MIRA
INFORM REPORT
|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ATHENA DRUG DELIVERY SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
ETHYPHARM LL PRIVATE LIMITED [w.e.f.30.06.2000] LLOYDS LABORATORIES PRIVATE LIMITED [w.e.f.16.11.1998] LLOYDS LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
602, 6th
Floor, Tower – II, ‘Star Hub’, International Airport Road, Sahar, Andheri
(East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.12.2012 |
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|
Date of
Incorporation : |
16.11.1995 |
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|
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|
Com. Reg. No.: |
11-094546 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 223.315
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1995PTC094546 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACE9894R |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Manufacturer of Pharmaceutical Products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 710000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. There
appear accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
602, 6th
Floor, Tower – II, ‘Star Hub’, International Airport Road, Sahar, Andheri
(East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-67370700 |
|
Fax No.: |
91-22-67370701 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Head Office : |
Athena
Pharmaceutiques SAS 106, Bureaux de la Colline Bat F2, 92213 Saint Cloud, France |
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|
|
|
Manufacturing Site and R&D Center : |
A1-A5, MIDC, Chemical Zone, Near Ion Exchange Company, Ambernath
[West] – 421501, India |
|
Tel. No.: |
91-251-3984400 |
|
Fax No.: |
91-251-3984444 |
DIRECTORS
AS ON 18.03.2013
|
Name : |
Ajey Kumar |
|
Designation : |
Director |
|
Address : |
Flat 102, Dheeraj Valley Tower – 1, Near Ciba Geigy Factory, Goregaon
[East], Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1971 |
|
Date of Appointment : |
18.03.2013 |
|
DIN No.: |
02278096 |
|
|
|
|
Name : |
Alexandre Luc Williams |
|
Designation : |
Director |
|
Address : |
21, Avenue Mozart, 75016, Paris 16, France |
|
Date of Birth/Age : |
31.07.1968 |
|
Date of Appointment : |
08.03.2011 |
|
DIN No.: |
03451876 |
|
|
|
|
Name : |
Pierre Behinam |
|
Designation : |
Director |
|
Address : |
Flat No. 2, Ground Floor, American View, Oomer Park, Bhulabhai Desai
Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
18.01.1968 |
|
Date of Appointment : |
08.03.2011 |
|
DIN No.: |
03451907 |
|
|
|
|
Name : |
Jean Jacques Bancel |
|
Designation : |
Nominee Director |
|
Address : |
35, Rue Henri Regnault, 92.500 Rueil Malmansion, France |
|
Date of Birth/Age : |
22.07.1968 |
|
Date of Appointment : |
08.04.2011 |
|
DIN No.: |
03497091 |
KEY EXECUTIVES
|
Name : |
Mahendra Chaudhary |
|
Designation : |
Head Production |
|
Date of Birth/Age : |
45 years |
|
Qualification : |
M. Pharma |
|
Experience : |
21 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Alexandre Luc Williams |
|
2 |
|
Athena Pharmaceutiques, France |
|
22331506 |
|
|
|
|
|
Total |
|
22331508 |
AS ON 18.03.2013
|
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] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Products. |
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|
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Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.12.2012
|
Particulars |
Unit |
Installed
Capacity* [Qty] |
Actual
Production [Qty] |
|
Pellets and granules |
Kg |
159,000 |
31,387 |
|
Tablets |
Units |
432,000,000 |
35,039,380 |
|
Capsules |
Units |
170,000,000 |
7,273,750 |
|
Sachets |
Units |
4,200,000 |
1,891,900 |
Note:
* Installed capacity is as certified by the Management and accepted by
the Auditors, as it is a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
Allahabad Bank, Parel Branch, 35-41, Hiramoni Super Market, Dr.
Ambedkar Road, Lalbaug, Mumbai – 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
SNH and Associates Chartered Accountants |
|
Address : |
A/203-207, Mangal Arambh, Off. S.V. Road, Near Kora
Kendra, Borivali (West), Mumbai – 400092, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACAFS8638J |
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|
|
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Ultimate Parent
Company : |
Ethypharm SA |
|
|
|
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Holding Company : |
Athena Pharmaceutiques, France |
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|
|
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Associate Company : |
Financiere Verdi - France |
|
|
|
|
Other Related Party : |
Shanghai Ethypharm Pharmaceuticals Company Limited |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50750000 |
Equity Shares |
Rs. 10/- each |
Rs. 507.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22331508 |
Equity Shares |
Rs. 10/- each |
Rs. 223.315
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
223.315 |
223.315 |
|
(b) Reserves & Surplus |
|
(45.775) |
(31.549) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
177.540 |
191.766 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
120.076 |
86.750 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
4.108 |
5.081 |
|
Total Non-current
Liabilities (3) |
|
124.184 |
91.831 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
23.242 |
23.266 |
|
(c) Other
current liabilities |
|
19.659 |
14.549 |
|
(d) Short-term
provisions |
|
0.779 |
2.020 |
|
Total Current
Liabilities (4) |
|
43.680 |
39.835 |
|
|
|
|
|
|
TOTAL |
|
345.404 |
323.432 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
247.348 |
248.435 |
|
(ii)
Intangible Assets |
|
0.514 |
0.925 |
|
(iii)
Capital work-in-progress |
|
18.358 |
6.486 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
12.995 |
9.444 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
279.216 |
265.291 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
12.668 |
10.536 |
|
(c)
Trade receivables |
|
40.673 |
23.698 |
|
(d) Cash
and cash equivalents |
|
4.620 |
7.765 |
|
(e)
Short-term loans and advances |
|
8.226 |
16.140 |
|
(f)
Other current assets |
|
0.001 |
0.002 |
|
Total
Current Assets |
|
66.188 |
58.141 |
|
|
|
|
|
|
TOTAL |
|
345.404 |
323.432 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
223.315 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
(30.911) |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
192.404 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
56.845 |
|
|
TOTAL BORROWING |
|
|
56.845 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
249.249 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
263.330 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.001 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
8.519 |
|
|
Sundry Debtors |
|
|
29.995 |
|
|
Cash & Bank Balances |
|
|
2.654 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
25.974 |
|
Total
Current Assets |
|
|
67.142 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
38.789 |
|
|
Other Current Liabilities |
|
|
34.625 |
|
|
Provisions |
|
|
7.810 |
|
Total
Current Liabilities |
|
|
81.224 |
|
|
Net Current Assets |
|
|
(14.082) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
249.249 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
147.979 |
|
|
|
|
|
Other Income |
NA |
|
|
|
|
|
TOTAL (A) |
NA
|
144.315 |
215.868 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
129.363 |
215.487 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.842 |
14.952 |
0.381 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.802 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.040 |
14.952 |
0.381 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.266 |
15.592 |
15.768 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(14.226) |
(0.640) |
(15.387) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(14.226) |
(0.640) |
(15.387) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
75.885 |
54.183 |
70.235 |
|
|
|
Income from services rendered |
0.506 |
15.034 |
29.617 |
|
|
|
License fees received |
12.603 |
1.520 |
8.833 |
|
|
|
Export Commission |
0.000 |
0.913 |
0.000 |
|
|
|
Other Miscellaneous Income |
0.000 |
2.005 |
0.000 |
|
|
TOTAL EARNINGS |
88.994 |
73.655 |
108.685 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.64) |
(0.03) |
(0.69) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
NA
|
(0.44)
|
(7.13)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.61)
|
NA
|
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.35)
|
(0.20)
|
(4.66)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.00)
|
(0.08)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.68
|
0.45 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.46 |
0.83 |
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 |
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Other external commercial borrowings |
86.750 |
86.750 |
|
Total |
86.750 |
86.750 |
Note:
The registered office of the company has been shifted from Fortune 2000,
C-1, 2nd Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India to the present w.e.f.14.12.2012
BACKGROUND
The Company was incorporated by Lloyd’s group as a Private
Limited Company in 1995. During 1999-2000, the Company was taken over by
Ethypharm group. During the year 2010-2011 there was a change in management
control and it was taken over by Athena Pharmaceutiques a French based Company
and it is a wholly owned subsidiary of Athena Pharmaceutiques, The Company is
in the business of manufacturing pharmaceutical products. The Company also
provides R&D services and Clinical Research services.
OPERATIONS:
The year 2012 was a year of growth for the Company. This was mainly due
to the change in the management and focus on new products. The off take for all
the major brands for the Company was higher than the level of the previous year
in the domestic market. Even in the export markets, there were growth in
orders, due to which the exports did grow at the rate expected. During the year
Company had launched the product in export market in Iran and also in domestic
market with Novartis.
With increase in volumes and introduction of high margin products and
focusing on good MNC clients, the Company expects to turnaround so as to
achieve positive bottom line.
The company used the time to de-risk the business and grow the business
to export markets and to good clients in Local market. In line with this
strategy, the Company approached many markets in the Latin America, APAC and
signed many agreements for generic and generic+ products with clients. In the
year the company has further strengthened its domestic customer base by signing
contract manufacturing agreement with Novartis for products like Epitril
Esosteo, Mecalvit Oriak etc for utilization of manufacturing capacity. During
the year we have received registration of products in countries like
Philippines, Iran, Dominican Republic and also expecting the registration in
country like Morroco, Bolivia, Tunisia, Vietnam, Venezuela, Algeria, Guetamala
which is expected to add growth of the Company
The Company is also in talks with many Companies in countries like
Thailand,, Indonesia, Myanmar, Algeria, Morocco, Mexico etc and signed the
agreements with the Companies in these countries for more products.
The company is strategically targeting the big MNC companies in India
and abroad for co- development projects and should be announcing some deals
sooner than later. Such deals will be critical for shoring up the bottom line
of the company. Along the same lines, the company is also focusing on the
export to emerging markets of Middle East ,Latin America and Russia.
On the domestic regulatory front, the company has maximized the approval
of CoPPs and has also obtained DCGI approval for some products, which should be
launched in 2013. For export markets, the company has made some very good
dossiers which have passed the scrutiny of leading companies.
On the finance side Company entered into agreement with Allahabad bank
for Cash credit Facility on hypothecation of Land and Building, Book Debts and
Inventories. The ECB shown in the books has been waived off by the Lender but
awaiting the approval from RBI to remove from the books.
The Company continues to enjoy the status of SINGLE STAR TRADING HOUSE
awarded by Director General Foreign Trade, Ministry of Commerce, Government of
India.
FUTURE OUTLOOK
Business outlook for the company looks better in the coming years.
There is a decided shift toward finished product business shifting from
the bulk business. The markets of India, Malaysia, Philippines and Latin
America would all be finished formulation business.
The Company also plans to extend its development of value added,
innovative and generic plus products based upon the patented technology
platforms for both the markets of SE Asia and also Latin America.
The changing environment in India with MNC Companies launching more and
more products and particularly in life cycle management augurs well for the
Company. The MCI is also tightening the rules for promotion to doctors which
will further strengthen the MNC Companies, and thereby improve prospects and
opportunities for the company.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24230MH1995PTC094546 |
|
Name of the
company |
ATHENA DRUG
DELIVERY SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
602, 6th
Floor, Tower – II, ‘Star Hub’, International Airport Road, Sahar, Andheri (East),
Mumbai – 400059, Maharashtra, India Email: nair.subhash@ddsathena.com |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10341166 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others [Stocks, Other Current Assets] |
|
Particular of
charge holder |
Allahabad Bank, Parel Branch, 35-41, Hiramoni Super Market, Dr. Ambedkar
Road, Lalbaug, Mumbai – 400021, Maharashtra, India Email: emailroc@rediffmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Agreement to
Mortgage applicable in the case of Company 2) General Letter
of Hypothecation applicable in the case of Limited Liability Companies (Both the above
agreements constitute a single charge) |
|
Date of
instrument Creating the charge |
26.04.2013 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ BR +
4% p. a or such other rate as agreed between the borrower company and the
bank from time to time. Terms of Repayment Repayment, as
agreed between the borrower company and the bank from time to time. Margin Margin @25% or
such other rate as agreed between the borrower company and the bank from time
to time. Extent and Operation of the charge At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 30.000
Millions to Rs. 40.000 Millions, secured against Hypothecation charge over
Stocks, Book Debts and all other Current assets of the company both present
and future and Mortgage of All that piece or parcel of land known as Plot No.
A-1, A-2, A-3, A-4 and A-5 in the Maharashtra Industrial Area, Kansi, at
Ambernath. The charge stands
modified from Rs. 30.000 Millions to Rs. 40.000 Millions |
|
Short particulars
of the property charged |
Hypothecation
charge over Stocks, Book Debts and all other Current assets of the company
both present and future. Mortgage of All
that piece or parcel of land known as Plot No. A-1, A-2, A-3, A-4 and A-5 in
the Maharashtra Industrial Area, Kansi, Ambernath. |
|
Particulars of
the present modification |
At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 30.000
Millions to Rs. 40.000 Millions, secured against Hypothecation charge over
Stocks, Book Debts and all other Current assets of the company both present
and future and Mortgage of All that piece or parcel of land known as Plot No.
A-1, A-2, A-3, A-4 and A-5 in the Maharashtra Industrial Area, Kansi, at
Ambernath. The charge stands
modified from Rs. 30.000 Millions to Rs. 40.000 Millions |
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 |
31.12.2011 |
|
|
(Rs. in Millions) |
|
|
Bank guarantees |
0.015 |
0.015 |
|
· The company has
received a show cause notice from the Commissioner of Service Tax, Mumbai for
non-payment of service tax amounting to Rs. 4.341 Millions for the clinical
test conducted on behalf of Ethypharm SA. The said matter is under appeals
with Commissioner Appeals. |
4.341 |
4.341 |
|
· The company
has received a show cause notice from the Commissioner of Service Tax,
Mumbai, demanding for an amount of Rs. 4.580 Millions for non-maintenance of
separate account for receipt, consumption and inventory of input services
meant for use in the manufacture of exempted goods and non-reversal of
proportionate credit in respect of services. (During the year on personal
hearing the Addl. Commissioner of Central Excise has reduced the liability to
Rs. 2.155 Millions) and this matter is under appeal with CESTAT. |
2.155 |
2.155 |
|
· DPEA claims (
There is a complaint filed by State of Andhra Pradesh through Drug Inspector
against the company alleging excess rate charged under Drugs ( Price Control
) order 1995 and the matter is pending for hearing. |
Amount unascertainable |
Amount unascertainable |
FIXED ASSETS:
v Land
v Buildings
v Office building
v
Plant and equipment
v Factory equipments
v Other plant and equipment
v Furniture and fixtures
v Vehicles
v Motor vehicles
v Office equipment
v Computer equipments
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. 60.05 |
|
|
1 |
Rs. 90.71 |
|
Euro |
1 |
Rs. 78.47 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.