MIRA INFORM REPORT
|
Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ORBIT LIFESCIENCE PRIVATE LIMITED |
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Registered Office : |
13, Kailash Darshan, 4th Floor, Nana Chowk, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.05.2003 |
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Com. Reg. No.: |
11-140389 |
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CIN No.: [Company
Identification No.] |
U24260MH2003PTC140389 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO03665E |
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PAN No.: [Permanent
Account No.] |
AAACO6012E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Exporters of finished formulations, supply of APl’s and
raw materials and intermediates for bulk drugs. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 150000 |
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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 an established company having
fine track. Financial position of the company appears to be sound. Trade
relation are reported as fair. Business is active. Payment are reported to be
regular and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
13, Kailash Darshan, 4th Floor, Nana Chowk, |
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Tel. No.: |
91-22-23803200 |
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Fax No.: |
91-22-23803202 |
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E-Mail : |
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Web site : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Arvind Bhupatrai Sheth |
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Designation : |
Director |
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Address : |
701, Vastu Shilp, Gamadia Colony Lane, Tardeo, Mumbai -400007,
Maharashtra, India |
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Date of Birth/Age : |
09.05.1950 |
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Date of Appointment : |
09.05.2003 |
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DIN No.: |
00053848 |
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Name : |
Mr. Amit Arvind Sheth |
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Designation : |
Director |
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Address : |
701, Vastu Shilp, Gamadia Colony Lane, Tardeo, Mumbai -400007,
Maharashtra, India |
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Date of Birth/Age : |
12.01.1979 |
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Date of Appointment : |
09.05.2003 |
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DIN No.: |
00054012 |
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Name : |
Mr. Ashish Arvind Sheth |
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Designation : |
Director |
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Address : |
701, Vastu Shilp, Gamadia Colony Lane, Tardeo, Mumbai -400007,
Maharashtra, India |
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Date of Birth/Age : |
19.06.1981 |
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Date of Appointment : |
09.05.2003 |
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DIN No.: |
00053919 |
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Name : |
Mr. Jayesh Kantilal Ghelani |
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Designation : |
Director |
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Address : |
B 17, Rashmi Society, 2nd Floor, Lallubhai Park, Andheri
(w), Mumbai -400058, Maharashtra, India. |
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Date of Birth/Age : |
28.10.1959 |
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Date of Appointment : |
30.09.2006 |
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DIN No.: |
00840430 |
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Other Directorship : of Company : |
Name of the
company: BLAS TECH TECHNOLOGIES PRIVATE LIMITED CIN: U51909PN2006PTC021808 Designation : Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Arvind B. Sheth |
|
300 |
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Mr. Amit Arvind Sheth |
|
250 |
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Mr. Ashish Arvind Sheth |
|
250 |
|
Mrs. Shreya Amit Sheth |
|
100 |
|
Mrs. Meena Arvind Sheth |
|
100 |
|
Mrs. Mamta Ashish Sheth |
|
100 |
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Total |
|
1100 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Exporters of finished
formulations, supply of APl’s and raw materials and intermediates for bulk
drugs. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Secured Loans
(31.03.2010): Rs. 56.000 Millions
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Valia and Timbadia Chartered Accountant |
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Address : |
Room No. 32, 3rd Floor, Trinity Chamber, 117, |
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Tel. No.: |
91-22-22692624 / 22699664 |
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Fax No.: |
91-22-22641937 |
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E-Mail : |
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Pan No.: |
AAAFV2769H |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Share |
Rs.100/- Each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100 |
Equity Share |
Rs.100/-
Each |
Rs. 0.110
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.110 |
0.110 |
0.110 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
38.312 |
32.595 |
26.675 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.422 |
32.705 |
26.785 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
56.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.150 |
23.133 |
|
|
TOTAL BORROWING |
56.000 |
0.150 |
23.133 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
94.422 |
32.855 |
49.918 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
2.692 |
2.371 |
0.636 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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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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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
13.296
|
7.580
|
6.954 |
|
|
Sundry Debtors |
241.453
|
193.022
|
202.123 |
|
|
Cash & Bank Balances |
1.869
|
0.075
|
0.037 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
25.754
|
22.646
|
25.644 |
|
Total
Current Assets |
282.372
|
223.323
|
234.758 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
149.986
|
104.538
|
112.677 |
|
|
Other Current Liabilities |
21.871
|
72.420
|
57.850 |
|
|
Provisions |
18.785
|
15.881
|
14.949 |
|
Total
Current Liabilities |
190.642
|
192.839
|
185.476 |
|
|
Net Current Assets |
91.730
|
30.484
|
49.282 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.422 |
32.855 |
49.918 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
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Income |
793.551 |
703.968 |
722.727 |
|
|
|
Other Income |
0.242 |
0.190 |
0.501 |
|
|
|
TOTAL (A) |
793.793 |
704.158 |
723.228 |
|
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|
|
|
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Less |
EXPENSES |
|
|
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|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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|
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TOTAL (B) |
784.756 |
694.811 |
705.734 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
|
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.037 |
9.347 |
17.494 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.420 |
0.347 |
0.194 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.617 |
9.000 |
17.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.900 |
3.080 |
5.828 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5.717 |
5.920 |
11.472 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32.595 |
26.675 |
15.203 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
38.312 |
32.595 |
26.675 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29.155 |
37.797 |
22.999 |
|
|
TOTAL IMPORTS |
29.155 |
37.797 |
22.999 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5196.88 |
5382.22 |
10428.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.72
|
0.84
|
1.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.09
|
1.27
|
2.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.02
|
3.99
|
7.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.27
|
0.66 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.42
|
59.00
|
7.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.16
|
1.27 |
LOCAL AGENCY FURTHER INFORMATION
Business and Operations of the company:
The sales and other income for the financial year were Rs. 793.793 millions as against Rs. 704.158 millions for the previous financial year. The management is hopeful to improve the performance in the forth coming years.
Form 8:
|
Corporate
identity number of the company |
U24260MH2003PTC140389 |
|
Name of the
company |
Orbit Lifescience Private Limited |
|
Address of the
registered office or of the principal place of business in |
13, Kailash Darshan, 4th Floor, Nana Chowk, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Standard
Chartered Bank, SME Credit, |
|
Email ID |
|
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement – Supplemental |
|
Date of
instrument Creating the charge |
26.11.2010 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and
with the bank from time to time. Terms of
Repayment As agreed by and with
the bank from time to time. Margin As applicable, if
any. Extent and
Operation of the charge The Bank is
having first and exclusive charge on the security given by the Company, as
described in Sr. no. 15 below. |
|
Short particulars
of the property charged |
Hypothecation by
way of first and exclusive charge on: a) all the stock in trade both present
and future consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise b) all the present and future book debts,
outstanding moneys receivable, claims and bills. c) all the movable fixed
assets. |
|
Date of
instrument modifying the charge |
10.02.2010 |
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.100.000 millions enhanced to
Rs.150.000 millions against the security of hypothecation by way of first
& exclusive charge on: a) all the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of manufacturing
and other merchandise b) all the present and future book debts, outstanding
moneys receivable, claims and bills. (as more described in agreement) |
Fixed Assets:
- Computer
- Office equipment
- Air conditioner
- Motor car (Swift)
- Motor car (Desire)
- Motor car (Toyota Altis)
- Motor Car (Santro Zip Plus)
AS PER WEBSITE DETAILS
PROFILE:
Subject founded on the precepts of Peer-to-Peer (P2P) business model in the Indian Pharmaceutical Industry since more than 3 decades ago, today reckoned as one of the fast growing, multi-faceted progressive professional organization in building and delivering mutually beneficial business propositions ranging from In-licensing, Out-licensing, Loan License manufacturing, exports of finished formulations, supply of API’s and Raw materials and intermediates for Bulk drugs manufacturing.
Orbit through its core P2P business model caters to the day-to-day needs and
requirements of 60 major industry players including Multinational Pharma
Companies spanning the potential geographical areas in the West, South and to
some extent from the North.
Orbit’s manufacturing sites consist of more than 25 establishments from
Chennai, Pondicherry, Daman, Baroda, Dehradun, Roorkee, Baddi and Solan able to
manufacture and deliver specialties in dosage forms such as Tablets, Capsules,
Liquids, Syrups, Dry Powder, Ointments, Injectables, large and small liquid
parental and including Anticancer preparations as per the WHO GMP standards and
also other international quality standards.
Orbit has also ventured into Biotech field since last two years and has
launched many new products. We are also working on futuristic products. The
Biotech centre is based at
Orbit’s current patronage extends to more than 60 customers of which 40 are listed
in the TOP 50 Pharma Manufacturers by ORG. Orbit manufactures 900 leading and
unique brands for the above Companies.
Orbit’s annual turnover is around INR280 Crores (~USD60 million) which includes
INR180 Crores (USD40 million) from Branded formulation manufacturing Business
and INR100Crores (USD20 million) from API Business. We expect to take long and
firm strides of growth in the coming years.
Orbit’s main strength has been in building, maintaining and retaining fruitful
and mutually beneficial business relations with the TOP Indian Manufacturers
including national and as well as Multinational Organizations in India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.