MIRA
INFORM REPORT
|
Report Date : |
07.01.2011 |
NOTE:
The Registered office of the company has been
shifted from, IVAX House,
IDENTIFICATION DETAILS
|
Name : |
TEVA INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
IVAX INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Teva House, |
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
13.12.2000 |
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|
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|
Com. Reg. No.: |
11-130011 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100MH2000PTC130011 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI03969A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufactures and Exporters of Pharmaceuticals Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 800000 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct and as
per commitments. The company can be considered for small to mediocre 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 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Arun Shembekar |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-22-66762518 |
|
Date : |
05.01.2011 |
LOCATIONS
|
Registered Office : |
Teva House, |
|
Tel. No.: |
91-22-56762525/ 66762525 |
|
Fax No.: |
91-22-56762500/ 66762500 |
|
E-Mail : |
shembekar@gmail.com jugal.sahu@ivaxindia.com dyneshwar.chickane@ivaxindia.com arun.shembekar@ivaxindia.com |
|
Website : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Dr. Nitin Padhye |
|
Designation : |
Managing Director |
|
Address : |
4 Owners Colony, Rajawadi, Ghatkopar, Mumbai – 400 077, |
|
Date of Birth/Age : |
23.06.1963 |
|
Date of Appointment : |
01.11.2004 |
|
|
|
|
Name : |
Mr. Kapil Dev Sapra |
|
Designation : |
Director |
|
Address : |
M -34, Saket |
|
Date of Birth/Age : |
05.08.1972 |
|
Date of Appointment : |
22.09.2009 |
|
|
|
|
Name : |
Mr. Vijay Kumar Batra |
|
Designation : |
Director |
|
Address : |
161, Dayanand Vihar, Vikas Marg, Extension, |
|
Date of Birth/Age : |
13.03.1947 |
|
Date of Appointment : |
17.02.2006 |
|
|
|
|
Name : |
Mr. Shaul Mukhtar |
|
Designation : |
Director |
|
Address : |
20, Ela St. Reut, P. O. Box No.80, |
|
Date of Birth/Age : |
07.08.1955 |
|
Date of Appointment : |
29.12.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kashinath Shembekar |
|
Designation : |
Secretary and Finance Controller |
|
Address : |
B -203, Payal, Asha Nagar, Kandivali (East), Mumbai – 400101,
Maharashtra |
|
Date of Birth/Age : |
02.03.1954 |
|
Date of Appointment : |
18.06.2007 |
|
Mobile No.; |
91-9820239101 |
|
PAN No.: |
ABEPS2115H |
|
E-Mail : |
arun.shembekar@ivaxindia.com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
IVAX International |
|
6144513 |
|
IVAX |
|
10 |
|
Teva Pharmaceuticals Investments Singapore Pte Limited, |
|
6417041 |
|
|
|
|
|
Total |
|
12561564 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Exporters of Pharmaceuticals Products. |
|
|
|
|
Products : |
Pharmaceuticals Products |
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|
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Terms : |
|
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Selling : |
Cash and Credit (30 days) |
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|
|
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
|
|
|
|
No. of Employees : |
35 (Approximately) |
|
|
|
|
Bankers : |
State Bank of |
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|
|
|
Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Price Water House Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, |
|
|
|
|
Holding Company : |
·
Teva Pharmaceuticals Investments Singapore Pte
Limited, |
|
|
|
|
Ultimate Holding Company : |
·
Teva Pharmaceutical Industries Limited, |
|
|
|
|
Fellow Subsidiaries : |
·
Ivax Pharmaceuticals, ·
Teva Pharmaceuticals Works Limited, ·
Ivas Pharmaceuticals, Inc; ·
Teva Kowa Holdings ·
Teva Pharmaceutical and Chemical Industries
India private Limited, |
|
|
|
|
Associates : |
·
Ivax International |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12561564 |
Equity Shares |
Rs.10/- each |
Rs.125.616
millions |
|
|
|
|
|
Notes:
Of the Above 6417041 shares are held by Teva
Pharmaceutical Investments Singapore Pte. Limited, the holding company, 6144513
shares are held by IVAX International GmbH and 10 Shares are held by
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 |
125.616 |
82.399 |
61.445 |
|
|
2] Share Application Money |
0.000 |
0.000 |
31.432 |
|
|
3] Reserves & Surplus |
78.721 |
46.438 |
32.586 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
204.337 |
128.837 |
125.463 |
|
|
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 |
204.337 |
128.837 |
125.463 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
78.090 |
79.826 |
76.303 |
|
|
Capital work-in-progress |
4.622 |
1.088 |
1.231 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
8.493 |
8.257 |
7.546 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
33.252
|
1.441
|
6.407 |
|
|
Cash & Bank Balances |
132.910
|
46.536
|
40.223 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
7.431
|
11.162
|
10.313 |
|
Total
Current Assets |
173.593
|
59.139
|
56.943 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
8.571 |
6.389 |
4.720 |
|
|
Other Current Liabilities |
47.086
|
8.870
|
8.569 |
|
|
Provisions |
4.804
|
4.214
|
3.271 |
|
Total
Current Liabilities |
60.461
|
19.473
|
16.560 |
|
|
Net Current Assets |
113.132
|
39.666
|
40.383 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
204.337 |
128.837 |
125.463 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL INCOME |
98.778 |
93.219 |
67.370 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL EXPENSES |
82.789 |
79.147 |
59.180 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
15.989 |
14.072 |
8.190 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.315 |
10.698 |
3.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
10.674 |
3.374 |
4.635 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Service Income |
92.693 |
77.700 |
63.347 |
|
|
|
Recovery of Expenses |
3.103 |
9.331 |
0.267 |
|
|
TOTAL EARNINGS |
95.796 |
87.031 |
63.614 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.198 |
0.017 |
0.000 |
|
|
|
Capital Goods |
2.652 |
4.855 |
10.196 |
|
|
TOTAL IMPORTS |
2.850 |
4.872 |
10.196 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.24 |
0.41 |
0.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.81
|
3.62
|
6.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.35
|
9.45
|
5.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.11
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.15
|
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
3.04
|
3.44 |
LOCAL AGENCY FURTHER INFORMATION
sundry creditors details:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. in
millions) |
||
|
Sundry Creditors |
|
||
|
Micro and Small Enterprises |
0.001 |
0.003 |
0.016 |
|
Others |
8.570 |
6.386 |
4.704 |
|
|
|
|
|
|
Total |
8.571 |
6.389 |
4.720 |
change of address
The Registered Office of the company was Ivax House, 76, Makwana Road,
Marol Naka, Off Andheri – Kurla Road, Andheri (East), Mumbai – 400 059,
Maharashtra shifted to present Registered Address w.e.f 17.12.2008.
operations
The company has been allotted exclusive role in Teva R and D would to
carry out development of Generic Products for Japanese market.
The company had the normal operations during the period. The company’s
development work at its laboratories have been as per schedules.
The planning for additional manpower of pharmacists and analysts has
been made out. The need based recruitment is already under way.
FUTURE OUTLOOK
The Business out look for the company extremely bright in the coming
years. The company is poised.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
|
|
A] Claims against the company not acknowledged as debts |
|
|
|
- Income – tax matters decided against
the company in respect of which the company has preferred an appeal |
6.038 |
5.082 |
|
|
|
|
|
B] Export obligation in respect of capital goods imported under export
promotion capital goods scheme. |
5.735 |
5.735 |
|
|
|
|
|
Total |
11.773 |
10.817 |
NOTE:
The future cash outflows in respect of (a) above are
determinable only on receipt of decision from the Income-tax authorities.
Future cash outflows in respect of (b)
above are dependant on the future performance of the obligation by
the company.
fixed assets
· Computer Software
·
· Building
· Plant And Machinery
· Computers
· Office Equipments
· Furniture and Fittings
· Vehicles
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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.