MIRA
INFORM REPORT
|
Report Date : |
13.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
VERITAS BIOVENTIONS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 225/3, Near Morarji Circle, GIDC, Vapi – 396195, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.07.2009 |
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Com. Reg. No.: |
04-057495 |
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Paid-up Capital
: |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U24239GJ2009PTC057495 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTV02373A |
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PAN No.: [Permanent Account No.] |
AADCV0412B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and
deal in all kinds Medicines, Pharmaceuticals and Bioventions |
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No. of Employees
: |
30 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to start its commercial business
activities. As claim by Ms. Trupti, HR Manager that the company will start
its business activities after two months. Payment terms are unknown. Initially, the company can be considered for business dealings on a
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Murtaza |
|
Designation : |
Manager |
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Contact No.: |
91-9898584196 |
|
Date : |
12.09.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 225/3, Near Morarji Circle, GIDC, Vapi – 396195, Gujarat,
India |
|
Tel. No.: |
91-260-2401492/2401595 |
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Mobile No.: |
91-9898584196 (Mr. Murtaza) |
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Fax No.: |
91-260-2400492 |
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E-Mail : |
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Location : |
Owned |
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|
Factory : |
Plot 5305, 4ht Phase, GIDC, Vapi - 396195, Gujarat, India
|
|
Tel. No.: |
91-260-2424552 |
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Fax No.: |
Not Available |
DIRECTORS
As On 15.12.2010
|
Name : |
Mr. Kamal Jayantilal Shah |
|
Designation : |
Director |
|
Address : |
Yash Kamal, Plot No.35, Hariya Hospital Road, Vapi – 396195, Gujarat,
India |
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Date of Birth/Age : |
15.06.1971 |
|
Date of Appointment : |
10.07.2009 |
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DIN No.: |
00099086 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U24231GJ1996PTC029124 |
Vapi
Care Pharma Private Limited |
Managing
director |
22.03.1996 |
22.03.1996 |
Active |
NO |
|
2 |
U24230MH2005PLC151938 |
Sinkhai
Healthcare Limited |
Director |
1.06.2009 |
1.06.2009 |
Active |
NO |
|
3 |
U24239GJ2009PTC057495 |
Veritas
Bioventions Private Limited |
Director |
10.07.2009 |
10.07.2009 |
Active |
NO |
|
4 |
U24239GJ2009PTC057496 |
Veritas
Pharma Private Limited |
Director |
10.07.2009 |
10.07.2009 |
Active |
NO |
|
Name : |
Mr. Hitesh Harakhchand Shah |
|
Designation : |
Director |
|
Address : |
A-1, Building
Flat No. 203, Rajmoti Complex, Chharwada Road, Vapi 396191, Gujarat, India |
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Date of Birth/Age : |
09.11.1971 |
|
Date of Appointment : |
10.07.2009 |
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DIN No.: |
02694876 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U24239GJ2009PTC057495 |
Veritas
Bioventions Private Limited |
Director |
10.07.2009 |
10.07.2009 |
- |
Active |
NO |
|
2 |
U24239GJ2009PTC057496 |
Veritas
Pharma Private Limited |
Director |
10.07.2009 |
10.07.2009 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Murtaza |
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Designation : |
Manager |
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Name : |
Mrs. Trupti |
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Designation : |
HR Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 15.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
Harakhchand Shah |
|
5000 |
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Kamal Jayantilal Shah |
|
100000 |
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Faizal Iqbal Shaikh |
|
36500 |
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Iqbal Husen Shaikh |
|
5000 |
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Tasnim Iqbal Shaikh |
|
38500 |
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Rashmi Kamal Shah |
|
120000 |
|
Yash Kamal Shah |
|
185000 |
|
Vapi Care Pharma Private Limited – India |
|
510000 |
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Total |
|
1000000 |
As On 15.12.2010
|
Category |
Percentage |
|
Bodies corporate |
51.00 |
|
Directors or relatives of Directors |
41.00 |
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Other |
8.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
deal in all kinds Medicines, Pharmaceuticals and Bioventions |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
·
Medical Institute |
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No. of Employees : |
30 (approximately) |
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Bankers : |
·
State Bank of India – Specialised Commercial Branch,
Via House, GIDC, Vapi - 396195, Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kakaria and Associates Chartered Accountant |
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Address : |
First Floor, J. K. Chambers, Selvas Road, Vapi – 396191, Gujarat,
India |
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Pan No.: |
AAHFK2571P |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
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As On 15.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
0.100 |
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2] Share Application Money |
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|
49.702 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
49.802 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
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|
6.500 |
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TOTAL BORROWING |
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|
6.500 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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56.302 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.873 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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|
3.026 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
43.029 |
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Total
Current Assets |
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46.055 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
0.401 |
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Other Current Liabilities |
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|
0.000 |
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Provisions |
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|
0.353 |
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Total
Current Liabilities |
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0.754 |
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Net Current Assets |
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|
45.301 |
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MISCELLANEOUS EXPENSES |
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|
6.128 |
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TOTAL |
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56.302 |
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Note:
As claim by Mrs. Trupti (HR Manager), the company
has yet to start their commercial activity and planning to start after 2
months.
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
Debt Equity Ratio (Total Liability/Networth) |
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|
0.15 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
61.08 |
LOCAL AGENCY FURTHER INFORMATION
RESULTS:
The company has not carried out any activity
during the year.
Form 8:
|
Corporate identity number of the company |
U24239GJ2009PTC057495 |
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Name of the company |
Veritas Bioventions Private Limited |
||||||
|
Address of the registered office or of the
principal place of business in |
Plot No. 225/3,
Near Morarji Circle, GIDC, Vapi – 396195, Gujarat, India |
||||||
|
This form is for |
Creation of charge |
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Type of charge |
Immovable Property |
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Particular of charge holder |
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||||||
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Nature of instrument creating charge |
Agreement Of Hypothecation Of Goods And
Assets |
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Date of instrument Creating the charge |
31.03.2010 |
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Amount secured by the charge |
Rs. 204.000 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest - cash credit : 12.00 % Term loan : 12.25 % Terms of Repayment - Working Capital -
Repayable On Demand. Term Loan - To Be Repaid In 5 Years (I.E. In 20
Quarterly Instalments Of Rs.9.500 millions Each) After A Moratorium Period Of
16 Months Commencing From 31.04.2011 As Per Schedule Given Below. Margin - Raw Material Stock (Imported And
Indigenous) 25% Stores And Spares 25% Stock In Process 25% Finished Goods 25% Receivables 40% Letter Of Credit 5% Bank Guarantee 5% EPC 25% Term Loan 32.14% Extent and Operation of the charge - The
Charge Is Secured Against The Properties Given In Charge Until The Loan And
Interest Are Fully Paid Up. |
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|
Particulars of the property charged |
Hypothecation Of All Chargeable Current
Assets Of The Company Present And Future At Plot No225/3, Nr. Morarji Circle,
GIDC, Vapi. Hypothecation Of Proposed Plant And
Machineries At Plot No. 5305 , S.No. 410/P, 4th Phase, GIDC, Vapi, Dist.
Valsad |
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.46.97 |
|
|
1 |
Rs.74.22 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
14 |
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.