MIRA
INFORM REPORT
|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
PERRIGO API INDIA PRIVATE LIMITED (w.e.f. 29.10.2009) |
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|
|
|
Formerly Known
As : |
VEDANTS DRUGS AND FINE CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
Plot # N 39/N 39-1, Anand Nagar,
MIDC Additional Ambernath, Ambernath (East), District Kalyan, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.01.2003 |
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Com. Reg. No.: |
11-138910 |
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Capital
Investment / Paid-up Capital : |
Rs. 130.125 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24290MH2003PTC138910 |
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|
|
PAN No.: [Permanent Account No.] |
AABCV6155D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Specialty Dyestuffs and Intermediates |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1300000 |
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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 a subsidiary of Perrigo Netherlands B.V. It is an established
company having moderate track. It has achieved minimal sales during 2011 and has incurred huge loss. Accumulated losses has increased during this year. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country’s growth, which has averaged more than 7% per
year since 1997. India’s diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India’s output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis – in large part because of strong domestic demand – and growth
exceeded 8% year-on-year in real terms. However, India’s economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government’s fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India’s medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non – Corporative (91-251-3983444)
LOCATIONS
|
Registered Office / Factory : |
Plot # N 39/N 39-1, MIDC Additional
Ambernath, Ambernath (East), District Kalyan, |
|
Tel. No.: |
91 – 95251 – 3204976 |
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Fax No.: |
91 – 95251 –2620429 |
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E-Mail : |
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Website : |
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Marketing
Office - |
29, |
|
Tel. No.: |
44-207-0162192 |
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Fax No.: |
44-207-6370419 |
DIRECTORS
As on 30.08.2011
|
Name : |
Mr. Piyush Madhusudan Maheshwari |
|
Designation : |
Director |
|
Address : |
601, Saraf Appartments, Rani Sati Marg, Malad (East), Mumbai-400097,
Maharashtra, India |
|
Date of Birth/Age : |
29.01.1970 |
|
Date of Appointment : |
29.10.2007 |
|
DIN No.: |
00281672 |
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|
|
|
Name : |
Mr. Boaz Laor |
|
Designation : |
Director |
|
Address : |
4, Hatzalon Street,
Binyamina-30500, Israel |
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Date of Birth/Age : |
04.02.1952 |
|
Date of Appointment : |
05.08.2009 |
|
DIN No.: |
02484608 |
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|
|
|
Name : |
Mr. Refael Lebel |
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Designation : |
Director |
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Address : |
14, Hatamar Street, Entrance B,
Raanana-43571, Israel |
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Date of Birth/Age : |
31.12.1956 |
|
Date of Appointment : |
05.08.2009 |
|
DIN No.: |
02502482 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Piyush Maheshwari |
|
475000 |
|
Kusum Maheshwari |
|
487500 |
|
Poonam Maheshwari |
|
475000 |
|
Piyush Maheshwari (HUF) |
|
10000 |
|
Vedant Dyestuffs and Intermediates Private Limited, |
|
41867 |
|
Vedant Wealth Management Private Limited, |
|
462500 |
|
Perrigo Netherlands BV, USA |
|
11060613 |
|
Total |
|
13012480 |
As on 23.09.2011
|
Names of Allottee |
|
No. of Shares
Allottee |
|
Perrigo Netherlands BV, USA |
|
17375116 |
|
Vedant Dyestuffs and Intermediates Private Limited, |
|
65769 |
|
Piyush Maheshwari |
|
746177 |
|
Poonam Maheshwari |
|
746177 |
|
Kusum Maheshwari |
|
765814 |
|
Piyush Maheshwari (HUF) |
|
15709 |
|
Madhusudhan Maheshwari |
|
726541 |
|
Total |
|
20441303 |
As on 30.08.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
85.00 |
|
Bodies corporate |
3.88 |
|
Directors or relatives of Directors |
11.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialty Dyestuffs and Intermediates |
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|
|
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Products : |
Ammonium Lactate |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Installed
Capacity |
Actual
Production |
|
API Plant |
77000 |
3840 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of India, Andheri Corporate Banking Branch, M .D .I
Building, 28, |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. V. Ghatalia and Associates Chartered Accountants |
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Address : |
14Th Floor, The Ruby, 29 Senapati Bapat Marg,
Dadar (West), Mumbai 4000028, Maharashtra, India |
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PAN.: |
AACFS6921Q |
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Ultimate Holding
Company : |
Perrigo Company USA |
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Holding Company : |
· Perrigo Netherlands BV · Vedant Dyestuffs Intermediates Private Limited |
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Fellow Subsidiaries
: |
· Chemagis Limited, Israel · Perrigo UK Finco Limited |
CAPITAL STRUCTURE
After 30.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34000000 |
Equity Shares |
Rs.10/- Each |
Rs.340.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33453783 |
Equity Shares |
Rs.10/- Each |
Rs.334.538 millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13500000 |
Equity Shares |
Rs.10/- Each |
Rs.135.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13012480 |
Equity Shares |
Rs.10/- Each |
Rs.130.125 millions |
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|
Note:
Of the above equity shares
11060613 shares are held by
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 |
130.125 |
130.125 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
318.335 |
318.336 |
0.000 |
|
|
4] (Accumulated Losses) |
(113.033) |
(17.518) |
(0.126) |
|
|
NETWORTH |
335.429 |
430.943 |
49.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
181.328 |
|
|
2] Unsecured Loans |
414.571 |
53.916 |
173.542 |
|
|
TOTAL BORROWING |
414.571 |
53.916 |
354.870 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
749.998 |
484.859 |
404.744 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
231.584 |
224.095 |
9.720 |
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Capital work-in-progress |
334.706 |
229.452 |
398.927 |
|
|
|
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.297
|
3.232
|
0.024 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
195.341
|
23.827
|
0.463 |
|
|
Other Current Assets |
0.575 |
0.000 |
0.000 |
|
|
Loans & Advances |
19.109
|
9.425
|
17.318 |
|
Total
Current Assets |
232.322
|
36.484
|
17.805 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.049
|
4.347
|
19.008 |
|
|
Other Current Liabilities |
6.440
|
0.736
|
2.700 |
|
|
Provisions |
0.125
|
0.089
|
0.000 |
|
Total
Current Liabilities |
48.614
|
5.172
|
21.708 |
|
|
Net Current Assets |
183.708
|
31.312
|
(3.903 ) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
749.998 |
484.859 |
404.744 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2.404 |
0.000 |
0.000 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL (A) |
2.404 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Personnel Expenses |
|
0.353 |
0.000 |
|
|
|
Operating and other Income |
|
16.166 |
0.000 |
|
|
|
TOTAL (B) |
NA |
16.519 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
(16.519) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
0.047 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
(16.566) |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
0.825 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
NA |
(17.391) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
0.000 |
0.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(95.515) |
(17.391) |
(0.126) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17.518) |
(0.126) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(113.033) |
(17.518) |
(0.126) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2.631 |
0.000 |
|
|
|
Capital Goods |
NA |
0.982 |
6.844 |
|
|
TOTAL IMPORTS |
NA |
3.613 |
6.844 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(7.34) |
(1.70) |
(0.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(3973.17)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(6.67)
|
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.04)
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
0.14
|
7.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.78
|
7.05
|
0.82 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due small micro enterprises |
0.000 |
0.083 |
0.000 |
|
Creditors due others |
42.049 |
4.264 |
19.008 |
|
Total |
42.049 |
4.347 |
19.008 |
|
Sr. No. |
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 three years |
Yes |
|
12] |
Profitability for last three years |
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from 301/306 Neelkanth Commercial Centre, 122
-123 Sahar Road Andheri (E), Mumbai – 400099, Maharashtra, India to present
address w.e.f. 05.01.2011
NATURE OF OPERATIONS
Subject is currently setting up an Active Pharmaceutical Ingredient manufacturing plant at Ambernath, Maharashtra, India and is registered as 100% EOU unit
FIXED ASSETS:
·
Building
·
·
Plant and machinery
·
Furniture and Fixture
·
Office Equipments
·
Computers
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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.