MIRA
INFORM REPORT
|
Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IVAX INDIA PRIVATE LIMITED |
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Registered Office : |
IVAX House, 76, Makwana Road, Marol Naka, Off Andheri – Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.12.2000 |
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Com. Reg. No.: |
11-130011 |
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CIN No.: [Company
Identification No.] |
U73100MH2000PTC130011 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI03969A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Pharmaceutical Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 450000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office/ Factory : |
IVAX House, 76, Makwana Road, Marol Naka, Off Andheri – Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-56762525 / 66762525 |
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Fax No.: |
91-22-56762500 / 66762500 |
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E-Mail : |
shembekar@gmail.com jugal.sahu@ivaxindia.com dyneshwar.chickane@ivaxindia.com arun.shembekar@ivaxindia.com |
DIRECTORS
|
Name : |
Mr. Kapil Dev Sapra |
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Designation : |
Director |
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Address : |
M -34, Saket New Delhi – 110 017, India |
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Date of Birth/Age : |
05.08.1972 |
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Date of Appointment : |
17.02.2006 |
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Name : |
Dr. Nitin Padhye |
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Designation : |
Director |
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Address : |
4 Owners Colony, Rajawadi, Ghatkopar, Mumbai – 400 077, Maharashtra,
India |
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Date of Birth/Age : |
23.06.1963 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Lazer Bezdin |
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Designation : |
Director |
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Address : |
D -71, 2nd Floor, Gulmohar Park, New Delhi – 110 049, India
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Date of Birth/Age : |
11.12.1972 |
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Date of Appointment : |
17.02.2003 |
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Name : |
Mr. Vijay Kumar Batra |
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Designation : |
Director |
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Address : |
161, Dayanand Vihar, Vikas Marg, Extension, Delhi – 110 092, India |
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Date of Birth/Age : |
13.03.1947 |
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Date of Appointment : |
17.02.2006 |
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Name : |
Mr. Frank Charles Condella Jr |
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Designation : |
Director |
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Address : |
95 St John, Wood Terrace, London, Nw8, 6 Py, UK |
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Date of Birth/Age : |
02.06.1954 |
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Date of Appointment : |
07.09.2002 |
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Name : |
Mr. Eric Mittleberg |
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Designation : |
Director |
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Address : |
3, Horizon Drive, Wayne, New Jesey 07470, USA |
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Date of Birth/Age : |
07.11.1951 |
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Date of Appointment : |
24.09.2003 |
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Name : |
Mr. Shailesh B Shah |
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Designation : |
Director |
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Address : |
25 Yale Court, Livington, New Jersey, 07039, USA |
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Date of Birth/Age : |
02.04.1954 |
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Date of Appointment : |
04.02.2004 |
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Name : |
Mr. Scheifele Timothy |
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Designation : |
Director |
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Address : |
Im Boschi 35, 6315, Oberageri Switzerland |
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Date of Birth/Age : |
12.05.1963 |
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Date of Appointment : |
09.05.2001 |
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Name : |
Mr. Livesey Ewan |
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Designation : |
Director |
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Address : |
92, Wiverton Road, London, United Kingdom SE265HZ |
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Date of Appointment : |
09.01.2001 |
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Name : |
Mr. Sukumar R |
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Designation : |
Director |
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Address : |
1-205, Viman Darshan, Sahar Road, Andheri (East), Mumbai - 400 069,
Maharashtra, India |
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Date of Birth/Age : |
04.10.1960 |
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Date of Appointment : |
26.07.2002 |
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Name : |
Mr. Desai Jeremy |
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Designation : |
Director |
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Address : |
39 Aldeham Avenue, Radlet, Herts, United Kingdom WD 78HZ |
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Date of Birth/Age : |
23.02.1960 |
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Date of Appointment : |
09.01.2001 |
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Date of Ceasing : |
12.12.2002 |
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Name : |
Mr. Blansby David |
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Designation : |
Director |
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Address : |
21 Clarence Gate, Manon Road, Wood Ford Green, Essex, United Kingdom
IG88GN |
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Date of Appointment : |
09.01.2001 |
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Date of Ceasing : |
11.06.2002 |
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Name : |
Mr. Elchidana Parizad |
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Designation : |
Director |
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Address : |
798, Jehmi Vila Ground Floor, Jame Jamshed Road, Dadar Parsi Colony,
Dadar East, Mumbai – 400 014, Maharashtra, India |
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Date of Birth/Age : |
06.11.1961 |
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Date of Appointment : |
13.12.2000 |
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Date of Ceasing : |
01.06.2004 |
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Name : |
Mr. Lakdawala P Ketan |
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Designation : |
Director |
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Address : |
D -14, Bansi Nagar, Borivali (East), Mumbai – 400 066, Maharashtra,
India |
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Date of Appointment : |
13.12.2000 |
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Date of Ceasing : |
10.01.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Jugal Kishore |
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Designation : |
Company Secretary |
|
Address : |
B /601, Abhishek Apartment, Shanti Park, Mira Road, (East), Thane –
401 107, Maharashtra, India |
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Date of Birth/Age : |
10.02.1972 |
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Date of Appointment : |
12.12.2002 |
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|
Name : |
Mr. Arun Kashinath Shembekar |
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Designation : |
Secretary |
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Address : |
B -203, Payal, Asha Nagar, Kandivali (East), Mumbai – 400 101,
Maharashtra India |
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Date of Birth/Age : |
23.03.1954 |
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Date of Appointment : |
18.06.2007 |
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Mobile No.; |
91-9820239101 |
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PAN No.: |
ABEPS2115H |
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E-Mail : |
arun.shembekar@ivaxindia.com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 31.03.2007) :- |
No. of Shares |
|
|
IVAX International GmbH |
6144513 |
|
|
IVAX International BV |
10 |
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Total
|
6144523 |
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Equity Share Break Up (As on
31.03.2007) :- |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
100 % |
|
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Total |
100
% |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Pharmaceutical Products. |
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Products : |
Pharmaceutical |
GENERAL
INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
----- |
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Auditors : |
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Name 1: |
S R Batliboi and Associates Chartered Accountants |
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Address : |
6th Floor, Express Towers, Nariman point, Mumbai – 400 021,
Maharashtra, India |
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PAN No.: |
AABFS3421N |
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Name 2: |
Price Water House Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400 028, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12500000 |
Equity Shares |
Rs. 10/- each |
Rs.125.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6144523 |
Equity Shares |
Rs. 10/- each |
Rs.61.445
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
61.445 |
61.445 |
61.445 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.951 |
21.299 |
14.628 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
89.396 |
82.744 |
76.073 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
1.312 |
1.451 |
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2] Unsecured Loans |
0.000 |
44.618 |
43.745 |
|
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TOTAL BORROWING |
0.000 |
45.930 |
45.196 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.766 |
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TOTAL |
89.396 |
128.674 |
122.035 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.435 |
90.602 |
103.126 |
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Capital work-in-progress |
0.000 |
0.000 |
0.127 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
5.641 |
3.225 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
27.385
|
90.037 |
61.947 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.827
|
5.149 |
5.398 |
|
Total
Current Assets |
36.212
|
95.186 |
67.345 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
25.343
|
56.499 |
46.350 |
|
|
Provisions |
3.549
|
3.840 |
2.213 |
|
Total
Current Liabilities |
28.892
|
60.339 |
48.563 |
|
|
Net Current Assets |
7.320
|
34.847 |
18.782 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
TOTAL |
89.396 |
128.674 |
122.035 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
68.018 |
79.207 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
68.018 |
79.207 |
|
|
|
|
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|
Profit/(Loss) Before Tax |
|
10.896 |
10.877 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
10.896 |
10.877 |
|
|
|
|
|
|
Export Value |
|
61.765 |
75.188 |
|
|
|
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Total Expenditure |
|
57.122 |
68.330 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
16.02
|
13.73 |
NA |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.02
|
13.73 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.21
|
5.75 |
NA |
|
|
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|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.13 |
NA |
|
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
1.28 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.58 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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.42.90 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|