MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ADVINUS THERAPEUTICS LIMITED |
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Registered Office : |
Administrative Block 21, 22, Peenya Industrial Area, Phase II,
Bangalore-560058, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.04.2005 |
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Com. Reg. No.: |
036126 |
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CIN No.: [Company
Identification No.] |
U24117KA2005PTC036126 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA07046E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Service Provider for Drugs. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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. Profitability
of the company is under severe pressure. There appears huge accumulated
losses recorded by the company. Trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered 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) |
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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 |
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Nilesh |
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Designation : |
Manager |
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Date : |
11.01.2011 |
LOCATIONS
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Registered Office : |
Administrative Block 21, 22, Peenya Industrial Area, Phase II,
Bangalore-560058, |
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Tel. No.: |
91-80-28394959/28394094 |
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E-Mail : |
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Website : |
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Factory : |
Phase-I, |
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Tel. No.: |
91-20-66539600 |
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Fax No.: |
91-20-66539620 |
DIRECTORS
AS ON 14.07.2010
|
Name : |
Ms. Rashmi Barbhaiya |
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Designation : |
Managing Director |
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Address : |
W 12, C 18, Western Aue, Sainik Farm, New Delhi-110062, |
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Date of Birth/Age : |
22.09.1952 |
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Date of Appointment : |
30.04.2005 |
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Name : |
Mr. Gopalkrishnan Ramabadran |
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Designation : |
Director |
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Address : |
Baug- E Abbas Flat, 101, 1st Floor, 21Al, Captain Prakash
Petha Marg, Cuffe Parade, Mumbai-400005, |
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Date of Birth/Age : |
25.12.1945 |
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Date of Appointment : |
30.04.2005 |
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Name : |
Mr. Homi Rustam Khusrokhan |
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Designation : |
Director |
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Address : |
1, |
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Date of Birth/Age : |
15.12.1943 |
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Date of Appointment : |
30.04.2005 |
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Name : |
Mr. Venkatrao Shridhar Sohoni |
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Designation : |
Director |
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Address : |
Om Vikas, 10th Floor, |
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Date of Birth/Age : |
28.05.1942 |
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Date of Appointment : |
30.04.2005 |
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Name : |
Mr. Kishor Anant Chaukar |
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Designation : |
Director |
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Address : |
Flat 72 A, - NCPA Apratments, 7th Floor, |
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Date of Birth/Age : |
01.08.1947 |
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Date of Appointment : |
11.08.2006 |
KEY EXECUTIVES
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Name : |
Mr. Raja Mannar |
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Designation : |
Secretary |
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Address : |
C/O, 10/1, Hanumanthnagar, 2nd Floor, 3rd Main,
Bangalore-5460019, |
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Date of Appointment : |
03.06.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.07.2010
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Names of Shareholders |
|
No. of Shares |
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Tata Sons Limited, Mumbai |
|
57850000 |
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Rashmi Barbhaiya |
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7191800 |
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Sajiv Kaul |
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2884000 |
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Tata Industries Limited, Mumbai |
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32102000 |
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Rallis India Limited |
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18286000 |
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Kasim Mookhtiar |
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772200 |
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Nimish Vachharajani |
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108000 |
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Total |
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119194000 |
LIST OF ALLOTTED AS ON 31.08.2010
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Names of Allottees |
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No. of Shares |
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Rashmi Barbhaiya |
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7181800 |
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Kasim Mookhtiar |
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3558600 |
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Nimish Vachharajani |
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1232000 |
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Sajiv Kaul |
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2476000 |
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Total |
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14448400 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 14.07.2010
|
Category |
|
Percentage of
Holding |
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Bodies corporate (not mentioned above) |
|
90.81 |
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Directors or relatives of directors |
|
6.03 |
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Other top fifty (50) shareholders (Other than listed above) |
|
3.16 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider for Drugs. |
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Exports : |
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Products : |
Chemicals |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
400 (In office) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Deloitte Centre, |
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Tel No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Subsidiaries : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
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Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
119194000 |
Equity Shares |
Rs.10/- each |
Rs.1191.940
Millions |
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115712000 |
Equity Shares |
Rs.10/- each |
Rs.1157.120
Millions |
|
3482000 |
Equity Shares partly paid-up Called & paid-up of Rs.5.50/- each |
Rs.10/- each |
Rs.19.151
Millions |
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(Of the above shares 2,916,000 (Previous Year 2,916,000) allotted as fully paid-up for consideration other than cash pursuant to a contract)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1176.271 |
1161.036 |
1147.282 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1372.572) |
(1148.470) |
[777.676] |
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NETWORTH |
(196.301) |
12.566 |
369.606 |
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LOAN FUNDS |
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1] Secured Loans |
829.479 |
662.746 |
366.478 |
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2] Unsecured Loans |
520.000 |
520.000 |
520.000 |
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TOTAL BORROWING |
1349.479 |
1182.746 |
886.478 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1153.178 |
1195.312 |
1256.084 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
947.024 |
1071.852 |
1003.438 |
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Capital work-in-progress |
0.524 |
5.079 |
7.700 |
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INVESTMENT |
0.050 |
0.050 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000
|
0.000
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Sundry Debtors |
153.022
|
163.984
|
219.304
|
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Cash & Bank Balances |
43.332
|
153.934
|
153.094
|
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Other Current Assets |
202.691
|
27.937
|
0.000
|
|
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Loans & Advances |
144.715
|
140.992
|
108.820
|
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Total
Current Assets |
543.760
|
486.847
|
481.218 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
189.398
|
217.752
|
126.897 |
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Other Current Liabilities |
24.866
|
27.038
|
19.806
|
|
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Provisions |
123.916
|
123.726
|
89.569
|
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Total
Current Liabilities |
338.180
|
368.516
|
236.272
|
|
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Net Current Assets |
205.680
|
118.331
|
244.946
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1153.178 |
1195.312 |
1256.084 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
862.740 |
688.610 |
528.920 |
|
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Other Income |
36.730 |
19.630 |
3.850 |
|
|
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TOTAL |
899.470 |
708.240 |
532.770 |
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Less |
EXPENSES |
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TOTAL |
1123.570 |
1076.430 |
838.200 |
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PROFIT BEFORE
TAX |
(224.100) |
(368.190) |
(305.430) |
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Less |
TAX |
0.000 |
2.600 |
2.500 |
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PROFIT AFTER TAX
|
(224.100) |
(370.790) |
(307.930) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Technical Testing and Analysis |
342.770 |
340.300 |
211.496 |
|
|
|
Drug Discovery and Research |
276.020 |
159.150 |
175.804 |
|
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TOTAL EARNINGS |
618.790 |
499.450 |
387.300 |
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IMPORTS |
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Lab Consumables |
65.207 |
44.302 |
18.452 |
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Capital Goods |
21.322 |
113.086 |
57.450 |
|
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TOTAL IMPORTS |
86.529 |
157.388 |
75.902 |
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Earnings Per
Share (Rs.) |
(1.92) |
(3.20) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(24.91)
|
(52.35) |
(57.79)
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Net Profit Margin (PBT/Sales) |
(%) |
(2.79)
|
(53.47) |
(57.74)
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Return on Total Assets (PBT/Total Assets} |
(%) |
(15.03)
|
(23.62) |
(20.57)
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Return on Investment (ROI) (PBT/Networth) |
|
(1.14)
|
(29.30) |
(0.87)
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Debt Equity Ratio (Total Liability/Networth) |
|
(8.60)
|
12.34 |
3.04
|
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Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.32 |
2.04
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundly Creditors - Other than dues to Micro and Small Enterprise |
151.251 |
157.886 |
81.532 |
|
Advance payments from Customers and unexpired service charges |
38.147 |
59.866 |
45.366 |
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BUSINESS OVERVIEW
The total revenue earned from the operations of the Company far the year was Rs.899.470 million was. Rs.708.240 million in the previous year, representing a growth of 27%. The total number of people in the Company decreased from 423 to 419 during the year, for the year the net loss from operations was Rs.224.100 million. Considering t h stage of the operations, the loss is not out of line with the financial projections of the management
Fixed Assets:
·
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Software
·
Furniture, Fixtures and Office Equipments
·
Vehicles
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10011851 |
|
Corporate
identity number of the company |
U24117KA2005PTC036126 |
|
Name of the
company |
ADVINUS THERAPEUTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Administrative Block 21, 22, Peenya Industrial Area, Phase II, Bangalore-560058,
|
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Corporation Bank, Industrial Finance Branch, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Deed Continuity Letter (Both the above
pertain to the same charge) |
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Date of
instrument Creating the charge |
16.10.2008 |
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Amount secured by
the charge |
Rs. 850.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12% p.a. being 2%
below COBAR Terms of
Repayment OD – Running
account repayable on demand TL- To be repaid in
10 equal quarterly installments of Rs. 25.000 Millions commencing form
30.06.2001 and lastinstalment to fall
due on 30.069.2013 after initial repayment holiday upto 31.03.2001. Interst
to be paid separately as and when due. Margin TL 2 – 25% Extent and
Operation of the charge The charge shall
operate to the extent of Rs. 850.000 Millions plus interest, commission,
costs, expenses and other charges thereon. Others The said amount
of Rs. 850.000 Millions comprises OD Rs. 200.000 Millions (enhanced form Rs.
100.000 Millions); Inland / Import LC- cum-BG Rs. 50.000 Millions continued
at existing level; TL 1 Rs. 350.000 Millions continued at existing level; TL
2 Rs. 250.000 Millions now sanctioned. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on book debts and plant and machineries, equipments and
other movable assets (excluding vehicles) stores/ installed at 21 and 22,
Phase II, Peenya Industrial Area, Bangalore 50058 or wherever else and eq.
mort. Of land with building and other structures (existing/ to be
constructed) at Plot Nos. 21 and 22, Hobli, Bangalore North Tq. Admeasuring
32899 sq. mtrs. |
|
Date of latest
modification prior to the present modification |
30.06.2008 |
|
Corporate identity
number of the company |
U24117KA2005PTC036126 |
|
Name of the
company |
ADVINUS
THERAPEUTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Administrative Block 21, 22, Peenya Industrial Area, Phase II,
Bangalore-560058, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property Others |
|
Particular of
charge holder |
YES BANK LIMITED |
|
Nature of instrument
creating charge |
Deed of
Hypothecation Dated 7th June 2010 |
|
Date of
instrument Creating the charge |
07/06/2010 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest YES BANK PLR
MINUS 7.5% p.a , Currently YBL PLR is 16.5% p.a, hence current applicable
rate would be 9% p.a Terms of
Repayment Inr 16.67 Mm At 7th
,8th, 9th Months And Inr 33.33 Mm Starting From 10th,11th And 12th Month From
The Date Of Disbursemnet (Disb Date Is 29-Jul-10) Extent and
Operation of the charge First Paripassu
Charge On Current Assets And Movable Fixed Assets (Both Present And Future)
Of The Company (As Described In Schedule Of Deed Of Hypothecation) |
|
Short particulars
of the property charged |
First Paripassu
Charge On Current Assets &Movable Fixed Assets (Both Present And Future)
Of The Company |
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
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 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
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.