MIRA
INFORM REPORT
|
Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NEPTUNE LIFE SCIENCES PRIVATE LIMITED |
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Registered Office : |
100 B, EPIP, Phase II, Thane, Baddi – 173 205, Himachal Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.02.2006 |
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Com. Reg. No.: |
29637 |
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CIN No.: [Company
Identification No.] |
U24230HP2006PTC29637 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLN11206G |
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PAN No.: [Permanent
Account No.] |
AACCN4011D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceuticals Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 31695 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and had not commenced business during
2006-07. No payment are yet available. Initially, the company can be considered for small business dealings on
safe and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
100 B, EPIP, Phase II, Thane, Baddi – 173 205, Himachal Pradesh, India |
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Tel. No.: |
91-1792-220612, 227616 |
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Mobile No.: |
91-9218480100/ 9218480300 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Raj Kumar |
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Designation : |
Director |
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Address : |
3139, Phase II, Bahadurgarh – 147 002, Punjab, India |
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Date of Birth/Age : |
22.04.1969 |
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Date of Appointment : |
02.02.2006 |
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Date of Resignation : |
25.03.2008 |
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Name : |
Mr. Parvinder Kumar |
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Designation : |
Director |
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Date of Birth/Age : |
14.07.1975 |
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Date of Appointment : |
02.02.2006 |
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Name : |
Mr. Ravinder Singh |
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Designation : |
Chairman |
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Date of Birth/Age : |
15.08.1976 |
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Date of Appointment : |
02.02.2006 |
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Name : |
Mr. Rajesh Dhingra |
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Designation : |
Director |
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Date of Birth/Age : |
28.08.1968 |
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Date of Appointment : |
02.02.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.08.2005
|
Names of Shareholders |
No. of Shares |
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Mr. Parvinder Kumar |
10000 |
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Mr. Ravinder Singh |
10000 |
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Mr. Rajesh Dhingra |
10000 |
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Mr. Raj Kumar |
20000 |
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Total |
50000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors. |
100.00 |
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Total |
100.00 |
LIST OF ALLOTTEES
As on 31.12.2007
|
Names of Allottees |
No. of Shares |
|
Mr. Parvinder Kumar |
10000 |
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Mr. Ravinder Singh |
10000 |
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Mr. Rajesh Dhingra |
10000 |
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Total |
30000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals Products. |
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Products : |
v Sterile products (liquid, dry powder and lipolyzed). v Encapsulation. v Tabletting (Film coated, sugar coated, enteric coated). v Dry powder suspensions in sachets and bottles. v Liquid orals. v Soft gels. v Lozenges. v Direct compression granules. |
GENERAL
INFORMATION
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Suppliers : |
v Brenz
Engineering Works v Pharmatech
Engineers Private Limited v Clean One
Pharmaceuticals v Anjuman Electronics |
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Bankers : |
v UCO Bank Baddi, Dist. Solan, Baddi – 173 205, Himachal Pradesh, India |
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Facilities : |
Cash Credit Limit Rs. 1.900 millions increased to Rs. 10.500 millions Term Loan Rs. 8.000 millions increased to Rs. 10.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ajay Sood and Company Chartered Accountants |
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Address : |
265, Phase II, Housing Board, Baddi – 173 205, Himachal Pradesh, India |
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Tel. No.: |
91-1792-220612, 227616 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
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2] Share Application Money |
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5.839 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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6.339 |
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LOAN FUNDS |
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1] Secured Loans |
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11.471 |
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2] Unsecured Loans |
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1.700 |
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TOTAL BORROWING |
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13.171 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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19.510 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.500 |
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Capital work-in-progress |
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17.286 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.085 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.153 |
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Total
Current Assets |
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1.238 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.706 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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1.706 |
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Net Current Assets |
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(0.468) |
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MISCELLANEOUS EXPENSES |
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1.192 |
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TOTAL |
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19.510 |
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PROFIT & LOSS
ACCOUNT
Note:
The Company has not yet commenced business activities during the period.
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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NA |
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Other Income |
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NA |
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Total Income |
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NA |
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Profit/(Loss) Before Tax |
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NA |
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Provision for Taxation |
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NA |
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Profit/(Loss) After Tax |
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NA |
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Pre Operative Expenses : |
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ROC Charges |
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0.068 |
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Water testing charges |
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0.008 |
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Advertisement Expenses |
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0.063 |
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Insurance |
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0.049 |
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Trates and Taxes |
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0.190 |
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Water Expenses |
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0.005 |
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Bank Charges |
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0.111 |
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Bank Interest on Term Loan |
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0.613 |
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Payment to Auditors |
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0.020 |
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Bank Interest on CC |
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0.013 |
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Personnel Expenses |
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0.042 |
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Miscellaneous Expenses |
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|
0.010 |
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Total Expenditure |
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1.192 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.27 |
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Current Ratio (Current Asset/Current Liability) |
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0.73 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24230HP2006PTC29637 |
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Name of the company |
NEPTUNE LIFE SCIENCES PRIVATE LIMITED |
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Address |
100 B, EPIP, Phase II, Thane, Baddi – 173 205, Himachal Pradesh, India |
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Type of Charges |
v Hypothecation of Plant and Machinery |
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Particular of the charge holder |
Name : UCO Bank Address : Baddi, Dist. Solan City : Baddi State : Himachal Pradesh Country : IN Pin code : 173 205 e-mail ID : ro.srimla@ucobank.co.in |
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Nature or description of the instrument creating or modifying the charge |
10 A Agreement relating to Term Loan AQA Hypothecation of movable Plant and Machinery |
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Date of the instrument creating charge |
12.06.2006 |
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Amount Secure by the charge |
Rs. 8.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
The Term Loan has been and loan @ 10.5% p.a. chargeable on monthly basis. The loan is receivablein 66 monthly installments w.e.f. April 2007 |
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Short particulars of the Property charged |
100 B, EPIP, Phase II, Thane, Baddi – 173 205, Himachal Pradesh, India
allotted to the company vide lease deed regd. With sub registrar nalagarh
dated 31.05.2006 wasika No. 1321, Bahi No. 138, page 325, Ati bahi Jild No.
52, page – 7-16 |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
Yes |
Form 8
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This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
80042968 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24230HP2006PTC29637 |
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Name of the company |
NEPTUNE LIFE SCIENCES PRIVATE LIMITED |
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Address |
100 B, EPIP, Phase II, Thane, Baddi – 173 205, Himachal Pradesh, India |
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Type of Charges |
v Immovable property v Book debs v Movable property (not being pledge) |
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Particular of the charge holder |
Name : UCO Bank Address : Baddi, Dist. Solan City : Baddi State : Himachal Pradesh Country : IN Pin code : 173 205 e-mail ID : ucobankbaddi@sify.com |
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Nature or description of the instrument creating or modifying the charge |
A-9 agreement of hypothecation of stocks A-9 b agreement of hypothecation of book debts A-9 a agreement of hypothecation of movable plant and machinery A 109 Agreement of term loan A 2 DP note of cash credit |
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Date of the instrument creating charge |
21.08.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 21.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Cash credit limit @ 14.00% p.a. Term loan @14.50% p.a. Terms of repayment Term loan of Rs. 10.500 millions repayable in 24 quarterly installments w.e.f. October 2007. Cash credit is repayable on demand. Margin 25% against Term Loan 25% against stock 40% against book debts Extent and operation of the charge 100% charge in favour of UCO Bank |
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Short particulars of the Property charged |
Industrial Plot No. 100 B, EPIP, Phase II, Thane, Baddi – 173 205,
Himachal Pradesh, India allotted to the company vide lease deed registered
With sub registrar nalagarh dated 31.05.2006 wasika No. 1321, Bahi No. 1,
Jild No. 138, page 325, with building
thereon. Plant and machinery embedded there in. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Particulars of the present modification |
Cash credit limit of Rs. 1.900 millions increased to Rs. 10.500 millions Term Loan of Rs. 8.000 millions increased to Rs. 10.500 millions. |
As Per Website Details
Subject is a company that promises good health for all by providing quality medicines at affordable prices and committed to care the people for keeping good health.
Subject has won many accolades in the domestic and international pharmaceutical domain in recent times and has state of the art manufacturing facilities in Himachal Pradesh. They are engaged in manufacturing of pharmaceutical products like tablets, capsules, dry syrup and ointments and dry injectables (Dry and Wet).
The company is being led by experienced management, and people involved are from the diverse fields of pharma industry. The factory is situated in BADDI (Solan) , Himachal Pradesh which is conducive for a pharma industry to grow. Here at Neptune deliverance of commitment and quality is the prime target.
The company is GMP Certified that is lead by a team of dedicated professionals who are committed to deliver the best and most reliable medicines to the customers. Customer satisfaction is the prime aim and they make best possible efforts to achieve it. They firmly believe in ethical business practices and maintain full transparency in all the activities. The belief lies in consistent efforts to provide safe, effective and reliable pharmaceutical products to the customers. This kind of a dedication towards work and maintenance of high quality has enabled us to create a niche for them selves in the medical domain and pharmaceutical sector.
Contract Manufacturing
They have the
expertise in catering to contract manufacturing and this is one of the valuable
and most esteemed services. They have the business tie ups with big medical
houses that place bulk orders with us. They manufacture pharmaceutical products
catering to their specific needs. The team of experts take the client’s brief
carefully and under much precisely delivers products to the clients. The years
of experience in contract manufacturing have won us many accolades and thus
they have been able to maintain a clientele that is satisfied with the value
added and quality services.
The main
features of the packaging are-
v
Cushioning
materials to provide protection against shock and vibration
v
Creation of
moisture barrier and inhibitors
v
Strapping of
master boxes of all sizes
v
Clear labels
for easy identification, avoiding mishandling and also
v
ensuring safe
arrival of the products
Manufacturing
Capabilities
Drug manufacturing
is a highly competitive field and only the very best can survive. It takes a
strong infrastructure with a great deal of manufacturing expertise to bring out
the finest quality finished formulations. At Neptune, they have a long track
record of manufacturing pharmaceutical dosage forms for some of the best and
reputed pharmaceutical companies.
They offer the
broad range of manufacturing options to fit the precise product requirements:
v
Sterile
products (liquid, dry powder and lipolyzed).
v
Encapsulation.
v
Tabletting
(Film coated, sugar coated, enteric coated).
v
Dry powder
suspensions in sachets and bottles.
v
Liquid orals.
v
Soft gels.
v
Lozenges.
v
Direct
compression granules.
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 :
The 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.
The 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. 43.72 |
|
UK Pound |
1 |
Rs. 81.45 |
|
Euro |
1 |
Rs. 64.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|