MIRA
INFORM REPORT
|
Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAIICHI SANKYO INDIA PHARMA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 89, 15th Road, MIDC, Andheri (East), Mumbai –
400093, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.03.2007 |
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Com. Reg. No.: |
11-168691 |
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Capital
Investment / Paid-up Capital : |
Rs.250.000 Millions |
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CIN No.: [Company Identification
No.] |
U24233MH2007PTC168691 |
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD15120A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Wholesaler of Pharmaceuticals. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 910000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 89, 15th Road, MIDC, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66424444 |
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Fax No.: |
91-22-66424410 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Hideyuki Haruyama |
|
Designation : |
Director |
|
Address : |
Urban View Mejiro 201-4-23-14, Mejiro, Toshima Ku – 1710031 |
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Date of Birth/Age : |
26.01.1955 |
|
Date of Appointment : |
12.08.2010 |
|
Din No.: |
03180992 |
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|
|
|
Name : |
Mr. Heman Kumar Shah |
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Designation : |
Secretary |
|
Address : |
1st Floor Chandrika Flat 7, RB Mehta Marg, Ghatkopar West, Mumbai –
400077, Maharashtra, India |
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Date of Birth/Age : |
20.06.1977 |
|
Date of Appointment : |
26.08.2009 |
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|
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|
Name : |
Mr. Masahiko Otsuki |
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Designation : |
Director |
|
Address : |
6-1-1123, Shinkawasaki, Saiwai Ku, Kanagawa Ken – 2120032, India |
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Date of Birth/Age : |
13.10.1959 |
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Date of Appointment : |
12.08.2010 |
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Din No.: |
03180981 |
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|
|
|
Name : |
Mr. Koji Hiromu Ogawa |
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Designation : |
Director |
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Address : |
31 Robin Hill Road, Scarsdale – 10583 |
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Date of Birth/Age : |
13.02.1962 |
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Date of Appointment : |
25.06.2009 |
|
Din No.: |
02669315 |
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|
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Name : |
Mr. Takeshi Goro Shigihara |
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Designation : |
Director |
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Address : |
2-6-22, Higashinakano, Nakano – Ku, Tokyo – 1640003 |
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Date of Birth/Age : |
20.08.1953 |
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Date of Appointment : |
20.06.2007 |
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Date of Ceasing : |
27.08.2010 |
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Din No.: |
01426441 |
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|
|
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Name : |
Mr. Hideo Takao Ishibashi |
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Designation : |
Director |
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Address : |
2-14-7, Fujizuka, Kohoku-Ku, Yokohama-Shi - 2220012 |
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Date of Birth/Age : |
26.08.1953 |
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Date of Appointment : |
20.06.2007 |
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Date of Ceasing : |
27.08.2010 |
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Din No.: |
01444628 |
|
|
|
|
Name : |
Mr. Jay Laxman Soman |
|
Designation : |
Director |
|
Address : |
6 A, Benlair, Union Park, Pali Hill Road, Mumbai – 400052,
Maharashtra, India |
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Date of Birth/Age : |
03.10.1953 |
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Date of Appointment : |
12.04.2007 |
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Date of Ceasing : |
27.08.2010 |
|
Din No.: |
00964215 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
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Daiichi Sankyo Company Limited, Tokyo Japan |
|
176999999 |
|
Daiichi Sankyo Business Associate Company Limited, Tokyo Japan |
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1 |
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Total |
|
177000000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Wholesaler of Pharmaceuticals. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
---- |
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Banking
Relations : |
---- |
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Auditors : |
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|
Name : |
BSR And Associates Chartered Accountant |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
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|
|
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Holding Company : |
Daiichi Sankyo Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26000000 |
Equity Shares |
Rs.10/- each |
Rs.260.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000
Millions |
|
|
|
|
|
Note : Of the above 24999999 Equity Shares are held by Daiichi Sankye
Company Limited, Japan and 1 Equity Share is Held by Daiichi Sankyo Business
Associate Company Limited, Japan.
AS ON 22.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178000000 |
Equity Shares |
Rs.10/- each |
Rs.1780.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177000000 |
Equity Shares |
Rs.10/- each |
Rs.1770.000
Millions |
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|
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|
|
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 |
250.000 |
250.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
249.990 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
(15.986) |
|
|
4] (Accumulated Losses) |
(21.463) |
(36.559) |
0.000 |
|
|
NETWORTH |
228.537 |
213.441 |
234.104 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
228.537 |
213.441 |
234.014 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
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FIXED ASSETS [Net Block] |
11.182 |
14.383 |
8.626 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.750 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
16.436
|
7.207 |
0.000 |
|
|
Cash & Bank Balances |
185.302
|
188.623 |
216.378 |
|
|
Other Current Assets |
1.172
|
1.641 |
0.235 |
|
|
Loans & Advances |
32.260
|
23.254 |
11.491 |
|
Total
Current Assets |
235.170
|
220.725 |
228.104 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
5.550
|
12.640 |
|
|
|
Sundry Creditors |
13.712
|
8.719 |
2.567 |
|
|
Provisions |
0.303
|
0.308 |
0.149 |
|
Total
Current Liabilities |
19.565
|
21.667 |
2.716 |
|
|
Net Current Assets |
215.605
|
199.058 |
225.388 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
228.537 |
213.441 |
234.014 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
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SALES |
165.471 |
56.661 |
8.275 |
|
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|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Selling, general and Administrative Expenses |
145.525 |
73.907 |
24.196 |
|
|
|
Interest |
|
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|
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|
Depreciation |
|
|
|
|
|
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TOTAL |
145.525 |
73.907 |
24.196 |
|
|
|
|
|
|
|
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|
PROFIT / (LOSS)
BEFORE TAX |
19.946 |
(17.246) |
(15.921) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.850 |
3.328 |
(0.065) |
|
|
|
|
|
|
|
|
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|
PROFIT / (LOSS)
AFTER TAX |
15.096 |
(20.574) |
(15.986) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.60 |
(0.82) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.12
|
(36.31) |
(193.18) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.09
|
(7.33) |
(6.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.08) |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.08
|
0.10 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.01
|
10.18 |
83.98 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject ('the
Company') was incorporated on 13 March 2007 and is a wholly owned subsidiary of
Daiichi Sankyo Company, Limited, Japan. The Company expects to commence its
business of purchase, import, manufacture, sell, distribute, promote and market
pharmaceutical products in the next year. The Company also intends to
undertake, develop or acquire in any manner, scientific research and studies in
pharmaceutical products.
NOTE : The Registered
office Address of the company has been shifted from 5th Floor,
Peninsula Chambers, Peninsula Corporate Park GK Marg, Mumbai – 400013,
Maharashtra, India to Present address w.e.f. 05.09.2007.
The registered office address of the company has been shifted from 8th
Floor, Corporate Park, II,Sion Trombay Road, Chembur, Mumbai – 400071,
Maharashtra, India to Present address w.e.f. 01.04.2011.
FIXED ASSETS :
·
Leasehold Improvements
·
Computer Equipments
·
Office Equipments
·
Furniture and Fixtures
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. 45.87 |
|
|
1 |
Rs. 75.14 |
|
Euro |
1 |
Rs. 66.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.