MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANDOZ PRIVATE LIMITED [w.e.f. 23.04.2003] |
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|
|
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Formerly Known
As : |
SANDOZ PHARMA ( |
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Registered
Office : |
Sandoz House, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.03.1995 |
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|
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Com. Reg. No.: |
11-086989 |
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Capital Investment
/ Paid-up Capital : |
Rs.32.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1995PTC086989 |
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|
|
|
IEC No.: |
MUMN06026G |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
AAACS9267J |
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|
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PAN No.: [Permanent Account No.] |
Private Limited
Liability Company |
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Legal Form : |
Manufacturing and
trading of pharmaceuticals products and providing services. |
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|
No. of Employees
: |
Information Declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “Novartis Holding AG, Basel” Switzerland. It
is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by
fair profitability levels and financial as well as managerial support that
company receives from its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding support, the company can be considered for
business dealings at usual trade terms and condition. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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 – COOPERATIVE (91-22-27639157)
LOCATIONS
|
Registered Office : |
Sandoz House, |
|
Tel. No.: |
91-22-24939258 /
24981620 / 24982095 / 27639157 / 27639335 |
|
Fax No.: |
91-22-24981620 /
56512121 / 24982099 / 27639064 / 27639012 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sandoz House,
Shivsagar Estate, A Block, 6th Floor, Mumbai – 400013, |
|
Tel. No.: |
91-22-24981623 |
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|
|
|
Factory: |
MIDC, Plot No. 8-A/2,
8-B TTC Industrial Area, Kawle Block, Village Dighe, Opposite Thane Belapur
Road, Navi Mumbai – 400 708, Maharashtra, India |
|
Tel No.: |
91-22-24982091 |
|
Fax No. : |
91-22-24982099 |
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Branch 1 : |
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Tel. No.: |
91-22-25314080 |
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Fax No.: |
91-22-25314111 |
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Branch 2 : |
7th
Floor, Peninsula Towers, Corporate Park, Ganpatrao Kadam Marg, Off Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-56512100 |
|
Fax No.: |
91-22-56512121 |
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Production
Site : |
Plot No. D-31 and
Plot No. D-32, MIDC, TTC Industrial Area, Turbhe, Navi Mumbai – 400705, |
|
Tel No.: |
91-22-55910485 |
|
Fax No. : |
91-22-55910472 |
DIRECTORS
As on 09.08.2013
|
Name : |
Mr. Vivek Devaraj |
|
Designation : |
Managing director |
|
Address : |
3, 319 A, Vallalar
Road, Uthandu Ecr, Chennai – 600119, Tamilnadu, India |
|
Date of
Birth/Age : |
18.06.1968 |
|
Date of
Appointment : |
16.11.2012 |
|
Pan No.: |
AABPV9979Q |
|
Din No.: |
06390939 |
|
|
|
|
Name : |
Mr.
Vijayanarayanan |
|
Designation : |
Additional Director |
|
Address : |
702, Hercules,
Lodha Paradise, Near Majewada Flyover, Eastern Express Highway, Thane (West),
Thane – 400601, Maharashtra, India |
|
Date of
Birth/Age : |
23.04.1965 |
|
Date of
Appointment : |
29.08.2013 |
|
Din No.: |
06639177 |
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|
|
|
Name : |
Mr. Jeffrey
Martin Rope |
|
Designation : |
Director |
|
Address : |
Zugerbergstrasse
37, Unterageri 6314, Switzerland |
|
Date of
Birth/Age : |
05.03.1962 |
|
Date of
Appointment : |
04.04.2013 |
|
Din No.: |
03641506 |
|
|
|
|
Name : |
Mr. Andreas
Brutsche Michael |
|
Designation : |
Additional
Director |
|
Address : |
Im Schindwasen 5,
Britzingen 79379 Mullheim |
|
Date of
Birth/Age : |
17.09.1962 |
|
Date of
Appointment : |
29.08.2013 |
|
Din No.: |
06659893 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Novartis Holding
A G, Switzerland |
|
3199995 |
|
Novartis A G,
Switzerland |
|
5 |
|
TOTAL
|
|
3200000 |
Equity Share Break up (Percentage of Total Equity)
As on 09.08.2013
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
trading of pharmaceuticals products and providing services. |
||||
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||||
|
Products : |
·
Tablets ·
Bulk
Drugs ·
Nasal
Sprays |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Bulk Drugs and Drug Intermediates |
Metric Tonnes |
472 |
|
Tablets |
Thousand Numbers |
3501032 |
|
Capsules |
Thousand Numbers |
798968 |
|
Vials |
Thousand Numbers |
11290 |
Information in respect of Licensed Capacity is not furnished in view of withdrawal of licensing requirements vide Gazette Notification No. S.O. 477(E) dated 25th July, 1991.
The installed capacities, being a technical matter, are as certified by the management and not verified by the auditors.
Installed Capacity of previous year excludes the production capacity for Tablets and Granules produced in Turbhe plant as production was discontinued and assets were held for sale. During the previous year, 2,659 Thousand Tablets and 8.3 Metric Tonnes of Granules were produced.
|
Particulars |
Unit |
Actual
Production |
|
Bulk Drugs and Drug Intermediates |
Metric Tonnes |
1290 |
|
Formulation: Tablets |
Thousand Numbers |
1171471 |
|
Capsules |
Thousand Numbers |
463525 |
|
Nasal Sprays |
Litres |
10210 |
|
Kit (Combi Pack of Capsules and Tablets) |
Thousand Numbers |
4025 |
|
Granules |
Kgs |
-- |
|
Injectables |
Thousand Vials/Ampoules |
2156 |
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by the management
|
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Bankers : |
·
Standard
Chartered Bank, 90, M G Road, Fort, Mumbai – 400001, Maharashtra, India ·
BNP
Paribas, 62, Homji Street, Fort, Mumbai – 400001, Maharashtra, India ·
Union
Bank of India, Union Bank Bhavan, First Floor, 239, Vidhan Bhavan Marg,
Nariman Point, Mumbai – 400021, Maharashtra, India ·
Banque National De Paris, French Bank Buld.; 62,
Homji Street; Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252,Veer
Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAEFP5579P |
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|
|
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Holding Company: |
*Novartis Holding AG, Basel, Switzerland (holds 3,199,995 equity shares
i.e. 99.99% of the equity share capital of the Company at the year-end). Note: (*no
transactions during the year). |
|
|
|
|
Fellow subsidiaries: |
·
Chiron Behring Vaccines Private Limited, India ·
CIN: U24230MH1997PTC111122 ·
PT Sandoz Indonesia ·
N.V. Sandoz S.A. ·
Salutas Pharma GmbH ·
Hexal AG ·
Sandoz U.S ·
JenaHexal Pharma Gmbh ·
Sandoz AG ·
Novartis Asia Pacific ·
Sandoz Do Brasil Industria ·
LEK Pharmaceuticals D D ·
Sandoz Canada Inc. ·
Novartis Pharma Services Inc. ·
Sandoz GmbH ·
Novartis Animal Health Australasia Pty Limited,
India ·
CIN: U15202MH1997PTC111257 ·
Sandoz S.P.A ·
Novartis Bangladesh Limited ·
CIN: L24200MH1947PLC006104 ·
Sandoz Inc. ·
Novartis Biociencias S.A. ·
Sandoz International GmbH ·
Novartis Consumer Health ·
S.A. Sandoz K K ·
Novartis Consumer Health, Inc ·
Sandoz Philipines Corporation ·
Novartis Corporation (Malaysia) ·
Sandoz A/S ·
Novartis Vaccines and Diagnostics Limited ·
Sandoz Pty Limited ·
Novartis France S.A. ·
Sandoz (SA) Pty Limited ·
Novartis Thailand Limited SC ·
Sandoz S.R.L. ·
Novartis Healthcare Private Limited ·
Befico Limited ·
Novartis India Limited Lek S.A ·
Novartis International AG ·
Sandoz Pharmaceuticals AG ·
PT Novartis Indonesia Sandoz ·
Syntek Ilac Hammaddeleri San. ve Tic. AS ·
Novartis Pharma (Pakistan) Limited ·
Sandoz Iiac Sanayi Ve Ticaret A.S. ·
Novartis Pharma AG ·
Novartis foundation for sustainable development ·
Novartis Pharma S.A.E. |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10 each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3200000 |
Equity Shares |
Rs.10 each |
Rs.32.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
32.000 |
32.000 |
32.000 |
|
(b) Reserves & Surplus |
2662.900 |
2253.600 |
1797.300 |
|
(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) |
2694.900 |
2285.600 |
1829.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
216.700 |
247.200 |
145.200 |
|
(c) Other long term liabilities |
20.700 |
15.500 |
25.700 |
|
(d) long-term provisions |
157.400 |
130.300 |
126.200 |
|
Total Non-current Liabilities (3) |
394.800 |
393.000 |
297.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6234.400 |
6871.200 |
7067.700 |
|
(b) Trade payables |
3068.200 |
3370.600 |
2872.300 |
|
(c) Other current
liabilities |
273.100 |
249.200 |
1005.900 |
|
(d) Short-term provisions |
108.800 |
68.700 |
66.000 |
|
Total Current Liabilities (4) |
9684.500 |
10559.700 |
11011.900 |
|
|
|
|
|
|
TOTAL |
12774.200 |
13238.300 |
13138.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4530.400 |
4762.800 |
5024.700 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
180.900 |
409.700 |
258.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
519.700 |
519.100 |
439.300 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
5231.000 |
5691.600 |
5722.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4619.200 |
4251.000 |
4776.100 |
|
(c) Trade receivables |
1656.400 |
1979.000 |
1423.000 |
|
(d) Cash and cash
equivalents |
46.000 |
7.800 |
45.900 |
|
(e) Short-term loans and
advances |
1172.100 |
1308.900 |
1165.000 |
|
(f) Other current assets |
49.500 |
0.000 |
5.500 |
|
Total Current Assets |
7543.200 |
7546.700 |
7415.500 |
|
|
|
|
|
|
TOTAL |
12774.200 |
13238.300 |
13138.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sale of Products [Net] |
13438.000 |
12046.000 |
9648.000 |
|
|
|
Sale of Service |
1090.000 |
1743.000 |
1592.000 |
|
|
|
Other Operating Revenue |
171.000 |
91.000 |
64.000 |
|
|
|
Other Income |
23.000 |
44.000 |
82.000 |
|
|
|
TOTAL |
14722.000 |
13924.000 |
11386.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
14105.000 |
13366.000 |
10912.000 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
617.000 |
558.000 |
474.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
208.000 |
102.000 |
148.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
409.000 |
456.000 |
326.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2155.000 |
1699.000 |
1373.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2565.000 |
2155.000 |
1699.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
2570.501 |
|
|
|
Packing Materials |
NA |
NA |
132.007 |
|
|
|
Finished Goods |
NA |
NA |
1.217 |
|
|
|
Capital Goods |
NA |
NA |
157.306 |
|
|
|
Spares and Consumables |
NA |
NA |
33.382 |
|
|
TOTAL IMPORTS |
NA |
NA |
2894.413 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
127.91 |
142.50 |
101.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.78
|
3.27 |
2.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.20
|
4.02 |
4.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.78
|
4.01 |
2.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.90
|
4.35 |
3.68 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.31
|
3.01 |
3.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78
|
0.71 |
0.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
32.000 |
32.000 |
32.000 |
|
Reserves & Surplus |
1797.300 |
2253.600 |
2662.900 |
|
Net
worth |
1,829.300 |
2,285.600 |
2,694.900 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
6234.400 |
6871.200 |
7067.700 |
|
Total
borrowings |
6,234.400 |
6,871.200 |
7,067.700 |
|
Debt/Equity
ratio |
3.408 |
3.006 |
2.623 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11304.000 |
13880.000 |
14699.000 |
|
|
|
22.788 |
5.901 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11304.000 |
13880.000 |
14699.000 |
|
Profit |
326.000 |
456.000 |
409.000 |
|
|
2.88% |
3.29% |
2.78% |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS
CASE DETAILS
BENCH:-BOMBAY
Presentation date: 09/07/2013
|
|
Lodging No.:- |
ITXAL/1039/2013 |
Filing Date:- |
09/07/2013 |
Reg. No.:- |
ITXA/1678/2013 |
Reg. Date:- |
05/09/2013 |
|
|
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX 7, MUMBAI |
Respondent:- |
M/S.SANDOZ PRIVATE LIMITED |
|
|
|
Petn.Adv.:- |
SV BHARUCHA |
Resp.Adv.:- |
|
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
|
|
Next Date:- |
04/08/2014 |
Stage:- |
|
|
|
|
Coram:- |
ACCORDING TO SITTING LIST |
|
|
|
|
ACCORDING TO SITTING LIST |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
PERFORMANCE /
OPERATIONS
SALES
Sales grew by 11.79% (Rs. 1,424 Mio) primarily due to increase in
exports.
Export sales increased by Rs. 1,234 Mio mainly arising out of products of
Kalwe and Turbhe plants. Increase in export sales as compared to earlier year
amounts to 11.88%.
PROFIT
Profit increased during the year mainly on account of higher sales and
better profitability.
BACKGROUND
Subject was incorporated on March 30, 1995 as Sandoz Pharma (India)
Private Limited. The name of the company was changed to Sandoz Private Limited
on April 23, 2003.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Term loans from banks |
1168.900 |
1796.400 |
|
Intercorporate deposits |
4598.000 |
4529.100 |
|
Total |
5766.900 |
6325.500 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90158196 |
28/03/2007 * |
1,080,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD,,
FORT,, MUMBAI, MAHARASHTRA - 40000 |
- |
|
2 |
90157117 |
19/03/1999 * |
100,000,000.00 |
UNION BANK OF INDIA |
INDU. FINANCE
BRANCH; UNION BANK BHAVAN, 1ST FLOO |
- |
Note: * Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged
as debts |
|
|
|
(i) Income-tax matters |
|
|
|
- Matters decided in favour of the company
but disputed further by the income-tax authorities |
0.000 |
187.400 |
|
- Matters decided against the company in
respect of which the company has preferred an appeal |
164.000 |
424.200 |
|
(ii)
Sales tax matters |
10.500 |
10.200 |
|
(iii)
Excise, Service Tax and Customs matters |
23.200 |
12.300 |
|
(iv) Others |
1.700 |
1.700 |
|
|
|
|
|
Guarantees given by banks to third parties
on behalf of the company |
66.700 |
79.300 |
|
Outstanding letters of credit issued by the
bank |
50.000 |
14.800 |
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
Intangible assets
· Brands and trade marks
· Trade marks
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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.