MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
INTOX PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S No. 375, Urawade, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
17.07.2000 |
|
|
|
|
Com. Reg. No.: |
11-15116 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999PN2000PTC015116 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI00789F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject performs a wide range of toxicological studies for pharmaceutical, agrochemical, biotechnological and chemical industries. |
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 76000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
S No. 375, Urawade, |
|
Tel. No.: |
91-11-22923633 |
|
Fax No.: |
91-11-22923643 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Dr. Prabhakar
Y. Naik |
|
Designation : |
Director
& Chief Executive Officer |
|
Address : |
4/A1/18, New |
|
Date of Birth/Age : |
08.03.1941 |
|
Qualification : |
Ph. D |
|
Date of Appointment : |
17.07.2000 |
|
Tel No. : |
91 20 25451550 |
|
Mobile No. : |
91 9822495339 |
|
|
|
|
Name : |
Dr. Mukul P.
Pore |
|
Designation : |
Director |
|
Address : |
4/A1/10, New |
|
Date of Birth/Age : |
07.11.1963 |
|
Qualification : |
M.V.Sc.
Pathology |
|
Date of Appointment : |
17.07.2000 |
|
Tel No. : |
91 20 25455187 |
|
Mobile No. : |
91 9822024836 |
|
|
|
|
Name : |
Dr. Narendra
S. Deshmukh |
|
Designation : |
Director |
|
Address : |
3/1-A2 , New |
|
Date of Birth/Age : |
09.09.1965 |
|
Qualification : |
M. V. Sc.
Pathology |
|
Date of Appointment : |
17.07.2000 |
|
Tel No. : |
91 20 25462057 |
|
Mobile No. : |
91 9822056023 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Chikodikar |
|
Designation : |
Company Secretary |
|
Qualification : |
“Poorti”, Plot No. 3,
Shyamsundar Society, Near |
|
Tel No. : |
91-29-30914701 / 9890674701 |
|
Email : |
|
|
|
|
|
Name : |
Dr. B. V. Jalnapurkar |
|
Designation : |
Director of
Pathology |
|
Qualification : |
M.V.Sc.
Pathology, Ph.D, F.R.V.C.S. - |
|
|
|
|
Name : |
Dr. D. S. Shrotri |
|
Designation : |
Director of
Clinical Research |
|
Qualification : |
M.D. Pharmacology |
|
|
|
|
Name : |
Dr. T. P. Suresh |
|
Designation : |
Consultant, GLP
Compliance |
|
Qualification : |
M.V.Sc. , Ph.D. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Dr. Prabhakar
Y. Naik |
|
250000 |
|
Dr. Mukul P.
Pore |
|
250000 |
|
Dr. Narendra
S. Deshmukh |
|
250000 |
|
Dr. [Mrs.] Meena Katdare |
|
10000 |
|
Total
|
|
760000 |
|
|
|
|
|
Category
|
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
98.68 % |
|
Other top fifty shareholders |
|
1.32 % |
|
Total
|
|
100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Subject performs a wide range of toxicological studies for pharmaceutical, agrochemical, biotechnological and chemical industries. |
GENERAL INFORMATION
|
Bankers : |
The Saraswat Co-operative Bank Limited ICICI Bank Limited |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S. S. Gore and Company Chartered Accountants |
|
Address : |
3, Shatdeep Society, 1032B, Model Colony, Pune – 411016, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
760000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.600
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.600 |
7.600 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
11.527 |
7.300 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
19.127 |
14.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4.344 |
6.742 |
|
|
2] Unsecured Loans |
|
2.568 |
3.669 |
|
|
TOTAL BORROWING |
|
6.912 |
10.411 |
|
|
DEFERRED TAX LIABILITIES |
|
0.515 |
0.826 |
|
|
|
|
|
|
|
|
TOTAL |
|
26.554 |
26.137 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
25.393 |
26.188 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.025 |
0.025 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Sundry Debtors |
|
13.033 |
6.086 |
|
|
Cash & Bank Balances |
|
13.621 |
8.721 |
|
|
Other Current Assets |
|
2.225 |
1.076 |
|
Total
Current Assets |
|
28.879 |
15.883 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
12.160 |
12.673 |
|
|
Provisions |
|
15.593 |
3.298 |
|
Total
Current Liabilities |
|
27.753 |
15.971 |
|
|
Net Current Assets |
|
1.126 |
[0.088] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.010 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
|
26.554 |
26.137 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
49.589 |
30.503 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
49.589 |
30.503 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
6.532 |
3.981 |
|
|
Provision for Taxation |
|
2.305 |
1.479 |
|
|
Profit/(Loss) After Tax |
|
4.227 |
2.502 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
3.739 |
2.929 |
|
|
Other Expenditure |
|
39.318 |
23.593 |
|
Total Expenditure |
|
43.057 |
26.522 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
8.52 |
8.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
13.17 |
13.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
12.04 |
9.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.34 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.81 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.04 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
|
Name of the company
|
INTOX PRIVATE
LIMITED |
|
Presented By |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
|
1) Date and
description of instrument creating the change |
Agreement of
Hypothecation of Movable Property dated 4th March 2003. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 7.000
Millions |
|
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 |
The borrower/s
doth do hereby hypothecated to and in favour of the Bank all the tangible
movable property including belonging the Borrower/s and lying and being at the Borrower’s/s place of
business 360,375, Urawade off Pirangut Road Tal-Mulshi, Pune or elsewhere. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Ř
Type
of Facility : Term Loan Ř
Interest
rate ; interest @ 13.5 % p.a. or at such other rate as may be specified from
time to time Ř
Repayment
: On demand or on or before 4th March 2008 |
|
5) Name and
Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited |
|
6) Date and brief description of instrument
modifying the charge |
Not applicable |
|
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. |
Not applicable |
AS PER WEBSITE
Organization
With a mission to provide high quality, reliable research
and testing services in the field of safety assessment of chemical and
biological products, and to offer better services to the technological
and research needs of clients in
A contractual research organization (CRO), INTOX performs a wide range of
toxicological studies for pharmaceutical, agrochemical, biotechnological and
chemical industries from private and public sectors who wish to obtain national
and international registration of their products.
Today, INTOX is one of the most trusted names in regulatory toxicology and has
earned a very good respect and rapport with the industry and the regulatory
authorities.
Services
General Toxicity:
Acute Toxicity
Subchronic Toxicity
Chronic Toxicity / Carcinogenicity
Experimental Systems:
Rat, Mouse, Guinea-pig,
Rabbit,
Farm Animals, etc
Reproductive Toxicity:
Teratology Studies
Peri-and Postnatal Studies
Routes of Exposure:
Oral, Dermal, Inhalation,
Parenteral etc.
Special Toxicity Studies:
Neurotoxicity, Sensitization,
Irritancy to the skin and Mucous Membrane,
Synergism and Potentiation,
Other Protocol Specific Studies
Inhalation Toxicity:
Single and Multi-Exposure Studies
Genotoxicity:
In-vitro and in-vivo mutagenicity studies such as Ames Test, Micronucleus
Test, Chromosomal Analysis, Dominant Lethal Assay in Mouse, etc.
Ecotoxicity:
Toxicity to fish, daphnia,
honey-bees, earthworm, chicken,
pigeon, quail, alga
Field Exposure Studies on
Human Volunteers and Livestock,
for Agrochemicals
Health Monitoring Studies on
Human Volunteers for Household Pesticides
Study Guidelines:
Designing of testing programs to support product
registration following guidelines of CIB, DCGI, DBT, BIS, OECD
US-FDA / EPA, ICH MOPH-China, EC etc.
They take pride in the faith entrusted in them by their esteemed clients, from leading
innovators to small emerging formulators, who rely on them for their research
and testing needs
Agrochemicals
Atul
Aventis Crop Science
Bayer Environmental Sciences
Bayer
EID Parry
Excel Industries
FMC
Gharda Chemicals
Godrej Sara Lee
Indofil Chemicals Company
Isagro
Lever Johnson
Mahyco
Meghmani Organics
National Tree Growers Co-operative Federation
Syngenta
Pest Control (
Reckitt Benckiser
Rotam India Ltd.
Sudarshan Chemicals Industries
Tagros
Uniroyal Chemical
Wockhardt Biostadt Agrisciences
Overseas Sponsors
Agrologistics Systems Inc.,
Crop Protection,
Halex Chemicals ,
Rotam Agrochemicals.
Sundat Pte. Ltd.,
Pharmaceuticals
Ayurved Sumshodhanalaya
Biocon
Bio Ved Pharmaceuticals
Dabur Research
Dhootapapeshwara
FDC
Glenmark Pharmaceuticals
Infar (
Intas Pharmaceuticals
IPCA Laboratories
Lupin Laboratories
Microlabs
Panacea Biotec
Promed Exports
Ranbaxy Laboratories
Serum Institute of
Shreya Life Sciences
Torrent Pharmaceuticals
Unichem Laboratories
Vedic Life Sciences
Wockhardt
Zydus Cadila
Overseas Sponsors
Interhealth
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.40.78 |
|
|
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.55.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|