MIRA
INFORM REPORT
|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIO-GEN EXTRACTS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Plot No.57, 1st Stage, Sompura Industrial Area, Dobaspet, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
11.07.2000 |
|
|
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|
Com. Reg. No.: |
08-027440 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.150 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999KA2000PTC027440 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer, Exporter and Importer of Pharmaceutical Ingredients, Therapeutic Enzymes, Specialty Polymers and Nutraceutical. |
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|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 867000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The company has seen a significant increase in its sales volume during
2013. Management has been successful in maintaining healthy networth and
decent liquidity position. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of experienced promoters, the subject 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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 PARTED BY
|
Name : |
Mr. Naveen Mariyappa |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-80-33780151 |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.57, 1st Stage, Sompura Industrial Area, Dobaspet,
Bangalore – 562111, Karnataka, India |
|
Tel. No.: |
91-80-33780151/ 152/ 153/ 154 |
|
Fax No.: |
91-80-33780150 |
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E-Mail : |
|
|
Website : |
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|
Area : |
1000 Sq Ft |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
#351/6, 14th Cross, Sunkadakatte, Magadi Main Road,
Bangalore – 560091, Karnataka, India |
|
Tel. No.: |
91-80-23483591/ 3592 |
|
Fax No.: |
91-80-23483087 |
DIRECTORS
As on: 30.09.2013
|
Name : |
Saif Mahiuddin Mehkri |
|
Designation : |
Director |
|
Address : |
No. 82, 2nd Mian Banashkari, 3rd Stage, 2nd
Phase, 6th Block, Bangalore – 560085, Karnataka, India |
|
Date of Birth/Age : |
12.05.1978 |
|
Date of Appointment : |
11.07.200 |
|
DIN No.: |
00878003 |
|
|
|
|
Name : |
Mr. Jai Shankar Raghava Chandra |
|
Designation : |
Director |
|
Address : |
No. 203, 5th Main Chikkanna Gardens, Chamrajpet, Bangalore
– 560015, Karnataka, India |
|
Date of Birth/Age : |
27.11.1976 |
|
Date of Appointment : |
11.07.2000 |
|
DIN No.: |
00875656 |
|
|
|
|
Name : |
Mr. Piyush Mohta |
|
Designation : |
Director |
|
Address : |
No. 38, Anuhraha, 1st Cross Central Excise Layout,
Bangalore – 560040, Karnataka, India |
|
Date of Birth/Age : |
17.01.1978 |
|
Date of Appointment : |
11.07.2000 |
|
DIN No.: |
00875732 |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Mariyappa |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Saif Mahiuddin Mehkri |
|
30500 |
|
Jai Shankar Raghava Chandra |
|
30500 |
|
Piyush Mohta |
|
30500 |
|
|
|
|
|
Total |
|
91500 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pharmaceutical
Ingredients, Therapeutic Enzymes, Specialty Polymers and Nutraceutical. |
|
|
|
|
Exports : |
|
|
Products : |
· Pharmaceutical Ingredients · Therapeutic Enzymes · Specialty Polymers ·
Nutraceutical |
|
Countries : |
·
UK ·
Sri Lanka ·
Japan ·
Uganda ·
America ·
Bangladesh ·
Nepal |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· Indian Bank, Corporate Branch, United Mansions, No.110, M.G. Road, Bangalore - 560001, Karnataka, India · HDFC Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P K Rungta Chartered Accountants |
|
Address : |
D-1, Jyothi Complex, 134/1,Infantry Road, Bangalore – 560001,
Karnataka, India |
|
Tel. No.: |
91-80-22863074/ 22864890 |
|
Fax No.: |
91-80-22866929 |
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E-Mail : |
|
|
PAN No.: |
AAJPR5048Q |
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|
|
|
Relatives of key Management Personal
and their enterprises : |
·
Premier Traders ·
MMR Chemicals
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000 |
Equity Shares |
Rs.100/- each |
Rs.12.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91500 |
Equity Shares |
Rs.100/- each |
Rs.9.150 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.150 |
9.150 |
9.150 |
|
(b) Reserves & Surplus |
207.777 |
139.779 |
68.708 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
216.927 |
148.929 |
77.858 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
31.767 |
33.115 |
7.834 |
|
(b) Deferred tax liabilities (Net) |
1.863 |
0.022 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
33.630 |
33.137 |
7.834 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
9.750 |
16.234 |
20.292 |
|
(b) Trade payables |
63.512 |
61.751 |
54.612 |
|
(c) Other current liabilities |
15.923 |
15.644 |
10.486 |
|
(d) Short-term provisions |
0.303 |
6.492 |
2.130 |
|
Total Current
Liabilities (4) |
89.488 |
100.121 |
87.520 |
|
|
|
|
|
|
TOTAL |
340.045 |
282.187 |
173.212 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
107.181 |
16.113 |
13.726 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
6.335 |
68.055 |
15.775 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.003 |
0.003 |
0.003 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.064 |
|
(d) Long-term Loan and Advances |
1.337 |
1.254 |
1.020 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
114.856 |
85.425 |
30.588 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
25.196 |
22.660 |
23.540 |
|
(c) Trade receivables |
168.832 |
154.627 |
92.919 |
|
(d) Cash and cash equivalents |
2.060 |
8.892 |
12.153 |
|
(e) Short-term loans and advances |
29.101 |
10.583 |
14.012 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
225.189 |
196.762 |
142.624 |
|
|
|
|
|
|
TOTAL |
340.045 |
282.187 |
173.212 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales |
828.500 |
602.500 |
416.500 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
67.998 |
71.071 |
39.332 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
35.726 |
17.537 |
13.444 |
|
|
TOTAL EARNINGS |
35.726 |
17.537 |
13.444 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
102.911 |
|
|
|
|
|
Capital Goods |
0.000 |
2.495 |
|
|
|
TOTAL IMPORTS |
102.911 |
166.788 |
19.423 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
743.15 |
776.73 |
429.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.33 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52 |
1.97 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 20/21, 9th
Mile, Tumkur Road, Widja Post, Bangalore – 560073, Karnataka, India to the
present address w.e.f. 01.07.2013
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10401695 |
04/02/2013 |
150,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
NO 7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B67508390 |
|
2 |
10383968 |
05/10/2012 |
150,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
NO 7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B61102786 |
FIXED ASSETS
· Factory Building
· Machinery and Equipment
· Electrical Installation
· Motor Car
· Furniture and Fixture
· Weight Scale
· Office Equipment
· Computer
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 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.61.78 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.