|
Report Date : |
18.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDEUS LIFE SCIENCES PRIVATE LIMITED (w.e.f. 26.07.2007) |
|
|
|
|
Formerly Known
As : |
INDEC LIFE SCIENCES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
SU Motors Complex, Ground Floor, Bal Rajeshwar Road, Model Town,
Mulund (West), Mumbai – 400080, Maharashtra |
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|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.03.2007 |
|
|
|
|
Com. Reg. No.: |
11-168501 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.17.809
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24232MH2007PTC168501 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI08670E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI6783L |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in Pharmaceutical Research and Development Activities.
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|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 120000 |
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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 is under pressure. There appears 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
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Ms. Reva |
|
Designation : |
Manager Finance |
|
Contact No.: |
91-22-41611121 |
|
Date : |
17.05.2012 |
LOCATIONS
|
Registered Office : |
SU Motors Complex, Ground Floor, Bal Rajeshwar Road, Model Town,
Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Tel. No.: |
91-22-41611111/ 41611121/ 41611123 |
|
Fax No.: |
91-22-41611142/ 25916792 |
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E-Mail : |
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|
Website : |
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|
Location : |
Rented |
DIRECTORS
(AS ON 27.09.2011)
|
Name : |
Mr. Cornelis Ter Haar |
|
Designation : |
Director |
|
Address : |
Frans Jacobsweg 36 3752 Gg Bunschoten -
Spakenburg, Spakenburg 3752 |
|
Date of Birth/Age : |
15.05.1960 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
02412253 |
|
|
|
|
Name : |
Mr. Gert Jan Renardel De Lavalette |
|
Designation : |
Additional Director |
|
Address : |
Kerkstr 9 5076 As Harren, Harren 5076 |
|
Date of Birth/Age : |
23.04.1960 |
|
Date of Appointment : |
15.03.2011 |
|
DIN No.: |
03517070 |
|
|
|
|
Name : |
Mr. Hans Johannes Schram |
|
Designation : |
Director |
|
Address : |
38 Rue Des Vendangeurs 94440 Marolles En Brie
94440 |
|
Date of Birth/Age : |
27.01.1953 |
|
Date of Appointment : |
22.05.2008 |
|
DIN No.: |
02046692 |
|
|
|
|
Name : |
Mr. Hiteshkumar Anilkant Doshi |
|
Designation : |
Managing Director |
|
Address : |
B-104, Willows Twin Tower, Off L B S Marg, Near Swapna Nagari,
Mulund, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1968 |
|
Qualification : |
M. Pharm., PH.D |
|
Experience : |
14 years in Pharma Industry |
|
Date of Appointment : |
02.12.2009 |
|
DIN No.: |
01266075 |
|
|
|
|
Name : |
Mr. Rishi Kumar Sharma |
|
Designation : |
Managing Director |
|
Address : |
156/A, Picnic Garden
Road, Kolkata – 700039, West Bengal, India |
|
Date of Birth/Age : |
03.11.1964 |
|
Date of Appointment : |
02.03.2011 |
|
DIN No.: |
03420182 |
|
|
|
|
Name : |
Mr. Pankaj Kumar Sharma |
|
Designation : |
Director |
|
Address : |
156/A, Picnic Garden Road, Kolkata – 700039, West Bengal, India |
|
Date of Birth/Age : |
14.12.1987 |
|
Date of Appointment : |
02.03.2011 |
|
DIN No.: |
03420250 |
KEY EXECUTIVES
|
Name : |
Ms. Reva |
|
Designation : |
Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nordic Group BV, France |
|
1780848 |
|
Disphar International BV, The Netherlands |
|
10 |
|
|
|
|
|
Total |
|
1780858 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in Pharmaceutical Research and Development
Activities. |
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|
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Exports : |
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|
Products : |
Pharmaceutical Products |
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Countries : |
· Germany · Italy · Spain · European Countries |
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Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
· Nordic Group |
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Customers : |
Manufacturing Company |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
· HDFC Bank Mulund (west), Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
|
PAN No.: |
AAFCD4815A |
|
|
|
|
Holding Company : |
· Nordic Group BV, France Website: http://www.nordicpharmagroup.com |
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|
|
|
Group Company : |
· Disphar International BV |
CAPITAL STRUCTURE
(AS ON 27.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1780858 |
Equity Shares |
Rs.10/- each |
Rs.17.809
Millions |
|
|
|
|
|
NOTE:
Of the above 1780848 Equity shares of Rs.10/-
each are held Nordic Group BV, the Holding Company)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.809 |
17.809 |
12.583 |
|
|
2] Share Application Money |
0.000 |
0.000 |
12.896 |
|
|
3] Reserves & Surplus |
66.175 |
66.175 |
45.274 |
|
|
4] (Accumulated Losses) |
(53.941) |
(32.874) |
(23.150) |
|
|
NETWORTH |
30.043 |
51.110 |
47.603 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
113.760 |
108.343 |
0.000 |
|
|
TOTAL BORROWING |
113.760 |
108.343 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
143.803 |
159.453 |
47.603 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
119.313 |
115.742 |
13.474 |
|
|
Capital work-in-progress |
0.406 |
1.023 |
33.155 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
5.656
|
0.000 |
5.528 |
|
|
Cash & Bank Balances |
12.110
|
41.153 |
2.840 |
|
|
Other Current Assets |
0.000
|
0.000 |
5.007 |
|
|
Loans & Advances |
12.569
|
8.648 |
0.000 |
|
Total
Current Assets |
30.335
|
49.801 |
13.375 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
3.776
|
2.895 |
11.558 |
|
|
Other Current Liabilities |
1.056
|
2.972 |
0.000 |
|
|
Provisions |
1.419
|
1.246 |
0.843 |
|
Total
Current Liabilities |
6.251
|
7.113 |
12.401 |
|
|
Net Current Assets |
24.084
|
42.688 |
0.974 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
143.803 |
159.453 |
47.603 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
56.279 |
46.533 |
10.766 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(0.375) |
(1.328) |
(21.192) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
20.091 |
8.396 |
0.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX & EXCEPTIONAL ITEMS |
(21.066) |
(9.724) |
(22.156) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(21.066) |
(9.724) |
(22.506) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(32.874) |
(23.150) |
(0.644) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(53.940) |
(32.874) |
(23.150) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy Charges |
55.953 |
46.141 |
5.112 |
|
|
|
Service charges |
0.000 |
0.000 |
4.698 |
|
|
TOTAL EARNINGS |
55.953 |
46.141 |
9.810 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.83) |
(6.87) |
(45.80) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
75.000 |
|
|
|
|
|
The above information has been parted by Ms. Reva.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.08)
|
(5.87) |
(82.52) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.70)
|
(0.19) |
(0.47) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.99
|
2.26 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.85
|
7.00 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
- Total Outstanding dues of
Micro Enterprises and Small Enterprises |
-- |
-- |
-- |
|
- Total Outstanding dues of
creditors other than Micro Enterprises and Small Enterprises |
3.776 |
2.895 |
11.558 |
|
|
|
|
|
|
Total |
3.776
|
2.895 |
11.558 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
Yes |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
BUSINESS ACTIVITY:
The company’s Net loss (including carried
forwards loss of previous year) was Rs.53.940 Millions and now they are looking
for further increment in their income to be received in the coming years. They
assure their members that in the coming years they will strive hard to have
more profit to the company.
CONTINGENT LIABILITIES
· The company has imported certain capital equipments under “Export Promotion of Capital Goods scheme of the central Government at a concessional rate of customs duty upto the end of the year for which the company has undertaken export obligation to the extent of Rs.57.447 Millions (Previous year Rs.52.451 Millions). The company has time upto October 2018 to fulfill the said obligation. Failing to which the company will be liable to pay the different custom duty. The company is yet to fulfill the export obligation.
· Guarantees issued by the Bank on behalf of the company aggregate to Rs.1.270 Millions (Previous year Rs.1.190 Millions).
TRADE REFERENCE:
· Nordic Group
FIXED ASSETS:
· Leasehold Improvement
· Plant and Machinery
· Office Equipments
· Computer
· Furniture and Fixture
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.54.39 |
|
|
1 |
Rs.86.56 |
|
Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.