MIRA INFORM REPORT

 

 

 

Report Date :

02.04.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERVET INDIA PRIVATE LIMITED

 

 

Formerly Known As :

INTERVET LABORATORIES PRIVATE LIMITED

 

 

Registered Office :

Briah Nagar, Pune - Nagar Road, Wagholi District., Pune – 412217, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

15.05.1996

 

 

Com. Reg. No.:

11-99536

 

 

CIN No.:

[Company Identification No.]

U52311MH1996PTC099536

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEI04118C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Marketing of Animal Health Products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (64)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 1300000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a 100% subsidiary of Intervet International bv, Head quarters at Boxmeers the Netherlands.

 

It is a well established and a reputed company having fine track. Trade relations are reported as fair. Financials of the company appears to be sound. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual 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.

 

 

LOCATIONS

 

Registered Office/ Factory :

Briah Nagar, Pune - Nagar Road, Wagholi District., Pune – 412217, Maharashtra, India

Tel. No.:

91-20-66207800/ 03/ 66050400/ 01/ 7051800

Fax No.:

91-20-66207810/ 66050410/ 7050859

E-Mail :

info.india@intervet.com

Website :

http://www.intervet.co.in

 

 

Corporate Office :

Intervet House, 33, Pune-Nagar Road, (Behind Eden Garden), Pune – 411 014, Maharashtra, India

Tel. No.:

91-20-66050400-01

Fax No.:

91-20-66050410

 

 

DIRECTORS

 

Name :

Mr. Maltee Bertram Greune

Designation :

Director

Address :

47574, Goch, Kettelerstr, 11, Germany

Date of Birth/Age :

14.02.1965

Date of Appointment :

24.05.2007

 

 

Name :

Mr. Ernst Paul Arndt

Designation :

Whole Time Director

Address :

Plot No. A-50, Puru Co-Operative Housing Society, Lohegaon Road, Pune – 411 014, Maharashtra, India

Date of Birth/Age :

26.09.1957

Date of Appointment :

19.09.2006

 

 

Name :

Mr. Prakash M. Khaire

Designation :

Chairman cum Managing Director

Address :

A – 69, Puru Co-Operative Housing Society Limited, 235, Yerwada, Pune – 411 032, Maharashtra, India

Date of Birth/Age :

14.07.1952

Date of Appointment :

01.01.2009

 

 

Name :

Mr. Victor Albert Solinge

Designation :

Managing Director

Address :

122/2, Brinda North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Appointment :

08.09.2003

Date of Ceasing :

17.06.2001

 

 

Name :

Mr. John Robert Battison

Designation :

Director

Address :

Old School House, Little Eversden, Cambridge, UK

Date of Appointment :

21.02.2003

Date of Ceasing :

30.11.2004

 

 

Name :

Mr. Lino Natale Camponovo

Designation :

Chairman cum Managing Director

Address :

122/2, Brinda North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

05.12.1954

Date of Appointment :

17.06.2005

Date of Ceasing :

01.12.2008

Email :

Lino.camponovo@intervet.com

 

 

Name :

Mr. Sushil Maruthi Nimse

Designation :

Whole Time Director

Address :

Snehashil, 20 C, Vrindavan Housing, Panchavati, Pashan, Pune – 411001, Maharashtra, India

Date of Birth/Age :

03.04.1973

Date of Appointment :

17.06.2005

Date of Ceasing :

31.03.2009

Email :

sushil.nimse@intervet.com

 

 

KEY EXECUTIVES

 

Name :

Mr. Devangi Rohit Shah

Designation :

Secretary

Address :

603, Pushp Paradise, Gokhale Road, Dahanukarwadi, Kandivali West, Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

14.10.1978

Date of Appointment :

01.01.2009

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 29.09.2009)

Names of Shareholders

 

 

No. of Shares

Intervet Holding B V

 

17000006

Vertex B V

 

1

 

 

 

Total

 

17000007

  

 

(As on 29.09.2009)

Category

 

Percentage

 

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Animal Health Products.

 

 

Products :

·         Animal Health Products

·         Biological vaccines and veterinary pharmaceutical products

 

 

GENERAL INFORMATION

 

Bankers :

·         Deutsche Bank AG

Deutsch Bank House, Hazarimal, Somani Marg, Post Box No.1142, Fort, Mumbai – 400001, Maharashtra, India

 

 

 

Unsecured Loans :

31.03.2009

(Rs. in Millions)

 

 

Short-term loan from Organon (India) Limited

315.000

Interest accrued and due [Refer notes to accounts - 17(2)]

1.301

 

 

Total

316.301

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

706, B Wing, 7th Floor, ICC Trade Tower International Convention Centre, Senapati Bapat Road, Pune – 411 016, Maharashtra, India

Tel. No.:

91-20-66244600

Fax No.:

91-20-66244605

 

 

Holding Company :

lntervet Holding BV, The Netherlands (ultimate holding company - Schering Plough Corporation, New Jersey. USA)

 

 

Fellow Subsidiaries :

·         lntervet (M) SDN BHD, Malaysia

·         lntervet (Pty) Limited, South Africa

·         lntervet (Thailand) Limited. Thailand

·         lntervet Egypt SAE, Egypt

·         lntervet International BV, The Netherlands

·         lntervet Production S.A.. France

·         Intervet Pte Limited, Taiwan

·         lntervet Inc, USA

·         lnterveterinaria S. A. DE. C. V., Mexico

·         PT Intervet Indonesia, Indonesia

·         Veterinaria AG, Switzerland

·         SOL Limited. Singapore

·         Organon (India) Limited, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

17500000

Equity Shares

Rs.10/- each

Rs.175.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

17000007

Equity Shares

Rs.10/- each

Rs.170.000 Millions

 

 

 

 

 

Of the above

 

(a) 17,000,006 (previous year 17,000,006) equity shares of Rs.10 each are held by lntervet Holding BV. Netherlands. The holding company and 1 equity share (previous year: 1) of Rs.10 is held by Vetrex BV

 

(b) 14,000.007 (previous year : 14,000,007) equity shares of Rs.10 each have been allotted pursuant to a scheme of amalgamation of erstwhile lntevet (India) Private Limited, Hyderabad with Intervet Laboratories Limited, Pune.

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

170.000

170.000

170.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

156.715

87.931

202.586

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

326.715

257.931

372.586

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

316.301

348.229

234.990

TOTAL BORROWING

316.301

348.229

234.990

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

643.016

606.160

607.576

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

238.065

269.188

225.228

Capital work-in-progress

28.947

2.524

8.747

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

10.849

12.821

9.143

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

266.358

283.577

269.817

 

Sundry Debtors

248.669

177.509

222.203

 

Cash & Bank Balances

34.913

10.678

33.635

 

Other Current Assets

1.056

1.053

3.898

 

Loans & Advances

43.352

45.682

34.399

Total Current Assets

594.348

518.499

563.952

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Current Liabilities

213.136

184.574

181.520

 

Provisions

16.057

12.298

17.974

Total Current Liabilities

229.193

196.872

199.494

Net Current Assets

365.155

321.627

364.458

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

643.016

606.160

607.576

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 31.03.2009

31.03.2008

31.03.2007

Sales Turnover

1216.592

1032.934

1057.603

Other Income

 

16.305

18.164

Total Income

 1216.592

1049.239

1075.767

 

 

 

 

Profit/(Loss) Before Tax

 123.357

(1.513)

105.293

Provision for Taxation

 47.551

(1.220)

40.778

Profit/(Loss) After Tax

 75.806

(0.293)

64.515

 

 

 

 

Expenditures :

 

 

 

 

Material Costs

472.327

418.504

 

Conversion Charges

 

40.131

35.900

 

Personnel Costs

 

174.752

170.006

 

Manufacturing and Other Expenses

1093.235

297.611

297.801

 

Depreciation & Amortization

 

39.149

29.212

 

Finance Charges

 

26.781

19.050

Total Expenditure

1093.235

1050.751

970.473

 

 

 

 

Earnings Per Share (Rs.)

4.46

(0.02)

3.79

 

KEY RATIOS

 

PARTICULARS

 

 

 31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)

6.23

(0.03)

6.00

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

NA

(0.15)

9.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

14.82

(0.19)

13.34

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.38

(0.01)

0.28

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

1.67

2.11

1.17

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.59

2.63

2.83

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS:

 

Particulars

31.03.2009

(Rs. in millions)

 

 

(i) Contingent liabilities in respect of Excise matters, under dispute

Nil

(ii) Contingent liabilities in respect of Income Tax matters, under dispute

49.272

(iii) Estimated amount of contracts remaining to be executed on capital account and not provided for, net of advances

10.090

 

 

 

 

FIXED ASSETS:

 

·         Land

·         Leasehold Improvements

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicles

·         Office Equipments

·         Computer Software

·         Technical Know-how

·         Patents, Trademarks and designs

 

 

WEBSITE DETAILS:

 

PROFILE:

 

Subject, a 100% subsidiary of Intervet International bv, HQ at Boxmeer, The Netherlands. Functioning form 1970s, Subject is one of the largest MNCs in India dedicated to Animal Health. Today’s Subject  is the result of autonomous growth and subsequent mergers of well known and leading companies like Hoechst  Roussel Vet, Intercare and BAIF’s Animal Health Division, with a strong focus on  the market and its customers.

 

They develop, manufacture and market a variety of innovative high quality vaccines and pharmaceuticals for food producing companion and animals. The root of the organization is linked with Wagholi, the village near Pune, where the state of  the  art factory producing biological, specially Foot and Mouth Disease Vaccine is located. This  Wagholi  factory  is  now enriched with international expertise and know-how and developed itself as the state  of  the  art  FMD  manufacturing  unit of the country. They are committed to the initiative of Govt. of India in controlling FMD, one of the most economically important livestock diseases.

 

The organization believes to be an honest and reliable business partner, protecting the environment and showing respect for the neighbours and creating their respect in return. They understand that, to find the right answers to all these demands is not easy, but, in essence, that is what Corporate Social Responsibility is all about for the entire Intervet organization. They are a company of professionals committed to animal health and the ethics of the veterinary profession. The focus on advancing medical knowledge and practices enables them to deliver innovative, science based solutions for animals, their owners and animal health professionals.

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.38

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

7

--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

 

64

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.