MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION DETAILS
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Name : |
DSM ANTI – INFECTIVES INDIA LIMITED |
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Formerly Known As : |
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Registered Office : |
Bhai Mohan Singh Nagar, Toansa, Tehsil Balachaur, District
Nawashahr Ludhian – 144533, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.11.1999 |
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Com. Reg. No.: |
16-23090 |
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CIN No.: [Company
Identification No.] |
U24231PB1999PLC023090 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLD11026B |
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PAN No.: [Permanent
Account No.] |
AABCM4314K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Bulk Drugs and Intermediates and Anti
Infective Drugs. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING
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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/normal. |
Small |
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Maximum Credit Limit : |
USD 7500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Gist Brocades International B. V., The Netherlands. Directors are reported as experienced, respectable and resourceful professionals. Financials position is moderate. Payments are correct and as per commitments. The company can be considered for normal business dealings
at usual trade terms and conditions with some caution. |
LOCATIONS
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Registered Office : |
Bhai Mohan Singh Nagar, Toansa, Tehsil Balachaur, District Nawashahr – 144533, Punjab, India |
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Tel. No.: |
91-1881-220973/ 273622 |
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Fax No.: |
91-1881-273623 |
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Email : |
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Area : |
5 acres |
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Corporate Office : |
9th Floor, Tower A, Infinity Towers, DLF Phase II, Gurgaon
– 122002, Haryana, India |
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Tel. No.: |
91-124-4179900 |
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Fax No.: |
91-124-4179850/ 851 |
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Factory : |
SCO 86-87, Sector 8C, Madhya Marg, Chandigarh – 160018,
India |
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Tel. No.: |
91-172-2544232 / 2544320 |
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Fax No.: |
91-172-2544326/ 2543435 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
DIRECTORS
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Name : |
Mr. Gerard De Reuver |
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Designation : |
Chairman |
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Address : |
Erasmusnot 56006 MX Weert The Netherlands |
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Date of Birth : |
21.08.1956 |
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Date of Appointment : |
29.10.2002 |
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Date of Ceasing : |
29.04.2005 |
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Name : |
Mr. Roelof Mulder |
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Designation : |
Director |
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Name : |
Mr. N. V. Ramanan |
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Designation : |
Director |
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Date of Birth/Age : |
25.01.1959 |
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Qualification : |
PG Diploma in Chemical Technology from Chennai |
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Date of
Appointment: |
24.01.2001 |
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Name : |
Mr. Gerardu
Nicholaas Hubertus |
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Designation : |
Director |
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Address : |
Ridder Vosstraat
28 6162 AX Geleen The Netherlands |
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Date of Birth/Age : |
27.12.1951 |
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Date of
Appointment: |
29.04.2005 |
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Name : |
Mr. Vintentius
Welten Bartholomeus Joannes Josephus |
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Designation : |
Director |
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Address : |
Zandweg 139 6418
P A Heerlen The Netherlands |
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Date of Birth/Age : |
06.10.1960 |
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Date of
Appointment: |
29.04.2005 |
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Name : |
Mr. Cees De Jong |
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Designation : |
Director |
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Name : |
Mr. Vivek Jetley |
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Designation : |
Director |
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Name : |
Mr. Joost Van Schijndel |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ashok Tyagi |
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Designation : |
Company Secretary |
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Address : |
E-130 Greater Kailash
Part – I, New Delhi – 110048, India |
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Date of Birth/Age : |
01.01.1954 |
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Date of
Appointment: |
01.03.2002 |
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Name : |
Mr. Vineet Kumar
Singhal |
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Designation : |
Company Secretary |
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Address : |
C-19, Sector – 19,
Noida - 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
20.11.1972 |
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Date of
Appointment: |
01.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Gist Brocades |
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156267124 |
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Mr. Ramanan N V |
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5 |
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Mr. Chawla S. S. |
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5 |
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Mr. Anil Grover |
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2 |
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Mr. Arun Mehra |
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2 |
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Mr. Jairaj Iyer |
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2 |
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Mr. Rajnish Chhabra |
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4 |
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Total |
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156267144 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Bulk Drugs and Intermediates and Anti
Infective Drugs. |
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Products : |
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Agencies Held : |
Gist Brocades International B.V., The Netherlands |
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Exports: |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit at sight basis |
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Purchasing : |
L/C, Credit at sight basis |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Intermediates |
Tones |
890 |
890 |
1108.21 |
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Bulk Drugs |
Tones |
1350 |
1350 |
1613.34 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
1600 |
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Bankers : |
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Facilities : |
- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
Chartered Accountants
Chartered Accountant Address 1: Golf View Corporate Tower B, Sector Road,
Sector 42, Gurgaon – 122002, Haryana, India
Address 2: B-26, qutab Institutional Area, New Delhi
– 110016, India |
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Associates : |
GIST BROCADES BV & GB International BV , The Netherlands
New Delhi and Mumbai Line of Business: Manufacturing of Bulk Drugs and Intermediates and Anti Infective Drugs |
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Parent Company : |
DSM, The
Netherlands |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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170000000 |
Equity Shares |
Rs.10/- each |
Rs.1700.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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156267000 |
Equity Shares |
Rs.10/- each |
Rs.1562.670 millions |
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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 |
1562.670 |
1562.670 |
1499.020 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
891.120 |
891.120 |
0.000 |
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4] (Accumulated Losses) |
(959.610) |
(884.060) |
(693.950) |
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NETWORTH
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1494.180 |
1569.730 |
805.070 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured
Loans |
1995.580 |
1515.850 |
1815.530 |
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TOTAL BORROWING
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1995.580 |
1515.850 |
1815.530 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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3489.760 |
3085.580 |
2620.600 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
959.130 |
435.290 |
485.290 |
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Capital
work-in-progress |
12.530 |
241.260 |
9.750 |
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INVESTMENTS |
50.000 |
50.000 |
50.000 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
1337.810 |
617.240 |
822.600 |
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Sundry Debtors |
1886.290 |
1573.49 |
1135.160 |
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Cash & Bank Balances |
168.810 |
308.210 |
128.990 |
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Other Current Assets |
1.260 |
12.980 |
31.990 |
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Loans & Advances |
795.120 |
709.980 |
785.890 |
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Total Current
Assets |
4189.290 |
3221.900 |
2904.630 |
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Less: CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1699.610 |
843.120 |
806.880 |
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Provisions |
21.580 |
19.750 |
22.190 |
Total Current Liabilities
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1721.190 |
862.870 |
829.070 |
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Net Current Assets
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2468.100 |
2359.030 |
2075.560 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL
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3489.760 |
3085.580 |
2620.600 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
Debt Equity Ratio
(Total Liability/Networth) |
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2.49
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1.52 |
3.28 |
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Current Ratio
(Current Asset/Current Liability) |
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2.43
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3.73 |
3.50 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Gist Brocades Internationl B. V. , The Netherlands
- Freezco Corporation
- Industrial Plastic Packers
- Plastic Sales (India)
- Euro Containers
Website Details:
K. P. Singh, Neeraj Tewari and R. K. Jain of Subject in
Chandigarh, India, want to make the roads in their community safer. Company
will help to install lighting and place road signs along the road from
Chandigarh to Amritsar, the scene of many accidents.
Objective
Safety is a fundamental aspect of their corporate culture
and personal safety is number one priority with them. They have formulated
ambitious safety objectives for the next few years.
Background
The company works are situated 12 kms from Ropar on the
National Highway no. 21 in Toansa Village in Punjab State of India. This is a
very important highway having high density, high speed traffic. There are 9
large scale industrial units/educational institutes operating on this section
of the highway. Moreover there is also a canal on one side of the road. This is
an accident prone area as there is no lighting on this road.
Project
To accomplish the objective, a section of approx. 12 kms is
illuminated with highway pole lights to get a sense of safety among all
commuters, as a community service. Out of these 12 kms, 6 kms covers a section
towards Ropar/ Chandigarh side of the highway from DAI works upto Asron Bridge
and another 6 kms on the other side of DAI Works upto Bharthala Village towards
Balachaur side.
These highway lights are installed on one side of the road.
This highway is illuminated to national and international standards using
aesthetic and photometrical efficient highway lights. These are equipped with
energy conserving high pressure sodum vapour lamps and lighting luminaires to
impart enough illumination for travelling.
A total stretch of 12 km of road has been illuminated and
operates fully satisfactory. Some money has been reserved for the provision of
electricity and maintenance of the road lights in 2004.
Phase one inaugurated on the occasion of 101st birth
centenary of DSM on May 29th, 2003
Company celebrated the 101st birth anniversary of their
group at the factory premises in Toansa, district Nawanshahar. It was also an
opportunity for the family members of the employees to visit the place where
their near and dear ones work with passion and pride. It was celebrated as Open
Day on May 29th, 2003. The employees gave the families a warm reception.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.30 |
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UK Pound |
1 |
Rs.84.03 |
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Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
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SCORE
FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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36 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated
through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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