MIRA
INFORM REPORT
|
Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ADCOCK INGRAM LIMITED |
|
|
|
|
Registered Office : |
Plot No.49 (C and D), Bommasandra Industrial Area, Anekal Taluk,
Bangalore – 560099, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Date of Incorporation : |
03.04.2007 |
|
|
|
|
Com. Reg. No.: |
042361 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24232KA2007PLC042361 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA10031A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGCA4343M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Pharmaceuticals 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 |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mr. Ravi Prakash, Accountant denied to part details without the
knowledge of the inquirers. This is a joint venture of Medreich Limited, Bangalore and Adcock
Ingram Holding (Pty) Limited, Africa. Trade relations are fair. Nothing
adverse reported. The company can be considered for normal business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Ravi Prakash |
|
Designation : |
Accountant |
|
Date : |
24.06.2008 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.49 (C and D), Bommasandra Industrial Area, Anekal Taluk, Bangalore
– 560099, Karnataka, India |
|
Tel. No.: |
91-80-25493334 |
|
Fax No.: |
91-80-25474741 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
No.13, Tawakal Chancery, Cooks Town, Banaswadi, Bangalore – 560043,
Karnataka, India |
|
Tel No.: |
91-80-41601451/ 2/ 3/ |
DIRECTORS
|
Name : |
Mr. R. A. Williams |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. L. Philip |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Chillale Govindaraj |
|
Designation : |
Director |
|
Address : |
No.87, IV Block, 16-C Main, Kormangala, Bangalore – 560034, Karnataka,
India |
|
Date of Birth/Age : |
04.07.1951 |
|
|
|
|
Name : |
Mr. Chandanmal Pukhraj Bothra |
|
Designation : |
Nominee Director |
|
Address : |
14, 7th Cross, Jaibharathnagar, Bangalore – 560033,
Karnataka, India |
|
Date of Birth/Age : |
20.07.1956 |
|
Date of Appointment : |
03.04.2007 |
|
Nominee Company : |
Medreich Limited |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Pravin Vaidyanathan Iyer |
|
Designation : |
Nominee Director |
|
Address : |
C-204, Mantri Woodlands, Arekere Gate, Bannerghatta Main Road,
Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
10.08.1967 |
|
Date of Appointment : |
03.04.2007 |
|
Nominee Company : |
Medreich Limited |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Muhammad Mahmood Bodhania |
|
Designation : |
Nominee Director |
|
Address : |
38, Faunce Road, Robertsham, Johannesburg 2091 |
|
Date of Birth/Age : |
22.04.1968 |
|
Date of Appointment : |
25.04.2007 |
|
Nominee Company : |
Medreich Limited |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Mahendra Chibabhai |
|
Designation : |
Nominee Director |
|
Address : |
8228 Virgo Street, Extension 9, Lenasia 1820 |
|
Date of Birth/Age : |
08.11.1955 |
|
Date of Appointment : |
25.04.2007 |
|
Nominee Company : |
Adcock Ingram Holding (Proprietary) Limited |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Jonathan James Low |
|
Designation : |
Nominee Director |
|
Address : |
1830 Augustus Way, Dainfern Valley, fourways 2055 |
|
Date of Birth/Age : |
11.11.1969 |
|
Date of Appointment : |
25.04.2007 |
|
Nominee Company : |
Adcock Ingram Holding (Proprietary) Limited |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Daryl Brian Kronson |
|
Designation : |
Nominee Director |
|
Address : |
2 Cavaillon, 19 Gary Avenue, Morningside Manor, Sandton 2196 |
|
Date of Birth/Age : |
05.12.1946 |
|
Date of Appointment : |
25.04.2007 |
|
Nominee Company : |
Adcock Ingram Holding (Proprietary) Limited |
|
E-Mail : |
|
|
|
|
|
Directorship in Other Company : |
Synchron Research Services Private Limited Director U85110GJ1998PTC034181 |
KEY EXECUTIVES
|
Name : |
Mr. P. S. Nortier |
|
Designation : |
Chief Executive |
|
|
|
|
Name : |
Mr. D. B. Kronson |
|
Designation : |
Finance Directors and Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.03.2007)
|
Names of Subscribers |
|
No. of Shares Subscribed |
|
Mr. C. P. Bothra |
|
49940 |
|
Mr. C. Govindraj |
|
10 |
|
Dr. Ashwani Kumar |
|
10 |
|
Mr. V. Madhusudhan |
|
10 |
|
Mr. R. Kedareshwar |
|
10 |
|
Mr. Rami Reddy G. V. |
|
10 |
|
Mr. Dasari Ramesh |
|
10 |
|
|
|
|
|
Total |
|
50000 |
(As on 01.11.2007
|
Names of Allottee |
|
No. of Shares Allotted |
|
Medreich Limited |
|
19000000 |
|
Adcock Ingram Holding (Proprietary) Limited |
|
19000000 |
|
|
|
|
|
Total |
|
38000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceuticals Products |
GENERAL
INFORMATION
|
Bankers : |
Industrial Finance Branch, Richmond Bangalore – 560025, Karnataka, India
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Synchron Research Services Private Limited U85110GJ1998PTC034181 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
Not Available |
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
As the subject is a new company, No financial are available.
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U24232KA2007PLC042361 |
|
Name of the
company |
ADCOCK INGRAM LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No.49 (C and D), Bommasandra Industrial Area, Anekal Taluk,
Bangalore – 560099, Karnataka, India |
|
This form is for |
Modification of Charges |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Hyderabad Industrial Finance Branch, Richmond Bangalore – 560025, Karnataka,
India |
|
Nature of
instrument creating charge |
Equitable
Mortgage by deposit of title deeds with State Bank of Hyderabad, IFB,
Bangalore is created on the land Building of the company situated at Plot
No.49 C and D, Bommasandra Industrial Area – Copy attached. |
|
Date of
instrument Creating the charge |
08.01.2008 |
|
Amount secured by
the charge |
Rs.510.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: On Rupee term loan
of Rs.360.000 Millions, Interests rate is 1% below PLR with reset at the end
of every 2nd year; The present effective rate being the 12% per
annum on monthly rests. On working
capital: (PC/FUBD/ FUBP of Rs.120.000 Millions and Letters of Credit of Rs.30.000
Millions) The Interests rests is as per RBI Directions, presently the
effective rate being the 10% per annum. Terms of
Repayment: The term Loan is
repayable in Quarterly Installments of Rs.18.000 Millions each, commencing
from June 2008 and working capital is sanction for a year effect from
02.08.2007. Margin: For Working
Capital : 25% on inventory and For Term loan :
49% of the project cost. Extent and
Operation of Charge: The term Loan and
Working capital Assistance are secured by hypothecation of movable fixed
assets and current assets and further secured by equitable mortgage by
deposit of title deeds of the and building of the company. |
|
Particulars of
the property charged |
Movable Fixed Assets
ABD Stock of Raw Materials, Semi Finished Goods, Finished Goods and Stores
and Immovable Properties Being the and Building of the company situated at
Plot No.49 C and D, Bommasandra Industrial Area, Anekal Taluk, Bangalore,
India |
|
Particulars of
the present modification |
Repayment of term
loan of Rs.360.000 Millions and the working Capital of Rs.150.000 Millions
along with Interests costs etc., are further secured by charge on the land and
Building of the company situated at Plot No.49 C and D Bommasandra Industrial
Area, Anekal Taluk, Bangalore, India by created equitable mortgage by deposit
of Title deeds with the Bank. |
Website Details
Profile:
Subject part of the JSE listed Tiger Brands Group, is a
South African pharmaceutical company. It is also the longest standing
pharmaceutical company, with humble beginnings from a small pharmacy in
Krugersdorp 116 years ago. The company has an extensive range of prescription,
generic and OTC products and also provides life saving hospital equipment,
diagnostic products and services.
To complement a full range of generics and prescription medicines across all
therapeutic classes, Adcock Ingram recently launched a range of generic ARVs.
These were developed in-house by a team of senior researchers at Adcock
Ingram’s WHO approved Research site in Aeroton.
Subject first listed on the Johannesburg Stock Exchange in
1949, develops, manufactures and distributes over the counter medicines,
branded prescription pharmaceuticals and generics, critical care hospital
products and consumer personal care toiletry and household products. The group
is also active in the vision care market, providing prescription lenses, spectacle
frames and ophthalmic instruments. The group merged on 1st May 1996 with The
Premier Pharmaceutical Company Limited (Prempharm). Fiscal 1997 is the first
full year's reporting on the new merged entity. The group acquired Sterilab
Services on 1 July 1999 and Lagap Pharmaceuticals Limited on 1 October 1999.
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.42.73 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.66.97 |
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 |
|