MIRA
INFORM REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SARTORIUS STEDIM INDIA PRIVATE LIMITED |
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Formerly Known
As : |
STERILE FILTRATION FERMENTATION AND SEPERATION TECHNOLOGIES PRIVATE
LIMITED SARTORIUS BIOTECH ( |
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Registered
Office : |
No.69/ 2 and 69/ 3, Kunigal Road, Jakkasandra, Nelamangala Taluk,
Nelamangala, Bangalore – 562 123, Karnataka |
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Country : |
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Financials (as
on) : |
31.12.2008 |
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Date of
Incorporation : |
24.10.1991 |
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Com. Reg. No.: |
08-012445 |
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CIN No.: [Company Identification
No.] |
U74210KA1991PTC012445 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS02059B |
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PAN No.: [Permanent Account No.] |
AABCS7591Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing,
Purchase and Sales of Filtration Equipments/ Fermentation Equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 970000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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) |
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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 |
LOCATIONS
|
Registered Office : |
No.69/ 2 and 69/ 3, Kunigal Road, Jakkasandra, Nelamangala Taluk,
Nelamangala, Bangalore – 562 123, Karnataka, India |
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Tel. No.: |
91-80-43505250/ 43505251/ 43505252 |
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Fax No.: |
91-80-43505253 |
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E-Mail : |
DIRECTORS
As on 26.06.2009
|
Name : |
Mr. Amit Chatterjee |
|
Designation : |
Managing Director |
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Address : |
No.6, AECS Layout, Sanjaynagar, Nagashettihalli, RMV II Stage, |
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Date of Birth/Age : |
09.12.1959 |
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Date of Appointment : |
30.12.2005 |
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Name : |
Mr. Peter William Grimley |
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Designation : |
Director |
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Address : |
Ackermann Strasse 18, |
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Date of Birth/Age : |
16.11.1963 |
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Date of Appointment : |
12.07.2002 |
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Name : |
Mr. Volker Niebel |
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Designation : |
Director |
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Address : |
Dransfelder str 20a, |
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Date of Birth/Age : |
14.08.1956 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. Reinhard Vogt |
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Designation : |
Director |
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Address : |
IM Borne 33, |
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Date of Birth/Age : |
04/08/1955 |
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Date of Appointment : |
05/08/2005 |
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Name : |
Mr. Ganesh Parameswaran |
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Designation : |
Alternate Director |
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Address : |
No.4, N T I Layout, Opposite H I G House - 246, 1st main, R
M V II Stage, |
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Date of Birth/Age : |
30.04.1951 |
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Date of Appointment : |
14.02.2006 |
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Other Directorship : |
CIN of company: U31909KA2002PTC030793 Name of the company: Sartorius
Mechatronics India Private Limited Designation: Alternate Director |
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Partnership held
in partnership firm : |
Ganesh and Rao Address: No. 7, 3rd Floor, (Behind Wing) 80 feet Road, RT Nagar, |
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Proprietorship
held in proprietorship firm : |
Ganesh and Company Address: No.4, N T I Layout, Opposite H I G House - 246, 1st
main, R M V II Stage, |
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Name : |
Olaf Grothey |
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Designation : |
Director |
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Address : |
Am Herberhauser, Weinberge 23, Goettingen 37075 |
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Date of Birth/Age : |
22.01.1960 |
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Date of Ceasing : |
08.09.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.06.2009
|
Names of Shareholders |
|
No. of Shares |
|
Sartorius Stedim Systems |
|
959999 |
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Sartorius AG, |
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1 |
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Total
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|
960000 |
As on 26.06.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing,
Purchase and Sales of Filtration Equipments/ Fermentation Equipments. |
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Products : |
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PRODUCTION STATUS AS ON 31.12.2008
|
Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Filter Housings, Vessels and Accessories |
Nos. |
|
1200 |
635 |
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Fermentors and Filteration Systems |
Nos. |
|
175 |
104 |
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Filter Membranes |
Nos. |
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2000000 |
16531 |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
[All loans are
secured by hypothecation of present and future tangibles moveable assets
including stock in trade consisting of stock of raw materials, work in
progress, finished goods, stores, book debts, outstanding monies receivable,
claims and securities belonging to the Company]
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinay and Keshava Chartered Accountants |
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Address : |
# 12, 1st Floor, |
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Tel. No.: |
91-80-23447235 / 6/ 7 |
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Mobile No.: |
91-9972567575, 9845290093 |
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Fax No.: |
91-80-23440263 |
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E-Mail : |
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Website : |
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Holding Company : |
Sartorius Stedim Systems |
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Ultimate Holding Company : |
Sartorius AG, |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
960000 |
Equity Shares (including
196,000 equity shares of Rs.10 each issued as fully paid up Bonus Shares from
capitalisaion of free reserves) |
Rs.10/- each
|
Rs.9.600
millions |
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|
|
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|
[Of the above, 959,999 shares
are held by Sartorius Stedim Systems GmbH,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.600 |
9.600 |
9.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
232.983 |
233.393 |
194.243 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
242.583 |
242.993 |
203.843 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
69.190 |
53.770 |
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2] Unsecured Loans |
283.698 |
132.198 |
137.669 |
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TOTAL BORROWING |
283.698 |
201.388 |
191.439 |
|
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DEFERRED TAX LIABILITIES |
4.673 |
1.235 |
0.000 |
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|
|
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|
|
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TOTAL |
530.954 |
445.616 |
395.282 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
222.862 |
221.214 |
79.611 |
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Capital work-in-progress |
111.927 |
6.910 |
135.588 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.439 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
87.986
|
77.190 |
103.741 |
|
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Sundry Debtors |
239.481
|
254.528 |
213.645 |
|
|
Cash & Bank Balances |
63.828
|
1.045 |
23.133 |
|
|
Other Current Assets |
26.968
|
63.963 |
0.000 |
|
|
Loans & Advances |
115.620
|
52.143 |
52.696 |
|
Total
Current Assets |
533.883
|
448.869 |
393.215 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
258.391
|
155.219 |
141.371 |
|
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Other Current Liabilities |
43.519
|
39.552 |
21.803 |
|
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Provisions |
35.808
|
36.606 |
50.397 |
|
Total
Current Liabilities |
337.718
|
231.377 |
213.571 |
|
|
Net Current Assets |
196.165
|
217.492 |
179.644 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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|
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TOTAL |
530.954 |
445.616 |
395.282 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
516.477 |
560.091 |
455.429 |
|
|
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Other Income |
15.069 |
8.290 |
8.457 |
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TOTAL (A) |
531.546 |
568.381 |
463.886 |
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Traded goods sold |
81.906 |
84.645 |
63.707 |
|
|
|
Consumption of Raw Materials |
190.228 |
197.497 |
166.734 |
|
|
|
Increase/(Decrease) in stock |
8.599 |
(2.923) |
(9.514) |
|
|
|
Operating Expenses |
217.916 |
202.386 |
162.776 |
|
|
|
TOTAL (B) |
498.649 |
481.605 |
383.703 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.897 |
86.776 |
80.183 |
|
|
|
|
8.713 |
14.051 |
6.073 |
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.184 |
72.725 |
74.110 |
|
|
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|
|
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
15.526 |
11.059 |
8.049 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
8.658 |
61.666 |
66.061 |
|
|
|
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|
|
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|
Less |
TAX (H) |
9.068 |
22.517 |
20.667 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(0.410) |
39.149 |
45.394 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
232.992 |
193.843 |
148.449 |
|
|
|
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
232.582 |
232.992 |
193.843 |
|
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|
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|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
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Exports of Goods on FOB Basis |
222.492 |
71.086 |
100.476 |
|
|
|
Indent Commission |
11.303 |
18.972 |
11.300 |
|
|
TOTAL EARNINGS |
233.795 |
90.058 |
111.776 |
|
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IMPORTS |
|
|
|
|
|
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|
Raw Materials and Components |
180.651 |
152.519 |
155.689 |
|
|
|
Capital Goods |
22.989 |
12.403 |
0.000 |
|
|
TOTAL IMPORTS |
203.640 |
164.922 |
155.689 |
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.43) |
40.78 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
PAT / Total Income |
(%) |
(0.08)
|
6.89 |
9.79 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.68
|
11.01 |
14.51 |
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.14
|
9.20 |
13.97 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.25 |
0.32 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.56
|
1.78 |
1.99 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.94 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from No.10, 3rd
Phase, KIADB Industrial Area,
STATEMENT OF AFFAIRS
The Company could
achieve a sales turnover of Rs.516.480 millions, including an export turnover
of Rs.222.490 millions. The export turnover amounts to 43% of the total
turnover compared to 13% in the previous year.
During the Year
2008, Reserve Bank of
The Prospect of
the business for the next three Years shows a Positive growth trajectory in
Revenue and Bottom line Number. This is mainly due to the increase expected
from Group Business and Korean Market for manufacture of Engineering systems
business and Housings. The CAGR that is projected for the Years 2010-2013 is
about 12 - 15%.
The Management
takes the Pleasure to announce that during the year 2008, there was involvement
of Indian R and D team in the Product validation of filter capsule Sartopore 2
XLI and XLG capsule. These capsules have been launched worldwide in December
2008.
Further there has
been investment in facilities and equipments for the ongoing R and D Projects/
Processes in each of the Business Area the company is into and the benefits of
these activities will have a far reaching effect for the entire Sartorius
group.
|
Name of the company |
SARTORIUS BIOTECH ( |
|
Presented By |
Mr. Cherian
Philip, Managing Director |
|
1) Date and description of instrument creating the change |
10.11.1995 a) Promissory
Note b) Letter of
Continuity c) Counter
Guarantee d) Indemnity for
Cheque Purchase (All documents
constitute a single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.15.400
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 |
Present and
future tangible movable assets including spares, tools, accessories, stock of
raw materials, goods in process, semi finished goods, book debts, belonging
to the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest Overdraft (Bank’s
Prime Rate + 1.5% p.a.) Bank Guarantee
1.5% p.a. Cheque Purchase –
Bank’s Prime Rate (+ 1.5% p.a.) |
|
5) Name and Address and description of the person entitled to the charge. |
Deutsche Bank, |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
FIXED ASSETS:
·
·
Buildings
·
Land, Land Rights and
Buildings
·
Plant and Machinery
·
Tools and Equipment
·
Research Equipment
·
Electrical Installation
·
Office Equipment
·
Demo Equipment
·
Computers
·
Software
·
Furniture and Fixtures
·
Motor Vehicle
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.45.58 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.61.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.