MIRA INFORM REPORT
|
Report No. : |
317864 |
|
Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERVET INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
INTERVET LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Briah Nagar, Off Pune - Nagar Road, Wagholi District., Pune – 412217,
Maharashtra |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
15.05.1996 |
|
|
|
|
Com. Reg. No.: |
11-099536 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 170.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52311MH1996PTC099536 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI04118C |
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|
|
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PAN No.: [Permanent Account No.] |
AAACH1671F |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in animal health care business and caters to different species of animals |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
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 2800000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Intervet Holding BV, Netherlands. It is an
established company having fine track. The rating takes into consideration decent profit margin marked by
increasing revenue and good operational performance during FY 2014. Further, it takes note of good liquidity position backed by favorable
gap between trade receivable and payables of the company. Trade relations are fair. Business is active. Payment terms are reported
to be regular and as per commitments. In the view of good holding company, 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION DECLINED
Management non co-operative (Tel. No. 91-20-662077800)
LOCATIONS
|
Registered Office / Factory : |
Briah Nagar, Off 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 : |
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|
Website : |
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|
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|
Corporate Office : |
Intervet House, 33, |
|
Tel. No.: |
91-20-66050400-01 |
|
Fax No.: |
91-20-66050410 |
DIRECTORS
As on 26.09.2014
|
Name : |
Mr. Yash Omprakash Goyal |
|
Designation : |
Managing Director |
|
Address : |
Niyati Iris 503, Salvia Mohamadwadi, Nibm Annexe, Pune – 411028,
Maharashtra, India |
|
Date of Birth/Age : |
25.07.1969 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
02749682 |
|
|
|
|
Name : |
Mr. Mohan Venkata Subramanyam Earanky |
|
Designation : |
Director |
|
Address : |
Flat – 101, Building – G, Florentine SN -60 A, Sopan Bay Ghorpadi,
Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
27.11.1964 |
|
Date of Appointment : |
14.12.2011 |
|
DIN No.: |
05137665 |
|
|
|
|
Name : |
Mr. Allen Harberg |
|
Designation : |
Director |
|
Address : |
308, S, 13th ST#9, Philadelpha, PA 19107-4110 |
|
Date of Birth/Age : |
01.03.1971 |
|
Date of Appointment : |
28.02.2013 |
|
DIN No.: |
06495191 |
KEY EXECUTIVES
|
Name : |
Mr. Devangi Rohit Shah |
|
Designation : |
Secretary |
|
Address : |
B-405, Kamla Ashish Building No.-3, Mahavir Nagar, Kandivali (West),
Mumbai – 400 067, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1978 |
|
Date of Appointment : |
01.01.2009 |
|
Pan No. : |
BFNPS9708G |
MAJOR SHAREHOLDERS
As on 26.09.2014
|
Names of Shareholders |
No. of Shares |
|
Intervet Holding B V, Netherlands |
17000006 |
|
Vertex B V, Netherlands |
1 |
|
Total |
17000007 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2014
|
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 : |
Subject is engaged in animal health care business and caters to different species of animals |
|
|
|
|
Products : |
Not Available |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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|
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No. of Employees : |
Not Divulged |
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|
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Bankers : |
Not Available |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Muttha Towers, Suite 8 Fifth Floor, Off Airport Road, Yerwada, Pune – 411006, Maharashtra, India |
|
PAN.: |
AAEFP3641G |
|
|
|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Ultimate Holding
Company : |
Merck and Company, USA |
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|
|
|
Holding Company : |
Intervet Holding BV, The Netherlands |
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Related parties
with whom transactions have taken place during the year -Fellow subsidiaries
: |
|
CAPITAL STRUCTURE
As on 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17500000 |
Equity Shares |
Rs.10/- each |
Rs.175.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000007 |
Equity Shares |
Rs.10/- each |
Rs.170.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
170.000 |
170.000 |
170.000 |
|
(b) Reserves & Surplus |
844.121 |
551.590 |
432.145 |
|
(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) |
1014.121 |
721.590 |
602.145 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
39.431 |
38.531 |
38.431 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
11.289 |
|
(d) long-term
provisions |
100.316 |
12.217 |
0.000 |
|
Total Non-current
Liabilities (3) |
139.747 |
50.748 |
49.720 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
80.000 |
165.000 |
165.000 |
|
(b) Trade
payables |
279.193 |
217.279 |
172.365 |
|
(c) Other
current liabilities |
74.184 |
72.889 |
70.008 |
|
(d) Short-term
provisions |
6.880 |
17.216 |
13.626 |
|
Total Current
Liabilities (4) |
440.257 |
472.384 |
420.999 |
|
|
|
|
|
|
TOTAL |
1594.125 |
1244.722 |
1072.864 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
130.786 |
159.748 |
184.966 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.322 |
0.623 |
0.049 |
|
(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) |
33.146 |
25.698 |
17.015 |
|
(d) Long-term Loan and Advances |
113.143 |
69.753 |
45.948 |
|
(e) Other
Non-current assets |
20.922 |
6.484 |
2.927 |
|
Total Non-Current
Assets |
299.319 |
262.306 |
250.905 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
508.824 |
535.076 |
345.467 |
|
(c) Trade
receivables |
538.301 |
413.042 |
319.126 |
|
(d) Cash
and cash equivalents |
225.260 |
13.099 |
120.892 |
|
(e)
Short-term loans and advances |
21.488 |
20.764 |
35.882 |
|
(f) Other
current assets |
0.933 |
0.435 |
0.592 |
|
Total
Current Assets |
1294.806 |
982.416 |
821.959 |
|
|
|
|
|
|
TOTAL |
1594.125 |
1244.722 |
1072.864 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2782.000 |
1990.600 |
1593.600 |
|
|
|
Other Income |
14.900 |
13.200 |
20.600 |
|
|
|
TOTAL |
2796.900 |
2003.800 |
1614.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2354.255 |
1828.183 |
1408.992 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
442.645 |
175.617 |
205.208 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
150.114 |
56.171 |
57.542 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
292.531 |
119.446 |
147.666 |
|
|
|
|
|
|
|
|
|
|
TAX ADJUSTMENTS FOR
PRIOR YEARS |
(13.621) |
(3.668) |
(9.774) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
531.361 |
411.915 |
264.249 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
823.892 |
531.361 |
411.915 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
TOTAL EARNINGS |
145.759 |
107.049 |
78.170 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.21 |
7.03 |
8.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
10.52 |
6.00 |
9.27 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
15.91 |
8.82 |
12.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.38 |
14.41 |
19.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
0.24 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.23 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.94 |
2.08 |
1.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
170.000 |
170.000 |
170.000 |
|
Reserves & Surplus |
432.145 |
551.590 |
844.121 |
|
Net
worth |
602.145 |
721.590 |
1014.121 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
165.000 |
165.000 |
80.000 |
|
Total
borrowings |
165.000 |
165.000 |
80.000 |
|
Debt/Equity
ratio |
0.274 |
0.229 |
0.079 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1593.600 |
1990.600 |
2782.000 |
|
|
|
24.912 |
39.757 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1593.600 |
1990.600 |
2782.000 |
|
Profit |
147.666 |
119.446 |
292.531 |
|
|
9.27% |
6.00% |
10.52% |
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 |
|
|
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 |
No |
|
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 |
OPERATIONAL
PERFORMANCE
The directors are pleased to inform that during the year under report, the Company earned total income of Rs. 2796.800 Million divided in to Net Sales of Rs. 2782.000 Million and other income of Rs. 14.900 Million, as against the total income of Rs. 2003.800 Million divided into Net Sales of Rs. 1990.600 Million and other income of Rs. 13.200 Million, during the previous year.
After charging all expenses the Company earned a profit of
Rs. 292.500 Million as compared to the previous years profit of Rs. 119.400
Million.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Loan from Organon (India) Limited- Fellow Subsidiary The loan carries interest rate based on Bank Rate as prescribed by RBI plus 20 basis points. The loan is repayable on demand. |
80.000 |
165.000 |
|
Total |
80.000 |
165.000 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
·
Land
·
Leasehold Improvements
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer Software
·
Technical Know-how
·
Patents, Trademarks and designs
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.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
56 |
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.