MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDUS BIOTECH PRIVATE LIMITED |
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Registered Office : |
1, Rahul Residency, Plot No. 6 and 7, Off Salunke Vihar Road, Kondhwa,
Pune – 411 048, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.02.1995 |
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Com. Reg. No.: |
11-85656 |
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CIN No.: [Company
Identification No.] |
U24231MH1995PTC085656 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI00601G |
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PAN No.: [Permanent
Account No.] |
AAACI5708E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter of Herbal Extracts |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mrs. Sharwari |
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Designation : |
Accountant |
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Date : |
23.06.2008 |
LOCATIONS
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Registered Office : |
1, Rahul Residency, Plot No. 6 and 7, Off Salunke Vihar Road, Kondhwa,
Pune – 411 048, Maharashtra, India |
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Tel. No.: |
91-20-24339323 / 64785063 / 64785064 |
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E-Mail : |
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Website : |
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Area : |
Approximately 3000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Perangut, Pune, Maharashtra, India |
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Branch Office : |
# 58, 1161 Wayzata Blvd. East, Wayzata, MN, 5539, USA |
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Tel. No.: |
+ 612 770 1197 |
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Fax No.: |
+ 1952 473 8324 |
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E-Mail : |
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Branch Office : |
Kaul Building, 8, Guru Nanak Nagar, Pune – 411 042, India |
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Tel. No.: |
91-20-2643-5133 / 2643 4558 |
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Fax No.: |
91-20-2644 2829 |
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E-Mail : |
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Branch Office : |
P. O. Box 49668, Hamiyah Free Zone, United, Arab Emirates |
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Tel. No.: |
+ 97150 3604982 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sunil Bhaskaran |
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Designation : |
Chairman-Cum-Managing Director |
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Address : |
Flat 1A, Anchor Heaven, S. No. 53 Part, Wanawadi, Pune – 411 040,
Maharashtra, India |
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Date of Birth/Age : |
30.11.1954 |
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Date of Appointment : |
16.02.1995 |
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Name : |
Mr. Ranjeet Srinivasan |
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Designation : |
Director |
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Address : |
A-3, Shankarshet Road, Pune – 411 042, Maharashtra, India |
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Date of Birth/Age : |
15.06.1958 |
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Date of Appointment : |
16.02.1995 |
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Name : |
Mr. Rajan Srinivasan |
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Designation : |
Whole Time Director |
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Address : |
H. No.2965, 4th Cross, 12th Main Hal II Stage,
Indira Nagar, Bangalore – 560 008, Karnataka, India |
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Date of Appointment : |
01.01.2001 |
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Name : |
Mr. Kumund D Dalal |
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Designation : |
Director |
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Address : |
7 Sital Nagar 64, Walkeshwar Road, Mumbai – 400 006, Maharashtra,
India |
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Date of Appointment : |
06.12.2001 |
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Name : |
Dr. K. Venkat |
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Designation : |
Director |
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Address : |
62, Kings Belry Drive Someset, Newjercy 08873 |
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Date of Appointment : |
15.10.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Sunil Bhaskaran |
44066 |
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Ranjeet Srinivasan |
59125 |
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Thulasy Srinivasan |
24211 |
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Sunita Bhaskaran |
50655 |
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Rajan Srinivasan - HUF |
110000 |
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Mukund Dalal and Mrs. Dalal |
5500 |
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Anil Nanavati - HUF |
7865 |
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Kabir Mehta – Minor |
2475 |
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Rishi Mehta – Minor |
2475 |
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M/s Forward Issue Limited |
7315 |
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M/s Dodsal Private Limited |
33000 |
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Amruta Mudakavi |
110 |
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Kalpana Saralaya |
110 |
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Jayanthi Sachitanand |
110 |
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Roopal Gopaldas |
110 |
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Man Bahadur Lama |
77 |
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Kavenamma |
55 |
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R. J. Palat and Mrs. Mabelle Palat |
110 |
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Smita B Patel |
1430 |
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Rohit Hariram Israni |
110 |
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Debabrata Majumdar and Amruta Majumdar |
3168 |
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Pankaj Khandpur |
110 |
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Hansh Kattara |
44000 |
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Megatrade International SA |
9185 |
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Total |
405372 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Venture Capital |
0.19 |
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Foreign holdings (Foreign institutional
investor(s), Foreign companie (s), Foreign financial institution(s),
Non-resident Indian(s) or Overseas corporate bodies or Others |
9.33 |
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Bodies Corporate |
13.61 |
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Directors or relatives of directors |
58.33 |
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Others |
18.54 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Herbal Extracts |
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Exports : |
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Countries : |
U.S.A. |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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No. of Employees : |
42 |
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Bankers : |
Vijaya Bank Sadashiv Peth, Pune – 411 030, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. M. Raiji and Company Chartered Accountants |
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Address : |
Universal Insurance Building, Pherozeshah Mehta Road, Mumbai – 400
001, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs.70.000 millions |
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|
2700000 |
Preference Shares |
Rs.100/- each |
Rs.270.000 millions |
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Total |
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Rs.340.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
525136 |
Equity Shares |
Rs.100/-
each |
Rs.52.513
millions |
|
2123083 |
Preference Shares |
Rs.100/- each |
Rs.212.308
millions |
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Total |
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Rs.264.821 millions |
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 |
49.748 |
45.455 |
40.537 |
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2] Share Application Money |
3.364 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.469 |
9.561 |
4.865 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(7.690) |
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NETWORTH |
69.581 |
55.016 |
37.712 |
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LOAN FUNDS |
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1] Secured Loans |
0.238 |
0.960 |
0.920 |
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2] Unsecured Loans |
4.900 |
1.900 |
1.900 |
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TOTAL BORROWING |
5.138 |
2.860 |
2.820 |
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DEFERRED TAX LIABILITIES |
1.599 |
0.242 |
0.230 |
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TOTAL |
76.318 |
58.118 |
40.762 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.858 |
20.626 |
9.511 |
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Capital work-in-progress |
6.211 |
35.308 |
30.914 |
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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 |
14.693
|
2.949 |
5.557 |
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Sundry Debtors |
4.253
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17.326 |
2.360 |
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Cash & Bank Balances |
1.998
|
5.246 |
1.130 |
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Other Current Assets |
0.042
|
0.029 |
0.000 |
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Loans & Advances |
10.578
|
3.294 |
1.889 |
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Total
Current Assets |
31.564
|
28.844 |
10.936 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.928
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23.637 |
10.417 |
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Provisions |
2.439
|
3.034 |
0.282 |
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Total
Current Liabilities |
22.367
|
26.671 |
10.699 |
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Net Current Assets |
9.197
|
2.173 |
0.237 |
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MISCELLANEOUS EXPENSES |
0.052 |
0.011 |
0.100 |
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TOTAL |
76.318 |
58.118 |
40.762 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.40
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0.54 |
0.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.41
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1.08 |
1.02 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
J. B. Chemicals – Pune
·
Jaya Industries - Mumbai
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.42.82 |
|
UK Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.66.62 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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