MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
INVENTIS DRUG DELIVERY SYSTEMS PRIVATE LIMITED |
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Registered Office : |
19/C, Road No.18, IDA Nacharam, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.01.2003 |
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Com. Reg. No.: |
40264 |
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CIN No.: [Company
Identification No.] |
U24239AP2003PTC040264 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDI01446E |
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PAN No.: [Permanent
Account No.] |
AAPCI0636C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceuticals Drug Pellets. |
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 100000 |
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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
records. 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
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Registered Office : |
19/C, Road No.18, IDA Nacharam, |
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E-Mail : |
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Websites: |
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Corporate Office : |
Plot No.48 |
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Tel. No.: |
91-40-55210311 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. B Srinivas |
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Designation : |
Director |
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Address : |
Plot No.18, Room No.6, Trimurty Nagar Mahendra Hills, Secundarabad –
500 026, |
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Date of Birth/Age : |
11.05.1966 |
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Date of Appointment : |
09.01.2003 |
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Name : |
Mr. Nageswara Rao |
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Designation : |
Director |
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Address : |
L – 74, Madhura Nagar, |
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Date of Birth/Age : |
18.03.1960 |
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Name : |
Mr. Shiva Kumar |
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Designation : |
Director |
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Address : |
Flat No. 106, II Floor, KSR |
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Date of Birth/Age : |
14.05.1965 |
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Date of Appointment : |
09.01.2003 |
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Name : |
Mr. J. Rajender Rao |
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Designation : |
Director |
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Address : |
8-2 -686/6/D/1 Road No.12, Banjara Hills, |
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Date of Birth/Age : |
20.11.1967 |
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Date of Appointment : |
10.07.2004 |
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Name : |
Mr. R. Sirish Kumar |
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Designation : |
Director |
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Address : |
25/3/3 Road Vijayanagar Colony, |
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Date of Birth/Age : |
08.08.1965 |
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Date of Appointment : |
02.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. S. Balasubrasmaniam |
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9800 |
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Mr. N Nageshwara Rao |
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100 |
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Mr. B Shiva Kumar |
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100 |
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Total |
10000 |
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals Drug Pellets. |
GENERAL INFORMATION
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Bankers : |
· UTI Bank Limited Address: Begumpet, |
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Financial Institutions: |
·
Address: 5-9-194, · E-Mail: hyd_apsfcho@sancharnet.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sunil Parmar and Company Chartered Accountants |
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Address : |
5/1, 2nd Floor, Lenaine Estate, 5-9-189, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity shares |
Rs. 10/- each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.100
million |
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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0.100 |
0.100 |
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2] Share Application Money |
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26.101 |
10.743 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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26.201 |
10.843 |
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LOAN FUNDS |
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1] Secured Loans |
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12.800 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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12.800 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.140 |
0.000 |
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TOTAL |
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39.141 |
10.843 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.486 |
6.221 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.142 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.027 |
0.304 |
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Sundry Debtors |
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3.858 |
0.529 |
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Cash & Bank Balances |
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0.617 |
1.445 |
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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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4.986 |
0.756 |
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Total
Current Assets |
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12.488 |
3.034 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.545 |
0.734 |
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Provisions |
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0.056 |
0.022 |
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Total
Current Liabilities |
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6.601 |
0.756 |
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Net Current Assets |
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5.887 |
2.278 |
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MISCELLANEOUS EXPENSES |
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7.768 |
2.202 |
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TOTAL |
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39.141 |
10.843 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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8.805 |
0.821 |
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Other Income |
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0.448 |
0.090 |
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Total Income |
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9.253 |
0.911 |
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Change in
Stock |
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2.270 |
0.224 |
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Profit/(Loss) Before Tax |
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0.045 |
(0.492) |
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Provision for Taxation |
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0.318 |
0.142 |
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Profit/(Loss) After Tax |
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(0.273) |
(0.634) |
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Expenditures : |
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Total Expenses |
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10.964 |
1.549 |
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Financial Charges |
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0.206 |
0.019 |
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Depreciation |
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0.308 |
0.059 |
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Total
Expenditure |
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11.478 |
1.627 |
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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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PAT / Total Income |
(%) |
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(2.95) |
(69.59) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.51 |
(59.93) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.12 |
(5.32) |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.74 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
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1.89 |
4.01 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Corporation identity number or foreign company registrations number of
the company |
U24239AP2003PTC040264 |
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Name of the company |
INVENTIS DRUG
DELIVERY SYSTEMS PRIVATE LIMITED |
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Address |
19/C,
Road No.18, IDA, Nacharam, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Address: 5-9-194, E-Mail: hyd_apsfcho@sancharnet.in
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Nature or description of the instrument creating charge |
Memorandum of deposit of title deeds Deeds of Hypothecation |
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Date of the instrument creating charge |
11.04.2007 |
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Amount Secure by the charge |
Rs.96.400 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: 14.50% Interest per annum, Penal Interest @ 2% per annum for default
payments Terms of Repayments: 25 Quarterly Installments for a period of 7 Years (including
moratorium of one year) First installments of Rs. 1.000 millions and
subsequent installments of Rs. 0.850 millions Margin: 30% |
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Short particulars of the property charged (including location of the
property) |
Freehold interest in Land admeasuring 5579 sq. yards or 4664 sq.mtrs
out of AC 5-00 GTS(part of open plot marked as C) Bearing Plot No. A-19 (A
-19/C) with Buildings/ Sheds constructed thereon, situated at industrial
Development Area, |
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Particulars of the present modification |
Allotment of additional term loan of Rs.
21.400 millions along with the existing amount of Rs. 75.000 millions
aggregating to Rs. 96.400 millions. |
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Name of the
company |
INVENTIS DRUG SYSTEMS (P) LIMITED |
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Presented
By |
Sri Balasubramaniam Srinivas, Managing Director |
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1) Date and
description of instrument creating the change |
·
Memorandum
of Deposit of title deeds dated 29.10.2005 ·
Deed
of hypothecation dated 29.10.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 75.000
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 |
Land admeasuring
5578 sq. yds 4664 sq. mtrs out of AC 5-00 Gts) part of open plot marked as
‘C’) bearing plot No. A-19 (A- 19/C) with building sheds constructed thereon
situated at Industrial development Area, Nacharam Village, Uppal Mandal,
Kapra Municipality, Ratna Reddy District and bounded by north: Land belongs
to cooling coils, Land belongs to Anil chemicals, West Perco cooling Coils Limited together
with buildings constructed to be constructed thereon with all easement rights All proposed
plant and machinery together with future acquisitions erected to be erect in
the said factory premises as noted in the enclosed deed of Hypothecation. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The said term loan of Rs. 75.000 millions shall be repaid in 25
quarterly installments of Rs. 3.000 millions each payable on 1st march, 1st
June, 1st September and 1st December of every year
together interest 15% per annum and penal interest 2% per annum. The loan
repayment of loan installments shall commence two years from the date of
disbursement of any part of the term loan. The loan period is a 8 years as
mentioned in the sanction letter No. 118544, dated 23.09.2005 |
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5) Name and
Address and description of the person entitled to the charge. |
Address: 5-9-194, |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.49 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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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
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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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