MIRA
INFORM REPORT
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Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DSM ANTI INFECTIVES INDIA LIMITED |
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Formerly Known As : |
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Registered Office : |
Bhai Mohan Singh Nagar, Toansa, Tehsil Balachaur, District
Nawanshahr Ludhiana – 144533, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.11.1999 |
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Com. Reg. No.: |
16-023090 |
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Paid-up Capital : |
Rs.1562.671 millions |
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CIN No.: [Company
Identification No.] |
U24231PB1999PLC023090 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLD11026B JLD01636F |
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PAN No.: [Permanent
Account No.] |
AABCM4314K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Bulk Drugs and Intermediates and Anti
Infective Drugs. |
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No. of Employees : |
1600 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
RATING
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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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Maximum Credit Limit : |
USD 5000000 |
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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 a part of Gist Brocades International B.V, The Netherlands.
It is well established company having moderate track. There appears to be
huge accumulated losses recorded by the company. However trade relations are
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with slight
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) |
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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
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Registered Office : |
Bhai Mohan Singh Nagar, Toansa, Tehsil Balachaur, District
Nawanshahr Ludhiana – 144533, |
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Tel. No.: |
91-1881-509650 / 220973 / 273622 / 273624 / 625 / 2766122 |
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Fax No.: |
91-1881-509890 / 273623 |
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Email : |
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Website: |
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Area : |
5 acres |
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Corporate Office 1 : |
9th Floor, Tower A, |
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Tel. No.: |
91-124-4179900 |
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Fax No.: |
91-124-4179850/ 851 |
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Corporate Office 2 : |
Plot No 25 Second
Cross IDA Kondapalli Brahimpatnam M Dist Krishna 521228, |
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Factory : |
SCO 86-87, Sector 8C,
Madhya Marg, |
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Tel. No.: |
91-172-2544232 / 2544320 |
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Fax No.: |
91-172-2544326/ 2543435 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Overseas Offices : |
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Address : |
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Tel. No.: |
31-15-2793514 |
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Fax No.: |
31-15-2792240 |
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Email : |
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Overseas Offices : |
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Address : |
45, |
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Tel. No.: |
1-973-2578154 |
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Fax No.: |
1-973-2578023 |
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Overseas Offices : |
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Address : |
Fersinsa Gist- Brocades, 600, |
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Tel. No.: |
1-305-9601124 |
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Fax No.: |
1-305-3711656 |
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Overseas Offices : |
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Address : |
Distribuidora, FGB Mexican S.A. de C.V. Claz. De las
Bombas 128 Bod.2, Col. Exhacienda Coapa, |
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Tel. No.: |
52 5 6797167 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Bharath Raman
Sesha |
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Designation : |
Whoe-time
Director |
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Address : |
Apartment No.
1004, Bloc K B 2, |
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Date of Birth : |
18.05.1972 |
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Date of Appointment : |
16.11.2009 |
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DIN : |
01983066 |
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Name : |
Mr. Rajiv Chopra |
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Designation : |
Additional
Director |
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Address: |
A 701, Som Vihar,
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Date of Birth/Age : |
22.08.1960 |
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Date of
Appointment: |
16.11.2009 |
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DIN : |
02777537 |
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Name : |
Mr. Robert Alexander
Kiemeneij |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
17.12.1961 |
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Date of
Appointment: |
01.06.2006 |
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DIN : |
01243826 |
KEY EXECUTIVES
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Name : |
Mrs. Komal Sachin
Gupta |
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Designation : |
Secretary |
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Address : |
C-28, 1st.
Floor, South End Floors Behind Omax, Gurgaon – 122001, Haryana |
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Date of Birth/Age : |
25.03.1983 |
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Date of
Appointment: |
30.04.2010 |
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PAN No.: |
BHAPS5283H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Gist Brocades International, The |
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156267124 |
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Deepak Chander |
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5 |
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Bharath Sesha |
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5 |
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Aanchal Singh |
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2 |
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Arun Mehra |
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2 |
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Jairaj Iyer |
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2 |
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Michael Ten Haaf |
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4 |
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Total |
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156267144 |
As on 06.12.2010
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Names of Allottees |
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No. of Shares |
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Gist Brocades International, BV, The |
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4033552 |
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Total |
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4033552 |
As on 30.09.2010
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Category |
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Percentage |
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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 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Bulk Drugs and Intermediates and Anti
Infective Drugs. |
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Products : |
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Agencies Held : |
Gist Brocades International B.V., The |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1600 (Approximately) |
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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: |
S R Batliboi and
Company Chartered
Accountant |
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Address: |
Golf View
Corporate Tower –B, |
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Tel No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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PAN No. : |
AALFS0506L |
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Holding Company : |
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Ultimate Holding Company : |
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Joint Venture : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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170,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1700.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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156,267,144 |
Equity Shares |
Rs.10/- each |
Rs.1562.671 millions |
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After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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170,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1700.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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160,300,696 |
Equity Shares |
Rs.10/- each |
Rs.1603.007 millions |
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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 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
1562.670 |
1562.670 |
1562.670 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
48.790 |
814.490 |
891.120 |
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4] (Accumulated Losses) |
(345.660) |
(1027.850) |
(750.420] |
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NETWORTH
|
1265.800 |
1349.310 |
1703.370 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured
Loans |
1537.770 |
2056.940 |
1995.580 |
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TOTAL BORROWING
|
1537.770 |
2056.940 |
1995.580 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
2803.570 |
3406.250 |
3698.950 |
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APPLICATION OF
FUNDS |
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|
1275.290 |
806.620 |
870.110 |
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FIXED ASSETS [Net
Block] |
7.090 |
142.450 |
24.370 |
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Capital
work-in-progress |
0.260 |
0.370 |
2.880 |
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Intangible assets |
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INVESTMENTS |
0.000 |
0.000 |
50.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.0000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
823.890 |
1010.320 |
877.210 |
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Sundry Debtors |
1471.850 |
2063.900 |
1752.590 |
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Cash & Bank Balances |
124.010 |
343.840 |
362.010 |
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Other Current Assets |
10.120 |
0.000 |
0.730 |
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Loans & Advances |
537.310 |
626.720 |
927.340 |
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Total Current
Assets |
2967.180 |
4044.780 |
3919.880 |
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Less: CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
1350.550 |
1500.400 |
1066.900 |
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Current Liabilities |
75.970 |
53.340 |
80.330 |
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Provisions |
19.730 |
34.230 |
21.060 |
Total Current Liabilities
|
1446.250 |
1587.970 |
1168.290 |
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Net Current Assets
|
1520.930 |
2456.810 |
2751.590 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
2803.570 |
3406.250 |
3698.950 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
6122.190 |
8418.110 |
9949.370 |
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Other Income |
106.090 |
124.470 |
53.810 |
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TOTAL (A) |
6228.280 |
8542.580 |
10003.180 |
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Less |
EXPENSES |
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Raw Material Consumed |
3180.960 |
4391.240 |
5624.060 |
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Purchases made for re-sale |
1796.720 |
2194.950 |
2136.810 |
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Personnel Expenses |
293.660 |
271.290 |
225.900 |
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Operating and Other Expenses |
903.090 |
1683.950 |
1081.620 |
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|
Increase/ Decrease in Inventories |
148.290 |
(29.990) |
421.900 |
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TOTAL (B) |
6322.720 |
8511.440 |
9490.290 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
94.440 |
31.140 |
512.890 |
|
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Less |
FINANCIAL
EXPENSES (D) |
130.410 |
177.710 |
175.810 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(224.850) |
(146.570) |
337.080 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
120.080 |
112.730 |
115.180 |
|
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PROFIT BEFORE
TAX (E-F) (G) |
(344.930) |
(259.300) |
221.900 |
|
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Less |
TAX (I) |
0.000 |
17.200 |
5.400 |
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PROFIT AFTER TAX
(G-I) (J) |
(344.930) |
(276.500) |
216.500 |
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Prior Period Items |
(0.730) |
(0.930) |
(4.530) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1027.850) |
(750.420) |
(959.610) |
|
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|
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|
|
|
|
Less |
Adjustment
for Employee benefit liability from opening reserve on account of
transitional provision |
0.000 |
0.000 |
(2.780) |
|
|
Less |
Amount
Transferred to business reconstruction Reserve |
1027.850 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
(345.660) |
(1027.850) |
(750.420) |
|
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Earnings Per
Share (Rs.) |
(2.21) |
(1.78) |
(1.36) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(5.54)
|
(3.24) |
2.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
(5.63)
|
(3.08) |
2.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(8.13)
|
(5.34) |
4.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.27)
|
(0.19) |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
2.70 |
1.86 |
|
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Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.55 |
3.36 |
LOCAL AGENCY FURTHER INFORMATION
Nature of Operations:
Subject was established on 04.02.1993, as a joint venture between
Gist Brocades NV, the
The company carries out the activities of development, production, purchase and sale of bulk drugs, which forms part of the operations under the life sciences cluster of the DSM Group.
Fixed Assets:
·
· Building
· Plant and Machinery
· Furniture and Fittings
· Leasehold Improvements
· Vehicles
WEBSITE DETAILS
PROFILE:
They are a global organization. To provide the best possible service to
there customers around the globe there business is operated through four
Business Units (BU). They strongly feel that there entrepreneurial approach
with BUs allows for more flexibility to deal with the needs of there customer
and makes us more responsive and effective than anybody else in this field. The
BUs can be found in Europe/America, Asia / Middle East / Africa,
The history
1870 The company is founded as the "Nederlandse Gist- en
Spiritusfabriek".
1879 First Dutch company to found a workers council.
1940 Production of Penicillin G starts (initially under the code name BACINOL).
SSP's and SSC's follow soon.
1970s Rise to become the world's no. 1 Penicillin G producer as
"Gist-brocades".
1990s Global expansion of the production and sales network through
acquisitions and JV's.
1998 DSM acquires Gist-brocades. The newly formed leader in
β-lactam antibiotics is called DSM Anti-Infectives (DAI).
2003 Purimox® is introduced to the world. It is the first enzymatically
produced Amoxicillin. Purimox® is the first member of the DSMPureActives™
family of enzymatically produced Antibiotic APIs.
2005 Restructuring of global business in four regional Business Units,
aiming to further increase there service towards the customer.
2011 In a Joint Venture Sinochem of China acquires 50% of DAI* from DSM.
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 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.44.38 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
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 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--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 |
|
27 |
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.