MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
BIO PLUS LIFE SCIENCE PRIVATE LIMITED |
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Registered Office : |
S No. 10 1A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.03.2004 |
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Com. Reg. No.: |
33578 |
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CIN No.: [Company
Identification No.] |
U24232KA2004PTC033578 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pharmaceuticals, Medical, Herbal and
Cosmetic Products. |
RATING & COMMENTS
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MIRAs Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 668784 |
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Status : |
Excellent |
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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 fine track records.
Director 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. The company can be considered as a promising business partner in
medium to long run. |
LOCATIONS
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Registered Office : |
S No. 10 1A, |
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Tel. No.: |
91-80-30910870 / 41267560 |
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Fax No.: |
91-80-22841023 |
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E-Mail : |
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Factory : |
Plot
No.59,63,66A&67A, Momapallivillage, Phase II, SIPCOT, |
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Tel. No.: |
91- 4344
309692 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Uttamkumar Vittalrao Biradar |
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Designation : |
Director |
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Address : |
126 / 1, |
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Date of Birth/Age : |
01.06.1965 |
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Date of Appointment : |
19.03.2004 |
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Name : |
Mr. Vasantha Kumar |
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Designation : |
Director |
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Address : |
840, |
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Date of Birth/Age : |
22.03.1965 |
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Date of Appointment : |
19.03.2004 |
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Name : |
Mr. Chava Vasantha Kumar |
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Designation : |
Director |
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Address : |
No. 64, Udayanagar, |
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Date of Birth/Age : |
22.03.1965 |
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Date of Appointment : |
19.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sunjeev Aurora |
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5 |
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Ushma Trust |
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9975 |
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Neha Trust |
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10 |
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Mr.Suneet Aurora |
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10 |
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Mr. Uttamkumar Biradar |
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5000 |
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Mr. Vasantha Kumar |
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4975 |
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Mr. Vasantha Kumar |
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5 |
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Mr. Vasantha Kumar |
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10 |
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Mr. Vasantha Kumar |
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10 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pharmaceuticals, Medical, Herbal and
Cosmetic Products. |
GENERAL INFORMATION
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Bankers : |
ุ
Canara Bank, Overseas Branch, No. 28, M ุ
State Bank of |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Gnanoba and Bhat Chartered Accountants |
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Address : |
Commerce House, |
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Associates/Subsidiaries : |
Name of the Company: Bioplus Healthcare Private Limited CIN No.: U24232KA2005PTC036131 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 millions |
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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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0.000 |
0.000 |
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3] Reserves & Surplus |
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167.096 |
4.830 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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167.196 |
4.930 |
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LOAN FUNDS |
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1] Secured Loans |
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67.173 |
0.000 |
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2] Unsecured Loans |
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78.035 |
135.518 |
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TOTAL BORROWING |
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145.208 |
135.518 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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312.404 |
140.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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49.747 |
27.702 |
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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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0.100 |
0.000 |
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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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57.382 |
25.859 |
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Sundry Debtors |
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123.960 |
36.559 |
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Cash & Bank Balances |
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3.808 |
2.597 |
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Other Current Assets |
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39.163 |
30.035 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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224.313 |
95.050 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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40.691 |
15.781 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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40.691 |
15.781 |
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Net Current Assets |
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183.622 |
79.269 |
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MISCELLANEOUS EXPENSES |
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76.205 |
28.455 |
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OTHERS |
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2.730 |
5.022 |
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TOTAL |
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312.404 |
140.448 |
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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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388.433 |
36.790 |
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Other Income |
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0.331 |
1.297 |
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Total Income |
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388.764 |
38.087 |
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Profit/(Loss) Before Tax |
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162.455 |
0.000 |
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Provision for Taxation |
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0.188 |
0.000 |
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Profit/(Loss) After Tax |
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162.267 |
0.000 |
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Imports : |
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Total Imports |
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51.003 |
38.361 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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14.249 |
9.109 |
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Financial charges |
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3.970 |
0.908 |
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Depreciation & Amortization |
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4.149 |
0.000 |
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Other Expenditure |
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210.071 |
31.017 |
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Total Expenditure |
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232.439 |
41.034 |
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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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41.73 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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41.82 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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59.27 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.97 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.11 |
30.68 |
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Current Ratio (Current Asset/Current Liability) |
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5.51 |
6.02 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of the company |
U24232KA2004PTC033578 |
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Name of the company |
BIO PLUS LIFE SCIENCE PRIVATE LIMITED |
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Address |
S No. 10 1A, |
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This Form is for |
Modification of charge |
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Type of Charges |
Book Debts, Movable Property (not being pledge) |
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Particular of the charge holder |
Canara
Bank, Overseas Branch, No. 28, M |
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Nature or description of the instrument creating charge |
Supplemental Common Hypothecation Agreement |
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Date of the instrument creating charge |
23.06.2007 |
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Amount Secure by the charge |
Rs. 156.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: As per Bank Existing Guidelines b) Terms of Repayment: As per Bank norms c) Margin: 25% d) Extent and Operation of the Charge: The charge shall operate to the extent of Rs. 156.000 millions plus interest, commission, costs, charges and other expenses thereon. e) Others: Limit of Ts. 156.000 millions comprises PC/FDB/FBE limit enhanced from Rs. 117.500 to Rs. 150.000 millions (with a sub limit of PC-Rs 29.000 millions) FLCDP limit Rs. 1.000 millions, BG-Rs. 5.000 millions continued at the existing level
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Particulars of the Property charged |
Hypothecation by way of first charge on stocks of raw materials finished goods, goods meant for export, book debts and plant and machinery, furniture and fixtures and other fixed assets stored / installed at S. No. 10-1A, Hoodi Village, K R Puram Hobli, Bangalore 560 048 or any other place. |
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Particulars of present modification |
By the above amount secured by charge stands enhanced from Rs. 123.500 millions to Rs. 156.000 millions (All other terms and conditions remains unchanged) |
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Name of the company |
BIO
PLUS LIFE SCIENCE PRIVATE LIMITED |
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Presented
By |
BIOPLUS
LIFE SCIENCES PRIVATE LIMITED AND CANARA BANK, OSB, M |
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1) Date and description of instrument creating the change |
29.11.2005 Common Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 123.500 millions (LC Rs. 1.000 Millions , Guarantee Rs. 5.000 millions, PC Rs. 29.000 millions FDB/FBE Rs. 88.500 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 |
Hypothecation by way of first charge on stocks of raw materials, finished goods, goods meant for export, book debts and plant and machinery acquired by the company out of own recourses at Hoody and Hosur units. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) Rate of Interest: PC/FDB/FBE - @ 7.5% p. a. b) Margin: 25% |
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5) Name and Address and description of the person entitled to the charge. |
Canara
Bank, Overseas Branch, No 28, M |
As per web details:
Company Profile
Company is pleased to reaffirm its commitment to provide the highest
quality pharmaceuticals, nutritional products and speciality chemicals for the
ุ
Pharma
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Nutrition
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Personal Care
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Research
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Industries
Since 1946, their rich Natural Products tradition combined
with excellence in organic chemistry uniquely enables them to provide cutting
edge research based high performance ingredients for skin health, hair care,
cosmetics and general well being. In association with their distribution
partners in over 30 countries, products and support service is available
locally.
Their Pharma
manufacturing capability includes a capacity of over 3 billion tablets annually
Know them
For over 50 years they have served the Pharmaceutical industry with high quality products, service and technology. Their endeavour is to better understand Nature with Science. Their focus is on manufacturing and marketing formulations of the highest quality. Also their focus is on plant and marine life of Indian origin. A renewable supply of starting material is their primary input source. By applying the experience and technology used in the pharmaceutical sciences they try to harness nature inspired by science.
As their understanding of how the human body works increases there is an increased blending of pharmaceutical science, cosmetics science, nutritional science and nature. New words have evolved like cosmoceuticals and nutraceuticals. The honourable objective of improving their Quality of Life allows them to blend their knowledge to serve all beings. Nature provides them with the most questions and answers. Mankind has a good understanding of nature, albeit in different languages and different times. It is their hope that they can contribute to a better application of Science Inspired by Nature.
Their Primary business focus is to serve the requirements of three customer segments:
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Pharmaceutical
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Nutritional
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Cosmetics, Soaps and Toiletries
Developing new products in partnership with their customers
is key in their understanding and supporting new technologies. Forming
partnerships with their customers allows them to understand their needs and
focus on new developments. To support this effort strategic product
distribution partners have been appointed in many countries including Europe,
This introduction tells you a little about ourselves,their culture,their philosophy,and their existing products. They welcome the comments and suggestions. They hope this helps in better understanding their Company.
Manufacturing at
its best
From concept to logistics, their product development capability and
global market knowledge gives them a long term sustainable advantage. They
continue to strive to improve their regulatory knowledge in key markets. Most
of their products have been registered and a few are under registration in over
30 countries. Their
Tablets
Full range of shapes and sizes available
Compression capabilities accommodate all types of material
Film coating available in clear and custom made colors
Chewable tablet technology available
Timed released manufacturing capabilities
In-house film coating technology
Over 2 billion tablets produced annually
Capsules
Powder and pellet fill capabilities
Accommodate small orders as low as 100,000 capsules
Wide variety of colors and sizes available
Time release
Creams and Gels
Natural formulas
Pharmaceuticals
Jar or tube packing
Powder
Soya protein shakes
Sachets
Concentrates
All are available in
low or high-dose formulations, supplied in bulk or pre-packaged in bottles,
jars, or blisters to the specifications.
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 Intl
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 companys 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.40.63 |
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|
1 |
Rs.82.42 |
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Euro |
1 |
Rs.55.96 |
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 |
9 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
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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 |
|
72 |
This score serves as a reference to assess SCs 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. |
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 |
|