MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SERUM INSTITUTE OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411028, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.05.1984 |
|
|
|
|
Com. Reg. No.: |
11-32945 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.47.473 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U80903PN1984PLC032945 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES15736A/ PNES00023C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS4225M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers
of Vaccines and Immuno - Biologicals that include Tetanus Toxoid, Diphtheria,
Measles, Mumps, Rubella and Hepatitis-B. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 65086000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old, well established, and a reputed company specialized
in producing preventive and curative products. Financial position of the
company appears to be sound. Fundamentals appear to be strong and healthy.
Directors are reported to be experienced and respectable businessmen. Some of
them are qualified doctors. Trade relations are fair. Business is active. Payments are reported to
be regular 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.
INFORMATION DECLINED BY
Management Non Co-operative
LOCATIONS
|
Registered Office / Human Resources / International Marketing Division
: |
212/2, Off |
|
Tel. No.: |
91-20-26993900/ 26993904 |
|
Fax No.: |
91-20-26993921/ 26133228 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Domestic Marketing Division : |
501, |
|
Tel. No.: |
91-22-22840370 |
|
Fax No.: |
91-22-22044389 |
|
E-Mail : |
|
|
|
|
|
Finance Division: |
Sarosh Bhavan, 16-B/1, |
|
Tel. No.: |
91-20-26137221 |
|
Fax No.: |
91-20-26133228 |
|
E-Mail : |
|
|
|
|
|
Administrative Office : |
13/375, Khara Niwas, 2nd Floor, Gurunanak
Nagar, Off |
|
Tel. No.: |
91-20-26993900 |
|
Fax No.: |
91-20-26993921 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
·
17-A, Nutan Bharat Society, 2nd
Floor, Nutan Bharat Club, Alkapuri,
·
Noble Chambers,
·
Velam House, 2nd Floor, H. No.
3-6-432, Himayatnagar,
·
Flat No. 3, 3rd Floor, Vasanth
Apartments, No.9,
·
409/410, Mansarover, 90, |
|
|
·
|
|
Laboratories : |
Located at :-
§
Pune, §
Mumbai, §
§
§
Chennai, §
Kolkata, West |
|
|
|
|
Branches : |
Located at: ·
· Chennai ·
· Kolkata ·
·
·
Vishakapatnam |
DIRECTORS
AS ON 27.07.2009
|
Name : |
Mr. Adar Cyrus Poonawalla |
|
Designation : |
Whole Time Director |
|
Address : |
11, |
|
Date of Birth/Age : |
14.01.1981 |
|
Date of Appointment : |
08.04.2005 |
|
|
|
|
Name : |
Mr. Behroze Z. Poonawalla |
|
Designation : |
Director |
|
Address : |
12, |
|
Date of Birth/Age : |
08.12.1946 |
|
Date of Appointment : |
01.02.1986 |
|
|
|
|
Name : |
Dr. Cyrus Soli Poonawalla |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
11, |
|
Date of Birth/Age : |
11.05.1941 |
|
Date of Appointment : |
22.05.1984 |
|
|
|
|
Name : |
Dr. (Mrs.) Mrudula A. Phadke |
|
Designation : |
Director |
|
Address : |
181, Buena Vista Soc., Jagannath Bhosale Marg, Near
Mantralaya, Mumbai – 400 021, |
|
Date of Birth/Age : |
22.12.1944 |
|
Date of Appointment : |
25.08.2008 |
|
|
|
|
Name : |
Mr. Satish Ramchandra Mundra |
|
Designation : |
Whole Time Director |
|
Address : |
401, |
|
Date of Birth/Age : |
04.06.1943 |
|
Date of Appointment : |
27.09.1988 |
|
|
|
|
Name : |
Dr. Suresh Sahkaram Jadhav |
|
Designation : |
Whole Time Director |
|
Address : |
16, Sadhana Society, Near Akashwani, Pune – 411 028, |
|
Date of Birth/Age : |
24.01.1950 |
|
Date of Appointment : |
12.10.1992 |
|
|
|
|
Name : |
Dr. Subhash Vinayak Kapre |
|
Designation : |
Whole Time Director |
|
Address : |
Golden Blossom, Flat No. 8, 9 and 10, 3rd Floor
Kanchan Galli, Off |
|
Date of Birth/Age : |
28.11.1947 |
|
Date of Appointment : |
12.10.1992 |
|
|
|
|
Name : |
Mr. Villoo Cyrus Poonawalla |
|
Designation : |
Director |
|
Address : |
11, |
|
Date of Birth/Age : |
30.09.1943 |
|
Date of Appointment : |
01.02.1986 |
|
Date of Ceasing : |
08.06.2010 |
|
|
|
|
Name : |
Mr. Zavaray Soli Poonawalla |
|
Designation : |
Director |
|
Address : |
12, |
|
Date of Birth/Age : |
04.12.1943 |
|
Date of Appointment: |
01.07.2007 |
|
|
|
|
Name : |
Mr. Balchandra Kashinath Khare |
|
Designation : |
Director |
|
Address : |
17/18, Shiv Sagar, 19, |
|
Date of Birth/Age : |
13.09.1927 |
|
Date of Appointment : |
27.08.1993 |
|
Date of Ceasing : |
27.07.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Makarand S. Karkare |
|
Designation : |
Company Secretary |
|
Address : |
A 507, Shilpa Housing Society, 124/ 15A/ 2, Off |
|
Date of Birth/Age : |
30.05.1963 |
|
Date of Appointment : |
08.06.2006 |
|
|
|
|
Name : |
Mr. Sanjay Sodhvani |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.07.2009
|
Names of Shareholders |
No. of Shares |
|
Poonawalla Investments and Industries Private Limited, |
403250 |
|
Adar Cyrus Poonwawalla |
38426 |
|
Cyrus Poonwala |
118129 |
|
Corpint Investments Private Limited, |
5 |
|
Fortune Intercontinental Private Limited, |
5 |
|
Zavaray Soli Poonawalla |
29671 |
|
Villoo Cyrus Poonawalla |
3927 |
|
Chanda Investments and Trading Company Private Limited, |
5 |
|
|
|
|
Total |
593418 |
AS ON 11.05.2010
|
Names of Allottees |
No. of Shares |
|
Cyrus Poonwala |
15807 |
|
Poonawalla Investments and Industries Private Limited, |
18617 |
|
Villoo Cyrus Poonawalla |
1323 |
|
Zavaray Soli Poonawalla |
3595 |
|
Adurjee and Brothers Private Limited, |
32567 |
|
|
|
|
Total |
71909 |
AS ON 27.07.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
67.96 |
|
Directors
or relatives of directors |
|
32.04 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Vaccines and Immuno - Biologicals that include Tetanus Toxoid, Diphtheria,
Measles, Mumps, Rubella and Hepatitis-B. |
||||||||
|
|
|
||||||||
|
Products : |
· Bacterial Vaccines · Viral Vaccines · Antisera · Anticancer Products · Plasma Products · Vaccines · Hepatoprotective · Hormones · Plasma Substitute · Fertility · Bacterial Vaccines · Antisera · Anticancer |
PRODUCTION STATUS (AS
ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Preventive |
Million Doses |
N.A. |
** |
537.64 |
|
Curative |
Million Doses |
N.A. |
** |
4.30 |
** Installed
capacities has not been disclosed as these are variable and subject to changes
in product mix, and utilization of manufacturing facilities, given the nature
of operations.
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of ·
Citi Bank N.A., · Corporation Bank · The Hongkong and Shanghai Banking Corporation Limited · The Shamrao Vithal Co-op Bank Limited ·
Bank of ·
Union Bank of ·
American Express Bank Limited, ·
Sadhana Sahakari Bank |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Patki and Soman Chartered Accountants |
|
Address : |
639, Sadashiv Peth, |
|
|
|
|
Holding Company : |
Poonnawalla
Investments and Industries Private Limited, CIN No.: U65993MH1974PTC017311 |
|
|
|
|
Group Companies : |
· Poonawalla Studfarms ·
Intervalve ( ·
El-O-Matic ( · Poonawala Fashion Private Limited |
|
|
|
|
|
|
|
Subsidiaries : |
Poonawalla
Aviation Private Limited CIN No.: U35301PN2005PTC020721 SEZ
Biotech Services Private Limited CIN No.: U74999PN2006PTC021820 Fortune
Intercontinental Private Limited CIN No.: U31900PN1990PTC058951 Chakan
Investment Private Limited CIN No.: U65993PN1990PTC054851 |
CAPITAL STRUCTURE
AS ON 17.09.2010
Authorised Capital : Rs.550.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.48.193
Millions
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
(Pursuant to sub-division of Equity Shares, into Shares of Rs.10/- each)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
593418 |
Equity shares |
Rs.100/-
each |
Rs.59.342
millions |
|
|
Less: Transferred
to Capital Restructuring Reserve Account 1 18 68 360 Pursuant to Scheme of
Arrangement approved by the Hon. High Court of Bombay. |
|
Rs.11.869
millions |
|
|
|
|
|
|
|
Total |
|
Rs.47.473 millions |
Notes:
(Pursuant to the Scheme
of Arrangement approved by the Hon. Bombay High Court the face value of Equity
Shares of Company is reduced from Rs.100/- per share to Rs.80/- per share)
(Subsequently the
Equity Share of the Company was subdivided from Rs.80/- per share to Rs.10/-
per share. As a result the issued and subscribed capital of the Company stands
at 47,47,344 shares of Rs.10/-each)
(415,575 Equity
Shares of Rs.100/- each allotted as fully paid without payment being received
in cash in discharge of purchase consideration upon the vesting of business of
the erstwhile partnership firm. The paid up value of these shares was reduced
from Rs.100 per share to Rs.80 per share as per the Scheme of Arrangement and
were further sub-divided into Equity Shares of Rs.10/- each. Hence, now
33,24,600 Equity shares of Rs.10/-each)
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 |
47.473 |
59.342 |
59.342 |
|
|
2] Equity Share Suspense |
0.719 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16223.310 |
13128.804 |
9905.986 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16271.502 |
13188.146 |
9965.328 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2245.000 |
2536.000 |
0.000 |
|
|
2] Unsecured Loans |
1756.849 |
2923.594 |
3616.348 |
|
|
TOTAL BORROWING |
4001.849 |
5459.594 |
3616.348 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20273.351 |
18647.740 |
13581.676 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5586.593 |
4856.916 |
4218.177 |
|
|
Capital work-in-progress |
2498.630 |
2146.387 |
1582.441 |
|
|
|
|
|
|
|
|
INVESTMENT |
5362.550 |
7735.522 |
3913.289 |
|
|
DEFERREX TAX ASSETS |
165.957 |
197.600 |
174.326 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2680.167 |
2523.349 |
2487.278 |
|
|
Sundry Debtors |
1942.457 |
1533.074 |
2198.138 |
|
|
Cash & Bank Balances |
1205.488 |
703.417 |
470.005 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1900.053 |
837.940 |
592.484 |
|
Total
Current Assets |
7728.165 |
5597.780 |
5747.905 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
319.922 |
424.635 |
650.419 |
|
|
Other Current Liabilities |
556.818 |
809.985 |
852.631 |
|
|
Provisions |
191.804 |
651.845 |
551.412 |
|
Total
Current Liabilities |
1068.544 |
1886.465 |
2054.462 |
|
|
Net Current Assets |
6659.621 |
3711.315 |
3693.443 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20273.351 |
18647.740 |
13581.676 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Service |
7058.449 |
10924.678 |
9857.794 |
|
|
|
Other Income |
1190.539 |
82.266 |
35.850 |
|
|
|
TOTAL (A) |
8248.988 |
11006.944 |
9893.644 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
1601.039 |
2512.104 |
2809.040 |
|
|
|
Payments to and Provisions for Employees |
1143.273 |
1304.548 |
1244.365 |
|
|
|
Other Expenditure |
2045.841 |
2652.084 |
2061.857 |
|
|
|
Increase/Decrease in Stock |
(332.902) |
(211.652) |
(743.481) |
|
|
|
TOTAL (B) |
4457.251 |
6257.084 |
5371.781 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3791.737 |
4749.860 |
4521.863 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
202.149 |
252.825 |
129.973 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3589.588 |
4497.035 |
4391.890 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
536.085 |
488.058 |
375.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3053.503 |
4008.977 |
4015.904 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
182.351 |
141.726 |
170.483 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2871.152 |
3867.251 |
3845.421 |
|
|
|
|
|
|
|
|
|
|
Prior period adjustments |
0.348 |
5.704 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6317.646 |
5430.680 |
4001.821 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
2500.000 |
2000.000 |
|
|
|
Proposed Dividend |
0.000 |
415.392 |
356.051 |
|
|
|
Tax on Dividend |
0.000 |
70.596 |
60.511 |
|
|
BALANCE CARRIED TO
THE B/S |
7689.146 |
6317.647 |
5430.680 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
4470.412 |
8076.250 |
7272.295 |
|
|
TOTAL EARNINGS |
4470.412 |
8076.250 |
7272.295 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
341.980 |
452.005 |
988.771 |
|
|
|
Spare Parts & Components |
129.204 |
150.824 |
218.422 |
|
|
|
Capital Goods |
391.135 |
682.922 |
667.340 |
|
|
TOTAL IMPORTS |
862.319 |
1285.751 |
1874.533 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
604.79 |
6516.90 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
34.81
|
35.13
|
38.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
43.26
|
36.70
|
40.74
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.93
|
38.35
|
40.30
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.30
|
0.40
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.56
|
0.56
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.23
|
2.97
|
2.80
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
319.922 |
424.635 |
650.419 |
|
|
|
|
|
HIGHLIGHTS
The Company has
registered a total turnover of Rs.8248.990 millions for the financial year
2009-10.
The Company’s
revenues have been affected by the economic downturn in 2009- 10 which has
resulted in postponement of Procurement Programmes on immunization and catch –
up campaigns by UN Agencies and other Countries. Further, the Company has
diverted its funds towards the Swine Flu vaccine Project. Certain delays in
getting pre-qualification for the Company’s vaccines from WHO, which have now
been received, has also affected the Company’s revenues.
All these setbacks
stand reversed this year and the Company and its Directors are quite confident
of coming back on track as soon as possible.
The World Health
Organisation (WHO) selected the Company to develop vaccine against the Pandemic
H1N1 virus (Swine flue). As on the date of this report, the Company has
developed the vaccine and has successfully completed the clinical trials,
demonstrating a good team work and excellent project management approach. The
Company will soon receive the manufacturing license to produce the vaccine.
The Company
continues to establish strategic technology tie-ups with foreign companies,
institutions for acquiring new technologies which can contribute in developing
new products.
REORGANISATION AND
AMALGAMATION
During the year,
Bombay High Court approved the Scheme of Arrangement for re-organisation of the
share capital and the reserves of the Company. This Scheme was effective from
1st September, 2009. Subsequent to the reorganisation of share capital and
reserves, the face value and paid-up value of the equity share capital of the
company was reduced from Rs.100 per share to Rs.10 per share.
Further, the
Bombay High Court also approved the Scheme of Amalgamation of Serum
International Limited with the Company on 9th April, 2010. Earlier, the
amalgamation was carried out to bring in synergy in terms of improved market
penetration, saving in costs etc.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
(Rs. in millions) |
|
|
|
|
|
|
Bank Guarantees |
121.239 |
37.006 |
|
Disputed Liabilities |
|
|
|
i. Excise / Service Tax |
35.489 |
35.489 |
|
ii. Income Tax |
68.146 |
1.589 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U80903PN1984PLC032945 |
|
Name of the
company |
SERUM INSTITUTE OF INDIA LIMITED |
|
Address of the registered
office or of the principal place of
business in |
212/2, Hadapsar, Off |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Citi Bank N.A., E-Mail: vinodraghavan@citi.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Hypothecation
dated 31.12.2008 |
|
Date of
instrument Creating the charge |
31.12.2008 |
|
Amount secured by
the charge |
Rs.2442.530
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
JPY LIBOR 6 month + 3.35% p.a. Terms of
Repayment: Repayment will be made in 8 semi-annual installments starting at
the end of 3 ˝ years from the drawdown date i.e. from July, 2012. Extent and
Operation of the charge: The first pari passu charge created in favour of the
Security Trustee as per the deed. |
|
Short particulars
of the property charged |
Plant and
Machinery purchased / to be purchased out of the facility amount. |
|
Name of the
company |
SERUM INSTITUTE OF INDIA LIMITED |
|
1) Date and description of instrument creating the change |
30.04.1996 Deed of Hypothecation executed by company in
favour of export- Import bank of |
|
2) Amount secured by the charge/amount owing on the securities of charge |
EXIM Bank Indian
rupee term loan not exceeding Rs. 15.000 millions. ii] Foreign
currency term loan not exceeding USD 1000000.00 (USD one million only)
approx. equivalent Rs. 35.000 millions Total amount secured
Rs.50.000 millions Together with
interest commitment charge liquidated damages, costs, expenses and all other
monies payable by the company EXIM Banking terms of loan agreement dated
29.04.1996 and deed of Hypothecation dated 30.04.1996 entered into between
the company and the EXIM Bank |
|
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 |
Short particular of moveable properties : The whole of moveable properties of the Borrower
comprising all plant, machinery, equipment and other assets acquired by the company under
the Production Equipment Finance Scheme of EXIM Bank, together with all
spares, tools and accessories whether installed or not and whether now lying
loose or in cases or which are now lying or stored in or about the borrower’s
factories, premises and godowns or wherever else the same may be or be held
by any party to the order or disposition of the borrower or in the course of
transit or on high seas or on order, or delivery, howsoever and whosesoever
in the possession of the borrower either by way of substitution or addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
(a) Facilities
Covered: Facility Amount
(million) 1. Rupee term Loan
Rs.15.000 millions 2.0 Foreign Currency Term Loan not Exceeding USD 1000000.00 Approx Equivalent to
Rs.35.000 millions Total Rs.50.000 millions (b) the charge
operates as security for the due repayment of the Borrower to EXIM bank of
its loan together with interest, liquidated damages, commitment charges,
cost, charges, expenses and all other monies payable by the company to EXIM
Bank in terms of the said Agreement. (c) The security
created under the said deed of Hypothecation shall be continuing security. |
|
5) Name and Address and description of the person entitled to the charge. |
Export – Import
Bank of Center one – 21st
|
|
6) Date and brief description of instrument modifying the charge |
Not Available |
|
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. |
Not Available |
FIXED ASSETS:
·
·
Buildings (Including
Technical Know-How)
·
R and D
·
Others
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Aircraft/ Helicopters
·
Vehicles
·
Computer Software
·
Intellectual Property
Rights
·
Product Development
WEBSITE DETAILS:
PROFILE:
Subject has established it’s self as a producer of Measles and DTP group
of vaccines. It is estimated that two out of every three children immunized in
the world is vaccinated by a vaccine manufactured by Serum Institute, in fact,
the range of products have been used in 140 countries across the globe.
Subject was founded in 1966 with the aim of manufacturing life- saving
immuno- biologicals, which were in shortage in the country and imported at high
prices. Thereafter, several life- saving
biologicals were manufactured at prices affordable to the common man and in
abundance, with the result that the country was made self- sufficient for
Tetanus Anti- toxin and Anti – snake Venom Serum, Followed by DTP (Diphtheria,
Tetanus and Pertussis ) group of Vaccines and then later on MMR (Measles, Mumps
and Rubella) group of vaccines.
The Philanthropic Philosophy of the company still not only exists but
has been proliferated to bring down the prices of newer vaccines such as
hepatitis – B Vaccine, Rabies vaccine, Combination Vaccine etc. so that not
only Indian’s, but the entire under- privileged form birth onwards.
Subject have recently set up
MILESTONES
Subject commenced with a humble beginning of Tetanus
Antitoxin and has now emerged as the world’s largest manufacturer of Measles
Vaccine and DTP group of vaccines, with the result that at least one of two children
born has been administered with Measles vaccine or DTP vaccine manufactured by
Serum Institute.
subject went on to launch, Polyvalent Anti-Snake Venom Serum, Measles Vaccine
on Human Diploid Cells, Measles, Mumps and Rubella Virus Vaccine, Polyvalent
Anti-Snake Venom Serum (Central Africa), Mumps Virus Vaccine, Measles and Mumps
Virus Vaccine, Measles and Rubella Virus Vaccine and several other products
that attest to its seriousness of purpose.
Some of the products in the pipeline are Hepatitis B Vaccine, Hepatitis
B-DTP Combination Vaccine, BCG Vaccine, Rabies Vaccine (Human Diploid Cells)
and Rotavirus Vaccine.
Subject made it an unstated policy to secure and retain only the best in terms of human resources, in terms of equipment and technology, in terms of materials and consumables. It established a proud record of ‘Innovation without limits’ and ‘Quality without compromise’.
Progressively, Serum Institute eliminated
emerged as the largest supplier for the Government’s Expanded Programme of Immunization.
brought the latest research and manufacturing technologies to the country, and simultaneously scored in developing indigenous processes.
nurtured a core group of Biotechnology scientists, which has gained official recognition in International scientific forums and is the only private sector manufacturer of vaccines from a developing nation to be invited to Geneva for WHO’s programme of ‘Children’s Vaccine Initiative’.
Serum Institute of
2007 -Launch of Penta Vaccine
2006 -Launch of DTP-HB-HIB Vaccine
2005 -Launched indigenously developed DTP-HB Combination vaccine, SII Q-VAC.
2004 -Launched the World's only adsorbed liquid HDC Rabies vaccine, SII RABIVAX.
2002 -Launch of BCG vaccine.
2001 -Launch of indigenously manufactured Recombinant Hepatitis-B vaccine 'GeneVac-B'.
2000 -One out of every two children in the world vaccinated by Serum Institute’s vaccine.
1999 -Serum Institute recognised as the largest producer of Measles and DTP vaccines in the world.
1998 -Export of vaccines crossed over to 100 countries.
1997 -Commencement of export of Anti-cancer products. Use of Modular Laboratory meeting international GMP requirements.
1996 -Use of Automatic printing and Labelling Machine, use of Automatic Inspection Machine (screening) for liquids in ampoules and vials.
1994 -Commencement of export of vaccines to UN agencies.
1993 -Manufacture of MMR Vaccine and MR vaccine
for the first time in
1992 -Manufacture
of Rubella virus vaccine (monovalent Rubella vaccine) for the first time in
1991 -Anti-snake Venom Serum, incorporating venoms from snakes in Central African Countries introduced.
Manufacture of M-Vac (Measles
Vaccine) using E-Z Strain of virus on Human Diploid Cells for the first time in
1988 -Product availability expanded to include range of Fertility Products of World Leaders, Serono of Switzerland.
1986 -The film 'Snakebite' awarded ‘Best Professional Film Award’ at ninth International Film Festival in U.S.A. Followed by two more international awards in 1987 and 1989.
Technological breakthrough results in first-time-ever manufacture of Quadruple Vaccine (DTP with Inactivated Polio Vaccine).
1985 -Hi-tech plant set up for large-scale manufacture of Human Albumin from human placenta.
1984 -A 2500- litre Blending Vessel, largest in the world for DTP vaccine, successfully fabricated and commissioned.
Landmark visit, for technical conference, by Dr. Jonas Salk of Salk’s Polio Vaccine fame.
1982 -Introduction of Anti-D Rho Immunoglobulin, Iyophilised and tested on Autoanalyser.
1981 -Manufacturing of life-saving Polyvalent
Anti-Snake Venom Serum effective against four poisonous snakes commonly
encountered in
1980 -First-time-in the-world collection of equine serum by simultaneous and continuous plasmapheresis using IBM Computerised Cell Separator.
1979 -In response
to requirement of vaccines for
1977 -Autonomous scientific wing, Serum Institute of India Research Foundation established.
1974 -Triple Antigen (Diphtheria-Tetanus-Pertussis) Vaccine production commenced.
1972 -Large-scale manufacture of Adsorbed Tetanus Toxoid undertaken.
1967 -Operations started with manufacture of Tetanus Antitoxin followed by Fluid Tetanus Toxoid.
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
75 |
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.