MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRIVI LIFE SCIENCES PRIVATE LIMITED [w.e.f. 30.12.2010] |
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|
Formerly Known
As : |
PRIVY BIO-ENHANCERS PRIVATE LIMITED [w.e.f. 22.01.2010] INDOBEL BIO ENHANCERS PRIVATE LIMITED |
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Registered
Office : |
Privy House, A-71, TTC, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.12.2009 |
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Com. Reg. No.: |
11-197842 |
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Capital
Investment / Paid-up Capital : |
Rs.5.003
Millions |
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CIN No.: [Company Identification
No.] |
U24100MH2009PTC197842 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP28270E |
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PAN No.: [Permanent Account No.] |
AAFCP3232K |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business
: |
Manufacturing, Marketing and Research of Bio-Chemicals, Vitamins,
Bio-Nutrients and Other Nutritional Specialties as well as Patented Products.
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No. of Employees
: |
Not Available |
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 20000 |
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Status : |
Recently commence business activity
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2009, it was recently commenced
business activity in the year 2011. Trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
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 –
September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Privy House, A-71, TTC, Thane Belapur Road, Near Kopar Khairane
Railway Station, Navi Mumbai-400709, Maharashtra, India |
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Tel. No.: |
91-22-27783040-50 |
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Fax No.: |
91-22-27783049 |
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E-Mail : |
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Website: |
DIRECTORS
As on 10.08.2011
|
Name : |
Mr. Doppalapudi B. Rao |
|
Designation : |
Managing Director |
|
Address : |
903, Daffodil, Satguru Gardens, Thane (East)-400063, Maharashtra,
India |
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Date of Birth/Age : |
10.05.1948 |
|
Date of Appointment : |
14.12.2009 |
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Din No.: |
00356218 |
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|
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|
Name : |
Mr. Mahesh Purshotam Babani |
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Designation : |
Director |
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Address : |
7/8, Satguru House, Shrely Rajan Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
01.04.1957 |
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Date of Appointment : |
16.06.2010 |
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Din No.: |
00051162 |
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Name : |
Mr. Satan Santumal Bharwani |
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Designation : |
Director |
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Address : |
B-34, Amar Jiwan Co-operative Hosing Society, St. Martin’s Road,
Bandra (West), Mumbai-400050, Maharashtra
|
|
Date of Birth/Age : |
01.09.1936 |
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Date of Appointment : |
03.03.2010 |
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Din No.: |
00183286 |
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Name : |
Hendrik Vanden Berghe |
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Designation : |
Director |
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Address : |
Heirweg, 154, 9270, Laarne-9270, Belgium |
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Date of Birth/Age : |
25.04.1979 |
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Date of Appointment : |
16.06.2010 |
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Din No.: |
03115158 |
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Name : |
Dirk Andre Vanden Berghe |
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Designation : |
Alternate Director |
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Address : |
Heirweg, 154, 9270, Laarne-9270, Belgium |
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Date of Birth/Age : |
21.02.1945 |
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Date of Appointment : |
16.06.2010 |
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Din No.: |
03117222 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Anoop Purshotam Babani |
|
9 |
|
Anoop P Babani Jointly with ISR Prasad |
|
1 |
|
Privy Pharma Private Limited, India |
|
399990 |
|
Ultima International SARL, Luxembourg |
|
100279 |
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|
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Total |
|
500279 |
As on 10.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
20.04 |
|
Bodies
corporate |
|
79.95 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Marketing and Research of Bio-Chemicals, Vitamins,
Bio-Nutrients and Other Nutritional Specialties as well as Patented Products. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mehta and Parmar Chartered Accountants |
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Address : |
14, Uday, 236-B, J.N. Road, Mulund (West), Mumbai-400080, Maharashtra,
India |
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Tel. No.: |
91-22-25613400 |
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Fax No.: |
91-22-25930551 |
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E-Mail : |
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Pan No.: |
AAHFM0618F |
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Holding Company : |
Privy Pharma Private Limited [U24239MH1990PTC057075] |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 Millions |
|
200000 |
Preferences Shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500279 |
Equity Shares |
Rs.10/- each |
Rs.5.003
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.592 |
0.100 |
|
|
2] Share Application Money |
|
0.410 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
5.002 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
1.200 |
0.212 |
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TOTAL BORROWING |
|
1.200 |
0.212 |
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DEFERRED TAX LIABILITIES |
|
0.004 |
0.000 |
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|
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|
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TOTAL |
|
6.206 |
0.312 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.069 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.742 |
0.000 |
|
|
Cash & Bank Balances |
|
0.242 |
0.111 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.872 |
0.000 |
|
Total
Current Assets |
|
2.856 |
0.111 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.035 |
0.006 |
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|
Other Current Liabilities |
|
0.865 |
0.000 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.900 |
0.006 |
|
|
Net Current Assets |
|
1.956 |
0.105 |
|
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|
MISCELLANEOUS EXPENSES |
|
4.181 |
0.207 |
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|
|
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|
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|
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TOTAL |
|
6.206 |
0.312 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
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|
SALES |
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Income |
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Other Income |
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TOTAL |
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|
15.000 |
|
|
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|
Less |
EXPENSES |
|
|
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Office Expenses |
|
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Administrative Expenses |
|
|
16.138 |
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Advertising Expenses |
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TOTAL |
|
|
16.138 |
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|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(1.138) |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.018 |
|
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PROFIT / (LOSS)
BEFORE TAX |
|
|
(1.156) |
|
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|
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Less |
TAX |
|
|
0.029 |
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PROFIT / (LOSS)
AFTER TAX |
|
|
(1.185) |
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
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|
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|
BALANCE CARRIED
TO THE B/S |
|
|
(1.185) |
|
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|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(2.37) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(7.90) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(39.52) |
NA |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.23) |
NA |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.42 |
2.18 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.17 |
18.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last one year |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from 2, Bright Land, 195, Tuner Road, Bandra (West), Mumbai-400050, Maharashtra, India to the present address w.e.f. 04.01.2010.
REVIEW OF OPERATIONS:
Last year, the company did not commence any
business activity and no profit and loss account was prepared. Hence, no
comparative figures have been given for the last year. The company has recorded
a total income of Rs.15.000 Millions for the year ended the 31st
March, 2011.
AFFAIRS AND
OPERATIONS:
'SILIXOL' has been
launched and marketed successfully in Maharashtra and in parts of Andhra
Pradesh, during the year.
Beginning the
current financial year, the Company has further expanded operations into the
States of Gujarat and Chhattisgarh. Operations have also been expanded into
other districts of Andhra Pradesh and sales of 'SILIXOL' have stated picking up
gradually.
The field trails
done during the year are very encouraging and more such field trials will be
undertaken to find new applications and efficacy areas for different crops.
The Company has
not been able to market SILIXOL in its own name, due to the various
restrictions from the Director of Agriculture, Maharashtra and other states.
The Company is in talks with experts in the field to understand the ways to
overcome hurdles and enable the Company to market products in its own name.
FUTURE OUTLOOK:
A technical
Advisory Board has been constituted with eminent scientists in the field of
Agriculture to give thrust to new products portfolio. New partners from a list
of promising International Agri Players have been identified and their products
are under testing for launch into India.
They have met
ECOFLORA'S new global distribution partners, GOWAN USA and the dialogue is on
for selling rights for launching their new products in India.
Animal Husbandry
efforts have been put on hold for lack of bandwidth. Product issues relating to
Biocides are being addressed and new variants are being developed to cater to
the future needs of the market. In Human wellness, products have been
identified and the developmental work will be taken up shortly.
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.55.85 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.