MIRA
INFORM REPORT
|
Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
THERMO FISHER SCIENTIFIC |
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Registered
Office : |
403-404, B Wing, Delphi, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.05.2000 |
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Com. Reg. No.: |
11-126872 |
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CIN No.: [Company Identification
No.] |
U73100MH2000PTC126872 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT08958F |
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PAN No.: [Permanent Account No.] |
AABCT3207A |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Dealer Of Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5740000 |
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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 appears to be under pressure. There appears to be huge accumulated
losses recorded by the company. However trade relations are reported as
fair.Business is active. Payments are reported to be slow. The company can be considered for business dealings with some 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) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 : |
403-404, B Wing, Delphi, |
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Tel. No.: |
91-22-67162200 |
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Fax No.: |
91-22-67162255 |
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E-Mail.: |
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Administrative Office : |
415 4th Floor,City Point, |
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Tel. No.: |
91-20-66011245 |
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Fax No.: |
91-20-26125739 |
DIRECTORS
AS ON 29.10.2010
|
Name : |
Mr. Jacobus Johannes bruno Van Der Steuijt |
|
Designation : |
Managing Director |
|
Address : |
1401- Evita, Hiranandani
Gardens, Powai, Mumbai – 400076, Maharashtra, India. |
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Date of Birth/Age : |
05.07.1960 |
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Date of Appointment : |
28.09.2008 |
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Name : |
Mr. Arvind Raghunath Sonawane |
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Designation : |
Director |
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Address : |
Flat No B-11003, Shreeji Ville Opp.Nitin Casting Company,
Panchpakhadi, Thane – 400602, |
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Date of Birth/Age : |
01.06.1951 |
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Date of Appointment : |
28.09.2008 |
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Name : |
Mr. Amit Chopra |
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Designation : |
Director |
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Address : |
Flat No. 702/802, Building No. 32, Sector 54-56-58, Seawood Estate, NRI
Complex, Nerul, Navi Mumbai – 400706, |
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Date of Birth/Age : |
02.12.1965 |
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Date of Appointment : |
26.03.2009 |
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Name : |
Mr. Narendra V. Arora |
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Designation : |
Director |
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Address : |
201, A – Wing, Hillgrange CHS, Hiranandani Estate, |
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Date of Birth/Age : |
11.05.1971 |
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Date of Appointment : |
22.05.2009 |
SHAREHOLDING PATTERN
As on 29.10.2010
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Names of Shareholders |
|
No. of Shares |
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|
2999999 |
|
Thermo Fisher Scientific Inc. ( |
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1 |
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Total |
|
3000000 |
As on : 29.10.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Bodies corporate |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer Of Chemicals |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Scientific Instruments |
Nos |
NA |
1100 |
342 |
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Chemicals# |
Nos. |
NA |
-- |
3126505 |
# The company does not have manufacturing unit
for producing Chemicals Products. Production is carried out by Job working
units. Production is net of excess / shortages and products issue as free samples
of 1015945 Nos.
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
Notes : 1. Short Term
Working Capital loan from Bank is secured by Corporate Guarantee issued by
Thermo Fisher Scientific Inc., U. S. A,, the Ultimate Holding
Company. [Loan repayable within one year Rs. 25.000 Millions (Previous Year
Rs. Nil)] 2. Term Loan from Kendro Laboratory Products India Private
Limited of Rs. 21,500,000 and Rs. 5.900
Millions are repayable on October 27, 2012 and December 23, 2012,
respectively. Hence, loan repayable within one year would be Rs. Nil. 3. Term Loan from Cole Parmer India Private Limited of Rs.5.000
Millions is repayable on March 30, 2013. Hence loan repayable within one year
would be Rs. Nil |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Holding Company
: |
Thermo Fisher Scientific Inc,Ultimate Holding Company |
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Associates/Subsidiaries : |
Acros
Organics BVB Barnstead
International Cohesive
Technologies Inc. Fisher
Diagnostics Fisher
Global Export Fisher
Bio-Pharma Services Fisher
Scientific Company LLC Fisher
Scientific LLC Jouan Kendro
Laboratory Products India Private Limited Matrix
Technologies Corporation Maybridge
Limited Molecular
Bio Products Inc. Nalge Nunc International Nunc A/c. - SPRoskilde Open
Biosystems – Bi Huntsville Oxoid
Limited Radiation
Env Monitoring Technology Scientific
Products Scientific
Products ( Cole
Parmer India Private Limited. Thermo
CRS Limited Thermo
Electron ( Thermo
Electron ( Thermo
Electron ( Thermo
Electron Corporation, Bellefonte Thermo
Electron Corporation, Thermo
Electron GMBH Thermo
Electron India Private Limited Thermo
Electron LED GmbH Thermo
Electron Thermo
Electron Oy Thermo
Electron Scientific Inst. Company Thermo
Electron Scientific Instruments LLC Thermo
Finnigan LLC Thermo
Fisher Scientific Inc. Thermo
Fisher Scientific Inc., Sanjose Thermo
Fisher Scientific Inc., Stone Thermo
Fisher Scientific Inc., Thermo
Fisher Scientific Thermo
Fisher Scientific, Thermo
Fisher Thermo
Fisher Scientific - Thermo
Fisher Scientific - Sandiego Thermo
Fisher Scientific ( |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/-Each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2692974 |
Equity Shares |
Rs.10/- Each |
Rs.26.930
Millions |
NOTES:
A) Of the above, 2,692,973 [Previous Year 2,692,9731 Equity
Shares of Rs. 10 each, fully paid-up are held by hermo Fisher India Holdinq BV,
Netherlands, the Holdinq Company. The Ultimate Holdinq Company is Thermo Fisher
Scientific Inc.,
B) Subsequent to year-end, the Company has allotted 85,991
equity shares of Rs. 10 each fully paid-up to
AS ON 29.10.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/-Each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/-Each |
Rs.30.000 Millions |
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 |
26.930 |
26.930 |
23.159 |
|
|
2] Share Application Money |
0.002 |
0.002 |
0.000 |
|
|
3] Reserves & Surplus |
3290.100 |
3290.100 |
2618.873 |
|
|
4] (Accumulated Losses) |
(1882.084) |
(839.757) |
(301.754) |
|
|
NETWORTH |
1434.948 |
2477.275 |
2340.278 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
58.643 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
58.643 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1493.591 |
2477.275 |
2340.278 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
|
FIXED ASSETS [Net Block] |
1134.367 |
1937.438 |
1795.928 |
|
|
Capital work-in-progress |
18.873 |
11.937 |
14.930 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
322.907 |
302.094 |
228.682 |
|
|
Sundry Debtors |
394.106 |
454.614 |
303.649 |
|
|
Cash & Bank Balances |
186.351 |
227.283 |
337.959 |
|
|
Other Current Assets |
19.050 |
10.225 |
0.177 |
|
|
Loans & Advances |
454.004 |
341.494 |
155.569 |
|
Total Current Assets |
1376.418 |
1335.710 |
1026.036 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
950.355 |
751.708 |
466.848 |
|
|
Provisions |
85.712 |
56.102 |
29.768 |
|
Total Current Liabilities |
1036.067 |
807.810 |
496.616 |
|
|
Net Current Assets |
340.351 |
527.900 |
529.420 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENDITURE |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1493.591 |
2477.275 |
2340.278 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2109.318 |
1964.821 |
790.012 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative
Expenses |
|
|
|
|
|
|
Selling and
Distribution Expenses |
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
TOTAL |
2759.316 |
2106.385 |
911.282 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(649.998) |
(141.564) |
(121.270) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
389.532 |
386.087 |
153.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(1039.530) |
(528.095) |
(274.491) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.797 |
9.908 |
7.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(1042.327) |
(538.003) |
(281.977) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(839.757) |
(301.754) |
(19.777) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1882.084) |
(839.757) |
(301.754) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
39.977 |
16.542 |
7.828 |
|
|
|
Commission Earnings |
184.223 |
228.269 |
130.451 |
|
|
|
Service Charges |
3.622 |
3.066 |
0.000 |
|
|
TOTAL EARNINGS |
227.822 |
247.877 |
138.279 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Trading Goods |
460.246 |
391.467 |
170.059 |
|
|
|
SAP Development cost |
16.030 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
476.276 |
391.467 |
170.059 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
387.05 |
204.57 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
(49.41) |
(27.38) |
(35.69) |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total
Assets} |
(%) |
(41.40) |
(16.13) |
(9.73) |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
(0.72) |
(0.21) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity
Ratio (Total
Liability/Networth) |
|
0.76 |
0.33 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
1.33 |
1.65 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has
been shifted from 101A – 101B, Godrej Coliseum,
FIXED ASSETS:
- Computers
- Furniture and Fixtures
- Leasehold improvements
- Office Equipments
- Plant and Machinery
- Vehicles
- Technical Know how
- Software
- Goodwill
- Trademark
- Copyrights
- Licenses
- Trade Name
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.45.63 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.62.96 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.