MIRA
INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED [w.e.f. 06.07.2006] |
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Formerly Known
As : |
INNODEV PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
Survey No.172/173, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.11.2005 |
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Com. Reg. No.: |
01-048133 |
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Capital
Investment / Paid-up Capital : |
Rs.156.830 Millions |
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CIN No.: [Company Identification
No.] |
U24239AP2005PTC048133 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provider of an integrated drug development solutions |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B [28] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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USD 621000 |
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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. There appear
some 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Survey No.172/173, |
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Tel. No.: |
91-91-40-23792190 / 91 / 92 |
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Fax No.: |
91-40-23792223 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Varma Rudraraju S |
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Designation : |
Managing Directors |
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Address : |
D. NO. 5, |
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Date of Birth/Age : |
15.08.1967 |
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Date of Appointment : |
22.11.2005 |
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DIN : |
01661426 |
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Other Directorship : |
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Name : |
Mr. Mukul Ved Prakash Gulati |
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Designation : |
Additional Directors |
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Address : |
#65/41, West Punjabi Bagh, |
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Date of Birth/Age : |
06.07.1973 |
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Date of Appointment : |
17.12.2010 |
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DIN : |
00746183 |
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Other Directorship : |
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Name : |
Mr. Nookala Venkata Satya Surya Lakshmi Narayana |
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Designation : |
Director |
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Address : |
50-49-33, TPT Colony, Vizag, Visakapatnam – 530013, |
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Date of Birth/Age : |
30.10.1966 |
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Date of Appointment : |
04.12.2008 |
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DIN : |
02572688 |
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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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Varma Rudraraju S |
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7459500 |
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R. Padmaja |
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2278000 |
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P.V.S.Raju |
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1135000 |
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Aniruddha Mundra |
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820000 |
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K R Bharat |
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400000 |
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D Nageshwar Reddy |
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100000 |
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A V Krishnam Raju |
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75000 |
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A
Vijaykumara Raju |
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75000 |
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P.Rama Laxmi |
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35000 |
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CV |
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25000 |
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J A |
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10000 |
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Adit Mehta |
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100000 |
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Utsav Parekh |
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80000 |
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Swathi Sanghi |
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50000 |
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Maftlal Fabrics Private Limited |
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50000 |
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Rajendra Kumar Mishra |
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200000 |
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Macketich Consultancy Services Private Limited |
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200000 |
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C V Sandeep Reddy |
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1000000 |
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N Ram Kumar |
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1000000 |
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Sarva Pratham Investments Private Limited |
|
400000 |
As on 14.01.2011
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Names of Allottees |
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No. of Shares
Alotted |
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Zephyr Peacock Management India Private Limited, |
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123 |
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Zephyr Peacock |
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477 |
As on 30.09.2010
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Equity Share
Break Up Category |
Percentage |
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Bodies corporate |
3.00 |
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Directors or relatives of Directors |
69.00 |
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Others |
28.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of an integrated drug development solutions |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank Of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CKS Associates Chartered Accountants |
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Address : |
No 87, Nagarjuna, Road No. 3, Gaganmahal Colony, |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
25,000,000 |
Equity Shares |
Rs.10/-each |
Rs.250.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,683,000 |
Equity Shares |
Rs.10/-each |
Rs.156.830
millions |
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Note : Of which 1391764 equity shears were allotted
pursuant to a contract without payment being received in cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
156.830 |
156.830 |
156.830 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
80.000 |
80.000 |
80.000 |
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4] (Accumulated Losses) |
[81.487] |
[87.411] |
[36.311] |
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NETWORTH |
155.343 |
149.419 |
200.519 |
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LOAN FUNDS |
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1] Secured Loans |
119.522 |
115.194 |
70.000 |
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2] Unsecured Loans |
103.728 |
67.207 |
35.000 |
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TOTAL BORROWING |
223.250 |
182.401 |
105.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
378.593 |
331.820 |
305.519 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
296.697 |
308.780 |
209.133 |
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Capital work-in-progress |
12.246 |
0.625 |
43.256 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.384
|
2.376 |
0.000 |
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Sundry Debtors |
58.052
|
25.856 |
0.000 |
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Unbilled Revenue |
26.662
|
0.000 |
0.000 |
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Cash & Bank Balances |
7.615
|
14.749 |
47.834 |
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Other Current Assets |
0.192
|
0.176 |
0.174 |
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Loans & Advances |
9.453
|
10.171 |
20.855 |
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Total
Current Assets |
103.358
|
53.328 |
68.863 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
23.409
|
26.642 |
14.629 |
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Other Current Liabilities |
9.250
|
3.248 |
0.759 |
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Provisions |
1.049
|
1.023 |
0.345 |
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Total
Current Liabilities |
33.708
|
30.913 |
15.733 |
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Net Current Assets |
69.650
|
22.415 |
53.130 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
378.593 |
331.820 |
305.519 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
162.388 |
88.003 |
0.000 |
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Other Income |
0.968 |
1.341 |
1.813 |
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TOTAL (A) |
163.356 |
89.344 |
1.813 |
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Less |
EXPENSES |
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Material Consumed |
16.575 |
16.408 |
0.000 |
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Payments and Benefits to employees |
52.685 |
48.974 |
14.766 |
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Operating and Administrative Expenses |
46.205 |
43.377 |
11.632 |
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TOTAL (B) |
115.465 |
108.759 |
26.398 |
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PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
47.891 |
[19.415] |
[24.585] |
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Less |
FINANCIAL
EXPENSES (D) |
25.808 |
14.232 |
3.438 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.083 |
[33.647] |
[28.023] |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.084 |
17.244 |
5.221 |
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Prior period
adjustments |
1.106 |
0.000 |
2.919 |
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PROFIT / LOSS
BEFORE TAX (E-F) (G) |
5.893 |
[50.891] |
[36.163] |
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Less |
TAX (H) |
[0.031] |
0.209 |
0.148 |
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PROFIT / LOSS
AFTER TAX (G-H) (I) |
5.924 |
[51.100] |
[36.311] |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[87.411] |
[36.311] |
0.000 |
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BALANCE CARRIED
TO THE B/S |
[81.487] |
[87.411] |
[36.311] |
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EARNINGS IN
FOREIGN CURRENCY |
102.252 |
70.803 |
0.000 |
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IMPORTS |
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Consumables |
0.503 |
0.258 |
0.000 |
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Capital Assets |
0.850 |
21.565 |
62.307 |
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TOTAL IMPORTS |
1.353 |
21.823 |
62.307 |
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Earnings Per
Share (Rs.) |
0.38 |
[3.26] |
[7.84] |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.63
|
[57.19] |
[2002.81] |
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(PBT/Sales) |
(%) |
3.63
|
[57.83] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.47
|
[14.05] |
[13.01] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
[0.34] |
[0.18] |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.65
|
1.43 |
0.60 |
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Current Ratio (Current Asset/Current Liability) |
|
3.07
|
1.72 |
4.38 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from 28, Canton Rows, Pet Bashirabad,
Profit : Profit before tax
during the year was at Rs.5.893 millions as against Rs.[50.890] million during
the previous year.
Turnover : turnover during
the year was Rs.162.388 millions as against Rs.88.002 millions during the
previous year, increase in energy sales in thermal and DG plant.
Status of Operations:
R and D Business Operations: Company has shown
significant progress in R and D Business Operations and entered into Master
Service Agreements with several prominent overseas clients. The major revenues
were generated during the year was out of execution from these contracts.
The current export order book status of the company
is Rs. 427.500 millions
Clinical Business
Operations: Aizant has received acceptance and approval for
conducting Bioavailability / Bioequivalence (Clinical) studies from USFDA and
ANV1SA. This is a significant milestone in Aizant's short period of existence.
This translates into experimental increase in Top line and bottom line.
Expansion Plans:
Considering the business potential, the company
planned to set up additional research facilities of formulation. Research and
Development as Phase II Project at a project cost is approximately Rs. 200.000
millions. The project is proposed to be funded by way of a fresh long term debt
of Rs. 50.000 millions and equity investment of Rs. 150.000 millions. This
expansion plan was put on hold due to the shortfall economic conditions. The
plan will be revived as the market outlook improves in the near future.
Funding: Company
has appointed an Investment banker to raise funds from external investment
entities. Significant interest was elicited from the market, which included
strategic partners as well as financial Institutions with the expected growth
potential; the Company has decided to raise funds from the financial investor.
Industrial Scenario
vis-ŕ-vis Market Conditions:
Clinical trial outsourcing market in
Finding and recruiting
patients: The most crucial part of the clinical research is
qualifying for a clinical trial. This is relatively easier in
Increasing prevalence of diseases and low cost of
clinical trials are other factors promoting this market. The Indian government
needs to take several steps to ensure an easy approval system for promoting
foreign investments.
Indian government has made registration of all
clinical trials conducted in the country mandatory from 15th June
2009.
Future
Plans:
The company is always committed to timely and
quality qualitative delivery to its clientele. The entire resources of the
company are driven to attain this objective keeping the budgetary and other
controls in view. This is pushing the company into frontline of the business,
where the quality and prompt delivery are paramount significant in the
industry.
As a future leader in CRO business the
company is constantly receiving business inquires and is diligent in sourcing
new business with the global and domestic clientele both existing and
prospective.
Company Overview
Subject was incorporated on November 22 2005, as
Innodev Pharmaceuticals Private Limited and pursuant to Section 21 of the Act,
effective from July 6,2006 and changed the name to Aizant Drug Research
Solutions Private Limited.
The Company has started its commercial operations
with effect from April 1, 2008. The Company is engaged in providing
comprehensive drug development resources and solutions for pre-formulation,
formulation development, analytical development, cGMP Scale-up etc. The Company
applies scientific and technical expertise to each stage of the drug discovery,
development and the manufacturing processes.
Contingent Liabilities
Rs.in millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Estimated amount of contracts remaining to be
executed on capital account and not provided for (net of advances) |
8.208
|
1.158 |
Secured loans Term loans from
bank
The term loans are secured by way of hypothecation of book
debts and fixed assets of the Company. Further, the term loan is secured by the
properties and guarantees of one of the directors. The working capital loans
are secured by book debts and inventory.
Finance lease obligation
The Company has entered into a sale and lease back
arrangement with Hewlett-Packard Financial Services (
The company acquired computers for Rs.11.789 millions
under finance lease, with a net carrying amount of 77.532 millions after
depreciation. The particulars of lease payments due as on the date of the
Balance Sheet are as follows:
|
|
2009-10 |
2008-09 |
|
Payable within one year |
3.828 |
3.827 |
|
Payable after one year
bbut before five years |
0.957 |
4.785 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24239AP2005PTC048133 |
|
Name of the
company |
AIZANT DRUG
RESEARCH SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey
No-172/173, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10062175 |
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Type of charge |
|
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Particular of
charge holder |
State Bank Of |
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Nature of
instrument creating charge |
Letter regarding
the Grant of Individual limits within
the Overall Limit |
|
Date of
instrument Creating the charge |
07.01.2011 |
|
Amount secured by
the charge |
Rs.172.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 1) Cash Credit -
5.40% above the base rate, 2)Term Loan1- 5.40% above the Base Rate , 3) Term Loan2
- 5.15% above base rate 4)Corporate Loan - 8.00% above the base rate Terms of
Repayment – 1) TL1 of
Rs.70.000 millions -Repayable in 27Qtr install of Rs.2.600 millions with 27th
install being Rs.2.400 millions 2)TL2 of Rs.40.000 millions - Repayable in 22
install from Dec 2009 to March 2015 Dec 09 – 3.000 millions, Mar10 - 0.500
million, Jun10 to Mar11- 0.500 million x 4, June 11 to Mar 12 – 1.000 million
x 4, Jun 12 to Mar 13 – 2.000 millions x 4, Jun 13 to Mar 14 – 2.500 millions
x 4 and Jun 14 to Mar 15 - 0.3125 x 4. 3)CL of Rs.30.000 millions - Repayable
in 10 Qtr install of Rs. 3.000 millions commencing from Sep 11 to Dec 13.
Cash credit on demand/wi12mon FC 2.400 millions Margin – For CC : Raw
Materials 25%, EPC 10%, Finished Goods 25% and Receivables - 40% (covering
period 120 days). Extent and
Operation of the charge - Hypothecation of all chargeable current assets of
the company , Extension of charge on Mort of leasehold right on 2 acres and
32 gunthas of land in survey no. 173/Aat dulapally village . Extension of
charge on collateral for term loans. i) EM of P.No ( part)36,37,38,47,48,49
and 50 ( Part in sy.No. 70 adme 1382.84 sq.yards at jeedimetla village ii) EM
of 1 acre and 37guntas of land in sy. no. 173/A and 173/EE situated at D.Village
belonging to R.padmajaiii) EM of 1acre and 32 gunthas of land situated at
Dulapalli village. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
As per previous charges
registered vide Charge ID 10062175 |
|
Date of
instrument modifying the charge |
23.02.2010 |
|
Particulars of
the present modification |
Fresh Corporate
Loan of Rs.30.000 millions. |
FIXED ASSETS :
§
Building
§
Plant and Machinery
§
Furniture and Fixtures
§
Computer
§
Office Equipments
§
Vehicles
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.49.06 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.67.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.