MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MADAUS PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
Shivasagar Estate, A-Block, 3rd Floor, Dr. A. Besant
Road, Worli, Mumbai - 400018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.02.1996 |
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Com. Reg. No.: |
11-97728 |
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CIN No.: [Company
Identification No.] |
U24230MH1996PTC097728 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters, Importers, buyers, sellers, distributors,
dealers and manufacturers of ingredients, reagents, catalysts, mixtures, derivatives,
intermediates, compounds, processed or semi processed products, industrial
agricultural pharmaceutical and medical preparations. |
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 2014175 |
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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 an established company having moderate track. Its
profitability is under severe pressure having good amount of accumulated losses.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
Shivasagar Estate, A-Block, 3rd Floor, Dr. A. Besant
Road, Worli, Mumbai - 400018, Maharashtra |
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Tel. No.: |
91-22-24935528/24952040 |
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Fax No.: |
91-22-24950327 |
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E-Mail : |
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Head Office : |
511, Shiv Towers, Patto Plaza, Panji, Goa - 403 001, India |
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Tel. No.: |
91-832-2438066/2438051 |
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Fax No.: |
91-832-2438077 |
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E-Mail : |
91-832-2438077 |
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Factory : |
Kundaim Industrial Estate, Kundaim, Ponda, Goa – 403 115, India |
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Tel. No.: |
91-832-2395177-80 |
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Fax No.: |
91-832-2395045 |
DIRECTORS
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Name : |
Mr. Kulbir Singh Bakhshi |
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Designation : |
Director |
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Address : |
211, Alto Nagali, Dona Paula, Goa – 403004 |
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Date of Birth/Age : |
24/04/1951 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Mr. Marc Turbe Herbert |
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Designation : |
Director |
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Address : |
Rottland 7, Engelskirchen 51766, Germany |
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Date of Birth/Age : |
06.11.1964 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Dr. Roever Friedrich Astrid |
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Designation : |
Director |
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Address : |
Einbrunger Strasse, 63D, 40489, Dusseldolf, Germany |
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Date of Birth/Age : |
01.04.1960 |
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Date of Appointment : |
31.03.2003 |
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Date of Ceasing: |
01.10.2004 |
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Name : |
Dr. Rogasch Waltel Rainer |
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Designation : |
Director |
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Address : |
C/O Madaus AG, Colonia, Allee, 15, 51067, Koln, Germany |
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Date of Birth/Age : |
26.07.1960 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Kapil Mehta |
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Designation : |
Director |
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Address : |
7/S-4, Kamat Complex, Tonca Miramar, P.O.Caranzalem Panaji-403002,
Goa, India |
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Date of Birth/Age : |
07.08.1972 |
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Date of Appointment : |
01.05.2002 |
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Name : |
Mr. Carlos Puigventos Fabro |
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Designation : |
Director |
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Address : |
C.Sancho De Avila, Barcelona-17732, Spain |
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Date of Birth/Age : |
02.12.1957 |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr. Kulbir Singh Bakhshi |
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Designation : |
Managing Director |
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Address : |
211, Alto Nagali, Nagali Hills Colony, Dona Paula, Panaji-403004, Goa,
India |
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Date of Birth/Age : |
24.04.1951 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Mr. Arno Michel Joseph Hental |
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Designation : |
Director |
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Address : |
Germany |
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Date of Birth/Age : |
05/08/1957 |
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Date of Appointment : |
01/08/2000 |
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Date of Ceasing |
01/09/2002 |
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Name : |
Mr. Klaus Uwe Pecher |
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Designation : |
Director |
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Address : |
Germany |
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Date of Birth/Age : |
24/02/1959 |
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Date of Appointment : |
03/04/2000 |
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Date of Ceasing |
31/05/2002 |
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Name : |
Mr. Christiaan Paul Thomas |
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Designation : |
Director |
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Address : |
Nesdijk 276, 1861, MG Bergen NH, The Netherlands |
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Date of Birth/Age : |
17/05/1949 |
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Date of Appointment : |
31/05/2002 |
KEY EXECUTIVES
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Name : |
Mr. Sadhanala Venketa Rao |
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Designation : |
Company Secretary |
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Address : |
Company Secretary |
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Date of Birth/Age : |
25/12/1963 |
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Date of Appointment : |
19/02/2001 |
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Date of Ceasing: |
30/04/2002 |
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Name : |
Mr. Kapil Mehta |
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Designation : |
Company Secretary |
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Address : |
F/1, Laxmi Apartments, Opp. Faim Grove Socierty, P. O. Caranzalem.
Panji, Goa - 403002 |
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Date of Birth/Age : |
07/08/1992 |
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Date of Appointment : |
01/05/2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2005
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Names of Shareholders |
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No. of Shares |
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Pharmazeutische Union |
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25500002 |
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Madaus AG |
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27499998 |
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Dr. Amardeep Kanth |
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01 |
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Mr. Jones Das |
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01 |
Equity Share Break Up As on 15.09.2004
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Particulars |
Percentage |
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Foreign holdings (foreign institutional
investor, foreign companies, foreign financial institution, non- resident or
overseas corporate bodies or others) |
100.00 |
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Total: |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters, Importers, buyers, sellers, distributors,
dealers and manufacturers of ingredients, reagents, catalysts, mixtures,
derivatives, intermediates, compounds, processed or semi processed products,
industrial agricultural pharmaceutical and medical preparations. |
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Products : |
Drugs |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
NA |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
A.F.Fergusons Associates (Chartered Accountant) |
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Address : |
Maker Towers “E”, Cuffee Parade, Mumbai-400005, Maharashtra, India |
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Parent Company: |
Madaus AG, Germany |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
53000000 |
Equity Shares |
Rs.10/- each |
Rs.530.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
53000000 |
Equity Shares |
Rs.10/- each |
Rs.530.000millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
530.000 |
530.000 |
530.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(127.165) |
(40.223) |
(94.950) |
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NETWORTH |
402.835 |
489.777 |
435.050 |
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LOAN FUNDS |
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1] Secured Loans |
196.928 |
310.385 |
450.686 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
196.928 |
310.385 |
450.686 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
599.763 |
800.162 |
885.736 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
128.106 |
299.796 |
379.545 |
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Capital work-in-progress |
0.079 |
0.817 |
1.085 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
139.758 |
109.685 |
172.117
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Sundry Debtors |
64.296 |
102.756 |
0.548
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Cash & Bank Balances |
229.486 |
164.881 |
244.813
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Other Current Assets |
0.000 |
0.000 |
0.000
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Loans & Advances |
20.690 |
45.896 |
42.166
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Total
Current Assets |
454.230
|
459.644
|
423.218 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
22.614 |
44.689 |
42.192
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Provisions |
3.357 |
3.382 |
4.542
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Total
Current Liabilities |
25.971
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46.734
|
48.071 |
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Net Current Assets |
428.259
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412.910
|
375.147 |
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MISCELLANEOUS EXPENSES |
43.319 |
86.639 |
129.959 |
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TOTAL |
599.763 |
800.162 |
885.736 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
451.916 |
444.004 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
451.916 |
444.004 |
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Profit/(Loss) Before Tax |
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(86.541) |
60.336 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(86.541) |
60.336 |
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Export Value |
|
397.106 |
427.155 |
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Expenditures : |
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Depreciation & Amortization |
|
201.295 |
62.424 |
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Other Expenditure |
|
337.162 |
321.244 |
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Total Expenditure |
|
538.457 |
383.668 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(19.15)
|
13.59 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(19.15)
|
13.59 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(13.83)
|
7.12 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.73 |
1.15 |
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Current Ratio (Current Asset/Current Liability) |
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17.49
|
9.83 |
8.80 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSET:
· Plant And Machinery
· Furniture And Fixture
· Office Equipments
· Vehicles.
Form No.8:
Bankers Charges
Report as per Registry
|
Name of the company |
MADAUS PHARMECEUTICALS
(India) PRIVATE LIMITED |
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Presented By |
Mr. N.B.Gadgil
(Company Secretary) |
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1) Date and description of instrument creating the change |
Loan Agreement
dated 14.11.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rupees equivalent
to DM 24.88 mio Approximately Rs.
522.500 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 |
First charge by
way of hypothecation on all present and future movable property of the
borrower (save and except book debts and stocks of RM, PM, W.I.P and FG) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per copy of the
agreement enclosed the foreign currency of DM 24.88 mio. Together with
interest @8%p.a thereon is secured by a first charge by way of hypothecation
in favour of the lender. The charge is created on all the present and future
movables except book debts and stock. |
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5) Name and Address and description of the person entitled to the charge. |
Pharmazeutische
Union GMBH Ostmerheimer STR.
198, 51109, Cologne, Germany, C/O, madaus Pharmaceuticals (India) Private
Limited Shivsagar Estate,
“A” Block, Dr. Annie Besent Road, Worli, Mumbai-400018, Maharashtra, India |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
---- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|