MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
APOTEX RESEARCH PRIVATE LIMITED |
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Registered Office : |
Site No. 1, Bommasandra Industrial Area, 1Vth Phase, Jigani Link Rad, Jigani
Hobli, Anekal Taluk, Bangalore 562 158, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.06.2003 |
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Com. Reg. No.: |
32103 |
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CIN No.: [Company
Identification No.] |
U73100KA2003PTC032103 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA04663B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pharmaceutical Product |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 659096 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track. It’s
profitability is under severe pressure. It has huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
Site No. 1, Bommasandra Industrial Area, IVth Phase, Jigani Link Rad,
Jigani Hobli, Anekal Taluk, Karnataka 562 158, India |
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Tel. No.: |
91-26557190 / 91-80-26557196 / 22891000 / 22891099 |
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Fax No.: |
91-80-26453666 |
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E-Mail : |
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Website : |
www.apotex.com (under
construction) |
DIRECTORS
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Name : |
Mr. Vishwas Agrawal |
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Designation : |
Director |
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Address : |
Flat No. F 208, Pride Apartment, Bilekahalli Bann, |
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Date of Birth/Age : |
14.11.1971 |
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Date of Appointment : |
17.06.1905 |
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Name : |
Mr. Jeremy B Desai |
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Designation : |
Director |
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Address : |
No. 33, |
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Date of Birth/Age : |
23.02.1960 |
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Date of Appointment : |
24.06.2004 |
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Name : |
Mr. Robert Craig Baxter |
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Designation : |
Director |
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Address : |
No. 108, |
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Date of Birth/Age : |
27.12.1955 |
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Date of Appointment : |
24.06.2004 |
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Name : |
Mr. Jim Berhalter |
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Designation : |
Director |
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Address : |
No. 2163, |
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Date of Birth/Age : |
05.12.1958 |
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Date of Appointment : |
24.06.2004 |
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Name : |
Mr. Herge Venkatesh Kedlaya |
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Designation : |
Director |
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Address : |
No. B1 / 601, L and T, |
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Date of Birth/Age : |
05.06.19963 |
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Date of Appointment : |
20.06.2003 |
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Name : |
Mrs. Sushma Kedlaya |
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Designation : |
Director |
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Address : |
No. B1 / 601, L and T, |
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Date of Birth/Age : |
01.03.1966 |
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Date of Appointment : |
20.06.2003 |
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Name : |
Mrs. Parijad Adil Elchidana |
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Designation : |
Director |
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Address : |
No. 798, Tehmi Villa, Ground Floor, |
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Date of Birth/Age : |
06.11.1961 |
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Date of Appointment : |
10.06.2004 |
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Name : |
Mr. James Francis Berhalter |
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Designation : |
Director |
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Address : |
2163, |
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Date of Birth/Age : |
05.12.1958 |
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Date of Appointment : |
24.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Herge Venkatesh Kedlaya |
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500 |
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Mrs. Sushma Kedlaya |
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500 |
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Total |
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1000 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Foreign holdings (Foreign institutional
investor(s), Foreign Companie(s), Foreign financial institution(s),
Non-resident Indian(s) or overseas corporate bodies or others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pharmaceutical Product |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
100 / 2, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity shares |
Rs. 10/- each |
Rs. 500.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19536800 |
Equity shares |
Rs. 10/-
each |
Rs. 195.368
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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195.368 |
0.500 |
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2] Share Application Money |
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0.000 |
141.409 |
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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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(30.594) |
(5.472) |
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NETWORTH |
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164.774 |
136.437 |
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LOAN FUNDS |
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1] Secured Loans |
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694.124 |
0.000 |
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2] Unsecured Loans |
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0.000 |
59.945 |
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TOTAL BORROWING |
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694.124 |
59.945 |
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DEFERRED TAX LIABILITIES |
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15.800 |
0.000 |
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TOTAL |
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874.698 |
196.382 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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724.972 |
141.188 |
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Capital work-in-progress |
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30.126 |
31.216 |
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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 |
0.170 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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79.162 |
2.520 |
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Cash & Bank Balances |
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135.290 |
27.006 |
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Other Current Assets |
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5.950 |
0.000 |
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Loans & Advances |
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14.186 |
2.056 |
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Total
Current Assets |
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234.588 |
31.582 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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112.775 |
7.813 |
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Provisions |
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2.250 |
0.122 |
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Total
Current Liabilities |
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115.025 |
7.935 |
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Net Current Assets |
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119.563 |
23.647 |
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MISCELLANEOUS EXPENSES |
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0.037 |
0.161 |
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TOTAL |
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874.698 |
196.382 |
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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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4.91 |
0.49 |
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Current Ratio (Current Asset/Current Liability) |
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2.03 |
3.98 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of the company |
U73100KA2003PTC032103 |
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Name of the company |
APOTEX RESEARCH PRIVATE LIMITED |
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Address |
Site No. 1, Bommasandra Industrial Area,
1Vth Phase, Jigani Link Rad, Jigani Hobli, Anekal Taluk, Karnataka 562 158,
India |
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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 |
Apotex Pharmaceutical Holding Inc. 150, |
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Nature or description of the instrument creating charge |
Memorandum of Deposit of Title Deeds |
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Date of the instrument creating charge |
27.02.2007 |
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Amount Secure by the charge |
Rs. 838.493 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: LIBOR + 2% p. a. b) Terms of Repayment: Repayment – 3 equal installment commencing on the third anniversary of the draw down date. c) Margin: Nil d) Extent and operation of the charge: Period of loan – 6 Years form the initial draw down date. |
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Particulars of the Property charged |
Charge on all the immovable properties viz. building, plant and machinery, office equipment situated at plot no. 1 an plot no. 2m Bommasandra Industrial Area, IV Phase, Jigani Link Road, Bangalore 560 099, Karnataka, India |
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Particulars of Present modification |
Limit secured from Rs. 735.946 millions to Rs. 838.493 millions |
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.40.85 |
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1 |
Rs.82.54 |
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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 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
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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26 |
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. |
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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