MIRA
INFORM REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INTERVET INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
HOECHST ROUSSEL VET PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Briah Nagar, Pune - Nagar Road, Wagholi District., Pune – 412207,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
15.05.1996 |
|
|
|
|
Com. Reg. No.: |
099536 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52311MH1996PTC099536 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI04118C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Marketing of Animal Health Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1490000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The company is a part of Scheving – Plough, The Netherlands. Available
information indicates high financial responsibility of the company. Trade
relations are fair. Payments are correct and as per commitments. The company is doing well. It can be considered excellent for any business dealings. We tried to reach the to level management for same more details but
concerned offices were not available. Those available, could not provide
require details. However, we have mailed communication to term. |
LOCATIONS
|
Registered Office/ Factory : |
Briah Nagar, Pune - Nagar Road, Wagholi District., Pune – 412207,
Maharashtra, India |
|
Tel. No.: |
91-20-66207800/ 03/ 66050400/ 01/ 7051800 |
|
Fax No.: |
91-20-66207810/ 66050410/ 7050859 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
33, Pune-Nagar Road, (Behind Eden Garden), Pune – 411014, Maharashtra,
India |
|
Tel. No.: |
91-20-66050400-01 |
|
Fax No.: |
91-20-66050410 |
DIRECTORS
|
Name : |
Mr. Victor Albert Solinge |
|
Designation : |
Managing Director |
|
Address : |
122/2, Brinda North Main Road, Koregaon Park, Pune – 411001,
Maharashtra, India |
|
Date of Appointment : |
08.09.2003 |
|
Date of Ceasing : |
17.06.2001 |
|
|
|
|
Name : |
Mr. John Robert Battison |
|
Designation : |
Director |
|
Address : |
Old School House, Little Eversden, Cambridge, UK |
|
Date of Appointment : |
21.02.2003 |
|
Date of Ceasing : |
30.11.2004 |
|
|
|
|
Name : |
Mr. Joost KGTM Helsen |
|
Designation : |
Director |
|
Address : |
Krekelshofstraat 2, 5464 TG Mariaheide, Holland |
|
Date of Birth/Age : |
15.04.1958 |
|
Date of Appointment : |
08.09.2003 |
|
|
|
|
Name : |
Mr. Vidyadharan Parmeshwaran Nair |
|
Designation : |
Whole Time Director |
|
Address : |
C 2/104, EDEN Garden, Pune Nagar Road, Pune - 411014, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1959 |
|
Date of Appointment : |
17.06.2005 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Lino Natale Camponovo |
|
Designation : |
Managing Director |
|
Address : |
122/2, Brinda North Main Road, Koregaon Park, Pune – 411001,
Maharashtra, India |
|
Date of Birth/Age : |
05.12.1954 |
|
Date of Appointment : |
17.06.2005 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Sushil Maruthi Nimse |
|
Designation : |
Whole Time Director |
|
Address : |
Snehashil, 20 C, Vrindavan Housing, Panchavati, Pashan, Pune – 411001,
Maharashtra, India |
|
Date of Birth/Age : |
03.04.1973 |
|
Date of Appointment : |
17.06.2005 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Flavio Zanellato |
|
Designation : |
Director |
|
Date of Appointment : |
01.03.2005 |
|
|
|
|
Name : |
Mr. Ernst Paul Arndt |
|
Designation : |
Director |
|
Address : |
Plot No.50, Puru Co-operative Housing Society, Lohegaon Road, Pune –
411014, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1957 |
|
Date of Appointment : |
19.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Intervet Holding B V |
|
17000006 |
|
Vertex B V |
|
1 |
|
|
|
|
|
Total |
|
17000007 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Animal Health Products |
|
|
|
|
Products : |
Animal Health Products |
GENERAL
INFORMATION
|
Bankers : |
·
Deutsche Bank AG Deutsch Bank House, Hazarimal, Somani Marg, Post Box No.1142, Fort,
Mumbai – 400001, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
703, 7th Floor, Godrej Castleemalne, Next to Ruby Hall
Clinic, Bund Garden Road, Pune – 41001, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Intervet Holding BV, Neterlands |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17500000 |
Equity Shares |
Rs.10/- each |
Rs.175.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000007 |
Equity Shares |
Rs.10/- each |
Rs.170.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
170.000 |
170.000 |
170.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
202.586 |
138.071 |
61.917 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
372.586 |
308.071 |
231.917 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
232.128 |
250.316 |
217.001 |
|
|
TOTAL BORROWING |
232.128 |
250.316 |
217.001 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
604.714 |
558.387 |
448.918 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
225.228 |
107.292 |
120.457 |
|
|
Capital work-in-progress |
8.747 |
104.792 |
83.310 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
17.407 |
15.844 |
|
|
DEFERREX TAX ASSETS |
9.143 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
273.715
|
232.821 |
237.778 |
|
|
Sundry Debtors |
222.203
|
177.750 |
152.831 |
|
|
Cash & Bank Balances |
33.635
|
100.378 |
5.557 |
|
|
Other Current Assets |
0.000
|
0.000 |
3.459 |
|
|
Loans & Advances |
53.091
|
37.177 |
34.661 |
|
Total
Current Assets |
582.644
|
548.126 |
434.286 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
184.183
|
152.898 |
152.263 |
|
|
Provisions |
36.865
|
66.332 |
52.716 |
|
Total
Current Liabilities |
221.048
|
219.230 |
204.979 |
|
|
Net Current Assets |
361.596
|
328.896 |
229.307 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
604.714 |
558.387 |
448.918 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
1075.767 |
933.841 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
1075.767 |
933.841 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
105.293 |
117.101 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
105.293 |
117.101 |
|
|
|
|
|
|
Total Expenditure |
|
970.474 |
816.740 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.79
|
12.54 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.79
|
12.54 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.03
|
17.87 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.38 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
1.52 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.63
|
2.50 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:
Subject was founded in 1969 and has developed into a modern
animal health company with a strong focus on the market and its customer.
Subject is focused on the research, development, manufacturing
and marketing of animal health products. From a wide base of innovative,
high quality veterinary products, subject has grown into one of the world's
companies in the animal health market. For over fifty years they have placed
strong emphasis on real care, reliability and customer values, backed by
state-of-the-art service facilities.
In the past, subject focus was on vaccines and the company
held a global leadership position in that segment. Since 1999, the subject
portfolio has grown to include anti-infectives, anti-parasitics, feed
additives, endocrine products for fertility management and a large range of
specialized pharmaceutical products for a variety of diseases and performance
indications.
Subject a 100% subsidiary of Intervet International by, HQ
at Boxmeer, The Netherlands. Functioning form 1970s, subject is one of the
largest MNCs in India dedicated to Animal Health. Subject is the result of
autonomous growth and subsequent mergers of well known and companies like
Hoechst Roussel Vet, Intercare and BAIF’s Animal Health Division, with a strong
focus on the market and its customers.
Manufacture and market a variety of innovative high quality
vaccines and pharmaceuticals for food producing and companion animals. The root
of their organization is linked with Wagholi, the village near Pune, where the
state of the art factory producing biological, specially Foot and Mouth Disease
Vaccine is located. This Wagholi factory is now enriched with international
expertise and know-how and developed itself as the state of the art FMD
manufacturing unit of the country. They are committed to the initiative of Govt
of India in controlling FMD, one of the most economically important livestock
diseases.
Their organization believes to be an honest and reliable
business partner, protecting the environment and showing respect for their
neighbors–and creating their respect in return. They are a company of
professionals committed to animal health and the ethics of the veterinary
profession. Their focus on advancing medical knowledge and practices enables to
deliver innovative, science-based solutions for animals, their owners and
animal health professionals.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.96 |
|
UK Pound |
1 |
Rs.78.66 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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. |
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 |
|