL), Electronic City, Bangalore -560 100, Karnataka, India

 

 

Head Quarter:

Novozymes A/S Krogshoejvej, 36 DK- 2880, Bagsvaerd, Denmark

Tel. No.:

45-88-249999

Fax No.:

45-88-249998

E-Mail :

info@novozymes.com

Websites:

http://www.novozymes.com

 

 

Factory :

16, 7th Floor, Innovator, International Technology Park, Whitefield Road, Bangalore – 560066, Karnataka, India.

 

DIRECTORS

 

Name :

Mr. Jicinsky  Gerhard

Designation :

Director

Address :

7/F China Chem., Century Tower, 178 Gloucestor Road, Wanchai Hong Kong

Date of Birth/Age :

18.03.1940

Date of Appointment :

26.04.1999

 

 

Name :

Mrs. Bhavani V

Designation :

Director

Address :

Lakshmi 137, 5th Block Nagar Bhavi, 2nd Stage, Bangalore – 560 072, Karnataka

Date of Birth/Age :

25.03.1952

Date of Appointment :

26.04.1999

 

 

Name :

Mr. Giriraju

Designation :

Director

Address :

No. 209, 5th Cross, 3rd Block Kalyana Nagar , Bangalore-  560 084, Karnataka

Date of Birth/Age :

02.08.1948

Date of Appointment :

01.09.1999

 

 

Name :

Mr. G. Krishnamoorthy

Designation :

Director

Address :

1-C, Sarathy Appartments, KT 28, 13TH Cross, 8th Main, Malleswaram, Bangalore – 560003, Karnataka.

Date of Birth/Age :

13.05.1961

Date of Appointment :

07.08.1998

 

 

Name :

Mr. Anil Kapur

Designation :

Director

Address :

401, Rifco Aruna Appartments, 59, Konena Aghrahar, Off. Airport Road, Bangalore – 560017, Karnataka.

Date of Birth/Age :

24.04.1955

Date of Appointment :

07.08.1998

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Novo Nordisk A/S

 

2

Novo Enzymes PTE Limited

 

1850000

 

Total

1850002

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of enzymes, industrial enzymes and other substances.

 

 

Products :

Item Code

Product Description

350700

Enzymes

350790

Industrial Enzymes

 

PRODUCTION STATUS as on 31.03.2005:-

 

Particulars

 

Unit

Installed Capacity

Actual Production

Enzymes

 

Kgs

720000

758380

 

GENERAL INFORMATION

 

No. of Employees :

100

 

 

Bankers :

NA

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Price Waterhouse & Company

Chartered Accountants

Address :

Bangalore, Karnataka, India

 

 

Associates/Subsidiaries :

Australia 
Novozymes Australia Pty. Limited.

Belgium 
Novozymes Belgium BV

Brasil 
Novozymes Latin America Limiteda.

Denmark 
Novozymes Bioindustrial China A/S
Novozymes Bioindustrial Russia A/S
Novozymes Bioindustrial A/S

France 
Novozymes France S.A.
Novozymes Biologicals France S.A.

Netherlands 
Novozymes Netherlands B.V.

India 
Novozymes South Asia Private Limited.

Italy 
Novozymes Italia Srl.

Japan 
Novozymes Japan Limited.
Novozymes Biologicals Japan Limited. 
Novozymes Property Limited.

China 
Novozymes (China) Biotechnology Company Limited. 
Novozymes (China) Investment Company Limited. 
Novozymes (Shenyang) Bioprocessing Company Limited. 
Suzhou Hongda Enzyme Company Limited. - joint venture

Malaysia 
Novozymes Malaysia Sdn. Bhd.

Mexico 
Novozymes Mexicana, S.A. de C.V. 
Novozymes Mexico, S.A. de C.V.

Sweden
Novozymes  Biopharma AB

Switzerland 
Novozymes Switzerland AG 
Novozymes Switzerland Finance AG 
Novozymes Switzerland Holding AG

Singapore 
Novozymes Singapore Pte. Limited.

Spain 
Novozymes Spain S.A.

Great Britain 
Novozymes UK Limited.

South Africa 
Novozymes S.A. (Pty) Limited.

South Korea 
Novozymes Korea Limited

Turkey 
Novozymes Enzim Dis Ticaret Limited Sirketi

Germany 
Novozymes Deutschland GmbH

USA 
Novozymes North America, Inc. 
Novozymes Biologicals, Inc. 
Novozymes Biotech, Inc.
Novozymes US, Inc.

Austria 
Novozymes Austria GmbH

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

6000000

Equity shares

Rs. 10/- each

Rs. 60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5000002

Equity shares

Rs. 10/- each

Rs.50.000 millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.12.2005

31.12.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

50.000

50.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

57.600

39.258

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

107.600

89.258

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

52.369

52.376

TOTAL BORROWING

 

52.369

52.376

DEFERRED TAX LIABILITIES

 

3.454

4.572

 

 

 

 

TOTAL

 

163.423

146.206

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

41.811

45.556

Capital work-in-progress

 

0.238

2.515

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

108.051

75.242

 

Sundry Debtors
 

146.255

128.085

 

Cash & Bank Balances
 

46.406

34.177

 

Other Current Assets
 

5.206

5.451

 

Loans & Advances
 

18.996

9.858

Total Current Assets
 

324.914

252.813

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

202.374

146.418

 

Provisions
 

1.166

8.260

Total Current Liabilities
 

203.540

154.678

Net Current Assets
 

121.374

98.135

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

163.423

146.206

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.12.2005

31.12.2004

Sales Turnover

 

410.548

330.269

Other Income

 

2.051

7.839

Total Income

 

412.599

338.108

 

 

 

 

Profit/(Loss) Before Tax

 

29.859

53.925

Provision for Taxation

 

11.517

23.340

Profit/(Loss) After Tax

 

18.342

30.585

 

 

 

 

Export Value

 

9.528

8.250

 

 

 

 

Import Value

 

276.071

170.844

 

 

 

 

Expenditures :

 

 

 

 

Materials

 

307.779

227.718

 

Operating and other Expenses

 

62.305

47.846

 

Excise Duty

 

0.714

0.763

 

Interest – term loan

 

2.788

2.795

 

Depreciation

 

9.153

5.058

Total Expenditure

 

382.739

284.180

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.12.2005

31.12.2004

PAT / Total Income

(%)
 

4.44

9.04

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

7.27

16.32

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

8.13

17.92

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.27

0.60

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.37

2.31

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.59

1.63

 

LOCAL AGENCY FURTHER INFORMATION

 

FIXED ASSTES:

·         Leasehold improvements

·         Plant and machinery

·         Computers

·         Furniture and Fixtures

·         Equipments

·         Vehicles

 

OTHER INFORMATION:

It was initially known as Novo Nordisk Enzymes Private Limited. The name has been changed as Novozymes South Asia Private Limited w.e.f. 23rd November, 2000.

 

Subject is engaged in manufacturing and trading of enzymes, industrial enzymes and other substances.

 

It is a part of Novozymes Group worldwide with offices in Australia, Austria, Brazil, China, Denmark, France, Greece, Hong Kong,   India, Japan, Kazakhistan, Malaysia, Mexico, Poland, Russia, South Africa, South Korea, Switzerland, Turkey, USA and Uzbekistan.      

 

Subject is a world leader in enzymes – the environmentally friendly technology that replaces traditional chemicals, reduce pollution and waste, and significantly improve standard of living.  The supply of enzymes is to three industrial sectors: technical enzymes, enzymes for the food industry and enzymes for the animal feed industry. 

 

Subject, through its biotechnological research and, with a fewer exceptions, has introduced every new enzyme to the industry,  from liapses which remove grease stains during washing, to amylases, which are used to manufacture sweeteners.

 

About the product

Enzymes are the natural solution to industrial problems.  With enzymes the consumption of water, energy and harmful chemicals can be reduced and still make production more efficient.

 

The group produces and sell more than 500 enzyme products in 130 countries. It has introduced almost every new industrial enzyme on the market, making them the world’s largest manufacturer of enzymes today. 

 

With more than 100 types of enzymes and microorganisms and not less than 700 different products the group has the largest product portfolio in the world.  Their biological solutions cover more than 20 different industries. 

 

It uses the following technologies:  microbiology, bio-informatics, gene technology, protein chemistry, computer chemistry, directed evolution, fermentation recovery technology.

 

Part of the Novo family

The subject is a member of the Novo Group, which comprises the holding company Novo A/S and the pharmaceutical company Novo Nordisk A/S.  Together they publish the annual reports on the subject of environmental responsibility and social responsibility.

 

WEBSITE DETAILS:

The Novozymes Touch explains where we are going and how we will get there. It contains the vision, the personality, the values, the commitments and the fundamentals of Novozymes

 

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.39.56

UK Pound

1

Rs.81.39

Euro

1

Rs.58.04

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

55

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions