MIRA
INFORM REPORT
|
Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
QUANTUM LIFE SCIENCES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Strides House, Bilekhalli Bannerghatta Road, Bangalore – 560076,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
03.03.2004 |
|
|
|
|
Com. Reg. No.: |
08-033503 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U02429KA2004PTC033503 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRQ00146G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACQ1091Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Pharmaceuticals Formulations and Bulk Drugs for 100%
export. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 1262152 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company of Strides Arcolab Limited (Parent
Company). Profit margin is under severe pressure. Payments are reported as slow but correct. Management remained
non-cooperative during correct investigation. However efforts are continued
and if more information is made available, it will follow, soon. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution. |
LOCATIONS
|
Registered Office/ Factory : |
Strides House, Bilekhalli Bannerghatta Road, Bangalore – 560076,
Karnataka, India |
|
Tel. No.: |
91-80-66580000/ 6581343/ 6581344 |
|
Fax No.: |
91-80-66580800/ 6583538 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Arun Kumar Pillai |
|
Designation : |
Director |
|
Address : |
E-102 Adarsh Garden, 8th Block Jaya Nagar, Bangalore –
560082, Karnataka, India |
|
Date of Birth/Age : |
25.03.1961 |
|
Date of Appointment : |
03.03.2004 |
|
|
|
|
Name : |
Mr. Ravishankar K. Ramaraju |
|
Designation : |
Director |
|
Address : |
1 Serenity Park, Sarjapur Road, Kaikon Danahall, Bangalore –
560035,India |
|
Date of Birth/Age : |
08.01.1962 |
|
Date of Appointment : |
03.03.2004 |
|
|
|
|
Name : |
Mr. S. Subramani |
|
Designation : |
Director |
|
Address : |
Flat 101, Blue Bells, BCC Layout Vijaya Nagar, Bangalore – 560040,
Karnataka, India |
|
Date of Birth/Age : |
19.11.1969 |
|
Date of Appointment : |
29.04.2005 |
|
Date of Ceasing : |
27.10.2005 |
|
|
|
|
Name : |
Mr. R S Prasad |
|
Designation : |
Director |
|
Address : |
72 Sowbhagya, Phase II, Kukatpally, Hyderabad – 500072, Andhra
Pradesh, India |
|
Date of Birth/Age : |
29.08.1949 |
|
Date of Appointment : |
27.10.2005 |
|
Date of Ceasing : |
31.03.2006 |
|
|
|
|
Name : |
Mr. Venkatraman Subramanian Iyer |
|
Designation : |
Director |
|
Address : |
L 204, Mantri Woodla, NDS Arekere, B G Road, Bangalore – 560076,
Karnataka, India |
|
Date of Birth/Age : |
18.03.1957 |
|
Date of Appointment : |
31.03.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 14.06.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Strides Arcolas Limited |
|
12600000 |
(As on 31.12.2006)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate (not mentioned above) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceuticals Formulations and Bulk Drugs for 100%
export. |
|
|
|
|
Products : |
· Pharmaceuticals · Bulk Drugs |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
60 |
|
|
|
|
Bankers : |
·
Andhra Bank Chamarajpet
Branch, Bangalore – 560018, India |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
P Chandrasekar Chartered Accountant |
|
Address : |
S-616, Manipal Centre, 47 Dickenson Road, Bangalore – 560042,
Karnataka, India |
|
Tel No.: |
91-80-41133934/ 25585443 |
|
Fax No.: |
91-80-25597494 |
|
|
|
|
Holding Company : |
Strides Arcolab Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
Rs.10/- each |
Rs.130.000 Millions |
|
200000 |
Preference Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12600000 |
Equity Shares |
Rs.10/- each |
Rs.130.000 Millions |
|
200000 |
Preference Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.146.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
146.000 |
126.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
180.000 |
40.165 |
|
|
4] (Accumulated Losses) |
|
(10.462) |
0.000 |
|
|
NETWORTH |
|
315.538 |
166.165 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
48.625 |
72.382 |
|
|
2] Unsecured Loans |
|
0.586 |
170.546 |
|
|
TOTAL BORROWING |
|
49.211 |
242.928 |
|
|
DEFERRED TAX LIABILITIES |
|
22.237 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
386.986 |
409.093 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
345.758 |
87.567 |
|
|
Capital work-in-progress |
|
12.493 |
278.525 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
13.958 |
0.000 |
|
|
Sundry Debtors |
|
33.948 |
40.599 |
|
|
Cash & Bank Balances |
|
1.087 |
0.398 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
34.742 |
25.848 |
|
Total
Current Assets |
|
83.735 |
66.845 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
49.831 |
23.694 |
|
|
Provisions |
|
5.169 |
0.150 |
|
Total
Current Liabilities |
|
55.000 |
23.844 |
|
|
Net Current Assets |
|
28.735 |
43.001 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
|
386.986 |
409.093 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
|
|
Sales Turnover |
|
64.710 |
40.599 |
|
|
Other Income |
|
1.820 |
0.000 |
|
|
Total Income |
|
66.530 |
40.599 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(25.249) |
40.165 |
|
|
Provision for Taxation |
|
25.378 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
(50.627) |
40.165 |
|
|
|
|
|
|
|
|
Import Value |
|
28.701 |
38.917 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
6.967 |
0.000 |
|
|
Depreciation & Amortization |
|
30.231 |
0.434 |
|
|
Other Expenditure |
|
54.581 |
0.000 |
|
Total Expenditure |
|
91.779 |
0.434 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2006 |
31.12.2005 |
|
PAT / Total Income |
(%) |
|
(76.10) |
98.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(39.02) |
98.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(5.88) |
26.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.08) |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.31 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.52 |
2.80 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
QUANTUM LIFE SCIENCES PRIVATE LIMITED |
|
Presented By |
Manager, Andhra
Pradesh |
|
1) Date and description of instrument creating the change |
26.03.2005 Composite
Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.84.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First Charge on
Fixed Assets (both present and future) of the Company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests at the
applicable PLR 10.5% p.a. Repayable in 14
quarterly installments with gestation period of 6 months commencing from 30th
September, 2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Andhra Bank Chamarajpet
Branch, Bangalore – 560018, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.41.79 |
|
UK Pound |
1 |
Rs.81.60 |
|
Euro |
1 |
Rs.64.01 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
|